株探米国株
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
[X]   Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2026
or
[ ]   Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number:001-34084
POPULAR, INC.
(Exact name of registrant as specified in its charter)
Puerto Rico
66-0667416
(State or other jurisdiction of Incorporation or
organization)
(IRS Employer Identification Number)
Popular Center Building
209 Muñoz Rivera Avenue
Hato Rey, Puerto Rico
00918
(Address of principal executive offices)
(Zip code)
(787) 765-9800
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Common Stock ($0.01 par value)
BPOP
The NASDAQ Stock Market
6.125% Cumulative Monthly Income Trust
Preferred Securities
BPOPM
The NASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X]  Yes                                   [ ]   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be
submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit such files).
[X]  Yes                                   [ ]   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller
reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer [X]
Accelerated filer [ ]            Non-accelerated filer [ ]
Smaller reporting company [ ]
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
[ ]  Yes                                   [X]   No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
Common Stock, $0.01 par value, 63,778,501 shares outstanding as of August 5, 2026.
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POPULAR INC
INDEX
Page
3
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Forward-Looking Statements
This Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995,
including, without limitation, statements about Popular, Inc.’s (the “Corporation,” “Popular,” “we,” “us,” “our”) business, financial condition,
results of operations, plans, objectives and future performance. These statements are not guarantees of future performance, are based on
management’s current expectations and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of
which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such
forward-looking statements. Risks and uncertainties include, without limitation, the effect of competitive and economic factors, and our
reaction to those factors, the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate
changes (including on our cost of deposits), capital markets conditions, capital adequacy and liquidity, and the effect of legal and regulatory
proceedings and new accounting standards on the Corporation’s financial condition and results of operations. All statements contained
herein that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,”
“intend,” “project” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or
similar expressions are generally intended to identify forward-looking statements.
Various factors, some of which are beyond Popular’s control, could cause actual results to differ materially from those expressed in, or
implied by, such forward-looking statements. Factors that might cause such a difference include, but are not limited to:
•the rate of growth or decline in the economy and employment levels, as well as general business and economic conditions in the
geographic areas we serve and, in particular, in the Commonwealth of Puerto Rico (the “Commonwealth” or “Puerto Rico”), where
a significant portion of our business is concentrated;
•adverse economic conditions, including high levels of inflation, and geopolitical conditions, including wars and conflicts, that
adversely affect housing prices, the job market, consumer confidence and spending habits which may affect, in turn, among other
things, our level of non-performing assets, charge-offs and provision expense;
•changes in interest rates and market liquidity, which may reduce interest margins, impact funding sources, reduce loan
originations, affect our ability to originate and distribute financial products in the primary and secondary markets and impact the
value of our investment portfolio and our ability to return capital to our shareholders;
•the impact of bank failures or adverse developments at other banks and related negative media coverage of the banking industry
in general on investor and depositor sentiment regarding the stability and liquidity of banks;
•the impact of the current fiscal and economic challenges of Puerto Rico and the measures taken and to be taken by the Puerto
Rico Government and the Federally-appointed oversight board on the economy, our customers and our business;
•the amount of Puerto Rico public sector deposits held at the Corporation, whose future balances are uncertain and difficult to
predict and may be impacted by factors such as the amount of Federal funds received by the P.R. Government and the rate of
expenditure of such funds, as well as the financial condition, liquidity and cash management practices of the Puerto Rico
Government and its instrumentalities;
•unforeseen or catastrophic events, including extreme weather events such as hurricanes and other natural disasters, man-made
disasters, acts of violence, war or conflicts, or pandemics, epidemics and other health-related crises, or the fear of any such event
occurring, any of which could cause adverse consequences for our business, including, but not limited to, disruptions in our
operations;
•our ability to achieve the expected benefits from our transformation initiatives, including our ability to achieve projected earnings,
efficiencies and return on tangible common equity and accurately anticipate costs and expenses associated therewith;
•our ability to execute capital actions, including with respect to share repurchases and dividends;
•the fiscal and monetary policies of the federal government and its agencies;
•changes in federal bank regulatory and supervisory policies, including required levels of capital, liquidity, resolution-related
requirements and the impact of other proposed capital standards on our capital ratios;
•the impact of any future U.S. government shutdown;
•changes in and uncertainty regarding federal funding, tax and trade policies, and federal rulemaking, supervision, examination
and enforcement priorities;
•adjustments to or additional Federal Deposit Insurance Corporation (“FDIC”) assessments;
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•regulatory approvals that may be necessary to undertake certain actions or consummate strategic transactions, such as
acquisitions and dispositions, or for the Corporation’s subsidiaries to declare dividends, and the timing of such approvals;
•the relative strength or weakness of the consumer and commercial credit sectors and of the real estate markets in Puerto Rico
and the other markets in which our borrowers are located;
•a deterioration in the credit quality of our clients, customers and counterparties;
•the performance of the stock and bond markets;
•competition in the financial services industry;
•possible legislative, tax or regulatory changes;
•a failure in or breach of our operational or security systems or infrastructure or those of Evertec, Inc., our provider of core financial
transaction processing and information technology services, or of third parties providing services to us, including as a result of
cyberattacks, e-fraud, denial-of-services and computer intrusion, that might result in, among other things, loss or breach of
customer data, disruption of services, reputational damage or additional costs to Popular;
•changes in market rates and prices which may adversely impact the value of financial assets and liabilities;
•potential judgments, claims, damages, penalties, fines, enforcement actions and reputational damage resulting from pending or
future litigation and regulatory or government investigations or actions;
•changes in accounting standards, rules and interpretations;
•our ability to grow our core businesses;
•decisions to downsize, sell or close branches or business units or otherwise change our business mix; and
•management’s ability to identify and manage these and other risks.
Moreover, the outcome of any legal and regulatory proceedings, as discussed in “Part II, Item 1. Legal Proceedings,” is inherently uncertain
and depends on judicial interpretations of law and the findings of regulators, judges and/or juries. Investors should refer to the Corporation’s
Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”), as well as “Part II, Item 1A” of our Quarterly
Report on this Form 10-Q for a discussion of such factors and certain risks and uncertainties to which the Corporation is subject.
All forward-looking statements included in this Form 10-Q are based upon information available to Popular as of the date of this Form 10-Q
and other than as required by law, including the requirements of applicable securities laws, we assume no obligation to update or revise any
such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
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POPULAR, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(In thousands, except share information)
June 30,
2026
December 31,
2025
Assets:
Cash and due from banks
$365,013
$402,755
Money market investments:
Time deposits with other banks
4,555,489
4,626,506
Total money market investments
4,555,489
4,626,506
Trading account debt securities, at fair value
31,170
36,569
Debt securities available-for-sale, at fair value:
Pledged securities with creditors’ right to repledge
79,454
30,687
Other debt securities available-for-sale
24,713,380
20,544,285
Debt securities available-for-sale
24,792,834
20,574,972
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge
-
9,298
Other debt securities held-to-maturity
6,204,020
7,318,231
Debt securities held-to-maturity (fair value 2026 - $6,176,976; 2025 - $7,363,587)
6,204,020
7,327,529
Less -Allowance for credit losses
6,230
5,812
Debt securities held-to-maturity, net
6,197,790
7,321,717
Equity securities (realizable value 2026 - $236,711; 2025 - $230,388)
236,674
229,848
Loans held-for-sale, at fair value
88,579
9,998
Loans held-in-portfolio
40,156,582
39,749,142
Less - Unearned income
406,720
421,624
Allowance for credit losses
784,832
808,056
Total loans held-in-portfolio, net
38,965,030
38,519,462
Premises and equipment, net
731,945
685,820
Other real estate
49,557
42,433
Accrued income receivable
307,251
300,824
Mortgage servicing assets, at fair value
94,485
96,356
Other assets
1,762,221
1,705,977
Goodwill
789,954
789,954
Other intangible assets
4,308
5,076
Total assets
$78,972,300
$75,348,267
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest bearing
$15,096,293
$15,304,209
Interest bearing
55,136,822
50,885,884
Total deposits
70,233,115
66,190,093
Assets sold under agreements to repurchase
77,521
39,001
Other short-term borrowings
675,000
650,000
Notes payable
710,310
759,577
Other liabilities
843,349
1,460,517
Total liabilities
72,539,295
69,099,188
Commitments and contingencies (Refer to Note 16)
Stockholders’ equity:
Preferred stock, 30,000,000 shares authorized; 885,726 shares issued and outstanding (2025 -
885,726)
22,143
22,143
Common stock, $0.01 par value; 170,000,000 shares authorized; 104,950,834 shares issued
(2025 - 104,921,229) and 63,866,681 shares outstanding (2025 - 65,719,385)
1,050
1,049
Surplus
4,937,091
4,924,296
Retained earnings
5,632,866
5,206,497
Treasury stock - at cost, 41,084,153 shares (2025 -39,201,844)
(3,000,759)
(2,722,819)
Accumulated other comprehensive loss, net of tax
(1,159,386)
(1,182,087)
Total stockholders’ equity
6,433,005
6,249,079
Total liabilities and stockholders’ equity
$78,972,300
$75,348,267
The accompanying notes are an integral part of these Consolidated Financial Statements.
6
Table of Content
POPULAR, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Quarters ended June 30,
Six months ended June 30,
(In thousands, except per share information)
2026
2025
2026
2025
Interest income:
Loans
$714,266
$684,587
$1,416,415
$1,351,260
Money market investments
47,021
69,532
91,261
139,698
Investment securities
220,352
189,753
421,179
369,912
Total interest income
981,639
943,872
1,928,855
1,860,870
Interest expense:
Deposits
271,254
295,058
530,672
592,921
Short-term borrowings
5,172
5,300
10,875
6,726
Long-term debt
11,794
11,965
23,709
24,077
Total interest expense
288,220
312,323
565,256
623,724
Net interest income
693,419
631,549
1,363,599
1,237,146
Provision for credit losses
65,873
48,941
141,759
113,022
Net interest income after provision for credit losses
627,546
582,608
1,221,840
1,124,124
Non-interest income:
Service charges on deposit accounts
39,037
38,826
77,803
77,880
Other service fees
108,792
100,522
211,713
195,030
Mortgage banking activities
6,267
4,872
10,480
8,561
Net loss, including impairment on debt securities
(595)
-
(595)
-
Net gain, including impairment on equity securities
2,327
1,862
3,356
1,448
Net gain on trading account debt securities
214
538
475
1,058
Adjustments to indemnity reserves on loans sold
394
120
429
293
Other operating income
24,109
21,737
42,510
36,268
Total non-interest income
180,545
168,477
346,171
320,538
Operating expenses:
Personnel costs
229,031
229,355
445,100
442,068
Net occupancy expenses
27,764
29,140
55,063
56,358
Equipment expenses
5,879
5,789
11,108
11,091
Other taxes
17,707
18,632
35,384
37,357
Professional fees
24,484
28,108
50,037
54,933
Technology and software expenses
90,971
84,696
180,110
168,364
Processing and transactional services
37,266
37,861
76,353
75,642
Communications
4,261
5,010
8,770
9,914
Business promotion
27,900
26,385
50,760
50,060
Deposit insurance
9,977
9,407
19,894
19,442
Other real estate owned (OREO) income
(3,238)
(4,124)
(7,856)
(7,454)
Other operating expenses
11,744
22,117
25,949
45,016
Amortization of intangibles
384
385
768
982
Total operating expenses
484,130
492,761
951,440
963,773
Income before income tax
323,961
258,324
616,571
480,889
Income tax expense
45,747
47,884
92,683
92,947
Net Income
$278,214
$210,440
$523,888
$387,942
Net Income Applicable to Common Stock
$277,861
$210,087
$523,182
$387,236
Net Income per Common Share - Basic
$4.35
$3.09
$8.13
$5.64
Net Income per Common Share - Diluted
$4.35
$3.09
$8.13
$5.64
`
The accompanying notes are an integral part of these Consolidated Financial Statements.
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POPULAR, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Quarters ended
June 30,
Six months ended,
June 30,
(In thousands)
2026
2025
2026
2025
Net income
$278,214
$210,440
$523,888
$387,942
Other comprehensive income before tax:
Foreign currency translation adjustment
22,428
7,499
22,172
854
Amortization of net losses of pension and postretirement benefit plans
2,258
2,272
4,516
4,545
Unrealized holding (losses) gains on debt securities arising during the
period
(60,919)
58,972
(94,015)
224,957
Amortization of unrealized losses of debt securities transfer from available-
for- sale to held-to-maturity
43,886
46,242
90,762
91,552
Other comprehensive income before tax
7,653
114,985
23,435
321,908
Income tax benefit (expense)
1,649
(20,655)
(734)
(56,325)
Total other comprehensive income, net of tax
9,302
94,330
22,701
265,583
Comprehensive income, net of tax
$287,516
$304,770
$546,589
$653,525
Tax effect allocated to each component of other comprehensive income:
Quarters ended
June 30,
Six months ended,
June 30,
(In thousands)
2026
2025
2026
2025
Amortization of net losses of pension and postretirement benefit plans
$(847)
$(852)
$(1,694)
$(1,704)
Unrealized benefit (expense) due to holding gains or losses on debt
securities arising during the period
11,272
(10,555)
19,111
(36,311)
Amortization of unrealized losses of debt securities transfer from available-
for- sale to held-to-maturity
(8,776)
(9,248)
(18,151)
(18,310)
Income tax benefit (expense)
$1,649
$(20,655)
$(734)
$(56,325)
The accompanying notes are an integral part of the Consolidated Financial Statements.
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POPULAR, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
(In thousands)
Common
stock
Preferred
stock
Surplus
Retained
earnings
Treasury
stock
Accumulated
other
comprehensive
loss
Total
Balance at March 31,2025
$1,049
$22,143
$4,912,886
$4,699,697
$(2,346,093)
$(1,489,987)
$5,799,695
Net income
-
-
-
210,440
-
-
210,440
Issuances of common stock
-
-
1,760
-
-
-
1,760
Dividends declared:
Common stock[1]
-
-
-
(47,826)
-
-
(47,826)
Preferred stock
-
-
-
(353)
-
-
(353)
Common stock purchases[2]
-
-
-
-
(117,075)
-
(117,075)
Stock based compensation
-
-
5,304
-
7,743
-
13,047
Other comprehensive income, net of tax
-
-
-
-
-
94,330
94,330
Balance at June 30, 2025
$1,049
$22,143
$4,919,950
$4,861,958
$(2,455,425)
$(1,395,657)
$5,954,018
Balance at March 31,2026
$1,049
$22,143
$4,928,636
$5,403,176
$(2,875,230)
$(1,168,688)
6,311,086
Net income
-
-
-
278,214
-
-
278,214
Issuances of common stock
1
-
1,802
-
-
-
1,803
Dividends declared:
Common stock[1]
-
-
-
(48,148)
-
-
(48,148)
Preferred stock
-
-
-
(353)
-
-
(353)
Common stock purchases[3]
-
-
-
-
(129,864)
-
(129,864)
Stock based compensation
-
-
6,653
-
4,335
-
10,988
Other comprehensive income, net of tax
-
-
-
-
-
9,302
9,302
Other adjustments
-
-
-
(23)
-
-
(23)
Balance at June 30, 2026
$1,050
$22,143
$4,937,091
$5,632,866
$(3,000,759)
$(1,159,386)
$6,433,005
[1]Dividends declared per common share during the quarter ended June 30, 2026 - $0.75 (2025 - $0.70).
[2]Includes common stock repurchases of $112.0 million as part of the 2024 common stock repurchase program.
[3]Includes common stock repurchases of $125.3 million as part of the 2025 common stock repurchase program.
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POPULAR, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
(In thousands)
Common
stock
Preferred
stock
Surplus
Retained
earnings
Treasury
stock
Accumulated
other
comprehensive
loss
Total
Balance at December 31, 2024
$1,048
22,143
4,908,693
4,570,957
(2,228,535)
(1,661,240)
$5,613,066
Net income
-
-
-
387,942
-
-
387,942
Issuances of common stock
1
-
3,529
-
-
-
3,530
Dividends declared:
Common stock[1]
-
-
-
(96,235)
-
-
(96,235)
Preferred stock
-
-
-
(706)
-
-
(706)
Common stock purchases[2]
-
-
-
-
(243,055)
-
(243,055)
Stock based compensation
-
-
7,728
-
16,165
-
23,893
Other comprehensive income, net of tax
-
-
-
-
-
265,583
265,583
Balance at June 30, 2025
$1,049
$22,143
$4,919,950
$4,861,958
$(2,455,425)
$(1,395,657)
$5,954,018
Balance at December 31, 2025
$1,049
$22,143
$4,924,296
$5,206,497
$(2,722,819)
$(1,182,087)
$6,249,079
Net income
-
-
-
523,888
-
-
523,888
Issuances of common stock
1
-
3,626
-
-
-
3,627
Dividends declared:
Common stock[1]
-
-
-
(96,813)
-
-
(96,813)
Preferred stock
-
-
-
(706)
-
-
(706)
Common stock purchases[3]
-
-
-
-
(290,092)
-
(290,092)
Stock based compensation
-
-
9,169
-
12,152
-
21,321
Other comprehensive income, net of tax
-
-
-
-
-
22,701
22,701
Balance at June 30, 2026
$1,050
$22,143
$4,937,091
$5,632,866
$(3,000,759)
$(1,159,386)
$6,433,005
[1]Dividends declared per common share during the six months ended June 30, 2026 - $1.50 (2025 - $1.40).
[2]Includes common stock repurchases of $234.3 million as part of the 2024 common stock repurchase program.
[3]Includes common stock repurchases of $280.5 million as part of the 2025 common stock repurchase program.
For the six months ended
Disclosure of changes in number of shares:
June 30,
2026
June 30,
2025
Preferred Stock:
Balance at beginning and end of period
885,726
885,726
Common Stock – Issued:
Balance at beginning of period
104,921,229
104,849,460
Issuances of common stock
29,605
39,720
Balance at end of period
104,950,834
104,889,180
Treasury stock
(41,084,153)
(36,951,712)
Common Stock - Outstanding
63,866,681
67,937,468
The accompanying notes are an integral part of these Consolidated Financial Statements.
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Table of Content
POPULAR, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six months ended June 30,
(In thousands)
2026
2025
Cash flows from operating activities:
Net income
$523,888
$387,942
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
141,759
113,022
Amortization of intangibles
768
982
Depreciation and amortization of premises and equipment
27,946
25,319
Net accretion of discounts and amortization of premiums and deferred fees
(129,129)
(136,208)
Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives
(2,746)
(2,822)
Share-based compensation
22,803
21,930
Net loss, including impairment on debt securities
595
-
Fair value adjustments on mortgage servicing rights
2,871
5,523
Adjustments to indemnity reserves on loans sold
(429)
(293)
Earnings from investments under the equity method, net of dividends or distributions
(10,099)
152
Deferred income tax expense
17,643
20,832
Gain on:
Disposition of premises and equipment and other productive assets
(171)
(91)
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities
(477)
(156)
Sale of equity method investment
-
(1,226)
Sale of foreclosed assets, including write-downs
(6,210)
(5,076)
Acquisitions of loans held-for-sale
(6,603)
(2,332)
Proceeds from sale of loans held-for-sale
23,081
15,584
Net originations on loans held-for-sale
(23,540)
(12,137)
Net decrease (increase) in:
Trading debt securities
26,802
10,040
Equity securities
(5,696)
(1,411)
Accrued income receivable
(6,496)
(11,419)
Other assets
(5,018)
(19,371)
Net increase (decrease) in:
Interest payable
4,240
2,584
Pension and other postretirement benefits obligation
589
2,191
Other liabilities
(57,608)
1,434
Total adjustments
14,875
27,051
Net cash provided by operating activities
538,763
414,993
Cash flows from investing activities:
Net decrease in money market investments
70,764
40,765
Purchases of investment securities:
Available-for-sale
(22,651,691)
(18,905,199)
Equity
(29,545)
(25,811)
Proceeds from calls, paydowns, maturities and redemptions of investment securities:
Available-for-sale
17,883,623
17,145,332
Held-to-maturity
1,209,735
303,212
Proceeds from sale of investment securities:
Equity
28,415
14,497
Net disbursements on loans
(585,608)
(912,037)
Proceeds from sale of loans
184,640
40,983
11
Table of Content
Acquisition of loan portfolios
(294,609)
(319,297)
Return of capital from equity method investments
1
-
Net proceeds from sale of equity method investment
-
1,226
Payments to acquire equity method investments
(1,379)
-
Acquisition of premises and equipment and other productive assets
(93,787)
(96,200)
Proceeds from sale of:
Premises and equipment and other productive assets
756
344
Foreclosed assets
35,517
47,590
Net cash used in investing activities
(4,243,168)
(2,664,595)
Cash flows from financing activities:
Net increase in:
Deposits
4,043,188
2,334,656
Assets sold under agreements to repurchase
38,520
1,210
Other short-term borrowings
25,000
325,000
Payments of notes payable
(50,000)
(88,522)
Principal payments of finance leases
(2,800)
(1,829)
Proceeds from issuances of common stock
3,627
3,530
Dividends paid
(98,967)
(98,661)
Net payments for repurchase of common stock
(283,100)
(236,203)
Payments related to tax withholding for share-based compensation
(9,058)
(7,983)
Net cash provided by financing activities
3,666,410
2,231,198
Net decrease in cash and due from banks, and restricted cash
(37,995)
(18,404)
Cash and due from banks, and restricted cash at beginning of period
412,989
429,406
Cash and due from banks, and restricted cash at the end of the period
$374,994
$411,002
The accompanying notes are an integral part of these Consolidated Financial Statements.
12
Table of Content
Notes to Consolidated
Financial Statements (Unaudited)
Page
Note 24
Income taxes
Note 27
Subsequent events
13
Table of Content
Note 1 - Nature of operations
Popular, Inc. (the “Corporation" or “Popular") is a diversified, publicly owned financial holding company subject to the supervision and
regulation of the Board of Governors of the Federal Reserve System. The Corporation has operations in Puerto Rico, the mainland United
States (“U.S.") and the U.S. and British Virgin Islands. In Puerto Rico, the Corporation provides retail, mortgage and commercial banking
services, as well as auto and equipment leasing and financing through its principal banking subsidiary, Banco Popular de Puerto Rico
(“BPPR"), as well as broker-dealer and insurance services through specialized subsidiaries. In the U.S. mainland, the Corporation provides
retail, mortgage and commercial banking services, as well as equipment leasing and financing, through its New York-chartered banking
subsidiary, Popular Bank (“PB" or “Popular U.S."), which has branches located in New York, New Jersey, and Florida.
Note 2 - Basis of presentation
Basis of Presentation
The (unaudited) interim Consolidated Financial Statements are, in the opinion of management, a fair statement of the results for the periods
reported. The consolidated statement of financial condition presented as of December 31, 2025 was derived from audited Consolidated
Financial Statements of the Corporation for the year ended December 31, 2025.
Certain information and notes to the financial statements disclosures which would normally be included in financial statements prepared in
accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP), have been condensed or omitted
from the unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly,
these financial statements should be read in conjunction with the audited Consolidated Financial Statements of the Corporation for the year
ended December 31, 2025, included in the 2025 Form 10-K. Operating results for the interim periods disclosed herein are not necessarily
indicative of the results that may be expected for a full year or any future period.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and
liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
14
Table of Content
Note 3 - New accounting pronouncements
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
FASB ASU 2025-05,
Financial Instruments -
Credit Losses (Topic
326) - Measurement of
Credit Losses for
Accounts Receivables
and Contract Assets
The Financial Accounting Standards Board
(the "FASB") issued Accounting Standard
Update ("ASU") 2025-05 in July 2025, which
permits entities to elect a practical expedient
when accounting for current accounts
receivable and current contract assets arising
from transactions accounted for under
Accounting Standard Update ("ASC") Topic
606, Revenue from Contracts with Customers.
This practical expedient establishes that, in
developing reasonable and supportable
forecasts as part of estimating expected credit
losses, entities assume that current conditions
as of the balance sheet date do not change for
the remaining life of the asset.
January 1, 2026
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption did
not have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact
would be evaluated at that time.
FASB ASU 2024-04,
Debt—Debt with
Conversion and Other
Options (Subtopic
470-20) - Induced
Conversions of
Convertible Debt
Instruments
The FASB issued ASU 2024-04 in November
2024, which clarifies the requirements for
determining whether certain settlements of
convertible debt instruments should be
accounted for as an induced conversion. Also it
makes additional clarifications to assist
stakeholders in applying the guidance. The
ASU clarifies that the incorporation, elimination,
or modification of a volume- weighted average
price ("VWAP") formula does not automatically
cause a settlement to be accounted for as an
extinguishment and that the induced conversion
guidance applies to a convertible debt
instrument that is not currently convertible as
long as it had a substantive conversion feature
as of both its issuance date and the date the
inducement offer is accepted.
January 1, 2026
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption did
not have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact
would be evaluated at that time.
15
Table of Content
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
FASB ASU 2026-02,
Environmental Credits
and Environmental
Credit Obligations
(Topic 818)
The FASB issued ASU 2026-02 in May 2026,
which improves the financial accounting for
and disclosure of environmental credits and
environmental credit obligations. This Update
provides recognition, measurement,
presentation and disclosure requirements for
entities that generate, purchase or receive
environmental credits or have a regulatory
compliance obligation that may be settled with
environmental credits.
January 1, 2028
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact would
be evaluated at that time.
FASB ASU 2026-01,
Equity (Topic 505) -
Initial Measurement of
Paid-in Kind Dividends
on Equity-Classified
Preferred Stock
The FASB issued ASU 2026-01 in April 2026,
which establishes authoritative guidance on
the initial measurement of paid-in-kind (PIK)
dividends on equity-classified preferred stock.
The update establishes a consistent
measurement requirement for PIK dividends
but does not address when such dividends
should be recognized. It requires PIK
dividends to be initially measured using the
stated PIK dividend rate in the preferred stock
agreement, generally applied to the liquidation
preference of the preferred stock.
January 1, 2027
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact would
be evaluated at that time.
FASB ASU 2025-10,
Government Grants
(Topic 832) -
Accounting for
Government Grants
Received by Business
Entities
The FASB issued ASU 2025-10 in December
2025, which establishes the accounting for
government grants received by a business
entity. The update establishes recognition,
measurement, and disclosure requirements
for government grants. It allows asset related
grants to be recognized either as deferred
income or as an adjustment to the cost basis
of an asset and income-related grants as
deferred income.
January 1, 2029
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact would
be evaluated at that time.
FASB ASU 2025-09,
Derivatives and
Hedging (Topic 815) -
Hedge Accounting
Improvements
The FASB issued ASU 2025-09 in November
2025, which aims to improve and broaden
hedge accounting under ASC Topic 815 by
allowing entities to group forecasted
transaction with similar risk exposures,
provides a model for hedging choose-your
rate debt, expands hedge accounting for
forecasted purchases and sales of non
financial assets, eliminates net written option
limitations for certain compound derivatives,
and resolves recognition mismatches in dual
hedging strategies involving foreign-currency-
denominated debt.
January 1, 2027
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact would
be evaluated at that time.
FASB ASU 2025-08,
Financial Instruments
Credit Losses (Topic
326)- Purchased Loans
The FASB issued ASU 2025-08 in November
2025, which aims to simplify and reduce the
complexity of the accounting for purchased
loans under ASC Topic 326. The update
expands the population of loans subject to the
gross-up approach to include purchased
seasoned loans, regardless whether they had
credit deterioration.
January 1, 2027
The amendments in this standard apply to
certain transactions entered into after the
effective date. Adoption is not expected to
have a material impact on the consolidated
financial statements. However, the
applicability and magnitude will depend on
the nature and extent of transactions the
Corporation may enter into in future
periods.
16
Table of Content
FASB ASU 2025-07,
Derivatives and
Hedging (Topic 815)
and Revenue from
Contracts with
Customers (Topic 606)
Derivatives Scope
Refinements and
Scope Clarification for
Share Based Noncash
Consideration from a
Customer in a Revenue
Contract
The FASB issued ASU 2025-07 in September
2025, which refines the scope of derivative
accounting under ASC Topic 815 and clarifies
the treatment of share-based noncash
consideration under ASC Topic 606. The
update reduces complexity and diversity in
application. Narrows the scope of derivative
accounting under ASC Topic 815 for certain
contracts whose underlyings are based on a
party’s own operations or activities; and
clarifies that ASC Topic 606 governs share-
based noncash consideration received from a
customer until the entity’s right becomes
unconditional.
January 1, 2027
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact would
be evaluated at that time.
FASB ASU 2025-06,
Intangibles - Goodwill
and Other - Internal-
Use Software (Subtopic
350 40) - Targeted
Improvements to the
Accounting for Internal
Use Software
The FASB issued ASU 2025-06 in September
2025, which seeks to modernize the
accounting for internal-use software under
ASC Subtopic 350-40, Intangibles— Goodwill
and Other—Internal-Use Software. The
update replaces the traditional stage based
model (preliminary, development, post-
implementation) with a principles based
framework that better reflects current software
development practices, including agile and
cloud-based approaches.
January 1, 2028
The Corporation is currently evaluating
the impact that the adoption of this
guidance will have on our accounting for
internal use software considering our
development practices which may include
agile and cloud-based approaches.
FASB ASU 2025-04,
Compensation—Stock
Compensation (Topic
718) and Revenue from
Contracts with
Customers (Topic 606)
- Clarifications to
Share-Based
Consideration Payable
to a Customer
The FASB issued ASU 2025-04 in May 2025,
which  clarifies  the  accounting  for share-
basedawardsgrantedas
consideration payable to a customer. The ASU
expands the definition of performance
condition for share-based consideration under
ASC Topic 718 and eliminates the forfeiture
policy election for service conditions. It also
confirms that the variable consideration
constraint in ASC Topic 606 does not apply to
such awards.
January 1, 2027
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact
would be evaluated at that time.
FASB ASU 2025-03,
Business Combinations
(Topic 805) and
Consolidation (Topic
810) - Determining the
Accounting Acquirer in
the Acquisition of a
Variable Interest Entity
The FASB issued ASU 2025-03 in May 2025
which requires that an entity consider the
factors in paragraphs 805-10-55-12 through
55-15 when it is involved in an acquisition
transaction effected primarily by exchanging
equity interests when the legal acquiree is a
variable interest entity ("VIE") that meets the
definition of a business to determine which
entity is the accounting acquirer. This replaces
the previous requirement that the primary
beneficiary always is the acquirer.
January 1, 2027
The amendments in this standard apply to
certain transactions entered into after the
effective date. Adoption is not expected to
have a material impact on the
consolidated financial statements.
However, the applicability and magnitude
will depend on the nature and extent of
transactions the Corporation may enter
into in future periods.
FASB ASU 2024-03,
Income Statement—
Reporting
Comprehensive Income
—Expense
Disaggregation
Disclosures (Subtopic
220-40) -
Disaggregation of
Income Statement
Expenses (As updated
by ASU 2025-01)
The FASB issued ASU 2024-03 in November
2024, which requires public entities to disclose
additional information about specific expense
categories in the notes to financial statements
at interim and annual reporting periods to
improve financial transparency.
For fiscal years
beginning on
January 1,2027
For interim
periods within
fiscal years
beginning after
January 1,2028
The Corporation is currently evaluating
any impact that the adoption of this
guidance will have on its financial
statements and presentation and
disclosures.
17
Table of Content
Note 4 - Restrictions on cash and due from banks and certain securities
BPPR is required by regulatory agencies to maintain average reserve balances with the Federal Reserve Bank of New York (the “Fed") or
other banks. Required average reserve balances in BPPR amounted to $2.6 billion at June 30, 2026 (December 31, 2025 - $2.7 billion).
Cash and due from banks, as well as other highly liquid securities, are used to cover these required average reserve balances.
At June 30, 2026, the Corporation held $68.0 million in restricted assets in the form of funds deposited in money market accounts, debt
securities available for sale and equity securities (December 31, 2025 - $64.0 million). The restricted assets held in debt securities available
for sale and equity securities consist primarily of assets held for the Corporation’s non-qualified retirement plans and fund deposits
guaranteeing possible liens or encumbrances over the title of insured properties.
Note 5 - Debt securities available-for-sale
The following tables present the amortized cost, gross unrealized gains and losses, fair value, weighted average yield and contractual
maturities of debt securities available-for-sale at June 30, 2026 and December 31, 2025.
At June 30, 2026
(In thousands)
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Weighted
average
yield
U.S. Treasury securities
Within 1 year
$13,413,909
$338
$5,472
$13,408,775
3.56%
After 1 to 5 years
6,928,574
1,001
67,742
6,861,833
3.71
Total U.S. Treasury securities
20,342,483
1,339
73,214
20,270,608
3.61
Collateralized mortgage obligations - federal agencies
Within 1 year
44
-
-
44
5.42
After 1 to 5 years
2,930
-
50
2,880
1.48
After 5 to 10 years
9,680
1
481
9,200
2.48
After 10 years
83,627
45
6,263
77,409
2.95
Total collateralized mortgage obligations - federal agencies
96,281
46
6,794
89,533
2.86
Mortgage-backed securities - federal agencies
Within 1 year
477
-
3
474
2.22
After 1 to 5 years
101,278
13
3,698
97,593
2.14
After 5 to 10 years
1,028,726
107
85,945
942,888
1.75
After 10 years
4,183,655
556
792,994
3,391,217
1.77
Total mortgage-backed securities - federal agencies
5,314,136
676
882,640
4,432,172
1.78
Other
After 1 to 5 years
521
-
-
521
5.00
Total other
521
-
-
521
5.00
Total debt securities available-for-sale[1]
$25,753,421
$2,061
$962,648
$24,792,834
3.23%
[1]Includes $18.9 billion pledged to secure government and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing
agreements that the secured parties are not permitted to sell or repledge the collateral, of which $17.6 billion serve as collateral for public funds. The
Corporation had unpledged Available for Sale securities with a fair value of $5.7 billion that could be used to increase its borrowing facilities.
18
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At December 31, 2025
(In thousands)
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Weighted
average
yield
U.S. Treasury securities
Within 1 year
$10,154,698
$4,716
$1,528
$10,157,886
3.44%
After 1 to 5 years
5,555,079
29,795
19,306
5,565,568
3.70
Total U.S. Treasury securities
15,709,777
34,511
20,834
15,723,454
3.53
Collateralized mortgage obligations - federal agencies
Within 1 year
152
-
1
151
1.97
After 1 to 5 years
4,879
-
88
4,791
1.49
After 5 to 10 years
11,524
-
482
11,042
2.45
After 10 years
90,018
180
5,941
84,257
2.92
Total collateralized mortgage obligations - federal agencies
106,573
180
6,512
100,241
2.80
Mortgage-backed securities - federal agencies
Within 1 year
963
1
9
955
2.08
After 1 to 5 years
65,843
11
1,530
64,324
2.35
After 5 to 10 years
1,030,661
256
67,116
963,801
1.85
After 10 years
4,527,032
881
806,466
3,721,447
1.75
Total mortgage-backed securities - federal agencies
5,624,499
1,149
875,121
4,750,527
1.78
Other
Within 1 year
750
-
-
750
4.43
Total other
750
-
-
750
4.43
Total debt securities available-for-sale[1]
$21,441,599
$35,840
$902,467
$20,574,972
3.07%
[1] Includes $14.3 billion pledged to secure government and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing
agreements that the secured parties are not permitted to sell or repledge the collateral, of which $13.2 billion serve as collateral for public funds. The
Corporation had unpledged Available for Sale securities with a fair value of $6.3 billion that could be used to increase its borrowing facilities.
The weighted average yield on debt securities available-for-sale is based on amortized cost; therefore, it does not give effect to changes in
fair value.
Debt securities not due on a single contractual maturity date, such as mortgage-backed securities and collateralized mortgage obligations,
are classified based on the period of final contractual maturity. The expected maturities of collateralized mortgage obligations, mortgage-
backed securities and certain other securities may differ from their contractual maturities because they may be subject to prepayments or
may be called by the issuer.
At June 30, 2026, the Corporation did not intend to sell or believe it was more likely than not that it would be required to sell debt securities
classified as available-for-sale. There were no debt securities classified as available-for-sale sold during the six months ended June 30,
2026 and 2025.
The following tables present the Corporation’s fair value and gross unrealized losses of debt securities available-for-sale, aggregated by
investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2026 and
December 31, 2025.
At June 30, 2026
Less than 12 months
12 months or more
Total
(In thousands)
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
U.S. Treasury securities
$17,032,384
$51,923
$440,538
$21,291
$17,472,922
$73,214
Collateralized mortgage obligations - federal agencies
9,946
85
70,494
6,709
80,440
6,794
Mortgage-backed securities -federal agencies
208,344
10,374
4,185,326
872,266
4,393,670
882,640
Total debt securities available-for-sale in an unrealized loss position
$17,250,674
$62,382
$4,696,358
$900,266
$21,947,032
$962,648
At December 31, 2025
Less than 12 months
12 months or more
Total
(In thousands)
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
U.S. Treasury securities
$992,083
$82
$943,699
$20,752
$1,935,782
$20,834
Collateralized mortgage obligations - federal agencies
1,481
3
83,266
6,509
84,747
6,512
Mortgage-backed securities - federal agencies
222,333
9,975
4,469,097
865,146
4,691,430
875,121
Total debt securities available-for-sale in an unrealized loss position
$1,215,897
$10,060
$5,496,062
$892,407
$6,711,959
$902,467
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Debt securities available-for-sale in a continuous unrealized loss position for less than twelve months of $17.3 billion as of June 30, 2026,
compared to $1.2 billion on December 31, 2025, are impacted by changes in market rates.
As of June 30, 2026, the portfolio of available-for-sale debt securities reflects gross unrealized losses of $1.0 billion (December 31, 2025 -
$0.9 billion), driven mainly by mortgage-backed securities, which have been impacted by the interest rate environment and the portfolio’s
longer duration. The portfolio of available-for-sale debt securities is comprised mainly of U.S Treasuries and obligations from the U.S.
Government, its agencies or government sponsored entities, including Federal National Mortgage Association (“FNMA”), Federal Home
Loan Mortgage Corporation (“FHLMC”) and Government National Mortgage Association (“GNMA”). These securities carry an explicit or
implicit guarantee from the U.S. Government, are highly rated by major rating agencies, and have a long history of no credit losses.
Accordingly, the Corporation applies a zero-credit loss assumption.
Note 6 - Debt securities held-to-maturity
The following tables present the amortized cost, allowance for credit losses, gross unrealized gains and losses, approximate fair value,
weighted average yield and contractual maturities of debt securities held-to-maturity at June 30, 2026 and December 31, 2025.
At June 30, 2026
(In thousands)
Amortized
cost
Book
Value [1]
Allowance
for Credit
Losses
Carrying
Value
Net of
Allowance
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Weighted
average
yield
U.S. Treasury securities
Within 1 year
$2,550,122
$2,514,507
$-
$2,514,507
$-
$2,273
$2,512,234
1.06%
After 1 to 5 years
3,806,389
3,640,221
-
3,640,221
-
19,074
3,621,147
1.33
Total U.S. Treasury securities
6,356,511
6,154,728
-
6,154,728
-
21,347
6,133,381
1.22
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
2,720
2,720
8
2,712
8
-
2,720
6.45
After 1 to 5 years
3,910
3,910
24
3,886
11
-
3,897
1.84
After 5 to 10 years
450
450
14
436
6
-
442
5.81
After 10 years
34,769
34,769
6,184
28,585
2,465
1,770
29,280
1.43
Total obligations of Puerto Rico, States
and political subdivisions
41,849
41,849
6,230
35,619
2,490
1,770
36,339
1.84
Collateralized mortgage obligations -
federal agencies
After 10 years
1,483
1,483
-
1,483
-
187
1,296
2.87
Total collateralized mortgage
obligations - federal agencies
1,483
1,483
-
1,483
-
187
1,296
2.87
Securities in wholly owned statutory
business trusts
After 5 to 10 years
5,960
5,960
-
5,960
-
-
5,960
6.33
Total securities in wholly owned
statutory business trusts
5,960
5,960
-
5,960
-
-
5,960
6.33
Total debt securities held-to-maturity [2]
$6,405,803
$6,204,020
$6,230
$6,197,790
$2,490
$23,304
$6,176,976
1.23%
[1]Book value includes $201.8 million of unrealized loss which remains in Accumulated other comprehensive (loss) income (AOCI) related to certain securities
previously transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio.
[2] Included $6.1 billion pledged to secure public and trust deposits that the secured parties are not permitted to sell or repledge the collateral. The Corporation
had unpledged held-to-maturities securities with a fair value of $99.7 million that could be used to increase its borrowing facilities.
20
Table of Content
At December 31, 2025
(In thousands)
Amortized
cost
Book
Value [1]
Allowance
for Credit
Losses
Carrying
Value
Net of
Allowance
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Weighted
average
yield
U.S. Treasury securities
Within 1 year
$2,558,293
$2,519,071
$-
$2,519,071
$5,224
$110
$2,524,185
1.31%
After 1 to 5 years
5,003,219
4,749,896
-
4,749,896
35,910
-
4,785,806
1.27
Total U.S. Treasury securities
7,561,512
7,268,967
-
7,268,967
41,134
110
7,309,991
1.28
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
2,605
2,605
5
2,600
4
-
2,604
6.43
After 1 to 5 years
12,508
12,508
39
12,469
24
87
12,406
3.49
After 5 to 10 years
450
450
15
435
15
-
450
5.81
After 10 years
35,544
35,544
5,753
29,791
2,908
1,829
30,870
1.43
Total obligations of Puerto Rico, States
and political subdivisions
51,107
51,107
5,812
45,295
2,951
1,916
46,330
2.22
Collateralized mortgage obligations -
federal agencies
After 10 years
1,495
1,495
-
1,495
-
189
1,306
2.87
Total collateralized mortgage obligations -
federal agencies
1,495
1,495
-
1,495
-
189
1,306
2.87
Securities in wholly owned statutory
business trusts
After 5 to 10 years
5,960
5,960
-
5,960
-
-
5,960
6.33
Total securities in wholly owned statutory
business trusts
5,960
5,960
-
5,960
-
-
5,960
6.33
Total debt securities held-to-maturity [2]
$7,620,074
$7,327,529
$5,812
$7,321,717
$44,085
$2,215
$7,363,587
1.29%
[1]Book value includes $293.0 million of unrealized loss which remains in Accumulated other comprehensive (loss) income (AOCI) related to certain securities
transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio.
[2] Includes $7.3 billion pledged to secure public and trust deposits that the secured parties are not permitted to sell or repledge the collateral. The Corporation
had unpledged held-to-maturities securities with a fair value of $98.8 million that could be used to increase its borrowing facilities.
Debt securities not due on a single contractual maturity date, such as collateralized mortgage obligations, are classified in the period of final
contractual maturity. The expected maturities of collateralized mortgage obligations and certain other securities may differ from their
contractual maturities because they may be subject to prepayments or may be called by the issuer.
Credit Quality Indicators
The following describes the credit quality indicators by major security type that the Corporation considers to develop the estimate of the
allowance for credit losses for investment securities held-to-maturity.
As discussed in Note 2 of the 2025 Form 10-K, U.S. Treasury securities carry an explicit guarantee from the U.S. Government, are highly
rated by major rating agencies and have a long history of no credit losses. Accordingly, the Corporation applies a zero-credit loss
assumption and no allowance for credit losses (“ACL") for these securities has been established.
At June 30, 2026 and December 31, 2025, the “Obligations of Puerto Rico, States and political subdivisions" classified as held-to-maturity,
included securities issued by municipalities of Puerto Rico that are generally not rated by a credit rating agency. The Corporation performs
periodic credit quality reviews of these securities and internally assigns standardized credit risk ratings based on its evaluation. For the
definitions of the obligor risk ratings, refer to the Credit Quality section of Note 8 to the Consolidated Financial Statements. This includes
$7.1 million of general and special obligation bonds issued by three municipalities of Puerto Rico, of which $6.3 million have a “Pass" rating,
that are payable primarily from certain property taxes imposed by the issuing municipality (compared to $8.7 million and $7.9 million,
respectively, at December 31, 2025).
At June 30, 2026, the portfolio of “Obligations of Puerto Rico, States and political subdivisions" also included $34.8 million in securities
issued by the Puerto Rico Housing Finance Authority (“HFA"), a government instrumentality, for which the underlying source of payment is
second mortgage loans in Puerto Rico residential properties (not the government), but for which HFA provides a guarantee in the event of
default and upon the satisfaction of certain other conditions (December 31, 2025 - $36.0 million). These securities are not rated by a credit
rating agency. Refer to Note 16 to the Consolidated Financial Statements for additional information on the Corporation’s exposure to the
Puerto Rico Government.
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A deterioration of the Puerto Rico economy or of the fiscal health of the Government of Puerto Rico and/or its instrumentalities (including if
any of the issuing municipalities become subject to a debt restructuring proceeding under the Puerto Rico Oversight Management and
Economic Stability Act (“PROMESA”)) could adversely affect the value of these securities, resulting in losses to the Corporation.
At June 30, 2026, the portfolio of “Obligations of Puerto Rico, States and political subdivisions” had no securities issued by the HFA for
which the underlying source of payment is U.S. Treasury securities (December 31, 2025 - $6.8 million), as all such securities were fully
redeemed during the quarter ended on March 31, 2026. Historically, the Corporation has applied a zero-credit loss assumption for these
securities, and no ACL has been established for these securities given that U.S. Treasury securities carry an explicit guarantee from the
U.S. Government, are highly rated by major rating agencies, and have a long history of no credit losses.
Delinquency status
At June 30, 2026 and December 31, 2025, there were no securities held-to-maturity in past due or non-performing status.
Allowance for credit losses on debt securities held-to-maturity
The allowance for credit losses related to the Obligations of Puerto Rico and the States and Political subdivisions securities at June 30,
2026 was $6.2 million (December 31, 2025 - $5.8 million).
Note 7 - Loans
For a summary of the accounting policies related to loans, interest recognition and allowance for credit losses refer to Note 2 - Summary of
Significant Accounting Policies of the 2025 Form 10-K.
The following table presents the Corporation's loan purchases for the quarters and six months ended June 30, 2026 and 2025 by class of
loans:
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2026
2025
2026
2025
Commercial
$15,304
$67,726
$70,310
$74,886
Mortgage
121,644
125,690
230,852
246,597
Ending balance
$136,948
$193,416
$301,162
$321,483
The following table presents the Corporation’s loan sales for the quarters and six months ended June 30, 2026 and 2025 by class of loans:
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2026
2025
2026
2025
Commercial
$165,886
$1,000
$180,077
$27,349
Construction
3,833
-
3,833
9,338
Mortgage
11,959
8,450
22,994
15,387
Ending balance
$181,678
$9,450
$206,904
$52,074
Delinquency status
The following tables present the amortized cost basis of loans held-in-portfolio (“HIP’’), net of unearned income, by past due status, and by
loan class including those that are in non-performing status or that are accruing interest but are past due 90 days or more at June 30, 2026
and December 31, 2025.
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June 30, 2026
BPPR
Past due
Past due 90 days or more
(In thousands)
30-59
days
60-89
days
90 days
or more
Total
past due
Current
Loans HIP
Non-accrual
loans
Accruing
loans
Commercial multi-family
$10,723
$-
$-
$10,723
$335,236
$345,959
$-
$-
Commercial real estate:
Non-owner occupied
2,750
160
26,016
28,926
3,292,169
3,321,095
26,016
-
Owner occupied
2,053
-
15,374
17,427
1,139,254
1,156,681
15,374
-
Commercial and industrial
5,063
2,084
142,947
150,094
6,012,974
6,163,068
138,389
4,558
Construction
-
-
-
-
425,850
425,850
-
-
Mortgage
228,082
108,220
320,739
657,041
6,872,509
7,529,550
129,240
191,499
Leasing
22,358
5,549
7,182
35,089
1,932,946
1,968,035
7,182
-
Consumer:
Credit cards
12,058
8,488
23,367
43,913
1,194,097
1,238,010
-
23,367
Home equity lines of credit
-
-
-
-
1,852
1,852
-
-
Personal
17,784
10,789
16,605
45,178
1,850,841
1,896,019
16,605
-
Auto
99,765
19,552
31,474
150,791
3,615,857
3,766,648
31,474
-
Other
327
796
3,869
4,992
159,077
164,069
3,544
325
Total
$400,963
$155,638
$587,573
$1,144,174
$26,832,662
$27,976,836
$367,824
$219,749
June 30, 2026
Popular U.S.
Past due
Past due 90 days or more
(In thousands)
30-59
days
60-89
days
90 days
or more
Total
past due
Current
Loans HIP
Non-accrual
loans
Accruing
loans
Commercial multi-family
$5,166
$-
$8,931
$14,097
$2,039,368
$2,053,465
$8,931
$-
Commercial real estate:
-
Non-owner occupied
1,600
3,391
6,950
11,941
2,287,839
2,299,780
6,950
-
Owner occupied
994
1,438
8,865
11,297
2,088,724
2,100,021
8,865
-
Commercial and industrial
5,672
58
6,737
12,467
2,598,549
2,611,016
6,563
174
Construction
-
12,491
-
12,491
1,293,734
1,306,225
-
-
Mortgage
898
2,773
10,233
13,904
1,236,880
1,250,784
10,233
-
Consumer:
Credit cards
-
-
-
-
(13)
(13)
-
-
Home equity lines of credit
912
119
3,320
4,351
79,154
83,505
3,320
-
Personal
513
656
751
1,920
54,786
56,706
751
-
Other
441
-
-
441
11,096
11,537
-
-
Total
$16,196
$20,926
$45,787
$82,909
$11,690,117
$11,773,026
$45,613
$174
23
Table of Content
June 30, 2026
Popular, Inc.
Past due
Past due 90 days or more
(In thousands)
30-59
days
60-89
days
90 days
or more
Total
past due
Current
Loans HIP [2] [3]
Non-accrual
loans
Accruing
loans
Commercial multi-family
$15,889
$-
$8,931
$24,820
$2,374,604
$2,399,424
$8,931
$-
Commercial real estate:
Non-owner occupied
4,350
3,551
32,966
40,867
5,580,008
5,620,875
32,966
-
Owner occupied
3,047
1,438
24,239
28,724
3,227,978
3,256,702
24,239
-
Commercial and industrial
10,735
2,142
149,684
162,561
8,611,523
8,774,084
144,952
4,732
Construction
-
12,491
-
12,491
1,719,584
1,732,075
-
-
Mortgage[1]
228,980
110,993
330,972
670,945
8,109,389
8,780,334
139,473
191,499
Leasing
22,358
5,549
7,182
35,089
1,932,946
1,968,035
7,182
-
Consumer:
Credit cards
12,058
8,488
23,367
43,913
1,194,084
1,237,997
-
23,367
Home equity lines of credit
912
119
3,320
4,351
81,006
85,357
3,320
-
Personal
18,297
11,445
17,356
47,098
1,905,627
1,952,725
17,356
-
Auto
99,765
19,552
31,474
150,791
3,615,857
3,766,648
31,474
-
Other
768
796
3,869
5,433
170,173
175,606
3,544
325
Total
$417,159
$176,564
$633,360
$1,227,083
$38,522,779
$39,749,862
$413,437
$219,923
[1]At June 30, 2026, mortgage loans held-in-portfolio include $6.8 billion of loans that carry certain guarantees from the FHA or the VA, for which the
Corporation’s policy is to exclude them from non-performing status, of which $191.5 million are 90 days or more past due. The portfolio of guaranteed loans
includes $39.8 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of June 30, 2026. The Corporation has $26.3
million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at June 30, 2026.
[2]Loans held-in-portfolio are net of $406.7 million in unearned income and exclude $88.6 million in loans held-for-sale.
[3]Includes $22.8 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which
$7.4 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $15.3 billion at the Federal Reserve Bank ("FRB") for
discount window borrowings. As of June 30, 2026, the Corporation had an available borrowing facility with the FHLB and the discount window of FRB of $4.1
billion and $11.9 billion, respectively.
December 31, 2025
BPPR
Past due
Past due 90 days or more
(In thousands)
30-59
days
60-89
days
90 days
or more
Total
past due
Current
Loans HIP
Non-accrual
loans
Accruing
loans
Commercial multi-family
$6,579
$155
$112
$6,846
$296,502
$303,348
$112
$-
Commercial real estate:
Non-owner occupied
2,457
299
35,692
38,448
3,356,682
3,395,130
35,692
-
Owner occupied
2,760
681
24,567
28,008
1,168,585
1,196,593
24,567
-
Commercial and industrial
8,864
3,760
187,222
199,846
5,770,227
5,970,073
183,914
3,308
Construction
17,283
-
-
17,283
340,258
357,541
-
-
Mortgage
261,145
133,124
329,613
723,882
6,624,085
7,347,967
132,373
197,240
Leasing
23,748
4,640
9,179
37,567
1,963,798
2,001,365
9,179
-
Consumer:
Credit cards
13,700
10,617
27,529
51,846
1,204,885
1,256,731
-
27,529
Home equity lines of credit
-
-
-
-
1,908
1,908
-
-
Personal
19,608
11,894
19,082
50,584
1,785,818
1,836,402
18,863
219
Auto
109,103
25,495
52,200
186,798
3,633,014
3,819,812
52,200
-
Other
927
2,688
2,285
5,900
165,858
171,758
1,809
476
Total
$466,174
$193,353
$687,481
$1,347,008
$26,311,620
$27,658,628
$458,709
$228,772
24
Table of Content
December 31, 2025
Popular U.S.
Past due
Past due 90 days or more
(In thousands)
30-59
days
60-89
days
90 days
or more
Total
past due
Current
Loans HIP
Non-accrual
loans
Accruing
loans
Commercial multi-family
$9,500
$-
$8,636
$18,136
$2,134,306
$2,152,442
$8,636
$-
Commercial real estate:
Non-owner occupied
-
1,600
7,020
8,620
2,139,534
2,148,154
7,020
-
Owner occupied
-
-
-
-
1,956,487
1,956,487
-
-
Commercial and industrial
7,608
928
6,686
15,222
2,622,117
2,637,339
6,498
188
Construction
-
-
-
-
1,317,358
1,317,358
-
-
Mortgage
15,596
6,400
13,422
35,418
1,266,055
1,301,473
13,422
-
Consumer:
Credit cards
-
-
-
-
(14)
(14)
-
-
Home equity lines of credit
1,282
82
2,796
4,160
72,624
76,784
2,796
-
Personal
983
832
1,233
3,048
66,778
69,826
1,233
-
Other
-
-
29
29
9,012
9,041
29
-
Total
$34,969
$9,842
$39,822
$84,633
$11,584,257
$11,668,890
$39,634
$188
December 31, 2025
Popular, Inc.
Past due
Past due 90 days or more
(In thousands)
30-59
days
60-89
days
90 days
or more
Total
past due
Current
Loans HIP [2] [3]
Non-accrual
loans
Accruing
loans
Commercial multi-family
$16,079
$155
$8,748
$24,982
$2,430,808
$2,455,790
$8,748
$-
Commercial real estate:
Non-owner occupied
2,457
1,899
42,712
47,068
5,496,216
5,543,284
42,712
-
Owner occupied
2,760
681
24,567
28,008
3,125,072
3,153,080
24,567
-
Commercial and industrial
16,472
4,688
193,908
215,068
8,392,344
8,607,412
190,412
3,496
Construction
17,283
-
-
17,283
1,657,616
1,674,899
-
-
Mortgage[1]
276,741
139,524
343,035
759,300
7,890,140
8,649,440
145,795
197,240
Leasing
23,748
4,640
9,179
37,567
1,963,798
2,001,365
9,179
-
Consumer:
Credit cards
13,700
10,617
27,529
51,846
1,204,871
1,256,717
-
27,529
Home equity lines of credit
1,282
82
2,796
4,160
74,532
78,692
2,796
-
Personal
20,591
12,726
20,315
53,632
1,852,596
1,906,228
20,096
219
Auto
109,103
25,495
52,200
186,798
3,633,014
3,819,812
52,200
-
Other
927
2,688
2,314
5,929
174,870
180,799
1,838
476
Total
$501,143
$203,195
$727,303
$1,431,641
$37,895,877
$39,327,518
$498,343
$228,960
[1]At December 31, 2025 mortgage loans held-in-portfolio include $3.2 billion of loans that carry certain guarantees from the FHA or the VA, for which the
Corporation’s policy is to exclude them from non-performing status, of which $197 million are 90 days or more past due. The portfolio of guaranteed loans
includes $47 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of December 31, 2025. The Corporation has $27.0
million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing interest at December 31, 2025.
[2]Loans held-in-portfolio are net of $421.6 million in unearned income and exclude $10.0 million in loans held-for-sale.
[3]Includes $22.7 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral, of which
$7.5 billion were pledged at the FHLB as collateral for borrowings and $15.2 billion at the FRB for discount window borrowings. As of December 31, 2025,
the Corporation had an available borrowing facility with the FHLB and the discount window of FRB of $4.0 billion and $12.1 billion, respectively.
The following tables present the amortized cost basis of non-accrual loans as of June 30, 2026 and December 31, 2025 by class of loans:
25
Table of Content
June 30, 2026
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Commercial multi-family
$-
$-
$2,288
$6,643
$2,288
$6,643
Commercial real estate non-owner occupied
23,597
2,419
6,925
25
30,522
2,444
Commercial real estate owner occupied
6,523
8,851
489
8,376
7,012
17,227
Commercial and industrial
-
138,389
4,090
2,473
4,090
140,862
Mortgage
54,106
75,134
814
9,419
54,920
84,553
Leasing
660
6,522
660
6,522
Consumer:
HELOCs
-
3,320
-
3,320
Personal
3,577
13,028
-
751
3,577
13,779
Auto
2,871
28,603
-
-
2,871
28,603
Other
746
2,798
-
-
746
2,798
Total
$92,080
$275,744
$14,606
$31,007
$106,686
$306,751
December 31, 2025
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Commercial multi-family
$-
$112
$8,137
$499
$8,137
$611
Commercial real estate non-owner occupied
31,408
4,284
6,979
41
38,387
4,325
Commercial real estate owner occupied
16,576
7,991
-
-
16,576
7,991
Commercial and industrial
6,245
177,669
5,985
513
12,230
178,182
Mortgage
59,302
73,071
732
12,690
60,034
85,761
Leasing
771
8,408
-
-
771
8,408
Consumer:
HELOCs
-
-
-
2,796
-
2,796
Personal
3,314
15,549
-
1,233
3,314
16,782
Auto
2,252
49,948
-
-
2,252
49,948
Other
378
1,431
-
29
378
1,460
Total
$120,246
$338,463
$21,833
$17,801
$142,079
$356,264
The Corporation has designated loans classified as collateral dependent for which the ACL is measured based on the fair value of the
collateral less cost to sell, when foreclosure is probable or when the repayment is expected to be provided substantially by the sale or
operation of the collateral and the borrower is experiencing financial difficulty. The fair value of the collateral is based on appraisals, which
may be adjusted due to their age, type, location, and condition of the property or area or general market conditions to reflect the expected
change in value between the effective date of the appraisal and the measurement date. Appraisals are updated every one to two years
depending on the type of loan and the total exposure of the borrower.
Loans in non-accrual status with no allowance at June 30, 2026 include $106.7 million in collateral dependent loans (December 31, 2025 -
$142.0 million). The Corporation recognized $2.9 million in interest income on non-accrual loans during the six months ended June 30, 2026
(June 30, 2025 - $3.0 million).
The following tables present the amortized cost basis of collateral-dependent loans, for which the ACL was measured based on the fair
value of the collateral less cost to sell, by class of loans and type of collateral as of June 30, 2026 and December 31, 2025:
26
Table of Content
June 30, 2026
(In thousands)
Real Estate
Auto
Equipment
Other
Total
BPPR
Commercial multi-family
$1,173
$-
$1,173
Commercial real estate:
Non-owner occupied
95,379
-
-
-
95,379
Owner occupied
13,042
-
-
-
13,042
Commercial and industrial
3,313
-
571
44,558
48,442
Mortgage
61,541
-
-
-
61,541
Leasing
1,705
-
-
1,705
Consumer:
Personal
3,868
-
-
-
3,868
Auto
17,067
-
-
17,067
Other
10
-
1,082
1,092
Total BPPR
$178,316
$18,782
$571
$45,640
$243,309
Popular U.S.
Commercial multi-family
$12,559
$-
$-
$-
$12,559
Commercial real estate:
Non-owner occupied
65,577
-
-
-
65,577
Owner occupied
8,865
8,865
Commercial and industrial
4,090
-
-
2,000
6,090
Mortgage
1,406
-
-
-
1,406
Total Popular U.S.
$92,497
$-
$-
$2,000
$94,497
Popular, Inc.
Commercial multi-family
$13,732
$-
$-
$-
$13,732
Commercial real estate:
Non-owner occupied
160,956
-
-
-
160,956
Owner occupied
21,907
-
-
-
21,907
Commercial and industrial
7,403
-
571
46,558
54,532
Mortgage
62,947
-
-
-
62,947
Leasing
-
1,705
-
-
1,705
Consumer:
Personal
3,868
-
-
-
3,868
Auto
-
17,067
-
-
17,067
Other
-
10
-
1,082
1,092
Total Popular, Inc.
$270,813
$18,782
$571
$47,640
$337,806
27
Table of Content
December 31, 2025
(In thousands)
Real Estate
Auto
Equipment
Other
Total
BPPR
Commercial multi-family
$1,206
$-
$-
$-
$1,206
Commercial real estate:
Non-owner occupied
127,031
-
-
-
127,031
Owner occupied
23,014
-
-
-
23,014
Commercial and industrial
2,378
-
4,476
297
7,151
Mortgage
67,380
-
-
-
67,380
Leasing
-
1,925
-
-
1,925
Consumer:
Personal
3,402
-
-
-
3,402
Auto
-
16,512
-
-
16,512
Other
-
31
-
363
394
Total BPPR
$224,411
$18,468
$4,476
$660
$248,015
Popular U.S.
Commercial multi-family
$16,395
$-
$-
$-
$16,395
Commercial real estate:
Non-owner occupied
65,630
-
-
-
65,630
Commercial and industrial
4,187
-
-
1,798
5,985
Mortgage
1,398
-
-
-
1,398
Total Popular U.S.
$87,610
$-
$-
$1,798
$89,408
Popular, Inc.
Commercial multi-family
$17,601
$-
$-
$-
$17,601
Commercial real estate:
Non-owner occupied
192,661
-
-
-
192,661
Owner occupied
23,014
-
-
-
23,014
Commercial and industrial
6,565
-
4,476
2,095
13,136
Mortgage
68,778
-
-
-
68,778
Leasing
-
1,925
-
-
1,925
Consumer:
Personal
3,402
-
-
-
3,402
Auto
-
16,512
-
-
16,512
Other
-
31
-
363
394
Total Popular, Inc.
$312,021
$18,468
$4,476
$2,458
$337,423
Note 8 - Allowance for credit losses – loans held-in-portfolio
The Corporation follows the current expected credit loss (“CECL”) model to establish and evaluate the adequacy of the ACL to provide for
expected losses in the loan portfolio. This model establishes a forward-looking methodology that reflects the expected credit losses over the
lives of financial assets starting when such assets are first acquired or originated. In addition, CECL provides that the initial ACL on PCD
financial assets be recorded as an increase to the purchase price, with subsequent changes to the allowance recorded as a credit loss
expense. The provision for credit losses recorded in current operations is based on this methodology. Loan losses are charged and
recoveries are credited to the ACL. The Corporation’s modeling framework includes internally developed quantitative models that generate
lifetime default and prepayment estimates as well as other loan level techniques to estimate loss severity. These models combine credit risk
factors which include the impact of loan modifications, with macroeconomics expectations to derive the lifetime expected loss.
At June 30, 2026, the Corporation estimated the ACL by weighting the outputs of optimistic, baseline, and pessimistic scenarios. The
weightings applied are subject to evaluation on a quarterly basis as part of the ACL’s governance process. During the first quarter of 2026,
among the three scenarios evaluated to estimate the ACL, the baseline scenario was assigned the highest probability, followed by the
pessimistic scenario, where weight was increased during 2025 in response to ongoing uncertainties. There were no changes to the
probability weights during the second quarter of 2026.
The following tables present the changes in the ACL of loans held-in-portfolio and unfunded commitments for the quarters and six months
ended June 30, 2026 and 2025.
28
Table of Content
For the quarter ended June 30, 2026
BPPR
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Allowance for
credit losses -
PCD Loans
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$4,704
$(635)
$-
$-
$-
$4,069
Commercial real estate Non-owner occupied
48,881
(12,804)
-
(743)
4,845
40,179
Commercial real estate Owner occupied
35,403
(1,917)
-
-
2,063
35,549
Commercial and industrial
179,980
60,213
-
(74,749)
1,343
166,787
Total Commercial
268,968
44,857
-
(75,492)
8,251
246,584
Construction
5,767
(964)
-
-
-
4,803
Mortgage
73,761
(8,187)
2
(28)
4,950
70,498
Leasing
18,588
879
-
(3,342)
1,502
17,627
Consumer
Credit cards
89,376
9,741
-
(17,722)
3,422
84,817
Home equity lines of credit
67
(59)
-
(29)
73
52
Personal
97,457
14,700
-
(18,676)
2,533
96,014
Auto
170,544
(193)
-
(12,772)
6,964
164,543
Other
7,707
964
-
(1,563)
241
7,349
Total Consumer
365,151
25,153
-
(50,762)
13,233
352,775
Total - Loans
$732,235
$61,738
$2
$(129,624)
$27,936
$692,287
Allowance for credit losses - unfunded commitments:
Commercial
$5,390
$1,265
$-
$-
$-
$6,655
Construction
3,291
(213)
-
-
-
3,078
Ending balance - unfunded commitments [1]
$8,681
$1,052
$-
$-
$-
$9,733
[1]Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
For the quarter ended June 30, 2026
Popular U.S.
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Charge-offs
Recoveries
Ending Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$15,365
$797
$(1,312)
$-
$14,850
Commercial real estate Non-owner occupied
15,265
366
-
-
15,631
Commercial real estate Owner occupied
15,713
1,238
-
139
17,090
Commercial and industrial
17,496
1,200
(271)
184
18,609
Total Commercial
63,839
3,601
(1,583)
323
66,180
Construction
9,393
164
-
-
9,557
Mortgage
9,863
(870)
(4)
35
9,024
Consumer
Credit Cards
-
1
(1)
-
-
Home equity lines of credit
1,111
154
-
106
1,371
Personal
7,282
359
(1,565)
332
6,408
Other
6
7
(13)
5
5
Total Consumer
8,399
521
(1,579)
443
7,784
Total - Loans
$91,494
$3,416
$(3,166)
$801
$92,545
Allowance for credit losses - unfunded commitments:
Commercial
$1,802
$234
$-
$-
$2,036
Construction
3,939
(907)
-
-
3,032
Consumer
125
10
-
-
135
Ending balance - unfunded commitments [1]
$5,866
$(663)
$-
$-
$5,203
[1]Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
29
Table of Content
For the quarter ended June 30, 2026
Popular Inc.
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Allowance for
credit losses -
PCD Loans
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$20,069
$162
$-
$(1,312)
$-
$18,919
Commercial real estate Non-owner occupied
64,146
(12,438)
-
(743)
4,845
55,810
Commercial real estate Owner occupied
51,116
(679)
-
-
2,202
52,639
Commercial and industrial
197,476
61,413
-
(75,020)
1,527
185,396
Total Commercial
332,807
48,458
-
(77,075)
8,574
312,764
Construction
15,160
(800)
-
-
-
14,360
Mortgage
83,624
(9,057)
2
(32)
4,985
79,522
Leasing
18,588
879
-
(3,342)
1,502
17,627
Consumer
Credit cards
89,376
9,742
-
(17,723)
3,422
84,817
Home equity lines of credit
1,178
95
-
(29)
179
1,423
Personal
104,739
15,059
-
(20,241)
2,865
102,422
Auto
170,544
(193)
-
(12,772)
6,964
164,543
Other
7,713
971
-
(1,576)
246
7,354
Total Consumer
373,550
25,674
-
(52,341)
13,676
360,559
Total - Loans
$823,729
$65,154
$2
$(132,790)
$28,737
$784,832
Allowance for credit losses - unfunded commitments:
Commercial
$7,192
$1,499
$-
$-
$-
$8,691
Construction
7,230
(1,120)
-
-
-
6,110
Consumer
125
10
-
-
-
135
Ending balance - unfunded commitments [1]
$14,547
$389
$-
$-
$-
$14,936
[1]Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
For the six months ended June 30, 2026
BPPR
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Allowance for
credit losses -
PCD Loans
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$3,871
$196
$-
$-
$2
$4,069
Commercial real estate Non-owner occupied
44,149
3,043
-
(11,874)
4,861
40,179
Commercial real estate Owner occupied
34,722
(1,591)
-
(91)
2,509
35,549
Commercial and industrial
163,877
77,047
-
(77,367)
3,230
166,787
Total Commercial
246,619
78,695
-
(89,332)
10,602
246,584
Construction
4,488
304
-
-
11
4,803
Mortgage
70,674
(7,423)
9
(511)
7,749
70,498
Leasing
18,620
3,416
-
(7,427)
3,018
17,627
Consumer
-
Credit cards
91,124
24,046
-
(36,957)
6,604
84,817
Home equity lines of credit
58
(141)
-
(29)
164
52
Personal
97,804
32,302
-
(39,420)
5,328
96,014
Auto
180,364
2,813
-
(33,922)
15,288
164,543
Other
8,169
1,024
-
(2,310)
466
7,349
Total Consumer
377,519
60,044
-
(112,638)
27,850
352,775
Total - Loans
$717,920
$135,036
$9
$(209,908)
$49,230
$692,287
Allowance for credit losses - unfunded commitments:
-
Commercial
$5,993
$662
$-
$-
$-
$6,655
Construction
2,570
508
-
-
-
3,078
Ending balance - unfunded commitments [1]
$8,563
$1,170
$-
$-
$-
$9,733
[1]Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
30
Table of Content
For the six months ended June 30, 2026
Popular U.S.
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$15,474
$688
$(1,312)
$-
$14,850
Commercial real estate Non-owner occupied
14,568
1,063
-
-
15,631
Commercial real estate Owner occupied
13,729
3,107
-
254
17,090
Commercial and industrial
17,057
1,624
(300)
228
18,609
Total Commercial
60,828
6,482
(1,612)
482
66,180
Construction
9,338
219
-
-
9,557
Mortgage
9,880
(915)
(23)
82
9,024
Consumer
Credit Cards
-
1
(1)
-
-
Home equity lines of credit
1,277
(246)
-
340
1,371
Personal
8,808
255
(3,383)
728
6,408
Other
5
11
(26)
15
5
Total Consumer
10,090
21
(3,410)
1,083
7,784
Total - Loans
$90,136
$5,807
$(5,045)
$1,647
$92,545
Allowance for credit losses - unfunded commitments:
Commercial
$1,570
$466
$-
$-
$2,036
Construction
4,161
(1,129)
-
-
3,032
Consumer
144
(9)
-
-
135
Ending balance - unfunded commitments [1]
$5,875
$(672)
$-
$-
$5,203
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
For the six months ended June 30, 2026
Popular Inc.
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Allowance for
credit losses -
PCD Loans
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$19,345
$884
$-
$(1,312)
$2
$18,919
Commercial real estate Non-owner occupied
58,717
4,106
-
(11,874)
4,861
55,810
Commercial real estate Owner occupied
48,451
1,516
-
(91)
2,763
52,639
Commercial and industrial
180,934
78,671
-
(77,667)
3,458
185,396
Total Commercial
307,447
85,177
-
(90,944)
11,084
312,764
Construction
13,826
523
-
-
11
14,360
Mortgage
80,554
(8,338)
9
(534)
7,831
79,522
Leasing
18,620
3,416
-
(7,427)
3,018
17,627
Consumer
Credit cards
91,124
24,047
-
(36,958)
6,604
84,817
Home equity lines of credit
1,335
(387)
-
(29)
504
1,423
Personal
106,612
32,557
-
(42,803)
6,056
102,422
Auto
180,364
2,813
-
(33,922)
15,288
164,543
Other
8,174
1,035
-
(2,336)
481
7,354
Total Consumer
387,609
60,065
-
(116,048)
28,933
360,559
Total - Loans
$808,056
$140,843
$9
$(214,953)
$50,877
$784,832
Allowance for credit losses - unfunded commitments:
Commercial
$7,563
$1,128
$-
$-
$-
$8,691
Construction
6,731
(621)
-
-
-
6,110
Consumer
144
(9)
-
-
-
135
Ending balance - unfunded commitments [1]
$14,438
$498
$-
$-
$-
$14,936
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
31
Table of Content
For the quarter ended June 30, 2025
BPPR
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Allowance for
credit losses -
PCD Loans
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$3,420
$270
$-
$-
$6
$3,696
Commercial real estate Non-owner occupied
42,848
(160)
-
(21)
472
43,139
Commercial real estate Owner occupied
36,019
(1,176)
-
(14)
1,019
35,848
Commercial and industrial
131,407
(6,769)
-
(2,466)
1,030
123,202
Total Commercial
213,694
(7,835)
-
(2,501)
2,527
205,885
Construction
2,719
356
-
-
-
3,075
Mortgage
74,289
(1,752)
-
(550)
2,979
74,966
Leasing
20,206
2,570
-
(3,982)
1,246
20,040
Consumer
Credit cards
96,523
13,094
-
(20,011)
2,700
92,306
Home equity lines of credit
60
(313)
-
-
307
54
Personal
89,786
18,881
-
(19,553)
3,777
92,891
Auto
171,979
16,852
-
(13,418)
6,861
182,274
Other
7,007
1,297
-
(700)
154
7,758
Total Consumer
365,355
49,811
-
(53,682)
13,799
375,283
Total - Loans
$676,263
$43,150
$-
$(60,715)
$20,551
$679,249
Allowance for credit losses - unfunded commitments:
Commercial
$7,445
$(1,569)
$-
$-
$-
$5,876
Construction
1,560
309
-
-
-
1,869
Ending balance - unfunded commitments [1]
$9,005
$(1,260)
$-
$-
$-
$7,745
[1]Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
For the quarter ended June 30, 2025
Popular U.S.
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$10,081
$3,567
$(563)
$-
$13,085
Commercial real estate Non-owner occupied
15,453
525
-
-
15,978
Commercial real estate Owner occupied
14,193
(1,016)
(14)
40
13,203
Commercial and industrial
16,422
1,533
(49)
254
18,160
Total Commercial
56,149
4,609
(626)
294
60,426
Construction
6,793
711
-
-
7,504
Mortgage
9,740
437
-
32
10,209
Consumer
Home equity lines of credit
1,550
(799)
(16)
595
1,330
Personal
11,651
1,417
(2,920)
615
10,763
Other
2
14
(13)
1
4
Total Consumer
13,203
632
(2,949)
1,211
12,097
Total - Loans
$85,885
$6,389
$(3,575)
$1,537
$90,236
Allowance for credit losses - unfunded commitments:
Commercial
$1,630
$305
$-
$-
$1,935
Construction
3,492
(203)
-
-
3,289
Consumer
42
42
-
-
84
Ending balance - unfunded commitments [1]
$5,164
$144
$-
$-
$5,308
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
32
Table of Content
For the quarter ended June 30, 2025
Popular Inc.
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Allowance for
credit losses -
PCD Loans
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$13,501
$3,837
$-
$(563)
$6
$16,781
Commercial real estate Non-owner occupied
58,301
365
-
(21)
472
59,117
Commercial real estate Owner occupied
50,212
(2,192)
-
(28)
1,059
49,051
Commercial and industrial
147,829
(5,236)
-
(2,515)
1,284
141,362
Total Commercial
269,843
(3,226)
-
(3,127)
2,821
266,311
Construction
9,512
1,067
-
-
-
10,579
Mortgage
84,029
(1,315)
-
(550)
3,011
85,175
Leasing
20,206
2,570
-
(3,982)
1,246
20,040
Consumer
Credit cards
96,523
13,094
-
(20,011)
2,700
92,306
Home equity lines of credit
1,610
(1,112)
-
(16)
902
1,384
Personal
101,437
20,298
-
(22,473)
4,392
103,654
Auto
171,979
16,852
-
(13,418)
6,861
182,274
Other
7,009
1,311
-
(713)
155
7,762
Total Consumer
378,558
50,443
-
(56,631)
15,010
387,380
Total - Loans
$762,148
$49,539
$-
$(64,290)
$22,088
$769,485
Allowance for credit losses - unfunded commitments:
Commercial
$9,075
$(1,264)
$-
$-
$-
$7,811
Construction
5,052
106
-
-
-
5,158
Consumer
42
42
-
-
-
84
Ending balance - unfunded commitments [1]
$14,169
$(1,116)
$-
$-
$-
$13,053
[1]Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
For the six months ended June 30, 2025
BPPR
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Allowance for
credit losses -
PCD Loans
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$2,783
$905
$-
$-
$8
$3,696
Commercial real estate Non-owner occupied
44,852
(2,759)
-
(86)
1,132
43,139
Commercial real estate Owner occupied
37,355
(2,918)
-
(103)
1,514
35,848
Commercial and industrial
130,136
(7,026)
-
(5,778)
5,870
123,202
Total Commercial
215,126
(11,798)
-
(5,967)
8,524
205,885
Construction
2,743
332
-
-
-
3,075
Mortgage
72,901
(2,870)
9
(985)
5,911
74,966
Leasing
16,419
9,629
-
(8,526)
2,518
20,040
Consumer
Credit cards
99,130
26,916
-
(38,876)
5,136
92,306
Home equity lines of credit
54
(421)
-
(25)
446
54
Personal
91,296
35,709
-
(41,506)
7,392
92,891
Auto
165,995
36,323
-
(34,474)
14,430
182,274
Other
7,002
2,020
-
(1,580)
316
7,758
Total Consumer
363,477
100,547
-
(116,461)
27,720
375,283
Total - Loans
$670,666
$95,840
$9
$(131,939)
$44,673
$679,249
Allowance for credit losses - unfunded commitments:
Commercial
$6,725
$(849)
$-
$-
$-
$5,876
Construction
1,663
206
-
-
-
1,869
Ending balance - unfunded commitments [1]
$8,388
$(643)
$-
$-
$-
$7,745
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
33
Table of Content
For the six months ended June 30, 2025
Popular U.S.
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$6,453
$7,194
$(563)
$1
$13,085
Commercial real estate Non-owner occupied
9,642
6,336
-
-
15,978
Commercial real estate Owner occupied
12,473
193
(26)
563
13,203
Commercial and industrial
15,870
3,010
(1,196)
476
18,160
Total Commercial
44,438
16,733
(1,785)
1,040
60,426
Construction
8,521
(1,017)
-
-
7,504
Mortgage
9,508
484
-
217
10,209
Consumer
Home equity lines of credit
1,449
(935)
(46)
862
1,330
Personal
11,440
3,617
(5,546)
1,252
10,763
Other
2
35
(42)
9
4
Total Consumer
12,891
2,717
(5,634)
2,123
12,097
Total - Loans
$75,358
$18,917
$(7,419)
$3,380
$90,236
Allowance for credit losses - unfunded commitments:
Commercial
$1,662
$273
$-
$-
$1,935
Construction
5,409
(2,120)
-
-
3,289
Consumer
11
73
-
-
84
Ending balance - unfunded commitments [1]
$7,082
$(1,774)
$-
$-
$5,308
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
For the six months ended June 30, 2025
Popular Inc.
(In thousands)
Beginning
Balance
Provision for
credit losses
(benefit)
Allowance for
credit losses -
PCD Loans
Charge-offs
Recoveries
Ending
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$9,236
$8,099
$-
$(563)
$9
$16,781
Commercial real estate Non-owner occupied
54,494
3,577
-
(86)
1,132
59,117
Commercial real estate Owner occupied
49,828
(2,725)
-
(129)
2,077
49,051
Commercial and industrial
146,006
(4,016)
-
(6,974)
6,346
141,362
Total Commercial
259,564
4,935
-
(7,752)
9,564
266,311
Construction
11,264
(685)
-
-
-
10,579
Mortgage
82,409
(2,386)
9
(985)
6,128
85,175
Leasing
16,419
9,629
-
(8,526)
2,518
20,040
Consumer
Credit cards
99,130
26,916
-
(38,876)
5,136
92,306
Home equity lines of credit
1,503
(1,356)
-
(71)
1,308
1,384
Personal
102,736
39,326
-
(47,052)
8,644
103,654
Auto
165,995
36,323
-
(34,474)
14,430
182,274
Other
7,004
2,055
-
(1,622)
325
7,762
Total Consumer
376,368
103,264
-
(122,095)
29,843
387,380
Total - Loans
$746,024
$114,757
$9
$(139,358)
$48,053
$769,485
Allowance for credit losses - unfunded commitments:
Commercial
$8,387
$(576)
$-
$-
$-
$7,811
Construction
7,072
(1,914)
-
-
-
5,158
Consumer
11
73
-
-
-
84
Ending balance - unfunded commitments [1]
$15,470
$(2,417)
$-
$-
$-
$13,053
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
34
Table of Content
Modifications
A modification constitutes a change in loan terms in the form of principal forgiveness, an interest rate reduction, other-than-insignificant
payment delay, term extension or combination of the above made to a borrower experiencing financial difficulty.
The amount of outstanding commitments to lend additional funds to debtors with financial difficulties owing receivables whose terms have
been modified during the six months ended June 30, 2026 amounted to $85.6 million (during the year ended December 31, 2025 - $159.1
million), related to the commercial loan portfolios.
The following tables show the amortized cost basis of the loans modified to borrowers experiencing financial difficulties at the end of the
reporting period disaggregated by class of financing receivable and type of concession granted for the quarters and six months ended
June 30, 2026 and 2025. Loans modified to borrowers experiencing financial difficulties that were fully paid down, charged-off or foreclosed
upon by period end are not reported.
35
Table of Content
Loan Modifications Made to Borrowers Experiencing Financial Difficulty for the quarter ended June 30, 2026
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2026
% of total class of
Financing
Receivable
Commercial and industrial
$742
0.01%
$-
-%
$742
0.01%
Mortgage
148
-%
$-
-%
148
-%
Consumer:
Credit cards
222
0.02%
$-
-%
222
0.02%
Personal
876
0.05%
-
-%
876
0.04%
Total
$1,988
0.01%
$-
-%
$1,988
0.01%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2026
% of total class of
Financing
Receivable
CRE Non-owner occupied
$7,740
0.23%
$-
-%
$7,740
0.14%
CRE Owner occupied
1,453
0.13%
1,397
0.07%
2,850
0.09%
Commercial and industrial
2,654
0.04%
699
0.03%
3,353
0.04%
Mortgage
13,167
0.17%
696
0.06%
13,863
0.16%
Consumer:
Personal
133
0.01%
-
-
133
0.01%
Auto
77
-%
-
-%
77
-%
Total
$25,224
0.09%
$2,792
0.02%
$28,016
0.07%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2026
% of total class of
Financing
Receivable
CRE Non-owner occupied
$269
0.01%
$-
-%
$269
-%
CRE Owner occupied
7,202
0.62%
-
-%
7,202
0.22%
Commercial and industrial
104,126
1.69%
-
-%
104,126
1.19%
Mortgage
106
-%
-
-%
106
-%
Total
$111,703
0.40%
$-
-%
$111,703
0.28%
Combination - Term Extension and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2026
% of total class of
Financing
Receivable
CRE Owner occupied
$33
-%
$-
-%
$33
-%
Mortgage
2,520
0.03%
329
0.03%
2,849
0.03%
Consumer:
-
Personal
2,372
0.13%
7
0.01%
2,379
0.12%
Auto
80
-%
-
-%
80
-%
Total
$5,005
0.02%
$336
-%
$5,341
0.01%
Combination - Other-Than-Insignificant Payment Delays and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2026
% of total class of
Financing
Receivable
Commercial and industrial
$878
0.01%
$-
-%
$878
0.01%
Consumer:
-
Credit cards
2,279
0.18%
$-
-%
2,279
0.18%
Total
$3,157
0.01%
$-
-%
$3,157
0.01%
36
Table of Content
Loan Modifications Made to Borrowers Experiencing Financial Difficulty for the six months ended June 30, 2026
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2026
% of total class of
Financing
Receivable
Commercial and industrial
$1,461
0.02%
$-
-%
$1,461
0.02%
Mortgage
222
-%
-
-%
222
-%
Consumer:
Credit cards
287
0.02%
-
-%
287
0.02%
Personal
1,400
0.07%
-
-%
1,400
0.07%
Total
$3,370
0.01%
$-
-%
$3,370
0.01%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2026
% of total class of
Financing
Receivable
CRE Non-owner occupied
$9,567
0.29%
$-
-%
$9,567
0.17%
CRE Owner occupied
2,778
0.24%
1,397
0.07%
4,175
0.13%
Commercial and industrial
14,769
0.24%
699
0.03%
15,468
0.18%
Mortgage
19,454
0.26%
696
0.06%
20,150
0.23%
Consumer:
-
Personal
235
0.01%
-
-%
235
0.01%
Auto
126
-%
-
-%
126
-%
Total
$46,929
0.17%
$2,792
0.02%
$49,721
0.13%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2026
% of total class of
Financing
Receivable
CRE Non-owner occupied
$269
0.01%
$-
-%
$269
-%
CRE Owner occupied
18,696
1.62%
-
-%
18,696
0.57%
Commercial and industrial
220,804
3.58%
-
-%
220,804
2.52%
Mortgage
106
-%
-
-%
106
-%
Total
$239,875
0.86%
$-
-%
$239,875
0.60%
Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
Amortized Cost
Basis at June 30,
2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2026
% of total class of
Financing
Receivable
CRE Owner occupied
$33
-%
$-
-%
$33
-%
Commercial and industrial
90
-%
-
-%
90
-%
Mortgage
4,706
0.06%
329
0.03%
5,035
0.06%
Consumer:
-
Personal
4,993
0.26%
18
0.03%
5,011
0.26%
Auto
174
-%
-
-%
174
-%
Total
$9,996
0.04%
$347
-%
$10,343
0.03%
37
Table of Content
Combination - Other-Than-Insignificant Payment Delays and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2026
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2026
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2026
% of total class of
Financing
Receivable
Commercial and industrial
$1,047
0.02%
$-
-%
$1,047
0.01%
Consumer:
-
Credit cards
4,575
0.37%
-
-%
4,575
0.37%
Total
$5,622
0.02%
$-
-%
$5,622
0.01%
38
Table of Content
Loan Modifications Made to Borrowers Experiencing Financial Difficulty for the quarter ended June 30, 2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$837
0.01%
$-
-%
$837
0.01%
Mortgage
69
-%
-
-%
69
-%
Consumer:
-
Credit cards
395
0.03%
-
-%
395
0.03%
Personal
1,159
0.06%
-
-%
1,159
0.06%
Total
$2,460
0.01%
$-
-%
$2,460
0.01%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
CRE Non-owner occupied
$108
-%
$58,652
2.68%
$58,760
1.06%
CRE Owner occupied
5,308
0.44%
-
-%
5,308
0.18%
Commercial and industrial
5,693
0.10%
-
-%
5,693
0.07%
Mortgage
12,983
0.18%
665
0.05%
13,648
0.16%
Consumer:
-
Personal
260
0.01%
21
0.02%
281
0.01%
Auto
49
-%
-
-%
49
-%
Total
$24,401
0.09%
$59,338
0.52%
$83,739
0.22%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
CRE Non-owner occupied
$4,436
0.13%
$-
-%
$4,436
0.08%
CRE Owner occupied
8,827
0.73%
-
-%
8,827
0.29%
Commercial and industrial
166,870
2.98%
-
-%
166,870
2.07%
Mortgage
420
0.01%
-
-%
420
-%
Total
$180,553
0.67%
$-
-%
$180,553
0.47%
Combination - Term Extension and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$100
-%
$-
-%
$100
-%
Mortgage
3,936
0.06%
-
-%
3,936
0.05%
Consumer:
-
Personal
3,429
0.19%
73
0.09%
3,502
0.19%
Auto
16
-%
-
-%
16
-%
Total
$7,481
0.03%
$73
-%
$7,554
0.02%
Combination - Other-Than-Insignificant Payment Delays and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$310
0.01%
$-
-%
$310
-%
Consumer:
$-
Credit cards
2,293
0.19%
-
-%
2,293
0.19%
Total
$2,603
0.01%
$-
-%
$2,603
0.01%
39
Table of Content
Loan Modifications Made to Borrowers Experiencing Financial Difficulty for the six months ended June 30, 2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$2,048
0.04%
$-
-%
$2,048
0.03%
Mortgage
69
-%
-
-%
69
-%
Consumer:
-
Credit cards
542
0.04%
-
-%
542
0.04%
Personal
2,280
0.13%
-
-%
2,280
0.12%
Other
5
-%
-
-%
5
-%
Total
$4,944
0.02%
$-
-%
$4,944
0.01%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
CRE Non-owner occupied
$108
-%
$58,652
2.68%
$58,760
1.06%
CRE Owner occupied
5,308
0.44%
-
-%
5,308
0.18%
Commercial and industrial
11,271
0.20%
-
-%
11,271
0.14%
Mortgage
22,922
0.32%
665
0.05%
23,587
0.28%
Consumer:
-
Personal
495
0.03%
21
0.02%
516
0.03%
Auto
87
-%
-
-%
87
-%
Total
$40,191
0.15%
$59,338
0.52%
$99,529
0.26%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
CRE Non-owner occupied
$4,436
0.13%
$-
-%
$4,436
0.08%
CRE Owner occupied
20,980
1.75%
-
-%
20,980
0.70%
Commercial and industrial
177,506
3.17%
-
-%
177,506
2.21%
Mortgage
420
0.01%
-
-%
420
-%
Total
$203,342
0.76%
$-
-%
$203,342
0.53%
Combination - Term Extension and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$100
-%
$-
-%
$100
-%
Mortgage
7,061
0.10%
-
-%
7,061
0.08%
Consumer:
-
Personal
6,534
0.36%
114
0.14%
6,648
0.35%
Auto
16
-%
16
-%
Total
$13,711
0.05%
$114
-%
$13,825
0.04%
40
Table of Content
Combination - Other-Than-Insignificant Payment Delays and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$861
0.02%
$-
-
$861
0.01%
Consumer:
Credit cards
4,867
0.40%
-
-
4,867
0.40%
Total
$5,728
0.02%
$-
-
$5,728
0.02%
41
Table of Content
The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulties:
For the quarter ended June 30, 2026
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from 10.3% to 9.0%.
Commercial and industrial
Reduced weighted-average contractual interest rate from 18.9% to 8.4%.
Mortgage
Reduced weighted-average contractual interest rate from 7.1% to 5.6%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from 20.6% to 8.3%.
Personal
Reduced weighted-average contractual interest rate from 20.3% to 11.4%.
Auto
Reduced weighted-average contractual interest rate from 11.2% to 11.1%.
Term Extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of 4 months to the life of loans.
CRE Owner occupied
Added a weighted-average of 8 months  to the life of loans.
Commercial and industrial
Added a weighted-average of 5 months to the life of loans.
Mortgage
Added a weighted-average of 12 years to the life of loans.
Consumer:
Personal
Added a weighted-average of 5 years to the life of loans.
Auto
Added a weighted-average of 21 months to the life of loans.
Other than insignificant payment delays
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of 8 months to the life of loans.
CRE Owner occupied
Added a weighted-average of 11 months to the life of loans.
Commercial and industrial
Added a weighted-average of 16 months to the life of loans.
Mortgage
Added a weighted-average of 28 months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of 17 months to the life of loans.
42
Table of Content
For the six months ended June 30, 2026
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from 10.3% to 9.0%.
Commercial and industrial
Reduced weighted-average contractual interest rate from 20.4% to 8.9%.
Mortgage
Reduced weighted-average contractual interest rate from 7.2% to 5.5%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from 20.9% to 8.6%.
Personal
Reduced weighted-average contractual interest rate from 20.1% to 11.7%.
Auto
Reduced weighted-average contractual interest rate from 10.0%% to 9.8%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of 6 months to the life of loans.
CRE Owner occupied
Added a weighted-average of 20 months to the life of loans.
Commercial and industrial
Added a weighted-average of 11 months to the life of loans.
Mortgage
Added a weighted-average of 13 years to the life of loans.
Consumer:
Personal
Added a weighted-average of 4 years to the life of loans.
Auto
Added a weighted-average of 20 months to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of 8 months to the life of loans.
CRE Owner occupied
Added a weighted-average of 11 months to the life of loans.
Commercial and industrial
Added a weighted-average of 11 months to the life of loans.
Mortgage
Added a weighted-average of 28 months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of 17 months to the life of loans.
43
Table of Content
For the quarter ended June 30, 2025
Interest rate reduction
Loan Type
Financial Effect
Commercial and industrial
Reduced weighted-average contractual interest rate from 22.7% to 9.9%.
Mortgage
Reduced weighted-average contractual interest rate from 7.0%  to 5.4%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from 20.8% to 7.9%.
Personal
Reduced weighted-average contractual interest rate from 20.9% to 11.1%.
Other
Reduced weighted-average contractual interest rate from 18.3% to 18.29%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of 2 years to the life of loans.
CRE Owner occupied
Added a weighted-average of 17 months to the life of loans.
Commercial and industrial
Added a weighted-average of 10 months to the life of loans.
Mortgage
Added a weighted-average of 12 years to the life of loans.
Consumer:
Personal
Added a weighted-average of 5 years to the life of loans.
Auto
Added a weighted-average of 19 months to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of 13 months to the life of loans.
CRE Owner occupied
Added a weighted-average of 14 months to the life of loans.
Commercial and industrial
Added a weighted-average of 11 months to the life of loans.
Mortgage
Added a weighted-average of 20 months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of 17 months to the life of loans.
44
Table of Content
For the six months ended June 30, 2025
Interest rate reduction
Loan Type
Financial Effect
Commercial and industrial
Reduced weighted-average contractual interest rate from 24.3% to 9.7%.
Mortgage
Reduced weighted-average contractual interest rate from 6.8% to 5.5%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from 21.0% to 8.2%.
Personal
Reduced weighted-average contractual interest rate from 21.3% to 11.5%.
Auto
Reduced weighted-average contractual interest rate from 18.30% to 18.29%.
Other
Reduced weighted-average contractual interest rate from 18.0% to 0.0%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of 2 years to the life of loans.
CRE Owner occupied
Added a weighted-average of 17 months to the life of loans.
Commercial and industrial
Added a weighted-average of 17 months to the life of loans.
Mortgage
Added a weighted-average of 13 years to the life of loans.
Consumer:
Personal
Added a weighted-average of 5 years to the life of loans.
Auto
Added a weighted-average of 2 years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of 13 months to the life of loans.
CRE Owner occupied
Added a weighted-average of 10 months to the life of loans.
Commercial and industrial
Added a weighted-average of 11 months to the life of loans.
Mortgage
Added a weighted-average of 20 months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of 18 months to the life of loans.
45
Table of Content
The following tables present, by class, the performance of loans that have been modified during the twelve months preceding June 30,
2026. The past due 90 days or more categories include all loans modified classified as non-accruing at the time of the modification. These
loans will continue in non-accrual status, and presented as past due 90 days or more, until the borrower has demonstrated a willingness
and ability to make the restructured loan payments (at least six months of sustained performance after the modification or one year for loans
providing for quarterly or semi-annual payments) and management has concluded that it is probable that the borrower would not be in
payment default in the foreseeable future.
BPPR
June 30, 2026
Past Due 90 days or more [1]
Past due 90
Total past
With Payment
Without
(In thousands)
30-59 days
60-89 days
days or more
due
Current
Total
Default
Payment Default
CRE Non-owner occupied
-
-
2,359
2,359
9,358
11,717
99
2,260
CRE Owner occupied
921
-
2,001
2,922
33,331
36,253
162
1,839
Commercial and industrial
195
66
127,972
128,233
159,582
287,815
81,483
46,489
Mortgage
3,473
1,272
19,131
23,876
25,659
49,535
5,351
13,780
Consumer:
Credit cards
544
433
1,150
2,127
7,032
9,159
869
281
Personal
408
228
1,081
1,717
11,786
13,503
197
884
Auto
31
-
-
31
514
545
-
-
Total
$5,572
$1,999
$153,694
$161,265
$247,262
$408,527
$88,161
$65,533
[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.
June 30, 2026
Past Due 90 days or more [1]
Past due 90
Total past
With Payment
Without
(In thousands)
30-59 days
60-89 days
days or more
due
Current
Total
Default
Payment Default
CRE Owner occupied
-
-
-
-
1,397
1,397
-
-
Commercial and industrial
-
-
-
-
698
698
-
-
Mortgage
-
-
-
-
1,487
1,487
-
-
Consumer:
Personal
-
15
-
15
31
46
-
-
Total
$-
$15
$-
$15
$3,613
$3,628
$-
$-
[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
June 30, 2026
Past Due 90 days or more [1]
Past due 90
Total past
With Payment
Without
(In thousands)
30-59 days
60-89 days
days or more
due
Current
Total
Default
Payment Default
CRE Non-owner occupied
-
-
2,359
2,359
9,358
11,717
99
2,260
CRE Owner occupied
921
-
2,001
2,922
34,728
37,650
162
1,839
Commercial and industrial
195
66
127,972
128,233
160,280
288,513
81,483
46,489
Mortgage
3,473
1,272
19,131
23,876
27,146
51,022
5,351
13,780
Consumer:
Credit cards
544
433
1,150
2,127
7,032
9,159
869
281
Personal
408
243
1,081
1,732
11,817
13,549
197
884
Auto
31
-
-
31
514
545
-
-
Total
$5,572
$2,014
$153,694
$161,280
$250,875
$412,155
$88,161
$65,533
[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.
46
Table of Content
The following tables present, by class, the performance of loans that have been modified during the twelve months preceding June 30,
2025.
BPPR
June 30, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE Non-owner occupied
$-
$-
$556
$556
$4,536
$5,092
$448
$108
CRE Owner occupied
386
-
2,583
2,969
43,635
46,604
429
2,154
Commercial and industrial
291
92
2,325
2,708
215,888
218,596
387
1,938
Mortgage
5,765
2,431
18,854
27,050
31,215
58,265
4,876
13,978
Consumer:
Credit cards
729
539
1,153
2,421
5,851
8,272
882
271
Personal
631
300
2,365
3,296
13,243
16,539
281
2,084
Auto
-
-
-
-
135
135
-
-
Other
-
-
-
-
5
5
-
-
Total
$7,802
$3,362
$27,836
$39,000
$314,508
$353,508
$7,303
$20,533
[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.
June 30, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$-
$-
$-
$-
$5,791
$5,791
$-
$-
CRE Owner occupied
-
-
-
-
58,652
58,652
-
-
Commercial and industrial
-
-
-
-
609
609
-
-
Mortgage
-
-
-
-
1,481
1,481
-
-
Consumer:
-
Personal
17
-
-
17
208
225
-
-
Total
$17
$-
$-
$17
$66,741
$66,758
$-
$-
[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.
June 30, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$-
$-
$-
$-
$5,791
$5,791
$-
$-
CRE Non-owner occupied
-
-
556
556
63,188
63,744
448
108
CRE Owner occupied
386
-
2,583
2,969
43,635
46,604
429
2,154
Commercial and industrial
291
92
2,325
2,708
216,497
219,205
387
1,938
Mortgage
5,765
2,431
18,854
27,050
32,696
59,746
4,876
13,978
Consumer:
-
Credit cards
729
539
1,153
2,421
5,851
8,272
882
271
Personal
648
300
2,365
3,313
13,451
16,764
281
2,084
Auto
-
-
-
-
135
135
-
-
Other
-
-
-
-
5
5
-
-
Total
$7,819
$3,362
$27,836
$39,017
$381,249
$420,266
$7,303
$20,533
[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.
47
Table of Content
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 June 30, 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
CRE Non-owner occupied
-
-
99
-
-
99
CRE Owner occupied
-
-
162
-
-
162
Commercial and industrial
14
46
81,368
95
148
81,671
Mortgage
-
4,386
-
186
-
4,572
Consumer:
Credit cards
120
-
-
-
951
1,071
Personal
71
-
-
206
-
277
Total
$205
$4,432
$81,629
$487
$1,099
$87,852
Amortized Cost Basis of Modified Financing Receivables That Subsequently Defaulted During the Six Months Ended June 30, 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
CRE Non-owner occupied
-
-
99
-
-
99
CRE Owner occupied
-
-
162
-
-
162
Commercial and industrial
14
51
81,368
95
226
81,754
Mortgage
-
9,513
109
791
-
10,413
Consumer:
Credit cards
121
-
-
-
1,334
1,455
Personal
98
-
-
356
-
454
Total
$233
$9,564
$81,738
$1,242
$1,560
$94,337
Amortized Cost Basis of Modified Financing Receivables That Subsequently Defaulted During the Quarter Ended June 30, 2025
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination -
Term
Extension and
Interest
Rate Reduction
Combination -
Other-
Than-Insignificant
Payment Delays
and
Interest Rate
Reduction
Total
CRE Non-owner occupied
$-
$-
$448
$-
$-
$448
CRE Owner occupied
-
-
254
-
-
254
Commercial and industrial
70
-
-
-
318
388
Mortgage
-
4,478
-
1,256
-
5,734
Consumer:
Credit cards
172
-
-
-
771
943
Personal
127
105
-
139
-
371
Total
$369
$4,583
$702
$1,395
$1,089
$8,138
48
Table of Content
Amortized Cost Basis of Modified Financing Receivables That Subsequently Defaulted During the Six Months Ended June 30, 2025
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination -
Term
Extension and
Interest
Rate Reduction
Combination -
Other-
Than-Insignificant
Payment Delays
and
Interest Rate
Reduction
Total
CRE Non-owner occupied
$-
$-
$448
$-
$-
$448
CRE Owner occupied
-
88
429
-
-
517
Commercial and industrial
99
-
30
-
395
524
Mortgage
-
8,129
-
1,411
-
9,540
Consumer:
Credit cards
290
-
-
-
983
1,273
Personal
143
105
-
147
-
395
Total
$532
$8,322
$907
$1,558
$1,378
$12,697
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 June 30, 2026 and December 31, 2025 and the gross write-offs recorded by vintage year.
For the definitions of the obligor risk ratings, refer to the Credit Quality section of Note 8 to the Consolidated Financial Statements included
in the 2025 Form 10-K:
49
Table of Content
June 30, 2026
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2026
2025
2024
2023
2022
Prior
Years
BPPR
Commercial:
Commercial multi-family
Pass
$46,794
$10,903
$32,123
$36,492
$129,945
$65,162
$-
$-
$321,419
Watch
-
-
15,620
-
514
4,117
-
-
20,251
Special Mention
151
218
-
-
-
187
-
-
556
Substandard
-
-
-
-
-
3,733
-
-
3,733
Total commercial multi-family
$46,945
$11,121
$47,743
$36,492
$130,459
$73,199
$-
$-
$345,959
Commercial real estate non-owner occupied
Pass
$110,185
$438,963
$415,760
$247,109
$754,226
$1,079,537
$10,471
$-
$3,056,251
Watch
20,857
22,246
5,320
40,637
2,840
74,966
1,264
-
168,130
Special Mention
-
2,182
-
864
138
40,433
-
-
43,617
Substandard
285
-
721
8,337
17,340
26,174
240
-
53,097
Total commercial real estate
non-owner occupied
$131,327
$463,391
$421,801
$296,947
$774,544
$1,221,110
$11,975
$-
$3,321,095
Year-to-Date gross write-offs
$-
$-
$-
$-
$11,131
$743
$-
$-
$11,874
Commercial real estate owner occupied
Pass
$93,386
$155,620
$112,479
$46,443
$67,391
$374,339
$3,851
$-
$853,509
Watch
955
6,135
23,460
6,576
33,902
87,268
1,200
-
159,496
Special Mention
1,165
-
2,807
1,325
3,508
13,540
1,500
-
23,845
Substandard
6,438
9,896
1,855
1,798
18,074
79,954
1,464
-
119,479
Doubtful
-
71
-
-
220
61
-
-
352
Total commercial real estate
owner occupied
$101,944
$171,722
$140,601
$56,142
$123,095
$555,162
$8,015
$-
$1,156,681
Year-to-Date gross write-offs
$1
$-
$-
$-
$-
$90
$-
$-
$91
Commercial and industrial
Pass
$833,415
$1,257,835
$567,707
$390,120
$391,512
$484,216
$1,390,944
$-
$5,315,749
Watch
15,541
41,381
90,813
17,181
31,572
15,776
201,104
-
413,368
Special Mention
2,933
17,628
29,036
1,103
1,749
2,234
17,634
-
72,317
Substandard
9,646
37,287
7,435
54,186
88,617
17,179
147,284
-
361,634
Total commercial and
industrial
$861,535
$1,354,131
$694,991
$462,590
$513,450
$519,405
$1,756,966
$-
$6,163,068
Year-to-Date gross write-offs
$637
$532
$677
$207
$32
$71,350
$3,932
$-
$77,367
Construction
Pass
$10,894
$40,870
$128,453
$54,747
$-
$11,747
$94,267
$-
$340,978
Watch
-
2,006
47,633
31,122
4,315
-
(204)
-
84,872
Total construction
$10,894
$42,876
$176,086
$85,869
$4,315
$11,747
$94,063
$-
$425,850
Mortgage
Pass
$430,389
$995,416
$843,681
$651,505
$371,625
$4,167,857
$-
$-
$7,460,473
Substandard
-
178
1,150
3,096
2,844
61,809
-
-
69,077
Total mortgage
$430,389
$995,594
$844,831
$654,601
$374,469
$4,229,666
$-
$-
$7,529,550
Year-to-Date gross write-offs
$-
$4
$-
$-
$-
$507
$-
$-
$511
50
Table of Content
June 30, 2026
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2026
2025
2024
2023
2022
Prior
Years
BPPR
Leasing
Pass
$348,900
$561,420
$460,808
$296,553
$200,206
$92,965
$-
$-
$1,960,852
Substandard
100
718
1,806
1,701
1,934
924
-
-
7,183
Total leasing
$349,000
$562,138
$462,614
$298,254
$202,140
$93,889
$-
$-
$1,968,035
Year-to-Date gross write-offs
$84
$1,789
$1,935
$1,749
$1,408
$462
$-
$-
$7,427
Consumer:
Credit cards
Pass
$-
$-
$-
$-
$-
$-
$1,214,642
$-
$1,214,642
Substandard
-
-
-
-
-
-
23,355
-
23,355
Loss
-
-
-
-
-
-
13
-
13
Total credit cards
$-
$-
$-
$-
$-
$-
$1,238,010
$-
$1,238,010
Year-to-Date gross write-offs
$-
$-
$-
$-
$-
$-
$36,957
$-
$36,957
HELOCs
Pass
$-
$-
$-
$-
$-
$-
$1,852
$-
$1,852
Total HELOCs
$-
$-
$-
$-
$-
$-
$1,852
$-
$1,852
Year-to-Date gross write-offs
$-
$-
$-
$-
$-
$-
$29
$-
$29
Personal
Pass
$493,599
$665,081
$305,603
$189,902
$92,698
$100,307
$-
$31,586
$1,878,776
Substandard
39
2,633
2,786
2,219
1,180
6,149
-
1,793
16,799
Loss
-
76
132
96
51
44
-
45
444
Total Personal
$493,638
$667,790
$308,521
$192,217
$93,929
$106,500
$-
$33,424
$1,896,019
Year-to-Date gross write-offs
$60
$8,086
$8,877
$8,859
$3,879
$8,047
$-
$1,612
$39,420
Auto
Pass
$570,260
$1,021,269
$865,716
$594,559
$377,339
$297,223
$-
$-
$3,726,366
Substandard
368
6,376
11,005
9,064
6,953
6,489
-
-
40,255
Loss
-
-
12
-
11
4
-
-
27
Total Auto
$570,628
$1,027,645
$876,733
$603,623
$384,303
$303,716
$-
$-
$3,766,648
Year-to-Date gross write-offs
$603
$9,305
$11,182
$8,032
$3,535
$1,265
$-
$-
$33,922
Other consumer
Pass
$14,468
$30,799
$18,708
$14,362
$13,833
$4,231
$63,788
$-
$160,189
Substandard
-
-
9
2,208
29
133
325
-
2,704
Loss
-
-
-
-
478
698
-
-
1,176
Total Other
$14,468
$30,799
$18,717
$16,570
$14,340
$5,062
$64,113
$-
$164,069
Year-to-Date gross write-offs
$5
$204
$78
$99
$750
$1,174
$-
$-
$2,310
Total BPPR
$3,010,768
$5,327,207
$3,992,638
$2,703,305
$2,615,044
$7,119,456
$3,174,994
$33,424
$27,976,836
51
Table of Content
June 30, 2026
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2026
2025
2024
2023
2022
Prior
Years
Popular U.S.
Commercial:
Commercial multi-family
Pass
$116,473
$349,918
$135,871
$118,088
$375,232
$697,833
$10,382
$-
$1,803,797
Watch
-
-
3,362
20,301
68,195
128,590
-
-
220,448
Special Mention
-
-
-
2,367
792
2,041
-
-
5,200
Substandard
-
-
-
1,767
-
22,253
-
-
24,020
Total commercial multi-family
$116,473
$349,918
$139,233
$142,523
$444,219
$850,717
$10,382
$-
$2,053,465
Year-to-Date gross write-offs
$-
$-
$-
$-
$-
$1,312
$-
$-
$1,312
Commercial real estate non-owner occupied
Pass
$228,594
$227,975
$99,780
$326,105
$423,793
$715,031
$82,643
$-
$2,103,921
Watch
-
-
-
5,280
14,926
44,353
-
-
64,559
Special Mention
-
-
-
-
-
1,874
-
-
1,874
Substandard
-
278
3,236
-
6,792
119,120
-
-
129,426
Total commercial real estate
non-owner occupied
$228,594
$228,253
$103,016
$331,385
$445,511
$880,378
$82,643
$-
$2,299,780
Commercial real estate owner occupied
Pass
$392,667
$552,975
$213,412
$144,436
$184,942
$346,123
$6,286
$-
$1,840,841
Watch
3,600
1,767
29,615
50,989
25,045
40,767
500
-
152,283
Special Mention
-
-
17,655
-
-
16,405
-
-
34,060
Substandard
-
8,376
3,181
-
1,908
59,372
-
-
72,837
Total commercial real estate
owner occupied
$396,267
$563,118
$263,863
$195,425
$211,895
$462,667
$6,786
$-
$2,100,021
Commercial and industrial
Pass
$44,505
$317,273
$360,230
$237,935
$268,559
$759,633
$356,445
$-
$2,344,580
Watch
1,490
159
4,549
28,295
50,474
131,662
28,751
-
245,380
Special Mention
-
-
-
5,342
698
289
5
-
6,334
Substandard
1,021
-
5,256
1,115
3,665
1,372
2,293
-
14,722
Total commercial and
industrial
$47,016
$317,432
$370,035
$272,687
$323,396
$892,956
$387,494
$-
$2,611,016
Year-to-Date gross write-offs
$-
$-
$-
$258
$-
$2
$40
$-
$300
Construction
Pass
$156,957
$423,431
$374,817
$178,279
$60,026
$-
$12,490
$-
$1,206,000
Watch
-
13,621
15,725
27,844
26,748
-
-
-
83,938
Substandard
-
-
7,684
-
8,603
-
-
-
16,287
Total construction
$156,957
$437,052
$398,226
$206,123
$95,377
$-
$12,490
$-
$1,306,225
Mortgage
Pass
$2,458
$93,331
$71,055
$77,077
$201,560
$795,070
$-
$-
$1,240,551
Substandard
-
-
-
644
-
9,589
-
-
10,233
Total mortgage
$2,458
$93,331
$71,055
$77,721
$201,560
$804,659
$-
$-
$1,250,784
Year-to-Date gross write-offs
$-
$-
$-
$-
$-
$23
$-
$-
$23
52
Table of Content
June 30, 2026
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2026
2025
2024
2023
2022
Prior
Years
Popular U.S.
Consumer:
Credit cards
Pass
$-
$-
$-
$-
$-
$-
$(13)
$-
$(13)
Total credit cards
$-
$-
$-
$-
$-
$-
$(13)
$-
$(13)
Year-to-Date gross write-offs
$-
$-
$-
$-
$-
$-
$1
$-
$1
HELOCs
Pass
$-
$-
$-
$-
$-
$4,664
$67,087
$8,434
$80,185
Substandard
-
-
-
-
-
1,168
10
1,398
2,576
Loss
-
-
-
-
-
39
-
705
744
Total HELOCs
$-
$-
$-
$-
$-
$5,871
$67,097
$10,537
$83,505
Personal
Pass
$7,594
$14,376
$13,961
$8,551
$9,095
$2,378
$-
$-
$55,955
Substandard
30
185
42
151
95
248
-
-
751
Total Personal
$7,624
$14,561
$14,003
$8,702
$9,190
$2,626
$-
$-
$56,706
Year-to-Date gross write-offs
$30
$518
$1,053
$837
$339
$606
$-
$-
$3,383
Other consumer
Pass
$-
$-
$-
$-
$-
$-
$11,537
$-
$11,537
Total Other consumer
$-
$-
$-
$-
$-
$-
$11,537
$-
$11,537
Year-to-Date gross write-offs
$-
$-
$-
$-
$-
$-
$26
$-
$26
Total Popular U.S.
$955,389
$2,003,665
$1,359,431
$1,234,566
$1,731,148
$3,899,874
$578,416
$10,537
$11,773,026
53
Table of Content
June 30, 2026
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2026
2025
2024
2023
2021
Prior
Years
Popular, Inc.
Commercial:
Commercial multi-family
Pass
$163,267
$360,821
$167,994
$154,580
$505,177
$762,995
$10,382
$-
$2,125,216
Watch
-
-
18,982
20,301
68,709
132,707
-
-
240,699
Special Mention
151
218
-
2,367
792
2,228
-
-
5,756
Substandard
-
-
-
1,767
-
25,986
-
-
27,753
Total commercial multi-family
$163,418
$361,039
$186,976
$179,015
$574,678
$923,916
$10,382
$-
$2,399,424
Year-to-Date gross write-offs
$-
$-
$-
$-
$-
$1,312
$-
$-
$1,312
Commercial real estate non-owner occupied
Pass
$338,779
$666,938
$515,540
$573,214
$1,178,019
$1,794,568
$93,114
$-
$5,160,172
Watch
20,857
22,246
5,320
45,917
17,766
119,319
1,264
-
232,689
Special Mention
-
2,182
-
864
138
42,307
-
-
45,491
Substandard
285
278
3,957
8,337
24,132
145,294
240
-
182,523
Total commercial real estate
non-owner occupied
$359,921
$691,644
$524,817
$628,332
$1,220,055
$2,101,488
$94,618
$-
$5,620,875
Year-to-Date gross write-offs
$-
$-
$-
$-
$11,131
$743
$-
$-
$11,874
Commercial real estate owner occupied
Pass
$486,053
$708,595
$325,891
$190,879
$252,333
$720,462
$10,137
$-
$2,694,350
Watch
4,555
7,902
53,075
57,565
58,947
128,035
1,700
-
311,779
Special Mention
1,165
-
20,462
1,325
3,508
29,945
1,500
-
57,905
Substandard
6,438
18,272
5,036
1,798
19,982
139,326
1,464
-
192,316
Doubtful
-
71
-
-
220
61
-
-
352
Total commercial real estate
owner occupied
$498,211
$734,840
$404,464
$251,567
$334,990
$1,017,829
$14,801
$-
$3,256,702
Year-to-Date gross write-offs
$1
$-
$-
$-
$-
$90
$-
$-
$91
Commercial and industrial
Pass
$877,920
$1,575,108
$927,937
$628,055
$660,071
$1,243,849
$1,747,389
$-
$7,660,329
Watch
17,031
41,540
95,362
45,476
82,046
147,438
229,855
-
658,748
Special Mention
2,933
17,628
29,036
6,445
2,447
2,523
17,639
-
78,651
Substandard
10,667
37,287
12,691
55,301
92,282
18,551
149,577
-
376,356
Total commercial and
industrial
$908,551
$1,671,563
$1,065,026
$735,277
$836,846
$1,412,361
$2,144,460
$-
$8,774,084
Year-to-Date gross write-offs
$637
$532
$677
$465
$32
$71,352
$3,972
$-
$77,667
54
Table of Content
June 30, 2026
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2026
2025
2024
2023
2021
Prior
Years
Popular, Inc.
Construction
Pass
$167,851
$464,301
$503,270
$233,026
$60,026
$11,747
$106,757
$-
$1,546,978
Watch
-
15,627
63,358
58,966
31,063
-
(204)
-
168,810
Substandard
-
-
7,684
-
8,603
-
-
-
16,287
Total construction
$167,851
$479,928
$574,312
$291,992
$99,692
$11,747
$106,553
$-
$1,732,075
Mortgage
Pass
$432,847
$1,088,747
$914,736
$728,582
$573,185
$4,962,927
$-
$-
$8,701,024
Substandard
-
178
1,150
3,740
2,844
71,398
-
-
79,310
Total mortgage
$432,847
$1,088,925
$915,886
$732,322
$576,029
$5,034,325
$-
$-
$8,780,334
Year-to-Date gross write-offs
$-
$4
$-
$-
$-
$530
$-
$-
$534
Leasing
Pass
$348,900
$561,420
$460,808
$296,553
$200,206
$92,965
$-
$-
$1,960,852
Substandard
100
718
1,806
1,701
1,934
924
-
-
7,183
Total leasing
$349,000
$562,138
$462,614
$298,254
$202,140
$93,889
$-
$-
$1,968,035
Year-to-Date gross write-offs
$84
$1,789
$1,935
$1,749
$1,408
$462
$-
$-
$7,427
55
Table of Content
June 30, 2026
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2026
2025
2024
2023
2021
Prior
Years
Popular, Inc.
Consumer:
Credit cards
Pass
$-
$-
$-
$-
$-
$-
$1,214,629
$-
$1,214,629
Substandard
-
-
-
-
-
-
23,355
-
23,355
Loss
-
-
-
-
-
-
13
-
13
Total credit cards
$-
$-
$-
$-
$-
$-
$1,237,997
$-
$1,237,997
Year-to-Date gross write-offs
$-
$-
$-
$-
$-
$-
$36,958
$-
$36,958
HELOCs
Pass
$-
$-
$-
$-
$-
$4,664
$68,939
$8,434
$82,037
Substandard
-
-
-
-
-
1,168
10
1,398
2,576
Loss
-
-
-
-
-
39
-
705
744
Total HELOCs
$-
$-
$-
$-
$-
$5,871
$68,949
$10,537
$85,357
Year-to-Date gross write-offs
$-
$-
$-
$-
$-
$-
$29
$-
$29
Personal
Pass
$501,193
$679,457
$319,564
$198,453
$101,793
$102,685
$-
$31,586
$1,934,731
Substandard
69
2,818
2,828
2,370
1,275
6,397
-
1,793
17,550
Loss
-
76
132
96
51
44
-
45
444
Total Personal
$501,262
$682,351
$322,524
$200,919
$103,119
$109,126
$-
$33,424
$1,952,725
Year-to-Date gross write-offs
$90
$8,604
$9,930
$9,696
$4,218
$8,653
$-
$1,612
$42,803
Auto
Pass
$570,260
$1,021,269
$865,716
$594,559
$377,339
$297,223
$-
$-
$3,726,366
Substandard
368
6,376
11,005
9,064
6,953
6,489
-
-
40,255
Loss
-
-
12
-
11
4
-
-
27
Total Auto
$570,628
$1,027,645
$876,733
$603,623
$384,303
$303,716
$-
$-
$3,766,648
Year-to-Date gross write-offs
$603
$9,305
$11,182
$8,032
$3,535
$1,265
$-
$-
$33,922
Other consumer
Pass
$14,468
$30,799
$18,708
$14,362
$13,833
$4,231
$75,325
$-
$171,726
Substandard
-
-
9
2,208
29
133
325
-
2,704
Loss
-
-
-
-
478
698
-
-
1,176
Total Other consumer
$14,468
$30,799
$18,717
$16,570
$14,340
$5,062
$75,650
$-
$175,606
Year-to-Date gross write-offs
$5
$204
$78
$99
$750
$1,174
$26
$-
$2,336
Total Popular Inc.
$3,966,157
$7,330,872
$5,352,069
$3,937,871
$4,346,192
$11,019,330
$3,753,410
$43,961
$39,749,862
56
Table of Content
December 31, 2025
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2025
2024
2023
2021
2020
Prior
Years
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
57
Table of Content
December 31, 2025
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2025
2024
2023
2021
2020
Prior
Years
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
Loss
-
-
-
-
-
-
27,526
-
27,526
Substandard
-
-
-
-
-
-
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
58
Table of Content
December 31, 2025
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
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
59
Table of Content
December 31, 2025
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2025
2024
2023
2021
2020
Prior
Years
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
60
Table of Content
December 31, 2025
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
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
61
Table of Content
December 31, 2025
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2025
2024
2023
2021
2020
Prior
Years
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
62
Table of Content
December 31, 2025
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
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
63
Table of Content
December 31, 2025
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Total
(In thousands)
2025
2024
2023
2021
2020
Prior
Years
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
Note 9 - Other real estate owned
The following tables present the activity related to Other Real Estate Owned (“OREO"), for the quarters and six months ended June 30,
2026 and 2025.
For the quarter ended June 30, 2026
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$5,137
$40,543
$45,680
Write-downs in value
(5)
(323)
(328)
Additions
2,344
9,972
12,316
Sales
(352)
(7,759)
(8,111)
Other adjustments
-
-
-
Ending balance
$7,124
$42,433
$49,557
64
Table of Content
For the quarter ended June 30, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$7,111
$45,003
$52,114
Write-downs in value
(835)
(516)
(1,351)
Additions
314
7,908
8,222
Sales
(693)
(12,145)
(12,838)
Other Adjustments
-
(21)
(21)
Ending balance
$5,897
$40,229
$46,126
For the six months ended June 30, 2026
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$4,911
$37,522
$42,433
Write-downs in value
(195)
(858)
(1,053)
Additions
3,318
21,366
24,684
Sales
(910)
(15,301)
(16,211)
Other adjustments
-
(296)
(296)
Ending balance
$7,124
$42,433
$49,557
For the six months ended June 30, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$8,424
$48,844
$57,268
Write-downs in value
(864)
(1,715)
(2,579)
Additions
571
16,697
17,268
Sales
(2,234)
(23,374)
(25,608)
Other adjustments
-
(223)
(223)
Ending balance
$5,897
$40,229
$46,126
Note 10 - Other assets
The caption of other assets in the Consolidated Statements of Financial Condition consists of the following major categories:
(In thousands)
June 30, 2026
December 31, 2025
Net deferred tax assets (net of valuation allowance)
$794,693
$814,265
Investments under the equity method
295,281
261,687
Prepaid taxes
62,549
42,762
Other prepaid expenses
32,527
25,542
Capitalized software costs
189,159
183,381
Derivative assets
28,516
27,913
Trades receivable from brokers and counterparties
7,628
245
Principal, interest and escrow servicing advances
23,818
30,252
Guaranteed mortgage loan claims receivable
4,430
9,184
Operating ROU assets
99,825
95,234
Finance ROU assets
23,567
23,686
Assets for pension benefit
40,836
38,157
Others
159,392
153,669
Total other assets
$1,762,221
$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:
65
Table of Content
Gross Carrying
Accumulated
Net Carrying
(In thousands)
Amount
Amortization
Value
June 30, 2026
Software development costs
$107,959
$41,510
$66,449
Software license costs
60,936
30,515
30,421
Cloud computing arrangements
113,857
21,568
92,289
Total Capitalized software costs [1] [2]
$282,752
$93,593
$189,159
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 statements of operations, is as follows:
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2026
2025
2026
2025
Software development and license costs
$25,759
$22,254
$49,715
$43,982
Cloud computing arrangements
3,956
1,462
7,557
2,828
Total amortization expense
$29,715
$23,716
$57,272
$46,810
Note 11 - Deposits
Total deposits as of the end of the periods presented consisted of:
(In thousands)
June 30, 2026
December 31,
2025
Savings accounts
$14,533,752
$14,368,599
NOW, money market and other interest-bearing demand deposits
30,697,994
27,037,924
Total savings, NOW, money market and other interest-bearing demand deposits
45,231,746
41,406,523
Certificates of deposit:
Under $250,000
5,606,260
5,564,615
$250,000 and over
4,298,816
3,914,746
Total certificates of deposit
9,905,076
9,479,361
Total interest-bearing deposits
$55,136,822
$50,885,884
Non- interest-bearing deposits
$15,096,293
$15,304,209
Total deposits
$70,233,115
$66,190,093
A summary of certificates of deposits by maturity at June 30, 2026 follows:
(In thousands)
2026
5,094,052
2027
2,689,688
2028
942,750
2029
493,204
2030
409,495
2031 and thereafter
275,887
Total certificates of deposit
$9,905,076
At June 30, 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 $10.9 million at June 30, 2026
(December 31, 2025 - $10.7 million).
At June 30, 2026, Puerto Rico government deposits amounted to $22.7 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.
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Note 12 - Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted to $77.5 million at June 30, 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
June 30, 2026
December 31, 2025
Repurchase
Repurchase
(In thousands)
liability
liability
U.S. Treasury securities
Within 30 days
19,581
$29,356
After 30 to 90 days
57,940
9,645
Total U.S. Treasury securities
77,521
39,001
Total
$77,521
$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 June 30, 2026 and December 31, 2025, other short-term borrowings consisted of $675.0 million and $650.0 million, respectively, in FHLB
Advances.
Notes Payable
The following table presents the composition of notes payable at June 30, 2026 and December 31, 2025.
(In thousands)
June 30, 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%
114,620
164,620
Unsecured senior debt securities maturing on 2028 paying interest semiannually at a fixed rate of 7.25%, net of debt
issuance costs of $2,723
397,277
396,558
Junior subordinated deferrable interest debentures (related to trust preferred securities) with maturities ranging from
2026 to 2034 with fixed interest rates ranging from 6.13% to 6.56%, net of debt issuance costs of $221
198,413
198,399
Total notes payables
710,310
759,577
Note: Refer to the 2025 Form 10-K for rates information at December 31, 2025.
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A breakdown of borrowings by contractual maturities at June 30, 2026 is included in the table below.
(In thousands)
Assets sold under
agreements to
repurchase
Short-term
borrowings
Notes payable
Total
2026
$77,521
$675,000
$24,500
$777,021
2027
-
-
6,113
6,113
2029
-
-
441,627
441,627
2030
-
-
39,657
39,657
Later years
-
-
198,413
198,413
Total borrowings
$77,521
$675,000
$710,310
$1,462,831
At June 30, 2026 and December 31, 2025, the Corporation had FHLB borrowing facilities whereby the Corporation could borrow up to $4.9
billion and $4.8 billion, respectively, of which $0.8 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 June 30, 2026, the Corporation had borrowing facilities at the discount window of the Federal Reserve Bank of New York amounting
to $11.9 billion (December 31, 2025 - $12.1 billion), which remained unused at June 30, 2026 and December 31, 2025. The facilities are a
collateralized source of credit that is highly dependable even under difficult market conditions.
Note 13 - Other liabilities
The caption of other liabilities in the Consolidated Statements of Financial Condition consists of the following major categories:
(In thousands)
June 30, 2026
December 31, 2025
Accrued expenses
249,449
$321,203
Accrued interest payable
70,480
66,240
Accounts payable
107,464
78,998
Dividends payable
48,148
49,596
Trades payable
6,868
595,911
Liability for GNMA loans sold with an option to repurchase
8,821
8,734
Reserves for loan indemnifications
2,219
2,704
Reserve for operational losses
22,657
20,723
Operating lease liabilities
109,338
104,958
Finance lease liabilities
26,755
27,389
Pension benefit obligation
4,494
4,739
Postretirement benefit obligation
102,971
103,974
Others
83,685
75,348
Total other liabilities
843,349
$1,460,517
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Note 14 - Other comprehensive income
The following table presents changes in accumulated other comprehensive income by component for the quarters and six months ended
June 30, 2026 and 2025.
Changes in Accumulated Other Comprehensive Income (Loss) by Component [1]
Quarters ended
Six months ended
June 30,
June 30,
(In thousands)
2026
2025
2026
2025
Foreign currency translation
Beginning Balance
$(85,538)
$(78,011)
$(85,282)
$(71,365)
Other comprehensive income
22,428
7,499
22,172
854
Net change
22,428
7,499
22,172
854
Ending balance
$(63,110)
$(70,512)
$(63,110)
$(70,511)
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$(89,744)
$(93,271)
$(91,155)
$(94,692)
Amounts reclassified from accumulated other
comprehensive loss for amortization of net losses
1,411
1,420
2,822
2,841
Net change
1,411
1,420
2,822
2,841
Ending balance
$(88,333)
$(91,851)
$(88,333)
$(91,851)
Unrealized net holding
losses on debt securities
Beginning Balance
$(993,406)
$(1,318,705)
$(1,005,650)
$(1,495,183)
Other comprehensive (loss) income before
reclassifications
(49,647)
48,417
(74,904)
188,646
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
35,110
36,994
72,611
73,242
Net change
(14,537)
85,411
(2,293)
261,888
Ending balance
$(1,007,943)
$(1,233,294)
$(1,007,943)
$(1,233,295)
Total accumulated other comprehensive loss
$(1,159,386)
$(1,395,657)
$(1,159,386)
$(1,395,657)
[1]All amounts presented are net of tax.
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income during the
quarters and six months ended June 30, 2026 and 2025.
Reclassifications Out of Accumulated Other Comprehensive Loss
Quarters ended
Six months ended
Affected Line Item in the
June 30,
June 30,
(In thousands)
Consolidated Statements of Operations
2026
2025
2026
2025
Adjustment of pension and
postretirement benefit plans
Amortization of net losses
Other operating expenses
$(2,258)
$(2,272)
$(4,516)
$(4,545)
Total before tax
(2,258)
(2,272)
(4,516)
(4,545)
Income tax benefit
847
852
1,694
1,704
Total net of tax
$(1,411)
$(1,420)
$(2,822)
$(2,841)
Unrealized net holding losses on debt
securities
Amortization of unrealized net
losses of debt securities
transferred to held-to-maturity
Interest income from investment securities
$(43,886)
$(46,242)
$(90,762)
$(91,552)
Total before tax
(43,886)
(46,242)
(90,762)
(91,552)
Income tax benefit
8,776
9,248
18,151
18,310
Total net of tax
$(35,110)
$(36,994)
$(72,611)
$(73,242)
Total reclassification adjustments, net of tax
$(36,521)
$(38,414)
$(75,433)
$(76,083)
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Note 15 - 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 June 30, 2026, the Corporation serviced $399.7 million (December 31, 2025 - $428.9 million) in residential mortgage loans subject to
credit recourse provisions, principally loans associated with FNMA and FHLMC residential mortgage loan securitization programs. In the
event of any customer default, pursuant to the credit recourse provided, the Corporation is required to repurchase the loan or reimburse the
third-party investor for the loss incurred. 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 interest, if applicable. During the quarter and six months ended June 30, 2026, the
Corporation repurchased $0.1 million and $0.4 million, respectively, of unpaid principal balance in mortgage loans subject to the credit
recourse provisions (June 30, 2025 - $0.5 million and $0.8 million, respectively). 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 June 30, 2026, the
Corporation’s liability established to cover the estimated credit loss exposure related to loans sold or serviced with credit recourse amounted
to $2.0 million (December 31, 2025 - $2.5 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 June 30, 2026, the Corporation serviced $7.8
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 June 30, 2026, the outstanding balance of funds advanced by the Corporation under such
mortgage loan servicing agreements was $23.8 million (December 31, 2025 - $30.3 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 $94.3 million at June 30, 2026 and December 31, 2025, respectively. In addition, at both
June 30, 2026 and December 31, 2025, PIHC fully and unconditionally guaranteed on a subordinated basis $192.7 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.
Note 16 - 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
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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)
June 30, 2026
December 31, 2025
Commitments to extend credit:
Credit card lines
$7,001,118
$6,415,208
Commercial lines of credit
4,359,079
4,257,505
Construction lines of credit
1,068,649
1,197,319
Other consumer unused credit commitments
290,569
277,635
Commercial letters of credit
8,957
21,248
Standby letters of credit
134,686
111,554
Commitments to originate or fund mortgage loans
21,709
20,099
At June 30, 2026 and December 31, 2025, the Corporation maintained a reserve of $14.9 million and $14.4 million, respectively, for
potential losses associated with unfunded loan commitments related to commercial and construction lines of credit.
Other commitments
At June 30, 2026 and December 31, 2025, the Corporation also maintained other non-credit commitments for $5.1 million and $6.8 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 26 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 June 30, 2026, the Corporation’s direct exposure to the Puerto Rico government and its instrumentalities and municipalities totaled
$464.1 million, of which $414.7 million were outstanding ($391.3 million and $342.9 million at December 31, 2025). The Corporation’s
exposure at June 30, 2026 included up to $47.4 million in Automated Clearing House (“ACH”) transaction settlement exposure, none of
which was outstanding. Of the amount outstanding, $407.6 million consists of loans and $7.1 million are securities ($333.2 million and $8.8
million at December 31, 2025). Substantially all of the amount outstanding at June 30, 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 June 30, 2026, approximately 81% of the Corporation’s exposure to municipal loans and securities was
concentrated in the municipalities of San Juan, Guaynabo, Carolina and Caguas.
The following table details the loans and investments representing the Corporation’s direct exposure to the Puerto Rico government
according to their maturities as of June 30, 2026:
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(In thousands)
Investment
Portfolio
Loans
Total Outstanding
Total Exposure
Central Government
Within 1 year
$42
$-
$42
$47,442
Total Central Government
42
-
42
47,442
Municipalities
Within 1 year
2,720
11,574
14,294
16,294
After 1 to 5 years
3,910
126,585
130,495
130,495
After 5 to 10 years
450
238,424
238,874
238,874
After 10 years
-
30,991
30,991
30,991
Total Municipalities
7,080
407,574
414,654
416,654
Total Direct Government Exposure
$7,122
$407,574
$414,696
$464,096
In addition, at June 30, 2026, the Corporation had $199.7 million in loans insured or securities issued by Puerto Rico governmental entities
but for which the principal source of repayment is non-governmental ($209.3 million at December 31, 2025). These included $164.9 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 - $166.9 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 June 30, 2026, $34.8 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 - $35.5 million). In the event that the mortgage
loans insured by HFA and held by the Corporation directly or those serving as collateral for the HFA bonds default and the collateral is
insufficient to satisfy the outstanding balance of these loans, HFA’s ability to honor its insurance will depend, among other factors, on the
financial condition of HFA at the time such obligations become due and payable. The Corporation does not consider the government
guarantee when estimating the credit losses associated with this portfolio. Although the Governor is currently authorized by local legislation
to impose a temporary moratorium on the financial obligations of the HFA, a moratorium on such obligations has not been imposed as of the
date hereof.
BPPR’s commercial loan portfolio also includes loans to private borrowers who are service providers, lessors, suppliers or have other
relationships with the government. These borrowers could be negatively affected by the Commonwealth’s fiscal crisis and the ongoing Title
III proceedings under PROMESA. Similarly, BPPR’s mortgage and consumer loan portfolios include loans to government employees and
retirees, which could also be negatively affected by fiscal measures such as employee layoffs or furloughs or reductions in pension benefits.
In addition, $2.7 billion of residential mortgages and $84.3 million commercial loans were insured or guaranteed by the U.S. Government or
its agencies at June 30, 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 June 30, 2026, the Corporation had operations in the United States Virgin Islands (the “USVI") and had $28.3 million in direct exposure to
USVI government entities (December 31, 2025 - $28.3 million). The USVI has been experiencing a number of fiscal and economic
challenges that could adversely affect the ability of its public corporations and instrumentalities to service their outstanding debt obligations.
At June 30, 2026, the Corporation had operations in the British Virgin Islands (“BVI”) and it had a loan portfolio amounting to $197.6 million
comprised of various retail and commercial clients, compared to a loan portfolio of $195.3 million at December 31, 2025. At June 30, 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
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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 $11.3 million as of June 30,
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.
Note 17 - 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 June 30, 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 16 to the Consolidated Financial Statements for additional information on the debt securities
outstanding at June 30, 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
June 30, 2026 and December 31, 2025.
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(In thousands)
June 30, 2026
December 31, 2025
Assets
Servicing assets:
Mortgage servicing rights
$72,882
$74,236
Total servicing assets
$72,882
$74,236
Other assets:
Servicing advances
$3,242
$3,385
Total other assets
$3,242
$3,385
Total assets
$76,124
$77,621
Maximum exposure to loss
$76,124
$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 $5.7 billion at June 30, 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 June 30, 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 June 30, 2026.
Note 18 - Related party transactions
Centro Financiero BHD, S.A.
At June 30, 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 six months ended June 30, 2026, the Corporation recorded $52.5 million in equity pickup (June 30, 2025 - $13.0 million),
including income of $30.4 million from BHD's net earnings (June 30, 2025 - $19.9 million) and $22.1 million recorded through Other
Comprehensive Income (June 30, 2025 - $(6.9) million) related to foreign currency translation adjustments and changes in the fair value of
available for sale securities.
As of June 30, 2026, the investment in BHD had a carrying amount of $281.5 million (December 31, 2025 - $249.4 million) and the
Corporation received $20.4 million in cash dividend distributions during the six months ended June 30, 2026 (June 30, 2025 - $20.0 million).
Note 19 - 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
judgments 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,
74
Table of Content
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 June 30, 2026 and December 31, 2025:
At June 30, 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
$10,040,663
$10,229,945
$-
$-
$20,270,608
Collateralized mortgage obligations - federal agencies
-
89,533
-
-
89,533
Mortgage-backed securities
-
4,431,815
357
-
4,432,172
Other
-
-
521
-
521
Total debt securities available-for-sale
$10,040,663
$14,751,293
$878
$-
$24,792,834
Trading account debt securities, excluding derivatives:
U.S. Treasury securities
$3,405
$349
$-
$-
$3,754
Obligations of Puerto Rico, States and political subdivisions
-
45
-
-
45
Collateralized mortgage obligations
-
514
-
-
514
Mortgage-backed securities
-
26,684
85
-
26,769
Other
-
-
89
-
89
Total trading account debt securities, excluding derivatives
$3,405
$27,592
$174
$-
$31,171
Equity securities
$-
$56,034
$-
$1,386
$57,420
Mortgage servicing rights
-
-
94,485
-
94,485
Loans held-for-sale
-
4,879
-
-
4,879
Derivatives
-
28,518
-
-
28,518
Total assets measured at fair value on a recurring basis
$10,044,068
$14,868,316
$95,537
$1,386
$25,009,307
Liabilities
Derivatives
$-
$(26,953)
$-
$-
$(26,953)
Total liabilities measured at fair value on a recurring basis
$-
$(26,953)
$-
$-
$(26,953)
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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 loans held-
for-sale measured under the fair value option as of June 30, 2026 and December 31, 2025.
(In thousands)
June 30, 2026
Fair Value
Aggregate Unpaid
Principal Balance
Difference
Loans held for sale
$4,879
$4,867
$12
(In thousands)
December 31, 2025
Fair Value
Aggregate Unpaid
Principal Balance
Difference
Loans held for sale
$9,998
$9,839
$159
No loans held-for-sale under the fair value option were 90 or more days past due or on non-accrual status as of June 30, 2026 and
December 31, 2025.
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 six months ended June 30, 2026 and 2025 and excludes nonrecurring fair value measurements of assets no longer
outstanding as of the reporting date.
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Table of Content
Six months ended June 30, 2026
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE MEASUREMENTS
Assets
Write-downs
Loans held-in-porfolio [1]
$-
$-
$17,111
$17,111
$(2,069)
Loans held-for-sale [2]
-
83,700
-
83,700
(71,300)
Other real estate owned [3]
-
-
2,992
2,992
(518)
Other foreclosed assets [3]
-
-
184
184
(36)
Total assets measured at fair value on a nonrecurring basis
$-
$83,700
$20,287
$103,987
$(73,923)
[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]Relates to impaired commercial loan for which the Corporation has the intent to sell as of June 30, 2026.
[3]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.
Six months ended June 30, 2025
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE MEASUREMENTS
Assets
Write-downs
Loans[1]
$-
$-
$4,361
$4,361
$(91)
Other real estate owned [2]
-
-
3,919
3,919
(1,573)
Other foreclosed assets [2]
-
-
162
162
(46)
Total assets measured at fair value on a nonrecurring basis
$-
$-
$8,442
$8,442
$(1,710)
[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 and six
months ended June 30, 2026 and 2025.
Quarters ended June 30, 2026
(In thousands)
MBS
classified
as debt
securities
available-
for-sale
Other
securities
classified as
debt securities
available-
for-sale
MBS
classified
as trading
account
debt
securities
Other
securities
classified
as trading
account debt
securities
Mortgage
servicing
rights
Total
assets
Balance at March 31, 2026
$383
$750
$85
$95
$94,232
$95,545
Gains (losses) included in earnings
(1)
-
-
(6)
(232)
(239)
Additions
-
-
-
-
485
485
Settlements
(25)
(229)
-
-
-
(254)
Balance at June 30, 2026
$357
$521
$85
$89
$94,485
$95,537
Changes in unrealized gains (losses) included in
earnings relating to assets still held at June 30,
2026
$-
$-
$-
$-
$2,005
$2,005
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Six months ended June 30, 2026
(In thousands)
MBS
classified
as debt
securities
available-
for-sale
Other
securities
classified as
debt securities
available-
for-sale
MBS
classified
as trading
account
debt
securities
Other
securities
classified
as trading
account debt
securities
Mortgage
servicing
rights
Total
assets
Balance at January 1, 2026
$405
$750
$84
$99
$96,356
$97,694
Gains (losses) included in earnings
-
-
1
(10)
(2,871)
(2,880)
Gains (losses) included in OCI
2
-
-
-
-
2
Additions
-
-
-
-
1,000
1,000
Settlements
(50)
(229)
-
-
-
(279)
Balance at June 30, 2026
$357
$521
$85
$89
$94,485
$95,537
Changes in unrealized gains (losses) included in
earnings relating to assets still held at June 30,
2026
$-
$-
$1
$18
$1,532
$1,551
Quarter ended June 30, 2025
(In thousands)
MBS
classified
as debt
securities
available-
for-sale
Other
securities
classified as
debt securities
available-
for-sale
MBS
classified
as trading
account debt
securities
Other
securities
classified
as trading
account debt
securities
Mortgage
servicing
rights
Total
assets
Balance at March 31, 2025
$457
$750
$84
$127
$104,743
$106,161
Gains (losses) included in earnings
-
-
-
(5)
(1,954)
(1,959)
Gains (losses) included in OCI
-
-
-
-
-
-
Additions
-
-
-
-
288
288
Settlements
(25)
-
-
-
-
(25)
Balance at June 30, 2025
$432
$750
$84
$122
$103,077
$104,465
Changes in unrealized gains (losses) included in
earnings relating to assets still held at June 30,
2025
$-
$-
$-
$8
$348
$356
Six months ended June 30, 2025
(In thousands)
MBS
classified
as debt
securities
available-
for-sale
Other
securities
classified as
debt securities
available-
for-sale
CMOs
classified
as trading
account debt
securities
MBS
classified as
trading account
securities
Other
securities
classified
as trading
account debt
securities
Mortgage
servicing
rights
Total
assets
Balance at January 1, 2025
$484
$2,250
$-
$84
$133
$108,103
$111,054
Gains (losses) included in earnings
-
-
-
-
(11)
(5,524)
(5,535)
Gain (losses) included in OCI
(2)
(2)
Additions
-
-
-
-
-
498
498
Settlements
(50)
-
-
-
-
-
(50)
Transfers out of Level 3
$-
$(1,500)
$-
$-
$-
$-
$(1,500)
Balance at June 30, 2025
$432
$750
$-
$84
$122
$103,077
$104,465
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at June 30, 2025
$-
$-
$-
$-
$16
$(977)
$(961)
Gains and losses (realized and unrealized) included in earnings for the quarters and six months ended June 30, 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 June 30, 2026
Six months ended June 30, 2026
(In thousands)
Total gains
(losses) included
in earnings
Changes in
unrealized
gains (losses)
relating to
assets still held at
reporting date
Total gains
(losses) included
in earnings
Changes in
unrealized
gains (losses)
relating to
assets still held at
reporting date
Mortgage banking activities
$(232)
$2,005
$(2,871)
$1,532
Trading account profit (loss)
(6)
-
(9)
19
Total
$(238)
$2,005
$(2,880)
$1,551
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Quarter ended June 30, 2025
Six months ended June 30, 2025
(In thousands)
Total gains
(losses) included
in earnings
Changes in
unrealized
gains (losses)
relating to
assets still held at
reporting date
Total gains
(losses) included
in earnings
Changes in
unrealized
gains (losses)
relating to
assets still held at
reporting date
Mortgage banking activities
$(1,954)
$348
$(5,524)
$(977)
Trading account profit (loss)
(5)
8
(11)
16
Provision for credit losses
-
-
-
-
Total
$(1,959)
$356
$(5,535)
$(961)
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 June 30, 2026 and 2025.
(In thousands)
Fair value at
June 30,
2026
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$89
Discounted cash flow model
Weighted average life
2 years
Yield
12.0%
Prepayment speed
10.8%
Loans held-in-portfolio
$17,111
[2]
External appraisal
Haircut applied on
external appraisals
23.8% (5.0% - 35.0%)
[1]Weighted average of significant unobservable inputs used to develop Level 3 fair value measurements were calculated by relative fair value.
[2]Loans held-in-portfolio in which haircuts were not applied to external appraisals were excluded from this table.
(In thousands)
Fair value at
June 30,
2025
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$122
Discounted cash flow model
Weighted average life
2 years
Yield
12.0%
Prepayment speed
10.8%
Loans held-in-portfolio
$4,361
[2]
External appraisal
Haircut applied on
external appraisals
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.
Note 20 - 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 June 30, 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.
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Table of Content
June 30, 2026
Carrying
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
Financial Assets:
Cash and due from banks
$365,013
$365,013
$-
$-
$-
$365,013
Money market investments
4,555,489
4,545,508
9,981
-
-
4,555,489
Trading account debt securities, excluding derivatives [1]
31,168
3,405
27,590
173
-
31,168
Debt securities available-for-sale [1]
24,792,835
10,040,663
14,751,294
878
-
24,792,835
Debt securities held-to-maturity:
U.S. Treasury securities
$6,154,728
$-
$6,133,383
$-
$-
$6,133,383
Obligations of Puerto Rico, States and political
subdivisions
35,619
-
-
36,338
-
36,338
Collateralized mortgage obligation-federal agency
1,483
-
1,295
-
-
1,295
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities held-to-maturity
$6,197,790
$-
$6,140,638
$36,338
$-
$6,176,976
Equity securities:
FHLB stock
$67,428
$-
$67,428
$-
$-
$67,428
FRB stock
104,788
-
104,788
-
-
104,788
Other investments
64,458
-
56,041
7,068
1,386
64,495
Total equity securities
$236,674
$-
$228,257
$7,068
$1,386
$236,711
Loans held-for-sale
$88,579
$-
$88,579
$-
$-
$88,579
Loans held-in-portfolio
38,965,030
-
-
38,117,234
-
38,117,234
Mortgage servicing rights
94,485
-
-
94,485
-
94,485
Derivatives
28,518
-
28,518
-
-
28,518
June 30, 2026
Carrying
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
Financial Liabilities:
Deposits:
Demand deposits
$60,328,037
$60,328,037
$-
$-
$60,328,037
Time deposits
9,905,078
9,672,021
-
-
9,672,021
Total deposits
$70,233,115
$-
$70,000,058
$-
$-
$70,000,058
Assets sold under agreements to repurchase
$77,521
$-
$106,441
$-
$-
$106,441
Other short-term borrowings [2]
675,000
-
675,000
-
-
$675,000
Notes payable:
FHLB advances
$114,620
$-
$112,942
$-
$-
$112,942
Unsecured senior debt securities
397,277
-
414,004
-
-
414,004
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,413
-
198,452
-
-
198,452
Total notes payable
$710,310
$-
$725,398
$-
$-
$725,398
Derivatives
$26,953
$-
$26,953
$-
$-
$26,953
[1]Refer to Note 19 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.
[2]Refer to Note 12 to the Consolidated Financial Statements for the composition of other short-term borrowings.
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Table of Content
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 19 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.
[2]Refer to Note 12 to the Consolidated Financial Statements for the composition of other short-term borrowings.
Refer to Note 16 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 June 30, 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.
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Note 21 - Net income per common share
The following table sets forth the computation of net income per common share (“EPS"), basic and diluted, for the quarters and six months
ended June 30, 2026 and 2025:
Quarters ended June 30,
Six months ended June 30,
(In thousands, except per share information)
2026
2025
2026
2025
Net income
$278,214
$210,440
$523,888
$387,942
Preferred stock dividends
(353)
(353)
(706)
(706)
Net income applicable to common stock
$277,861
$210,087
$523,182
$387,236
Average common shares outstanding
63,880,929
68,050,361
64,347,094
68,661,851
Average potential dilutive common shares
34,881
29,288
36,618
25,808
Average common shares outstanding - assuming dilution
63,915,810
68,079,649
64,383,712
68,687,659
Basic EPS
$4.35
$3.09
$8.13
$5.64
Diluted EPS
$4.35
$3.09
$8.13
$5.64
For the quarters and six months ended June 30, 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.
Note 22 - Revenue from contracts with customers
The following table presents the Corporation’s revenue streams from contracts with customers by reportable segment for the quarters and
six months ended June 30, 2026 and 2025.
Quarter ended June 30,
Six months ended June 30,
(In thousands)
2026
2026
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
36,398
$2,639
$72,459
$5,344
Other service fees:
Debit card fees
31,293
245
61,078
469
Insurance fees, excluding reinsurance
8,663
2,076
16,583
4,767
Credit card fees, excluding late fees and membership fees
30,134
353
57,320
699
Sale and administration of investment products
9,998
-
20,185
-
Trust fees
8,070
-
15,818
-
Total revenue from contracts with customers [1]
$124,556
$5,313
$243,443
$11,279
[1]The amounts include intersegment transactions of $0.4 million and $0.8 million, respectively, for the quarter and six months ended June 30, 2026.
Quarter ended June 30,
Six months ended June 30,
(In thousands)
2025
2025
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$36,194
$2,632
$72,650
$5,230
Other service fees:
Debit card fees
27,707
211
53,941
409
Insurance fees, excluding reinsurance
8,719
2,223
16,400
3,910
Credit card fees, excluding late fees and membership fees [2]
28,145
334
53,530
739
Sale and administration of investment products
9,058
-
18,031
-
Trust fees
6,879
-
13,510
-
Total revenue from contracts with customers [1]
$116,702
$5,400
$228,062
$10,288
[1]The amounts include intersegment transactions of $0.6 million and $1.2 million, respectively, for the quarter and six months ended June 30, 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 Topic 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
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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.
Note 23 - Stock-based compensation
Incentive Plan
On May 12, 2020, the stockholders of the Corporation approved the Popular, Inc. 2020 Omnibus Incentive Plan, which permits the
Corporation to issue several types of stock-based compensation to employees and directors of the Corporation and/or any of its subsidiaries
(the “2020 Incentive Plan"). The 2020 Incentive Plan replaced the Popular, Inc. 2004 Omnibus Incentive Plan, which was in effect prior to
the adoption of the 2020 Incentive Plan (the “2004 Incentive Plan" and, together with the 2020 Incentive Plan, the “Incentive Plan").
Participants under the Incentive Plan are designated by the Talent and Compensation Committee of the Board of Directors (or its delegate,
as determined by the Board). Under the Incentive Plan, the Corporation has issued restricted stock and performance shares to its
employees and restricted stock and restricted stock units (“RSUs”) to its directors.
The restricted stock granted under the Incentive Plan to employees becomes vested based on the employees’ continued service with
Popular. Unless otherwise stated in an agreement, the compensation cost associated with the shares of restricted stock granted prior to
2021 was determined based on a two-prong vesting schedule. These grants include ratable vesting over five or four years commencing at
the date of grant (the "graduated vesting portion") with a portion vested at termination of employment after attainment of 55 years of age and
10 years of service or 60 years of age and 5 years of service (the "retirement vesting portion”). The graduated vesting portion is accelerated
at termination of employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age and 5 years of service.
Restricted stock granted on or after 2021 have ratable vesting in equal annual installments over a period of 4 years or 3 years, depending
on the classification of the employee. The vesting schedule is accelerated at termination of employment after attaining the earlier of 55
years of age and 10 years of service or 60 years of age and 5 years of service.
The performance share awards granted under the Incentive Plan consist of the opportunity to receive shares of Popular, Inc.’s common
stock provided that the Corporation achieves certain goals during a three-year performance cycle. The goals are based on two metrics
weighted equally: the Relative Total Shareholder Return (“TSR") and the Absolute Return on Average Tangible Common Equity (“ROTCE”).
The TSR metric is a market condition under ASC Topic 718. For equity settled awards based on market conditions, the fair value is
determined as of the grant date and is not subsequently revised based on actual performance. The ROTCE metric is a performance
condition under ASC Topic 718. For equity settled awards based on a performance condition, the fair value is determined based on the
probability of achieving the ROTCE goal as of each reporting period. The TSR and ROTCE metrics are equally weighted and work
independently. The number of shares that will ultimately vest ranges from 50% to a 150% target based on both market (TSR) and
performance (ROTCE) 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.
(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
138,840
$147.46
Performance Shares Quantity Adjustment
22,293
$119.19
Vested
(200,701)
$104.83
Forfeited
(1,258)
$91.51
Non-vested at June 30, 2026
186,132
$107.91
During the quarter ended June 30, 2026, 60,625 shares of restricted stock (June 30, 2025 – 121,649) were awarded to management under
the Incentive Plan. During the quarters ended June 30, 2026 and 2025, no performance shares were awarded to management under the
Incentive Plan. During the six months ended June 30, 2026, 103,020 shares of restricted stock (June 30, 2025 – 194,268) and 35,820
performance shares (June 30, 2025 - 47,494) were awarded to management under the Incentive Plan.
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During the quarter ended June 30, 2026, the Corporation recognized $4.9 million of restricted stock expense related to management
incentive awards, with a tax benefit of $1.2 million (June 30, 2025 - $6.9 million, with a tax benefit of $1.0 million). For the six months ended
June 30, 2026, the Corporation recognized $10.8 million of restricted stock expense related to management incentive awards, with a tax
benefit of $1.8 million (June 30, 2025 - $14.4 million, with a tax benefit of $1.6 million). For the six months ended June 30, 2026, the fair
market value of the restricted stock and performance shares vested was $23.3 million on the grant date and $44.0 million at vesting date.
This differential triggers a windfall of $7.6 million that was recorded as a reduction to income tax expense. During the quarter ended
June 30, 2026, the Corporation recognized $1.4 million of performance shares expense, with a tax benefit of $98 thousand due to
performance shares target adjustment (June 30, 2025 - $0.8 million, with a tax benefit of $61 thousand). For the six months ended June 30,
2026, the Corporation recognized $5.3 million of performance shares expense, with a tax benefit of $0.3 million (June 30, 2025 - $4.2
million, with a tax benefit of $0.5 million). The total unrecognized compensation cost related to non-vested restricted stock awards and
performance shares to members of management at June 30, 2026 was $18.3 million and is expected to be recognized over a weighted-
average period of 1.53.
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
14,235
146.16
Vested
(4,941)
140.81
Forfeited
-
-
Non-vested at June 30, 2026
28,407
$116.36
The equity awards granted to members of the Board of Directors of Popular, Inc. (the “Directors") after May 2025 will vest and become non-
forfeitable on the first anniversary of the grant date of such award. Equity awards granted to the Directors may be paid in either common
stock or RSUs, at each Director’s election. If RSUs are elected, the Directors may defer the delivery of the shares of common stock
underlying the RSUs award until their retirement. To the extent that cash dividends are paid on the Corporation’s outstanding common
stock, the Directors will receive an additional number of RSUs that reflect a reinvested dividend equivalent
During the quarter ended June 30, 2026, 12,163 RSUs and 906 shares of restricted stock were granted to the Directors (June 30, 2025 -
17,816 RSUs and 2,688 shares of restricted stock) and the Corporation recognized $0.5 million of expense related to these shares with a
tax benefit of $86 thousand (June 30, 2025 - $0.4 million with a tax benefit of $84 thousand). For the six months ended June 30, 2026, the
Corporation granted 13,329 RSUs and 906 shares of restricted stock to the Directors (June 30, 2025 - 19,362 RSUs and 2,688 shares of
unrestricted stock) and the Corporation recognized $1.1 million of expense related to these shares, with a tax benefit of $0.2 million,
(June 30, 2025 - $0.7 million, with a tax benefit of $0.1 million).  For the six months ended June 30, 2026, the fair market value of the
restricted stock and performance shares vested was $0.4 million on the grant date and $0.8 million at vesting date. This differential triggers
a windfall of $0.2 million that was recorded as a reduction to income tax expense.
Note 24 - Income taxes
For the quarter ended June 30, 2026, the Corporation recorded income tax expense of $45.7 million, a decrease of $2.2 million from $47.9
million in the comparable 2025 period.  The effective tax rate ("ETR") decreased to 14.1% from 18.5%.  For the six-month period ended
June 30, 2026, income tax expense was $92.7 million, consistent with the $92.9 million reported for the same period in 2025.  The ETR
decreased to 15.0% from 19.3% for the first six months of 2025.  The lower ETR for both the quarter and six month periods were driven by
higher exempt income and other tax benefits, including the vesting of stock awards, the purchase of tax credits, and income subject to
preferential income tax rates.  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 June 30, 2026, and
December 31, 2025, were as follows:
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June 30, 2026
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available for carryforward
$7,318
$61,577
$68,895
Net operating loss and other carryforward available
67,396
542,842
610,238
Postretirement and pension benefits
29,371
-
29,371
Allowance for credit losses
325,466
29,215
354,681
Depreciation
8,528
8,036
16,564
FDIC-assisted transaction
152,665
-
152,665
Lease liability
31,121
18,353
49,474
Unrealized net loss on investment securities
160,070
15,108
175,178
Mortgage Servicing Rights
14,597
-
14,597
Other temporary differences
31,753
7,230
38,983
Total gross deferred tax assets
828,285
682,361
1,510,646
Deferred tax liabilities:
Intangibles
97,484
57,329
154,813
Right of use assets
28,352
16,685
45,037
Deferred loan origination fees/cost
16,568
2,171
18,739
Loans acquired
17,305
-
17,305
Other temporary differences
9,715
429
10,144
Total gross deferred tax liabilities
169,424
76,614
246,038
Valuation allowance
83,979
386,586
470,565
Net deferred tax asset
$574,882
$219,161
$794,043
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
The net deferred tax assets shown in the table above at June 30, 2026, is reflected in the Consolidated Statements of Financial Condition
as $794.7 million in net deferred tax assets in the “Other assets" caption (December 31, 2025 - $814.2 million) and $649 thousand in
deferred tax liabilities in the “Other liabilities" caption (December 31, 2025 - $1.9 million), reflecting the aggregate deferred tax assets or
liabilities of individual tax-paying subsidiaries of the Corporation in their respective tax jurisdiction, Puerto Rico or the United States.
At June 30, 2026, the net deferred tax assets of the U.S. operations, before valuation allowance, amounted to $605.8 million.  After
considering the valuation allowance of $386.6 million, the total net deferred tax assets amounted to $219.2 million.  The U.S. Operations
have generated taxable income each of the last three years. The financial results for the six-months period of 2026 continue to show an
upward trend similar to 2024 and 2025. These financial results are objectively verifiable positive evidence. Additionally, the Corporation
considered as negative evidence inconsistency in performance trends, including lower than anticipated results in recent periods. Also,
management considered the uncertainty in predicting future taxable income, given the impact of external factors such as changes in
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macroeconomic conditions, geopolitical issues, and shifts in monetary policy. In addition, management evaluated the expiration period of the
NOLs carried forward which begin to expire in 2028.  Since the Corporation evaluates the realization of the deferred tax assets by taxing
jurisdiction on a quarterly basis, as additional information becomes available and performance indicators evolve, the weight assigned to
factors considered in the assessment could change.
At June 30, 2026, after weighting all positive and negative evidence, the Corporation concluded that it is more likely than not that $219.2
million of the deferred tax assets from the U.S. operations, comprised mainly of net operating losses, will be realized. The Corporation
based this determination on its estimated taxable income available to realize the deferred tax assets for the remaining carryforward periods,
together with the historical level of book income adjusted by permanent differences and taxable income. Management will continue to
monitor and review the U.S. operation’s results, including recent earnings trends, pre-tax earnings forecasts, new tax initiatives, and
performance indicators, such as net income versus forecast, targeted loan growth, net interest income margin, changes in deposit costs,
allowance for credit losses, charge-offs, NPLs inflows, and NPA balances. Significant changes, or a combination of changes, could
positively or negatively impact the amount of deferred tax assets to be realized in the future.
At June 30, 2026, the Corporation’s net deferred tax assets related to its Puerto Rico operations amounted to $658.9 million. The
Corporation’s Puerto Rico Banking operation has a historical record of profitability. This is considered as strong objectively verifiable positive
evidence that outweighs any negative evidence considered by management in the evaluation of the realization of the deferred tax assets.
Based on this evidence and management’s estimate of future taxable income, the Corporation has concluded that it is more likely than not
that such net deferred tax assets of the Puerto Rico Banking operations will be realized.
The Holding Company operation has been in a cumulative loss position. Management expects these losses will be a trend in future years.
This objectively verifiable negative evidence is considered by Management strong negative evidence that suggests that income in future
years will be insufficient to support the realization of all deferred tax assets. After weighting of all positive and negative evidence
Management concluded, as of the reporting date, that it is more likely than not that the Holding Company will not be able to realize any
portion of the deferred tax assets. Accordingly, the Corporation has maintained a valuation allowance on the deferred tax assets of $84.0
million as of June 30, 2026.
The Corporation and its subsidiaries file income tax returns in Puerto Rico, the U.S. federal jurisdiction, various U.S. states and political
subdivisions, and foreign jurisdictions. At June 30, 2026, the following years remain subject to examination in the U.S. Federal jurisdiction,
2022 and thereafter; and in the Puerto Rico jurisdiction, 2019 and thereafter.
Note 25 - Supplemental disclosure on the consolidated statements of cash flows
Additional disclosures on cash flow information and non-cash activities for the six months ended June 30, 2026 and June 30, 2025 are listed
in the following table:
(In thousands)
June 30, 2026
June 30, 2025
Non-cash activities:
Loans transferred to other real estate
$21,158
$14,006
Loans transferred to other property
42,288
45,065
Total loans transferred to foreclosed assets
63,446
59,071
Loans transferred to other assets
17,991
26,604
Financed sales of other real estate assets
1,252
2,580
Financed sales of other foreclosed assets
28,861
29,089
Total financed sales of foreclosed assets
30,113
31,669
Financed sale of premises and equipment
26,570
29,727
Transfers from loans held-in-portfolio to loans held-for-sale
95,495
2,662
Transfers from loans held-for-sale to loans held-in-portfolio
804
1,224
Loans securitized into investment securities [1]
21,403
6,852
Trades receivable from brokers and counterparties
6,868
22
Trades payable to brokers and counterparties
6,868
593,949
Net change in receivables from investments maturities
-
14,377
Recognition of mortgage servicing rights on securitizations or asset transfers
1,000
498
Loans booked under the GNMA buy-back option
8,702
3,339
Capitalization of lease right of use asset
17,888
9,143
[1]Includes loans securitized into trading securities and subsequently sold before quarter end.
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The following table provides a reconciliation of cash and due from banks, and restricted cash reported within the Consolidated Statements
of Financial Condition that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.
(In thousands)
June 30, 2026
June 30, 2025
Cash and due from banks
$359,049
$394,211
Restricted cash and due from banks
5,964
6,420
Restricted cash in money market investments
9,981
10,371
Total cash and due from banks, and restricted cash [2]
$374,994
$411,002
[2]Refer to Note 4 - Restrictions on cash and due from banks and certain securities for nature of restrictions.
Note 26 - Segment reporting
The Corporation’s corporate structure consists of two reportable segments – Banco Popular de Puerto Rico and Popular U.S. Management
determined the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate
resources. The segments were determined based on the organizational structure, which focuses primarily on the markets the segments
serve, as well as on the products and services offered by the segments.
The chief operating decision maker (“CODM”) of the Corporation is the Chief Executive Officer (“CEO") who utilizes net income as one of
the segment profitability measures, to evaluate the performance of each reportable segment and assess where to allocate resources
effectively. The CEO receives profitability reports that include net income per segment, net interest income and other income and expense
categories. The CODM uses the segment’s net income and components of net income, including segment revenues and expenses to
assess performance and to manage important aspects by each reportable segments, such as human capital, investment in technology,
making budget allocations, as well as other strategic decisions.
Banco Popular de Puerto Rico:
The Banco Popular de Puerto Rico reportable segment includes commercial, consumer and retail banking operations, as well as mortgage
and auto lending operations conducted at BPPR, including U.S. based activities conducted through its New York Branch. Other financial
services within the BPPR segment include the trust service units of BPPR, asset management services of Popular Asset Management and
the brokerage operations of Popular Securities, and the insurance agency and reinsurance businesses of Popular Insurance, Popular Risk
Services, Popular Life Re, and Popular Re.
Popular U.S.:
Popular U.S. reportable segment consists of the banking operations of Popular Bank (PB), Popular Insurance Agency, U.S.A., and PEF. PB
operates through a retail branch network in the U.S. mainland under the name of Popular, and equipment leasing and financing services
through PEF. Popular Insurance Agency, U.S.A. offers investment and insurance services across the PB branch network.
The Corporate group consists primarily of the holding companies Popular, Inc., Popular North America, Popular International Bank and
certain of the Corporation’s investments accounted for under the equity method, including BHD.
The accounting policies of the individual operating segments are the same as those of the Corporation. Transactions between reportable
segments are primarily conducted at market rates, resulting in profits that are eliminated for reporting consolidated results of operations.
Assets representing transactions between reportable segments or the Corporate group are also eliminated in the tables presented below.
The tables that follow present the results of operations and total assets by reportable segments:
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2026
For the quarter ended June 30, 2026
(In thousands)
BPPR
Popular U.S.
Intersegment
Eliminations
Interest income
$779,759
$201,358
$-
Interest expense
189,836
88,282
-
Net interest income
589,923
113,076
-
Provision for credit losses
63,156
2,752
-
Non-interest income
155,700
7,296
(22)
Personnel costs
165,537
27,461
(22)
Professional fees
14,075
1,751
-
Technology and software expenses
67,349
11,008
-
Processing and transactional services
36,695
533
-
Amortization of intangibles
239
145
-
Depreciation expense
11,886
2,146
-
Other operating expenses [1]
122,034
23,697
-
Total operating expenses
417,815
66,741
(22)
Income before income tax
264,652
50,879
-
Income tax expense
31,748
14,293
-
Net income
$232,904
$36,586
$-
Segment assets
$63,517,017
$15,032,815
$(38,964)
[1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications expense,
business promotion expenses, deposit insurance costs and OREO expenses.
For the quarter ended June 30, 2026
(In thousands)
Reportable
Segments
Corporate
Eliminations
Total Popular, Inc.
Interest income
$981,117
$1,144
$(622)
$981,639
Interest expense
278,118
10,724
(622)
288,220
Net interest income (expense)
702,999
(9,580)
-
693,419
Provision for credit losses (benefit)
65,908
(35)
-
65,873
Non-interest income
162,974
18,354
(783)
180,545
Personnel costs
192,976
36,084
(29)
229,031
Professional fees
15,826
8,977
(319)
24,484
Technology and software expenses
78,357
12,614
-
90,971
Processing and transactional services
37,228
38
-
37,266
Amortization of intangibles
384
-
-
384
Depreciation expense
14,032
376
-
14,408
Other operating expenses [1]
145,731
(57,802)
(343)
87,586
Total operating expenses
484,534
287
(691)
484,130
Income before income tax
315,531
8,522
(92)
323,961
Income tax expense
46,041
(294)
-
45,747
Net income
$269,490
$8,816
$(92)
$278,214
Segment assets
$78,510,868
$5,690,030
$(5,228,598)
$78,972,300
[1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications expense,
business promotion expenses, deposit insurance costs and OREO expenses.
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For the six months ended June 30, 2026
(In thousands)
BPPR
Popular U.S.
Intersegment
Eliminations
Interest income
$1,528,260
$399,606
$-
Interest expense
370,391
174,823
-
Net interest income
1,157,869
224,783
-
Provision for credit losses
136,689
5,135
-
Non-interest income
300,477
15,248
(43)
Personnel costs
318,171
52,608
(43)
Professional fees
26,041
4,400
-
Technology and software expenses
133,070
20,542
-
Processing and transactional services
75,152
1,140
-
Amortization of intangibles
479
289
-
Depreciation expense
22,852
4,335
-
Other operating expenses [1]
244,359
48,986
-
Total operating expenses
820,124
132,300
(43)
Income before income tax
501,533
102,596
-
Income tax expense
64,259
29,045
-
Net income
$437,274
$73,551
$-
Segment assets
$63,517,017
$15,032,815
$(38,964)
For the six months ended June 30, 2026
(In thousands)
Reportable
Segments
Corporate
Eliminations
Total
Popular, Inc.
Interest income
$1,927,866
$2,470
$(1,481)
$1,928,855
Interest expense
545,214
21,523
(1,481)
565,256
Net interest income (expense)
1,382,652
(19,053)
-
1,363,599
Provision for credit losses (benefit)
141,824
(65)
-
141,759
Non-interest income
315,682
32,198
(1,709)
346,171
Personnel costs
370,736
74,422
(58)
445,100
Professional fees
30,441
20,324
(728)
50,037
Technology and software expenses
153,612
26,498
-
180,110
Processing and transactional services
76,292
61
-
76,353
Amortization of intangibles
768
-
-
768
Depreciation expense
27,187
759
-
27,946
Operating expenses [1]
293,345
(121,464)
(755)
171,126
Total operating expenses
952,381
600
(1,541)
951,440
Income before income tax
604,129
12,610
(168)
616,571
Income tax expense
93,304
(621)
-
92,683
Net income (loss)
$510,825
$13,231
$(168)
$523,888
Segment assets
$78,510,868
$5,690,030
$(5,228,598)
$78,972,300
[1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications expense,
business promotion expenses, deposit insurance costs and OREO expenses.
.
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2025
For the quarter ended June 30, 2025
(In thousands)
BPPR
Popular U.S.
Intersegment
Eliminations
Interest income
$748,712
$195,668
$(1,041)
Interest expense
210,237
93,474
(1,041)
Net interest income
538,475
102,194
-
Provision for credit losses (benefit)
42,452
6,532
-
Non-interest income
145,685
7,421
-
Personnel costs
164,794
27,387
-
Professional fees
13,025
2,450
-
Technology and software expenses
64,226
10,345
-
Processing and transactional services
37,276
582
-
Amortization of intangibles
240
145
-
Depreciation expense
10,344
2,266
-
Other operating expenses[1]
132,004
28,021
-
Total operating expenses
421,909
71,196
-
Income before income tax
219,799
31,887
-
Income tax expense
35,256
9,280
-
Net income
$184,543
$22,607
$-
Segment assets
$60,926,458
$14,865,364
$(120,633)
For the quarter ended June 30, 2025
(In thousands)
Reportable
Segments
Corporate
Eliminations
Total Popular, Inc.
Interest income
943,339
1,578
(1,045)
943,872
Interest expense
302,670
10,698
(1,045)
312,323
Net interest income (expense)
$640,669
$(9,120)
$-
$631,549
Provision for credit losses (benefit)
48,984
(43)
-
48,941
Non-interest income
153,106
16,107
(736)
168,477
Personnel costs
192,181
37,174
-
229,355
Professional fees
15,475
12,887
(254)
28,108
Technology and software expenses
74,571
10,125
-
84,696
Processing and transactional services
37,858
3
-
37,861
Amortization of intangibles
385
-
-
385
Depreciation expense
12,610
429
-
13,039
Other operating expenses[1]
160,025
(60,181)
(527)
99,317
Total operating expenses
493,105
437
(781)
492,761
Income before income tax
251,686
6,593
45
258,324
Income tax expense (benefit)
44,536
3,277
71
47,884
Net income
$207,150
$3,316
$(26)
$210,440
Segment assets
$75,671,189
$5,786,893
$(5,392,992)
$76,065,090
[1]Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications
expense, business promotion expenses, deposit insurance costs and OREO expenses.
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For the six months ended June 30, 2025
(In thousands)
BPPR
Popular U.S.
Intersegment
Eliminations
Interest income
$1,480,600
$382,060
$(2,722)
Interest expense
420,233
186,924
(2,722)
Net interest income
1,060,367
195,136
-
Provision for credit losses
95,964
17,142
-
Non-interest income
283,190
13,564
-
Personnel costs
316,078
52,829
-
Professional fees
26,084
5,189
-
Technology and software expenses
128,377
20,433
-
Processing and transactional services
74,455
1,179
-
Amortization of intangibles
582
400
-
Depreciation expense
20,038
4,463
-
Other operating expenses [1]
260,758
53,640
-
Total operating expenses
826,372
138,133
-
Income before income tax
421,221
53,425
-
Income tax expense
70,699
16,002
-
Net income
$350,522
$37,423
$-
Segment assets
$60,926,458
$14,865,364
$(120,633)
For the six months ended June 30, 2025
(In thousands)
Reportable
Segments
Corporate
Eliminations
Total Popular, Inc.
Interest income
$1,859,938
$3,114
$(2,182)
$1,860,870
Interest expense
604,435
21,471
(2,182)
623,724
Net interest income (expense)
1,255,503
(18,357)
-
1,237,146
Provision for credit losses (benefit)
113,106
(84)
-
113,022
Non-interest income
296,754
25,136
(1,352)
320,538
Personnel costs
368,907
73,161
-
442,068
Professional fees
31,273
24,244
(584)
54,933
Technology and software expenses
148,810
19,554
-
168,364
Processing and transactional services
75,634
8
-
75,642
Amortization of intangibles
982
-
-
982
Depreciation expense
24,501
818
-
25,319
Other operating expenses [1]
314,398
(116,583)
(1,350)
196,465
Total operating expenses
964,505
1,202
(1,934)
963,773
Income before income tax
474,646
5,661
582
480,889
Income tax expense (benefit)
86,701
5,952
294
92,947
Net income
$387,945
$(291)
$288
$387,942
Segment assets
$75,671,189
$5,786,893
$(5,392,992)
$76,065,090
[1]Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications
expense, business promotion expenses, deposit insurance costs and OREO expenses.
Geographic Information
The following information presents selected financial information based on the geographic location where the Corporation conducts its
business. The banking operations of BPPR are primarily based in Puerto Rico, where it has the largest retail banking franchise. BPPR also
conducts banking operations in the U.S. Virgin Islands, the British Virgin Islands and New York. BPPR’s banking operations in the mainland
United States include commercial lending activities in addition to periodic loan participations with PB. During the six months ended June 30,
2026, BPPR did not participate in loans originated by PB (2025 - $29.0 million). Total assets for the BPPR segment related to its operations
in the United States amounted to $1.2 billion (December 31, 2025 - $1.4 billion), including $101.0 million in multifamily loans (December 31,
2025 - $102.0 million), $378.0 million in commercial real estate loans (December 31, 2025 - $435.0 million), $674.0 million in C&I loans
(December 31, 2025 - $714.0 million), and $23.0 million in unsecured personal loans (December 31, 2025 - $41.0 million). During the six
months ended June 30, 2026, the BPPR segment generated $42.0 million (June 30, 2025 - $51.4 million) in revenues from its operations in
the United States, mainly from net interest income. In the Virgin Islands, the BPPR segment offers banking products, including loans and
deposits. Total assets for the BPPR segment related to its operations in the U.S. and British Virgin Islands amounted to $1.1 billion
(December 31, 2025 -$1.0 billion). The BPPR segment generated $27.7 million in revenues during the six months ended June 30, 2026
(June 30, 2025 - $25.0 million) from its operations in the U.S. and British Virgin Islands.
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Geographic Information
Quarter ended
Six months ended
(In thousands)
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Revenues: [1]
Puerto Rico
$701,488
$636,232
$1,369,559
$1,246,193
United States
139,422
139,274
279,085
266,490
Other
33,054
24,520
61,126
45,001
Total consolidated revenues
$873,964
$800,026
$1,709,770
$1,557,684
[1]Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain (loss),including
impairment, on equity securities, net gain on trading account debt securities, adjustments to indemnity reserves on loans sold, and other operating income.
Selected Balance Sheet Information:
(In thousands)
June 30, 2026
December 31,
2025
Puerto Rico
Total assets
$61,313,912
$57,955,465
Loans
26,370,150
25,853,231
Deposits
56,416,936
52,451,498
United States
Total assets
$16,255,576
$16,101,705
Loans
12,949,579
12,966,468
Deposits
11,891,146
11,987,581
Other
Total assets
$1,402,812
$1,291,097
Loans
518,712
517,817
Deposits [1]
1,925,033
1,751,014
[1]Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.
Note 27 - Subsequent events
Sale of Commercial Loan Held-For-Sale
In June 2026, the Corporation reclassified a $155.0 million loan held-in-portfolio to loan held-for-sale given its intent to sell; this resulted in a
$71.3 million charge-off during Q2 2026. The loan was subsequently sold on July 2, 2026 for the remaining $83.7 million.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This report includes management’s discussion and analysis (“MD&A”) of the consolidated financial position and financial performance of
Popular, Inc. (the “Corporation" or “Popular"). All accompanying tables, financial statements and notes included elsewhere in this report
should be considered an integral part of this analysis.
The Corporation is a diversified, publicly owned financial holding company subject to the supervision and regulation of the Board of
Governors of the Federal Reserve System. The Corporation has operations in Puerto Rico, the United States (“U.S.") mainland and the U.S.
and British Virgin Islands. In Puerto Rico, the Corporation provides retail, mortgage, commercial banking services and auto and equipment
leasing and financing through its principal banking subsidiary, Banco Popular de Puerto Rico (“BPPR"), as well as broker-dealer and
insurance services through specialized subsidiaries. In the U.S. mainland, the Corporation provides retail, mortgage and commercial
banking services, as well as equipment leasing and financing, through its New York-chartered banking subsidiary, Popular Bank (“PB" or
“Popular U.S."), which has branches located in New York, New Jersey and Florida. Note 26 to the Consolidated Financial Statements
presents information about the Corporation’s business segments.
As a financial services company, the Corporation’s earnings are significantly affected by general business and economic conditions in the
markets which we serve. Lending and deposit activities and fee income generation are influenced by the level of business spending and
investment, consumer income, spending and savings, capital market activities, competition, customer preferences, interest rate conditions
and prevailing market rates on competing products.
The Corporation operates in a highly regulated environment and may be adversely affected by changes in federal and local laws and
regulations. Also, competition with other financial institutions, as well as with non-traditional financial service providers and technology
companies that provide electronic and internet-based financial solutions and services, could adversely affect its profitability.
The Corporation continuously monitors general business and economic conditions, industry-related indicators and trends, competition,
interest rate volatility, credit quality indicators, loan and deposit demand, operational and systems efficiencies, revenue enhancements and
changes in the regulation of financial services companies.
The description of the Corporation’s business contained in Item 1 of the 2025 Form 10-K, while not all inclusive, discusses additional
information about the business of the Corporation. Readers should also refer to “Part I - Item 1A" of the 2025 Form 10-K and “Part II - Item
1A" of this Form 10-Q for a discussion of certain risks and uncertainties to which the Corporation is subject, many beyond the Corporation’s
control that, in addition to the other information in this Form 10-Q, readers should consider.
The Corporation’s common stock is traded on the NASDAQ Global Select Market under the symbol BPOP.
SIGNIFICANT EVENTS
Capital Actions
On July 23, 2026, the Corporation announced the following capital actions:
•an increase in the Corporation’s quarterly common stock dividend from $0.75 to $0.90 per share, commencing with the dividend
payable in the fourth quarter of 2026, subject to the approval of the Corporation’s Board of Directors; and
•a new common stock repurchase authorization of up to $1 billion.
The Corporation’s planned common stock repurchases may be executed in open market transactions, privately negotiated transactions,
block trades or any other manner determined by the Corporation. The Corporation has repurchased approximately $280 million in common
stock to date in 2026 and, as of June 30, 2026, had fully utilized the $500 million common stock repurchase authorization approved in 2025.
The timing, quantity and price of the Corporation's common stock repurchases will be subject to various factors, including market conditions,
the Corporation’s capital position, liquidity and financial performance, the capital impact of strategic initiatives and tax and regulatory
considerations, including regulatory approvals for subsidiary dividends. The common stock repurchase authorization does not require the
Corporation to acquire a specific dollar amount or number of shares and may be modified, suspended or terminated at any time without prior
notice.
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OVERVIEW
Financial highlights for the quarter ended June 30, 2026
The Corporation’s net income for the quarter ended June 30, 2026 amounted to $278.2 million, an increase of $67.8 million when compared
to net income of $210.4 million for the quarter ended June 30, 2025. Higher net income was mainly driven by higher net interest income,
higher non-interest income, and lower operating expenses partially offset by an increase in the provision for credit losses.
Financial highlights for the quarter ended June 30, 2026 include:
•Net interest income amounted to $693.4 million, an increase of $61.9 million when compared to the quarter ended June 30, 2025
driven by higher investments in U.S. Treasury securities at higher yields, loan growth and lower cost of deposits, mainly P.R.
public deposits, partially offset by lower money market investments. Net interest income on a taxable equivalent basis for the
second quarter of 2026 was $788.8 million, an increase of $91.6 million when compared to the same quarter for 2025. Net interest
margin expanded by 17 basis points to 3.66% when compared to the same period in 2025. On a taxable equivalent basis, net
interest margin expanded by 32 basis points to 4.17% when compared to the same period in 2025.
•The provision for credit losses amounted to $65.5 million for the quarter ended June 30, 2026, an increase of $17.1 million when
compared to the quarter ended June 30, 2025, driven by higher specific reserves in the BPPR commercial loan portfolio
associated with the unreserved portion of a $155 million nonperforming loan held-in-portfolio ("NPL") transferred to loans held-for-
sale ("LHFS") with a resulting $71 million charge-off and specific reserves related to two commercial and industrial relationships
totaling $129 million that were classified as NPLs during the quarter, partially offset by lower provisions for certain consumer loan
portfolios attributable to improved credit metrics, improved macroeconomic assumptions, net recoveries in the mortgage portfolio
and lower volumes in the auto loan portfolio. Provision for credit losses decreased at PB primarily due to the higher qualitative
reserves established during the second quarter of 2025, compared to 2026, to maintain adequate ACL coverage as well as an
overall  improvement in credit quality.
•Non-interest income amounted to $180.5 million, an increase of $12.1 million when compared to the quarter ended June 30,
2025, mainly driven by higher credit and debit card fee income driven by higher activity and purchase volumes including those of
commercial credit cards that benefited from the recent launch of new corporate-focused products.
•Operating expenses amounted to $484.1 million for the quarter, reflecting a decrease of $8.6 million when compared to the
quarter ended June 30, 2025. The decrease was mainly driven by lower operational loss reserves and lower professional services
expense, partially offset by higher technology and software expenses as a result of our continued investment in technology and
higher business promotion expenses.
•Income tax expense of $45.7 million with an effective tax rate (“ETR”) of 14.1% during the quarter ended June 30, 2026,
compared to an income tax expense of $47.9 million with an ETR of 18.5% for the quarter ended June 30, 2025 due to higher
exempt income and other tax benefits, including the vesting of stock awards, the purchase of tax credits, and income subject to
preferential tax rates.
•At June 30, 2026, the Corporation’s total assets amounted to $79.0 billion, compared to $75.3 billion at December 31, 2025. The
increase of $3.7 billion was primarily due to an increase in the available-for-sale (“AFS”) securities portfolio, driven by
reinvestment in U.S. Treasury securities, and higher loans held-in-portfolio partially offset by a decrease in held-to-maturity
(“HTM”) investment securities driven by maturities and principal paydowns.
•Deposits amounted to $70.2 billion at June 30, 2026, an increase of $4.0 billion from December 31, 2025, primarily driven by
growth at BPPR, mainly in P.R. public deposits and commercial deposits.
•Stockholders’ equity amounted to $6.4 billion at June 30, 2026, compared to $6.2 billion at December 31, 2025. The Corporation
and its banking subsidiaries continue to be well capitalized. As of June 30, 2026, the Corporation’s tangible book value per
common share was $87.94, an increase of $5.29 from December 31, 2025. The Common Equity Tier 1 Capital Ratio at June 30,
2026 was 16.08%, compared to 15.72% at December 31, 2025.
Refer to Table 1 for selected financial data for the quarters and for the six months ended June 30, 2026 and June 30, 2025.
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Table 1 - Financial Highlights
Financial Condition Highlights
Ending balances at
Average for the six months ended
(In thousands)
June 30, 2026
December 31,
2025
Variance
June 30, 2026
June 30, 2025
Variance
Money market investments
$4,555,489
$4,626,506
$(71,017)
$4,973,483
$6,314,487
$(1,341,004)
Investment securities
31,264,698
28,168,918
3,095,780
30,486,350
28,642,361
1,843,989
Loans[1]
39,838,441
39,337,516
500,925
39,423,927
37,310,383
2,113,544
Earning assets[2]
75,658,628
72,132,940
3,525,688
74,883,761
72,267,231
2,616,530
Total assets
78,972,300
75,348,267
3,624,033
76,933,119
75,391,749
1,541,370
Deposits
70,233,115
66,190,093
4,043,022
68,343,999
66,112,327
2,231,672
Borrowings
1,462,831
1,448,578
14,253
1,294,179
1,120,666
173,513
Total liabilities
72,539,295
69,099,188
3,440,107
70,610,924
68,224,476
2,386,448
Stockholders’ equity[3]
6,433,005
6,249,079
183,926
6,322,196
7,167,273
(845,077)
Operating Highlights
Quarters ended June 30,
Six months ended June 30,
(In thousands, except per share information)
2026
2025
Variance
2026
2025
Variance
Net interest income
$693,419
$631,549
$61,870
$1,363,599
$1,237,146
$126,453
Provision for credit losses
65,873
48,941
16,932
141,759
113,022
28,737
Non-interest income
180,545
168,477
12,068
346,171
320,538
25,633
Operating expenses
484,130
492,761
(8,631)
951,440
963,773
(12,333)
Income before income tax
323,961
258,324
65,637
616,571
480,889
135,682
Income tax expense
45,747
47,884
(2,137)
92,683
92,947
(264)
Net income
$278,214
$210,440
$67,774
$523,888
$387,942
$135,946
Net income applicable to common stock
$277,861
$210,087
$67,774
$523,182
$387,236
$135,946
Net income per common share - basic
$4.35
$3.09
$1.26
$8.13
$5.64
$2.49
Net income per common share - diluted
$4.35
$3.09
$1.26
$8.13
$5.64
$2.49
Dividends declared per common share
$0.75
$0.70
$0.05
$1.50
$1.40
$0.10
Quarters ended June 30,
Six months ended June 30,
Selected Statistical Information
2026
2025
2026
2025
Common Stock Data
End market price
$164.18
$110.21
$164.18
$110.21
Book value per common share at period end
100.38
87.31
100.38
87.31
Profitability Ratios
Return on assets
1.41%
1.11%
1.35%
1.04%
Return on common equity
15.18
11.77
14.48
10.93
Net interest spread (non-taxable equivalent basis)
3.10
2.85
3.10
2.79
Net interest spread (taxable equivalent) - non-GAAP
3.61
3.21
3.59
3.14
Net interest margin (non-taxable equivalent basis)
3.66
3.49
3.67
3.45
Net interest margin (taxable equivalent) - non-GAAP
4.17
3.85
4.16
3.80
Capitalization Ratios
Average equity to average assets
9.32%
9.48%
9.36%
9.51%
Common equity Tier 1 capital
16.08
15.91
16.08
15.91
Tangible common book value per common share (non-GAAP)[4]
87.94
75.41
87.94
75.41
Return on average tangible common equity before adjusting for the impact of
unrealized (gains) losses on AFS securities including those transferred to HTM
(non-GAAP)
20.12
14.38
19.16
13.28
Return on average tangible common equity ("ROTCE") (non-GAAP) [2]
17.02
13.26
16.25
12.32
Tier I capital
16.13
15.96
16.13
15.96
Total capital
17.85
17.70
17.85
17.70
Tier 1 leverage
8.57
8.51
8.57
8.51
[1] Includes loans held-for-sale.
[2] Excludes unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for- sale to held-to-maturity
[3] Stockholders' equity for June 30, 2025 excludes certain unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred
from available-for- sale to held-to-maturity
[4]  Refer to Table 9 for reconciliation to GAAP financial measures.
Non-GAAP Financial Measures
This Form 10-Q contains financial information prepared under accounting principles generally accepted in the United States (“U.S.GAAP")
and non-GAAP financial measures. Management uses non-GAAP financial measures when it is determined that these measures provide
meaningful information about the underlying performance of the Corporation’s ongoing operations. Non-GAAP financial measures used by
the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.
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Adjusted net income - Non-GAAP Financial Measure
In addition to analyzing the Corporation’s results on a reported basis, management monitors whether the impact of certain non-recurring or
infrequent transactions need to be excluded from the results of operations to present what is then considered to be "adjusted net income" of
the Corporation. Management believes that the "adjusted net income" provides meaningful information about the underlying performance of
the Corporation’s ongoing operations. The "adjusted net income" is a non-GAAP financial measure.
There were no non-GAAP adjustments for the quarter and six months ended June 30, 2026.
Net interest income on a taxable equivalent basis - Non-GAAP Financial Measure
Net interest income, on a taxable equivalent basis, is presented with its different components in Tables 2 and 3 for the quarter and six
months ended June 30, 2026, as compared with the same period in 2025, segregated by major categories of interest earning assets and
interest-bearing liabilities.
The main sources of tax-exempt interest income are certain loans and investments in obligations of the U.S. Government, its agencies and
sponsored entities, and certain obligations of the Commonwealth of Puerto Rico and its agencies and assets held by the Corporation’s
international banking entities. On Tables 2 and 3, the interest income has been converted to a taxable equivalent basis, using the applicable
statutory income tax rates for each period net of interest expense that the Puerto Rico tax law requires to be disallowed, based on an equal
proportion of tax-exempt assets to total assets, and by an allocation of general and administrative expenses attributed to exempt income,
reducing the benefit of the tax-exempt income. The effective yield, on a taxable equivalent basis, will vary depending on the level of these
expenses that are attributed to the available exempt income. Under Puerto Rico tax law, the exempt interest can be deducted up to the
amount of taxable income. Management believes that this presentation provides meaningful information since it facilitates the comparison of
revenues arising from taxable and exempt sources.
Tangible Common Equity and Tangible Assets
Tangible common equity, tangible common equity ratio, tangible assets and tangible book value per common share are non-GAAP financial
measures. Tangible common equity ratio and tangible book value per common share should be used in conjunction with more traditional
bank capital ratios commonly used by banks and analysts to compare the capital adequacy of banking organizations with significant
amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method for mergers and
acquisitions.  Return on average tangible common equity is also a measure commonly used by banks and analysts to measure the return
on that tangible common equity. The Corporation presents return on average tangible common equity with and without the impact of
unrealized (gains) losses on AFS securities including those transferred to HTM in the denominator because we believe that adding back the
impact of unrealized (gains) losses on AFS securities including those transferred to HTM to the denominator provides meaningful
information about the Corporation’s return on capital. Unless otherwise indicated, references to “ROTCE” in this Form 10-Q means return on
average tangible common equity as adjusted to add back unrealized (gains) losses on AFS securities, including those transferred to HTM.
Tangible common equity, tangible assets and other related measures should not be used in isolation or as a substitute for stockholders'
equity, total assets or any other measure calculated in accordance with GAAP. Moreover, the way the Corporation calculates its tangible
common equity, tangible assets and other related measures may differ from that of other companies reporting measures with similar names.
Table 9 provides a reconciliation of total stockholders’ equity to tangible common equity and total assets to tangible assets as of June 30,
2026 and December 31, 2025.
CRITICAL ACCOUNTING POLICIES / ESTIMATES
The accounting and reporting policies followed by the Corporation and its subsidiaries conform to U.S. GAAP and general practices within
the financial services industry. Various elements of the Corporation’s accounting policies, by their nature, are inherently subject to estimation
techniques, valuation assumptions and other subjective assessments.
Management has discussed the development and selection of the critical accounting estimates with the Corporation’s Audit Committee. The
Corporation has identified as critical accounting estimates those related to: (i) Fair Value Measurement of Financial Instruments; (ii) Loans
and Allowance for Credit Losses; (iii) Income Taxes; (iv) Goodwill and Other Intangible Assets; and (v) Pension and Postretirement Benefit
Obligations. For a summary of these critical accounting estimates, refer to the MD&A included in the 2025 Form 10-K. Also, refer to Note 2
to the Consolidated Financial Statements included in the 2025 Form 10-K for a summary of the Corporation’s significant accounting policies
including those considered critical accounting estimates and to Note 3 to the Consolidated Financial Statements included in this Form 10-Q
for information on recently adopted accounting standard updates.
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STATEMENT OF OPERATIONS ANALYSIS
NET INTEREST INCOME
Net interest income (“NII”) for the quarter ended June 30, 2026 was $693.4 million, an increase of $61.9 million, when compared to the
same quarter in 2025. NII growth was attributable to higher income from investments in U.S Treasury Securities, loan growth and lower cost
of deposits by $23.8 million, primarily due to P.R. public deposits. Net interest income on a taxable equivalent basis for the second quarter of
2026 was $788.8 million, an increase of $91.6 million when compared to the same period in 2025.
Net interest margin (“NIM”) for the quarter was 3.66%, an increase of 17 basis points when compared to the second quarter of 2025. On a
taxable equivalent basis, NIM for the second quarter of 2026 was 4.17%, higher by 32 basis points compared to the second quarter of 2025,
mainly due to higher level of tax-exempt securities and loans. NIM expansion, when compared to the same quarter of the previous year,
was primarily due to higher yields on U.S. Treasury securities and lower deposit costs resulting from the repricing of market-linked high-cost
deposits, mainly P.R. public deposits. Total cost of deposits decreased 21 basis points to 1.57% compared to the second quarter of 2025.
Excluding P.R. public deposits, total deposit costs decreased five basis points to 1.10% compared to the same quarter in 2025.
On a taxable equivalent basis, the main drivers of the increase for the second quarter of 2026 compared to the second quarter of 2025
were:
•higher income from loans by $40.2 million, mostly due to higher average loan portfolio balances by $2.0 billion across most
portfolios, along with higher yields from auto, leases and mortgage portfolios. When compared to the second quarter of 2025, 
loan yields increased three basis points to 7.53%;
•higher income from U.S. Treasury securities of $52.9 million, or 43 basis points, attributable to higher average balances from
purchases and reinvestments in higher-yielding U.S. Treasury securities, including $2.5 billion of U.S. Treasury Notes ("U.S. T-
Notes") purchased in the third quarter of 2025 and $1.1 billion U.S. T-Notes purchased in the second quarter of 2026; and
•lower interest expense on deposits by $23.8 million or 28 basis points. The cost of interest-bearing deposits decreased by 28
basis points, driven by repricing of market-linked P.R. public deposits which decreased by 61 basis points to 2.61%, coupled with
a decrease in Popular U.S. deposit costs attributable to repricing across most deposit products;
partially offset by:
•lower income from money market investments by $22.5 million or 76 basis points, as a result of lower average balances, driven
by higher re-investment activity in U.S. Treasury securities and loan growth, coupled with lower yields resulting from declining
short-term market rates during late 2025.
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Table 2 - Analysis of Levels & Yields on a Taxable Equivalent Basis (Non-GAAP)
Quarter ended June 30, 2026
Average Volume
Average Yields / Costs
Interest
Variance
Attributable to
2026
2025
Variance
2026
2025
Variance
2026
2025
Variance
Rate
Volume
(In millions)
(In thousands)
$5,095
$6,251
$(1,156)
3.70%
4.46%
(0.76)%
Money market
investments
$47,021
$69,532
$(22,511)
$(10,800)
$(11,711)
31,091
28,809
2,282
3.69
3.29
0.40
Investment securities [1]
286,115
236,372
49,743
25,813
23,930
32
27
5
5.76
5.99
(0.23)
Trading securities
454
407
47
(16)
63
36,218
35,087
1,131
3.69
3.50
0.19
Total money market,
  investment and trading
  securities
333,590
306,311
27,279
14,997
12,282
Loans:
19,932
18,676
1,256
6.73
6.73
—
Commercial
334,494
313,493
21,001
(80)
21,081
1,764
1,459
305
7.90
8.19
(0.29)
Construction
34,729
29,806
4,923
(1,113)
6,036
1,970
1,963
7
7.45
7.18
0.27
Leasing
36,680
35,249
1,431
1,307
124
8,732
8,339
393
6.15
5.89
0.26
Mortgage
134,236
122,873
11,363
5,431
5,932
3,310
3,211
99
13.74
14.00
(0.26)
Consumer
113,356
112,083
1,273
(1,995)
3,268
3,867
3,937
(70)
9.32
9.14
0.18
Auto
89,901
89,706
195
1,809
(1,614)
39,575
37,585
1,990
7.53
7.50
0.03
Total loans
743,396
703,210
40,186
5,359
34,827
$75,793
$72,672
$3,121
5.70%
5.57%
0.13%
Total earning assets
$1,076,986
$1,009,521
$67,465
$20,356
$47,109
Interest bearing deposits:
$8,819
$8,062
$757
1.69%
1.71%
(0.02)%
NOW and money
market
$37,237
$34,288
$2,949
$(1,647)
$4,596
14,817
14,605
212
0.78
0.83
(0.05)
Savings
28,640
30,378
(1,738)
(1,134)
(604)
8,907
8,532
375
2.95
3.15
(0.20)
Time deposits
65,411
67,032
(1,621)
(4,675)
3,054
21,502
20,333
1,169
2.61
3.22
(0.61)
P.R. public deposits
139,966
163,360
(23,394)
(32,122)
8,728
54,045
51,532
2,513
2.01
2.29
(0.28)
Total interest bearing
deposits
271,254
295,058
(23,804)
(39,578)
15,774
15,268
14,825
443
Non-interest bearing
demand deposits
69,313
66,357
2,956
1.57
1.78
(0.21)
Total deposits
271,254
295,058
(23,804)
(39,578)
15,774
539
470
69
3.85
4.52
(0.67)
Short-term borrowings
5,172
5,300
(128)
(831)
703
741
832
(91)
6.38
5.79
0.59
Other medium and long-
term debt
11,794
11,965
(171)
1,253
(1,424)
55,325
52,834
2,491
2.09
2.36
(0.27)
Total interest bearing
  liabilities (excluding
  demand deposits)
288,220
312,323
(24,103)
(39,156)
15,053
5,200
5,013
187
Other sources of funds
$75,793
$72,672
$3,121
1.53%
1.72%
(0.19)%
Total source of funds
$288,220
$312,323
$(24,103)
$(39,156)
$15,053
4.17%
3.85%
0.32%
Net interest margin/
  income on a taxable
  equivalent basis (Non-
  GAAP)
$788,766
$697,198
$91,568
$59,512
$32,056
3.61%
3.21%
0.40%
Net interest spread
Taxable equivalent
adjustment
95,347
65,649
29,698
3.66%
3.49%
0.17%
Net interest margin/
  income non-taxable
  equivalent basis
  (GAAP)
$693,419
$631,549
$61,870
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred
from available-for-sale to held-to-maturity.
NII for the six months ended June 30, 2026 was $1.4 billion, an increase of $126.5 million when compared to the same period in 2025. The
NII increase was attributable to higher income from U.S. Treasury securities and loan growth, and lower cost on deposits by $62.2 million,
mainly due to lower cost of P.R. public deposits by 64 basis points compared to the same period in 2025. NII on a taxable equivalent basis
(“FTE”) of $1.5 billion, increased $185.5 million when compared with the same period of 2025.
NIM increased 22 basis points to 3.67%. NIM FTE was 4.16%, an increase of 36 basis points when compared to the same period in 2025.
NIM expansion was mainly driven by money market and investments securities yields which increased by 17 basis points, purchases and
re-investments of maturities into higher yielding U.S. Treasury securities, and lower deposit costs resulting mainly from the repricing of P.R.
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public market-linked high-cost deposits. Total cost of deposits decreased 24 basis points to 1.57% compared to the same period in 2025.
Excluding P.R. public deposits, total deposit costs decreased seven basis points to 1.09% compared to the same period in 2025.
On a taxable equivalent basis, the main drivers for the six months ended on June 30, 2026 compared to the six months ended June 30,
2025:
•higher income from loans by $87.2 million, or four basis points, driven by loan growth particularly across most portfolios, along
with higher loan yields driven by the auto, leases and mortgage portfolios;
•higher income from U.S. Treasury securities by $95.3 million, or 44 basis points, primarily reflecting higher average balances due
to purchases of and reinvestments in higher-yielding U.S. Treasury securities including $2.5 billion of U.S. T-Notes purchased in
the third quarter of 2025 and $1.1 billion U.S. T-Notes purchased in the second quarter of 2026; and
•lower interest expense on deposits by $62.2 million or 24 basis points. The cost of interest-bearing deposits declined by 32 basis
points, driven by a 64 basis point decrease in market-linked P.R. public deposits to 2.63%, coupled with lower deposit costs in
Popular U.S. attributable to repricing of online savings and time deposits;
partially offset by:
•lower income from money market investments by $48.4 million or 76 basis points, reflecting lower average balances and lower
yields attributable to the decline in short-term market rates during late 2025.
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Table 3 - Analysis of Levels & Yields on a Taxable Equivalent Basis (Non-GAAP)
Six month period ended June 30, 2026
Average Volume
Average Yields / Costs
Interest
Variance
Attributable to
2026
2025
Variance
2026
2025
Variance
2026
2025
Variance
Rate
Volume
(In millions)
(In thousands)
$4,973
$6,314
$(1,341)
3.70%
4.46%
(0.76)%
Money market
investments
$91,261
$139,698
$(48,437)
$(21,575)
$(26,862)
30,454
28,613
1,841
3.61
3.22
0.39
Investment securities [1]
545,012
456,807
88,205
50,353
37,852
33
29
4
5.66
5.90
(0.24)
Trading securities
916
847
69
(36)
105
35,460
34,956
504
3.62
3.45
0.17
Total money market,
  investment and trading
  securities
637,189
597,352
39,837
28,742
11,095
Loans:
19,828
18,585
1,243
6.72
6.72
—
Commercial
660,881
619,461
41,420
(21)
41,441
1,731
1,385
346
8.02
8.15
(0.13)
Construction
68,796
55,995
12,801
(964)
13,765
1,977
1,951
26
7.40
7.14
0.26
Leasing
73,139
69,693
3,446
2,485
961
8,698
8,254
444
6.11
5.86
0.25
Mortgage
265,915
241,789
24,126
10,791
13,335
3,310
3,207
103
13.80
14.02
(0.22)
Consumer
226,486
222,989
3,497
(3,386)
6,883
3,880
3,929
(49)
9.32
9.11
0.21
Auto
179,398
177,511
1,887
4,154
(2,267)
39,424
37,311
2,113
7.53
7.49
0.04
Total loans
1,474,615
1,387,438
87,177
13,059
74,118
$74,884
$72,267
$2,617
5.68%
5.54%
0.14%
Total earning assets
$2,111,804
$1,984,790
$127,014
$41,801
$85,213
Interest bearing deposits:
$8,687
$8,022
$665
1.66%
1.72%
(0.06)%
NOW and money
market
$71,397
$68,290
$3,107
$(5,927)
$9,034
14,725
14,556
169
0.77
0.85
(0.08)
Savings
56,353
61,658
(5,305)
(3,967)
(1,338)
8,812
8,466
346
2.97
3.18
(0.21)
Time deposits
129,654
133,713
(4,059)
(9,545)
5,486
20,935
20,310
625
2.63
3.27
(0.64)
P.R. public deposits
273,268
329,260
(55,992)
(65,601)
9,609
53,159
51,354
1,805
2.01
2.33
(0.32)
Total interest bearing
deposits
530,672
592,921
(62,249)
(85,040)
22,791
15,185
14,758
427
Non-interest bearing
demand deposits
68,344
66,112
2,232
1.57
1.81
(0.24)
Total deposits
530,672
592,921
(62,249)
(85,040)
22,791
568
297
271
3.86
4.57
(0.71)
Short-term borrowings
10,875
6,726
4,149
(1,116)
5,265
757
847
(90)
6.32
5.72
0.60
Other medium and long-
term debt
23,709
24,077
(368)
2,474
(2,842)
54,484
52,498
1,986
2.09
2.40
(0.31)
Total interest bearing
  liabilities (excluding
  demand deposits)
565,256
623,724
(58,468)
(83,682)
25,214
5,215
5,011
204
Other sources of funds
$74,884
$72,267
$2,617
1.52%
1.74%
(0.22)%
Total source of funds
$565,256
$623,724
$(58,468)
$(83,682)
$25,214
4.16%
3.80%
0.36%
Net interest margin/
  income on a taxable
  equivalent basis (Non-
  GAAP)
$1,546,548
$1,361,066
$185,482
$125,483
$59,999
3.59%
3.14%
0.45%
Net interest spread
Taxable equivalent
adjustment
182,949
123,920
59,029
3.67%
3.45%
0.22%
Net interest margin/
  income non-taxable
  equivalent basis
  (GAAP)
$1,363,599
$1,237,146
$126,453
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred
from available-for-sale to held-to-maturity.
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Provision for Credit Losses - Loans Held-in-Portfolio and Unfunded Commitments
For the quarter ended June 30, 2026, the Corporation recorded a provision for credit losses related to loans held-in-portfolio and unfunded
commitments of $65.5 million, an increase of $17.1 million when compared to the same quarter of the previous year. The provision for loan
and lease losses was $65.2 million, an increase of $15.6 million compared to the same quarter of the previous year, and the provision for
unfunded commitments was $0.4 million, an unfavorable variance of $1.5 million, mainly driven by a release of the unfunded commitments
reserve in BPPR during the second quarter of 2025.
As discussed in Note 8 to the Consolidated Financial Statements, the Corporation estimates the ACL by weighting the outputs of optimistic,
baseline, and pessimistic scenarios. Among the three scenarios evaluated to estimate the ACL, the baseline scenario was assigned the
highest probability, followed by the pessimistic scenario, and then the optimistic scenario with the lowest probability.  There were no changes
to the probability weights assigned during the second quarter of 2026 when compared to June 30, 2025.
The major drivers of the changes in the provision for loan losses during the quarter by business segment when compared to the same
quarter in 2025, were as follows:
•In the BPPR segment, the provision for loan losses was $61.7 million, an increase of $18.6 million. The increase was primarily
attributable to a $51.4 million increase in provision expense for the commercial loan portfolio, reflecting higher specific reserves,
including a portion of the $71.3 million charge-off related to a $155.0 million non-performing loan transferred to held-for-sale that
had not been previously reserved, as well as specific reserves for two commercial and industrial loans totaling $129.0 million that
were placed on non-performing status during the second quarter of 2026. This increase was partially offset by a $32.7 million
decrease in provision expense for the consumer and mortgage loan segments driven by improved credit metrics in the consumer
portfolios and improved macroeconomic assumptions and higher net recoveries in the mortgage loan segment. 
•In the Popular U.S. segment, the provision for loan losses was $3.4 million for the quarter ended June 30, 2026, a decrease of
$3.0 million, mainly driven by lower provisions in both the commercial and mortgage segments, with reductions of $1.6 million and
$1.3 million, respectively. The favorable variance was due to higher qualitative reserves for commercial loans established in the
second quarter of 2025, in addition to an overall improvement in credit quality.
For the six months ended June 30, 2026, the provision for credit losses related to loans held-in-portfolio and unfunded commitments
amounted to $141.3 million, an increase of $29.0 million, compared to the six months ended June 30, 2025. The provision for loan losses
was $140.8 million, an increase of $26.1 million, and the provision related to reserves for unfunded commitments was $0.5 million, an
unfavorable variance of $2.9 million, mainly driven by a release of the unfunded commitments reserves by $2.4 million in the six-month
period ended June 30, 2025. The major drivers of the change in the provision for loan losses during the six months ended June 30, 2026 by
business segment when compared to the same period in 2025, were as follows:
•In the BPPR segment, the provision for loan losses was $136.2 million, an increase of $39.2 million, driven by higher provision
expense in the commercial loan segment associated with the $71.3 million charge-off mentioned above, partially offset by lower
provision in the mortgage loan portfolio due to higher recoveries recognized, consumer loans with lower reserves, and changes in
macroeconomic forecasts.
•In the Popular U.S. segment, the provision for loan losses was $5.8 million, a decrease of $13.1 million, driven by lower provision
expense in both the commercial and consumer loan segments, due to higher qualitative reserves established in 2025 to address
ACL coverage and improvements in overall credit quality.
At June 30, 2026, the total allowance for credit losses for loans held-in-portfolio amounted to $784.8 million, a decrease of $23.2 million
when compared to December 31, 2025. The ratio of the allowance for credit losses to loans held-in-portfolio was 1.97% at June 30, 2026
compared to 2.05 % at December 31, 2025. Refer to Note 8 to the Consolidated Financial Statements for additional information on the
Corporation’s methodology to estimate its ACL. Refer to the Credit Risk section of this MD&A for a detailed analysis of net charge-offs, non-
performing assets, the allowance for credit losses and selected loan losses statistics.
Non-Interest Income
Non-interest income for the second quarter of 2026 of $180.5 million, an increase of $12.1 million when compared with the same quarter for
the previous year. The variance was primarily due to:
•higher other service fees by $8.3 million, primarily driven by a $5.9 million increase in debit and credit card fees, reflecting growth
in transaction activity and higher purchase volumes, coupled with a $1.1 million increase in asset management fees driven by
higher assets under management; and
•higher other operating income by $2.4 million, mainly due to a $6.1 million increase in earnings from an investment accounted for
under the equity method that benefited from an unrealized gain of $3.1 million in the valuation of an investment, partially offset by
two items recognized in Q2 2025, a $2.8 million reimbursement of excess interest paid to the U.S. Internal Revenue Service
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(“IRS”) related to late payment penalties on tax withholdings for intercompany distributions previously disclosed in 2024, and a
$1.2 million cash distribution from the exit of a legacy equity investment.
Non-interest income for the six months ended June 30, 2026 of $346.2 million, an increase of $25.6 million when compared to the same
period of the previous year. The main factors that contributed to the variance were:
•higher other service fees by $16.7 million, primarily driven by an $11.3 million increase in debit and credit card fees, reflecting
growth in transaction activity and higher purchase volumes including those of commercial credit cards, coupled with a $4.3 million
increase in asset management fees driven by higher assets under management; and
•higher other operating income by $6.2 million, primarily reflecting a $10.5 million increase in earnings from an investment
accounted for under the equity method, partially offset by a $3.9 million reimbursement of excess interest paid to the U.S. Internal
Revenue Service (“IRS”) related to late payment penalties on tax withholdings for intercompany distributions, and a $1.2 million
cash distribution from the exit of a legacy equity investment.
Operating Expenses
Operating expenses for the second quarter of 2026 totaled $484.1 million, a decrease of $8.6 million when compared to the same quarter of
2025. The main drivers of the variance were:
•lower other operating expenses by $10.4 million, attributable to a $5.6 million decrease in insurance claim reserves compared to
the second quarter of 2025 and a $3.1 million decrease in reserves for operational losses; and
•lower professional fees by $3.6 million, primarily reflecting lower advisory fees associated with corporate initiatives and regulatory
compliance activities,
partially offset by:
•higher technology and software expenses by $6.3 million, primarily reflecting increased software cost amortization driven by
continued investments in technology and transformation initiatives, together with higher IT consulting fees; partially offset by lower
network management service expenses.
Operating expenses for the six months ended June 30, 2026 were $951.4 million, a decrease of $12.3 million when compared to the same
period of 2025. The variance was primarily due to:
•lower other operating expenses by $19.1 million, primarily due to lower reserves for operational losses by $5.2 million and lower
insurance claim reserves by $5.6 million, higher gains on the sale of OREO properties by $3.2 million and a $2.4 million decrease
in pension expense due to a lower discount rate used in the actuarial analysis when compared to the same period of 2025;
•lower professional fees by $4.9 million, primarily driven by lower advisory expenses associated with corporate initiatives and
regulatory compliance activities;
partially offset by:
•higher technology and software expenses by $11.7 million, primarily attributable to increases in software cost amortization,
equipment depreciation, and IT consulting fees driven by continued investments in technology and transformation initiatives;
partially offset by lower application and network management service charges; and
•higher personnel costs by $3.0 million, mainly due to a $4.1 million increase in salaries driven by higher headcount and annual
salary revisions, together with a $3.2 million increase in other compensation expenses; partially offset by a $4.2 million decrease
in profit-sharing expense when compared to the same period of 2025.
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Table 4 - Operating Expenses
Quarters ended June 30,
Six Months Ended June 30,
(Dollars in thousands)
2026
2025
Variance
2026
2025
Variance
Salaries
$134,448
$132,752
1,696
$269,261
263,702
5,559
Commissions, incentives and other bonuses
39,911
40,551
(640)
74,814
78,537
(3,723)
Profit sharing
10,000
13,000
(3,000)
8,797
13,000
(4,203)
Pension, postretirement and medical insurance
18,773
18,458
315
33,669
33,024
645
Other personnel costs, including payroll taxes
25,899
$24,594
1,305
58,559
53,805
4,754
Total personnel costs
229,031
229,355
(324)
445,100
442,068
3,032
Net occupancy expenses
27,764
29,140
(1,376)
55,063
56,358
(1,295)
Equipment expenses
5,879
5,789
90
11,108
11,091
17
Other taxes
17,707
18,632
(925)
35,384
37,357
(1,973)
Professional fees
24,484
28,108
(3,624)
50,037
54,933
(4,896)
Technology and software expenses
90,971
84,696
6,275
180,110
168,364
11,746
Processing and transactional services
Credit and debit cards
13,236
13,044
192
27,442
25,970
1,472
Other processing and transactional services
24,030
24,817
(787)
48,911
49,672
(761)
Total processing and transactional services
37,266
37,861
(595)
76,353
75,642
711
Communications
4,261
5,010
(749)
8,770
9,914
(1,144)
Business promotion
Rewards and customer loyalty programs
19,600
18,047
1,553
34,992
34,412
580
Other business promotion
8,300
8,338
(38)
15,768
15,648
120
Total business promotion
27,900
26,385
1,515
50,760
50,060
700
Deposit insurance
9,977
9,407
570
19,894
19,442
452
Other real estate owned (OREO) expense (income)
(3,238)
(4,124)
886
(7,856)
(7,454)
(402)
Other operating expenses
-
Operational losses
3,118
6,185
(3,067)
7,093
12,323
(5,230)
All other
8,626
15,932
(7,306)
18,856
32,693
(13,837)
Total other operating expenses
11,744
22,117
(10,373)
25,949
45,016
(19,067)
Amortization of intangibles
384
385
(1)
768
982
(214)
Total operating expenses
$484,130
$492,761
(8,631)
951,440
963,773
(12,333)
Income Taxes
For the quarter ended June 30, 2026, the Corporation recorded income tax expense of $45.7 million, a decrease of $2.2 million when
compared to the same period in 2025. The effective tax rate ("ETR") decreased to 14.1% from 18.5% driven by higher exempt income and
other benefits including the purchase of tax credits and income subject to preferential income tax rates.
For the six-month period ended June 30, 2026, income tax expense was $92.7 million, compared to $92.9 million reported for the same
period in 2025. The ETR for the six-month period ended June 30, 2026, was 15.0% compared to 19.3% in the same period for 2025 driven
by higher exempt income and other benefits, including the vesting of stock awards, the purchase of tax credits, and income subject to
preferential income tax rates.
At June 30, 2026, the Corporation had a net deferred tax asset amounting to $794.0 million, net of a valuation allowance of $470.6 million. 
The net deferred tax asset related to the U.S. Operations was $219.2 million, net of a valuation allowance of $386.6 million.
Refer to Note 24 to the Consolidated Financial Statements for additional information on deferred tax asset balances.
REPORTABLE SEGMENT RESULTS
The Corporation’s reportable segments for managerial reporting purposes consist of Banco Popular de Puerto Rico and Popular U.S. A
Corporate group has also been defined to support the reportable segments.
For a description of the Corporation’s reportable segments, including additional financial information and the underlying management
accounting process, refer to Note 26 to the Consolidated Financial Statements.
The corporate group reported a net income of $8.8 million for the quarter ended June 30, 2026, compared with a net income of $3.3 million
for the same quarter of the previous year. For the six months ended June 30, 2026, the corporate group reported a net income of $13.2
million, compared to a net loss of $0.3 million for the same period of the previous year, mainly due to higher income from equity method
investments. There were no intercompany distributions between the U.S. subsidiaries and the bank holding companies.
Highlights on the earnings results for the reportable segments are discussed below:
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Banco Popular de Puerto Rico
The Banco Popular de Puerto Rico (“BPPR”) reportable segment’s net income amounted to $232.9 million for the quarter ended June 30,
2026, higher by $48.4 million when compared to the same quarter of the previous year. The main drivers for a higher income included:
•net interest income increased $51.4 million to $589.9 million. The increase was primarily driven by higher income from money
market and investment securities by $10.1 million or three basis points mainly driven by higher income of U.S. Treasury securities
and by higher income from loans by $20.9 million driven by loan growth across most portfolios. The increase was also attributable
to a $20.1 million, or 28 basis point, decrease on interest expense from deposits, primarily due to a 61 basis point reduction in the
cost of market-linked Puerto Rico public deposits driven by a decline in short-term market rates when compared to the same
period in 2025. NIM expanded 17 basis points to 3.85%. Deposit costs, at 1.32%, were lower by 21 basis points;
•higher non-interest income by $10.1 million mainly due to higher service fees by $7.9 million driven by higher debit and credit card
fees due to higher transaction activity and higher purchase volumes, as well as an increase in asset management fees;
•lower operating expenses by $4.1 million mostly due to lower operational loss reserves by $9.0 million, partially offset by higher
technology and software expenses by $3.1 million due to continuing investments in technology and transformation initiatives and
higher professional fees by $1.1 million; and
•lower income tax expense by $3.5 million mainly due to higher exempt income;
partially offset by:
•higher provision for credit losses by $18.6 million which resulted in a provision of $61.8 million for the quarter ended June 30,
2026. Refer to section "Provision for credit losses-Loans held-in-portfolio and unfunded commitments" in this MD&A for more
discussion over the drivers of the provision for credit losses by business segment.
For the six months ended June 30, 2026, the BPPR segment recorded a net income of $437.3 million compared to a net income of $350.4
million for the same period of the previous year. The factors that contributed to the variance in the financial results included the following:
•net interest income increased $97.5 million to $1.2 billion compared with the same period of 2025. The increase was primarily
driven by higher income from loans by $41.0 million driven by loan growth across most portfolios and higher income from money
market and investment securities by $6.7 million mainly driven by U.S. Treasury securities, partially offset by lower income from
money market investments. The increase was also attributable to a $49.5 million, or 30 basis points, decrease in interest expense
on deposits, primarily due to a 64 basis point reduction in the cost of market-linked Puerto Rico public deposits driven by a decline
in short-term market rates. NIM expanded 20 basis points to 3.86%. Deposit costs, at 1.31%, were lower by 23 basis points;
•higher non-interest income by $17.3 million mainly due to higher service fees by $14.8 mainly due to higher debit and credit card
fees driven by higher transaction activity and higher purchase volumes, as well as an increase in asset management fees;
•lower operating expenses by $6.3 million mostly due to lower operational losses by $11.0 million and higher gains on repossessed
unit sales by $3.2 million, partially offset by higher technology and software expenses by $4.7 million due to continuing
investments in technology and transformation initiatives, and higher personnel costs by $2.1 million mainly due to an increase in
salaries expenses driven by exempt employees; and
•lower income tax expense by $6.4 million due mainly to higher exempt income;
partially offset by:
•the provision for credit losses increased by $39.2 million to $135.1 million. Refer to section "Provision for credit losses-Loans
held-in-portfolio and unfunded commitments" in this MD&A for more discussion over the drivers of the provision for credit losses
by business segment.
Popular U.S.
For the quarter ended June 30, 2026, the reportable segment of Popular U.S. reported a net income of $36.6 million, compared with a net
income of $22.6 million for the same quarter of the previous year. The main drivers for higher net income are the following:
•Net interest income increased $10.9 million to $113.1 million. The increase was primarily driven by higher income from loans
resulting from higher average balances and yields in the commercial portfolio by 16 basis points, or $8.8 million. The increase was
also due to a $5.1 million, or 24 basis points, decrease in interest expense on deposits, primarily due to repricing across most
deposit products driven by a decline in short-term market rates; and
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•the provision for loan losses was $3.4 million, a decrease of $3.0 million. Refer to section "Provision for credit losses-Loans held-
in-portfolio and unfunded commitments" in this MD&A for more discussion over the drivers of the provision for credit losses by
business segment;
partially offset by:
•higher income tax expense by $5.0 million due to higher income before tax.
For the six months ended June 30, 2026, the reportable segment of Popular U.S. recorded a net income of $73.6 million, compared with a
net income of $37.4 million for the same period of the previous year. The factors that contributed to the variance in the financial results
included the following:
•Net interest income increased $29.6 million to $224.8 million. The increase was primarily driven by higher income from loans
resulting from higher average balances and yields in the commercial portfolio. The increase also benefited from a $16.1 million, or
34 basis point, decrease in deposit interest expense, primarily due to repricing across most deposit products driven by a decline
in short-term market rates; and
•provision for loan losses was $5.8 million, a decrease of $13.1 million. Refer to section Provision for Credit Losses-Loans Held-in-
Portfolio and Unfunded Commitments in this MD&A for more discussion over the drivers of the provision for credit losses by
business segment;
partially offset by:
•higher income tax expense by $13.0 million due to higher income before tax.
STATEMENT OF FINANCIAL CONDITION ANALYSIS
Assets
The Corporation’s total assets were $79.0 billion at June 30, 2026, compared to $75.3 billion at December 31, 2025. The variance in total
assets of $3.7 billion was driven by an increase in AFS securities and loan growth across most portfolios, partially offset by a decrease in
HTM securities. Refer to the Consolidated Statements of Financial Condition included in this report and to the following narrative for
additional information.
Money market investments and investment securities
Money market investments decreased by $71.0 million as of June 30, 2026, when compared to December 31, 2025, due to the use of funds
for loan growth and to the purchase of U.S. Treasury securities. AFS securities increased $4.2 billion, driven by investment in U.S. Treasury
securities of $4.5 billion, partially offset by maturities and principal paydowns, mainly in mortgage-backed securities (“MBS”) and higher
unrealized losses in AFS securities of $94.0 million. HTM securities decreased by $1.1 billion driven by maturities, partially offset by the
accretion of $90.8 million of the discount related to U.S. Treasury securities previously reclassified from AFS to HTM. Refer to Note 5 and to
Note 6 to the Consolidated Financial Statements for additional information with respect to the Corporation’s debt securities available-for-
sale and held-to-maturity.
Loans
Loans held-in-portfolio were $39.7 billion at June 30, 2026, an increase of $422.3 million when compared to December 31, 2025. In the
BPPR segment loan balances increased by $318.2 million, mainly in the mortgage, commercial and construction portfolios. The Popular
U.S. segment also increased by $104.1 million mainly due to higher commercial real estate loans, partially offset by lower commercial multi-
family and runoff from the exited residential mortgage business.
At June 30, 2026, the Corporation’s loans to non-depository financial institutions (‘’NDFIs’’) amounted to $551.4 million, an increase of $6.4
million, compared to December 31, 2025. This increase was related to higher mortgage credit intermediaries by $24.8 million, mostly in
Popular Bank, partially offset by decreases of $11.2 million in consumer and commercial credit intermediaries and $7.2 million in insurance
companies.  At June 30, 2026, the Corporation’s exposure to NDFIs was composed of $262.1 million to insurance companies for general
corporate purposes unrelated to lending activities, $162.7 million related to consumer and commercial credit intermediaries, and $126.5
million related to mortgage credit intermediaries. All loans to NDFIs are current in their contractual payments and carry a ‘pass’ rating.
Refer to Table 5 for a breakdown of the Corporation’s loan portfolio. Also, refer to Note 7 in the Consolidated Financial Statements for
detailed information about the Corporation’s loan portfolio composition and loan purchases and sales.
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Table 5 - Loans Ending Balances
(In thousands)
June 30, 2026
December 31, 2025
Variance
Loans held-in-portfolio:
Commercial
Commercial multi-family
$2,399,424
$2,455,790
$(56,366)
Commercial real estate non-owner occupied
5,620,875
5,543,284
77,591
Commercial real estate owner occupied
3,256,702
3,153,080
103,622
Commercial and industrial
8,774,084
8,607,412
166,672
Total Commercial
20,051,085
19,759,566
291,519
Construction
1,732,075
1,674,899
57,176
Mortgage
8,780,334
8,649,440
130,894
Leasing
1,968,035
2,001,365
(33,330)
Consumer
-
Credit cards
1,237,997
1,256,717
(18,720)
Home equity lines of credit
85,357
78,692
6,665
Personal
1,952,725
1,906,228
46,497
Auto
3,766,648
3,819,812
(53,164)
Other
175,606
180,799
(5,193)
Total Consumer
7,218,333
7,242,248
(23,915)
Total loans held-in-portfolio
$39,749,862
$39,327,518
$422,344
Loans held-for-sale:
Commercial
$83,700
$-
$83,700
Mortgage
4,879
9,998
(5,119)
Total loans held-for-sale
$88,579
$9,998
$78,581
Total loans
$39,838,441
$39,337,516
$500,925
Other assets
Other assets amounted to $1.8 billion at June 30, 2026, an increase of $56.2 million when compared to $1.7 billion at December 31, 2025.
The variance was mainly driven by an increase of $33.6 million in investments under the equity method, primarily due to the equity pickup
from our investment in BHD, and an increase in prepaid taxes, mainly municipal taxes of $22.4 million. Refer to Note 10 to the Consolidated
Financial Statements for a breakdown of the principal categories that comprise the caption of “Other Assets” in the Consolidated Statements
of Financial Condition at June 30, 2026 and December 31, 2025.
Liabilities
The Corporation’s total liabilities were $72.5 billion at June 30, 2026, an increase of $3.4 billion, when compared to December 31, 2025. The
following is a discussion of the significant changes in liabilities.
Deposits and Borrowings
Total Deposits
The Corporation’s deposits totaled $70.2 billion as of June 30, 2026, compared to $66.2 billion as of December 31, 2025. Ending deposit
balances increased by $4.0 billion, while average quarterly balances grew by $3.0 billion. The average deposit balance, excluding P.R.
public deposits, increased by $1.2 billion.
At the end of the second quarter of 2026, P.R. public deposits were $22.7 billion, representing 32% of total deposits. P.R. public deposits are
expected to range between $20 billion and $22 billion through the end of 2026. However, the rate at which public deposit balances may
change is uncertain and difficult to predict. The amount and timing of any such change is likely to be impacted by, for example, the level of
federal assistance and speed at which it is distributed, the use of local funds to cover federal assistance programs during the U.S.
government shutdown, the financial condition, liquidity and cash management practices of the Puerto Rico Government and its
instrumentalities, and the implementation of fiscal and debt adjustment plans approved pursuant to PROMESA or other actions mandated
by the Fiscal Oversight and Management Board for Puerto Rico (the “Oversight Board”) or by reductions in federal funding available for
Puerto Rico. P.R. public deposits costs are generally indexed to changes in short-term market rates with a one-quarter lag, in accordance
with contractual terms. As a result, these deposits’ costs have typically lagged variable asset repricing. These deposits require that the bank
pledge high credit quality securities as collateral; therefore, liquidity risks arising from deposit outflows are lower. Total deposit costs,
excluding P.R. public deposits, demonstrate the stability of core deposits, low cost and low betas.
The volume and cost of P.R. public deposits and the proportion of high-cost deposits in the U.S. directly impact the balance and mix of
earning assets and therefore represent a key factor in the Corporation’s ability to expand its net interest margin.
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Refer to Table 6 for a breakdown of the Corporation’s deposits at June 30, 2026 and December 31, 2025.
Table 6 - Deposits Ending Balances
(In thousands)
June 30, 2026
December 31, 2025
Variance
Deposits excluding P.R. public deposits:
Demand deposits
$15,085,454
$15,298,712
$(213,258)
Savings, NOW and money market deposits (non-brokered)
23,376,410
22,655,936
720,474
Savings, NOW and money market deposits (brokered)
79,505
87,566
(8,061)
Time deposits (non-brokered)
8,113,712
7,861,848
251,864
Time deposits (brokered CDs)
873,116
866,772
6,344
Sub-total deposits excluding P.R. public deposits
47,528,197
46,770,834
757,363
P.R. public deposits:
Demand deposits [1]
11,438,732
11,534,301
(95,569)
Savings, NOW and money market deposits (non-brokered)
10,347,936
7,134,217
3,213,719
Time deposits (non-brokered)
918,250
750,741
167,509
Sub-total P.R. public deposits
22,704,918
19,419,259
3,285,659
Total deposits
$70,233,115
$66,190,093
$4,043,022
[1] Includes interest bearing demand deposits.
Borrowings
The Corporation’s borrowings totaled $1.5 billion at June 30, 2026 compared to $1.4 billion at December 31, 2025. Refer to Note 12 to the
Consolidated Financial Statements for detailed information on the Corporation’s borrowings. Also, refer to the Liquidity section in this MD&A
for additional information on the Corporation’s funding sources.
Stockholders’ Equity
Stockholders’ equity totaled $6.4 billion at June 30, 2026, an increase of $183.9 million when compared to December 31, 2025. The
increase was principally due to net income for the six months ended June 30, 2026 of $523.9 million, the amortization of unrealized losses
from securities previously reclassified to HTM of $72.6 million and a favorable variance in foreign currency translation adjustments of $22
million from our investment in BHD, partially offset by the after-tax effect of higher net unrealized losses in the AFS securities portfolio of
$74.9 million and an increase in treasury stock of $277.9 million, mainly due to common stock repurchases, and common and preferred
dividends declared of $97.5 million. Refer to the Consolidated Statements of Financial Condition, Comprehensive Income and Changes in
Stockholders’ Equity for information on the composition of stockholders’ equity.
During the six months ended June 30, 2026, Popular repurchased 1,988,767 shares of common stock for $280.5 million at an average price
of $141.04 per share.
The composition of the Corporation’s financing to total assets at June 30, 2026 and December 31, 2025 is included in Table 7.
Table 7 - Financing to Total Assets
June 30,
December 31,
% (decrease) increase
% of total assets
(Dollars in millions)
2026
2025
from 2026 to 2025
2026
2025
Non-interest-bearing core deposits
$15,096
$15,304
(1.4)%
19.1%
20.3%
Interest-bearing core deposits
49,039
46,017
6.6%
62.1%
61.1%
Interest-bearing other deposits
6,098
4,869
25.2%
7.7%
6.4%
Repurchase agreements
78
39
100.0%
0.1%
0.1%
Other short-term borrowings
675
650
3.8%
0.9%
0.9%
Notes payable
710
760
(6.6)%
0.9%
1.0%
Other liabilities
843
1,460
(42.3)%
1.1%
1.9%
Stockholders’ equity
6,433
6,249
2.9%
8.1%
8.3%
CAPITAL
Regulatory Capital
The Corporation, BPPR and PB are subject to regulatory capital requirements established by the Federal Reserve Board. The risk-based
capital standards applicable to the Corporation, BPPR and PB (“Basel III capital rules") are based on the final capital framework for
strengthening international capital standards, known as Basel III, of the Basel Committee on Banking Supervision. As of June 30, 2026, the
Corporation’s, BPPR’s and PB’s capital ratios continue to exceed the minimum requirements for being “well-capitalized".
The risk-based capital ratios presented in Table 8, which include common equity tier 1, Tier 1 capital, total capital and leverage capital as of
June 30, 2026 and December 31, 2025.
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Table 8 - Capital Adequacy Data
(Dollars in thousands)
June 30, 2026
December 31, 2025
Common equity tier 1 capital:
Common stockholders' equity - U.S. GAAP basis
$6,410,862
6,226,936
AOCI related adjustments due to opt-out election
1,096,276
1,096,805
Goodwill, net of associated deferred tax liability (DTL)
(628,281)
(639,734)
Intangible assets, net of associated DTLs
(4,308)
(5,076)
Deferred tax assets and other deductions
(204,414)
(215,404)
Common equity tier 1 capital
$6,670,135
$6,463,527
Additional tier 1 capital:
Preferred stock
22,143
22,143
Additional tier 1 capital
$22,143
$22,143
Tier 1 capital
$6,692,278
$6,485,670
Tier 2 capital:
Trust preferred securities subject to phase in as tier 2
192,674
192,674
Other inclusions (deductions), net
522,000
517,723
Tier 2 capital
$714,674
$710,397
Total risk-based capital
$7,406,952
$7,196,067
Minimum total capital requirement to be well capitalized
$4,149,128
$4,112,375
Excess total capital over minimum well capitalized
$3,257,824
$3,083,692
Total risk-weighted assets
$41,491,279
$41,123,753
Total assets for leverage ratio
$78,115,437
$74,661,894
Risk-based capital ratios:
Common equity tier 1 capital
16.08%
15.72%
Tier 1 capital
16.13
15.77
Total capital
17.85
17.50
Tier 1 leverage
8.57
8.69
The Basel III capital rules provide that a depository institution is deemed to be well capitalized if it maintains a leverage ratio of at least 5%,
a common equity Tier 1 ratio of at least 6.5%, a Tier 1 capital ratio of at least 8% and a total risk-based ratio of at least 10%. The
Corporation, BPPR and PB leverage ratio, common equity Tier 1 ratio and Tier 1 capital ratio, respectively as of June 30, 2026, continue to
exceed the minimum requirements for being “well-capitalized" under the Basel III capital rules.
The increase in the common equity Tier I capital ratio, Tier I capital ratio, and total capital ratio, as of June 30, 2026 as compared to
December 31, 2025 was mainly due to the six month period's earnings, partially offset by the repurchase of common stock, common stock
dividends, and higher risk weighted assets driven by the increase in loans held-in-portfolio. The decrease in the leverage ratio was driven by
higher total assets which are impacted by zero-risk weighted assets that did not have a significant impact on the risk weighted assets,
partially offset by the six month period's earnings.
Reconciliation to Tangible Common Equity and Tangible Assets
Table 9 provides a reconciliation of total stockholders’ equity to tangible common equity and total assets to tangible assets as of June 30,
2026, and December 31, 2025.
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Table 9 - Reconciliation of Tangible Common Equity and Tangible Assets
(In thousands, except share or per share information)
June 30, 2026
December 31,
2025
Total stockholders’ equity
$6,433,005
$6,249,079
Less: Preferred stock
(22,143)
(22,143)
Less: Goodwill
(789,954)
(789,954)
Less: Other intangibles
(4,308)
(5,076)
Total tangible common equity
$5,616,600
$5,431,906
Total assets
78,972,300
75,348,267
Less: Goodwill
(789,954)
(789,954)
Less: Other intangibles
(4,308)
(5,076)
Total tangible assets
$78,178,038
$74,553,237
Tangible common equity to tangible assets
7.18%
7.29%
Common shares outstanding at end of period
63,866,681
65,719,385
Tangible book value per common share
$87.94
$82.65
Quarterly average
Total stockholders’ equity
$6,354,694
$6,938,571
[1]
Less: Preferred Stock
(22,143)
(22,143)
Less: Goodwill
(789,954)
(789,954)
Less: Other intangibles
(4,559)
(5,328)
Total tangible equity before adjusting for the impact of unrealized (gains) losses on AFS securities including
those transferred to HTM
$5,538,038
$6,121,146
Return on average tangible common equity before adjusting the impact of unrealized (gains) losses on AFS
securities including those transferred to HTM
20.12%
15.14%
Add: Average unrealized (gains) losses on AFS securities
824,631
56,761
Add: Average unrealized (gains) losses on AFS securities transferred to HTM
184,136
259,058
Total tangible equity after add back of impact of unrealized (gains) losses on AFS securities, including those to
HTM
$6,546,805
$6,436,965
Return on average tangible common equity after add back of impact of unrealized (gains) losses on AFS
securities including those transferred to HTM (''ROTCE'')
17.02%
14.39%
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.
RISK MANAGEMENT
Market / Interest Rate Risk
The Corporation’s assets that are mainly subject to market valuation risk are debt securities classified as available-for-sale. Refer to Note 5
and Note 6 to the Consolidated Financial Statements for further information on the debt securities available-for-sale and held-to-maturity
portfolios. Debt securities classified as available-for-sale and held-to-maturity amounted to $24.8 billion and $6.2 billion, respectively, as of
June 30, 2026. Other assets subject to market risk include mortgage servicing rights ("MSRs") with a fair value of $94.5 million as of
June 30, 2026.
Interest Rate Risk (“IRR")
The Corporation’s net interest income is subject to various categories of interest rate risk, including repricing, basis, yield curve and option
risks. In managing interest rate risk, management may alter the mix of floating and fixed rate assets and liabilities, change pricing
schedules, adjust maturities through sales and purchases of investment securities, and enter into derivative contracts, among other
alternatives.
Management utilizes various tools to assess IRR, including NII simulation modeling, static gap analysis, and Economic Value of Equity
(“EVE") to monitor the risk arising from the dynamic characteristics of assets and liabilities subject to IRR. The three methodologies
complement each other and are used jointly in the evaluation of the Corporation’s IRR. NII simulation modeling is prepared for a five-year
period, which in conjunction with the EVE analysis, provides management a better view of long-term IRR.
The Corporation processes NII simulations under interest rate scenarios in which the yield curve is assumed to rise and decline by the same
magnitude (parallel shifts). The rate scenarios considered in these market risk simulations include instantaneous parallel changes of -100,
-200, +100, and +200 basis points during the succeeding twelve-month period. Assumptions included in these analyses include that the
balance sheet remains flat, relative levels of market interest rates across all yield curve points and indexes, interest rate spreads, loan
prepayments and deposit elasticity. Thus, they should not be relied upon as indicative of actual results and do not contemplate actions that
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management may engage in as a response to future changes in interest rates. Additionally, the Corporation is also subject to the risk
inherent in the use of different rate indexes for the repricing of assets and liabilities, as well as the risk of pricing lags due to contractual or
timing differences between the market and management response to changes in the rate environment. These forward-looking computations
are management’s best estimate based on known and available information and actual results may differ.
The following table presents the results of the simulations at June 30, 2026 and December 31, 2025, assuming a static balance sheet and
parallel changes over flat spot rates over a one-year time horizon:
Table 10 - Net Interest Income Sensitivity (One Year Projection)
June 30, 2026
December 31, 2025
(Dollars in thousands)
Amount Change
Percent Change
Amount Change
Percent Change
Change in interest rate
+200 basis points
(10,913)
(0.38)
(7,520)
(0.27)
+100 basis points
(5,586)
(0.19)
(4,379)
(0.16)
-100 basis points
5,040
0.17
2,691
0.10
-200 basis points
16,617
0.58
7,488
0.27
As of June 30, 2026, NII simulations showed that the Corporation’s sensitivity position was liability sensitive. The variation in results as
compared to December 31, 2025, was mainly due to an increase in market-linked Puerto Rico public sector deposits, partly offset by an
increase in U.S. Treasury Bills. The profile reflects that in rising rate scenarios, the Corporation's net interest income would slightly decline
during the one-year horizon due mainly to the large proportion of market-linked Puerto Rico public sector deposits, offset in part by variable
rate loan repricing and intermediate maturity assets coming due within one year.
The Corporation’s loan and investment portfolios are subject to prepayment risk. Prepayment risk also could have a significant impact on
the duration of mortgage-backed securities and collateralized mortgage obligations.
Trading
The Corporation engages in trading activities in the ordinary course of business at its subsidiaries, BPPR and Popular Securities. Popular
Securities’ trading activities consist primarily of market-making activities to meet expected customers’ needs related to its retail brokerage
business, and purchases and sales of U.S. Government and government sponsored securities with the objective of realizing gains from
expected short-term price movements. BPPR’s trading activities consist primarily of holding U.S. Government sponsored mortgage-backed
securities and economic hedges of the related market risk with “TBA” (to-be-announced) market transactions. In addition, BPPR uses
forward contracts or TBAs that have characteristics similar to that of the forecasted security and its conversion timeline to hedge its
securitization pipeline.
At June 30, 2026, the Corporation held trading securities with a fair value of $31.2 million, representing 0.04% of the Corporation’s total
assets, compared with $36.6 million and 0.05%, respectively, at December 31, 2025. The trading portfolio consists principally of investment
grade securities such as mortgage-backed securities of $26.7 million with a weighted average yield of 5.04% and U.S. Treasuries of $3.7
million with a weighted average yield of 2.00% at June 30, 2026 and $23.4 million with a yield of 5.20% and $12.5 million with a yield of
2.57%, respectively, as of December 31, 2025.
The Corporation’s trading activities are limited by internal policies. For each of the two subsidiaries, the market risk assumed under trading
activities is measured by the 5-day net value-at-risk (“VAR"), with a confidence level of 99%. The VAR measures the maximum estimated
loss that may occur over a 5-day holding period, given a 99% probability.
The Corporation’s trading portfolio had a 5-day VAR of $0.4 million for the last week in June 2026. VAR models include assumptions and
estimates thus actual results could differ from the outputs from these models and assumptions. Back-testing is performed on model results
to compare actual results against maximum estimated losses, in order to evaluate model and assumptions accuracy.
In the opinion of management, the size and composition of the trading portfolio does not represent a significant source of market risk for the
Corporation.
Liquidity
Liquidity Risk Management Process
The Corporation has adopted policies and limits to monitor the Corporation’s liquidity position and that of its banking subsidiaries. Refer to
the Enterprise Risk Management section of Management’s Discussion and Analysis included in the 2025 Form 10-K for information on the
framework in place to monitor, review, and approve policies to measure, limit and manage funding activities and strategies impacting
liquidity risk. Additionally, contingency funding plans are used to model various stress events of different magnitudes that affect different time
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horizons, to assist management in evaluating the size of the liquidity buffers needed if those events occur. However, such models may not
predict accurately how the market and customers might react to every event and are dependent on many assumptions. The objective of
effective liquidity management is to ensure that the Corporation has sufficient liquidity to meet all its financial obligations, finance expected
future growth, fund planned capital distributions and maintain a reasonable safety margin for cash needs under both normal and stressed
market conditions.
Sources of Liquidity
Deposits, including customer deposits, brokered deposits and public funds deposits, continue to be the most significant source of funds for
the Corporation, representing 89% of funding of the Corporation’s total assets as of June 30, 2026 and 88% as of December 31, 2025. The
ratio of total ending loans to deposits remained at 57% at June 30, 2026 and 59% at December 31, 2025. In addition to traditional deposits,
the Corporation maintains borrowing arrangements, which amounted to $1.5 billion in outstanding balances at June 30, 2026 (December 31,
2025 - $1.4 billion). A detailed description of the Corporation’s borrowings, including their terms, is included in Note 12 to the Consolidated
Financial Statements. Also, the Consolidated Statements of Cash Flows in the accompanying Consolidated Financial Statements provide
information on the Corporation’s cash inflows and outflows.
The following sections provide further information on the Corporation’s major funding activities and needs, as well as the risks involved in
these activities.
Banking Subsidiaries
Primary sources of funding for the Corporation’s banking subsidiaries (BPPR and PB or, collectively, “the banking subsidiaries") include
retail, commercial and public sector deposits, brokered deposits, unpledged investment securities, mortgage loan securitization and, to a
lesser extent, loan sales. In addition, the Corporation maintains borrowing facilities with the FHLB and at the discount window of the Federal
Reserve Bank of New York (the “FRB") and has a considerable amount of collateral pledged that can be used to raise funds under these
facilities.
At June 30, 2026, the Corporation’s available liquidity decreased to $26.3 billion from $27.0 billion on December 31, 2025. During the
second quarter of 2026, the Corporation continued to have significant on-balance sheet and off-balance sheet sources of liquidity. The
liquidity sources of the Corporation at June 30, 2026 are presented in Table 11 below:
Table 11 - Liquidity Sources
June 30, 2026
December 31, 2025
(In thousands)
BPPR
Popular U.S.
Total
BPPR
Popular U.S.
Total
Unpledged securities and unused funding sources:
Money market (excess funds at the Federal Reserve
Bank)
$3,592,807
$952,701
$4,545,508
$3,595,806
$1,020,478
$4,616,284
Unpledged securities
4,997,192
742,829
5,740,021
5,215,981
1,057,129
6,273,110
FHLB borrowing capacity
3,138,834
972,928
4,111,762
3,291,672
692,744
3,984,416
Discount window of the Federal Reserve Bank borrowing
capacity
8,108,977
3,814,202
11,923,179
8,472,866
3,644,486
12,117,352
Total available liquidity
$19,837,810
$6,482,660
$26,320,470
$20,576,325
$6,414,837
$26,991,162
Refer to Note 15 to the Consolidated Financial Statements for additional information of the Corporation’s borrowing facilities available
through its banking subsidiaries.
The principal uses of funds for the banking subsidiaries include loan originations, investment portfolio purchases, loan purchases and
repurchases, repayment of outstanding obligations (including deposits), advances on certain serviced portfolios and operational expenses.
Also, the banking subsidiaries assume liquidity risk related to collateral posting requirements for certain activities mainly in connection with
contractual commitments, recourse provisions, servicing advances, derivatives and credit card licensing agreements.
The banking subsidiaries maintain sufficient funding capacity to address large increases in funding requirements such as deposit outflows.
The Corporation has established liquidity guidelines that require the banking subsidiaries to have sufficient liquidity to cover all short-term
borrowings and a portion of deposits.
Deposits are a key source of funding. Refer to Table 6 for a breakdown of deposits by major types. Core deposits are generated from a
large base of consumer, corporate and public sector customers. Core deposits include certificates of deposit under $250,000, all interest-
bearing transactional deposit accounts, non-interest-bearing deposits, and savings deposits. Core deposits exclude brokered deposits and
certificates of deposit over $250,000. Core deposits, excluding P.R. public funds, which are fully collateralized, have historically provided the
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Corporation with a sizable source of relatively stable and low-cost funds. P.R. public funds, while linked to market interest rates, provide a
stable source of funding with an attractive earning spread. As of June 30, 2026, total Puerto Rico public sector deposits were $22.7 billion,
compared to $19.4 billion at December 31, 2025.
Core deposits represented 91% of total deposits at $64.1 billion, as of June 30, 2026, compared with 92% at $60.9 billion as of
December 31, 2025. Core deposits financed 84% of the Corporation’s earning assets at June 30, 2026, compared to 85% at December 31,
2025.
The distribution by maturity of certificates of deposit with denominations of $250,000 and over at June 30, 2026 is presented in the table that
follows:
Table 12 - Distribution by Maturity of Certificates of Deposit of $250,000 and Over
(In thousands)
3 months or less
$2,797,544
Over 3 to 12 months
1,059,243
Over 1 year to 3 years
317,536
Over 3 years
124,493
Total
$4,298,816
The Corporation had $1.0 billion in brokered deposits at June 30, 2026, which financed approximately 1% of its total assets (December 31,
2025 - $1.0 billion and 1%, respectively).
As of June 30, 2026, the banking subsidiaries had sufficient current and projected liquidity sources to meet their anticipated cash flow
obligations, as well as special needs and off-balance sheet commitments, in the ordinary course of business and have sufficient liquidity
resources to address a stress event. Although the banking subsidiaries have historically been able to replace maturing deposits and
advances, no assurance can be given that they would be able to replace those funds in the future if the Corporation’s financial condition or
general market conditions were to deteriorate. The Corporation’s financial flexibility would be severely constrained if the banking
subsidiaries are unable to maintain access to funding or if adequate funding is not available to accommodate future financing needs at
acceptable interest rates. The banking subsidiaries also are required to deposit cash or qualifying securities to meet margin requirements on
repurchase agreements, deposit agreements and other collateralized borrowing facilities. To the extent that the value of securities previously
pledged as collateral declines because of market changes, the Corporation will be required to deposit additional cash or securities to meet
its margin or collateral requirements and would need to rely more heavily on alternative funding sources. In these scenarios, the
Corporation’s financial flexibility and ability to grow revenues may not increase proportionately to cover costs and profitability would be
adversely affected.
The Corporation considers balances in excess of $250,000 to have a higher potential liquidity risk. Table 13 reflects the aggregate balance
in deposit accounts in excess of $250,000, including collateralized public funds and deposits outside of the U.S. and its territories.
Collateralized public funds, as presented in Table 13, represent public deposit balances from governmental entities in the U.S. and its
territories, including Puerto Rico and the United States Virgin Islands, collateralized based on such jurisdictions’ applicable collateral
requirements.
Table 13 - Deposits
(Dollars in thousands)
June 30, 2026
BPPR
% of Total
Popular U.S.
% of Total
Popular, Inc.
(Consolidated)
% of Total
Deposits:
Deposits balances under $250,000 [1]
$24,267,518
41%
$8,245,018
69%
$32,512,536
46%
Transactional deposits balances over $250,000
8,048,585
14%
2,570,947
22%
10,619,532
15%
Time deposits balances over $250,000
2,509,172
4%
677,263
6%
3,186,435
5%
Uninsured foreign deposits
506,412
1%
-
-%
506,412
1%
Collateralized public funds
23,144,085
40%
264,115
2%
23,408,200
33%
Intercompany deposits
194,191
-%
173,438
1%
-
-%
Total deposits
$58,669,963
100%
$11,930,781
100%
$70,233,115
100%
[1] Includes the first $250,000 in balances of transactional and time deposit accounts with balances in excess of $250,000.
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(Dollars in thousands)
December 31, 2025
BPPR
% of Total
Popular U.S.
% of Total
Popular, Inc.
(Consolidated)
% of Total
Deposits
Deposits balances under $250,000 [1]
$23,873,328
44%
$8,283,967
69%
$32,157,295
49%
Transactional deposits balances over $250,000
8,254,961
15%
2,341,365
19%
10,596,326
16%
Time deposits balances over $250,000
2,182,301
4%
794,183
7%
2,976,484
4%
Uninsured foreign deposits
446,360
1%
-
-%
446,360
1%
Collateralized public funds
19,748,934
36%
264,694
2%
20,013,628
30%
Intercompany deposits
235,251
-%
349,483
3%
-
-%
Total deposits
$54,741,135
100%
$12,033,692
100%
$66,190,093
100%
[1] Includes the first $250,000 in balances of transactional and time deposit accounts with balances in excess of $250,000.
Bank Holding Companies
The principal sources of funding for the BHCs, which are Popular, Inc. (holding company only) and PNA, include cash on hand, investment
securities, dividends received from banking and non-banking subsidiaries, asset sales, credit facilities available from affiliate banking
subsidiaries and proceeds from potential securities offerings. Dividends from banking and non-banking subsidiaries are subject to various
regulatory limits and authorization requirements imposed by banking regulators, including the FED and the NYDFS, that may limit the ability
of those subsidiaries to act as a source of funding to the BHCs.
The principal uses of these funds include the repayment of debt, interest payments to holders of senior debt and junior subordinated
deferrable interest debentures (related to trust preferred securities), the payment of dividends to common stockholders, repurchases of the
Corporation’s securities and capitalizing its subsidiaries.
The outstanding balance of notes payable at the BHCs amounted to $595.7 million at June 30, 2026 and $595.0 million December 31,
2025.
The contractual maturities of the BHCs notes payable at June 30, 2026 are presented in Table 14.
Table 14 - Distribution of BHC's Notes Payable by Contractual Maturity
Year
(In thousands)
2028
$397,277
Later years
198,413
Total
$595,690
As of June 30, 2026, the BHCs had cash and money markets investments totaling $316 million and borrowing potential of $165 million from
its secured facility with BPPR. The BHCs’ liquidity position continues to be adequate with sufficient cash on hand, investments and other
sources of liquidity that are expected to be sufficient to meet all interest payments and dividend obligations for the foreseeable future.
Additionally, the Corporation’s latest quarterly paid dividend was $0.75 per share or approximately $48.1 million per quarter.
The BHCs have in the past borrowed in the corporate debt market primarily to finance their non-banking subsidiaries and refinance debt
obligations. These sources of funding are more costly given that two out of three principal credit rating agencies rate the Corporation’s debt
securities below “investment grade". The Corporation has a shelf registration statement filed and effective with the Securities and Exchange
Commission, which permits the Corporation to issue an unspecified amount of debt or equity securities.
Non-Banking Subsidiaries
The principal sources of funding for the non-banking subsidiaries include internally generated cash flows from operations, loan sales,
repurchase agreements, capital injections and borrowed funds from their direct parent companies or the holding companies. The principal
uses of funds for the non-banking subsidiaries include repayment of maturing debt, operational expenses and payment of dividends to the
BHCs.
Dividends
During the six months ended June 30, 2026, the Corporation declared cash dividends of $1.50 per common share outstanding ($96.8
million in the aggregate). The dividends for the Corporation’s Series A preferred stock amounted to $0.7 million for the six months ended on
June 30, 2026. On July 23, 2026, the Corporation announced an increase in its quarterly common stock dividend from $0.75 to $0.90 per
share, commencing with the dividend payable in the fourth quarter of 2026, subject to the approval by the Corporation’s Board of Directors.
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During the six months ended June 30, 2026, the BHCs received dividends and distributions amounting to $175 million from BPPR and $30
million from its other non-banking subsidiaries. Dividends from BPPR constitute Popular, Inc.’s primary source of liquidity. In addition, during
the six months ended June 30, 2026, PIBI, a wholly owned subsidiary of Popular, Inc., had no dividends.
In addition to regulatory limits previously discussed, the ability of a bank subsidiary to up-stream dividends to its BHC could be impacted by
its financial performance and capital, including tangible and regulatory capital, thus potentially limiting the amount of cash up-streamed to
the BHCs from the banking subsidiaries. This could, in turn, affect BHC’s ability to declare dividends on its outstanding common and
preferred stock, repurchase its securities or meet its debt obligations, for example. At June 30, 2026, BPPR could declare a dividend of up
to approximately $237 million without prior approval of the Federal Reserve Board due to its retained income, declared dividend activity and
transfers to statutory reserves over the measurement period. In addition, pursuant to the FRB requirements, PB may not declare or pay a
dividend without the prior approval of the Federal Reserve Board and the NYSDFS.
Other Funding Sources and Capital
In addition to cash reserves held at the FRB that totaled $4.6 billion at June 30, 2026, the debt securities portfolio provides an additional
source of liquidity, which may be realized through either securities sales, collateralized borrowings or repurchase agreements. The
Corporation’s debt securities portfolio consists primarily of liquid U.S. government debt securities, U.S. government sponsored agency debt
securities, U.S. government sponsored agency mortgage-backed securities, and U.S. government sponsored agency collateralized
mortgage obligations that can be used to raise funds in the repo markets. The availability of repurchase agreements would be subject to
having sufficient unpledged collateral available at the time the transactions are consummated, in addition to overall liquidity and risk appetite
of the various counterparties. Refer to Table 11 for details of the Corporation’s unpledged debt securities and available credit facilities with
the FHLB and the discount window of the Federal Reserve Bank. A substantial portion of these debt securities could be used to raise
financing in the U.S. money markets or from secured lending sources, subject to changes in their fair market value and customary
adjustments (haircuts).
Additional liquidity may be provided through loan maturities, prepayments and sales. The loan portfolio provides a source of collateral to
secure the available credit facilities with the FHLB and the discount window of the Federal Reserve Bank.  The loan portfolio can also be
used to obtain funding in the capital markets. Mortgage loans and some types of consumer loans, have secondary markets which the
Corporation could use.
Off-Balance Sheet Arrangements and Other Commitments
In the ordinary course of business, the Corporation engages in financial transactions that are not recorded on the balance sheet or may be
recorded on the balance sheet in amounts that are different than the full contract or notional amount of the transaction. As a provider of
financial services, the Corporation routinely enters into commitments with off-balance sheet risk to meet the financial needs of its customers.
Refer to Note 16 to the Consolidated Financial Statements for information on the Corporation’s commitments to extend credit and other
non-credit commitments.
Other types of off-balance sheet arrangements that the Corporation enters in the ordinary course of business include derivatives, operating
leases and provision of guarantees, indemnifications, and representation and warranties. Refer Note 15 to the Consolidated Financial
Statements for a detailed discussion related to the Corporation’s guarantees, indemnifications obligations, and representation and
warranties arrangements.
The Corporation monitors its cash requirements, including its contractual obligations and debt commitments.
Financial Information of Guarantor and Issuers of Registered Guaranteed Securities
The principal sources of funding for Popular, Inc. Holding Company (“PIHC”) and Popular North America, Inc. (“PNA”) have included
dividends received from their banking and non-banking subsidiaries subject to statutory provisions that limit dividends paid by the banking
subsidiary without regulatory approval, asset sales and proceeds from the issuance of debt and equity.
The Corporation (''PIHC”) is the parent holding company of Popular North America (“PNA") and operates financial services through its
subsidiaries. PNA, a wholly owned subsidiary of Popular, Inc., manages entities such as Equity One, Inc., and PB, including PB’s
subsidiaries: Popular Equipment Finance, LLC, Popular Insurance Agency, U.S.A., and E-LOAN, Inc.
PNA has issued junior subordinated debentures guaranteed by PIHC (the “obligor group"), purchased by statutory trusts established by the
Corporation using proceeds from trust preferred securities (“capital securities”) and common securities of the trusts.
PIHC guarantees the junior subordinated debentures issued by PNA. If PIHC fails to make interest payments on the debentures held by the
trust, the trust will not distribute payments on the capital securities. The guarantee ranks subordinate and junior in right of payment to all
other liabilities of PIHC and equally with all other PIHC-issued guarantees, allowing direct legal action against PIHC without involving other
entities.
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Funding for PIHC and PNA includes dividends from subsidiaries, asset sales, and proceeds from debt and equity issuance. Statutory
provisions limit the dividends an insured depository institution can pay to its holding company without regulatory approval.
The summarized financial information below shows the combined financial position of the obligor group as of June 30, 2026 and
December 31, 2025, and the results of their operations for the six-month periods ended June 30, 2026 and June 30, 2025. Excluded are
investments and equity in earnings from subsidiaries and affiliates outside the obligor group.
Intercompany balances and transactions within the obligor group have been eliminated. Material amounts due from, due to, and
transactions with subsidiaries and affiliates are shown separately. Related party transactions are also presented separately.
Table 15 - Summarized Statement of Condition
(In thousands)
June 30, 2026
December 31, 2025
Assets
Cash and money market investments
$316,104
$524,882
Investment securities
41,892
38,656
Accounts receivables from non-obligor subsidiaries
23,337
12,798
Other loans (net of allowance for credit losses of $67 (2025 - $132))
23,528
24,169
Investment in equity method investees
5,145
5,145
Other assets
103,711
91,618
Total assets
$513,717
$697,268
Liabilities and Stockholders' deficit
Accounts payable to non-obligor subsidiaries
$9,284
$7,669
Notes payable
595,690
594,958
Other liabilities
124,882
135,785
Stockholders' deficit
(216,139)
(41,144)
Total liabilities and stockholders' deficit
$513,717
$697,268
Table 16 - Summarized Statement of Operations
For the period ended
(In thousands)
June 30, 2026
June 30, 2025
Income:
Dividends from non-obligor subsidiaries
$205,000
$215,100
Interest income from non-obligor subsidiaries and affiliates
1,554
2,248
Earnings from investments in equity method investees
-
1
Other operating income
3,073
6,155
Total income
$209,627
$223,504
Expenses:
Services provided by non-obligor subsidiaries and affiliates (net of reimbursement by subsidiaries for services
provided by parent of $133,928 (2025 - $127,054))
$9,941
$7,739
Other expenses
11,598
14,359
Income tax (benefit) expense
(613)
5,952
Total expenses
$20,926
$28,050
Net income
$188,701
$195,454
In addition to the dividend income reflected in the Statement of Operations table above, during the six months ended June 30, 2025, the
obligor group recorded a $23.0 million of capital distributions from non-obligor subsidiary which was recorded as a reduction to the
investment.
Risk to Liquidity
The Corporation’s liquidity may come under pressure if it experiences significant unexpected cash outflows due to deposit withdrawals,
which could arise from various factors like economic conditions, loss of depositor confidence, competition, exogenous events, regulatory
requirements or changes, a downgrade in credit rating, or other events causing counterparties to avoid exposure.
Investors should refer to Liquidity Risks section of “Part I, Item 1 A" of 2025 Form 10-K for an additional discussion of liquidity risks to which
the Corporation is subject.
Credit Risk
Geographic and Government Risk
The Corporation is exposed to geographic and government risk. The Corporation’s assets and revenue composition by geographical area
and by business segment reporting are presented in Note 26 to the Consolidated Financial Statements. Readers should refer to Economic
and Market Risk section and Business Risk Section of “Part I, Item 1A” of the 2025 Form 10-K for an additional discussion on how the
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Corporation is impacted by global and local economic and market conditions, including weakness in the economy, particularly in Puerto
Rico, where a significant portion of our business is concentrated. This section also addresses how our credit risk and credit losses can
increase to the extent our loans are concentrated on borrowers engaged in the same or similar activities or in borrowers who as a group
may be uniquely or disproportionately affected by certain economic or market conditions.
Commonwealth of Puerto Rico
A significant portion of our financial activities and credit exposure is concentrated in the Commonwealth of Puerto Rico (“Puerto Rico") which
has faced severe economic and fiscal challenges in the past and may face additional challenges in the future.
Economic Performance
Based on the latest estimates of the Puerto Rico Planning Board, real GNP in Puerto Rico is projected to have grown by 0.4% in fiscal year
2026 (July 2025-June 2026) and by 0.3% in fiscal year 2027 (July 2026-June 2027). Meanwhile, the Puerto Rico Economic Activity Index
reflected a 0.7% year-over-year decrease in May 2026. While this index is not a direct measure of real GNP, it serves as an indicator of
ongoing economic activity.
In 2021 and 2022, inflation rose sharply in the U.S. and Puerto Rico due to post-pandemic demand and supply chain disruptions. Inflation
began to decrease by mid-2022 as the Federal Reserve raised interest rates, largely stabilizing by September 2024, leading to a series of
rate reductions by the Federal Reserve for the first time in four years. As of June 2026, the U.S. Consumer Price Index reflected a 3.5%
year-over-year increase, which, while below peak 2022 levels, remains above the Federal Reserve’s 2% target. The annual rate of inflation
has increased since February 2026 (2.4%), primarily driven by higher energy and gasoline prices resulting from the recent geopolitical
conflict involving Iran. In Puerto Rico, the Consumer Price Index reflected a year-over-year increase of 4.6% in May 2026, up from 4% in
April 2026. The full the extent to which the conflict in Iran may impact the global and Puerto Rico economies has yet to be determined.
Fiscal Challenges of Puerto Rico and its Municipalities
As Puerto Rico’s economy contracted in the 2000s, public debt increased rapidly due to borrowing to cover deficits to pay debt service,
pension benefits, and other expenditures. By 2016, the government had over $120 billion in combined debt and unfunded pension liabilities,
lost access to capital markets, and faced a fiscal crisis.
In response, the U.S. Congress enacted PROMESA in June 2016. PROMESA established an Oversight Board with significant control over
Puerto Rico’s fiscal and economic affairs, including those of its public corporations, instrumentalities and municipalities (collectively, “PR
Government Entities”).
In August 2025, President Donald J. Trump dismissed six of the seven members of the Oversight Board, reportedly due to inefficient
leadership and excessive spending. Three of the dismissed members subsequently filed suit in federal court challenging the legality of their
dismissal. On October 3, 2025, the court issued a preliminary injunction that effectively reinstated such members and barred the seating of
replacement members while the case proceeds. Such ruling was appealed to the United States Court of Appeals for the First Circuit on
December 3, 2025, and the appeal remains pending. It is still too early to determine what impact these developments may have on Puerto
Rico’s fiscal and economic affairs.
Under PROMESA, the Oversight Board will remain in place until market access is restored and balanced budgets are achieved for at least
four consecutive years. PROMESA also established two mechanisms for the restructuring of the obligations of PR Government Entities: (a)
Title III, an in-court process akin to that of the U.S. Bankruptcy Code and which permits adjustment of a broad range of obligations, and (b)
Title VI, a largely out-of-court process through which a supermajority of creditors can accept modifications to debt and bind holdouts.
Since 2017, Puerto Rico and several of its instrumentalities have availed themselves of these mechanisms. The Puerto Rico government
exited Title III in March 2022, and several instrumentalities, such as the Government Development Bank and the Puerto Rico Highways and
Transportation Authority have also completed debt restructurings under Titles III or VI of PROMESA. However, the Puerto Rico Electric
Power Authority is still undergoing its debt restructuring.
Puerto Rico's economic difficulties have also impacted its municipalities. Historically, the central government provided significant municipal
subsidies. However, these have decreased pursuant to fiscal measures required by the Oversight Board. This decline has been partly offset
by federal disaster and COVID-relief funding received by municipalities in recent years. The latest Puerto Rico fiscal plan proposes a
restructured grant system to enhance municipal services and encourage accountability through performance metrics.
Municipalities are subject to PROMESA, and the Oversight Board has required certain municipalities to submit fiscal plans and annual
budgets for review and approval. Municipalities are also required to seek Oversight Board approval to issue, guarantee or modify their debts
and to enter into significant contracts. To date no municipality has availed itself of the debt restructuring mechanisms available to them
under PROMESA.
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Exposure of the Corporation
The credit quality of BPPR’s loan portfolio is closely tied to the economic conditions in Puerto Rico. Deterioration in the Puerto Rico
economy could potentially increase delinquencies and charge-offs, thereby impacting the Corporation’s financial health. The Corporation
has direct exposure to P.R. Government Entities, which are mainly concentrated in obligations from various Puerto Rico municipalities.
Additionally, the Corporation holds loans and securities insured by P.R. Government Entities, such as the Housing Finance Authority, whose
ability to honor guarantees depends on its financial condition. BPPR’s commercial, mortgage, and consumer loan portfolios are also
exposed to risks from private borrowers who are service providers or have other relationships with the Puerto Rico government and
government employees who could be negatively affected by Puerto Rico’s fiscal challenges. For further discussion of the Corporation’s
direct and indirect exposure to the Puerto Rico government and its instrumentalities and municipalities, please refer to Note 16 –
Commitments and Contingencies to the Consolidated Financial Statements.
The Corporation also maintains significant deposits from P.R. Government Entities, with future balances subject to various uncertainties.
Further information on Puerto Rico Government deposits is included in Note 11 –  Deposits to the Consolidated Financial Statements.
United States Virgin Islands
The Corporation has operations in the United States Virgin Islands (the “USVI”) and has credit exposure to USVI government entities. For
further discussion of the Corporation’s direct and indirect exposure to USVI government entities, please refer to Note 16.
Non-Performing Assets ("NPAs")
NPAs include primarily past-due loans that are no longer accruing interest, renegotiated loans, and real estate property acquired through
foreclosure.  A summary, including certain credit quality metrics, is presented in Table 17.
During the second quarter of 2026, the Corporation’s overall credit quality metrics remained stable. The quarter included the resolution of a
significant $155.0 million non-performing commercial relationship, which resulted in a $71.3 million charge-off and the transfer of the
remaining $83.7 million carrying amount to loans held-for-sale ("LHFS"). Consumer credit performance continued to improve, supported by
lower losses in the auto portfolio. Commercial NPL inflows increased during the quarter, driven by borrower-specific issues that
management does not view as indicative of broader credit deterioration.
Total NPAs of $546.7 million as of June 30, 2026 increased by $5.9 million when compared with December 31, 2025. Total NPLs of $413.4
million decreased by $84.9 million from December 31, 2025. BPPR’s NPLs decreased by $90.9 million, primarily driven by reductions in
commercial and consumer NPLs of $64.5 million and $21.2 million, respectively.  The decline in the commercial NPLs reflects the resolution
of a $155.0 million relationship, described above. The loan was subsequently sold on July 2, 2026. The decrease resulting from the
reclassification of the loan previously mentioned was partially offset by the inflows to commercial NPLs of two unrelated commercial and
industrial relationships of $129 million in the aggregate. These inflows to commercial NPLs stemmed from issues specific to the individual
borrowers and are not indicative of a broader decline in portfolio credit quality or the industries in which the borrowers operate. Popular U.S.
NPLs increased by $6.0 million, mostly driven by higher commercial NPLs by $9.2 million, offset in part by a decrease of $3.2 million in the
mortgage NPLs.
On June 30, 2026, the ratio of NPLs to total loans held-in-portfolio was 1.04%, compared to 1.27% on December 31, 2025. Other real estate
owned loans (“OREOs”) totaled $49.6 million, an increase of $7.1 million from December 31, 2025.
The Corporation’s commercial loan portfolio secured by real estate (“CRE’’) amounted to $11.3 billion on June 30, 2026, with $3.3 billion
secured by owner-occupied properties (December 31, 2025 - $11.2 billion and $3.2 billion, respectively).
CRE NPLs amounted to $66.1 million on June 30, 2026, compared with $76.0 million on December 31, 2025. The CRE NPL ratios for the
BPPR and Popular U.S. segments were 0.86% and 0.38%, respectively, on June 30, 2026, compared with 1.23% and 0.25%, respectively,
on December 31, 2025.
The non-owner occupied CRE portfolio was $5.6 billion at June 30, 2026, split between $3.3 billion in BPPR and $2.3 billion in Popular U.S.
This portfolio is diversified across sectors: retail (32%), hotels (19%), and office space (12%) which together represent two-thirds of total
non-owner occupied CRE exposure. Specifically, office space leasing accounts for just 1.7% ($673.6 million) of the total loan portfolio,
mainly comprising mid-rise properties with an average loan size of $2.4 million, and is well diversified by tenant type.
Within CRE, the commercial multi-family portfolio is $2.4 billion (approximately 6% of total loans), concentrated in New York Metro ($1.3
billion), South Florida ($651.9 million) and Puerto Rico ($242.0 million) regions. In the New York Metro, there is no exposure to rent-
controlled buildings and rent-stabilized units make up less than 40% of total units, with most originated after 2019.
In addition to the NPLs included in Table 18, on June 30, 2026, there were $407.8 million of performing loans, mostly commercial loans,
which in management’s opinion, are currently subject to potential future classification as non-performing (December 31, 2025 - $499.6
million).
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Table 17 - Non-Performing Assets
(Dollars in thousands)
June 30, 2026
December 31, 2025
BPPR
Popular
U.S.
Popular,
Inc.
As a % of
loans HIP
by
category
BPPR
Popular
U.S.
Popular,
Inc.
As a % of
loans HIP
by
category
Commercial
Commercial multi-family
$-
$8,931
$8,931
0.4%
$112
$8,636
$8,748
0.4%
Commercial real estate non-owner
occupied
26,016
6,950
32,966
0.6
35,692
7,020
42,712
0.8
Commercial real estate owner
occupied
15,374
8,865
24,239
0.7
24,567
-
24,567
0.8
Commercial and industrial
138,389
6,563
144,952
1.7
183,914
6,498
190,412
2.2
Total Commercial
179,779
31,309
211,088
1.1
244,285
22,154
266,439
1.3
Leasing
7,182
-
7,182
0.4
9,179
-
9,179
0.5
Mortgage
129,240
10,233
139,473
1.6
132,373
13,422
145,795
1.7
Consumer
Home equity lines of credit
-
3,320
3,320
3.9
-
2,796
2,796
3.6
Personal
16,605
751
17,356
0.9
18,863
1,233
20,096
1.1
Auto
31,474
-
31,474
0.8
52,200
-
52,200
1.4
Other
3,544
-
3,544
2.0
1,809
29
1,838
1.0
Total Consumer
51,623
4,071
55,694
0.8
72,872
4,058
76,930
1.1
Total non-performing loans held-in-
portfolio
367,824
45,613
413,437
1.0
458,709
39,634
498,343
1.3
Non-performing loans held-for-sale
83,700
-
83,700
-
-
-
Other real estate owned (“OREO”)
49,093
464
49,557
41,929
504
42,433
Total non-performing assets
$500,617
$46,077
$546,694
$500,638
$40,138
$540,776
Accruing loans past due 90 days or
more[1]
$219,748
$175
$219,923
$228,772
$188
$228,960
Ratios:
Non-performing assets to total assets
0.80%
0.28%
0.69%
0.85%
0.25%
0.72%
Non-performing loans held-in-portfolio to
loans held-in-portfolio
1.31
0.39
1.04
1.66
0.34
1.27
Allowance for credit losses to loans held-
in-portfolio
2.47
0.79
1.97
2.60
0.77
2.05
Allowance for credit losses to non-
performing loans, excluding held-for-sale
188.21
202.89
189.83
156.51
227.42
162.15
[1] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due 90 days or
more as opposed to non-performing since the principal repayment is insured. These balances include $40 million of residential mortgage loans insured by FHA
or guaranteed by the VA that are no longer accruing interest as of June 30, 2026 (December 31, 2025 - $47 million). Furthermore, the Corporation has $25
million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is
the Corporation’s policy to exclude these balances from non-performing assets (December 31, 2025 - $27 million).
For the quarter ended June 30, 2026, total inflows of NPLs held-in-portfolio, excluding consumer loans, increased by $145.3 million, when
compared to the inflows for the same period in 2025. Inflows of NPLs held-in-portfolio at the BPPR segment increased by $135.0 million,
compared to the same period in 2025, mainly driven by higher commercial NPL inflows by $134.3 million. Inflows of NPLs held-in-portfolio at
the Popular U.S. segment increased by $10.8 million from the same period in 2025, driven by higher commercial NPL inflows of the same
amount.
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Table 18 to Table 23 present the Corporation’s inflows to NPLs for the quarters and six months ended June 30, 2026 and 2025.
Table 18 - Activity in Non-Performing Loans Held-in-Portfolio (Excluding Consumer Loans)
For the quarter ended June 30, 2026
For the six months ended June 30, 2026
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$356,009
$34,173
$390,182
$376,658
$35,576
$412,234
Plus:
New non-performing loans
166,759
19,633
186,392
210,220
25,366
235,586
Advances on existing non-performing loans
-
66
66
247
247
Less:
Non-performing loans transferred to OREO
(2,286)
-
(2,286)
(5,397)
-
(5,397)
Non-performing loans charged-off
(72,916)
(1,580)
(74,496)
(85,117)
(1,604)
(86,721)
Loans returned to accrual status / loan
collections
(54,847)
(10,750)
(65,597)
(103,645)
(18,043)
(121,688)
Loans transferred to held-for-sale
(83,700)
-
(83,700)
(83,700)
-
(83,700)
Ending balance NPLs
$309,019
$41,542
$350,561
$309,019
$41,542
$350,561
Table 19 - Activity in Non-Performing Loans Held-in-Portfolio (Excluding Consumer Loans)
For the quarter ended June 30, 2025
For the six months ended June 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$191,103
$46,594
$237,697
$209,543
$53,544
$263,087
Plus:
New non-performing loans
32,205
8,909
41,114
69,228
17,067
86,295
Advances on existing non-performing loans
-
20
20
-
38
38
Less:
Non-performing loans transferred to OREO
(2,385)
(433)
(2,818)
(4,940)
(433)
(5,373)
Non-performing loans charged-off
(790)
(583)
(1,373)
(1,717)
(1,713)
(3,430)
Loans returned to accrual status / loan
collections
(30,503)
(4,744)
(35,247)
(82,484)
(18,740)
(101,224)
Ending balance NPLs
$189,630
$49,763
$239,393
$189,630
$49,763
$239,393
Table 20 - Activity in Non-Performing Commercial Loans Held-in-Portfolio
For the quarter ended June 30, 2026
For the six months ended June 30, 2026
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$226,642
$24,473
$251,115
$244,285
$22,154
$266,439
Plus:
New non-performing loans
136,095
16,382
152,477
141,099
19,587
160,686
Advances on existing non-performing loans
-
62
62
-
232
232
Less:
Non-performing loans transferred to OREO
(301)
-
(301)
(951)
-
(951)
Non-performing loans charged-off
(73,035)
(1,571)
(74,606)
(84,696)
(1,574)
(86,270)
Loans returned to accrual status / loan
collections
(25,922)
(8,037)
(33,959)
(36,258)
(9,090)
(45,348)
Loans transferred to held-for-sale
(83,700)
-
(83,700)
(83,700)
-
(83,700)
Ending balance NPLs
$179,779
$31,309
$211,088
$179,779
$31,309
$211,088
Table 21 - Activity in Non-Performing Commercial Loans Held-in-Portfolio
For the quarter ended June 30, 2025
For the six months ended June 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$42,597
$17,507
$60,104
$51,101
$23,654
$74,755
Plus:
New non-performing loans
1,768
5,632
7,400
7,549
11,045
18,594
Advances on existing non-performing loans
-
20
20
-
37
37
Less:
Non-performing loans transferred to OREO
(140)
-
(140)
(260)
-
(260)
Non-performing loans charged-off
(403)
(583)
(986)
(1,142)
(1,713)
(2,855)
Loans returned to accrual status / loan
collections
(1,656)
(865)
(2,521)
(15,082)
(11,312)
(26,394)
Ending balance NPLs
$42,166
$21,711
$63,877
$42,166
$21,711
$63,877
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Table 22 - Activity in Non-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended June 30, 2026
For the six months ended June 30, 2026
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$129,367
$9,700
$139,067
$132,373
$13,422
$145,795
Plus:
New non-performing loans
30,664
3,251
33,915
69,121
5,779
74,900
Advances on existing non-performing loans
-
4
4
-
15
15
Less:
Non-performing loans transferred to OREO
(1,985)
-
(1,985)
(4,446)
-
(4,446)
Non-performing loans charged-off
119
(9)
110
(421)
(30)
(451)
Loans returned to accrual status / loan
collections
(28,925)
(2,713)
(31,638)
(67,387)
(8,953)
(76,340)
Ending balance NPLs
$129,240
$10,233
$139,473
$129,240
$10,233
$139,473
Table 23 - Activity in Non-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended June 30, 2025
For the six months ended June 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$148,506
$29,087
$177,593
$158,442
$29,890
$188,332
Plus:
New non-performing loans
30,437
3,277
33,714
61,679
6,022
67,701
Advances on existing non-performing loans
-
-
-
-
1
1
Less:
Non-performing loans transferred to OREO
(2,245)
(433)
(2,678)
(4,680)
(433)
(5,113)
Non-performing loans charged-off
(387)
-
(387)
(575)
-
(575)
Loans returned to accrual status / loan
collections
(28,847)
(3,879)
(32,726)
(67,402)
(7,428)
(74,830)
Ending balance NPLs
$147,464
$28,052
$175,516
$147,464
$28,052
$175,516
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Loan Delinquencies
Another key measure used to evaluate and monitor the Corporation’s asset quality is loan delinquencies. Loans delinquent 30 days or more,
as a percentage of their related portfolio category on June 30, 2026 and December 31, 2025, are presented below.
Table 24 - Loan Delinquencies
(Dollars in thousands)
June 30, 2026
December 31, 2025
Loans delinquent
30 days or more
Total loans
Total
delinquencies
as a percentage
of total loans
Loans delinquent
30 days or more
Total loans
Total
delinquencies
as a percentage
of total loans
Commercial
Commercial multi-family
$24,820
$2,399,424
1.03%
$24,982
$2,455,790
1.02%
Commercial real estate non-owner
occupied
40,867
5,620,875
0.73
47,068
5,543,284
0.85
Commercial real estate owner
occupied
28,724
3,256,702
0.88
28,008
3,153,080
0.89
Commercial and industrial
162,561
8,774,084
1.85
215,068
8,607,412
2.50
Total Commercial
256,972
20,051,085
1.28
315,126
19,759,566
1.59
Construction
12,491
1,732,075
0.72
17,283
1,674,899
1.03
Mortgage
Mortgage insured [1]
403,239
3,406,774
11.84
429,796
3,166,679
13.57
Mortgage uninsured
267,706
5,373,560
4.98
329,504
5,482,761
6.01
Total Mortgage
670,945
8,780,334
7.64
759,300
8,649,440
8.78
Leasing
35,089
1,968,035
1.78
37,567
2,001,365
1.88
Consumer
Credit cards
43,913
1,237,997
3.55
51,846
1,256,717
4.13
Home equity lines of credit
4,351
85,357
5.10
4,160
78,692
5.29
Personal
47,098
1,952,725
2.41
53,632
1,906,228
2.81
Auto
150,791
3,766,648
4.00
186,798
3,819,812
4.89
Other
5,433
175,606
3.09
5,929
180,799
3.28
Total Consumer
251,586
7,218,333
3.49
302,365
7,242,248
4.18
Loans held-for-sale
83,700
88,579
94.49
-
9,998
—
Total
$1,310,783
$39,838,441
3.29%
$1,431,641
$39,337,516
3.64%
[1] Loans that carry certain guarantees from FHA or the VA. Refer to Note 7 to the Consolidated Financial Statements for additional information of guaranteed
loans.
Allowance for Credit Losses Loans Held-in-Portfolio
The ACL represents management’s estimate of expected credit losses through the remaining contractual life of the different loan segments,
impacted by expected prepayments. The ACL is maintained at a sufficient level to provide for estimated credit losses on collateral
dependent loans as well as loans modified for borrowers with financial difficulties separately from the remainder of the loan portfolio. The
Corporation’s management evaluates the adequacy of the ACL on a quarterly basis. In this evaluation, management considers current
conditions, macroeconomic economic expectations through a reasonable and supportable period, historical loss experience, portfolio
composition by loan type and risk characteristics, results of periodic credit reviews of individual loans, and regulatory requirements, amongst
other factors.
The Corporation must rely on estimates and exercise judgment regarding matters where the ultimate outcome is unknown, such as
economic developments affecting specific customers, industries, or markets. Other factors that can affect management’s estimates are
recalibration of statistical models used to calculate lifetime expected losses, changes in underwriting standards, financial accounting
standards and loan impairment measurements, among others. Changes in the financial condition of individual borrowers, in economic
conditions, and in the condition of the various markets in which collateral may be sold, may also affect the required level of the allowance for
credit losses. Consequently, the business financial condition, liquidity, capital, and results of operations could also be affected. On June 30,
2026, the ACL amounted to $784.8 million, a decrease of $23.2 million from December 31, 2025. The decline primarily reflects improvement
in consumer credit performance and favorable portfolio and macroeconomic developments.
The ACL for BPPR decreased by $25.6 million as of June 30, 2026, compared to December 31, 2025. The decline was primarily due to a
$24.7 million reduction in reserves for consumer loans, mainly driven by improved credit quality in the auto and credit card portfolios. The
reserve for commercial loans remained flat from December 31, 2025, reflecting the transfer to LHFS of the $155.0 million NPL and related
$71.3 million charge-off, partially offset by higher reserves associated with NPL inflows during the quarter and loan growth. In PB, the ACL
as of June 30, 2026 remained stable at $92.5 million.
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The Corporation’s ratio of the allowance for credit losses to loans held-in-portfolio was 1.97% on June 30, 2026, compared to 2.05% on
December 31, 2025. The ratio of the ACL to NPLs held-in-portfolio stood at 189.8%, compared to 162.1% on December 31, 2025.
Refer to Note 8 to the Consolidated Financial Statements, for additional information on the Corporation’s methodology to estimate its ACL,
including probability weights assigned.
Tables 25 and 26 detail the allowance for credit losses by loan categories and the percentage it represents of total loans held-in- portfolio
and NPLs. The breakdown is made for analytical purposes, and it is not necessarily indicative of the categories in which future loan losses
may occur.
Table 25 - Allowance for Credit Losses - Loan Portfolios
June 30, 2026
(Dollars in thousands)
Total ACL
Total loans held-
in-portfolio
ACL to loans
held-
in-portfolio
Total non-
performing loans
held-in-portfolio
ACL to non-
performing loans
held-in-portfolio
Commercial
Commercial multi-family
$18,919
$2,399,424
0.79%
$8,931
211.84%
Commercial real estate non-owner occupied
55,810
5,620,875
0.99%
32,966
169.30%
Commercial real estate owner occupied
52,639
3,256,702
1.62%
24,239
217.17%
Commercial and industrial
185,396
8,774,084
2.11%
144,952
127.90%
Total Commercial
$312,764
$20,051,085
1.56%
$211,088
148.17%
Construction
14,360
1,732,075
0.83%
-
-
Mortgage
79,522
8,780,334
0.91%
139,473
57.02%
Leasing
17,627
1,968,035
0.90%
7,182
245.43%
Consumer
Credit cards
84,817
1,237,997
6.85%
-
-
Home equity lines of credit
1,423
85,357
1.67%
3,320
42.86%
Personal
102,422
1,952,725
5.25%
17,356
590.12%
Auto
164,543
3,766,648
4.37%
31,474
522.79%
Other
7,354
175,606
4.19%
3,544
207.51%
Total Consumer
$360,559
$7,218,333
5.00%
$55,694
647.39%
Total
$784,832
$39,749,862
1.97%
$413,437
189.83%
N.M. - Not meaningful.
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Table of Content
Table 26 - Allowance for Credit Losses - Loan Portfolios
December 31, 2025
(Dollars in thousands)
Total ACL
Total loans held-
in-portfolio
ACL to loans
held-
in-portfolio
Total non-
performing loans
held-in-portfolio
ACL to non-
performing loans
held-in-portfolio
Commercial
Commercial multi-family
$19,345
$2,455,790
0.79%
$8,748
221.14%
Commercial real estate non-owner occupied
58,717
5,543,284
1.06%
42,712
137.47%
Commercial real estate owner occupied
48,451
3,153,080
1.54%
24,567
197.22%
Commercial and industrial
180,934
8,607,412
2.10%
190,412
95.02%
Total Commercial
$307,447
$19,759,566
1.56%
$266,439
115.39%
Construction
13,826
1,674,899
0.83%
-
-
Mortgage
80,554
8,649,440
0.93%
145,795
55.25%
Leasing
18,620
2,001,365
0.93%
9,179
202.85%
Consumer
Credit cards
91,124
1,256,717
7.25%
-
-
Home equity lines of credit
1,335
78,692
1.70%
2,796
47.75%
Personal
106,612
1,906,228
5.59%
20,096
530.51%
Auto
180,364
3,819,812
4.72%
52,200
345.52%
Other
8,174
180,799
4.52%
1,838
444.72%
Total Consumer
$387,609
$7,242,248
5.35%
$76,930
503.85%
Total
$808,056
$39,327,518
2.05%
$498,343
162.15%
Annualized net charge-offs (recoveries)
The following table presents annualized net charge-offs (recoveries) to average loans held-in-portfolio (“HIP") by loan category for the
quarters and six months ended June 30, 2026 and 2025.
Table 27 - Annualized Net Charge-offs (Recoveries) to Average Loans Held-in-Portfolio
Quarters ended
June 30, 2026
June 30, 2025
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial
2.44%
0.06%
1.37%
—%
0.02%
0.01%
Mortgage
(0.26)
(0.01)
(0.23)
(0.14)
(0.01)
(0.12)
Leasing
0.37
—
0.37
0.56
—
0.56
Consumer
2.14
3.04
2.15
2.29
4.00
2.33
Total annualized net charge-offs (recoveries) to
average loans held-in- portfolio
1.46%
0.08%
1.05%
0.61%
0.07%
0.45%
Six months ended
June 30, 2026
June 30, 2025
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial
1.44%
0.03%
0.81%
(0.05)%
0.02%
(0.02)%
Construction
(0.01)
—
—
—
—
—
Mortgage
(0.20)
(0.01)
(0.17)
(0.14)
(0.03)
(0.12)
Leasing
0.45
—
0.45
0.62
—
0.62
Consumer
2.41
3.06
2.42
2.55
3.95
2.59
Total annualized net charge-offs (recoveries) to
average loans held-in-portfolio
1.16%
0.06%
0.83%
0.67%
0.07%
0.49%
NCOs for the quarter ended June 30, 2026 amounted to $104.1 million, increasing by $61.9 million when compared to the same period in
2025. The BPPR segment increased by $61.5 million, mainly driven by a single charge-off of a commercial and industrial loan of $71.3
million that was reclassified to LHFS, partially offset by lower charge-offs in mortgage and consumer loans. The PB segment NCOs
increased by $0.3 million, mainly driven by higher commercial multi-family NCOs by $0.7 million, offset by lower consumer NCOs by $0.6
million.
NCOs for the six months ended June 30, 2026 amounted to $164.1 million, increasing by $72.8 million when compared to the same period
in 2025. The BPPR segment increased by $73.4 million, mainly driven by the same single $71.3 million commercial and industrial loan
charge-off mentioned above. The PB segment NCOs increased by $0.6 million, mainly driven by higher consumer NCOs by $1.2 million,
offset by lower commercial multi-family NCOs by $0.8 million.
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Table of Content
Loan Modifications
For the quarter ended June 30, 2026, modified loans to borrowers with financial difficulty amounted to $150.2 million, of which $101.0 million
were in accruing status. The BPPR segment’s modifications to borrowers with financial difficulty amounted to $147.1 million, mainly
comprised of commercial and mortgage loans of $125.1 million and $15.9 million, respectively. A total of $10.9 million of the mortgage
modifications were related to government guaranteed loans. The Popular U.S. segment’s modifications to borrowers with financial difficulty
amounted to $3.1 million, mostly comprised of commercial and mortgage loans of $2.1 million and $1.0 million, respectively.
Refer to Note 8 to the Consolidated Financial Statements for additional information on modifications made to borrowers experiencing
financial difficulties.
ADOPTION OF NEW ACCOUNTING STANDARDS AND ISSUED BUT NOT YET EFFECTIVE ACCOUNTING STANDARDS
Refer to Note 3, “New Accounting Pronouncements" to the Consolidated Financial Statements.
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Table of Content
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Quantitative and qualitative disclosures for the current period can be found in the Market Risk section of this report, which includes changes
in market risk exposures from disclosures presented in the 2025 Form 10-K.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
The Corporation’s management, with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, has evaluated
the effectiveness of the Corporation’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under
the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this report. Based on such evaluation, the
Corporation’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Corporation’s
disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required
to be disclosed by the Corporation in the reports that it files or submits under the Exchange Act and such information is accumulated and
communicated to management, as appropriate, to allow timely decisions regarding required disclosures.
Internal Control Over Financial Reporting
There have been no changes in the Corporation’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2026 that have materially affected, or are reasonably
likely to materially affect, the Corporation’s internal control over financial reporting.
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Table of Content
Part II - Other Information
Item 1. Legal Proceedings
For a discussion of Legal Proceedings, see Note 16 to the Consolidated Financial Statements.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed under “Part I - Item 1A -
Risk Factors" in our 2025 Form 10-K. These factors could materially adversely affect our business, financial condition, liquidity, results of
operations and capital position, and could cause our actual results to differ materially from our historical results or the results contemplated
by the forward-looking statements contained in this report. Also refer to the discussion in “Part I - Item 2 - Management’s Discussion and
Analysis of Financial Condition and Results of Operations" in this report for additional information that may supplement or update the
discussion of risk factors below and in our 2025 Form 10-K.
There have been no material changes to the risk factors previously disclosed under Item 1A of the Corporation’s 2025 Form 10-K.
The risks described in our 2025 Form 10-K and in this report are not the only risks facing us. Additional risks and uncertainties not currently
known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, liquidity,
results of operations and capital position.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The Corporation did not have any unregistered sales of equity securities during the quarter ended June 30, 2026.
Issuer Purchases of Equity Securities
The following table sets forth the details of purchases of common stock by the Corporation and its affiliated purchasers during the quarter
ended June 30, 2026:
Issuer Purchases of Equity Securities
Not in thousands
Period
Total Number
of Shares Purchased [1]
Average Price Paid per
Share
Total Number of Shares
Purchased as Part of Publicly
Announced Plans or
Programs [2]
Approximate Dollar Value of
Shares that May Yet be
Purchased Under the Plans or
Programs [2]
April 1 - April 30
133,640
$142.01
133,541
$106,902,448
May 1 -May 31
409,481
148.31
380,592
50,522,845
June 1 - June 30
320,112
156.57
319,236
542,639
Total
863,233
$150.40
833,369
$542,639
[1] Includes 99, 28,889 and 876 shares of the Corporation’s common stock acquired by the Corporation during April, May and June 2026, respectively, in
connection with the satisfaction of tax withholding obligations on vested awards of restricted stock or restricted stock units granted to directors and certain
employees under the Corporation’s Omnibus Incentive Plan. The acquired shares of common stock were added back to treasury stock.
[2] As part of its capital plan, in July 2025, the Corporation announced plans to repurchase up to $500 million in common stock, in addition to the $500 million in
common stock repurchase program announced in July 2024. As of June 30, 2026, and since the first authorization in 2024, the Corporation repurchased
8,905,311 shares of common stock for $999.3 million at an average price of  $112.21 per share, as part of the 2024 and 2025 common stock repurchase
programs.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans or Other Preplanned Trading Arrangements
Certain of our officers or directors have made, and may from time to time make, elections to participate in, and are participating in, our
dividend reinvestment and purchase plan, the Company stock fund associated with our 401 (k) plans and/or the Company stock fund
associated with our non-qualified deferred compensation plans and have shares withheld to cover withholding taxes upon the vesting of
equity awards, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may
constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).
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Table of Content
Item 6.     Exhibits
Exhibit Index
Exhibit No
Exhibit Description
3.1
3.2
10.1
10.2
22.1
31.1
31.2
32.1
32.2
101.INS
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are
embedded within the Inline Document.
101.SCH
Inline XBRL Taxonomy Extension Calculation Linkbase Document(1)
101.CAL
Inline XBRL Taxonomy Extension Definitions Linkbase Document(1)
101.DEF
Inline XBRL Taxonomy Extension Label Linkbase Document(1)
101.LAB
Inline XBRL Taxonomy Extension Presentation Linkbase Document(1)
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document(1)
104
The cover page of Popular, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 20252026,
formatted in Inline XBRL (included within the Exhibit 101 attachments)(1)
(1)Included herewith
*This exhibit is a management contract or compensatory plan or arrangement.
Popular, Inc. has not filed as exhibits certain instruments defining the rights of holders of debt of Popular, Inc. not exceeding
10% of the total assets of Popular, Inc. and its consolidated subsidiaries. Popular, Inc. hereby agrees to furnish upon request
to the Commission a copy of each instrument defining the rights of holders of senior and subordinated debt of Popular, Inc.,
or of any of its consolidated subsidiaries.
127
Table of Content
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
POPULAR, INC.
(Registrant)
Date: August 7, 2026
By: Isl Jorge J. Garcia
Jorge J. Garcia
Executive Vice President &
Chief Financial Officer
Date: August 7, 2026
By: Isl Denissa M. Rodriguez
Denissa M. Rodriguez
Senior Vice President & Corporate Comptroller
EX-10.1 2 exh101awardagreement7212.htm EX-10.1 exh101awardagreement7212
EXHIBIT 10.1 AWARD AGREEMENT This AWARD AGREEMENT (“Agreement”) is made and entered into by and between Javier D. Ferrer (“Executive”), his wife Blanca M. Pujals (“spouse”) and their conjugal partnership (collectively referred to as the “Executive and his spouse”), and Popular, Inc. (the “Corporation”) as of July 22, 2026. WHEREAS, Executive is currently employed by the Corporation as President and Chief Executive Officer; WHEREAS, Executive has decided to voluntarily retire from the Corporation effective August 31, 2026; WHEREAS, the Corporation has retained Executive following his retirement to provide certain consulting services to the Corporation and its subsidiaries (together, the “Popular Group”), pursuant to the Services Agreement, dated of even date herewith (the “Services Agreement”); and WHEREAS, in connection with the Corporation’s and Executive’s 2026 performance, the Corporation, through the Talent and Compensation Committee of the Board of Directors of the Corporation (the “Committee”) has decided to grant Executive the equity award set forth in this Agreement and certain other payments and benefits as provided herein. NOW THEREFORE, in consideration of the promises, and the agreements of the parties set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1. Equity Award. Subject to the terms and conditions set forth herein, the Committee hereby grants Executive an equity award (the “Award”) consisting of the number of shares of Restricted Stock set forth in Annex 1 hereto. The Award is made under the Popular, Inc. 2020 Omnibus Incentive Plan, as amended (the “Plan”), and, except as otherwise provided herein, shall be subject to the terms of the Plan. Capitalized terms used but not otherwise defined in this Agreement have the meanings given in the Plan. 2. Equity Award Vesting and Payout. Subject to this Section 2 and Sections 7 and 8 of this Agreement: (a) Restricted Stock Vesting. The Award shall become vested on August 31, 2027 (the “Vesting Date”), subject to the terms and conditions of this Agreement, to the continuous employment of Executive with the Corporation until August 31, 2026 (the “Retirement Date”) and to Executive’s continuous compliance with the terms of the Services Agreement through the Vesting Date. (b) Death. In the event of the Executive’s death and provided that Executive’s rights in respect of the Award have not been previously terminated, the

 
2 Award shall immediately vest and be paid to the representative of Executive’s estate promptly after Executive’s death. (c) Disability. If Executive becomes subject to Disability and provided that Executive’s rights in respect of the Award have not been previously terminated, the Award shall immediately vest and shall be paid to Executive promptly after Executive becomes subject to Disability. (d) Payout. The shares vested in accordance with this Section 2 will cease to be subject to the restrictions of Sections 3 and 4 of this Agreement and will be delivered to Executive as soon as administratively practicable, generally within 45 days following the date of vesting. 3. Termination of Award. (a) Except as provided herein, Executive’s rights in respect of the Award shall immediately terminate, and no Award shall be paid in respect thereof, if at any time prior to the Retirement Date Executive terminates his employment or at any time prior to the Vesting Date Executive materially breaches the Services Agreement. (b) If the Corporation terminates Executive’s employment for Cause prior to the Retirement Date, the Award shall be cancelled and the provisions under the Plan will apply. 4. Non-transferability. The Award (or any rights and obligations hereunder) may not be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution. 5. Withholding, Consents and Legends. (a) Executive shall be solely responsible for any applicable taxes (including, without limitation, income and excise taxes) and penalties, and any interest that accrues thereon, incurred in connection with the Award. The Corporation will withhold shares of Common Stock for the payment of taxes in connection with the vesting of the Award or upon the occurrence of any other event that, in accordance with applicable law, will generate a tax liability with regards to the Award. The Corporation will withhold shares of Common Stock with a value equal to the amount of taxes that the Corporation determines it is required to withhold under applicable laws (with such withholding obligation determined based on any applicable minimum statutory withholding rates). The Corporation will use the Fair Market Value of the Common Stock on the Vesting Date or such other date, as applicable, in order to determine the number of shares to be withheld. If Executive wishes to remit cash to the Corporation (through payroll deduction or otherwise), in each case in an amount sufficient in the opinion of the Corporation to satisfy such withholding obligation, Executive must notify the Corporation in advance and do so in compliance with all applicable laws and pursuant to such rules as the Corporation may establish from time to time, including, but not limited to, the Corporation’s Insider Trading Policy.

 
3 (b) Executive’s right to receive shares pursuant to the Award is conditioned on the receipt to the reasonable satisfaction of the Committee of any required documentation that the Committee may reasonably determine to be necessary or advisable. 6. Other Payments and Benefits. (a) Short-Term Incentive for 2026. Subject to Section 7 of this Agreement, Executive will be eligible to receive a short-term cash incentive for 2026, approved by the Committee upon consideration of the Corporation’s and the Executive’s performance year-to-date, in the amount of $1,620,000 (subject to applicable tax withholdings and deductions) (the “2026 Short-Term Incentive”). The approved amount corresponds to an annualized award equal to 202.5% times base pay prorated for the portion of the 2026 performance year during which Executive will be employed by the Corporation. The 2026 Short-Term Incentive will be payable within ten (10) days of the Effective Date (as defined in Annex 2) subject to Section 7 of this Agreement. (b) Medical Coverage. Subject to Section 7 of this Agreement, upon Executive’s retirement, Executive and his spouse will continue to be covered under the Corporation’s health plan, at no cost to them, at the same coverage level as was in effect prior to the Retirement Date, for a period of up to 36 months after the Retirement Date (i.e., until up to August 31, 2029) (the “Medical Coverage Period”). In the event of Executive’s death before or during the Medical Coverage Period, the continuation of health insurance coverage described above will cease, and his spouse will then be eligible to elect continuation coverage in accordance with the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) and the following paragraph will not apply. Subject to Section 7 of this Agreement, Executive and his spouse will be offered the opportunity to continue their health plan coverage in accordance with COBRA starting on September 1, 2029. The continuation of the health plan coverage under this paragraph shall be pursuant to, and in accordance with COBRA. Pursuant to the separate notice of COBRA benefits which will be provided to Executive and his spouse, they shall complete the required forms to elect continuation of medical benefits under COBRA, if they wish to elect this benefit, and Executive agrees that he will be responsible to timely pay the full COBRA premiums, plus an additional 2% to cover administrative fees. The benefits described in this Section 6(b) shall be referred to herein as the “Medical Benefits.” The Award, the 2026 Short-Term Incentive, and the Medical Benefits are herein collectively referred to as the “Agreement Payments and Benefits.” (c) Equity Grants. i) Restricted Stock: At various times during Executive’s employment with the Corporation, he was awarded Restricted Stock under the Plan and the Popular, Inc. 2004 Omnibus Incentive Plan, as amended (collectively, the “Equity Plans”), with the most recent award granted in February 2026. Under the terms of the Equity Plans, the Corporation will accelerate the vesting of any unvested portion of the Restricted Stock as of the Retirement Date (excluding the Award, 41,928 shares in the aggregate), which will be delivered to him as soon as administratively practicable after

 
4 the Retirement Date. The Corporation will withhold shares of common stock with a value equal to the payment of the taxes that it determines it is required to withhold under applicable tax laws with respect to the award vesting, and shall cause the restrictions on the remainder of the shares to lapse. By accepting delivery of the shares, Executive acknowledges that he is subject to the Corporation’s Insider Trading Policy. ii) Performance Shares: At various times during Executive’s employment with the Corporation, he was awarded Performance Shares under the Plan, with the most recent award granted in February 2026. Outstanding unvested Performance Shares (25,936 shares at target in the aggregate) will vest, respectively, in February 2027, February 2028 and February 2029 according to the terms and vesting schedule in the relevant Popular, Inc. Long-Term Equity Incentive Award and Agreement. Upon vesting, the Performance Shares will be delivered to Executive as soon as administratively practicable after the applicable vesting date. The Corporation will withhold shares of common stock with a value equal to the payment of the taxes that it determines it is required to withhold under applicable tax laws with respect to the award vesting. By accepting delivery of the shares, Executive acknowledges that he is subject to the Corporation’s Insider Trading Policy. Subject to the provisions hereunder, Executive acknowledges, agrees and warrants that he is not entitled to any other incentive payments, bonuses, equity grants, Restricted Stock, Performance Shares or other compensation under the compensation plans and policies of the Corporation. (d) Retirement Benefits. Executive and the Corporation acknowledge and agree that Executive has accrued benefits under the Popular, Inc. Puerto Rico Savings and Investment Plan and the Popular, Inc. Puerto Rico Nonqualified Deferred Compensation Plan (the “Retirement Plans”), and that his benefits under the Retirement Plans shall be determined in accordance with the provisions thereof and any election related thereto. Any payments or benefits hereunder shall be excluded from eligible compensation for purposes of determining any deferral amounts or benefit values under the Retirement Plans. (e) No Further Benefits, Payments, Etc. Executive acknowledges and agrees that except as expressly provided herein, his coverage under any compensation or benefit plan, program, policy or arrangement sponsored or maintained by the Popular Group shall cease and be terminated as of the Retirement Date. Executive further acknowledges and agrees that no payment made by the Corporation pursuant to this Agreement is subject to any employer matching obligation or any other employer contribution under any benefit or deferred compensation plan, whether or not any such payment is characterized as wages or other compensation. 7. Release and Waiver As a condition to receipt of the Agreement Payments and Benefits and in consideration of the terms, conditions hereof, Executive and his spouse must (i) execute, deliver, and not revoke this Agreement in accordance with the terms hereof and (ii) following the Retirement Date, execute, deliver, and not revoke the release attached hereto as Annex 2 (the “Release”) in accordance with the terms thereof. In addition,

 
5 Executive and his spouse agree to execute any additional documentation as the Corporation deems necessary and appropriate to ensure an effective release of claims. (a) General Release. Executive and his spouse knowingly and voluntarily state and agree, on their behalf and on behalf of their current, former and future heirs, executors, administrators, attorneys, agents and assigns, that they do not have, and in any event that they waive, terminate, cancel, release and discharge forever the Popular Group from any and all actions, causes of action, claims, allegations, rights, obligations, liabilities, or charges (collectively the “Claims”) that they have or may have, whether known or unknown, by reason of any matter, cause or thing occurring at any time before and including the date of execution of this Agreement, including, without limitation, claims for compensation or bonuses (including, without limitation, any claim for an award under any compensation plan or arrangement); breach of contract; tort; wrongful, unjust, abusive, unfair, constructive, or unlawful discharge or dismissal; impairment of economic opportunity; defamation; age and national origin discrimination; workplace harassment; sexual harassment or discrimination; discrimination based on marital status; back pay; front pay; benefits; attorney's fees; emotional distress; intentional infliction of emotional distress; assault; battery, pain and suffering; punitive or exemplary damages; all claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Acts of 1866 and 1991 and Executive Order 11246, which prohibit employment discrimination based on race, color, religion, sex, or national origin; the Age Discrimination in Employment Act of 1967 and the Older Workers Benefit Protection Act of 1990, which prohibit employment discrimination because of age against individuals who are 40 years of age or older; the Equal Pay Act, which prohibits sex-based wage discrimination against men and women who perform substantially equal work in the same establishment; the Americans with Disabilities Act (ADA), which prohibits employment discrimination against qualified individuals with disabilities in the private sector, and in state and local governments; and Sections 501 and 505 of the Rehabilitation Act of 1973, which prohibit federal contractors to discriminate in employment against qualified individuals with disabilities; the Genetic Information Nondiscrimination Act (GINA) of May 21, 2008, which prohibits discrimination against employees based on genetic information; the Family and Medical Leave Act, which protects employees' rights to medical and family leave; the Uniformed Services Employment and Reemployment Rights Act (USERRA); the Vietnam Era Veterans' Readjustment Assistance Act of 1974 (VEVRAA); the Immigration Reform and Control Act; the Fair Credit Reporting Act; the Racketeer Influenced and Corrupt Organizations Act; the Sabine Pilot Doctrine; Section 885 of the American Jobs Creation Act of 2004; the Constitution of Puerto Rico, which prohibits discriminatory treatment; Law 69 of July 6, 1985, which prohibits employment discrimination on the basis of sex; Law 17 of April 22, 1988, which prohibits sexual harassment in employment; Law 90 of August 7, 2020, which prohibits workplace harassment; Law 100 of June 30, 1959, as amended, which prohibits employment discrimination based on age, race, color, sex, sexual orientation, gender identity, marital status, social or national origin, social condition, political affiliation, political or religious beliefs, or against an employee for being a victim or being perceived as a victim of domestic violence, sexual aggression or stalking, or based on sexual orientation or gender identity; Law 16 of March 8, 2017 (Equal Pay Act of Puerto Rico); Law 61 of August 1, 2017; Law 116 of December 20, 1991; Law 44 of July 2, 1985, which prohibits employment discrimination against qualified individuals with disabilities or under any other local, state or federal law which prohibits discrimination, harassment or retaliation; Law 217 of September 29, 2006

 
6 (Law for the Implementation of a Protocol to Handle Situations of Violence); Law 139 of June 26, 1968 (SINOT); Law 45 of April 18, 1935 (State Insurance Fund); Law 4 of January 26, 2017 (Transformation and Labor Flexibility Act); Law 41 of 2022; the Employee Retirement Income Security Act of 1974 (ERISA); the Workers Adjustment Retraining and Notification Act (WARN); the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA); the Health Insurance Portability and Accountability Act (HIPAA); the Occupational Safety and Health Act (OSHA); the Families First Coronavirus Response Act de 2020 (FFCRA); the CARES Act of 2020; the Fair Labor Standards Act of 1938 (FLSA); the National Labor Relations Act; the Federal Bankruptcy Act; the Insurance and the Civil Codes of Puerto Rico; Law 80 of May 30, 1976, as amended, or any other law that protects against wrongful or unjustified terminations of employment; Law 379 of May 15, 1948 (Days and Hours of Work); Law 96 of June 26, 1956 (Minimum Wage); Law 148 of June 30, 1969 (Christmas Bonus); Law 37 of April 9, 2020; Law 180 of July 27, 1998 (vacation and sick leave); Law 60 of January 27, 2018; Law 28 of January 21, 2018; and any other federal, state or local (including Puerto Rico) laws, whether based on statute, regulation or common law, providing workers' compensation benefits; restricting an employer's right to terminate employees or otherwise regulating employment; or enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; providing recourse for alleged wrongful discharge, harassment or discrimination, physical or personal injury, emotional distress, fraud, negligent misrepresentation, libel, slander, defamation and similar or related claims, or any law regarding wages or compensation, retaliation, negligence, loss of consortium, intentional infliction of emotional distress, negligent infliction of emotional distress, or any other claim and any alleged injuries they may have suffered up to and including the date of execution of this Agreement. In addition, in consideration of the provisions of this Agreement, Executive and his spouse further agree to waive any and all rights under the laws of any jurisdiction in the United States or Puerto Rico that limit a general release to those claims that are known or suspected to exist in Executive and his spouse's favor as of the date of execution of this Agreement. In addition, Executive represents and warrants that he has not been the victim of retaliation under Section 704 of the Civil Rights Act of 1964 (42 USC § 2000e- 3); the Age Discrimination in Employment Act (ADEA, 29 USC § 3(d)); the Federal Deposit Insurance Act (FDIA, 12 USC § 1831j); Article 8 of Law 17 of April 22, 1988 (29 L.P.R.A. § 155h); Article 20 of Law 69 of July 6, 1985 (29 L.P.R.A § 340); Law 115 of December 20, 1991, as amended by Law 169 of September 29, 2014 (29 L.P.R.A § 94 et seq.); Section 806 of the Sarbanes Oxley Act of 2002; the Securities Exchange Act of 1934; or any other federal or local statute or regulation which prohibits retaliation against an employee. Furthermore, Executive and his spouse, their heirs, executors, assignees, and agents do not have, and if they had they hereby waive any claim of any type, and the remedies, under any federal, state or Commonwealth of Puerto Rico law, including those related to or that may be alleged as arising from the employment relationship between Executive and the Corporation, or the termination of the same, and grant the most complete release for any claim or cause of action they have or may have or had, known or unknown, whether in law or in equity, in contract, or torts, against the Popular Group, and they acknowledge and agree that they will not file suit in the United States District Court, any Federal or state courts, any Commonwealth of Puerto Rico court or

 
7 in any arbitral forum for any cause of action that could arise from Executive’s employment or the termination of his employment under any local, state or federal employment law or regulation. Executive and his spouse, based on personal knowledge, recognize and declare that they have not suffered damages caused by, or attributable to, the Popular Group, and that their relatives, heirs, executors, assignees and/or agents, or any other parties claiming a relationship of dependence, interest or affection with Executive, have not suffered any damage that may be blamed on, or attributable to, the Popular Group for any reason including, but not limited to the employment relationship of Executive, the termination of employment and any incident or fact which occurred during his employment with the Corporation. Executive and his spouse agree to hold harmless and indemnify the Popular Group, including reasonable attorney's fees and costs incurred by the Popular Group, for any action filed by any member of their family or by any of their relatives or by any other parties claiming a relationship of dependence, interest or affection with them for the causes of action being released herein. The parties agree and understand that the purpose of this paragraph is to exclude the Popular Group from any liability or cause of action that could be filed pursuant to Santini v. Service Air, Inc., 137 D.P.R. 1 (1994). (b) Acknowledgements by Executive and his Spouse. Executive and his spouse acknowledge and agree that they have read this Agreement in its entirety and that this Agreement includes a general release of all known and unknown claims, including, without limitation, to rights and claims arising under the Age Discrimination in Employment Act (“ADEA”). Executive and his spouse further acknowledge and agree that: i) this Agreement does not release, waive or discharge any rights or Claims that may arise for actions or omissions after the date of execution of this Agreement; ii) Executive and his spouse are entering into this Agreement and releasing, waiving and discharging rights or Claims only in exchange for consideration which they are not already entitled to receive; iii) Executive and his spouse have been advised, and are being advised by the Corporation, to consult with an attorney and tax advisor before executing this Agreement; iv) Executive and his spouse have been advised, and are being advised by this Agreement, that he and his spouse have twenty-one (21) days within which to consider this Agreement; and v) this Agreement must be signed and returned by Executive and his spouse to the Corporation through José Coleman Tió, Esq., by email at Jose.ColemanTio@popular.com, no later than twenty-one (21) days after the date this Agreement is delivered to them; that is, by no later than August 11, 2026. In order to receive the Agreement Payments and Benefits, Executive and his spouse must also comply with the terms of this Agreement and, following the Retirement Date, sign, deliver, and not revoke the Release attached as Annex 2. No modifications or revisions, if any, to this Agreement after it is first presented to Executive and his spouse shall extend or otherwise modify the consideration period provided in this Agreement. If Executive and his spouse fail to execute and return this Agreement, or the Release,

 
8 within the specified time period, they will forfeit any right to the Agreement Payments and Benefits, and the Corporation will have no obligation to provide such payment or benefits. Executive and his spouse agree that they may not sign the Annex 2 prior to the Retirement Date, but must sign and deliver it to the Corporation on or within twenty- one (21) days after the Retirement Date. (c) Right to Revoke. Executive and his spouse may revoke this Agreement at any time during the period of seven (7) days following the date they sign this Agreement and return it to the Corporation. Executive and his spouse may revoke this Agreement at any time during such seven-day period by delivering (or causing to be delivered) to the Corporation, through José Coleman Tió, Esq., by email at Jose.ColemanTio@popular.com, written notice of their revocation of this Agreement no later than 5:00 p.m. Eastern time on the seventh (7th) full day following the date of execution of this Agreement. 8. Restrictive Covenants. (a) In consideration of the terms of the Award, Executive agrees to the restrictive covenants and associated remedies as set forth below, which exist independently of and in addition to any obligation to which Executive is subject under the terms of any other agreement with the Popular Group. (b) For the period commencing on the Retirement Date and ending on the first anniversary of the Retirement Date, Executive will not do any of the following, either directly or indirectly or through associates, agents, or employees: i) work or associate (including as a director, officer, employee, partner, consultant, agent or advisor) with or otherwise provide services to, or operate, manage or control in any way, a Competitive Enterprise performing the same or similar duties as those which were performed by Executive in the Popular Group during the 12- month period immediately preceding the Retirement Date. “Competitive Enterprise” means any business enterprise that either (1) engages in commercial or consumer financial services, retail banking or internet banking or other financial, investment, financial advisor, trust or insurance services to either commercial or consumer customers in the Commonwealth of Puerto Rico or the States of New York or Florida, or (2) holds a 5% or greater equity, voting or profit participation interest in any enterprise that engages in such a competitive activity within the Commonwealth of Puerto Rico or the States of New York or Florida; ii) solicit, recruit or assist in the solicitation or recruitment of any employee or consultant of the Popular Group (or who was an employee or consultant of the Popular Group within the prior six months of the Retirement Date) for the purpose of encouraging that employee or consultant to leave the Popular Group’s employ or sever an agreement for services; or iii) solicit, participate in or assist in the solicitation of any of the Popular Group’s customers serviced by Executive or with whom Executive had a Material Contact and/or regarding whom Executive received Confidential Information (as defined in the Popular Group’s Code of Ethics) during the three-year period prior to the Retirement Date who were still customers of the Popular Group during the

 
9 immediately preceding 12-month period, for the purpose of providing products or services in competition with the Popular Group’s products or services. “Material Contact” means interaction between the Executive and the customer within the three years prior to the Retirement Date which takes place to manage, service or further the business relationship. The term “Solicit”, when used in this section, will mean any direct or indirect communication of any kind regardless of who initiates it, that in any way invites, advises, encourages or requests any person to take any action; provided that such term will not be deemed to include solicitation by public advertisement media of general distribution (i.e., not targeted to present employees, consultants or customers of the Popular Group) without specific instruction or direction by Executive. (c) Non-Disparagement. Executive and his spouse agree to refrain from performing any act, engaging in any conduct or course of action, or making or publishing any statements, claims, allegations or assertions which have or may reasonably have the effect of demeaning the name or business reputation of the Popular Group or any of its employees, officers, directors, agents or advisors in their capacities as such or which adversely affects (or may reasonably be expected to adversely affect) the best interests (economic or otherwise) of any of them. In addition, the Corporation agrees to instruct the current members of the Corporation’s Board of Directors and Senior Management Team to refrain from performing any act, engaging in any conduct or course of action, or making or publishing any statements, claims, allegations or assertions which have or may reasonably have the effect of demeaning the name or business reputation of Executive and his spouse or which adversely affects (or may reasonably be expected to adversely affect) the best interests (economic or otherwise) of any of them. The parties agree that nothing in this Agreement shall preclude them from fulfilling any duty or obligation that they may have at law, from responding to any subpoena or official inquiry from any court or government agency, including providing truthful testimony, documents subpoenaed or requested or otherwise cooperating in good faith with any proceeding or investigation, or from taking any reasonable actions to enforce their rights under this Agreement in accordance with the dispute resolution provisions specified in this Agreement or from exercising their right to provide truthful information to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity. Notwithstanding the foregoing, Executive agrees to waive his right to recover monetary damages in connection with any charge, complaint or lawsuit filed by him or anyone else on his behalf (whether involving a governmental entity or not); provided that Executive is not agreeing to waive, and this Agreement shall not be read as requiring Executive to waive, any right he may have to receive an award for information provided to any governmental entity. Nothing herein shall be intended to prevent Executive from initiating, participating in, or offering testimony in proceedings related to sexual harassment claims or proceedings before the National Labor Relations Board or otherwise exercising his rights or supporting the rights of other employees pursuant to Section 7 of the National Labor Relations Act. (d) If Executive breaches any of the terms of this Section 8, the Award shall be immediately and irrevocably forfeited for no consideration. This paragraph does not constitute the Corporation’s exclusive remedy for violation of the restrictive covenant obligations, and the Corporation may seek any additional legal or equitable remedy, including injunctive relief, for any such violation.

 
10 9. [Reserved.] 10. No Rights to Continued Employment. Nothing in this Agreement shall be construed as giving Executive any right to continued employment by the Corporation or any of its affiliates or affect any right that the Corporation or any of its affiliates may have to terminate or alter the terms and conditions of Executive’s employment. 11. Successors and Assigns of the Corporation. The terms and conditions of this Agreement shall be binding upon, and shall inure to the benefit of, the Corporation and its successor entities. 12. Committee Discretion. Subject to the terms of the Equity Plans and the Retirement Plans, the Committee shall have full discretion with respect to any actions to be taken or determinations to be made in connection with this Agreement, and its determinations shall be final, binding and conclusive. 13. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Agreement; provided that, notwithstanding the foregoing, no such amendment shall materially adversely affect Executive’s rights and obligations under this Agreement without Executive’s consent (or the consent of Executive’s estate, if such consent is obtained after Executive’s death), and provided, further, that the Committee may not postpone the payout of shares to occur at any time after the applicable time provided for in this Agreement. Any amendment of this Agreement shall be in writing signed by an authorized member of the Committee or a person or persons designated by the Committee. 14. Adjustment; Other Plan Provisions. Subject to Section 13 of this Agreement, the Committee shall adjust equitably the terms of the Award in accordance with Section 5.3 of the Plan, if applicable. Subject to the terms of this Agreement, the Award shall be subject to the terms of the Plan, including, but not limited to, the provisions of Section 8.4 related to dividends and voting rights. Cash dividends paid on the Award and on all of the Common Stock that may be subsequently acquired with such cash dividends, will be invested in the purchase of additional shares of Common Stock of the Corporation in accordance with the Popular, Inc. Dividend Reinvestment and Stock Purchase Plan; such shares are not subject to the restrictions and are immediately vested. The Award shall be held in custody by the Fiduciary Services Division of Banco Popular de Puerto Rico. 15. Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Puerto Rico, without regard to principles of conflicts of laws. Any civil action or legal proceeding arising out of or relating to the Agreement will be brought exclusively in the courts of the Commonwealth of Puerto Rico. 16. Severability. Should a court or arbiter with competent jurisdiction determine that any clause in this Agreement is illegal, invalid, or unenforceable under present or future law, such provision will be fully severable, and the remaining provisions of the Agreement will remain in full force and effect.

 
11 17. Incentive Recoupment. The Award and the 2026 Short-Term Incentive shall be subject to the terms of the Popular, Inc. Compensation Recoupment Policy in effect as of the Grant Date and as such policy may be required to be modified in accordance with applicable law or regulation. 18. Headings. The headings in this Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof. 19. Counterparts. The Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the same instrument. [Signature Page Follows]

 
12 IN WITNESS WHEREOF, the Corporation and Executive have caused this Agreement to be duly executed and delivered as of July 22, 2026. POPULAR, INC. ACCEPTED: By: Manuel Chinea By: Javier D. Ferrer Title: Executive Vice President and Title: President and Chief Executive Officer Chief Experience & Administration Services Officer /s/ Manuel Chinea /s/ Javier D. Ferrer _____________________ _____________________ Signature Signature By: Blanca M. Pujals /s/ Blanca M. Pujals _____________________ Signature

 
13 ANNEX 1 POPULAR, INC. AWARD Recipient: Javier D. Ferrer Employee Number: 49473 Restricted Stock Grant Date: July 22, 2026 Total Dollar Value of Award: $2,600,000 Common Stock Market Price as of closing on Grant Date: $173.89 Total Shares of Restricted Stock Awarded: 14,952 Restricted Stock Vesting Date: August 31, 2027

 
14 ANNEX 2 GENERAL RELEASE General Release (this “Release”), by Javier D. Ferrer (“Executive”), his wife Blanca M. Pujals (“spouse”) and their conjugal partnership (collectively referred to as “Executive and his spouse”), in favor of Popular, Inc. (the “Corporation”) and any of its subsidiaries and affiliates (collectively, the “Popular Group”) and any of their respective past or present shareholders, principals, directors, officers, employees, managers, agents, attorneys, trustees, fiduciaries, representatives, insurers, assigns or benefit plan administrators (collectively the “Released Parties”). RECITALS WHEREAS, Executive was employed by the Corporation as President and Chief Executive Officer; and WHEREAS, Executive is eligible to receive certain payments and benefits under that certain Award Agreement, dated as of July 22, 2026 (the “Agreement”) that are conditioned on the execution and effectiveness of this Release. NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties agree as follows: 1. General Release. Executive and his spouse knowingly and voluntarily waive, terminate, cancel, release and discharge forever the Released Parties from any and all actions, causes of action, claims, allegations, rights, obligations, liabilities, or charges (collectively the “Claims”) that they have or may have, whether known or unknown, by reason of any matter, cause or thing occurring at any time before and including the date of execution of this Release, including, without limitation, claims for compensation or bonuses (including, without limitation, any claim for an award under any compensation plan or arrangement); breach of contract; tort; wrongful, unjust, abusive, unfair, constructive, or unlawful discharge or dismissal; impairment of economic opportunity; defamation; age and national origin discrimination; workplace harassment; sexual harassment or discrimination; discrimination based on marital status; back pay; front pay; benefits; attorney's fees; whistleblower claims; emotional distress; intentional infliction of emotional distress; assault; battery, pain and suffering; punitive or exemplary damages; all claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Acts of 1866 and 1991 and Executive Order 11246, which prohibit employment discrimination based on race, color, religion, sex, or national origin; the Age Discrimination in Employment Act of 1967 and the Older Workers Benefit Protection Act of 1990, which prohibit employment discrimination because of age against individuals who are 40 years of age or older; the Equal Pay Act, which prohibits sex- based wage discrimination against men and women who perform substantially equal work in the same establishment; the Americans with Disabilities Act (ADA), which prohibits employment discrimination against qualified individuals with disabilities in the private sector, and in state and local governments; and Sections 501 and 505 of the Rehabilitation Act of 1973, which prohibit federal contractors to discriminate in employment against qualified individuals with disabilities; the Genetic Information Nondiscrimination Act (GINA) of May 21, 2008, which prohibits discrimination against

 
15 employees based on genetic information; the Family and Medical Leave Act, which protects employees' rights to medical and family leave; the Uniformed Services Employment and Reemployment Rights Act (USERRA); the Vietnam Era Veterans' Readjustment Assistance Act of 1974 (VEVRAA); the Immigration Reform and Control Act; the Fair Credit Reporting Act; the Racketeer Influenced and Corrupt Organizations Act; the Sabine Pilot Doctrine; Section 885 of the American Jobs Creation Act of 2004; the Constitution of Puerto Rico, which prohibits discriminatory treatment; Law 69 of July 6, 1985, which prohibits employment discrimination on the basis of sex; Law 17 of April 22, 1988, which prohibits sexual harassment in employment; Law 90 of August 7, 2020, which prohibits workplace harassment; Law 100 of June 30,1959, as amended, which prohibits employment discrimination based on age, race, color, sex, sexual orientation, gender identity, marital status, social or national origin, social condition, political affiliation, political or religious beliefs, or against an employee for being a victim or being perceived as a victim of domestic violence, sexual aggression or stalking, or based on sexual orientation or gender identity; Law 16 of March 8, 2017 (Equal Pay Act of Puerto Rico); Law 61 of August 1, 2017; Law 116 of December 20, 1991; Law 44 of July 2, 1985, which prohibits employment discrimination against qualified individuals with disabilities or under any other local, state or federal law which prohibits discrimination, harassment or retaliation; Law 217 of September 29, 2006 (Law for the Implementation of a Protocol to Handle Situations of Violence); Law 139 of June 26, 1968 (SINOT); Law 45 of April 18, 1935 (State Insurance Fund); Law 4 of January 26, 2017 (Transformation and Labor Flexibility Act); Law 41 of 2022; the Employee Retirement Income Security Act of 1974 (ERISA); the Workers Adjustment Retraining and Notification Act (WARN); the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA); the Health Insurance Portability and Accountability Act (HIPAA); the Occupational Safety and Health Act (OSHA); the Families First Coronavirus Response Act de 2020 (FFCRA); the CARES Act of 2020; the Fair Labor Standards Act of 1938 (FLSA); the National Labor Relations Act; the Federal Bankruptcy Act; the Insurance and the Civil Codes of Puerto Rico; Law 80 of May 30, 1976 or any other law that protects against wrongful or unjustified terminations of employment; Law 379 of May 15, 1948 (Days and Hours of Work); Law 96 of June 26, 1956 (Minimum Wage); Law 148 of June 30, 1969 (Christmas Bonus); Law 37 of April 9, 2020; Law 180 of July 27, 1998 (vacation and sick leave); Law 60 of January 27, 2018; Law 28 of January 21, 2018; and any other federal, state or local (including Puerto Rico) laws, whether based on statute, regulation or common law, providing workers' compensation benefits; restricting an employer's right to terminate employees or otherwise regulating employment; or enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; providing recourse for alleged wrongful discharge, harassment or discrimination, physical or personal injury, emotional distress, fraud, negligent misrepresentation, libel, slander, defamation and similar or related claims, or any law regarding wages or compensation, retaliation, negligence, loss of consortium, intentional infliction of emotional distress, negligent infliction of emotional distress, or any other claim and any alleged injuries they may have suffered up to and including the date of execution of this Release. In addition, in consideration of the provisions of this Release, Executive and his spouse further agree to waive any and all rights under the laws of any jurisdiction in the United States or Puerto Rico that limit a general release to those claims that are known or suspected to exist in Executive and his spouse’s favor as of the Effective Date (as defined below).

 
16 In addition, Executive represents and warrants that he has not been the victim of retaliation under Section 704 of the Civil Rights Act of 1964 (42 USC § 2000e-3); the Age Discrimination in Employment Act (ADEA, 29 USC § 3(d)); the Federal Deposit Insurance Act (FDIA, 12 USC § 831j); Article 8 of Law 17 of April 22, 1988 (29 L.P.R.A. § 155h); Article 20 of Law 69 of July 6, 1985 (29 L.P.R.A § 340); Law 115 of December 20, 1991, as amended by Law 169 of September 29, 2014 (29 L.P.R.A § 94 et seq.); Section 806 of the Sarbanes Oxley Act of 2002; the Securities Exchange Act of 1934; or any other federal or local statute or regulation which prohibits retaliation against an employee. Furthermore, Executive and his spouse, their heirs, executors, assignees, and agents do not have, and if they had they hereby waive any claim of any type, and the remedies, under any federal, state or Commonwealth of Puerto Rico law, including those related to or that may be alleged as arising from the employment relationship between Executive and the Corporation, or the termination of the same, and grant the most complete release for any claim or cause of action they have or may have or had, known or unknown, whether in law or in equity, in contract, or torts, against the Released Parties, and they acknowledge and agree that they will not file suit in the United States District Court, any Federal or state courts, any Commonwealth of Puerto Rico court or in any arbitral forum for any cause of action that could arise from Executive’s employment or the termination of his employment under any local, state or federal employment law or regulation. Executive and his spouse, based on personal knowledge, recognize and declare that they have not suffered damages caused by, or attributable to, the Released Parties, and that their relatives, heirs, executors, assignees and/or agents, or any other parties claiming a relationship of dependence, interest or affection with Executive, have not suffered any damage that may be blamed on, or attributable to, the Released Parties for any reason including, but not limited to the employment relationship of Executive, the termination of employment and any incident or fact which occurred during his employment with the Corporation. Executive and his spouse agree to hold harmless and indemnify the Released Parties, including reasonable attorney’s fees and costs incurred by the Released Parties, for any action filed by any member of their family or by any of their relatives or by any other parties claiming a relationship of dependence, interest or affection with them for the causes of action being released herein. The parties agree and understand that the purpose of this paragraph is to exclude the Released Parties from any liability or cause of action that could be filed pursuant to Santini v. Service Air, Inc., 137 D.P.R. 1 (1994). 2. No Further Payments. Except as provided in the Agreement, Executive acknowledges that he has been fully compensated by the Popular Group under its rules, policies, practices, plans, programs and regulations, and any contract or agreement, applicable laws and regulations, and that nothing is owed for salaries, vacations, bonuses, incentives, separation benefits, severance payment, reimbursement of expenses, “allowances”, or for any other concept including, but not limited to his participation in any other kind of plan, program or incentive, and that all of his wages and benefits with the Popular Group have been settled to his entire satisfaction. 3. Surviving Claims. Notwithstanding anything herein to the contrary, this Release shall not:

 
17 (a) release any Claims relating to the Agreement Payments and Benefits (as defined in the Agreement); (b) release any Claims arising after the date of execution of this Release; (c) limit or prohibit in any way Executive’s (or his beneficiaries’ or legal representatives’) ability to bring an action to enforce the terms of this Release; (d) release any claim for benefits under plans covered by the Employee Retirement Income Security Act of 1974, as amended, to the extent that such claims may not lawfully be waived or for any payments or benefits under any plans of the Popular Group that have vested according to the terms of those plans; (e) release any Claims that may not lawfully be waived; or (f) release any Claims for indemnification in accordance with applicable laws and the Popular Group’s corporate governance documents. 4. Protected Activity. Notwithstanding anything herein to the contrary, this Release shall not preclude Executive or his spouse from fulfilling any duty or obligation that they may have at law, from responding to any subpoena or official inquiry from any court or government agency, including providing truthful testimony, documents subpoenaed or requested or otherwise cooperating in good faith with any proceeding or investigation, or from taking any reasonable actions to enforce their rights under this Release in accordance with the dispute resolution provisions specified in this Release or from exercising their right to provide truthful information to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity. Notwithstanding the foregoing, Executive agrees to waive his right to recover monetary damages in connection with any charge, complaint or lawsuit filed by him or anyone else on his behalf (whether involving a governmental entity or not); provided that Executive is not agreeing to waive, and this Release shall not be read as requiring Executive to waive, any right he may have to receive an award for information provided to any governmental entity. Nothing herein shall be intended to prevent Executive from initiating, participating in, or offering testimony in proceedings related to sexual harassment claims or proceedings before the National Labor Relations Board or otherwise exercising his rights or supporting the rights of other employees pursuant to Section 7 of the National Labor Relations Act. 5. Additional Representations. Executive and his spouse further represent and warrant that they have not filed any civil action, suit, arbitration, administrative charge, or legal proceeding against any Released Party nor have they assigned, pledged, or hypothecated any Claim to any person and no other person has an interest in the Claims that they are releasing. 6. Acknowledgements by Executive and his Spouse. Executive and his spouse acknowledge and agree that they have read this Release in its entirety and that this Release is a general release of all known and unknown claims, including, without limitation, to rights and claims arising under the Age Discrimination in Employment Act (ADEA). Executive and his spouse further acknowledge and agree that:

 
18 (a) this Release does not release, waive or discharge any rights or Claims that may arise for actions or omissions after the date of execution of this Release; (b) Executive and his spouse are executing this Release and releasing, waiving and discharging rights or Claims only in exchange for consideration which they are not already entitled to receive; (c) Executive and his spouse have been advised, and are being advised, to consult with an attorney and tax advisor before executing this Release, and acknowledge that they, in fact, have consulted with an attorney and tax advisor; (d) Executive and his spouse have been advised, and are being advised, that they have twenty-one (21) days within which to consider the Release; and (e) Executive and his spouse are aware that the Agreement and this Release shall become null and void if they revoke their agreement to this Release within seven (7) days following the date of execution of this Release. Executive and his spouse may revoke this Release at any time during such seven-day period by delivering (or causing to be delivered) to the Corporation, through José Coleman Tió, Esq., by email at Jose.ColemanTio@popular.com, written notice of their revocation of this Release no later than 5:00 p.m. Eastern time on the seventh (7th) full day following the date of execution of this Release (the “Effective Date”). Executive and his spouse agree and acknowledge that a letter of revocation that is not received by such date and time will be invalid and will not revoke this Release. 7. Additional Agreements. Executive and his spouse agree that should any person or entity file or cause to be filed any civil action, suit, arbitration, or other legal proceeding seeking equitable or monetary relief concerning any claim released by Executive and his spouse herein, they shall not seek or accept any personal relief from or as the result of such civil action, suit, arbitration, or other legal proceeding. 8. Governing Law and Jurisdiction. This Release shall be governed by and construed in accordance with the laws of the Commonwealth of Puerto Rico, without regard to principles of conflicts of laws. Any civil action or legal proceeding arising out of or relating to the Release will be brought exclusively in the courts of the Commonwealth of Puerto Rico. 9. Severability. Should a court or arbiter with competent jurisdiction determine that any clause in this Release is illegal, invalid, or unenforceable under present or future law, such provision will be fully severable, and the remaining provisions of the Release will remain in full force and effect. 10. Headings. The headings in this Release are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof. 11. Counterparts. The Release may be executed in one or more counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the same instrument. [Signature Page Follows]

 
19 IN WITNESS WHEREOF, Executive and his spouse have signed this Release on _________________, 2026. _______________________ _______________________ Javier D. Ferrer Blanca M. Pujals ____________________ Manuel Chinea Chief Experience & Administration Services Officer Popular, Inc.

 
EX-10.2 3 exh102ferrerservicesagre.htm EX-10.2 exh102ferrerservicesagre
EXHIBIT 10.2 SERVICES AGREEMENT This Agreement (the “Agreement”) is entered into by and between Popular, Inc. (“Popular”), a corporation duly organized existing under the laws of Commonwealth of Puerto Rico and Javier D. Ferrer (“Consultant”) (each a “Party” and together the “Parties”), on July 22, 2026. WHEREAS, Consultant is currently employed by Popular as President and Chief Executive Officer; WHEREAS, Consultant has decided to retire from Popular effective August 31, 2026; and WHEREAS, Popular desires to retain Consultant following his retirement to provide certain consulting services to Popular and its subsidiaries (together, the “Popular Group”), and Consultant desires to provide such consulting services to the Popular Group, all subject to the terms and conditions set forth herein; and NOW THEREFORE, in consideration of the promises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereby agree as follows: 1. SERVICES 1.1 Service Engagement. Consultant represents and agrees that Consultant shall provide and render to the Popular Group such consulting services, as maybe reasonably requested by Popular, (i) to facilitate the transition of Consultant’s responsibilities to Consultant’s successor and (ii) to support other general business initiatives (collectively, the “Services”). 1.2 Independent Parties. Consultant is an independent contractor. Nothing in this Agreement creates an employer-employee relationship with Popular, nor a partnership, affiliation, joint venture, agency relationship or other form of business association between the Parties hereto. 2. FEES, INVOICES AND PAYMENT 2.1 Fees and Reimbursable Expenses. For the Services provided under this Agreement, Popular shall pay Consultant a fee equal to $100,000 per month, for an aggregate total fee of $1,200,000 during the Term (as defined below) (“Fees”). The Fees include all fees, costs and administrative and overhead expenses. Popular will reimburse Consultant only for those expenses previously agreed to by Popular and, unless otherwise stated, meal and travel expenses will be reimbursed in accordance with Popular’s guidelines, which will be provided upon request. 2.2 Payment. Popular will pay the Fees in United States Dollars, monthly in arrears, no later than the fifteenth (15th) day of the calendar month following the month in which such fee was earned. Popular will deposit the payment electronically to the bank account designated by Consultant or as otherwise mutually agreed to by the Parties.

 
2 2.3 Taxes. Consultant shall pay all taxes related to the Services provided under this Agreement. If Popular is required by Federal or US state Law to withhold taxes on any amount payable to Consultant, Popular will deduct such taxes and pay them to the appropriate taxing authority, unless Consultant submits evidence of a government-issued exemption or waiver. However, Popular’s omission from withholding any applicable taxes, in whole or in part, will not discharge Consultant’s responsibility to pay any such taxes when due. Consultant shall indemnify Popular from any and all liability that may arise for nonpayment of any applicable taxes. Popular shall pay any state sales, use or value added tax applicable to the Services or products. The withholding Party shall provide proof of payment of the taxes withheld. 3. TERM AND TERMINATION 3.1 Term of the Agreement. The Agreement will commence on September 1, 2026 (the “Effective Date”) and will continue in effect until August 31, 2027 (the “Term”). 3.2 Termination. Either Party may terminate the Agreement for cause upon written notice to the other Party as follows: (1) if the cause for termination relates to a violation of Laws (defined below), breach of confidentiality, privacy or other compliance matter, the termination may be effective immediately or (2) for Consultant’s noncompliance with Consultant’s obligations under the Agreement, the effective termination date will be ten (10) days after delivery of the notice of the breach to the breaching Party if it remains uncured at the expiration thereof. 3.3 Effect of Termination. Upon expiration or termination of the Agreement for any reason, Consultant shall promptly: (a) deliver to Popular, upon request, all documents, work product, and other materials, whether or not complete, prepared by or on behalf of Consultant during the course of performing the Services for which Popular has made the corresponding payment; (b) return to Popular all Popular Group-owned property, equipment, or materials in his possession or control; (c) remove any Consultant-owned property, equipment, or materials located at the Popular Group’s locations; and (d) comply with the provisions related to the destruction of the Popular Group’s Confidential Information as provided below. 3.4 Survival of Terms. Any provision of the Agreement that expressly or by implication is intended to continue in force shall survive termination or expiration of the Agreement. 4. CONFIDENTIALITY OF INFORMATION 4.1 General. The Parties acknowledge that, in furtherance of the Agreement, the Consultant (the “Receiving Party”) may receive from the Popular Group (the “Disclosing Party”) Confidential Information. Unless otherwise agreed, the Disclosing Party will remain the owner of the Confidential Information and any derivative thereof and retains its entire right, title, and interest, including all intellectual property rights, therein. Any disclosure of such Confidential Information hereunder shall not be construed as an assignment, grant, option, license, or other transfer of any such right, title, or interest whatsoever to the Receiving

 
3 Party. Other than the limited rights hereunder, the Receiving Party has no other rights in or to any Disclosing Party’s Confidential Information. 4.2 Definition of Confidential Information. The term “Confidential Information” means any and all of the Disclosing Party’s confidential or proprietary non-public information or data, whether in electronic or hard copy format, that is collected, generated, developed, or used in its business or operations. Confidential Information includes: (1) nonpublic information or data related to actual or potential employees, clients or suppliers including agreement terms and conditions and lists; (2) Intellectual Property (as defined below); (3) products or services currently provided or to be developed, including any market research, forecasts or surveys, plans, specifications, documentation, quality guidelines, and analyses of strengths or weaknesses; (4) marketing and sales information, such as techniques and data, product development and delivery schedules and methods and logistical requirements, strategic planning, marketing and advertising plans and budget; (5) technical and technological information, including computer software and related documentation, license terms, designs, formulas and algorithms, hardware and systems design, specifications, dataflow, networks, physical and systems environments, troubleshooting guidelines, test and audit results, data and databases, interfaces, performance characteristics and reports; (6) financial information, including, financial statements, revenue, income, overhead costs, profit margins, banking and financing data, budgeting data and reports, tax information and pricing policies; (7) organizational information including, merger, acquisition and expansion plans, facilities and equipment design and location; and (8) the Popular Group’s overall strategies and specific programs,, and the success or lack of success of those programs and strategies. To the extent applicable to the Services, Confidential Information includes the Popular Group’s clients’ statutorily protected non-public personal information or data (“Personal Data”) as defined in applicable Law and this Agreement. Confidential Information does not include information that the Receiving Party can reasonably demonstrate: (1) was already known to or was rightfully in the possession of the Receiving Party at the time of disclosure; (2) becomes a matter of public knowledge other than as a result of a breach of any obligation of confidentiality hereunder or under any confidentiality agreement that the Receiving Party may have with a third-party; (3) was independently developed by the Receiving Party without reference to any Confidential Information of the Disclosing Party; (4) was lawfully received from a third-party without a duty of confidentiality; or (5) was approved for release by the Disclosing Party in writing. Notwithstanding this exception, the Popular Group’s Intellectual Property and Personal Data will always be considered Confidential Information. 4.3 Confidential Information Use and Disclosure. (A) Notwithstanding anything herein to the contrary, this Agreement shall not limit the Receiving Party’s rights under applicable law to initiate communications directly with, provide information to, respond to any inquiries from, or report possible violations of law or regulation to any governmental entity or self-regulatory authority, or to file a charge with or participate in an investigation conducted by any governmental entity or self-regulatory authority, and the Receiving Party does not need the Disclosing Party’s permission to do so. In addition, it is understood that this Agreement shall not require the Receiving Party to notify the Disclosing

 
4 Party of a request for information from any governmental entity or self-regulatory authority that is not directed to the Disclosing Party or of the Receiving Party’s decision to file a charge or complaint with or participate in an investigation conducted by any governmental entity or self-regulatory authority. Notwithstanding the foregoing, the Receiving Party recognizes that, in connection with any disclosure by the Receiving Party of any of the Disclosing Party’s Confidential Information in order to comply with applicable Law, or with a valid order issued by a court or governmental agency of competent jurisdiction, the Receiving Party must inform such court or governmental agency that the information the Receiving Party is providing is confidential. Nothing herein shall require either Party to fail to honor a subpoena, court or administrative order or a similar requirement or request on a timely basis. If Confidential Information includes materials subject to the attorney-client privilege, work product doctrine or any other applicable privilege concerning pending or reasonably foreseeable legal proceedings or governmental investigations, the sharing of such material is not intended to, and shall not, waive or diminish in any way the confidential nature of the information or its continued protection under the attorney-client privilege, work product doctrine or other applicable privilege. (B) The Consultant shall not, without Popular’s prior written consent: (i) use, reproduce, sell, market, disseminate, modify or disclose, reverse engineer, translate, discover the source code or trade secrets, render anonymous, aggregate, segregate or mine any Confidential Information for any purpose other than to perform the obligations for which the Confidential Information is being disclosed; (ii) disclose the Confidential Information; (iii) use, access, disclose, process, transmit, share or store Confidential Information outside of the jurisdiction of the United States; or (vi) remove any proprietary rights or confidentiality legend from the Confidential Information. 4.4 Confidential Supervisory Information. Consultant agrees that he will (i) not disclose Confidential Supervisory Information (“CSI”) to any person or entity without the prior written approval of Popular and the pertinent banking regulatory agency and (ii) not use the CSI for any purpose other than as necessary to provide the Services under this Agreement. “Confidential Supervisory Information” or “CSI” means nonpublic information that is by law or regulation exempt from disclosure and that is or was created or obtained in furtherance of a banking regulatory agency’s supervisory, investigatory or enforcement activities relating to a supervised financial institution, together with any information derived from or related to such information. Confidential Supervisory Information is confidential and privileged and remains at all times the property of the pertinent banking regulatory agency. 4.5 Protection of Confidential Information. The Consultant agrees to implement and maintain updated during the Term, controls necessary and appropriate for the Consultant in order to protect the Popular Group’s Confidential Information against anticipated threats or hazards or unauthorized access to or use thereof. If the Consultant discovers he has suffered an unauthorized access, disclosure, loss or use of the Popular Group’s Confidential Information, he will promptly notify the incident to Popular and will take all reasonable

 
5 steps to immediately mitigate, remedy and prevent any further disclosure and assist the Popular Group in any investigation regarding the incident, all at his expense. 4.6 Destruction. Upon Popular’s request, the Consultant shall promptly return or destroy all copies of the Popular Group’s Confidential Information, whether in physical or digital formats, and derivatives and metadata related thereto including copies embedded in computer files, extracts from computer files and analyses or other material based upon the Confidential Information. Should Popular request evidence of the destruction of any such Confidential Information, the Consultant shall submit, within thirty (30) calendar days of such request (or such other time as agreed to between the Parties), an attestation executed by the Consultant certifying that any such Confidential Information has been destroyed. 5. COMPLIANCE AND AUDIT 5.1 Compliance Requirements. (A) Legal Requirements in General. Consultant will provide the Services and comply with his obligations under the Agreement in a professional manner and in accordance with industry best practices and in compliance with applicable federal, state, local, and foreign law, rule, regulation, administrative determinations, and guidance, as well as the judgments and orders issued by competent government authorities thereunder (“Laws”), and professional code of conduct. (B) OFAC. Consultant represents and warrants that: (a) he complies, and shall at all times during the Term continue to comply, with the regulations of the U.S. Treasury Department Office of Foreign Assets Control (“OFAC”) and any statute, executive order, or rule relating thereto, as well as any similar laws of a relevant jurisdiction that may be applicable to the Consultant; (b) he or persons acting on Consultant’s behalf do not, and shall not during the term of the Agreement, appear on OFAC’s Specially Designated Nationals and Blocked Persons List (“SDN List”), Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List (“SSI List”), or on any other similar list maintained by OFAC or any other governmental authority; (c) he is not located in any country or territory that is the subject to the broad U.S sanctions prohibitions; and (d) Consultant, is not as of the Effective Date, the subject of any investigation relating to a sanctions violation or a potential sanctions violation and if any is found in the future to be in such a violation, he will promptly inform Popular, to the extent not prohibited by Law. (C) Anti-Bribery/Anti-Corruption. 1) Consultant acknowledges and agrees that he complies and during the Term will continue to comply, with all applicable anti-bribery and anti-corruption Laws, including, but not limited to, the Foreign Corrupt Practices Act (15 USC §dd-1, et. seq.) (“ABC Laws”). To this effect, Consultant agrees that, while performing the Services or purporting to act on behalf of the Popular Group, Consultant will not: (1) make, offer, promise or authorize the payment of anything of value (including, but not limited to, unlawful gifts, bribes, meals, entertainment, kickbacks or

 
6 benefits), either directly or through a third-party, to any official or employee of any local, U.S. or foreign government authority, organization or instrumentality thereof, or to any political party or official thereof or to any candidate for political office (a “Public Official”) for any purpose that violates applicable ABC Laws, in order to: (i) influence any act or decision of such Public Official, including a decision to do or omit to do any act in violation of his lawful duties or proper performance of functions; (ii) induce such Public Official to use its authority or position with any government entity or with any other person or entity, to influence any governmental act or decision; (iii) obtain or retain business for, direct business towards, or secure an improper advantage for, the Popular Group; or (iv) perform any act or make any decision that is otherwise prohibited by applicable law; or (2) solicit or accept anything of value in connection with the performance of any service or activity for or on behalf of the Popular Group. Furthermore, unless specifically requested, Consultant agrees not to, directly or through an intermediary: (1) contact any federal, state, local or foreign regulatory body or Public Official regarding any matter or issue in connection with the Services for the Popular Group; (2) engage in lobbying efforts on behalf of the Popular Group, or (3) make payments to a Public Official on behalf of the Popular Group solely to expedite or secure the performance of routine, non-discretionary government actions to which the Popular Group is already entitled (“facilitating payments”). 2) Consultant represents that, to the best of Consultant’s knowledge, he does not have a close association based on a family, romantic or friendship relationship (“personal relationship”) with a Public Official who may need to actor omit to act directly or indirectly as part of its lawful duties, in relation to any part of the Services Consultant renders for the Popular Group. 3) Consultant agrees to report in writing to Popular any known or suspected violations of applicable ABC Laws or the terms of this Section that occur in connection with Consultant’s performance of the Services, including if he identifies that any unlawful payment has occurred in violation of the above or if he receives a request or solicitation for any such payment. 5.2 Code of Ethics. Consultant represents that he has read, and shall comply with, the Code of Ethics for Popular Suppliers, as may be amended from time to time, a copy of which is located at https://investor.popular.comiengicorporate-governanceidefault.aspx or such other site identified by Popular. 5.3 Monitoring and Audit Rights. (A) Consultant acknowledges that the Popular Group, its internal or external auditors and its regulators may perform audits, assessments, examinations, or reviews of Consultant’s Services (“Audit”) in order to confirm compliance with the Agreement, as well as with Laws and industry standards. Upon Popular’s written request, at a time, frequency and place reasonably agreed to between the Parties, Consultant shall submit the information, provide periodic reports (including those of internal controls, systems, financial condition or compliance), respond to risk

 
7 questionnaires or allow access to relevant systems, documents or physical premises in a timely manner so as to permit the Popular Group to comply with the Audit. If an Audit reveals areas of material concern to Popular, the Parties will agree on a plan to address the deficiency in an adequate and timely manner. If Consultant does not address such material deficiencies in accordance with the plan, Popular may modify the frequency of the monitoring activities at Consultant’s expense or terminate the Agreement for cause. 6. INTELLECTUAL PROPERTY 6.1 Ownership. Each Party acknowledges that the other Party owns the intellectual property associated with or related to the other Party and, in the case of Popular, its affiliates, and their respective businesses, products and services including copyrights, patents, patent disclosures and inventions (whether patentable or not), trademarks, service marks, trade secrets, know-how, and other confidential information, trade dress, trade names, logos, corporate names and domain names, together with all of the goodwill associated therewith, and derivative works in whatever medium whether or not registered, and all related rights therein (“Intellectual Property”). Each Party further acknowledges that it receives no right, title to or interest in or to any of the other Party’s Intellectual Property other than as provided under the Agreement. 6.2 Popular Ownership of Work Product. Unless otherwise explicitly agreed to in writing by the Parties, Popular is and will be the sole and exclusive owner of all right, title and interest throughout the world in and to all deliverables that are the results and proceeds of the Services performed under the Agreement, whether developed singly or jointly with any other person or entity, for or on behalf of the Popular Group (“Work Product”). The Work Product includes, without limitation, all works of authorship, data, materials or information gathered, originated, developed, processed or obtained, and all program codes or documentation together with any associated copyrights. Consultant agrees that all Work Product will be deemed “work for hire” as defined by Law for Popular and all copyrights therein automatically and immediately vest in Popular. If for any reason Work Product does not constitute work for hire, Consultant irrevocably assigns (and will perform all acts necessary to make such assignment) to Popular, for no additional consideration, the entire right, title, and interest throughout the world in and to such Work Product. 7. LIABILITY; INDEMNIFICATION 7.1 Indemnity. Each Party shall indemnify, hold harmless, and defend the other Party and each of its affiliates and their respective officers, directors, employees, agents, successors, and assigns (collectively, “Indemnitees”) against losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses, including professional fees and reasonable attorneys’ fees (collectively, “Losses”), related or incidental to, or arising out of: (i) the actual or alleged violation of Laws; (ii) actual or alleged act, failure to act or omission, constituting fraud, negligence or willful misconduct relating to the Services (iii) a third-party claim, suit, or proceeding arising out of, related to, or alleging infringement of intellectual property right by the Work Product or any Intellectual Property used to provide the Services or made available to the

 
8 Popular Group as part of the Services; or (iv) claims alleging injury or damage to persons or property caused by Consultant during the provision of his Services. The indemnification obligations shall survive the termination of the Agreement. 7.2 Limitation of Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES INCLUDING LOSS OF PROFITS, REVENUE, BUSINESS OR SAVINGS, WHETHER IN AN ACTION IN CONTRACT OR TORT, EVEN IF SUCH DAMAGES ARE POSSIBLE OR FORESEEABLE. LIABILITY FOR GENERAL CLAIMS FOR BREACH OF CONTRACT WILL BE LIMITED TO AN AMOUNT EQUIVALENT TO THE FEES FOR SERVICES PAID OR PAYABLE BY POPULAR TO CONSULTANT DURING THE TWENTY-FOUR MONTHS PRIOR TO THE DATE OF THE CLAIM. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THE LIMITATIONS SET FORTH IN THIS SECTION SHALL NOT APPLY IN THE EVENT OF EITHER PARTY’S GROSS NEGLIGENCE, WILLFUL MISCONDUCT, FRAUD, VIOLATION OF LAW (INCLUDING THOSE RELATED TO PRIVACY AND DATA PROTECTION), OR THIRD-PARTY CLAIMS FOR INTELLECTUAL PROPERTY INFRINGEMENT. 8. RESTRICTIVE COVENANTS 8.1 Non-Compete. During the Term, Consultant agrees that he will not work or associate (including as a director, officer, employee, partner, consultant, agent or advisor) with or otherwise provide services to, or operate, manage or control in any way, a Competitive Enterprise performing the same or similar duties as those which were performed by him during the 12-month period immediately preceding the Effective Date. “Competitive Enterprise” means any business enterprise that either (1) engages in commercial or consumer financial services, retail banking, internet banking, or other financial, investment, financial advisor, trust or insurance services to either commercial or consumer customers in the Commonwealth of Puerto Rico or the States of New York or Florida, or (2) holds a 5% or greater equity, voting or profit participation interest in any enterprise that engages in such a competitive activity within the Commonwealth of Puerto Rico or the States of New York or Florida. 8.2 Non-Solicitation of Customers. During the Term, Consultant agrees that he will not, directly or indirectly or through associates, agents, or employees solicit, participate in or assist in the solicitation of any of the Popular Group’s customers serviced by him or with whom he had Material Contact and/or regarding whom he received Confidential Information (as defined in Popular’s Code of Ethics) during the three-year period prior to Effective Date who were still customers of the Popular Group during the immediately preceding 12-month period, for the purpose of providing products or services in competition with the Popular Group’s products or services. “Material Contact” means interaction between Consultant and the customer within the three-years prior to the Effective Date which takes place to manage, service or further the business relationship. 8.3 Non-Solicitation of Popular Employees. During the Term, Consultant agrees that he will not, directly or indirectly or through associates, agents, or employees solicit, recruit or

 
9 assist in the solicitation or recruitment of any employee or consultant of the Popular Group (or who was an employee or consultant of the Popular Group within the prior six months of the Effective Date) for the purpose of encouraging them to leave the Popular Group’s employ or sever an agreement for services. 8.4 Definition. The term “solicit”, when used in this section, will mean any direct or indirect communication of any kind regardless of who initiates it, that in any way invites, advises, encourages or requests any person to take any action; provided that such term will not be deemed to include solicitation by public advertisement media of general distribution (i.e., not targeted to present employees, consultants or customers of the Popular Group) without specific instruction or direction by Consultant. 9. GENERAL TERMS 9.1 Additional Representations and Warranties. Each Party represents and warrants to the other Party that (a) the Agreement will not violate the terms of any other agreement or contract to which such Party is bound nor require any third-party consent or approval; and (b) the Agreement constitutes a valid and binding obligation of such Party, enforceable against it in accordance with its terms except to the extent that enforceability may be limited by bankruptcy, insolvency, receivership, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights generally or general principles of equity or considerations of public policy. 9.2 No Waiver. The failure or delay by a Party to require performance of the other Party of any provision of the Agreement shall not affect the right of such Party to enforce the same provision, nor shall the waiver by either Party of any breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision, or as a waiver of the provision itself. The Parties may exercise any right or remedy in order to enforce the terms and conditions of the Agreement. 9.3 Notice. All notices or communication required hereunder must be made in writing to the corresponding Party’s contact and address. Legal notices (including claims, breach of contract, indemnification requests, and regulatory compliance issues) from Consultant to Popular must be sent by messenger with acknowledgement of receipt, certified mail or national courier. Any changes or additions to the above contact information must be notified in writing with receipt acknowledged. Notification to the Party’s contact of record shall be presumed correct. 9.4 Severability. Should a court or arbiter with competent jurisdiction determine that any clause is illegal, invalid, or unenforceable under present or future law, such provision will be fully severable, and the remaining provisions of the Agreement will remain in full force and effect. 9.5 Governing Law and Jurisdiction. The Agreement and all transactions contemplated therein will be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of Puerto Rico, without regard to any conflicts of law provisions thereof. Any civil action or legal proceeding arising out of or relating to the Agreement will be

 
10 brought exclusively in the courts of the Commonwealth of Puerto Rico. Each Party consents to the jurisdiction of such court in any such civil action or legal proceeding and waives any objection to the venue of any such civil action or legal proceeding in such court. EACH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS OR DUTIES UNDER THIS AGREEMENT. 9.6 Assignment. Popular may assign, whether voluntarily or involuntarily, by operation of law or otherwise, the Agreement or any rights or obligations under the Agreement to any subsidiary or affiliate without providing prior written notice to Consultant. Consultant may not assign, whether voluntarily or involuntarily, by operation of law or otherwise his rights and obligations under the Agreement without Popular’s prior written consent, which consent may be withheld at Popular’s convenience which may include following its vendor management procedures prior to allowing the assignee to provide the Services. 9.7 Entire Agreement and Amendments. The Agreement and any Annex, Schedule, appendix, exhibit, certificate, amendment or other document subsequently attached hereto will be incorporated and made a part hereof as if fully set forth herein and will be subject to the terms and conditions hereof and together with the Agreement will constitute the entire contract between the Parties, and supersedes all prior or contemporaneous agreements or understandings, written or oral, concerning the subject matter of the Agreement. The Agreement may not be modified, amended or supplemented in any manner except by mutual agreement of the Parties and set forth in a writing signed by a duly authorized representative of each Party. 9.8 No Third-Party Beneficiaries. The Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns and, unless otherwise agreed to by the Parties, nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of the Agreement. 9.9 EACH PARTY ACKNOWLEDGES THAT, BEFORE EXECUTING THIS AGREEMENT, SUCH PARTY HAS HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL (WHETHER OR NOT IT ACTUALLY ELECTED TO DO SO), AND HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF. 9.10 Counterparts. The Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the same instrument. Signatures to the Agreement transmitted by electronic mail in .pdf form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature. The Parties may sign the Agreement using DocuSign, or any other electronic signature application.

 
11 9.11 Electronic Signature. Each Party represents that if the Agreement is executed with an electronic signature application, the electronic signatures are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility and will not dispute the legally binding nature thereof on the basis that the terms were accepted with an electronic signature. Furthermore, the Parties agree they shall (a) comply with all applicable electronic records and signatures laws, including but not limited to the Electronic Signatures in Global and National Commerce Act; and (b) ensure that their respective electronic signatures vendor has the necessary processes and controls to comply with the confidentiality obligations of the Agreement. Signature Page Follows

 
12 IN WITNESS WHEREOF, the Parties have executed this Agreement on July 22, 2026. Popular, Inc. Consultant /s/ Manuel Chinea _______________ /s/ Javier D. Ferrer Name: Manuel Chinea Name: Javier D. Ferrer Title: Executive Vice President and Chief Experience & Administration Services Officer

 
EX-31.1 4 exhibit311.htm EX-31.1 exhibit311
CERTIFICATION EXHIBIT 31.1 I, Javier D. Ferrer, certify that: 1. I have reviewed this report on Form 10-Q of Popular, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: August 7, 2026 By: /s/ Javier D. Ferrer Javier D. Ferrer President and Chief Executive Officer

 
EX-31.2 5 exhibit312.htm EX-31.2 exhibit312
CERTIFICATION EXHIBIT 31.2 I, Jorge J. Garcia, certify that: 1. I have reviewed this report on Form 10-Q of Popular, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: August 7, 2026 By: /s/ Jorge J. García Jorge J. García Chief Financial Officer

 
EX-32.1 6 exhibit321-digital.htm EX-32.1 exhibit321-digital
EXHIBIT 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. Section 1350 Pursuant to 18 U.S.C. Section 1350, the undersigned officer of Popular, Inc. (the "Company"), hereby certifies that the Company's Report on Form 10-Q for the quarter ended June 30, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Dated: August 7, 2026 By: /s/ Javier D. Ferrer Name: Javier D. Ferrer Title: President and Chief Executive Officer A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 
EX-32.2 7 exhibit322-digital.htm EX-32.2 exhibit322-digital
EXHIBIT 32.2 CERTIFICATION PURSUANT TO 18 U.S.C. Section 1350 Pursuant to 18 U.S.C. Section 1350, the undersigned officer of Popular, Inc. (the "Company"), hereby certifies that the Company's Report on Form 10-Q for the quarter ended June 30, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Dated: August 7, 2026 By: /s/ Jorge J. García Name: Jorge J. García Title: Chief Financial Officer A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.