株探米国株
英語
エドガーで原本を確認する
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1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-Q
[X]
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
 
September 30, 2025
or
[ ]
 
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number:
 
001-34084
POPULAR, INC.
(Exact name of registrant as specified in its charter)
Puerto Rico
66-0667416
(State or other jurisdiction of Incorporation or
(IRS Employer Identification Number)
organization)
Popular Center Building
209 Muñoz Rivera Avenue
Hato Rey
,
Puerto Rico
00918
(Address of principal executive offices)
(Zip code)
(
787
)
765-9800
(Registrant’s telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Common Stock ($0.01 par value)
BPOP
The
NASDAQ Stock Market
6.125% Cumulative Monthly Income Trust
Preferred Securities
BPOPM
The
NASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports
 
required to be filed by Section 13 or 15(d) of the
Securities Exchange
 
Act of
 
1934 during
 
the preceding
 
12 months
 
(or for
 
such shorter
 
period that
 
the registrant
 
was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X]
 
Yes
[
 
]
 
No
Indicate by
 
check mark
 
whether the registrant
 
has submitted electronically
 
every Interactive
 
Data File
 
required to
 
be
submitted pursuant to
 
Rule 405 of
 
Regulation S-T (§
 
232.405 of this
 
chapter) during the
 
preceding 12 months
 
(or for
such shorter period that the registrant was required to submit such files).
[X]
 
Yes
[
 
]
 
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company.
 
See definitions of “large accelerated filer”, “accelerated
filer,” “smaller reporting company,”
 
and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
 
[X]
Accelerated filer [
 
]
Non-accelerated filer [
 
]
Smaller reporting company
[ ]
Emerging growth company
[ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section
13(a) of the Exchange Act.
 
[
 
]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
[
 
]
 
Yes
[X]
 
No
Indicate
 
the
 
number
 
of
 
shares
 
outstanding
 
of
 
each
 
of
 
the
 
issuer’s
 
classes
 
of
 
common
 
stock,
 
as
 
of
 
the
 
latest
practicable date:
 
Common Stock, $0.01 par value,
66,674,855
 
shares outstanding as of November 5, 2025.
 
 
 
2
POPULAR INC
INDEX
Part I – Financial Information
Page
Item 1. Financial Statements
Unaudited Consolidated Statements of Financial Condition
 
at September 30, 2025
and December 31, 2024
5
Unaudited Consolidated Statements of Operations for
 
the quarters
 
and nine months ended September 30, 2025
 
and 2024
6
Unaudited Consolidated Statements of Comprehensive
 
Income for the
quarters and nine months ended September 30,
 
2025 and 2024
7
Unaudited Consolidated Statements of Changes in
 
Stockholders’ Equity for the
quarters and nine months ended September 30,
 
2025 and 2024
8
Unaudited Consolidated Statements of Cash Flows for
 
the nine months
 
ended September 30, 2025 and 2024
10
Notes to Unaudited Consolidated Financial Statements
12
Item 2. Management’s Discussion and Analysis of Financial
 
Condition and
 
 
Results of Operations
125
Item 3. Quantitative and Qualitative Disclosures about
 
Market Risk
 
170
Item 4. Controls and Procedures
170
Part II – Other Information
Item 1. Legal Proceedings
170
Item 1A. Risk Factors
170
Item 2. Unregistered Sales of Equity Securities and
 
Use of Proceeds
171
Item 3. Defaults Upon Senior Securities
171
Item 4. Mine Safety Disclosures
171
Item 5. Other Information
171
Item 6. Exhibits
171
Signatures
173
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3
Forward-Looking Statements
This
 
Form 10-Q
 
contains “forward-looking
 
statements” within
 
the meaning
 
of the
 
U.S. Private
 
Securities Litigation
 
Reform Act
 
of
1995,
 
including,
 
without
 
limitation,
 
statements
 
about
 
Popular,
 
Inc.’s
 
(the
 
“Corporation,”
 
“Popular,”
 
“we,”
 
“us,”
 
“our”)
 
business,
financial condition, results
 
of operations, plans,
 
objectives and future
 
performance. These statements
 
are not
 
guarantees of future
performance,
 
are
 
based
 
on
 
management’s
 
current
 
expectations
 
and,
 
by
 
their
 
nature,
 
involve
 
risks,
 
uncertainties,
 
estimates
 
and
assumptions. Potential
 
factors, some
 
of which
 
are beyond
 
the Corporation’s
 
control, could
 
cause actual
 
results to
 
differ materially
from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include without limitation the effect
of competitive and
 
economic factors, and our
 
reaction to those factors,
 
the adequacy of
 
the allowance for loan
 
losses, delinquency
trends, market
 
risk and
 
the impact
 
of interest
 
rate changes
 
(including on
 
our cost
 
of deposits),
 
capital markets
 
conditions, capital
adequacy
 
and
 
liquidity,
 
and
 
the
 
effect
 
of
 
legal
 
and
 
regulatory
 
proceedings
 
and
 
new
 
accounting
 
standards
 
on
 
the
 
Corporation’s
financial condition
 
and results
 
of operations.
 
All statements
 
contained herein
 
that
 
are not
 
clearly
 
historical in
 
nature are
 
forward-
looking, and the words “anticipate,” “believe,” “continues,”
 
“expect,” “estimate,” “intend,” “project” and similar expressions
 
and future
or conditional verbs
 
such as
 
“will,” “would,” “should,”
 
“could,” “might,” “can,”
 
“may” or similar
 
expressions are
 
generally intended to
identify forward-looking statements.
 
Various factors, some of which
 
are beyond Popular’s control, could cause actual results to differ materially from those expressed in,
or implied by, such forward-looking statements. Factors that might cause such a
 
difference include, but are not limited to:
 
●
 
the
 
rate
 
of
 
growth
 
or
 
decline
 
in
 
the
 
economy
 
and
 
employment
 
levels,
 
as
 
well
 
as
 
general
 
business
 
and
 
economic
conditions
 
in
 
the
 
geographic
 
areas
 
we
 
serve
 
and,
 
in
 
particular,
 
in
 
the
 
Commonwealth
 
of
 
Puerto
 
Rico
 
(the
“Commonwealth” or “Puerto Rico”), where a significant
 
portion of our business is concentrated;
●
 
adverse
 
economic conditions,
 
including high
 
levels
 
of
 
inflation, that
 
adversely affect
 
housing
 
prices, the
 
job
 
market,
consumer confidence
 
and spending
 
habits which
 
may affect
 
in turn,
 
among other
 
things, our
 
level of
 
non-performing
assets, charge-offs and provision expense;
●
 
changes in interest rates and market liquidity,
 
which may reduce interest margins, impact funding sources, reduce loan
originations, affect
 
our ability
 
to originate
 
and distribute
 
financial products
 
in the
 
primary and
 
secondary markets
 
and
impact the value of our investment portfolio and
 
our ability to return capital to our stockholders;
●
 
the
 
impact
 
of
 
bank
 
failures
 
or
 
adverse
 
developments
 
at
 
other
 
banks
 
and
 
related
 
negative
 
media
 
coverage
 
of
 
the
banking industry in general on investor and depositor
 
sentiment regarding the stability and liquidity of
 
banks;
●
 
the impact of the current fiscal and economic challenges of Puerto Rico and
 
the measures taken and to be taken by the
Puerto
 
Rico
 
Government
 
and
 
the
 
Federally-appointed
 
oversight
 
board
 
on
 
the
 
economy,
 
our
 
customers
 
and
 
our
business;
●
 
the
 
amount of
 
Puerto Rico
 
public sector
 
deposits held
 
at
 
the Corporation,
 
whose future
 
balances are
 
uncertain and
difficult
 
to
 
predict
 
and
 
may
 
be
 
impacted
 
by
 
factors
 
such
 
as
 
the
 
amount
 
of
 
Federal
 
funds
 
received
 
by
 
the
 
P.R.
Government
 
and
 
the
 
rate
 
of
 
expenditure
 
of
 
such
 
funds,
 
as
 
well
 
as
 
the
 
financial
 
condition,
 
liquidity
 
and
 
cash
management practices of the Puerto Rico Government
 
and its instrumentalities;
●
 
unforeseen or
 
catastrophic events,
 
including extreme
 
weather events
 
such as
 
hurricanes and
 
other natural
 
disasters,
man-made disasters, acts of violence or war or
 
pandemics, epidemics and other health-related
 
crises, or the fear of any
such event
 
occurring, any of
 
which could cause
 
adverse consequences for
 
our business, including,
 
but not
 
limited to,
disruptions in our operations;
●
 
our ability to
 
achieve the expected
 
benefits from our
 
transformation initiative, including
 
our ability to
 
achieve projected
earnings, efficiencies and
 
return on tangible
 
common equity and
 
accurately anticipate costs
 
and expenses associated
therewith;
●
 
the fiscal and monetary policies of the federal government
 
and its agencies;
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
●
 
changes in
 
federal
 
bank regulatory
 
and supervisory
 
policies, including
 
required levels
 
of
 
capital, liquidity,
 
resolution-
related requirements and the impact of other proposed
 
capital standards on our capital ratios;
●
the impact of the current or any future
 
U.S. government shutdown;
●
 
changes
 
in
 
and
 
uncertainty
 
regarding
 
federal
 
funding,
 
tax,
 
trade
 
and
 
tariff
 
policies,
 
and
 
rulemaking,
 
supervision,
examination and enforcement priorities of the federal
 
administration;
●
 
increases
 
to
 
or
 
additional
 
Federal
 
Deposit
 
Insurance
 
Corporation
 
(“FDIC”)
 
assessments,
 
such
 
as
 
the
 
special
assessment implemented
 
by the
 
FDIC to
 
recover the
 
losses to
 
the deposit
 
insurance fund
 
(“DIF”) resulting
 
from the
receiverships of Silicon Valley Bank and Signature Bank;
●
 
regulatory approvals
 
that may
 
be necessary
 
to undertake
 
certain actions
 
or consummate
 
strategic transactions,
 
such
as acquisitions and dispositions;
●
 
the
 
relative strength
 
or
 
weakness
 
of
 
the
 
consumer and
 
commercial credit
 
sectors
 
and
 
of
 
the
 
real
 
estate markets
 
in
Puerto Rico and the other markets in which
 
our borrowers are located;
●
 
a deterioration in the credit quality of our
 
clients, customers and counterparties;
●
 
the performance of the stock and bond markets;
●
 
competition in the financial services industry;
●
 
possible legislative, tax or regulatory changes;
●
 
a failure
 
in or
 
breach of
 
our operational
 
or security
 
systems or
 
infrastructure or
 
those of
 
Evertec, Inc.,
 
our provider
 
of
core financial
 
transaction processing and
 
information technology services,
 
or of
 
third parties
 
providing services
 
to us,
including
 
as
 
a
 
result
 
of
 
cyberattacks,
 
e-fraud,
 
denial-of-services
 
and
 
computer
 
intrusion,
 
resulting
 
in,
 
among
 
other
things, loss or breach of customer data, disruption
 
of services, reputational damage or additional
 
costs to Popular;
●
 
changes in market rates and prices which may
 
adversely impact the value of financial assets
 
and liabilities;
●
 
potential judgments,
 
claims, damages,
 
penalties, fines,
 
enforcement actions
 
and
 
reputational damage
 
resulting from
pending or future litigation and regulatory or government
 
investigations or actions;
●
 
changes in accounting standards, rules and interpretations;
●
 
our ability to grow our core businesses;
●
 
decisions to downsize, sell or close branches or business
 
units or otherwise change our business mix;
 
and
●
 
management’s ability to identify and manage these and
 
other risks.
Moreover, the
 
outcome of any
 
legal and
 
regulatory proceedings, as
 
discussed in “Part
 
II, Item
 
1. Legal Proceedings,”
 
is inherently
uncertain and depends on judicial interpretations of law and the findings of regulators, judges and/or juries. Investors should refer to
the Corporation’s Annual
 
Report on Form
 
10-K for the
 
year ended December 31,
 
2024 (the “2024
 
Form 10-K”), as
 
well as “Part
 
II,
Item 1A” of our Quarterly
 
Report on this Form 10-Q for
 
a discussion of such factors and
 
certain risks and uncertainties to which the
Corporation is subject.
All forward-looking
 
statements included
 
in this
 
Form 10-Q
 
are based
 
upon information
 
available to
 
Popular as
 
of the
 
date of
 
this
Form 10-Q, and other than as
 
required by law, including the
 
requirements of applicable securities laws, we assume no
 
obligation to
update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date
of such statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF FINANCIAL CONDITION
(UNAUDITED)
[UNAUDITED]
September 30,
December 31,
(In thousands, except share information)
2025
2024
Assets:
Cash and due from banks
$
377,079
$
419,638
Money market investments:
 
Time deposits with other banks
 
4,754,391
6,380,948
Total money market investments
4,754,391
6,380,948
Trading account debt securities, at fair value
33,122
32,831
Debt securities available-for-sale, at fair
 
value:
Pledged securities with creditors’ right to repledge
 
40,352
30,486
Other debt securities available-for-sale
20,646,071
18,215,417
Debt securities available-for-sale
20,686,423
18,245,903
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge
 
18,525
27,405
Other debt securities held-to-maturity
7,414,610
7,730,672
Debt securities held-to-maturity (fair
 
value 2025 - $
7,459,488
; 2024 - $
7,682,664
)
7,433,135
7,758,077
Less – Allowance for credit losses
5,837
5,317
Debt securities held-to-maturity, net
7,427,298
7,752,760
Equity securities (realizable value 2025 -
 
$
219,599
; 2024 - $
208,663
)
218,993
208,166
Loans held-for-sale, at fair value
7,783
5,423
Loans held-in-portfolio
39,111,956
37,522,995
Less – Unearned income
424,798
415,343
 
Allowance for credit losses
786,220
746,024
Total loans held-in-portfolio, net
37,900,938
36,361,628
Premises and equipment, net
679,651
601,787
Other real estate
42,950
57,268
Accrued income receivable
297,347
263,389
Mortgage servicing rights, at fair value
99,523
108,103
Other assets
1,744,886
1,797,759
Goodwill
789,954
802,954
Other intangible assets
5,460
6,826
Total assets
$
75,065,798
$
73,045,383
Liabilities and Stockholders’ Equity
Liabilities:
 
Deposits:
Non-interest bearing
$
14,874,026
$
15,139,555
Interest bearing
51,639,378
49,744,790
Total deposits
66,513,404
64,884,345
Assets sold under agreements to repurchase
56,853
54,833
Other short-term borrowings
400,000
225,000
Notes payable
789,954
896,293
Other liabilities
1,189,915
1,371,846
Total liabilities
68,950,126
67,432,317
Commitments and contingencies (Refer
 
to Note 18)
 
 
Stockholders’ equity:
 
Preferred stock,
30,000,000
 
shares authorized;
885,726
 
shares issued and outstanding (2024 -
885,726
)
22,143
22,143
Common stock, $
0.01
 
par value;
170,000,000
 
shares authorized;
104,906,144
 
shares issued (2024 -
104,849,460
) and
66,959,866
 
shares outstanding (2024 -
70,141,291
)
1,049
1,048
Surplus
4,920,767
4,908,693
Retained earnings
5,022,546
4,570,957
Treasury stock - at cost,
37,946,278
 
shares (2024 -
34,708,169
)
 
(2,574,573)
(2,228,535)
Accumulated other comprehensive loss, net
 
of tax
 
(1,276,260)
(1,661,240)
Total stockholders’ equity
 
6,115,672
5,613,066
Total liabilities and stockholders’ equity
$
75,065,798
$
73,045,383
The accompanying notes are an integral part of
 
these Consolidated Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF OPERATIONS
(UNAUDITED)
Quarters ended September 30,
Nine months ended September 30,
(In thousands, except per share information)
2025
2024
2025
2024
Interest income:
Loans
$
702,039
$
664,731
$
2,053,299
$
1,952,200
Money market investments
66,867
96,061
206,565
272,893
Investment securities
197,743
176,656
567,655
528,403
Total interest income
966,649
937,448
2,827,519
2,753,496
Interest expense:
 
Deposits
303,432
350,985
896,353
1,020,420
Short-term borrowings
4,616
1,430
11,342
3,748
Long-term debt
12,096
12,560
36,173
37,799
Total interest expense
320,144
364,975
943,868
1,061,967
Net interest income
646,505
572,473
1,883,651
1,691,529
Provision for credit losses
 
75,125
71,448
188,147
190,840
Net interest income after provision for credit losses
 
571,380
501,025
1,695,504
1,500,689
Non-interest income:
 
Service charges on deposit accounts
39,077
38,315
116,957
113,283
Other service fees
101,376
98,748
296,406
289,883
Mortgage banking activities
 
2,771
2,670
11,332
12,753
Net gain (loss), including impairment on equity securities
2,197
(546)
3,645
876
Net gain on trading account debt securities
398
817
1,456
1,455
Adjustments to indemnity reserves on loans sold
36
808
329
783
Other operating income
25,340
23,270
61,608
75,173
Total non-interest income
171,195
164,082
491,733
494,206
Operating expenses:
 
Personnel costs
232,988
201,856
675,056
614,657
Net occupancy expenses
26,083
28,031
82,441
83,764
Equipment expenses
5,313
9,349
16,404
28,578
Other taxes
17,967
17,757
55,324
47,465
Professional fees
25,808
26,708
80,741
93,370
Technology and software expenses
 
87,117
88,452
255,481
247,666
Processing and transactional services
38,408
34,320
114,050
107,610
Communications
4,836
5,229
14,750
14,143
Business promotion
27,304
25,637
77,364
72,075
Deposit insurance
10,873
10,433
30,315
44,901
Other real estate owned (OREO) income
(3,408)
(2,674)
(10,862)
(13,745)
Other operating expenses
8,614
21,519
53,630
77,293
Amortization of intangibles
384
704
1,366
2,233
Goodwill impairment
 
13,000
-
13,000
-
Total operating expenses
495,287
467,321
1,459,060
1,420,010
Income before income tax
247,288
197,786
728,177
574,885
Income tax expense
35,971
42,463
128,918
138,490
Net Income
$
211,317
$
155,323
$
599,259
$
436,395
Net Income Applicable to Common Stock
 
$
210,964
$
154,970
$
598,200
$
435,336
Net Income per Common Share – Basic
$
3.15
$
2.16
$
8.78
$
6.06
Net Income per Common Share – Diluted
$
3.14
$
2.16
$
8.78
$
6.05
The accompanying notes are an integral part of
 
these Consolidated Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF COMPREHENSIVE INCOME
(UNAUDITED)
Quarters ended,
 
Nine months ended,
September 30,
September 30,
(In thousands)
2025
2024
2025
2024
Net income
$
211,317
$
155,323
$
599,259
$
436,395
Other comprehensive income (loss) before
 
tax:
Foreign currency translation adjustment
(14,524)
615
(13,670)
(3,240)
Amortization of net losses of pension and
 
postretirement benefit plans
2,272
3,618
6,817
10,854
Unrealized holding gains (losses) on debt securities
 
arising during the period
 
110,430
380,927
335,388
330,319
Amortization of unrealized losses of debt
 
securities transfer from available-for-
sale to held-to-maturity
47,191
45,331
138,743
133,761
Other comprehensive income before tax
145,369
430,491
467,278
471,694
Income tax expense
(25,972)
(65,203)
(82,298)
(89,157)
Total other comprehensive income, net of tax
119,397
365,288
384,980
382,537
Comprehensive income, net of tax
$
330,714
$
520,611
$
984,239
$
818,932
Tax effect allocated to each component of other comprehensive
 
income:
Quarters ended
Nine months ended,
September 30,
September 30,
(In thousands)
2025
2024
2025
2024
Amortization of net losses of pension and
 
postretirement benefit plans
$(
851
)
$(
1,357
)
$(
2,555
)
$(
4,070
)
Unrealized holding losses on debt securities
 
arising during the period
 
(15,683)
(54,779)
(51,994)
(58,334)
Amortization of unrealized losses of debt
 
securities transfer from available-for-
sale to held-to-maturity
(9,438)
(9,067)
(27,749)
(26,753)
Income tax expense
$
(25,972)
$
(65,203)
$
(82,298)
$
(89,157)
The accompanying notes are an integral
 
part of the Consolidated Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Accumulated
 
other
Common
Preferred
 
Retained
Treasury
comprehensive
(In thousands)
stock
stock
Surplus
earnings
stock
loss
Total
Balance at June 30, 2024
$
1,048
$
22,143
$
4,852,747
$
4,385,522
$
(2,010,500)
$
(1,878,282)
$
5,372,678
Net income
155,323
155,323
Issuances of common stock
1,704
1,704
Dividends declared:
Common stock
[1]
(44,614)
(44,614)
Preferred stock
(353)
(353)
Common stock purchases
[2]
(59,147)
(59,147)
Stock based compensation
(582)
217
(365)
Other comprehensive income, net of tax
365,288
365,288
Balance at September 30, 2024
 
$
1,048
$
22,143
$
4,853,869
$
4,495,878
$
(2,069,430)
$
(1,512,994)
$
5,790,514
Balance at June 30, 2025
$
1,049
$
22,143
$
4,919,950
$
4,861,958
$
(2,455,425)
$
(1,395,657)
$
5,954,018
Net income
211,317
211,317
Issuances of common stock
1,764
1,764
Dividends declared:
Common stock
[1]
(50,376)
(50,376)
Preferred stock
(353)
(353)
Common stock purchases
[3]
(119,697)
(119,697)
Stock based compensation
(947)
549
(398)
Other comprehensive income, net of tax
119,397
119,397
Balance at September 30, 2025
$
1,049
$
22,143
$
4,920,767
$
5,022,546
$
(2,574,573)
$
(1,276,260)
$
6,115,672
[1]
Dividends declared per common share during the quarter
 
ended September 30, 2025 - $
0.75
 
(2024 - $
0.62
).
[2]
Includes common
 
stock
 
repurchases of
 
$
58.8
 
million
 
as part
 
of the
 
2024 common
 
stock repurchase
 
program. Refer
 
to Note
 
15 for
 
additional
information.
[3]
Includes common stock
 
repurchases of $
119.4
 
million as part
 
of the 2024
 
and 2025 common
 
stock repurchase programs
 
previously announced
by the Corporation. Refer to Note 15 for additional information.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Accumulated
 
other
Common
Preferred
 
Retained
Treasury
comprehensive
(In thousands)
stock
stock
Surplus
earnings
stock
loss
Total
Balance at December 31, 2023
$
1,048
$
22,143
$
4,843,399
$
4,194,851
$
(2,018,957)
$
(1,895,531)
$
5,146,953
Net income
436,395
436,395
Issuances of common stock
5,271
5,271
Dividends declared:
Common stock
[1]
(134,309)
(134,309)
Preferred stock
(1,059)
(1,059)
Common stock purchases
[2]
(65,923)
(65,923)
Stock based compensation
5,199
15,450
20,649
Other comprehensive income, net of tax
382,537
382,537
Balance at September 30, 2024
 
$
1,048
$
22,143
$
4,853,869
$
4,495,878
$
(2,069,430)
$
(1,512,994)
$
5,790,514
Balance at December 31, 2024
$
1,048
$
22,143
$
4,908,693
$
4,570,957
$
(2,228,535)
$
(1,661,240)
$
5,613,066
Net income
599,259
599,259
Issuances of common stock
1
5,293
5,294
Dividends declared:
Common stock
[1]
(146,611)
(146,611)
Preferred stock
(1,059)
(1,059)
Common stock purchases
[3]
(362,752)
(362,752)
Stock based compensation
6,781
16,714
23,495
Other comprehensive income, net of tax
384,980
384,980
Balance at September 30, 2025
$
1,049
$
22,143
$
4,920,767
$
5,022,546
$
(2,574,573)
$
(1,276,260)
$
6,115,672
[1]
Dividends declared per common share during the nine months
 
ended September 30, 2025 - $
2.15
 
(2024 - $
1.86
).
[2]
Includes common stock repurchases of $
58.8
 
million as part of the 2024 common stock repurchase
 
program. Refer to Note 15 for additional
information.
[3]
Includes common stock repurchases of $
353.7
 
million as part of the 2024 and 2025 common stock
 
repurchase programs previously announced
by the Corporation. Refer to Note 15 for additional information.
For the nine months ended
September 30,
September 30,
Disclosure of changes in number of shares:
2025
2024
Preferred Stock:
Balance at beginning and end of period
885,726
885,726
Common Stock – Issued:
Balance at beginning of period
104,849,460
104,767,348
Issuances of common stock
56,684
65,364
Balance at end of period
104,906,144
104,832,712
Treasury stock
(37,946,278)
(33,045,363)
Common Stock – Outstanding
66,959,866
71,787,349
The accompanying notes are an integral part of these Consolidated
 
Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF CASH FLOWS
(UNAUDITED)
Nine months ended September 30,
(In thousands)
2025
2024
Cash flows from operating activities:
Net income
$
599,259
$
436,395
Adjustments to reconcile net income to net cash provided
 
by operating activities:
Provision for credit losses
188,147
190,840
Goodwill impairment charge
13,000
-
Amortization of intangibles
1,366
2,233
Depreciation and amortization of premises and equipment
38,901
46,720
Net accretion of discounts and amortization of premiums and
 
deferred fees
 
(203,871)
(196,221)
Interest capitalized on loans subject to the temporary payment
 
moratorium or loss mitigation alternatives
(4,729)
(5,933)
Share-based compensation
23,574
17,853
Fair value adjustments on mortgage servicing rights
9,359
10,280
Adjustments to indemnity reserves on loans sold
(329)
(783)
Earnings from investments under the equity method, net
 
of dividends or distributions
(13,760)
(12,723)
Deferred income tax expense
 
26,666
19,247
Gain on:
Disposition of premises and equipment and other productive
 
assets
(31)
(7,651)
Sale of loans, including valuation adjustments on loans
 
held-for-sale and mortgage banking activities
(103)
(396)
Sale of equity method investment
 
(1,226)
-
Sale of foreclosed assets, including write-downs
(8,722)
(13,590)
Acquisitions of loans held-for-sale
(4,135)
(5,810)
Proceeds from sale of loans held-for-sale
26,924
28,697
Net originations on loans held-for-sale
(22,184)
(31,284)
Net decrease (increase) in:
Trading debt securities
6,561
10,445
Equity securities
(4,827)
(7,337)
Accrued income receivable
 
(33,921)
6,032
Other assets
(4,008)
15,425
Net increase (decrease) in:
Interest payable
(7,042)
(4,785)
Pension and other postretirement benefits obligation
3,372
5,937
Other liabilities
(18,266)
(28,352)
Total adjustments
10,716
38,844
Net cash provided by operating activities
609,975
475,239
Cash flows from investing activities:
 
Net decrease in money market investments
1,626,969
469,042
Purchases of investment securities:
Available-for-sale
(28,253,550)
(24,469,345)
Equity
(37,006)
(2,370)
Proceeds from calls, paydowns, maturities and redemptions
 
of investment securities:
Available-for-sale
26,178,815
24,670,995
Held-to-maturity
456,532
508,511
Proceeds from sale of investment securities:
 
 
Equity
32,506
5,242
Net disbursements
 
on loans
(1,342,325)
(833,899)
Proceeds from sale of loans
61,379
18,266
Acquisition of loan portfolios
(480,793)
(510,556)
Return of capital from equity method investments
2
279
Payments to acquire equity method investments
(687)
(1,250)
Net proceeds from sale of equity method investment
 
1,226
-
Acquisition of premises and equipment and other productive
 
assets
(150,079)
(153,085)
Proceeds from sale of:
Premises and equipment and other productive assets
494
5,570
Foreclosed assets
67,911
82,986
Net cash used in investing activities
(1,838,606)
(209,614)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
Cash flows from financing activities:
 
Net increase in:
Deposits
1,626,359
46,924
Assets sold under agreements to repurchase
 
2,020
(36,024)
Other short-term borrowings
175,000
-
Payments of notes payable
(113,522)
(69,570)
Principal payments of finance leases
(2,894)
(2,717)
Proceeds from issuances of notes payable
6,112
-
Proceeds from issuances of common stock
5,294
5,271
Dividends paid
(146,840)
(135,495)
Net payments for repurchase of common stock
(356,975)
(59,556)
Payments related to tax withholding for share-based compensation
(8,070)
(6,367)
Net cash provided by financing activities
1,186,484
(257,534)
Net (decrease) increase in cash and due from banks, and
 
restricted cash
(42,147)
8,091
Cash and due from banks, and restricted cash at beginning
 
of period
429,406
427,575
Cash and due from banks, and restricted cash at the end of
 
the period
$
387,259
$
435,666
The accompanying notes are an integral part of these Consolidated
 
Financial Statements.
12
Notes to Consolidated Financial
 
Statements
 
(Unaudited)
Note 1 -
Nature of operations
13
Note 2 -
Basis of presentation
14
Note 3 -
New accounting pronouncements
15
Note 4 -
Restrictions on cash and due from banks and
certain securities
20
Note 5 -
Debt securities available-for-sale
21
Note 6 -
Debt securities held-to-maturity
24
Note 7 -
Loans
27
Note 8 -
Allowance for credit losses – loans held-in-
portfolio
35
Note 9 -
Other real estate owned
78
Note 10 -
Other assets
79
Note 11 -
Goodwill and other intangible assets
 
81
Note 12 -
Deposits
84
Note 13 -
Borrowings
85
Note 14 -
Other liabilities
87
Note 15 -
Stockholders’ equity
88
Note 16 -
Other comprehensive income (loss)
 
89
Note 17 -
Guarantees
91
Note 18 -
Commitments and contingencies
92
Note 19-
Non-consolidated variable interest entities
95
Note 20 -
Related party transactions
97
Note 21 -
Fair value measurement
98
Note 22 -
Fair value of financial instruments
106
Note 23 -
Net income per common share
109
Note 24 -
Revenue from contracts with customers
110
Note 25 -
Stock-based compensation
111
Note 26 -
Income taxes
114
Note 27 -
Supplemental disclosure on the consolidated
statements of cash flows
118
Note 28 -
Segment reporting
119
13
Note 1 – Nature of Operations
Popular,
 
Inc. (the
 
“Corporation” or
 
“Popular”) is
 
a diversified,
 
publicly owned
 
financial holding
 
company subject
 
to the
 
supervision
and
 
regulation
 
of
 
the
 
Board
 
of
 
Governors
 
of
 
the
 
Federal
 
Reserve
 
System.
 
The
 
Corporation
 
has
 
operations
 
in
 
Puerto
 
Rico,
 
the
mainland United
 
States (“U.S.”)
 
and the
 
U.S. and
 
British Virgin
 
Islands. In
 
Puerto Rico,
 
the Corporation
 
provides retail,
 
mortgage,
and commercial
 
banking services,
 
and auto
 
and equipment
 
leasing and
 
financing through
 
its principal
 
banking subsidiary,
 
Banco
Popular
 
de
 
Puerto
 
Rico
 
(“BPPR”), as
 
well
 
as
 
broker-dealer and
 
insurance
 
services through
 
specialized subsidiaries.
 
In
 
the
 
U.S.
mainland, the Corporation provides retail and commercial
 
banking services, as well as equipment
 
leasing and financing, through its
New
 
York-chartered
 
banking
 
subsidiary,
 
Popular
 
Bank
 
(“PB”
 
or
 
“Popular U.S.”),
 
which
 
has
 
branches
 
located
 
in
 
New
 
York,
 
New
Jersey, and Florida.
 
14
Note 2 – Basis of Presentation
 
Basis of Presentation
The (unaudited) interim Consolidated Financial Statements are, in the opinion of management, a fair statement of the results
 
for the
periods reported.
 
The consolidated statement
 
of financial condition
 
presented as
 
of December 31,
 
2024 was
 
derived from
 
audited
Consolidated Financial Statements of the Corporation
 
for the year ended December 31, 2024.
Certain
 
information
 
and
 
notes
 
to
 
the
 
financial
 
statements
 
disclosures
 
which
 
would
 
normally
 
be
 
included
 
in
 
financial
 
statements
prepared in
 
accordance with
 
Accounting Principles
 
Generally Accepted
 
in the
 
United States
 
of America
 
(U.S. GAAP),
 
have been
condensed or omitted from the unaudited financial statements pursuant
 
to the rules and regulations of the
 
Securities and Exchange
Commission.
 
Accordingly,
 
these
 
financial
 
statements
 
should
 
be
 
read
 
in
 
conjunction
 
with
 
the
 
audited
 
Consolidated
 
Financial
Statements of
 
the Corporation
 
for the
 
year ended
 
December 31,
 
2024,
 
included in
 
the 2024
 
Form 10-K.
 
Operating results
 
for the
interim periods disclosed herein are not necessarily
 
indicative of the results that may be expected
 
for a full year or any future period.
 
Use of Estimates in the Preparation of Financial Statements
The preparation of financial
 
statements in conformity with
 
accounting principles generally accepted in
 
the United States
 
of America
requires management to make
 
estimates and assumptions that
 
affect the reported
 
amounts of assets and
 
liabilities and contingent
assets
 
and
 
liabilities
 
at
 
the
 
date
 
of
 
the
 
financial
 
statements,
 
and
 
the
 
reported
 
amounts
 
of
 
revenues
 
and
 
expenses
 
during
 
the
reporting period. Actual results could differ from those estimates.
15
Note 3 - New accounting pronouncements
 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-02,
Liabilities (Topic 405) -
Amendments to SEC
Paragraphs Pursuant to
SEC Staff Accounting
Bulletin No. 122
The
 
Financial Accounting
 
Standards Board
("FASB")
 
issued
 
Accounting
 
Standard
Update
 
("ASU")
 
2025-02
 
in
 
March
 
2025,
which
 
amends
 
the
 
guidance
 
in
 
Accounting
Standards
 
Codification
 
("ASC")
 
450-10-
S99-1
 
by
 
removing
 
the
 
interpretative
guidance
 
of
 
Section
 
FF
 
of
 
Topic
 
5
 
in
 
the
Staff Accounting Bulletin Series ("SAB") text
that
 
addressed
 
the
 
accounting
 
for
obligations to
 
safeguard crypto-assets
 
held
by platform
 
users to
 
align the
 
ASC with
 
the
latest
 
SAB
 
112
 
directive,
 
ensuring
consistency and clarity.
March 18, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption of
 
this
 
ASU
 
since
 
it does
not currently hold crypto-assets.
FASB ASU 2024-02,
Codification Improvements
- Amendments to Remove
References to the
Concepts Statements
 
The
 
FASB
 
issued
 
ASU
 
2024-02
 
in
 
March
2024, which
 
removes various
 
references to
concept statements from the ASC. The ASU
intends
 
to
 
simplify
 
the
 
Codification
 
and
distinguish
 
between
 
nonauthoritative
 
and
authoritative guidance.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the adoption of this ASU since it did not
provide for
 
accounting changes
 
or new
presentation
 
or
 
disclosure
requirements.
 
The
 
ASU
 
eliminated
references
 
within
 
the
 
ASC
 
to
 
the
concept
 
statements,
 
which
 
is
considered non-authoritative guidance.
FASB ASU 2024-01,
Compensation - Stock
Compensation (Topic 718)
- Scope Application of
Profits Interest and Similar
Awards
The
 
FASB
 
issued
 
ASU
 
2024-01
 
in
 
March
2024,
 
which
 
amends
 
ASC
 
Topic
 
718
 
by
including
 
an
 
illustrative
 
example
 
to
demonstrate how
 
an entity
 
would apply
 
the
scope
 
guidance
 
in
 
paragraph
 
718-10-15-3
to determine whether profits interest awards
should be accounted
 
for in accordance
 
with
ASC
 
Topic
 
718.
 
The
 
ASU
 
is
 
intended
 
to
reduce complexity and diversity in practice.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption
 
of
 
this
 
ASU
 
since
 
the
performance
 
share
 
awards
 
of
 
the
Corporation
 
continue
 
to
 
meet
 
the
requirements of ASC 718-10-15-3.
FASB ASU 2023-08,
Intangibles - Goodwill and
Other - Crypto Assets
(Subtopic 350-60) -
Accounting for and
Disclosure of Crypto
Assets
 
The
 
FASB
 
issued
 
ASU
 
2023-08
 
in
December
 
2023,
 
which
 
amends
 
ASC
Subtopic
 
350-60
 
by
 
requiring
 
that
 
crypto
assets
 
are
 
measured
 
at
 
fair
 
value
 
in
 
the
statement
 
of
 
financial
 
position
 
each
reporting
 
period
 
with
 
changes
 
from
remeasurement
 
being
 
recognized
 
in
 
net
income.
 
The
 
ASU
 
also
 
requires
 
enhanced
disclosures
 
for
 
both
 
annual
 
and
 
interim
reporting
 
periods
 
to
 
provide
 
investors
 
with
relevant information
 
to
 
analyze and
 
assess
the
 
exposure
 
and
 
risk
 
of
 
significant
individual crypto asset holdings.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption of
 
this
 
ASU
 
since
 
it does
not currently hold crypto-assets.
16
 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2023-05,
Business Combinations -
Joint Venture Formations
(Subtopic 805-60) -
Recognition and initial
measurement
The
 
FASB
 
issued
 
ASU
 
2023-05
 
in
 
August
2023, which
 
amends ASC
 
Subtopic 805-60
to include specific
 
guidance about how
 
joint
ventures
 
should
 
recognize
 
and
 
initially
measure
 
assets
 
contributed
 
and
 
liabilities
assumed.
 
The
 
amendments
 
require
 
that
 
a
joint venture, upon formation, recognize and
initially
 
measure its
 
assets and
 
liabilities at
fair value.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
at
the time of adoption of this ASU since it
elected
 
to
 
prospectively
 
apply
 
the
standard. The Corporation will
 
consider
this
 
guidance
 
for
 
the
 
initial
measurement of assets and liabilities of
joint
 
ventures created
 
after the
 
date of
adoption.
17
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-07,
Derivatives and Hedging
(Topic 815) and Revenue
from Contracts with
Customers (Topic 606) -
Derivatives Scope
Refinements and Scope
Clarification for Share-
Based Noncash
Consideration from a
Customer in a Revenue
Contract
The
 
FASB
 
issued
 
ASU
 
2025-07
 
in
September 2025, which refines the scope of
derivative accounting under
 
ASC Topic
 
815
and
 
clarifies
 
the
 
treatment
 
of
 
share-based
noncash
 
consideration
 
under
 
ASC
 
Topic
606.
 
The
 
update
 
excludes
 
certain
 
non-
exchange traded
 
contracts with
 
underlyings
based
 
on
 
the
 
operations
 
of
 
one
 
of
 
the
parties from derivative accounting, aiming to
better
 
reflect
 
the
 
nature
 
of
 
these
arrangements
 
and
 
reduce
 
complexity.
 
It
also
 
confirms
 
that
 
share-based
 
noncash
consideration
 
from
 
a
 
customer
 
should
 
be
accounted
 
for
 
under
 
ASC
 
Topic
 
606
 
until
the right
 
to receive
 
or retain
 
such non-cash
consideration
 
becomes
 
unconditional,
promoting
 
consistency
 
in
 
revenue
recognition practices.
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2025-06,
Intangibles - Goodwill and
Other - Internal-Use
Software (Subtopic 350-
40) - Targeted
Improvements to the
Accounting for Internal-
Use Software
The
 
FASB
 
issued
 
ASU
 
2025-06
 
in
September 2025, which seeks to modernize
the
 
accounting
 
for
 
internal-use
 
software
under
 
ASC
 
Subtopic
 
350-40,
 
Intangibles—
Goodwill and Other—Internal-Use Software.
The
 
update
 
replaces
 
the
 
traditional
 
stage-
based
 
model
 
(preliminary,
 
development,
post-implementation)
 
with
 
a
 
principles-
based framework that better
 
reflects current
software
 
development
 
practices,
 
including
agile and cloud-based approaches.
January 1, 2028
The Corporation
 
is currently
 
evaluating
the
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
our
 
accounting
for
 
internal
 
use
 
software
 
considering
our
 
development
 
practices
 
which
 
may
include
 
agile
 
and
 
cloud
 
based
approaches. Given the
 
recent issuance
of
 
this
 
guidance
 
it
 
is
 
too
 
early
 
to
 
tell
whether
 
the
 
impact
 
will
 
be
 
material
 
in
our
 
financial
 
statements
 
and
presentation and disclosures.
FASB ASU 2025-05,
Financial Instruments -
Credit Losses (Topic 326)
- Measurement of Credit
Losses for Accounts
Receivables and Contract
Assets
The
 
FASB
 
issued
 
ASU
 
2025-05
 
in
 
July
2025,
 
which
 
permits
 
entities
 
to
 
elect
 
a
practical
 
expedient
 
when
 
accounting
 
for
current
 
accounts
 
receivable
 
and
 
current
contract
 
assets
 
arising
 
from
 
transactions
accounted
 
for
 
under
 
ASC
 
Topic
 
606,
Revenue
 
from
 
Contracts
 
with
 
Customers.
This practical
 
expedient establishes
 
that, in
developing
 
reasonable
 
and
 
supportable
forecasts
 
as
 
part
 
of
 
estimating
 
expected
credit
 
losses,
 
entities
 
assume
 
that
 
current
conditions as
 
of the
 
balance sheet
 
date do
not
 
change
 
for
 
the
 
remaining
 
life
 
of
 
the
asset.
January 1, 2026
The
 
Corporation
 
does
 
not
 
expect
 
that
the adoption of this standard will have a
significant
 
impact
 
on
 
its
 
financial
statements.
FASB ASU 2025-04,
Compensation - Stock
Compensation (Topic 718)
and Revenue from
Contracts with Customers
(Topic 606) - Clarifications
to Share-Based
Consideration Payable to
a Customer
The
 
FASB
 
issued
 
ASU
 
2025-04
 
in
 
May
2025,
 
which
 
clarifies
 
the
 
accounting
 
for
share-based
 
awards
 
granted
 
as
consideration
 
payable
 
to
 
a
 
customer.
 
The
ASU expands
 
the definition
 
of performance
condition
 
for
 
share-based
 
consideration
under ASC 718 and eliminates the forfeiture
policy election for
 
service conditions. It
 
also
confirms
 
that
 
the
 
variable
 
consideration
constraint
 
in
 
ASC
 
606
 
does
 
not
 
apply
 
to
such awards.
January 1, 2027
The Corporation
 
does not
 
expect to
 
be
impacted
 
by
 
the
 
adoption
 
of
 
this
 
ASU
since
 
it
 
does
 
not
 
grant
 
share-based
payment awards to customers.
18
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-03,
Business Combinations
(Topic 805) and
Consolidation (Topic 810)
- Determining the
Accounting Acquirer in the
Acquisition of a Variable
Interest Entity
The
 
FASB
 
issued
 
ASU
 
2025-03
 
in
 
May
2025 which
 
requires that
 
an entity
 
consider
the
 
factors
 
in
 
paragraphs
 
805-10-55-12
through
 
55-15
 
when
 
it
 
is
 
involved
 
in
 
an
acquisition transaction
 
effected primarily
 
by
exchanging
 
equity
 
interests when
 
the
 
legal
acquiree is
 
a variable
 
interest entity
 
("VIE")
that
 
meets
 
the
 
definition
 
of
 
a
 
business
 
to
determine
 
which
 
entity
 
is
 
the
 
accounting
acquirer.
 
This
 
replaces
 
the
 
previous
requirement
 
that
 
the
 
primary
 
beneficiary
always is the acquirer.
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2024-04, Debt
- Debt with Conversion
and Other Options
(Subtopic 470- 20) -
Induced Conversions of
Convertible Debt
Instruments
The
 
FASB
 
issued
 
ASU
 
2024-04
 
in
November
 
2024,
 
which
 
clarifies
 
the
requirements
 
for
 
determining
 
whether
certain
 
settlements
 
of
 
convertible
 
debt
instruments should
 
be accounted
 
for as
 
an
induced
 
conversion.
 
Also
 
it
 
makes
additional
 
clarifications
 
to
 
assist
stakeholders in
 
applying the
 
guidance. The
ASU
 
clarifies
 
that
 
the
 
incorporation,
elimination,
 
or
 
modification
 
of
 
a
 
volume-
weighted
 
average
 
price
 
("VWAP")
 
formula
does
 
not
 
automatically
 
cause
 
a
 
settlement
to
 
be
 
accounted
 
for
 
as
 
an
 
extinguishment
and
 
that
 
the
 
induced
 
conversion
 
guidance
applies to a convertible
 
debt instrument that
is not currently
 
convertible as long as
 
it had
a substantive
 
conversion feature
 
as of
 
both
its
 
issuance
 
date
 
and
 
the
 
date
 
the
inducement offer is accepted.
January 1, 2026
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2024-03,
Income Statement -
Reporting Comprehensive
Income - Expense
Disaggregation
Disclosures (Subtopic
220-40) - Disaggregation
of Income Statement
Expenses (As updated by
ASU 2025-01)
The
 
FASB
 
issued
 
ASU
 
2024-03
 
in
November
 
2024,
 
which
 
requires
 
public
entities
 
to
 
disclose
 
additional
 
information
about
 
specific
 
expense
 
categories
 
in
 
the
notes to
 
financial statements
 
at interim
 
and
annual
 
reporting
 
periods
 
to
 
improve
financial transparency.
For fiscal years
beginning on
January 1, 2027
For interim periods
within fiscal years
beginning after
January 1, 2028
The Corporation
 
is currently
 
evaluating
the
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2023-09,
Income Tax (Topic
 
740) -
Improvements to Income
Tax Disclosures
The
 
FASB
 
issued
 
ASU
 
2023-09
 
in
December 2023,
 
which amends
 
ASC Topic
740
 
by
 
enhancing
 
disclosures
 
regarding
rate
 
reconciliation
 
and
 
requiring
 
the
disclosure of
 
income taxes paid, income (or
loss)
 
before
 
income
 
tax
 
expense
 
and
income
 
tax
 
expense
 
disaggregated
 
by
national, state and foreign level. Disclosures
that
 
no
 
longer
 
were
 
considered
 
cost
beneficial
 
or
 
relevant
 
were
 
removed
 
from
ASC Topic 740.
January 1, 2026
The
 
Corporation
 
will
 
prospectively
adopt
 
ASU
 
2023-09
 
for
 
it's
Consolidated
 
Financial
 
Statements
 
in
the
 
2025
 
Form
 
10-K.
 
The
 
adoption
 
of
this standard
 
will result
 
in the
 
inclusion
of
 
certain
 
new
 
categories
 
in
 
the
effective
 
income
 
tax
 
rate
 
and
 
income
tax expense tabular disclosures, as well
as the
 
disclosure of income
 
taxes paid,
within the income taxes note.
19
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2023-06,
Disclosure Improvements -
Codification Amendments
in Response to the SEC’s
 
Disclosure Update and
Simplification Initiative
The FASB
 
issued ASU
 
2023-06 in
 
October
2023
 
which
 
modifies
 
the
 
disclosure
 
or
presentation
 
requirements
 
of
 
various
subtopics
 
in
 
the
 
Codification
 
with
 
the
purpose
 
of
 
aligning
 
U.S.
 
GAAP
requirements
 
with
 
those
 
of
 
the
 
SEC
 
under
Regulation S-X and S-K.
 
The date on which
the SEC removes
related disclosure
requirements. If by
June 30, 2027 the
SEC has not
removed the
applicable
requirements, the
standard will not
become
 
effective.
The Corporation
 
does not
 
expect to
 
be
impacted
 
by
 
the
 
adoption
 
of
 
this
 
ASU
since
 
it
 
is
 
subject
 
to
 
SEC's
 
current
disclosure
 
and
 
presentation
requirements under Regulation S-X and
S-K.
20
Note 4 - Restrictions on cash and due
 
from banks and certain securities
BPPR is
 
required by
 
regulatory agencies
 
to maintain
 
average reserve
 
balances with
 
the Federal
 
Reserve Bank
 
of New
 
York
 
(the
“Fed”) or other banks. Required average reserve balances in BPPR amounted to $
2.6
 
billion at September 30, 2025 (December 31,
2024 -
 
$
2.6
 
billion). Cash
 
and due
 
from banks,
 
as well
 
as other
 
highly liquid
 
securities, are
 
used to
 
cover these
 
required average
reserve balances.
 
At
 
September
 
30,
 
2025,
 
the
 
Corporation
 
held
 
$
63
 
million
 
in
 
restricted
 
assets
 
in
 
the
 
form
 
of
 
funds
 
deposited
 
in
 
money
 
market
accounts, debt
 
securities available for
 
sale and
 
equity securities (December
 
31, 2024
 
- $
61
 
million).
 
The restricted
 
assets held
 
in
debt securities available for
 
sale and equity securities
 
consist primarily of assets
 
held for the Corporation’s
 
non-qualified retirement
plans and fund deposits guaranteeing possible liens
 
or encumbrances over the title of insured properties.
 
21
Note 5 – Debt securities available-for-sale
The
 
following
 
tables
 
present
 
the
 
amortized
 
cost,
 
gross
 
unrealized
 
gains
 
and
 
losses,
 
fair
 
value,
 
weighted
 
average
 
yield
 
and
contractual maturities of debt securities available-for-sale
 
at September 30, 2025 and December 31,
 
2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At September 30, 2025
Gross
Gross
Weighted
Amortized
unrealized
unrealized
Fair
 
average
(In thousands)
cost
gains
 
losses
value
yield
U.S. Treasury securities
Within 1 year
$
10,182,136
$
2,162
$
8,399
$
10,175,899
3.68
%
After 1 to 5 years
5,531,033
23,619
23,786
5,530,866
3.73
Total U.S. Treasury
 
securities
15,713,169
25,781
32,185
15,706,765
3.70
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
6,213
-
135
6,078
1.52
After 5 to 10 years
12,050
-
549
11,501
2.51
After 10 years
93,542
119
6,540
87,121
2.92
Total collateralized
 
mortgage obligations - federal agencies
111,805
119
7,224
104,700
2.80
Mortgage-backed securities - federal agencies
Within 1 year
15,380
-
78
15,302
2.23
After 1 to 5 years
82,670
8
2,102
80,576
2.30
After 5 to 10 years
836,304
247
48,922
787,629
2.10
After 10 years
4,859,779
907
869,985
3,990,701
1.70
Total mortgage-backed
 
securities - federal agencies
5,794,133
1,162
921,087
4,874,208
1.77
Other
Within 1 year
500
-
-
500
4.33
After 1 to 5 years
250
-
-
250
4.79
Total other
 
750
-
-
750
4.48
Total debt securities
 
available-for-sale
[1]
$
21,619,857
$
27,062
$
960,496
$
20,686,423
3.18
%
[1]
 
Includes $
14.9
 
billion pledged to secure government and trust
 
deposits, credit facilities and loan servicing agreements that the
 
secured parties
are not permitted to sell or repledge the collateral, of which
 
$
13.9
 
billion serve as collateral for public funds.
 
The Corporation had unpledged
Available for Sale securities with a fair value of
 
$
5.7
 
billion that could be used to increase its borrowing
 
facilities.
22
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Gross
 
Gross
 
Weighted
 
Amortized
 
unrealized
unrealized
Fair
 
average
 
(In thousands)
cost
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
10,555,397
$
1,282
$
46,275
$
10,510,404
3.33
%
After 1 to 5 years
2,547,936
151
63,381
2,484,706
3.07
Total U.S. Treasury
 
securities
13,103,333
1,433
109,656
12,995,110
3.28
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
10,538
-
345
10,193
1.53
After 5 to 10 years
15,334
-
904
14,430
2.24
After 10 years
104,168
132
8,639
95,661
2.76
Total collateralized
 
mortgage obligations - federal agencies
130,040
132
9,888
120,284
2.60
Mortgage-backed securities - federal agencies
Within 1 year
776
-
5
771
1.65
After 1 to 5 years
79,542
8
2,700
76,850
2.35
After 5 to 10 years
733,506
82
45,078
688,510
2.37
After 10 years
5,468,448
337
1,106,657
4,362,128
1.67
Total mortgage-backed
 
securities - federal agencies
6,282,272
427
1,154,440
5,128,259
1.75
Other
Within 1 year
500
-
-
500
5.00
After 1 to 5 years
1,750
-
-
1,750
5.50
Total other
 
2,250
-
-
2,250
5.39
Total debt securities
 
available-for-sale
[1]
$
19,517,895
$
1,992
$
1,273,984
$
18,245,903
2.78
%
[1]
Includes $
13.9
 
billion pledged to secure government and trust deposits,
 
assets sold under agreements to repurchase, credit facilities
 
and loan
servicing agreements that the secured parties are not permitted
 
to sell or repledge the collateral, of which $
12.9
 
billion serve as collateral for
public funds. The Corporation had unpledged Available
 
for Sale securities with a fair value of
 
$
4.3
 
billion that could be used to increase its
borrowing facilities.
The weighted
 
average yield
 
on debt
 
securities available-for-sale
 
is based
 
on amortized
 
cost; therefore,
 
it
 
does not
 
give
 
effect to
changes in fair value.
Securities
 
not
 
due
 
on
 
a
 
single
 
contractual
 
maturity
 
date,
 
such
 
as
 
mortgage-backed
 
securities
 
and
 
collateralized
 
mortgage
obligations,
 
are
 
classified
 
based
 
on
 
the
 
period
 
of
 
final
 
contractual
 
maturity.
 
The
 
expected
 
maturities
 
of
 
collateralized
 
mortgage
obligations, mortgage-backed securities
 
and certain
 
other securities
 
may differ
 
from their
 
contractual maturities
 
because they
 
may
be subject to prepayments or may be called
 
by the issuer.
At September
 
30, 2025,
 
the Corporation
 
did not
 
intend to
 
sell and
 
did not
 
believe that
 
it was
 
more likely
 
than not
 
that it
 
would be
required to sell debt securities classified as
 
available-for-sale. There were
no
 
sales of debt securities classified as available-for-sale
during the nine months ended September 30, 2025
 
and 2024.
 
 
 
23
The
 
following
 
tables
 
present
 
the
 
Corporation’s
 
fair
 
value
 
and
 
gross
 
unrealized
 
losses
 
of
 
debt
 
securities
 
available-for-sale,
aggregated by investment category and length of
 
time that individual securities have been in a continuous
 
unrealized loss position at
September 30, 2025 and December 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At September 30, 2025
Less than 12 months
12 months or more
Total
Gross
Gross
Gross
Fair
 
 
unrealized
Fair
 
 
unrealized
Fair
 
 
unrealized
(In thousands)
value
 
losses
value
 
losses
value
 
losses
U.S. Treasury securities
$
4,241,874
$
9,041
$
1,656,231
$
23,144
$
5,898,105
$
32,185
Collateralized mortgage obligations - federal agencies
 
6,506
9
87,499
7,215
94,005
7,224
Mortgage-backed securities -federal agencies
18,000
480
4,798,315
920,607
4,816,315
921,087
Total debt securities
 
available-for-sale in an unrealized loss position
 
$
4,266,380
$
9,530
$
6,542,045
$
950,966
$
10,808,425
$
960,496
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Less than 12 months
12 months or more
Total
Gross
Gross
Gross
Fair
 
 
unrealized
Fair
 
 
unrealized
Fair
 
 
unrealized
(In thousands)
value
 
losses
value
 
losses
value
 
losses
U.S. Treasury securities
$
2,309,894
$
24,646
$
3,638,092
$
85,010
$
5,947,986
$
109,656
Collateralized mortgage obligations - federal agencies
 
4,878
27
102,160
9,861
107,038
9,888
Mortgage-backed securities - federal agencies
70,777
3,175
5,031,414
1,151,265
5,102,191
1,154,440
Total debt securities
 
available-for-sale in an unrealized loss position
 
$
2,385,549
$
27,848
$
8,771,666
$
1,246,136
$
11,157,215
$
1,273,984
As
 
of
 
September
 
30,
 
2025,
 
the
 
portfolio
 
of
 
available-for-sale
 
debt
 
securities
 
reflects
 
gross
 
unrealized
 
losses
 
of
 
$
1.0
 
billion
(December 31, 2024
 
- $
1.3
 
billion), driven mainly
 
by mortgage-backed securities, impacted
 
by the higher-interest
 
rate environment
and
 
the
 
portfolio’s
 
longer
 
duration.
 
The
 
portfolio
 
of
 
available-for-sale debt
 
securities
 
is
 
comprised
 
mainly
 
of
 
U.S
 
Treasuries
 
and
obligations
 
from
 
the
 
U.S.
 
Government,
 
its
 
agencies
 
or
 
government
 
sponsored
 
entities,
 
including
 
Federal
 
National
 
Mortgage
Association
 
(“FNMA”),
 
Federal
 
Home
 
Loan
 
Mortgage
 
Corporation
 
(“FHLMC”)
 
and
 
Government
 
National
 
Mortgage
 
Association
(“GNMA”).
 
These
 
securities
 
carry
 
an
 
explicit
 
or
 
implicit
 
guarantee
 
from
 
the
 
U.S.
 
Government,
 
are
 
highly
 
rated
 
by
 
major
 
rating
agencies, and have a long history of no credit
 
losses. Accordingly, the Corporation applies a zero-credit loss assumption.
 
 
24
Note 6 –Debt securities held-to-maturity
The following
 
tables present
 
the amortized
 
cost, allowance
 
for credit
 
losses, gross
 
unrealized gains
 
and losses,
 
approximate fair
value, weighted
 
average yield
 
and contractual maturities
 
of debt
 
securities held-to-maturity
 
at September 30,
 
2025 and
 
December
31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At September 30, 2025
Allowance
Carrying
Value
 
Gross
 
Gross
 
Weighted
Amortized
 
Book
[1]
for Credit
Net of
 
unrealized
unrealized
Fair
 
average
(In thousands)
cost
Value
Losses
Allowance
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
2,107,187
$
2,071,286
$
-
$
2,071,286
$
2,554
$
762
$
2,073,078
1.50
%
After 1 to 5 years
5,607,069
5,302,786
-
5,302,786
29,216
-
5,332,002
1.24
Total U.S. Treasury
 
securities
7,714,256
7,374,072
-
7,374,072
31,770
762
7,405,080
1.31
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
2,605
2,605
9
2,596
7
-
2,603
6.43
After 1 to 5 years
12,530
12,530
44
12,486
28
80
12,434
3.48
After 5 to 10 years
450
450
15
435
15
-
450
5.81
After 10 years
36,012
36,012
5,769
30,243
3,205
1,802
31,646
1.42
Total obligations of
 
Puerto Rico, States and
political subdivisions
51,597
51,597
5,837
45,760
3,255
1,882
47,133
2.21
Collateralized mortgage obligations - federal
agencies
After 10 years
1,506
1,506
-
1,506
-
191
1,315
2.87
Total collateralized
 
mortgage obligations -
federal agencies
1,506
1,506
-
1,506
-
191
1,315
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]
$
7,773,319
$
7,433,135
$
5,837
$
7,427,298
$
35,025
$
2,835
$
7,459,488
1.32
%
[1]
Book value includes $
340
 
million of unrealized loss which remains in Accumulated
 
other comprehensive (loss) income (AOCI) related
 
to certain
securities previously transferred from available-for-sale securities
 
portfolio to the held-to-maturity securities portfolio.
[2]
Includes $
7.3
 
billion pledged to secure public and trust deposits that
 
the secured parties are not permitted to sell or repledge
 
the collateral.
 
The
Corporation had unpledged held-to-maturities securities with
 
a fair value of $
89.7
 
million that could be used to increase its borrowing facilities.
 
25
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Allowance
 
Carrying
Value
 
Gross
 
Gross
 
Weighted
 
Amortized
 
Book
[1]
for Credit
Net of
unrealized
unrealized
Fair
 
average
 
(In thousands)
cost
Value
Losses
Allowance
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
599,910
$
599,910
$
-
$
599,910
$
-
$
4,498
$
595,412
2.76
%
After 1 to 5 years
7,572,435
7,093,508
-
7,093,508
-
65,096
7,028,412
1.28
Total U.S. Treasury
 
securities
8,172,345
7,693,418
-
7,693,418
-
69,594
7,623,824
1.39
Obligations of Puerto Rico, States and
political subdivisions
`
Within 1 year
2,440
2,440
5
2,435
3
-
2,438
6.39
After 1 to 5 years
16,454
16,454
80
16,374
47
80
16,341
3.69
After 5 to 10 years
655
655
22
633
20
-
653
5.81
After 10 years
37,633
37,633
5,210
32,423
2,318
2,596
32,145
1.42
Total obligations of
 
Puerto Rico, States and
political subdivisions
57,182
57,182
5,317
51,865
2,388
2,676
51,577
2.34
Collateralized mortgage obligations - federal
agencies
After 10 years
1,518
1,518
-
1,518
-
214
1,304
2.87
Total collateralized
 
mortgage obligations -
federal agencies
1,518
1,518
-
1,518
-
214
1,304
2.87
Securities in wholly owned statutory business
trusts
After 5 to 10 years
5,959
5,959
-
5,959
-
-
5,959
6.33
Total securities
 
in wholly owned statutory
business trusts
5,959
5,959
-
5,959
-
-
5,959
6.33
Total debt securities
 
held-to-maturity [2]
$
8,237,004
$
7,758,077
$
5,317
$
7,752,760
$
2,388
$
72,484
$
7,682,664
1.40
%
[1]
Book value includes $
479
 
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 $
7.6
 
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 $
139.9
 
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 2024 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
 
September 30,
 
2025 and
 
December 31,
 
2024, 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
 
$
8.7
 
million of
 
general and
 
special obligation
 
bonds issued
 
by three
 
municipalities of
 
Puerto
Rico,
 
of
 
which
 
$
7.9
 
million
 
have
 
a
 
“Pass”
 
rating,
 
that
 
are
 
payable
 
primarily
 
from
 
certain
 
property
 
taxes
 
imposed
 
by
 
the
 
issuing
municipality (compared to $
13
 
million and $
11.1
 
million, respectively, at December 31, 2024).
At September
 
30, 2025,
 
the portfolio
 
of “Obligations
 
of Puerto
 
Rico, States
 
and political
 
subdivisions” also
 
included $
36
 
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, 2024 -
 
$
38
 
million). These
26
securities
 
are
 
not
 
rated
 
by
 
a
 
credit
 
rating
 
agency.
 
Refer
 
to
 
Note
 
18
to
 
the
 
Consolidated
 
Financial
 
Statements
for
 
additional
information on the Corporation’s exposure to the Puerto
 
Rico Government
The
 
Corporation
 
assesses
 
the
 
credit
 
risk
 
associated
 
with
 
these
 
securities
 
by
 
evaluating
 
the
 
refreshed
 
FICO
 
scores
 
of
 
a
representative sample of
 
the underlying
 
borrowers. As
 
of September 30,
 
2025, the
 
average refreshed FICO
 
score for
 
the sample,
comprised
 
of
76
%
 
of
 
the
 
nominal
 
value
 
of
 
the
 
securities,
 
used
 
for
 
the
 
loss
 
estimate
 
was
 
of
676
 
(compared
 
to
72
%
 
and
674
,
respectively, at
 
December 31, 2024).
 
The loss estimates
 
for this portfolio
 
was based on
 
the methodology established
 
under CECL
for
 
similar
 
loan
 
obligations.
 
The
 
Corporation
 
does
 
not
 
consider
 
the
 
government
 
guarantee
 
when
 
estimating
 
the
 
credit
 
losses
associated with this portfolio.
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 September 30,
 
2025 and December 31,
 
2024, the portfolio of
 
“Obligations of Puerto Rico,
 
States and political subdivisions”
 
also
included $
6.9
 
million in
 
securities issued
 
by the
 
HFA for
 
which the
 
underlying source
 
of payment
 
is U.S.
 
Treasury securities.
 
The
Corporation applies a zero-credit
 
loss assumption for these
 
securities, and no ACL
 
has been established for
 
these securities given
that U.S. Treasury
 
securities carry an
 
explicit guarantee from the
 
U.S. Government, are
 
highly rated by
 
major rating agencies,
 
and
have a long history of no credit losses.
 
Delinquency status
At September 30, 2025 and December 31, 2024, 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
September 30, 2025 was $
5.8
 
million (December 31, 2024 - $
5.3
 
million).
 
 
 
 
27
Note 7 – Loans
For
 
a summary
 
of
 
the accounting
 
policies related
 
to
 
loans, interest
 
recognition and
 
allowance for
 
credit
 
losses
 
refer to
 
Note
 
2
 
–
Summary of Significant Accounting Policies of the 2024
 
Form 10-K.
The
 
following
 
table
 
presents
 
the
 
Corporation's
 
loan
 
purchases
 
(including
 
repurchases)
 
for
 
the
 
quarters
 
and
 
nine
 
months
 
ended
September 30, 2025 and 2024 by class of loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended September 30,
 
Nine months ended September 30,
 
(In thousands)
2025
2024
2025
2024
Commercial
$
40,797
$
32,484
$
115,683
$
247,906
Mortgage
122,452
97,586
369,049
268,239
Ending balance
$
163,249
$
130,070
$
484,732
$
516,145
The following
 
table presents
 
the Corporation’s
 
whole-loan sales for
 
the quarters
 
and nine months
 
ended September 30,
 
2025 and
2024 by class of loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended September 30,
 
Nine months ended September 30,
 
(In thousands)
2025
2024
2025
2024
Commercial
$
19,998
$
-
$
47,347
$
-
Construction
-
-
9,338
11,656
Mortgage
11,393
9,126
26,780
32,882
Ending balance
$
31,391
$
9,126
$
83,465
$
44,538
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
September 30, 2025 and December 31, 2024.
 
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
BPPR
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
 
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
1,357
$
1
$
174
$
1,532
$
300,834
$
302,366
$
174
$
-
Commercial real estate:
Non-owner occupied
17,422
292
37,043
54,757
3,247,988
3,302,745
37,043
-
Owner occupied
2,004
152
25,619
27,775
1,167,509
1,195,284
25,619
-
Commercial and industrial
4,237
2,032
178,224
184,493
5,567,505
5,751,998
173,245
4,979
Construction
2,898
1,691
-
4,589
299,364
303,953
-
-
Mortgage
252,650
118,092
314,103
684,845
6,548,261
7,233,106
139,958
174,145
Leasing
23,537
5,372
7,747
36,656
1,961,995
1,998,651
7,747
-
Consumer:
Credit cards
13,556
9,917
25,625
49,098
1,176,469
1,225,567
-
25,625
Home equity lines of credit
-
-
-
-
1,693
1,693
-
-
Personal
19,826
11,353
18,375
49,554
1,773,594
1,823,148
18,375
-
Auto
107,907
21,874
49,432
179,213
3,671,740
3,850,953
49,432
-
Other
2,907
245
2,195
5,347
166,980
172,327
1,776
419
Total
$
448,301
$
171,021
$
658,537
$
1,277,859
$
25,883,932
$
27,161,791
$
453,369
$
205,168
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Popular U.S.
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
 
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
-
$
2,638
$
8,467
$
11,105
$
2,176,118
$
2,187,223
$
8,467
$
-
Commercial real estate:
Non-owner occupied
84
-
7,083
7,167
2,152,668
2,159,835
7,083
-
Owner occupied
15,171
217
-
15,388
1,880,052
1,895,440
-
-
Commercial and industrial
14,949
-
1,434
16,383
2,477,258
2,493,641
1,246
188
Construction
-
-
-
-
1,300,659
1,300,659
-
-
Mortgage
1,298
4,988
27,809
34,095
1,291,207
1,325,302
27,809
-
Consumer:
Home equity lines of
credit
395
335
3,257
3,987
73,210
77,197
3,257
-
Personal
1,006
990
941
2,937
74,240
77,177
941
-
Other
-
-
30
30
8,863
8,893
30
-
Total
$
32,903
$
9,168
$
49,021
$
91,092
$
11,434,275
$
11,525,367
$
48,833
$
188
 
 
29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Popular, Inc.
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
[2] [3]
loans
loans
Commercial multi-family
$
1,357
$
2,639
$
8,641
$
12,637
$
2,476,952
$
2,489,589
$
8,641
$
-
Commercial real estate:
Non-owner occupied
17,506
292
44,126
61,924
5,400,656
5,462,580
44,126
-
Owner occupied
17,175
369
25,619
43,163
3,047,561
3,090,724
25,619
-
Commercial and industrial
19,186
2,032
179,658
200,876
8,044,763
8,245,639
174,491
5,167
Construction
2,898
1,691
-
4,589
1,600,023
1,604,612
-
-
Mortgage
[1]
253,948
123,080
341,912
718,940
7,839,468
8,558,408
167,767
174,145
Leasing
23,537
5,372
7,747
36,656
1,961,995
1,998,651
7,747
-
Consumer:
Credit cards
13,556
9,917
25,625
49,098
1,176,469
1,225,567
-
25,625
Home equity lines of credit
395
335
3,257
3,987
74,903
78,890
3,257
-
Personal
20,832
12,343
19,316
52,491
1,847,834
1,900,325
19,316
-
Auto
107,907
21,874
49,432
179,213
3,671,740
3,850,953
49,432
-
Other
2,907
245
2,225
5,377
175,843
181,220
1,806
419
Total
$
481,204
$
180,189
$
707,558
$
1,368,951
$
37,318,207
$
38,687,158
$
502,202
$
205,356
[1]
At September 30, 2025, mortgage loans held-in-portfolio
 
include $
3
.0 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 $
174
 
million are 90 days or more past due. The portfolio
 
of
guaranteed loans includes $
49
 
million of residential mortgage loans in Puerto Rico that
 
are no longer accruing interest as of September 30,
 
2025.
The Corporation has $
29
 
million in reverse mortgage loans in Puerto Rico which
 
are guaranteed by FHA, but which are currently not accruing
interest at September 30, 2025.
[2]
Loans held-in-portfolio are net of $
425
 
million in unearned income and exclude $
8
 
million in loans held-for-sale.
[3]
Includes $
21.9
 
billion pledged to secure credit facilities and public funds
 
that the secured parties are not permitted to sell or repledge
 
the collateral,
of which $
7.5
 
billion were pledged at the Federal Home Loan Bank
 
("FHLB") as collateral for borrowings and $
14.4
 
billion at the Federal Reserve
Bank ("FRB") for discount window borrowings. As of September
 
30, 2025, the Corporation had an available borrowing
 
facility with the FHLB and
the discount window of FRB of $
4.2
 
billion and $
11.2
 
billion, respectively.
 
 
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
BPPR
Past due
Past due 90 days or more
30-59
60-89
90 days
 
Total
Non-accrual
Accruing
(In thousands)
 
days
 
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
1,491
$
113
$
79
$
1,683
$
306,318
$
308,001
$
79
$
-
Commercial real estate:
Non-owner occupied
3,103
586
6,429
10,118
3,236,385
3,246,503
6,429
-
Owner occupied
11,054
808
25,258
37,120
1,338,791
1,375,911
25,258
-
Commercial and industrial
5,738
2,712
23,895
32,345
5,314,549
5,346,894
19,335
4,560
Construction
1,039
-
-
1,039
211,251
212,290
-
-
Mortgage
262,222
116,694
365,759
744,675
6,065,206
6,809,881
158,442
207,317
Leasing
23,991
6,062
9,588
39,641
1,885,764
1,925,405
9,588
-
Consumer:
Credit cards
17,399
11,719
29,960
59,078
1,158,975
1,218,053
-
29,960
Home equity lines of credit
16
129
-
145
1,895
2,040
-
-
Personal
19,503
13,005
20,269
52,777
1,697,600
1,750,377
20,269
-
Auto
111,358
27,858
51,792
191,008
3,632,429
3,823,437
51,792
-
Other
1,816
277
1,312
3,405
156,824
160,229
899
413
Total
$
458,730
$
179,963
$
534,341
$
1,173,034
$
25,005,987
$
26,179,021
$
292,091
$
242,250
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Popular U.S.
Past due
Past due 90 days or more
30-59
60-89
90 days
 
Total
Non-accrual
Accruing
(In thousands)
 
days
 
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
-
$
5,443
$
8,700
$
14,143
$
2,077,476
$
2,091,619
$
8,700
$
-
Commercial real estate:
Non-owner occupied
6,792
-
8,015
14,807
2,101,925
2,116,732
8,015
-
Owner occupied
-
-
5,191
5,191
1,776,644
1,781,835
5,191
-
Commercial and industrial
10,336
5,323
1,938
17,597
2,377,071
2,394,668
1,748
190
Construction
-
-
-
-
1,051,502
1,051,502
-
-
Mortgage
18,148
5,417
29,890
53,455
1,250,847
1,304,302
29,890
-
Consumer:
Credit cards
-
-
-
-
26
26
-
-
Home equity lines of credit
530
986
3,393
4,909
66,622
71,531
3,393
-
Personal
 
1,808
1,509
1,741
5,058
99,809
104,867
1,741
-
Other
514
-
11
525
11,024
11,549
11
-
Total
$
38,128
$
18,678
$
58,879
$
115,685
$
10,812,946
$
10,928,631
$
58,689
$
190
 
 
31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Popular, Inc.
Past due
Past due 90 days or more
30-59
60-89
90 days
 
Total
Non-accrual
Accruing
(In thousands)
 
days
 
days
or more
past due
Current
Loans HIP
[2] [3]
loans
loans
Commercial multi-family
$
1,491
$
5,556
$
8,779
$
15,826
$
2,383,794
$
2,399,620
$
8,779
$
-
Commercial real estate:
Non-owner occupied
9,895
586
14,444
24,925
5,338,310
5,363,235
14,444
-
Owner occupied
11,054
808
30,449
42,311
3,115,435
3,157,746
30,449
-
Commercial and industrial
16,074
8,035
25,833
49,942
7,691,620
7,741,562
21,083
4,750
Construction
1,039
-
-
1,039
1,262,753
1,263,792
-
-
Mortgage
[1]
280,370
122,111
395,649
798,130
7,316,053
8,114,183
188,332
207,317
Leasing
23,991
6,062
9,588
39,641
1,885,764
1,925,405
9,588
-
Consumer:
Credit cards
17,399
11,719
29,960
59,078
1,159,001
1,218,079
-
29,960
Home equity lines of credit
546
1,115
3,393
5,054
68,517
73,571
3,393
-
Personal
21,311
14,514
22,010
57,835
1,797,409
1,855,244
22,010
-
Auto
111,358
27,858
51,792
191,008
3,632,429
3,823,437
51,792
-
Other
2,330
277
1,323
3,930
167,848
171,778
910
413
Total
$
496,858
$
198,641
$
593,220
$
1,288,719
$
35,818,933
$
37,107,652
$
350,780
$
242,440
[1]
At December 31, 2024 mortgage loans held-in-portfolio include
 
$
2.6
 
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 $
207
 
million are 90 days or more past due. The portfolio
 
of
guaranteed loans includes $
65
 
million of residential mortgage loans in Puerto Rico that
 
are no longer accruing interest as of December 31,
 
2024.
The Corporation has $
31
 
million in reverse mortgage loans in Puerto Rico which
 
are guaranteed by FHA, but which are currently not accruing
interest at December 31, 2024.
[2]
Loans held-in-portfolio are net of $
415
 
million in unearned income and exclude $
5
 
million in loans held-for-sale.
[3]
Includes $
16.8
 
billion pledged to secure credit facilities and public funds
 
that the secured parties are not permitted to sell or repledge
 
the collateral,
of which $
7.3
 
billion were pledged at the FHLB as collateral for borrowings
 
and $
9.5
 
billion at the FRB for discount window borrowings. As
 
of
December 31, 2024, the Corporation had an available borrowing
 
facility with the FHLB and the discount window
 
of FRB of $
3.8
 
billion and $
7
.0
billion, respectively.
The following tables present the amortized cost basis
 
of non-accrual loans as of September 30, 2025
 
and December 31, 2024 by
class of loans:
 
 
32
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 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
$
-
$
174
$
8,137
$
330
$
8,137
$
504
Commercial real estate non-owner occupied
34,986
2,057
6,994
89
41,980
2,146
Commercial real estate owner occupied
16,618
9,001
-
-
16,618
9,001
Commercial and industrial
6,504
166,741
-
1,246
6,504
167,987
Mortgage
62,445
77,513
1,117
26,692
63,562
104,205
Leasing
602
7,145
-
-
602
7,145
Consumer:
 
HELOCs
-
-
-
3,257
-
3,257
 
Personal
 
3,264
15,111
-
941
3,264
16,052
 
Auto
 
2,263
47,169
-
-
2,263
47,169
 
Other
363
1,413
-
30
363
1,443
Total
$
127,045
$
326,324
$
16,248
$
32,585
$
143,293
$
358,909
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
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
$
-
$
79
$
8,700
$
-
$
8,700
$
79
Commercial real estate non-owner occupied
3,450
2,979
7,115
900
10,565
3,879
Commercial real estate owner occupied
17,767
7,491
4,957
234
22,724
7,725
Commercial and industrial
9,020
10,315
-
1,748
9,020
12,063
Mortgage
66,176
92,266
1,069
28,821
67,245
121,087
Leasing
500
9,088
-
-
500
9,088
Consumer:
 
HELOCs
-
-
-
3,393
-
3,393
 
Personal
 
2,960
17,309
-
1,741
2,960
19,050
 
Auto
 
1,992
49,800
-
-
1,992
49,800
 
Other
-
899
-
11
-
910
Total
$
101,865
$
190,226
$
21,841
$
36,848
$
123,706
$
227,074
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 September 30, 2025 include $
143
 
million in collateral dependent loans (December
31,
 
2024 -
 
$
124
 
million). The
 
Corporation recognized
 
$
3
 
million in
 
interest income
 
on non-accrual
 
loans during
 
the
 
nine months
ended September 30, 2025 (September 30, 2024
 
- $
3
 
million).
The following tables present the amortized cost basis
 
of collateral-dependent loans, for which the ACL was measured
 
based on the
fair value
 
of the
 
collateral less
 
cost to
 
sell, by
 
class of
 
loans and
 
type of
 
collateral as
 
of September
 
30, 2025
 
and December
 
31,
2024:
 
33
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
(In thousands)
Real Estate
Auto
Equipment
Accounts
Receivables
Other
Total
BPPR
Commercial multi-family
$
1,221
$
-
$
-
$
-
$
-
$
1,221
Commercial real estate:
Non-owner occupied
128,209
-
-
-
-
128,209
Owner occupied
23,060
-
-
-
-
23,060
Commercial and industrial
2,409
-
4,404
1,383
2,781
10,977
Mortgage
70,547
-
-
-
-
70,547
Leasing
-
1,597
-
-
-
1,597
Consumer:
Personal
3,724
-
-
-
-
3,724
Auto
-
16,694
-
-
-
16,694
Other
-
8
-
-
363
371
Total BPPR
$
229,170
$
18,299
$
4,404
$
1,383
$
3,144
$
256,400
Popular U.S.
Commercial multi-family
$
13,915
$
-
$
-
$
-
$
-
$
13,915
Commercial real estate:
Non-owner occupied
65,645
-
-
-
-
65,645
Mortgage
1,651
-
-
-
-
1,651
Total Popular U.S.
$
81,211
$
-
$
-
$
-
$
-
$
81,211
Popular, Inc.
Commercial multi-family
$
15,136
$
-
$
-
$
-
$
-
$
15,136
Commercial real estate:
Non-owner occupied
193,854
-
-
-
-
193,854
Owner occupied
23,060
-
-
-
-
23,060
Commercial and industrial
2,409
-
4,404
1,383
2,781
10,977
Mortgage
72,198
-
-
-
-
72,198
Leasing
-
1,597
-
-
-
1,597
Consumer:
Personal
3,724
-
-
-
-
3,724
Auto
-
16,694
-
-
-
16,694
Other
-
8
-
-
363
371
Total Popular,
 
Inc.
$
310,381
$
18,299
$
4,404
$
1,383
$
3,144
$
337,611
 
34
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
(In thousands)
Real Estate
Auto
Equipment
Other
Total
BPPR
Commercial multi-family
$
1,278
$
-
$
-
$
-
$
1,278
Commercial real estate:
Non-owner occupied
145,974
-
-
-
145,974
Owner occupied
23,361
-
-
-
23,361
Commercial and industrial
2,754
-
-
11,593
14,347
Construction
576
-
-
-
576
Mortgage
77,910
-
-
-
77,910
Leasing
-
1,437
1
-
1,438
Consumer:
Personal
3,347
-
-
-
3,347
Auto
-
15,782
-
-
15,782
Other
-
-
-
16
16
Total BPPR
$
255,200
$
17,219
$
1
$
11,609
$
284,029
Popular U.S.
Commercial multi-family
$
14,517
$
-
$
-
$
-
$
14,517
Commercial real estate:
Non-owner occupied
7,116
-
-
-
7,116
Owner occupied
4,956
-
-
-
4,956
Commercial and industrial
-
-
18
1,154
1,172
Mortgage
1,430
-
-
-
1,430
Total Popular U.S.
$
28,019
$
-
$
18
$
1,154
$
29,191
Popular, Inc.
Commercial multi-family
$
15,795
$
-
$
-
$
-
$
15,795
Commercial real estate:
Non-owner occupied
153,090
-
-
-
153,090
Owner occupied
28,317
-
-
-
28,317
Commercial and industrial
2,754
-
18
12,747
15,519
Construction
576
-
-
-
576
Mortgage
79,340
-
-
-
79,340
Leasing
-
1,437
1
-
1,438
Consumer:
Personal
3,347
-
-
-
3,347
Auto
-
15,782
-
-
15,782
Other
-
-
-
16
16
Total Popular,
 
Inc.
$
283,219
$
17,219
$
19
$
12,763
$
313,220
35
Note 8 – Allowance for credit losses – loans
 
held-in-portfolio
The
Corporation follows
 
the current
 
expected credit
 
loss
 
(“CECL”) model
 
to
 
establish and
 
evaluate the
 
adequacy of
 
the ACL
 
to
provide for
 
expected losses
 
in the
 
loan portfolio.
 
This model
 
establishes a forward-looking
 
methodology that
 
reflects the
 
expected
credit losses over the lives
 
of financial assets starting when such
 
assets are first acquired or originated.
 
In addition, CECL provides
that
 
the
 
initial ACL
 
on PCD
 
financial
 
assets be
 
recorded as
 
an
 
increase to
 
the
 
purchase price,
 
with subsequent
 
changes to
 
the
allowance
 
recorded
 
as
 
a
 
credit
 
loss
 
expense.
 
The
 
provision
 
for
 
credit
 
losses
 
recorded
 
in
 
current
 
operations
 
is
 
based
 
on
 
this
methodology.
 
Loan losses
 
are charged
 
and
 
recoveries are
 
credited to
 
the ACL.
 
The
 
Corporation’s modeling
 
framework includes
competing risk
 
models that
 
generate lifetime
 
default and
 
prepayment estimates as
 
well as
 
other loan
 
level techniques
 
to estimate
loss
 
severity.
 
These
 
models
 
combine
 
credit
 
risk
 
factors
 
which
 
include
 
the
 
impact
 
of
 
loan
 
modifications,
 
with
 
macroeconomic
expectations to derive the lifetime expected loss.
 
At
 
September
 
30,
 
2025,
 
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 2025, the Corporation assigned equal probability weights to the baseline and pessimistic scenarios in response to
economic uncertainty,
 
the optimistic scenario
 
being the lowest
 
of probabilities. During
 
the second
 
quarter of 2025,
 
the Corporation
moderately
 
reduced
 
the
 
probability
 
weight
 
for
 
the
 
pessimistic
 
scenario
 
based
 
on
 
changes
 
in
 
the
 
economic
 
outlook
 
and
 
a
reassessment of uncertainty compared to the first quarter. The net impact of these two changes in the assigned weights on the ACL
levels
 
for
 
the
 
nine
 
months
 
ended
 
September
 
30,
 
2025
 
was
 
$
13.7
 
million
 
in
 
additional
 
reserves.
 
There
 
were
 
no
 
changes
 
to
 
the
probability weights
 
during the
 
third quarter
 
of
 
2025. The
 
probability weight
 
for the
 
pessimistic scenario
 
remains above
 
the levels
observed in 2024, given the ongoing economic uncertainty.
The following tables present the changes in
 
the ACL of loans held-in-portfolio and
 
unfunded commitments for the quarters and nine
months ended September 30, 2025 and 2024.
 
36
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2025
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
 
Commercial multi-family
$
3,696
$
(177)
$
-
$
 
-
 
$
2
$
3,521
 
Commercial real estate non-owner occupied
43,139
10,931
-
(13,490)
876
41,456
 
Commercial real estate owner occupied
35,848
(2,211)
-
-
947
34,584
 
Commercial and industrial
123,202
30,220
-
(2,801)
1,334
151,955
 
Total Commercial
205,885
38,763
-
(16,291)
3,159
231,516
Construction
3,075
370
-
-
-
3,445
Mortgage
74,966
337
6
(585)
2,801
77,525
Leasing
20,040
1,234
-
(4,017)
1,963
19,220
Consumer
 
Credit cards
92,306
10,212
-
(18,139)
2,829
87,208
 
Home equity lines of credit
54
(95)
-
-
89
48
 
Personal
92,891
13,195
-
(19,218)
3,533
90,401
 
Auto
182,274
7,581
-
(19,175)
7,139
177,819
 
Other
7,758
1,042
-
(759)
132
8,173
 
Total Consumer
375,283
31,935
-
(57,291)
13,722
363,649
Total - Loans
$
679,249
$
72,639
$
6
$
(78,184)
$
21,645
$
695,355
Allowance for credit losses - unfunded commitments:
Commercial
$
5,876
$
943
$
-
$
-
$
-
$
6,819
Construction
1,869
(127)
-
-
-
1,742
Ending balance - unfunded commitments [1]
$
7,745
$
816
$
-
$
-
$
-
$
8,561
[1] Allowance for credit losses of unfunded commitments
 
is presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
37
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2025
Popular U.S.
Provision for
 
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
13,085
$
(84)
$
-
$
60
$
13,061
Commercial real estate non-owner occupied
15,978
1,411
-
-
17,389
Commercial real estate owner occupied
13,203
1,388
-
16
14,607
Commercial and industrial
18,160
(148)
(722)
62
17,352
Total Commercial
60,426
2,567
(722)
138
62,409
Construction
7,504
155
-
-
7,659
Mortgage
10,209
(789)
-
36
9,456
Consumer
Home equity lines of credit
1,330
(253)
-
423
1,500
Personal
10,763
183
(1,629)
520
9,837
Other
4
15
(25)
10
4
Total Consumer
12,097
(55)
(1,654)
953
11,341
Total - Loans
$
90,236
$
1,878
$
(2,376)
$
1,127
$
90,865
Allowance for credit losses - unfunded commitments:
Commercial
$
1,935
$
(7)
$
-
$
-
$
1,928
Construction
3,289
(100)
-
-
3,189
Consumer
84
61
-
-
145
Ending balance - unfunded commitments [1]
$
5,308
$
(46)
$
-
$
-
$
5,262
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
38
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2025
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
16,781
$
(261)
$
-
$
-
$
62
$
16,582
Commercial real estate non-owner occupied
59,117
12,342
-
(13,490)
876
58,845
Commercial real estate owner occupied
49,051
(823)
-
-
963
49,191
Commercial and industrial
141,362
30,072
-
(3,523)
1,396
169,307
Total Commercial
266,311
41,330
-
(17,013)
3,297
293,925
Construction
10,579
525
-
-
-
11,104
Mortgage
85,175
(452)
6
(585)
2,837
86,981
Leasing
20,040
1,234
-
(4,017)
1,963
19,220
Consumer
Credit cards
92,306
10,212
-
(18,139)
2,829
87,208
Home equity lines of credit
1,384
(348)
-
-
512
1,548
Personal
103,654
13,378
-
(20,847)
4,053
100,238
Auto
182,274
7,581
-
(19,175)
7,139
177,819
Other
7,762
1,057
-
(784)
142
8,177
Total Consumer
387,380
31,880
-
(58,945)
14,675
374,990
Total - Loans
$
769,485
$
74,517
$
6
$
(80,560)
$
22,772
$
786,220
Allowance for credit losses - unfunded commitments:
Commercial
$
7,811
$
936
$
-
$
-
$
-
$
8,747
Construction
5,158
(227)
-
-
-
4,931
Consumer
84
61
-
-
-
145
Ending balance - unfunded commitments [1]
$
13,053
$
770
$
-
$
-
$
-
$
13,823
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
39
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2025
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
2,783
$
728
$
-
$
-
$
10
$
3,521
Commercial real estate non-owner occupied
44,852
8,172
-
(13,576)
2,008
41,456
Commercial real estate owner occupied
37,355
(5,129)
-
(103)
2,461
34,584
Commercial and industrial
130,136
23,194
-
(8,579)
7,204
151,955
Total Commercial
215,126
26,965
-
(22,258)
11,683
231,516
Construction
2,743
702
-
-
-
3,445
Mortgage
72,901
(2,533)
15
(1,570)
8,712
77,525
Leasing
16,419
10,863
-
(12,543)
4,481
19,220
Consumer
Credit cards
99,130
37,128
-
(57,015)
7,965
87,208
Home equity lines of credit
54
(516)
-
(25)
535
48
Personal
91,296
48,904
-
(60,724)
10,925
90,401
Auto
165,995
43,904
-
(53,649)
21,569
177,819
Other
7,002
3,062
-
(2,339)
448
8,173
Total Consumer
363,477
132,482
-
(173,752)
41,442
363,649
Total - Loans
$
670,666
$
168,479
$
15
$
(210,123)
$
66,318
$
695,355
Allowance for credit losses - unfunded commitments:
Commercial
$
6,725
$
94
$
-
$
-
$
-
$
6,819
Construction
1,663
79
-
-
-
1,742
Ending balance - unfunded commitments [1]
$
8,388
$
173
$
-
$
-
$
-
$
8,561
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2025
Popular U.S.
Provision for
 
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
6,453
$
7,110
$
(563)
$
61
$
13,061
Commercial real estate non-owner occupied
9,642
7,747
-
-
17,389
Commercial real estate owner occupied
12,473
1,581
(26)
579
14,607
Commercial and industrial
15,870
2,862
(1,918)
538
17,352
Total Commercial
44,438
19,300
(2,507)
1,178
62,409
Construction
8,521
(862)
-
-
7,659
Mortgage
9,508
(305)
-
253
9,456
Consumer
Home equity lines of credit
1,449
(1,188)
(46)
1,285
1,500
Personal
11,440
3,800
(7,175)
1,772
9,837
Other
2
50
(67)
19
4
Total Consumer
12,891
2,662
(7,288)
3,076
11,341
Total - Loans
$
75,358
$
20,795
$
(9,795)
$
4,507
$
90,865
Allowance for credit losses - unfunded commitments:
Commercial
$
1,662
$
266
$
-
$
-
$
1,928
Construction
5,409
(2,220)
-
-
3,189
Consumer
11
134
-
-
145
Ending balance - unfunded commitments [1]
$
7,082
$
(1,820)
$
-
$
-
$
5,262
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
41
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2025
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
9,236
$
7,838
$
-
$
(563)
$
71
$
16,582
Commercial real estate non-owner occupied
54,494
15,919
-
(13,576)
2,008
58,845
Commercial real estate owner occupied
49,828
(3,548)
-
(129)
3,040
49,191
Commercial and industrial
146,006
26,056
-
(10,497)
7,742
169,307
Total Commercial
259,564
46,265
-
(24,765)
12,861
293,925
Construction
11,264
(160)
-
-
-
11,104
Mortgage
82,409
(2,838)
15
(1,570)
8,965
86,981
Leasing
16,419
10,863
-
(12,543)
4,481
19,220
Consumer
Credit cards
99,130
37,128
-
(57,015)
7,965
87,208
Home equity lines of credit
1,503
(1,704)
-
(71)
1,820
1,548
Personal
102,736
52,704
-
(67,899)
12,697
100,238
Auto
165,995
43,904
-
(53,649)
21,569
177,819
Other
7,004
3,112
-
(2,406)
467
8,177
Total Consumer
376,368
135,144
-
(181,040)
44,518
374,990
Total - Loans
$
746,024
$
189,274
$
15
$
(219,918)
$
70,825
$
786,220
Allowance for credit losses - unfunded commitments:
Commercial
$
8,387
$
360
$
-
$
-
$
-
$
8,747
Construction
7,072
(2,141)
-
-
-
4,931
Consumer
11
134
-
-
-
145
Ending balance - unfunded commitments [1]
$
15,470
$
(1,647)
$
-
$
-
$
-
$
13,823
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
42
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2024
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
3,303
$
(417)
$
-
$
-
$
-
$
2,886
Commercial real estate non-owner occupied
53,386
3,344
-
(69)
59
56,720
Commercial real estate owner occupied
39,375
(2,418)
-
(2)
1,556
38,511
Commercial and industrial
111,263
16,597
-
(6,190)
1,461
123,131
Total Commercial
207,327
17,106
-
(6,261)
3,076
221,248
Construction
3,638
(970)
-
-
1,036
3,704
Mortgage
73,900
(5,221)
3
(208)
4,102
72,576
Leasing
14,385
3,725
-
(3,630)
1,374
15,854
Consumer
Credit cards
86,313
21,238
-
(17,503)
2,646
92,694
Home equity lines of credit
83
(90)
-
(82)
158
69
Personal
94,021
20,232
-
(24,712)
2,526
92,067
Auto
157,449
20,765
-
(23,011)
6,110
161,313
Other
6,489
362
-
(728)
526
6,649
Total Consumer
344,355
62,507
-
(66,036)
11,966
352,792
Total - Loans
$
643,605
$
77,147
$
3
$
(76,135)
$
21,554
$
666,174
Allowance for credit losses - unfunded commitments:
Commercial
$
5,540
$
816
$
-
$
-
$
-
$
6,356
Construction
2,095
373
-
-
-
2,468
Ending balance - unfunded commitments [1]
$
7,635
$
1,189
$
-
$
-
$
-
$
8,824
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
43
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2024
Popular U.S.
Provision for
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
7,877
$
(1,126)
$
-
$
5
$
6,756
Commercial real estate non-owner occupied
10,849
53
(54)
62
10,910
Commercial real estate owner occupied
18,815
(4,430)
-
19
14,404
Commercial and industrial
15,219
(1,617)
(613)
241
13,230
Total Commercial
52,760
(7,120)
(667)
327
45,300
Construction
9,251
259
-
-
9,510
Mortgage
9,389
(361)
-
46
9,074
Consumer
Home equity lines of credit
1,643
22
(4)
124
1,785
Personal
13,427
2,799
(4,442)
691
12,475
Other
2
23
(28)
5
2
Total Consumer
15,072
2,844
(4,474)
820
14,262
Total - Loans
$
86,472
$
(4,378)
$
(5,141)
$
1,193
$
78,146
Allowance for credit losses - unfunded commitments:
Commercial
$
2,850
$
(1,080)
$
-
$
-
$
1,770
Construction
8,399
(609)
-
-
7,790
Ending balance - unfunded commitments [1]
$
11,249
$
(1,689)
$
-
$
-
$
9,560
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
44
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2024
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
11,180
$
(1,543)
$
-
$
-
$
5
$
9,642
Commercial real estate non-owner occupied
64,235
3,397
-
(123)
121
67,630
Commercial real estate owner occupied
58,190
(6,848)
-
(2)
1,575
52,915
Commercial and industrial
126,482
14,980
-
(6,803)
1,702
136,361
Total Commercial
260,087
9,986
-
(6,928)
3,403
266,548
Construction
12,889
(711)
-
-
1,036
13,214
Mortgage
83,289
(5,582)
3
(208)
4,148
81,650
Leasing
14,385
3,725
-
(3,630)
1,374
15,854
Consumer
Credit cards
86,313
21,238
-
(17,503)
2,646
92,694
Home equity lines of credit
1,726
(68)
-
(86)
282
1,854
Personal
107,448
23,031
-
(29,154)
3,217
104,542
Auto
157,449
20,765
-
(23,011)
6,110
161,313
Other
6,491
385
-
(756)
531
6,651
Total Consumer
359,427
65,351
-
(70,510)
12,786
367,054
Total - Loans
$
730,077
$
72,769
$
3
$
(81,276)
$
22,747
$
744,320
Allowance for credit losses - unfunded commitments:
Commercial
$
8,390
$
(264)
$
-
$
-
$
-
$
8,126
Construction
10,494
(236)
-
-
-
10,258
Ending balance - unfunded commitments [1]
$
18,884
$
(500)
$
-
$
-
$
-
$
18,384
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
45
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2024
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
3,614
$
(729)
$
-
$
-
$
1
$
2,886
Commercial real estate non-owner occupied
53,754
2,607
-
(69)
428
56,720
Commercial real estate owner occupied
40,637
(2,567)
-
(2,787)
3,228
38,511
Commercial and industrial
107,577
31,413
-
(20,931)
5,072
123,131
Total Commercial
205,582
30,724
-
(23,787)
8,729
221,248
Construction
5,294
(2,626)
-
-
1,036
3,704
Mortgage
72,440
(11,959)
26
(999)
13,068
72,576
Leasing
9,708
14,787
-
(12,321)
3,680
15,854
Consumer
Credit cards
80,487
54,734
-
(50,318)
7,791
92,694
Home equity lines of credit
103
35
-
(373)
304
69
Personal
101,181
55,987
-
(72,354)
7,253
92,067
Auto
157,931
44,386
-
(59,787)
18,783
161,313
Other
7,132
672
-
(2,072)
917
6,649
Total Consumer
346,834
155,814
-
(184,904)
35,048
352,792
Total - Loans
$
639,858
$
186,740
$
26
$
(222,011)
$
61,561
$
666,174
Allowance for credit losses - unfunded commitments:
Commercial
$
5,062
$
1,294
$
-
$
-
$
-
$
6,356
Construction
1,618
850
-
-
-
2,468
Ending balance - unfunded commitments [1]
$
6,680
$
2,144
$
-
$
-
$
-
$
8,824
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
46
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2024
Popular U.S.
Provision for
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
10,126
$
(2,939)
$
(441)
$
10
$
6,756
Commercial real estate non-owner occupied
11,699
(903)
(54)
168
10,910
Commercial real estate owner occupied
16,227
(1,925)
-
102
14,404
Commercial and industrial
14,779
219
(2,372)
604
13,230
Total Commercial
52,831
(5,548)
(2,867)
884
45,300
Construction
7,392
2,018
-
100
9,510
Mortgage
10,774
(1,788)
(18)
106
9,074
Consumer
Home equity lines of credit
1,875
(741)
(25)
676
1,785
Personal
16,609
8,585
(14,750)
2,031
12,475
Other
2
46
(77)
31
2
Total Consumer
18,486
7,890
(14,852)
2,738
14,262
Total - Loans
$
89,483
$
2,572
$
(17,737)
$
3,828
$
78,146
Allowance for credit losses - unfunded commitments:
Commercial
$
1,851
$
(81)
$
-
$
-
$
1,770
Construction
8,446
(656)
-
-
7,790
Consumer
29
(29)
-
-
-
Ending balance - unfunded commitments [1]
$
10,326
$
(766)
$
-
$
-
$
9,560
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
47
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2024
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
13,740
$
(3,668)
$
-
$
(441)
$
11
$
9,642
Commercial real estate non-owner occupied
65,453
1,704
-
(123)
596
67,630
Commercial real estate owner occupied
56,864
(4,492)
-
(2,787)
3,330
52,915
Commercial and industrial
122,356
31,632
-
(23,303)
5,676
136,361
Total Commercial
258,413
25,176
-
(26,654)
9,613
266,548
Construction
12,686
(608)
-
-
1,136
13,214
Mortgage
83,214
(13,747)
26
(1,017)
13,174
81,650
Leasing
9,708
14,787
-
(12,321)
3,680
15,854
Consumer
Credit cards
80,487
54,734
-
(50,318)
7,791
92,694
Home equity lines of credit
1,978
(706)
-
(398)
980
1,854
Personal
117,790
64,572
-
(87,104)
9,284
104,542
Auto
157,931
44,386
-
(59,787)
18,783
161,313
Other
7,134
718
-
(2,149)
948
6,651
Total Consumer
365,320
163,704
-
(199,756)
37,786
367,054
Total - Loans
$
729,341
$
189,312
$
26
$
(239,748)
$
65,389
$
744,320
Allowance for credit losses - unfunded commitments:
Commercial
$
6,913
$
1,213
$
-
$
-
$
-
$
8,126
Construction
10,064
194
-
-
-
10,258
Consumer
29
(29)
-
-
-
-
Ending balance - unfunded commitments [1]
$
17,006
$
1,378
$
-
$
-
$
-
$
18,384
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial
Condition.
 
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 nine months ended September 30, 2025 amounted to $
148
 
million (during the year ended December
31, 2024 - $
75
 
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 nine months
ended
 
September
 
30,
 
2025
 
and
 
2024.
 
Loans
 
modified
 
to
 
borrowers
 
experiencing
 
financial
 
difficulties
 
that
 
were
 
fully
 
paid
 
down,
charged-off or foreclosed upon by period end are not reported.
 
 
48
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the quarter ended September 30,
 
2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
742
0.01
%
$
-
-
%
$
742
0.01
%
Consumer:
 
Credit cards
202
0.02
%
-
-
%
202
0.02
%
 
Personal
713
0.04
%
-
-
%
713
0.04
%
Total
$
1,657
0.01
%
$
-
-
%
$
1,657
-
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,670
0.05
%
$
-
-
%
$
1,670
0.03
%
CRE owner occupied
13,618
1.14
%
-
-
%
13,618
0.44
%
Commercial and industrial
8,172
0.14
%
925
0.04
%
9,097
0.11
%
Mortgage
15,194
0.21
%
466
0.04
%
15,660
0.18
%
Consumer:
-
 
Personal
149
0.01
%
8
0.01
%
157
0.01
%
 
Auto
92
-
%
-
-
%
92
-
%
Total
$
38,895
0.14
%
$
1,399
0.01
%
$
40,294
0.10
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE owner occupied
$
22,889
1.91
%
$
-
-
%
$
22,889
0.74
%
Commercial and industrial
79,734
1.39
%
-
-
%
79,734
0.97
%
Mortgage
303
-
%
-
-
%
303
-
%
Total
$
102,926
0.38
%
$
-
-
%
$
102,926
0.27
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE owner occupied
$
166
0.01
%
$
-
-
%
$
166
0.01
%
Commercial and industrial
2,739
0.05
%
-
-
%
2,739
0.03
%
Mortgage
2,153
0.03
%
-
-
%
2,153
0.03
%
Consumer:
 
Personal
2,925
0.16
%
39
0.05
%
2,964
0.16
%
 
Auto
27
-
%
-
-
%
27
-
%
Total
$
8,010
0.03
%
$
39
-
%
$
8,049
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
September 30,
2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
371
0.01
%
$
-
-
%
$
371
-
%
Consumer:
 
Credit cards
2,666
0.22
%
-
-
%
2,666
0.22
%
Total
$
3,037
0.01
%
$
-
-
%
$
3,037
0.01
%
49
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the nine months ended September
 
30, 2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
2,692
0.05
%
$
-
-
%
$
2,692
0.03
%
Mortgage
69
-
%
-
-
%
69
-
%
Consumer:
 
Credit cards
617
0.05
%
-
-
%
617
0.05
%
 
Personal
2,782
0.15
%
-
-
%
2,782
0.15
%
 
Other
5
-
%
-
-
%
5
-
%
Total
$
6,165
0.02
%
$
-
-
%
$
6,165
0.02
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,773
0.05
%
$
58,652
2.72
%
$
60,425
1.11
%
CRE owner occupied
18,854
1.58
%
-
-
%
18,854
0.61
%
Commercial and industrial
16,163
0.28
%
925
0.04
%
17,088
0.21
%
Mortgage
37,568
0.52
%
1,130
0.09
%
38,698
0.45
%
Consumer:
 
Personal
630
0.03
%
8
0.01
%
638
0.03
%
 
Auto
179
-
%
-
-
%
179
-
%
Total
$
75,167
0.28
%
$
60,715
0.53
%
$
135,882
0.35
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE owner occupied
$
29,763
2.49
%
$
-
-
%
$
29,763
0.96
%
Commercial and industrial
165,360
2.87
%
-
-
%
165,360
2.01
%
Mortgage
721
0.01
%
-
-
%
721
0.01
%
Total
$
195,844
0.72
%
$
-
-
%
$
195,844
0.51
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
CRE owner occupied
$
166
0.01
%
$
-
-
%
$
166
0.01
%
Commercial and industrial
2,837
0.05
%
-
-
%
2,837
0.03
%
Mortgage
9,202
0.13
%
-
-
%
9,202
0.11
%
Consumer:
 
Personal
9,187
0.50
%
154
0.20
%
9,341
0.49
%
 
Auto
43
-
%
-
-
%
43
-
%
Total
$
21,435
0.08
%
$
154
-
%
$
21,589
0.06
%
 
50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
1,157
0.02
%
$
-
-
%
$
1,157
0.01
%
Consumer:
 
Credit cards
7,175
0.59
%
-
-
%
7,175
0.59
%
Total
$
8,332
0.03
%
$
-
-
%
$
8,332
0.02
%
51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the quarter ended September 30,
 
2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
147
0.01
%
$
-
-
%
$
147
-
%
Commercial and industrial
693
0.01
%
-
-
%
693
0.01
%
Consumer:
 
Credit cards
213
0.02
%
-
-
%
213
0.02
%
 
Personal
830
0.05
%
-
-
%
830
0.04
%
Total
$
1,883
0.01
%
$
-
-
%
$
1,883
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Commercial multi-family
$
-
-
%
$
10,570
0.50
%
$
10,570
0.44
%
CRE non-owner occupied
13,108
0.42
%
-
-
%
13,108
0.25
%
CRE owner occupied
764
0.05
%
-
-
%
764
0.02
%
Commercial and industrial
20,966
0.41
%
-
-
%
20,966
0.28
%
Construction
768
0.40
%
-
-
%
768
0.07
%
Mortgage
11,850
0.18
%
429
0.03
%
12,279
0.15
%
Consumer:
 
Personal
148
0.01
%
-
-
%
148
0.01
%
Total
$
47,604
0.19
%
$
10,999
0.11
%
$
58,603
0.16
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
139
-
%
$
-
-
%
$
139
-
%
CRE owner occupied
4,993
0.36
%
-
-
%
4,993
0.16
%
Commercial and industrial
71,867
1.39
%
-
-
%
71,867
0.97
%
Consumer:
 
Credit cards
5
-
%
-
-
%
5
-
%
Total
$
77,004
0.30
%
$
-
-
%
$
77,004
0.21
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
202
0.01
%
$
-
-
%
$
202
0.01
%
Commercial and industrial
44
-
%
-
-
%
44
-
%
Mortgage
4,728
0.07
%
-
-
%
4,728
0.06
%
Consumer:
 
Personal
2,569
0.15
%
65
0.05
%
2,634
0.14
%
Total
$
7,543
0.03
%
$
65
-
%
$
7,608
0.02
%
 
52
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination -
 
Other-Than-Insignificant Payment Delays and Interest Rate
 
Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
23
-
%
$
-
-
%
$
23
-
%
Consumer:
 
Credit cards
862
0.07
%
-
-
%
862
0.07
%
Total
$
885
-
%
$
-
-
%
$
885
-
%
53
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the nine months ended September
 
30, 2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
175
0.01
%
$
-
-
%
$
175
0.01
%
Commercial and industrial
2,756
0.05
%
-
-
%
2,756
0.04
%
Mortgage
42
-
%
-
-
%
42
-
%
Consumer:
 
Credit cards
721
0.06
%
-
-
%
721
0.06
%
 
Personal
1,873
0.11
%
-
-
%
1,873
0.10
%
 
Other
24
0.02
%
-
-
%
24
0.01
%
Total
$
5,591
0.02
%
$
-
-
%
$
5,591
0.02
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Commercial multi-family
$
-
-
%
$
10,570
0.50
%
$
10,570
0.44
%
CRE non-owner occupied
55,655
1.77
%
-
-
%
55,655
1.07
%
CRE owner occupied
11,482
0.82
%
6,033
0.36
%
17,515
0.57
%
Commercial and industrial
23,837
0.46
%
-
-
%
23,837
0.32
%
Construction
768
0.40
%
-
-
%
768
0.07
%
Mortgage
41,649
0.62
%
1,075
0.08
%
42,724
0.53
%
Consumer:
 
Personal
537
0.03
%
-
-
%
537
0.03
%
 
Auto
53
-
%
-
-
%
53
-
%
Total
$
133,981
0.52
%
$
17,678
0.17
%
$
151,659
0.42
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
139
-
%
$
-
-
%
$
139
-
%
CRE owner occupied
20,591
1.47
%
-
-
%
20,591
0.67
%
Commercial and industrial
75,231
1.45
%
-
-
%
75,231
1.02
%
Mortgage
127
-
%
-
-
%
127
-
%
Consumer:
 
Credit cards
5
-
%
-
-
%
5
-
%
Total
$
96,093
0.37
%
$
-
-
%
$
96,093
0.27
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
889
0.03
%
$
-
-
%
$
889
0.02
%
CRE owner occupied
202
0.01
%
-
-
%
202
0.01
%
Commercial and industrial
615
0.01
%
-
-
%
615
0.01
%
Mortgage
13,404
0.20
%
67
0.01
%
13,471
0.17
%
Consumer:
 
Personal
5,755
0.33
%
312
0.26
%
6,067
0.32
%
Total
$
20,865
0.08
%
$
379
-
%
$
21,244
0.06
%
 
54
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at
September 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
110
-
%
$
-
-
$
110
-
%
Consumer:
 
Credit cards
1,335
0.11
%
-
-
1,335
0.11
%
Total
$
1,445
0.01
%
$
-
-
$
1,445
-
%
 
55
The following tables describe the financial effect of the
 
modifications made to borrowers experiencing
 
financial difficulties:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2025
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
10
.0% to
7.5
%
Commercial and industrial
Reduced weighted-average contractual interest rate from
14.4
% to
8
.0%.
Mortgage
Reduced weighted-average contractual interest rate from
6.9
% to
5.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.6
% to
8.5
%.
Personal
Reduced weighted-average contractual interest rate from
20.1
% to
11.6
%.
Auto
Reduced weighted-average contractual interest rate from
8.2
0% to
8.19
%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
5
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
3
 
years to the life of loans.
Commercial and industrial
Added a weighted-average of
7
 
years 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
6
 
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 Owner occupied
Added a weighted-average of
9
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
14
 
months to the life of loans.
Mortgage
Added a weighted-average of
22
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
18
 
months to the life of loans.
 
56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2025
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
10.0
% to
7.5
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
18.6
% to
8.7
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.8
% to
5.5
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.9
% to
8.4
%.
Personal
Reduced weighted-average contractual interest rate from
21.1
% to
11.7
%.
Auto
Reduced weighted-average contractual interest rate from
11.86
% to
11.85
%.
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
3
 
years to the life of loans.
Commercial and industrial
Added a weighted-average of
5
 
years 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 Owner occupied
Added a weighted-average of
11
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
12
 
months to the life of loans.
Mortgage
Added a weighted-average of
21
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
17
 
months to the life of loans.
 
57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2024
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
10.5
% to
6.6
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
25.8
% to
10.2
%.
Mortgage
Reduced weighted-average contractual interest rate from
5.9
% to
4.3
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21.5
% to
8
.0%.
Personal
Reduced weighted-average contractual interest rate from
19.5
% to
10.4
%.
Term extension
Loan Type
Financial Effect
Commercial multi-family
Added a weighted-average of
4
 
months to the life of loans.
CRE Non-owner occupied
Added a weighted-average of
7
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
5
 
years to the life of loans.
Commercial and industrial
Added a weighted-average of
1
 
year to the life of loans.
Construction
Added a weighted-average of
2
 
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.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
14
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
7
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
7
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
16
 
months to the life of loans.
58
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2024
Interest rate reduction
Loan Type
Financial Effect
CRE Non-owner occupied
Reduced weighted-average contractual interest rate from
10.1
% to
8.3
%.
CRE Owner occupied
Reduced weighted-average contractual interest rate from
10.6
% to
6.5
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
20.6
% to
9.6
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.1
% to
4.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.9
% to
6.5
%.
Personal
Reduced weighted-average contractual interest rate from
19.1
% to
10
.0%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
.0%.
Term extension
Loan Type
Financial Effect
Commercial multi-family
Added a weighted-average of
4
 
months to the life of loans.
CRE Non-owner occupied
Added a weighted-average of
9
 
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
2
 
years to the life of loans.
Construction
Added a weighted-average of
2
 
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
8
 
years to the life of loans.
Auto
Added a weighted-average of
4
 
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
14
 
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
7
 
months to the life of loans.
Mortgage
Added a weighted-average of
30
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
18
 
months to the life of loans.
59
The
 
following
 
tables
 
present,
 
by
 
class,
 
the
 
performance
 
of
 
loans
 
that
 
have
 
been
 
modified
 
during
 
the
 
twelve
 
months
 
preceding
September 30, 2025.
 
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
 
September 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
$
-
$
-
$
2,084
$
2,084
$
-
$
2,084
$
311
$
1,773
CRE owner occupied
135
-
2,572
2,707
56,062
58,769
63
2,509
Commercial and industrial
175
171
3,055
3,401
187,480
190,881
520
2,535
Mortgage
5,717
2,960
20,001
28,678
30,224
58,902
6,851
13,150
Consumer:
 
Credit cards
760
670
1,319
2,749
6,811
9,560
1,135
184
 
Personal
585
340
2,211
3,136
13,210
16,346
356
1,855
 
Auto
-
-
-
-
254
254
-
-
 
Other
-
-
-
-
5
5
-
-
Total
$
7,372
$
4,141
$
31,242
$
42,755
$
294,046
$
336,801
$
9,236
$
22,006
[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.
 
September 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
$
-
$
-
$
-
$
-
$
58,652
$
58,652
$
-
$
-
Commercial and industrial
-
-
-
-
1,422
1,422
-
-
Mortgage
-
-
-
-
1,519
1,519
-
-
Consumer:
 
Personal
28
-
13
41
164
205
13
-
Total
$
28
$
-
$
13
$
41
$
61,757
$
61,798
$
13
$
-
[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.
 
September 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
$
-
$
-
$
2,084
$
2,084
$
58,652
$
60,736
$
311
$
1,773
CRE owner occupied
135
-
2,572
2,707
56,062
58,769
63
2,509
Commercial and industrial
175
171
3,055
3,401
188,902
192,303
520
2,535
Mortgage
5,717
2,960
20,001
28,678
31,743
60,421
6,851
13,150
Consumer:
 
Credit cards
760
670
1,319
2,749
6,811
9,560
1,135
184
 
Personal
613
340
2,224
3,177
13,374
16,551
369
1,855
 
Auto
-
-
-
-
254
254
-
-
 
Other
-
-
-
-
5
5
-
-
Total
$
7,400
$
4,141
$
31,255
$
42,796
$
355,803
$
398,599
$
9,249
$
22,006
[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.
60
The
 
following
 
tables
 
present,
 
by
 
class,
 
the
 
performance
 
of
 
loans
 
that
 
have
 
been
 
modified
 
during
 
the
 
twelve
 
months
 
preceding
September 30, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
September 30, 2024
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
$
-
$
-
$
63
$
63
$
-
$
63
$
-
$
63
CRE non-owner occupied
-
-
2,798
2,798
55,766
58,564
-
2,798
CRE owner occupied
92
-
2,232
2,324
36,355
38,679
89
2,143
Commercial and industrial
12,359
26
4,817
17,202
86,203
103,405
96
4,721
Construction
-
-
-
-
768
768
-
-
Mortgage
5,649
4,359
24,206
34,214
40,358
74,572
6,609
17,597
Consumer:
 
Credit cards
205
81
283
569
1,715
2,284
197
86
 
Personal
286
51
1,914
2,251
6,854
9,105
210
1,704
 
Auto
-
-
34
34
69
103
-
34
 
Other
24
-
-
24
4
28
-
-
Total
$
18,615
$
4,517
$
36,347
$
59,479
$
228,092
$
287,571
$
7,201
$
29,146
[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.
 
September 30, 2024
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
$
-
$
-
$
-
$
-
$
10,570
$
10,570
$
-
$
-
CRE owner occupied
-
-
-
-
39,855
39,855
-
-
Mortgage
-
-
795
795
407
1,202
-
795
Consumer:
 
Personal
29
-
85
114
216
330
-
85
Total
$
29
$
-
$
880
$
909
$
51,048
$
51,957
$
-
$
880
[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.
 
September 30, 2024
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
$
-
$
-
$
63
$
63
$
10,570
$
10,633
$
-
$
63
CRE non-owner occupied
-
-
2,798
2,798
55,766
58,564
-
2,798
CRE owner occupied
92
-
2,232
2,324
76,210
78,534
89
2,143
Commercial and industrial
12,359
26
4,817
17,202
86,203
103,405
96
4,721
Construction
-
-
-
-
768
768
-
-
Mortgage
5,649
4,359
25,001
35,009
40,765
75,774
6,609
18,392
Consumer:
 
Credit cards
205
81
283
569
1,715
2,284
197
86
 
Personal
315
51
1,999
2,365
7,070
9,435
210
1,789
 
Auto
-
-
34
34
69
103
-
34
 
Other
24
-
-
24
4
28
-
-
Total
$
18,644
$
4,517
$
37,227
$
60,388
$
279,140
$
339,528
$
7,201
$
30,026
[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.
 
 
 
61
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 September
 
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
$
-
$
-
$
311
$
-
$
-
$
311
Commercial and industrial
110
131
122
-
150
513
Mortgage
-
6,021
236
569
-
6,826
Consumer:
 
Credit cards
270
-
-
-
938
1,208
 
Personal
353
-
-
68
-
421
Total
$
733
$
6,152
$
669
$
637
$
1,088
$
9,279
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That
 
Subsequently Defaulted During the Nine Months Ended
 
September 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
$
-
$
-
$
438
$
-
$
-
$
438
CRE owner occupied
-
-
176
-
-
176
Commercial and industrial
166
131
122
-
339
758
Mortgage
-
12,784
236
1,835
-
14,855
Consumer:
 
Credit cards
440
-
-
-
1,298
1,738
 
Personal
410
45
-
105
-
560
Total
$
1,016
$
12,960
$
972
$
1,940
$
1,637
$
18,525
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That
 
Subsequently Defaulted During the Quarter Ended September
 
30, 2024
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
CRE owner occupied
$
-
$
-
$
89
$
-
$
-
$
89
Commercial and industrial
6
45
-
-
-
51
Mortgage
-
5,911
127
919
-
6,957
Consumer:
 
Credit cards
223
-
-
-
19
242
 
Personal
186
42
-
118
-
346
Total
$
415
$
5,998
$
216
$
1,037
$
19
$
7,685
 
62
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That
 
Subsequently Defaulted During the Nine Months Ended
 
September 30, 2024
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
CRE owner occupied
$
-
$
536
$
89
$
-
$
-
$
625
Commercial and industrial
6
9,130
11
-
50
9,197
Mortgage
-
12,281
127
2,177
-
14,585
Consumer:
 
Credit cards
285
-
-
-
54
339
 
Personal
260
42
-
258
-
560
Total
$
551
$
21,989
$
227
$
2,435
$
104
$
25,306
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 September
 
30, 2025 and
 
December 31, 2024
 
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 2024 Form 10-K:
 
 
 
63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
 
Years
Total
BPPR
Commercial:
Commercial multi-family
Pass
$
5,767
$
33,483
$
36,660
$
133,261
$
20,611
$
47,906
$
107
$
-
$
277,795
Watch
-
15,880
-
528
-
948
-
-
17,356
Special Mention
219
-
-
-
75
3,122
-
-
3,416
Substandard
-
-
-
-
-
3,799
-
-
3,799
Total commercial
multi-family
$
5,986
$
49,363
$
36,660
$
133,789
$
20,686
$
55,775
$
107
$
-
$
302,366
Commercial real estate non-owner occupied
Pass
$
307,242
$
440,086
$
275,057
$
796,328
$
517,382
$
708,490
$
7,907
$
-
$
3,052,492
Watch
9,391
9,750
18,744
5,153
24,694
55,619
-
-
123,351
Special Mention
-
-
23,362
147
-
19,146
-
-
42,655
Substandard
-
729
8,627
30,379
26,020
18,492
-
-
84,247
Total commercial
real estate non-
owner occupied
$
316,633
$
450,565
$
325,790
$
832,007
$
568,096
$
801,747
$
7,907
$
-
$
3,302,745
Year-to-Date gross
write-offs
$
-
$
13,356
$
-
$
134
$
-
$
86
$
-
$
-
$
13,576
Commercial real estate owner occupied
Pass
$
59,045
$
135,482
$
73,688
$
95,839
$
171,002
$
316,767
$
3,961
$
-
$
855,784
Watch
2,105
11,092
5,455
29,058
29,571
74,965
1,886
-
154,132
Special Mention
-
-
1,793
16,062
796
15,956
1,499
-
36,106
Substandard
13,441
351
1,414
39,420
9,189
70,920
14,448
-
149,183
Doubtful
-
-
-
-
-
79
-
-
79
Total commercial
real estate owner
occupied
$
74,591
$
146,925
$
82,350
$
180,379
$
210,558
$
478,687
$
21,794
$
-
$
1,195,284
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
103
$
-
$
-
$
103
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
932,284
$
666,483
$
775,714
$
489,942
$
205,112
$
359,273
$
1,380,285
$
-
$
4,809,093
Watch
5,888
98,918
14,605
8,809
3,748
21,330
166,902
-
320,200
Special Mention
20,525
22,327
9,475
62,104
475
2,897
15,186
-
132,989
Substandard
12,269
12,994
53,950
76,399
158,743
19,757
155,604
-
489,716
Total commercial
and industrial
$
970,966
$
800,722
$
853,744
$
637,254
$
368,078
$
403,257
$
1,717,977
$
-
$
5,751,998
Year-to-Date gross
write-offs
$
845
$
332
$
209
$
389
$
21
$
212
$
6,571
$
-
$
8,579
Construction
Pass
$
18,405
$
119,700
$
77,544
$
9,379
$
2,925
$
10,269
$
49,038
$
-
$
287,260
Watch
-
-
16,615
-
78
-
-
-
16,693
Total construction
$
18,405
$
119,700
$
94,159
$
9,379
$
3,003
$
10,269
$
49,038
$
-
$
303,953
Mortgage
Pass
$
752,769
$
885,122
$
691,353
$
390,170
$
383,945
$
4,058,832
$
-
$
-
$
7,162,191
Substandard
-
354
2,527
2,037
874
65,123
-
-
70,915
Total mortgage
$
752,769
$
885,476
$
693,880
$
392,207
$
384,819
$
4,123,955
$
-
$
-
$
7,233,106
Year-to-Date gross
write-offs
$
31
 
$
-
 
$
1
 
$
-
 
$
-
 
$
1,538
$
-
$
-
$
1,570
64
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
 
Years
Total
BPPR
Leasing
Pass
$
553,617
$
571,841
$
385,290
$
277,696
$
154,797
$
47,637
$
-
$
-
$
1,990,878
Substandard
256
1,156
2,254
2,271
1,176
593
-
-
7,706
Loss
-
-
-
33
34
-
-
-
67
Total leasing
$
553,873
$
572,997
$
387,544
$
280,000
$
156,007
$
48,230
$
-
$
-
$
1,998,651
Year-to-Date gross
write-offs
$
520
$
3,244
$
3,717
$
3,778
$
1,284
$
-
$
-
$
-
$
12,543
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,199,942
$
-
$
1,199,942
Substandard
-
-
-
-
-
-
25,622
-
25,622
Loss
-
-
-
-
-
-
3
-
3
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,225,567
$
-
$
1,225,567
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
57,015
$
-
$
57,015
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,693
$
-
$
1,693
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
1,693
$
-
$
1,693
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
25
$
-
$
25
Personal
Pass
$
667,332
$
496,053
$
307,971
$
157,341
$
61,363
$
85,216
$
-
$
29,114
$
1,804,390
Substandard
671
2,548
3,519
2,104
847
6,692
-
2,213
18,594
Loss
-
61
58
5
22
18
-
-
164
Total Personal
$
668,003
$
498,662
$
311,548
$
159,450
$
62,232
$
91,926
$
-
$
31,327
$
1,823,148
Year-to-Date gross
write-offs
$
586
$
12,216
$
26,518
$
14,121
$
3,709
$
1,631
$
-
$
1,943
$
60,724
Auto
Pass
$
899,264
$
1,068,559
$
762,480
$
513,010
$
357,768
$
191,541
$
-
$
-
$
3,792,622
Substandard
2,250
15,673
14,283
11,662
7,750
6,535
-
-
58,153
Loss
-
17
103
37
-
21
-
-
178
Total Auto
$
901,514
$
1,084,249
$
776,866
$
524,709
$
365,518
$
198,097
$
-
$
-
$
3,850,953
Year-to-Date gross
write-offs
$
3,122
$
21,282
$
15,163
$
9,159
$
3,657
$
1,266
$
-
$
-
$
53,649
Other consumer
Pass
$
28,822
$
25,904
$
23,307
$
16,942
$
8,217
$
3,455
$
63,479
$
-
$
170,126
Substandard
-
-
216
104
22
52
419
-
813
Loss
-
-
-
1,025
363
-
-
-
1,388
Total Other
consumer
$
28,822
$
25,904
$
23,523
$
18,071
$
8,602
$
3,507
$
63,898
$
-
$
172,327
Year-to-Date gross
write-offs
$
30
$
191
$
226
$
181
$
313
$
1,398
$
-
$
-
$
2,339
Total BPPR
$
4,291,562
$
4,634,563
$
3,586,064
$
3,167,245
$
2,147,599
$
6,215,450
$
3,087,981
$
31,327
$
27,161,791
 
 
 
65
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Pass
$
296,771
$
141,317
$
151,040
$
464,528
$
297,074
$
652,853
$
7,077
$
-
$
2,010,660
Watch
-
-
-
15,589
24,021
100,470
-
-
140,080
Special Mention
-
-
-
7,882
-
2,503
-
-
10,385
Substandard
-
-
1,781
2,736
-
21,581
-
-
26,098
Total commercial
multi-family
$
296,771
$
141,317
$
152,821
$
490,735
$
321,095
$
777,407
$
7,077
$
-
$
2,187,223
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
152,036
$
184,351
$
312,258
$
472,285
$
174,416
$
632,757
$
4,585
$
-
$
1,932,688
Watch
10,300
8,834
10,841
11,285
-
52,924
-
-
94,184
Substandard
-
-
-
13,023
7,430
112,510
-
-
132,963
Total commercial
real estate non-
owner occupied
$
162,336
$
193,185
$
323,099
$
496,593
$
181,846
$
798,191
$
4,585
$
-
$
2,159,835
Commercial real estate owner occupied
Pass
$
321,250
$
251,751
$
246,753
$
263,185
$
242,063
$
286,643
$
9,556
$
-
$
1,621,201
Watch
-
13,500
25,247
7,799
2,284
48,409
1,600
-
98,839
Special Mention
-
18,001
-
-
-
11,055
-
-
29,056
Substandard
-
2,715
-
54,030
2,308
87,291
-
-
146,344
Total commercial
real estate owner
occupied
$
321,250
$
285,967
$
272,000
$
325,014
$
246,655
$
433,398
$
11,156
$
-
$
1,895,440
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
26
$
-
$
-
$
26
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
193,963
$
327,871
$
277,660
$
327,177
$
280,585
$
661,457
$
264,838
$
-
$
2,333,551
Watch
-
1,706
9,462
29,796
22,081
63,952
4,295
-
131,292
Special Mention
-
-
4,454
180
342
207
810
-
5,993
Substandard
-
5,670
864
4,464
152
1,457
10,198
-
22,805
Total commercial
and industrial
$
193,963
$
335,247
$
292,440
$
361,617
$
303,160
$
727,073
$
280,141
$
-
$
2,493,641
Year-to-Date gross
write-offs
$
100
$
1,106
$
-
$
-
$
599
$
5
$
108
$
-
$
1,918
Construction
Pass
$
229,225
$
420,979
$
427,419
$
85,358
$
-
$
6,030
$
12,333
$
-
$
1,181,344
Watch
741
5,007
47,416
47,642
-
6,999
-
-
107,805
Special Mention
-
-
2,908
-
-
-
-
-
2,908
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
229,966
$
425,986
$
477,743
$
141,602
$
-
$
13,029
$
12,333
$
-
$
1,300,659
Mortgage
Pass
$
94,885
$
84,091
$
85,278
$
207,578
$
262,878
$
562,783
$
-
$
-
$
1,297,493
Substandard
-
-
644
-
217
26,948
-
-
27,809
Total mortgage
$
94,885
$
84,091
$
85,922
$
207,578
$
263,095
$
589,731
$
-
$
-
$
1,325,302
66
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular U.S.
Consumer:
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,580
$
58,047
$
10,311
$
73,938
Substandard
-
-
-
-
-
1,423
13
763
2,199
Loss
-
-
-
-
-
165
-
895
1,060
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,168
$
58,060
$
11,969
$
77,197
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
46
$
-
$
46
Personal
Pass
$
16,107
$
20,115
$
14,538
$
19,843
$
4,249
$
1,384
$
-
$
-
$
76,236
Substandard
82
74
171
259
16
269
-
-
871
Loss
-
-
22
-
-
48
-
-
70
Total Personal
$
16,189
$
20,189
$
14,731
$
20,102
$
4,265
$
1,701
$
-
$
-
$
77,177
Year-to-Date gross
write-offs
$
-
$
1,665
$
1,845
$
3,051
$
577
$
37
$
-
$
-
$
7,175
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
8,863
$
-
$
8,863
Substandard
-
-
-
-
-
-
30
-
30
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
8,893
$
-
$
8,893
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
67
$
-
$
67
Total Popular U.S.
$
1,315,360
$
1,485,982
$
1,618,756
$
2,043,241
$
1,320,116
$
3,347,698
$
382,245
$
11,969
$
11,525,367
 
67
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Pass
$
302,538
$
174,800
$
187,700
$
597,789
$
317,685
$
700,759
$
7,184
$
-
$
2,288,455
Watch
-
15,880
-
16,117
24,021
101,418
-
-
157,436
Special Mention
219
-
-
7,882
75
5,625
-
-
13,801
Substandard
-
-
1,781
2,736
-
25,380
-
-
29,897
Total commercial
multi-family
$
302,757
$
190,680
$
189,481
$
624,524
$
341,781
$
833,182
$
7,184
$
-
$
2,489,589
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
459,278
$
624,437
$
587,315
$
1,268,613
$
691,798
$
1,341,247
$
12,492
$
-
$
4,985,180
Watch
19,691
18,584
29,585
16,438
24,694
108,543
-
-
217,535
Special Mention
-
-
23,362
147
-
19,146
-
-
42,655
Substandard
-
729
8,627
43,402
33,450
131,002
-
-
217,210
Total commercial
real estate non-
owner occupied
$
478,969
$
643,750
$
648,889
$
1,328,600
$
749,942
$
1,599,938
$
12,492
$
-
$
5,462,580
Year-to-Date gross
write-offs
$
-
$
13,356
$
-
$
134
$
-
$
86
$
-
$
-
$
13,576
Commercial real estate owner occupied
Pass
$
380,295
$
387,233
$
320,441
$
359,024
$
413,065
$
603,410
$
13,517
$
-
$
2,476,985
Watch
2,105
24,592
30,702
36,857
31,855
123,374
3,486
-
252,971
Special Mention
-
18,001
1,793
16,062
796
27,011
1,499
-
65,162
Substandard
13,441
3,066
1,414
93,450
11,497
158,211
14,448
-
295,527
Doubtful
-
-
-
-
-
79
-
-
79
Total commercial
real estate owner
occupied
$
395,841
$
432,892
$
354,350
$
505,393
$
457,213
$
912,085
$
32,950
$
-
$
3,090,724
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
129
$
-
$
-
$
129
Commercial and industrial
Pass
$
1,126,247
$
994,354
$
1,053,374
$
817,119
$
485,697
$
1,020,730
$
1,645,123
$
-
$
7,142,644
Watch
5,888
100,624
24,067
38,605
25,829
85,282
171,197
-
451,492
Special Mention
20,525
22,327
13,929
62,284
817
3,104
15,996
-
138,982
Substandard
12,269
18,664
54,814
80,863
158,895
21,214
165,802
-
512,521
Total commercial
and industrial
$
1,164,929
$
1,135,969
$
1,146,184
$
998,871
$
671,238
$
1,130,330
$
1,998,118
$
-
$
8,245,639
Year-to-Date gross
write-offs
$
945
$
1,438
$
209
$
389
$
620
$
217
$
6,679
$
-
$
10,497
 
68
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular, Inc.
Construction
Pass
$
247,630
$
540,679
$
504,963
$
94,737
$
2,925
$
16,299
$
61,371
$
-
$
1,468,604
Watch
741
5,007
64,031
47,642
78
6,999
-
-
124,498
Special Mention
-
-
2,908
-
-
-
-
-
2,908
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
248,371
$
545,686
$
571,902
$
150,981
$
3,003
$
23,298
$
61,371
$
-
$
1,604,612
Mortgage
Pass
$
847,654
$
969,213
$
776,631
$
597,748
$
646,823
$
4,621,615
$
-
$
-
$
8,459,684
Substandard
-
354
3,171
2,037
1,091
92,071
-
-
98,724
Total mortgage
$
847,654
$
969,567
$
779,802
$
599,785
$
647,914
$
4,713,686
$
-
$
-
$
8,558,408
Year-to-Date gross
write-offs
$
31
$
-
$
1
$
-
$
-
$
1,538
$
-
$
-
$
1,570
Leasing
Pass
$
553,617
$
571,841
$
385,290
$
277,696
$
154,797
$
47,637
$
-
$
-
$
1,990,878
Substandard
256
1,156
2,254
2,271
1,176
593
-
-
7,706
Loss
-
-
-
33
34
-
-
-
67
Total leasing
$
553,873
$
572,997
$
387,544
$
280,000
$
156,007
$
48,230
$
-
$
-
$
1,998,651
Year-to-Date gross
write-offs
$
520
$
3,244
$
3,717
$
3,778
$
1,284
$
-
$
-
$
-
$
12,543
69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2025
2024
2023
2022
2021
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,199,942
$
-
$
1,199,942
Substandard
-
-
-
-
-
-
25,622
-
25,622
Loss
-
-
-
-
-
-
3
-
3
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,225,567
$
-
$
1,225,567
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
57,015
$
-
$
57,015
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,580
$
59,740
$
10,311
$
75,631
Substandard
-
-
-
-
-
1,423
13
763
2,199
Loss
-
-
-
-
-
165
-
895
1,060
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,168
$
59,753
$
11,969
$
78,890
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
71
$
-
$
71
Personal
Pass
$
683,439
$
516,168
$
322,509
$
177,184
$
65,612
$
86,600
$
-
$
29,114
$
1,880,626
Substandard
753
2,622
3,690
2,363
863
6,961
-
2,213
19,465
Loss
-
61
80
5
22
66
-
-
234
Total Personal
$
684,192
$
518,851
$
326,279
$
179,552
$
66,497
$
93,627
$
-
$
31,327
$
1,900,325
Year-to-Date gross
write-offs
$
586
$
13,881
$
28,363
$
17,172
$
4,286
$
1,668
$
-
$
1,943
$
67,899
Auto
Pass
$
899,264
$
1,068,559
$
762,480
$
513,010
$
357,768
$
191,541
$
-
$
-
$
3,792,622
Substandard
2,250
15,673
14,283
11,662
7,750
6,535
-
-
58,153
Loss
-
17
103
37
-
21
-
-
178
Total Auto
$
901,514
$
1,084,249
$
776,866
$
524,709
$
365,518
$
198,097
$
-
$
-
$
3,850,953
Year-to-Date gross
write-offs
$
3,122
$
21,282
$
15,163
$
9,159
$
3,657
$
1,266
$
-
$
-
$
53,649
Other consumer
Pass
$
28,822
$
25,904
$
23,307
$
16,942
$
8,217
$
3,455
$
72,342
$
-
$
178,989
Substandard
-
-
216
104
22
52
449
-
843
Loss
-
-
-
1,025
363
-
-
-
1,388
Total Other
consumer
$
28,822
$
25,904
$
23,523
$
18,071
$
8,602
$
3,507
$
72,791
$
-
$
181,220
Year-to-Date gross
write-offs
$
30
$
191
$
226
$
181
$
313
$
1,398
$
67
$
-
$
2,406
Total Popular Inc.
$
5,606,922
$
6,120,545
$
5,204,820
$
5,210,486
$
3,467,715
$
9,563,148
$
3,470,226
$
43,296
$
38,687,158
 
 
 
70
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
 
Years
Total
BPPR
Commercial:
Commercial multi-family
Pass
$
50,384
$
37,211
$
136,093
$
20,939
$
20,134
$
34,009
$
105
$
-
$
298,875
Watch
-
-
541
-
-
1,601
-
-
2,142
Special Mention
-
-
-
-
-
3,161
-
-
3,161
Substandard
-
-
-
-
-
3,823
-
-
3,823
Total commercial
multi-family
$
50,384
$
37,211
$
136,634
$
20,939
$
20,134
$
42,594
$
105
$
-
$
308,001
Commercial real estate non-owner occupied
Pass
$
419,200
$
322,998
$
828,404
$
547,674
$
335,060
$
525,088
$
6,159
$
-
$
2,984,583
Watch
26,097
2,296
654
5,349
28,832
50,924
72
-
114,224
Special Mention
7,018
41,274
156
406
-
46,390
-
-
95,244
Substandard
-
1,002
110
26,430
1,954
22,956
-
-
52,452
Total commercial
real estate non-
owner occupied
$
452,315
$
367,570
$
829,324
$
579,859
$
365,846
$
645,358
$
6,231
$
-
$
3,246,503
Year-to-Date gross
write-offs
$
-
$
-
$
69
$
-
$
-
$
59
$
-
$
-
$
128
Commercial real estate owner occupied
Pass
$
131,449
$
79,109
$
94,008
$
214,520
$
46,206
$
309,791
$
7,214
$
-
$
882,297
Watch
14,002
2,637
64,735
7,225
4,890
85,580
3
-
179,072
Special Mention
-
1,209
19,436
19,288
-
15,872
1,499
-
57,304
Substandard
455
1,651
20,528
3,872
140,579
77,098
13,021
-
257,204
Doubtful
-
-
-
-
-
34
-
-
34
Total commercial
real estate owner
occupied
$
145,906
$
84,606
$
198,707
$
244,905
$
191,675
$
488,375
$
21,737
$
-
$
1,375,911
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
2,793
$
-
$
-
$
2,793
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
790,273
$
910,355
$
602,454
$
304,227
$
66,395
$
331,493
$
1,495,490
$
-
$
4,500,687
Watch
124,987
24,935
49,497
6,394
3,465
31,609
135,811
-
376,698
Special Mention
5,519
7,316
1,895
157,627
53
30,360
28,171
-
230,941
Substandard
6,063
30,496
37,558
4,203
14,776
23,135
122,275
-
238,506
Doubtful
-
-
-
-
-
11
-
-
11
Loss
-
-
-
-
-
-
51
-
51
Total commercial
and industrial
$
926,842
$
973,102
$
691,404
$
472,451
$
84,689
$
416,608
$
1,781,798
$
-
$
5,346,894
Year-to-Date gross
write-offs
$
1,099
$
707
$
331
$
122
$
2,838
$
11,841
$
7,617
$
-
$
24,555
Construction
Pass
$
63,107
$
53,070
$
33,423
$
14,908
$
9,483
$
1,011
$
16,782
$
-
$
191,784
Watch
-
13,872
-
-
-
-
-
-
13,872
Special Mention
-
-
-
6,058
-
-
-
-
6,058
Substandard
-
-
-
576
-
-
-
-
576
Total construction
$
63,107
$
66,942
$
33,423
$
21,542
$
9,483
$
1,011
$
16,782
$
-
$
212,290
Mortgage
Pass
$
879,075
$
724,383
$
409,133
$
401,113
$
234,486
$
4,085,088
$
-
$
-
$
6,733,278
Substandard
-
1,961
1,331
1,675
347
71,289
-
-
76,603
Total mortgage
$
879,075
$
726,344
$
410,464
$
402,788
$
234,833
$
4,156,377
$
-
$
-
$
6,809,881
Year-to-Date gross
write-offs
$
-
 
$
9
 
$
-
 
$
8
 
$
-
 
$
1,067
$
-
$
-
$
1,084
71
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
 
Years
Total
BPPR
Leasing
Pass
$
731,053
$
477,226
$
362,426
$
217,537
$
104,812
$
22,762
$
-
$
-
$
1,915,816
Substandard
1,195
2,280
2,834
1,885
920
402
-
-
9,516
Loss
-
-
-
-
-
73
-
-
73
Total leasing
$
732,248
$
479,506
$
365,260
$
219,422
$
105,732
$
23,237
$
-
$
-
$
1,925,405
Year-to-Date gross
write-offs
$
1,733
$
4,842
$
5,373
$
3,281
$
694
$
1,052
$
-
$
-
$
16,975
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,188,093
$
-
$
1,188,093
Substandard
-
-
-
-
-
-
29,960
-
29,960
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,218,053
$
-
$
1,218,053
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
69,731
$
-
$
69,731
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
2,040
$
-
$
2,040
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
2,040
$
-
$
2,040
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
380
$
-
$
380
Personal
Pass
$
722,949
$
499,604
$
262,011
$
101,155
$
29,078
$
91,004
$
-
$
23,802
$
1,729,603
Substandard
924
4,965
3,561
1,221
271
8,205
-
1,626
20,773
Loss
-
-
-
1
-
-
-
-
1
Total Personal
$
723,873
$
504,569
$
265,572
$
102,377
$
29,349
$
99,209
$
-
$
25,428
$
1,750,377
Year-to-Date gross
write-offs
$
2,362
$
39,193
$
38,077
$
10,822
$
2,708
$
3,525
$
-
$
1,982
$
98,669
Auto
Pass
$
1,277,016
$
938,769
$
665,431
$
494,529
$
254,621
$
133,054
$
-
$
-
$
3,763,420
Substandard
7,239
16,876
13,579
10,775
6,377
5,131
-
-
59,977
Loss
14
15
-
2
-
9
-
-
40
Total Auto
$
1,284,269
$
955,660
$
679,010
$
505,306
$
260,998
$
138,194
$
-
$
-
$
3,823,437
Year-to-Date gross
write-offs
$
11,229
$
36,992
$
20,486
$
9,997
$
4,965
$
1,731
$
-
$
-
$
85,400
Other consumer
Pass
$
28,543
$
29,585
$
20,021
$
10,129
$
4,588
$
3,364
$
62,678
$
-
$
158,908
Substandard
-
228
44
-
29
57
413
-
771
Loss
-
-
-
550
-
-
-
-
550
Total Other
consumer
$
28,543
$
29,813
$
20,065
$
10,679
$
4,617
$
3,421
$
63,091
$
-
$
160,229
Year-to-Date gross
write-offs
$
29
$
213
$
130
$
96
$
128
$
2,205
$
-
$
-
$
2,801
Total BPPR
$
5,286,562
$
4,225,323
$
3,629,863
$
2,580,268
$
1,307,356
$
6,014,384
$
3,109,837
$
25,428
$
26,179,021
 
72
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Pass
$
139,370
$
148,423
$
491,750
$
313,610
$
207,327
$
560,891
$
5,700
$
-
$
1,867,071
Watch
-
10,974
27,441
26,679
10,668
114,419
-
-
190,181
Special Mention
-
-
8,004
-
-
-
-
-
8,004
Substandard
-
-
2,761
-
-
23,602
-
-
26,363
Total commercial
multi-family
$
139,370
$
159,397
$
529,956
$
340,289
$
217,995
$
698,912
$
5,700
$
-
$
2,091,619
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
441
$
-
$
-
$
441
Commercial real estate non-owner occupied
Pass
$
178,355
$
368,597
$
480,055
$
167,839
$
193,309
$
456,689
$
8,588
$
-
$
1,853,432
Watch
-
12,932
17,125
13,138
45,864
64,390
300
-
153,749
Special Mention
-
-
-
-
-
594
-
-
594
Substandard
-
-
2,657
2,741
5,758
97,801
-
-
108,957
Total commercial
real estate non-
owner occupied
$
178,355
$
381,529
$
499,837
$
183,718
$
244,931
$
619,474
$
8,888
$
-
$
2,116,732
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
54
$
-
$
-
$
54
Commercial real estate owner occupied
Pass
$
304,778
$
257,586
$
244,811
$
279,419
$
35,459
$
246,158
$
7,669
$
-
$
1,375,880
Watch
-
25,614
13,531
32,132
16,301
54,877
-
-
142,455
Special Mention
-
488
69,505
34,428
27,406
10,825
-
-
142,652
Substandard
-
-
17,101
2,596
3,678
97,473
-
-
120,848
Total commercial
real estate owner
occupied
$
304,778
$
283,688
$
344,948
$
348,575
$
82,844
$
409,333
$
7,669
$
-
$
1,781,835
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
154
$
-
$
-
$
154
 
73
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Commercial and industrial
Pass
$
260,479
$
275,971
$
318,564
$
322,697
$
268,591
$
506,973
$
273,222
$
-
$
2,226,497
Watch
-
11,420
48,953
28,138
9,521
35,498
15,050
-
148,580
Special Mention
58
-
5,270
568
-
255
3,835
-
9,986
Substandard
2,276
-
-
195
45
1,610
5,479
-
9,605
Total commercial
and industrial
$
262,813
$
287,391
$
372,787
$
351,598
$
278,157
$
544,336
$
297,586
$
-
$
2,394,668
Year-to-Date gross
write-offs
$
1,103
$
1,571
$
190
$
300
$
211
$
480
$
123
$
-
$
3,978
Construction
Pass
$
259,194
$
512,428
$
155,268
$
-
$
-
$
765
$
-
$
-
$
927,655
Watch
-
1,541
36,264
-
-
7,172
24,691
-
69,668
Special Mention
-
4,897
6,367
-
-
-
-
-
11,264
Substandard
-
-
8,104
-
-
25,473
9,338
-
42,915
Total construction
$
259,194
$
518,866
$
206,003
$
-
$
-
$
33,410
$
34,029
$
-
$
1,051,502
Mortgage
Pass
$
98,345
$
88,788
$
215,600
$
272,908
$
216,025
$
382,746
$
-
$
-
$
1,274,412
Substandard
-
644
106
860
-
28,280
-
-
29,890
Total mortgage
$
98,345
$
89,432
$
215,706
$
273,768
$
216,025
$
411,026
$
-
$
-
$
1,304,302
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
18
$
-
$
-
$
18
74
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular U.S.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
26
$
-
$
26
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
26
$
-
$
26
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,914
$
50,533
$
11,691
$
68,138
Substandard
-
-
-
-
-
1,657
15
700
2,372
Loss
-
-
-
-
-
122
-
899
1,021
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,693
$
50,548
$
13,290
$
71,531
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
53
$
-
$
53
Personal
Pass
$
28,083
$
23,084
$
41,182
$
8,618
$
651
$
1,507
$
-
$
-
$
103,125
Substandard
157
399
627
134
7
302
-
-
1,626
Loss
53
10
-
5
-
48
-
-
116
Total Personal
$
28,293
$
23,493
$
41,809
$
8,757
$
658
$
1,857
$
-
$
-
$
104,867
Year-to-Date gross
write-offs
$
802
$
4,536
$
10,869
$
2,458
$
231
$
307
$
-
$
-
$
19,203
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
11,537
$
-
$
11,537
Substandard
-
-
-
-
-
-
12
-
12
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
11,549
$
-
$
11,549
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
101
$
-
$
101
Total Popular U.S.
$
1,271,148
$
1,743,796
$
2,211,046
$
1,506,705
$
1,040,610
$
2,726,041
$
415,995
$
13,290
$
10,928,631
 
75
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Pass
$
189,754
$
185,634
$
627,843
$
334,549
$
227,461
$
594,900
$
5,805
$
-
$
2,165,946
Watch
-
10,974
27,982
26,679
10,668
116,020
-
-
192,323
Special Mention
-
-
8,004
-
-
3,161
-
-
11,165
Substandard
-
-
2,761
-
-
27,425
-
-
30,186
Total commercial
multi-family
$
189,754
$
196,608
$
666,590
$
361,228
$
238,129
$
741,506
$
5,805
$
-
$
2,399,620
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
441
$
-
$
-
$
441
Commercial real estate non-owner occupied
Pass
$
597,555
$
691,595
$
1,308,459
$
715,513
$
528,369
$
981,777
$
14,747
$
-
$
4,838,015
Watch
26,097
15,228
17,779
18,487
74,696
115,314
372
-
267,973
Special Mention
7,018
41,274
156
406
-
46,984
-
-
95,838
Substandard
-
1,002
2,767
29,171
7,712
120,757
-
-
161,409
Total commercial
real estate non-
owner occupied
$
630,670
$
749,099
$
1,329,161
$
763,577
$
610,777
$
1,264,832
$
15,119
$
-
$
5,363,235
Year-to-Date gross
write-offs
$
-
$
-
$
69
$
-
$
-
$
113
$
-
$
-
$
182
Commercial real estate owner occupied
Pass
$
436,227
$
336,695
$
338,819
$
493,939
$
81,665
$
555,949
$
14,883
$
-
$
2,258,177
Watch
14,002
28,251
78,266
39,357
21,191
140,457
3
-
321,527
Special Mention
-
1,697
88,941
53,716
27,406
26,697
1,499
-
199,956
Substandard
455
1,651
37,629
6,468
144,257
174,571
13,021
-
378,052
Doubtful
-
-
-
-
-
34
-
-
34
Total commercial
real estate owner
occupied
$
450,684
$
368,294
$
543,655
$
593,480
$
274,519
$
897,708
$
29,406
$
-
$
3,157,746
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
2,947
$
-
$
-
$
2,947
Commercial and industrial
Pass
$
1,050,752
$
1,186,326
$
921,018
$
626,924
$
334,986
$
838,466
$
1,768,712
$
-
$
6,727,184
Watch
124,987
36,355
98,450
34,532
12,986
67,107
150,861
-
525,278
Special Mention
5,577
7,316
7,165
158,195
53
30,615
32,006
-
240,927
Substandard
8,339
30,496
37,558
4,398
14,821
24,745
127,754
-
248,111
Doubtful
-
-
-
-
-
11
-
-
11
Loss
-
-
-
-
-
-
51
-
51
Total commercial
and industrial
$
1,189,655
$
1,260,493
$
1,064,191
$
824,049
$
362,846
$
960,944
$
2,079,384
$
-
$
7,741,562
Year-to-Date gross
write-offs
$
2,202
$
2,278
$
521
$
422
$
3,049
$
12,321
$
7,740
$
-
$
28,533
 
76
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Construction
Pass
$
322,301
$
565,498
$
188,691
$
14,908
$
9,483
$
1,776
$
16,782
$
-
$
1,119,439
Watch
-
15,413
36,264
-
-
7,172
24,691
-
83,540
Special Mention
-
4,897
6,367
6,058
-
-
-
-
17,322
Substandard
-
-
8,104
576
-
25,473
9,338
-
43,491
Total construction
$
322,301
$
585,808
$
239,426
$
21,542
$
9,483
$
34,421
$
50,811
$
-
$
1,263,792
Mortgage
Pass
$
977,420
$
813,171
$
624,733
$
674,021
$
450,511
$
4,467,834
$
-
$
-
$
8,007,690
Substandard
-
2,605
1,437
2,535
347
99,569
-
-
106,493
Total mortgage
$
977,420
$
815,776
$
626,170
$
676,556
$
450,858
$
4,567,403
$
-
$
-
$
8,114,183
Year-to-Date gross
write-offs
$
-
$
9
$
-
$
8
$
-
$
1,085
$
-
$
-
$
1,102
Leasing
Pass
$
731,053
$
477,226
$
362,426
$
217,537
$
104,812
$
22,762
$
-
$
-
$
1,915,816
Substandard
1,195
2,280
2,834
1,885
920
402
-
-
9,516
Loss
-
-
-
-
-
73
-
-
73
Total leasing
$
732,248
$
479,506
$
365,260
$
219,422
$
105,732
$
23,237
$
-
$
-
$
1,925,405
Year-to-Date gross
write-offs
$
1,733
$
4,842
$
5,373
$
3,281
$
694
$
1,052
$
-
$
-
$
16,975
77
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2024
2023
2022
2021
2020
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,188,119
$
-
$
1,188,119
Substandard
-
-
-
-
-
-
29,960
-
29,960
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,218,079
$
-
$
1,218,079
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
69,731
$
-
$
69,731
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,914
$
52,573
$
11,691
$
70,178
Substandard
-
-
-
-
-
1,657
15
700
2,372
Loss
-
-
-
-
-
122
-
899
1,021
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,693
$
52,588
$
13,290
$
73,571
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
433
$
-
$
433
Personal
Pass
$
751,032
$
522,688
$
303,193
$
109,773
$
29,729
$
92,511
$
-
$
23,802
$
1,832,728
Substandard
1,081
5,364
4,188
1,355
278
8,507
-
1,626
22,399
Loss
53
10
-
6
-
48
-
-
117
Total Personal
$
752,166
$
528,062
$
307,381
$
111,134
$
30,007
$
101,066
$
-
$
25,428
$
1,855,244
Year-to-Date gross
write-offs
$
3,164
$
43,729
$
48,946
$
13,280
$
2,939
$
3,832
$
-
$
1,982
$
117,872
Auto
Pass
$
1,277,016
$
938,769
$
665,431
$
494,529
$
254,621
$
133,054
$
-
$
-
$
3,763,420
Substandard
7,239
16,876
13,579
10,775
6,377
5,131
-
-
59,977
Loss
14
15
-
2
-
9
-
-
40
Total Auto
$
1,284,269
$
955,660
$
679,010
$
505,306
$
260,998
$
138,194
$
-
$
-
$
3,823,437
Year-to-Date gross
write-offs
$
11,229
$
36,992
$
20,486
$
9,997
$
4,965
$
1,731
$
-
$
-
$
85,400
Other consumer
Pass
$
28,543
$
29,585
$
20,021
$
10,129
$
4,588
$
3,364
$
74,215
$
-
$
170,445
Substandard
-
228
44
-
29
57
425
-
783
Loss
-
-
-
550
-
-
-
-
550
Total Other
consumer
$
28,543
$
29,813
$
20,065
$
10,679
$
4,617
$
3,421
$
74,640
$
-
$
171,778
Year-to-Date gross
write-offs
$
29
$
213
$
130
$
96
$
128
$
2,205
$
101
$
-
$
2,902
Total Popular Inc.
$
6,557,710
$
5,969,119
$
5,840,909
$
4,086,973
$
2,347,966
$
8,740,425
$
3,525,832
$
38,718
$
37,107,652
 
 
 
 
78
Note 9 – Other real estate owned
The following
 
tables present
 
the activity
 
related to
 
Other Real
 
Estate Owned
 
(“OREO”),
 
for the
 
quarters and
 
nine months
 
ended
September 30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
5,897
$
40,229
$
46,126
Write-downs in value
(70)
(344)
(414)
Additions
152
8,731
8,883
Sales
(323)
(11,343)
(11,666)
Other adjustments
-
21
21
Ending balance
$
5,656
$
37,294
$
42,950
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended September 30, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
9,428
$
60,797
$
70,225
Write-downs in value
(39)
(549)
(588)
Additions
1,125
7,966
9,091
Sales
(588)
(15,112)
(15,700)
Ending balance
$
9,926
$
53,102
$
63,028
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 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
(934)
(2,059)
(2,993)
Additions
723
25,428
26,151
Sales
(2,557)
(34,717)
(37,274)
Other adjustments
-
(202)
(202)
Ending balance
$
5,656
$
37,294
$
42,950
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
11,189
$
69,227
$
80,416
Write-downs in value
(1,103)
(1,260)
(2,363)
Additions
6,985
32,748
39,733
Sales
(7,145)
(47,548)
(54,693)
Other adjustments
-
(65)
(65)
Ending balance
$
9,926
$
53,102
$
63,028
 
 
79
Note 10 − Other assets
The caption of other assets in the Consolidated
 
Statements of Financial Condition consists of the
 
following major categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
December 31, 2024
Net deferred tax assets (net of valuation allowance)
$
837,375
$
926,329
Investments under the equity method
249,139
251,537
Prepaid taxes
54,447
42,909
Other prepaid expenses
34,639
28,376
Capitalized software costs
182,204
136,442
Derivative assets
27,700
25,975
Trades receivable from brokers and counterparties
9,670
588
Receivables from investments maturities
800
14,600
Principal, interest and escrow servicing advances
31,226
43,793
Guaranteed mortgage loan claims receivable
10,654
17,226
Operating ROU assets
99,384
93,389
Finance ROU assets
 
23,706
19,174
Assets for pension benefit
35,137
33,233
Others
148,805
164,188
Total other assets
$
1,744,886
$
1,797,759
The Corporation regularly incurs in
 
capitalizable costs associated with software development or
 
licensing which are recorded within
the Other Assets line
 
item in the accompanying Consolidated Statements
 
of Financial Condition.
 
In addition, the Corporation incurs
costs
 
associated
 
with
 
hosting
 
arrangements
 
that
 
are
 
service
 
contracts
 
that
 
are
 
also
 
recorded
 
within
 
Other
 
Assets.
 
The
 
hosting
arrangements can
 
include capitalizable
 
implementation costs
 
that are
 
amortized during
 
the term
 
of the
 
hosting arrangement.
The
following
 
table
 
summarizes
 
the
 
composition
 
of
 
acquired
 
or
 
developed
 
software
 
costs
 
as
 
well
 
as
 
costs
 
related
 
to
 
hosting
arrangements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Carrying
Accumulated
Net Carrying
(In thousands)
Amount
Amortization
Value
September 30, 2025
Software development costs
$
89,878
$
34,203
$
55,675
Software license costs
59,845
32,476
27,369
Cloud computing arrangements
110,472
11,312
99,160
Total Capitalized
 
software costs [1] [2]
$
260,195
$
77,991
$
182,204
December 31, 2024
Software development costs
$
79,233
$
23,057
$
56,176
Software license costs
42,234
21,459
20,775
Cloud computing arrangements
65,797
6,306
59,491
Total Capitalized
 
software costs [1] [2]
$
187,264
$
50,822
$
136,442
[1]
Software intangible assets are presented as part of Other
 
Assets in the Consolidated Statements of Financial Condition.
[2]
The tables above exclude assets that have been fully
 
amortized.
Total
 
amortization expense for
 
all capitalized software
 
and hosting arrangement
 
cost, reflected as
 
part of
 
technology and software
expenses in the consolidated statement of operations,
 
is as follows:
80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended September 30,
Nine months ended September 30,
(In thousands)
2025
2024
2025
2024
Software development and license costs
$
22,157
$
21,118
$
66,139
$
57,431
Cloud computing arrangements
2,500
1,514
5,328
3,052
Total amortization
 
expense
$
24,657
$
22,632
$
71,467
$
60,483
 
 
 
81
Note 11 – Goodwill and other intangible assets
 
Goodwill
The following table shows the changes in the carrying
 
amount of goodwill for the nine months ended
 
September 30, 2025 and 2024,
by reportable segments (refer to Note 32 for
 
the definition of the Corporation’s reportable segment):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Balance at
 
Goodwill
Balance at
(In thousands)
January 1, 2025
impairment
September 30, 2025
Banco Popular de Puerto Rico
$
434,909
$
-
$
434,909
Popular U.S.
368,045
(13,000)
355,045
Total Popular,
 
Inc.
 
$
802,954
$
(13,000)
$
789,954
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2024
Balance at
 
Goodwill
Balance at
(In thousands)
January 1, 2024
impairment
September 30, 2024
Banco Popular de Puerto Rico
$
436,383
$
-
$
436,383
Popular U.S.
368,045
-
368,045
Total Popular,
 
Inc.
 
$
804,428
$
-
$
804,428
 
Other Intangible Assets
The following table reflects the components of
 
other intangible assets subject to amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Carrying
Accumulated
Net Carrying
(In thousands)
Amount
Amortization
Value
September 30, 2025
Core deposits
$
12,810
$
12,810
$
-
Other customer relationships
14,286
9,586
4,700
Total other intangible
 
assets
$
27,096
$
22,396
$
4,700
December 31, 2024
Core deposits
$
12,810
$
12,595
$
215
Other customer relationships
14,286
8,435
5,851
Total other intangible
 
assets
$
27,096
$
21,030
$
6,066
During the
 
quarter ended
 
September 30,
 
2025, the
 
Corporation recognized
 
$
0.4
 
million in
 
amortization expense
 
related to
 
other
intangible assets with definite useful lives (September 30, 2024 - $
0.7
 
million). During the nine months ended September 30, 2025,
the Corporation
 
recognized $
1.4
 
million in
 
amortization related to
 
other intangible assets
 
with definite useful
 
lives (September 30,
2024 - $
2.2
 
million).
 
The following
 
table presents
 
the estimated
 
amortization of
 
the intangible
 
assets with
 
definite useful
 
lives for
 
each of
 
the following
periods:
82
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Remaining 2025
$
384
Year 2026
1,440
Year 2027
959
Year 2028
959
Year 2029
958
 
Results of the Annual Goodwill Impairment Test
 
The Corporation’s goodwill and
 
other identifiable intangible assets having
 
an indefinite useful life
 
are tested for impairment,
 
at least
annually and
 
on a
 
more frequent basis
 
if events
 
or circumstances indicate
 
impairment could have
 
taken place. Such
 
events could
include,
 
among others,
 
a significant
 
adverse change
 
in the
 
business climate,
 
an adverse
 
action by
 
a regulator,
 
an unanticipated
change in the competitive environment and a decision
 
to change the operations or dispose of a
 
reporting unit.
Management
 
monitors
 
events
 
or
 
changes
 
in
 
circumstances
 
between
 
annual
 
tests
 
to
 
determine
 
if
 
these
 
events
 
or
 
changes
 
in
circumstances would more likely than not reduce
 
the fair value of its reporting units below their
 
carrying amounts.
The reporting units evaluated are one level below the business segments and correspond to the legal entities within each reportable
segment. In accordance with push-down accounting, all
 
goodwill is assigned to the reporting units
 
following a business combination.
When
 
evaluating
 
goodwill
 
for
 
impairment,
 
the
 
Corporation
 
may
 
decide
 
to
 
first
 
perform
 
a
 
qualitative
 
assessment,
 
or
 
“Step
 
Zero”
impairment test, to determine whether it is more likely than not that impairment has occurred. The qualitative assessment includes a
review of
 
macroeconomic conditions,
 
industry and
 
market considerations,
 
internal cost
 
factors, and
 
our own
 
overall financial
 
and
share
 
price performance,
 
among other
 
factors. If
 
it
 
is
 
determined that
 
it
 
is more
 
likely than
 
not that
 
the carrying
 
amounts
 
of
 
our
reporting units exceed their fair value,
 
the Corporation will perform a quantitative
 
assessment and calculate the estimated fair value
of
 
the
 
respective
 
reporting
 
unit.
 
If
 
the
 
carrying
 
amount
 
of
 
a
 
reporting
 
unit’s
 
goodwill
 
exceeds
 
the
 
fair
 
value
 
of
 
that
 
goodwill,
 
an
impairment loss is recognized.
 
To
 
assess
 
a
 
reporting unit’s
 
fair value,
 
the
 
Corporation generally
 
uses
 
a
 
combination of
 
methods
 
such
 
as
 
discounted cash
 
flow
analysis and market
 
multiples.
 
The financial projections used
 
in the discounted
 
cash flow (“DCF”)
 
valuation analysis are
 
based on
the
 
most
 
recent
 
(as
 
of
 
the
 
valuation
 
date)
 
projections
 
presented
 
to
 
the
 
Corporation’s
 
Asset
 
/
 
Liability
 
Management
 
Committee
(“ALCO”). These
 
projections reflect
 
management’s
 
expectations for
 
the
 
reporting unit’s
 
financial
 
prospects considering
 
economic
and industry conditions. The Corporation evaluates the results obtained under the valuation methodology to identify and understand
the
 
key
 
value
 
drivers,
 
to
 
ascertain
 
that
 
the
 
results
 
obtained are
 
reasonable and
 
appropriate under
 
the
 
circumstances. Elements
considered include current market and
 
economic conditions, developments in specific lines of
 
business, and any particular features
of the individual reporting units.
 
The Corporation
 
completed its
 
annual goodwill
 
impairment evaluation during
 
the third
 
quarter of
 
2025, using
 
July 31,
 
2025 as
 
the
evaluation date.
 
Through a
 
qualitative analysis,
 
Step
 
Zero, the
 
Corporation determined
 
that for
 
all
 
reporting units,
 
except for
 
the
Popular Equipment
 
Finance (‘’PEF’’)
 
reporting unit,
 
it is
 
more-likely-than-not that
 
the fair
 
value exceeded
 
the carrying
 
value. As
 
a
result, the Corporation performed a quantitative test
 
to assess PEF’s goodwill impairment.
 
The results
 
of the
 
PEF annual
 
goodwill impairment
 
test as
 
of July
 
31, 2025,
 
indicated that
 
the estimated
 
fair value
 
was below
 
it’s
carrying amount. Accordingly, the Corporation recognized a goodwill impairment
 
charge of $
13.0
 
million, which was mainly driven by
lower projected earnings for the forecasted period,
 
primarily due to lower lending activity.
The following tables present the gross amount
 
of goodwill and accumulated impairment losses
 
by reportable segments.
 
 
83
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Balance at
Balance at
September 30,
Accumulated
September 30,
2025
impairment
2025
(In thousands)
 
(gross amounts)
losses
 
(net amounts)
Banco Popular de Puerto Rico
$
438,710
$
3,801
$
434,909
Popular U.S.
564,456
209,411
355,045
Total Popular,
 
Inc.
 
$
1,003,166
$
213,212
$
789,954
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
 
Balance at
 
 
Balance at
 
December 31,
Accumulated
December 31,
2024
impairment
2024
(In thousands)
 
(gross amounts)
losses
 
(net amounts)
Banco Popular de Puerto Rico
$
438,710
$
3,801
$
434,909
Popular U.S.
564,456
196,411
368,045
Total Popular,
 
Inc.
 
$
1,003,166
$
200,212
$
802,954
 
84
Note 12 – Deposits
Total deposits as of the end of the periods presented consisted of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
December 31, 2024
Savings accounts
$
14,411,671
$
14,224,271
NOW, money market and other interest
 
-bearing demand deposits
27,606,313
26,507,637
Total savings, NOW,
 
money market and other interest-bearing demand deposits
42,017,984
40,731,908
Certificates of deposit:
Under $250,000
5,717,369
5,383,331
$250,000 and over
3,904,025
3,629,551
 
Total certificates
 
of deposit
9,621,394
9,012,882
Total interest-bearing
 
deposits
$
51,639,378
$
49,744,790
Non- interest-bearing deposits
$
14,874,026
$
15,139,555
Total deposits
$
66,513,404
$
64,884,345
A summary of certificates of deposits by maturity at
 
September 30, 2025 follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
$
3,400,879
2026
3,671,826
2027
935,141
2028
697,796
2029
436,147
2030 and thereafter
479,605
Total certificates of
 
deposit
$
9,621,394
At September 30, 2025, the Corporation had brokered
 
deposits amounting to $
1.8
 
billion (December 31, 2024 - $
1.6
 
billion).
The aggregate amount
 
of overdrafts in
 
demand deposit accounts that
 
were reclassified to loans
 
was $
8.4
 
million at September
 
30,
2025 (December 31, 2024 - $
10.4
 
million).
At September 30, 2025,
 
Puerto Rico government deposits amounted
 
to $
20.1
 
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.
 
85
Note 13 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted
 
to $
57
 
million at September 30, 2025 and $
55
 
million at December 31,
2024.
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
December 31, 2024
Repurchase
Repurchase
(In thousands)
 
liability
 
liability
U.S. Treasury securities
Within 30 days
$
28,378
$
22,591
After 30 to 90 days
24,065
13,813
Total U.S. Treasury
 
securities
52,443
36,404
Mortgage-backed securities
 
Within 30 days
4,410
4,924
 
After 30 to 90 days
-
13,505
Total mortgage-backed
 
securities
4,410
18,429
Total
$
56,853
$
54,833
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
 
September
 
30,
 
2025
 
and
 
December
 
31,
 
2024,
 
other
 
short-term
 
borrowings
 
consisted
 
of
 
$
400
 
million
 
and
 
$
225
 
million,
respectively, in FHLB Advances.
 
 
86
Notes Payable
The following table presents the composition of notes
 
payable at September 30, 2025 and December
 
31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
December 31, 2024
Advances with the FHLB with maturities ranging from
2025
 
through
2029
 
paying interest at
monthly
fixed rates ranging from
0.57
% to
4.17
%
$
195,312
$
302,722
Unsecured senior debt securities maturing on
2028
 
paying interest
semi-annually
 
at a fixed rate of
7.25
%, net of debt issuance costs of $
3,751
396,249
395,198
Junior subordinated deferrable interest debentures (related to
 
trust preferred securities) maturing on
2034
 
with fixed interest rates ranging from
6.125
% to
6.564
%, net of debt issuance costs of $
241
198,393
198,373
Total notes payable
$
789,954
$
896,293
Note: Refer to the 2024 Form 10-K for rates information
 
at December 31, 2024.
A breakdown of borrowings by contractual maturities
 
at September 30, 2025 is included in the table
 
below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under
 
Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2025
$
56,853
$
400,000
$
30,692
$
487,545
2026
-
-
74,500
74,500
2027
-
-
6,112
6,112
2028
-
-
440,599
440,599
2029
-
-
39,658
39,658
Later years
-
-
198,393
198,393
Total borrowings
$
56,853
$
400,000
$
789,954
$
1,246,807
At
 
September
 
30,
 
2025
 
and
 
December 31,
 
2024,
 
the
 
Corporation had
 
FHLB
 
borrowing facilities
 
whereby the
 
Corporation could
borrow up to
 
$
4.8
 
billion and $
4.7
 
billion, respectively,
 
of which $
0.6
 
billion and $
0.5
 
billion, respectively,
 
were used. In
 
addition, at
December 31, 2024, the Corporation had
 
placed $
0.3
 
billion of the available FHLB
 
credit facility as collateral for municipal
 
letters of
credit to secure deposits. The FHLB borrowing facilities are collateralized with securities and loans held-in-portfolio,
 
and do not have
restrictive covenants or callable features.
 
Also, at September
 
30, 2025, the Corporation
 
had borrowing facilities
 
at the discount
 
window of the
 
Federal Reserve Bank of
 
New
York
 
amounting to $
11.2
 
billion (December 31, 2024
 
- $
7.0
 
billion), which remained unused
 
at September 30, 2025
 
and December
31, 2024.
 
The facilities are a collateralized source of credit
 
that is highly dependable even under difficult market
 
conditions.
 
87
Note 14 − Other liabilities
The caption of other liabilities in the Consolidated
 
Statements of Financial Condition consists of the
 
following major categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
December 31, 2024
Accrued expenses
$
332,204
$
334,145
Accrued interest payable
53,682
60,723
Accounts payable
99,649
91,218
Dividends payable
50,376
49,546
Trades payable
306,775
495,139
Liability for GNMA loans sold with an option to repurchase
9,389
9,108
Reserves for loan indemnifications
2,240
2,779
Reserve for operational losses
23,279
29,465
Operating lease liabilities
109,328
103,198
Finance lease liabilities
 
27,524
23,141
Pension benefit obligation
5,618
5,816
Postretirement benefit obligation
97,828
99,172
Others
72,023
68,396
Total other liabilities
$
1,189,915
$
1,371,846
88
Note 15 – Stockholders’ equity
 
As
 
of
 
September
 
30,
 
2025,
 
stockholders’
 
equity
 
totaled
 
$
6.1
 
billion.
 
During
 
the
 
nine
 
months
 
ended
 
September
 
30,
 
2025,
 
the
Corporation declared cash dividends of $
2.15
 
(2024 - $
1.86
) per common share amounting to $
146.6
 
million (2024 - $
134.3
 
million).
The quarterly dividend of $
0.75
 
per share declared to stockholders of record as
 
of the close of business on
September 12, 2025
 
was
paid on
October 1, 2025
.
During the quarter
 
ended September 30,
 
2024, the Corporation
 
completed the repurchase
 
of
599,096
 
shares of common
 
stock for
$
58.8
 
million at
 
an average price
 
of $
98.11
 
per share
 
under the 2024
 
common stock
 
repurchase program. During
 
the quarter
 
and
nine months ended
 
September 30, 2025,
 
the Corporation repurchased
1,000,862
 
shares of common
 
stock for $
119.4
 
million at an
average price of
 
$
119.33
 
per share, and
3,407,821
 
shares of common stock
 
for $
353.7
 
million at an
 
average price of $
103.78
, per
share, respectively,
 
as part of the
 
2024 and 2025 common
 
stock repurchases programs. As
 
of September 30, 2025,
 
$
429.0
 
million
remained available for stock repurchase under
 
the active repurchase authorization.
89
Note 16 – Other comprehensive income (loss)
The following
 
table presents
 
changes in
 
accumulated other comprehensive
 
income (loss)
 
by component
 
for the
 
quarters and
 
nine
months ended September 30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive Loss
 
by Component [1]
Quarters ended
Nine months ended
September 30,
September 30,
(In thousands)
2025
2024
2025
2024
Foreign currency translation
Beginning Balance
$
(70,512)
$
(68,383)
$
(71,365)
$
(64,528)
Other comprehensive (loss) income
(14,524)
615
(13,670)
(3,240)
Net change
(14,524)
615
(13,670)
(3,240)
Ending balance
$
(85,036)
$
(67,768)
$
(85,035)
$
(67,768)
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
(91,851)
$
(113,371)
$
(94,692)
$
(117,894)
Amounts reclassified from accumulated other
comprehensive loss for amortization of net losses
1,421
2,261
4,262
6,784
Net change
1,421
2,261
4,262
6,784
Ending balance
$
(90,430)
$
(111,110)
$
(90,430)
$
(111,110)
Unrealized net holding losses
on debt securities
Beginning Balance
$
(1,233,294)
$
(1,696,528)
$
(1,495,183)
$
(1,713,109)
Other comprehensive income
 
94,747
326,148
283,394
271,985
Amounts reclassified from accumulated other
comprehensive loss for amortization of net unrealized
losses of debt securities transferred from available-for-
sale to held-to-maturity
37,753
36,264
110,994
107,008
Net change
132,500
362,412
394,388
378,993
Ending balance
$
(1,100,794)
$
(1,334,116)
$
(1,100,795)
$
(1,334,116)
Total accumulated
 
other comprehensive loss
$
(1,276,260)
$
(1,512,994)
$
(1,276,260)
$
(1,512,994)
[1]
 
All amounts presented are net of tax.
 
90
The following
 
table presents
 
the amounts
 
reclassified out
 
of each
 
component of
 
accumulated other
 
comprehensive income
 
(loss)
during the quarters and nine months ended September
 
30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications Out of Accumulated Other Comprehensive
 
Loss
Quarters ended
 
Nine months ended
Affected Line Item in the
 
September 30,
September 30,
(In thousands)
Consolidated Statements of Operations
2025
2024
2025
2024
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
(2,272)
$
(3,618)
$
(6,817)
$
(10,854)
Total before tax
(2,272)
(3,618)
(6,817)
(10,854)
Income tax benefit
851
1,357
2,555
4,070
Total net of tax
$
(1,421)
$
(2,261)
$
(4,262)
$
(6,784)
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
$
(47,191)
$
(45,331)
$
(138,743)
$
(133,761)
Total before tax
(47,191)
(45,331)
(138,743)
(133,761)
Income tax expense
9,438
9,067
27,749
26,753
Total net of tax
$
(37,753)
$
(36,264)
$
(110,994)
$
(107,008)
Total reclassification
 
adjustments, net of tax
$
(39,174)
$
(38,525)
$
(115,256)
$
(113,792)
91
Note 17 – Guarantees
The Corporation
 
has obligations
 
upon the
 
occurrence of
 
certain events
 
under financial
 
guarantees provided
 
in certain
 
contractual
agreements.
 
Also,
 
from
 
time
 
to
 
time,
 
the
 
Corporation
 
securitized
 
mortgage
 
loans
 
into
 
guaranteed
 
mortgage-backed
 
securities
subject, in certain instances, to lifetime credit recourse
 
on the loans that serve as collateral for
 
the mortgage-backed securities. The
Corporation has
 
not sold
 
any mortgage
 
loans subject
 
to credit
 
recourse since
 
2009. Also,
 
from time
 
to time,
 
the Corporation
 
may
sell, in
 
bulk sale
 
transactions, residential
 
mortgage loans
 
and Small
 
Business Administration
 
(“SBA”) commercial
 
loans subject
 
to
credit
 
recourse
 
or
 
to
 
certain
 
representations
 
and
 
warranties
 
from
 
the
 
Corporation
 
to
 
the
 
purchaser.
 
These
 
representations
 
and
warranties may
 
relate, for
 
example, to
 
borrower creditworthiness,
 
loan documentation,
 
collateral,
 
prepayment and
 
early payment
defaults. The
 
Corporation may
 
be required
 
to
 
repurchase the
 
loans under
 
the credit
 
recourse agreements
 
or
 
representation and
warranties
At September
 
30, 2025,
 
the Corporation
 
serviced $
445
 
million (December
 
31, 2024
 
- $
495
 
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. During the quarter and
 
nine months ended September 30,
 
2025,
the Corporation repurchased $
0.2
 
million and $
1.1
 
million, respectively, of unpaid principal balance in mortgage loans subject
 
to the
credit
 
recourse
 
provisions
 
(September
 
30,
 
2024
-
$
0.5
 
million
 
and
 
$
1.5
 
million,
 
respectively).
 
At
 
September
 
30,
 
2025,
 
the
Corporation’s liability
 
established to cover
 
the estimated credit
 
loss exposure
 
related to loans
 
sold or serviced
 
with credit
 
recourse
amounted to $
2
 
million (December 31, 2024 - $
3
 
million).
From
 
time
 
to
 
time, the
 
Corporation sells
 
loans and
 
agrees to
 
indemnify the
 
purchaser for
 
credit
 
losses
 
or
 
any
 
breach
 
of
 
certain
representations and warranties made in connection
 
with the sale.
Servicing agreements
 
relating to
 
the mortgage-backed
 
securities programs
 
of FNMA,
 
FHLMC and
 
GNMA, and
 
to mortgage
 
loans
sold or serviced to certain other investors, including FHLMC,
 
require the Corporation to advance funds to
 
make scheduled payments
of principal, interest, taxes and insurance, if such payments have not
 
been received from the borrowers. At September 30, 2025, the
Corporation serviced $
8.4
 
billion in mortgage loans for third parties, including the loans serviced with credit recourse (December 31,
2024 - $
9.0
 
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
 
September
30, 2025, the outstanding
 
balance of funds advanced by
 
the Corporation under such
 
mortgage loan servicing agreements was
 
$
31
million
 
(December
 
31,
 
2024
 
-
 
$
44
 
million).
 
To
 
the
 
extent
 
the
 
mortgage
 
loans
 
underlying
 
the
 
Corporation’s
 
servicing
 
portfolio
experience
 
increased delinquencies,
 
the
 
Corporation would
 
be
 
required to
 
dedicate
 
additional cash
 
resources to
 
comply
 
with its
obligation to advance funds as well as incur additional
 
administrative costs related to increases in collection
 
efforts.
Popular,
 
Inc. Holding
 
Company (“PIHC”) fully
 
and unconditionally guarantees
 
certain borrowing
 
obligations issued by
 
certain of
 
its
100
% owned
 
consolidated subsidiaries
 
amounting to
 
$
94
 
million at
 
September 30,
 
2025 and
 
December 31,
 
2024, respectively.
 
In
addition, at both
 
September 30, 2025 and
 
December 31, 2024, PIHC
 
fully and unconditionally guaranteed
 
on a subordinated basis
$
193
 
million of capital securities (trust preferred securities) issued by wholly-owned issuing trust entities to the extent set forth in the
applicable
 
guarantee
 
agreement.
 
Refer
 
to
 
Note
 
17
 
to
 
the
 
Consolidated Financial
 
Statements
 
in
 
the
 
2024
 
Form
 
10-K
 
for
 
further
information on the trust preferred securities.
92
Note 18 – Commitments and contingencies
Off-balance sheet risk
The Corporation
 
is a
 
party to
 
financial instruments
 
with off-balance
 
sheet credit
 
risk in
 
the normal
 
course of
 
business to
 
meet the
financial needs of its customers. These financial instruments
 
include loan commitments, letters of credit and standby
 
letters of credit.
These instruments involve,
 
to varying
 
degrees, elements of
 
credit and
 
interest rate
 
risk in
 
excess of
 
the amount
 
recognized in
 
the
Consolidated Statements of Financial Condition.
The
 
Corporation’s
 
exposure
 
to
 
credit
 
loss
 
in
 
the
 
event
 
of
 
nonperformance
 
by
 
the
 
other
 
party
 
to
 
the
 
financial
 
instrument
 
for
commitments to extend credit, standby
 
letters of credit and financial
 
guarantees is represented by the
 
contractual notional amounts
of those instruments. The
 
Corporation uses the same
 
credit policies in
 
making these commitments and conditional
 
obligations as it
does for those reflected on the Consolidated Statements
 
of Financial Condition.
Financial instruments with
 
off-balance sheet credit
 
risk, whose contract
 
amounts represent potential credit
 
risk as of
 
the end of
 
the
periods presented were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
December 31, 2024
Commitments to extend credit:
Credit card lines
$
6,266,974
$
5,599,823
Commercial lines of credit
4,422,977
3,971,331
Construction lines of credit
1,126,310
1,131,824
Other consumer unused credit commitments
 
275,462
260,121
Commercial letters of credit
14,920
5,002
Standby letters of credit
130,856
144,845
Commitments to originate or fund mortgage loans
16,091
29,604
At September 30, 2025
 
and December 31, 2024,
 
the Corporation maintained a
 
reserve of $
14
 
million and $
15
 
million, respectively,
for potential losses associated with unfunded loan
 
commitments related to commercial and construction
 
lines of credit.
Other commitments
At
 
September
 
30,
 
2025
 
and
 
December 31,
 
2024,
 
the
 
Corporation
 
also
 
maintained
 
other
 
non-credit
 
commitments
 
for
 
$
6
 
million,
primarily for the acquisition of other investments.
 
Business concentration
Since the Corporation’s business activities are concentrated primarily in Puerto Rico, its results of operations and financial condition
are dependent
 
upon the
 
general trends
 
of the
 
Puerto Rico
 
economy and,
 
in particular,
 
the residential
 
and commercial
 
real estate
markets. The concentration
 
of the Corporation’s
 
operations in Puerto Rico
 
exposes it to
 
greater risk than other
 
banking companies
with a wider geographic base. Its
 
asset and revenue composition by geographical area
 
is presented in Note 28
 
to the Consolidated
Financial Statements.
 
Puerto
 
Rico
 
has
 
faced
 
significant
 
fiscal
 
and
 
economic
 
challenges
 
for
 
over
 
a
 
decade.
 
In
 
response
 
to
 
such
 
challenges,
 
the
 
U.S.
Congress
 
enacted
 
PROMESA
 
in
 
2016,
 
which,
 
among
 
other
 
things,
 
established
 
the
 
Oversight
 
Board
 
and
 
a
 
framework
 
for
 
the
restructuring
 
of
 
the
 
debts
 
of
 
the
 
Commonwealth,
 
its
 
instrumentalities
 
and
 
municipalities.
 
The
 
Commonwealth
 
and
 
several
 
of
 
its
instrumentalities have
 
availed themselves
 
of debt
 
restructuring proceedings
 
under PROMESA.
 
As of
 
the date
 
of this
 
report, while
municipalities have been designated as covered entities under PROMESA, no municipality has commenced or has been authorized
by the Oversight Board to commence, any such debt
 
restructuring proceeding under PROMESA.
At September 30, 2025, the Corporation’s direct exposure to the Puerto Rico government and its instrumentalities and municipalities
totaled
 
$
391
 
million,
 
of
 
which
 
$
342
 
million
 
were
 
outstanding
 
($
336
 
million
 
and
 
$
336
 
million
 
at
 
December
 
31,
 
2024).
 
The
Corporation’s
 
exposure
 
at
 
September
 
30,
 
2025,
 
included
 
up
 
to
 
$
47.4
 
million
 
in
 
Automated
 
Clearing
 
House
 
(“ACH”)
 
transaction
settlement exposure, none
 
of which was
 
outstanding. Of the
 
amount outstanding, $
333
 
million consists of
 
loans and $
9
 
million are
securities ($
323
 
million and $
13
 
million at December
 
31, 2024). Substantially all
 
of the amount
 
outstanding at September 30,
 
2025
and December 31, 2024 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
 
September
 
30,
 
2025,
 
 
93
approximately
76
% 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 September 30, 2025
:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Investment
Portfolio
Loans
Total Outstanding
Total Exposure
Central Government
Within 1 year
$
-
$
-
$
-
$
47,400
After 10 years
41
-
41
41
Total Central
 
Government
41
-
41
47,441
Municipalities
Within 1 year
2,605
11,574
14,179
16,179
After 1 to 5 years
5,660
166,515
172,175
172,175
After 5 to 10 years
450
124,087
124,537
124,537
After 10 years
-
30,991
30,991
30,991
Total Municipalities
8,715
333,167
341,882
343,882
Total Direct Government
 
Exposure
$
8,756
$
333,167
$
341,923
$
391,323
 
 
 
 
 
 
 
 
 
 
 
 
 
In
 
addition,
 
at
 
September
 
30,
 
2025,
 
the
 
Corporation
 
had
 
$
208
 
million
 
in
 
loans
 
insured
 
or
 
securities
 
issued
 
by
 
Puerto
 
Rico
governmental entities
 
but for
 
which the
 
principal source
 
of repayment
 
is non-governmental
 
($
220
 
million at
 
December 31,
 
2024).
These
 
included
 
$
165
 
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,
 
2024 -
 
$
176
 
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 September
 
30,
2025, $
36
 
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, 2024
 
- $
38
 
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,
 
$
2.4
 
billion
 
of
 
residential
 
mortgages
 
and
 
$
80.9
 
million
 
commercial
 
loans
 
were
 
insured
 
or
 
guaranteed
 
by
 
the
 
U.S.
Government
 
or
 
its
 
agencies
 
at
 
September
 
30,
 
2025
 
(compared
 
to
 
$
2.1
 
billion
 
and
 
$
87.4
 
million,
 
respectively,
 
at
 
December
 
31,
2024). 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 September 30, 2025, the Corporation had operations in the United States Virgin Islands (the “USVI”) and had $
28
 
million in direct
exposure to USVI government
 
entities (December 31, 2024
 
- $
28
 
million). The USVI has
 
been experiencing a number of
 
fiscal and
economic challenges that could adversely affect the ability
 
of its public corporations and instrumentalities
 
to service their outstanding
debt
 
obligations.
 
PROMESA
 
does
 
not
 
apply
 
to
 
the
 
USVI
 
and,
 
as
 
such,
 
there
 
is
 
currently
 
no
 
federal
 
legislation
 
permitting
 
the
restructuring of the debts of the USVI and
 
its public corporations and instrumentalities.
94
At September 30, 2025,
 
the Corporation had operations
 
in the British Virgin
 
Islands (“BVI”) and it
 
had a loan portfolio
 
amounting to
$
193
 
million comprised of various retail and commercial
 
clients, compared to a loan portfolio
 
of $
196
 
million at December 31, 2024.
At September 30, 2025, the Corporation had
no
 
significant exposure to a single borrower in the BVI.
FDIC Special Assessment
 
On
 
November 16,
 
2023, the
 
Federal Deposit
 
Insurance Corporation
 
(“FDIC”)
 
imposed a
 
special
 
assessment (the
 
“FDIC Special
Assessment”) amount to
 
recover the losses
 
to the
 
deposit insurance fund
 
resulting from the
 
FDIC’s funds
 
used, in March
 
2023, in
connection with the systemic risk exception, to the least-cost resolution
 
test, under the Federal Deposit Insurance Act to manage the
receiverships of several failed banks. In connection with this assessment, the Corporation accrued $
71.4
 
million, $
45.3
 
million net of
tax, in the fourth quarter of 2023, representing
 
the full amount of the assessment.
During the first quarter of 2024, the Corporation recorded an additional expense of $
14.3
 
million, $
9.1
 
million net of tax, to reflect the
FDIC's higher loss estimate communicated
 
by the FDIC. The
 
special assessment amount and collection
 
period may change as
 
the
estimated loss is
 
periodically adjusted or
 
if the total
 
amount collected varies.
 
The last payment
 
for the FDIC
 
special assessment is
projected to be in the third quarter, September 2026.
 
Legal Proceedings
The nature of Popular’s
 
business ordinarily generates claims, litigation, arbitration,
 
regulatory and governmental investigations, and
legal
 
and
 
administrative
 
cases
 
and
 
proceedings
 
(collectively,
 
“Legal
 
Proceedings”).
 
Popular’s
 
Legal
 
Proceedings
 
may
 
involve
various lines
 
of business
 
and include
 
claims relating
 
to contract,
 
torts, consumer
 
protection, securities,
 
antitrust, employment,
 
tax
and
 
other
 
laws.
 
The
 
recovery
 
sought
 
in
 
Legal
 
Proceedings
 
may
 
include
 
substantial
 
or
 
indeterminate
 
compensatory
 
damages,
punitive
 
damages,
 
injunctive
 
relief,
 
or
 
recovery
 
on
 
a
 
class-wide
 
basis.
 
When
 
the
 
Corporation
 
determines
 
that
 
it
 
has
 
meritorious
defenses to the claims
 
asserted, it vigorously defends
 
itself. The Corporation will
 
consider the settlement of
 
cases (including cases
where it has meritorious defenses) when, in management’s judgment,
 
it is in the best interest of the Corporation and
 
its stockholders
to do so.
 
On at least
 
a quarterly basis,
 
Popular assesses its
 
liabilities and contingencies
 
relating to outstanding Legal
 
Proceedings
utilizing the most current information available. For
 
matters where it is probable that the Corporation will
 
incur a material loss and the
amount can be reasonably estimated, the Corporation establishes an accrual for
 
the loss. Once established, the accrual is
 
adjusted
on at least a quarterly basis to reflect any relevant
 
developments, as appropriate. For matters where a material loss is not probable,
or the amount of the loss cannot be reasonably
 
estimated, no accrual is established.
In certain cases,
 
exposure to loss
 
exists in
 
excess of any
 
accrual to the
 
extent such loss
 
is reasonably possible,
 
but not
 
probable.
Management believes and
 
estimates that the
 
range of reasonably
 
possible losses (with
 
respect to those
 
matters where such
 
limits
may be determined in excess of amounts accrued) for current Legal Proceedings ranged from $
0
 
to approximately $
7.2
 
million as of
September
 
30,
 
2025.
 
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.
95
Note 19 – Non-consolidated variable interest
 
entities
 
 
 
The Corporation is involved with
two
 
statutory trusts which it created to issue trust preferred securities to the public. These
 
trusts are
deemed to
 
be variable
 
interest entities
 
(“VIEs”) since
 
the equity
 
investors at
 
risk have
 
no substantial
 
decision-making rights.
 
The
Corporation does not
 
hold any variable
 
interest in the
 
trusts, and therefore,
 
cannot be the
 
trusts’ primary beneficiary.
 
Furthermore,
the
 
Corporation concluded
 
that
 
it did
 
not
 
hold
 
a
 
controlling financial
 
interest
 
in
 
these
 
trusts
 
since the
 
decisions
 
of
 
the
 
trusts
 
are
predetermined through
 
the trust
 
documents and the
 
guarantee of
 
the trust
 
preferred securities is
 
irrelevant since
 
in substance
 
the
sponsor is guaranteeing its own debt.
Also, the
 
Corporation is
 
involved with
 
various special
 
purpose entities
 
mainly in
 
guaranteed mortgage
 
securitization transactions,
including
 
GNMA
 
and
 
FNMA.
The
 
Corporation
 
has
 
also
 
engaged
 
in
 
securitization
 
transactions
 
with
 
FHLMC,
 
but
 
considers
 
its
exposure in the
 
form of servicing
 
fees and servicing
 
advances not to be
 
significant
at September 30,
 
2025
.
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
 
Corporation’s
Consolidated
 
Statements
 
of
 
Financial
 
Condition
 
as
 
available-for-sale
 
or
 
trading
 
securities.
 
The
 
Corporation
 
concluded
 
that,
essentially,
 
these
 
entities
 
(FNMA
 
and
 
GNMA)
 
control
 
the
 
design
 
of
 
their
 
respective
 
VIEs,
 
dictate
 
the
 
quality
 
and
 
nature
 
of
 
the
collateral, require
 
the underlying
 
insurance, set
 
the servicing
 
standards via
 
the servicing
 
guides and
 
can change
 
them at
 
will, and
can remove a
 
primary servicer with cause,
 
and without cause in
 
the case of
 
FNMA. Moreover, through
 
their guarantee obligations,
agencies (FNMA and GNMA) have the obligation
 
to absorb losses that could be potentially significant
 
to the VIE.
The
 
Corporation
 
holds
 
variable
 
interests
 
in
 
these
 
VIEs
 
in
 
the
 
form
 
of
 
agency
 
mortgage-backed
 
securities
 
and
 
collateralized
mortgage obligations, including those securities originated by the Corporation and those acquired from
 
third parties. Additionally, the
Corporation holds agency mortgage-backed securities
 
and agency collateralized mortgage obligations
 
issued by third party
 
VIEs in
which
 
it
 
has
 
no
 
other
 
form
 
of
 
continuing
 
involvement. Refer
 
to
 
Note
 
21
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
information on the debt securities outstanding at September 30, 2025 and December 31, 2024, which are classified as available-for-
sale and
 
trading securities
 
in the
 
Corporation’s 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 September 30, 2025 and
 
December 31, 2024.
 
96
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
December 31, 2024
Assets
Servicing assets:
Mortgage servicing rights
$
76,673
$
84,356
Total servicing
 
assets
 
$
76,673
$
84,356
Other assets:
Servicing advances
$
4,017
$
6,112
Total other assets
$
4,017
$
6,112
Total assets
$
80,690
$
90,468
Maximum exposure to loss
$
80,690
$
90,468
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 $
6.1
 
billion at September 30, 2025 (December 31, 2024 -
 
$
6.6
 
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
 
September 30,
 
2025
 
and
 
December 31,
 
2024,
 
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 September 30,
 
2025.
97
Note 20 – Related party transactions
 
Centro Financiero BHD, S.A.
At September
 
30, 2025,
 
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
 
nine
 
months
 
ended
 
September
 
30,
 
2025,
 
the
Corporation recorded $
17.0
 
million in
 
equity pickup (September
 
30, 2024
 
- $
29.6
 
million), including the
 
net impact
 
of $
33.8
 
million
from net
 
earnings (September
 
30, 2024
 
- $
31.5
 
million), offset
 
by ($
16.8
) million
 
recorded through
 
Other Comprehensive
 
Income
(September 30, 2024
 
- ($
1.9
) million) related
 
to foreign currency
 
translation adjustments and
 
changes in the
 
fair value
 
of available
for sale
 
securities. At September
 
30, 2025,
 
the investment
 
in BHD had
 
a carrying
 
amount of
 
$
236.5
 
million (December
 
31, 2024 -
$
239.5
 
million) and the Corporation received $
20
 
million in cash dividend distributions during the nine months ended September 30,
2025 (September 30, 2024 - $
19.4
 
million).
98
Note 21 – Fair value measurement
 
ASC Subtopic
 
820-10 “Fair
 
Value
 
Measurements and
 
Disclosures” establishes
 
a fair
 
value hierarchy
 
that prioritizes
 
the inputs
 
to
valuation techniques
 
used to
 
measure fair
 
value into
 
three levels
 
in order
 
to increase
 
consistency and
 
comparability in
 
fair value
measurements and disclosures. The hierarchy is broken
 
down into three levels based on the reliability
 
of inputs as follows:
●
Level
 
1
- Unadjusted
 
quoted prices
 
in
 
active markets
 
for identical
 
assets
 
or liabilities
 
that
 
the Corporation
 
has the
 
ability to
access at the
 
measurement date. Valuation
 
on these instruments
 
does not necessitate a
 
significant degree of judgment
 
since
valuations are based on quoted prices that are
 
readily available in an active market.
●
Level 2
- Quoted
 
prices other
 
than those
 
included in
 
Level 1
 
that are
 
observable either
 
directly or
 
indirectly.
 
Level 2
 
inputs
include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in
markets
 
that
 
are
 
not
 
active,
 
or
 
other inputs
 
that
 
are
 
observable
 
or that
 
can
 
be
 
corroborated by
 
observable market
 
data
 
for
substantially the full term of the financial instrument.
●
Level 3
- Inputs are unobservable and significant
 
to the fair value measurement.
 
Unobservable inputs reflect the Corporation’s
own judgements about assumptions that market participants
 
would use in pricing the asset or liability.
The
 
Corporation
 
maximizes
 
the
 
use
 
of
 
observable
 
inputs
 
and
 
minimizes
 
the
 
use
 
of
 
unobservable
 
inputs
 
by
 
requiring
 
that
 
the
observable inputs be used when
 
available. Fair value is
 
based upon quoted market prices
 
when available. If listed prices
 
or quotes
are
 
not
 
available,
 
the
 
Corporation
 
employs
 
internally-developed
 
models
 
that
 
primarily
 
use
 
market-based
 
inputs
 
including
 
yield
curves, interest rates,
 
volatilities, and credit
 
curves, among others.
 
Valuation
 
adjustments are limited
 
to those necessary
 
to ensure
that the financial instrument’s
 
fair value is adequately representative of
 
the price that would
 
be received or paid
 
in the marketplace.
These adjustments include amounts that reflect counterparty credit quality,
 
the Corporation’s credit standing, constraints on liquidity
and unobservable parameters that are applied consistently.
 
There have been no changes in the
 
Corporation’s methodologies used
to estimate the fair value of assets and liabilities from
 
those disclosed in the 2024 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 September 30, 2025 and December
 
31, 2024:
 
99
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At September 30, 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
$
6,423,246
$
9,283,519
$
-
$
-
$
15,706,765
Collateralized mortgage obligations - federal
agencies
-
104,700
-
-
104,700
Mortgage-backed securities
-
4,873,777
431
-
4,874,208
Other
-
-
750
-
750
Total debt securities
 
available-for-sale
$
6,423,246
$
14,261,996
$
1,181
$
-
$
20,686,423
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
8,026
$
10
$
-
$
-
$
8,036
Obligations of Puerto Rico, States and political
subdivisions
-
46
-
-
46
Collateralized mortgage obligations
-
595
-
-
595
Mortgage-backed securities
-
24,227
84
-
24,311
Other
-
-
118
-
118
Total trading account
 
debt securities, excluding
derivatives
$
8,026
$
24,878
$
202
$
-
$
33,106
Equity securities
$
-
$
50,047
$
-
$
825
$
50,872
Mortgage servicing rights
-
-
99,523
-
99,523
Loans held-for-sale
-
4,785
-
-
4,785
Derivatives
 
-
27,716
-
-
27,716
Total assets measured
 
at fair value on a
recurring basis
$
6,431,272
$
14,369,422
$
100,906
$
825
$
20,902,425
Liabilities
Derivatives
$
-
$
(26,157)
$
-
$
-
$
(26,157)
Total liabilities measured
 
at fair value on a
recurring basis
$
-
$
(26,157)
$
-
$
-
$
(26,157)
 
 
 
100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
(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
$
7,512,171
$
5,482,939
$
-
$
-
$
12,995,110
Collateralized mortgage obligations - federal
agencies
-
120,284
-
-
120,284
Mortgage-backed securities
-
5,127,775
484
-
5,128,259
Other
-
-
2,250
-
2,250
Total debt securities
 
available-for-sale
$
7,512,171
$
10,730,998
$
2,734
$
-
$
18,245,903
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
2,814
$
10
$
-
$
-
$
2,824
Obligations of Puerto Rico, States and political
subdivisions
-
55
-
-
55
Collateralized mortgage obligations
-
655
-
-
655
Mortgage-backed securities
-
29,032
84
-
29,116
Other
-
-
133
-
133
Total trading account
 
debt securities, excluding
derivatives
$
2,814
$
29,752
$
217
$
-
$
32,783
Equity securities
$
-
$
45,664
$
-
$
381
$
46,045
Mortgage servicing rights
-
-
108,103
-
108,103
Loans held-for-sale
-
5,423
-
-
5,423
Derivatives
 
-
26,023
-
-
26,023
Total assets measured
 
at fair value on a
recurring basis
$
7,514,985
$
10,837,860
$
111,054
$
381
$
18,464,280
Liabilities
 
 
 
Derivatives
$
-
$
(22,832)
$
-
$
-
$
(22,832)
Total liabilities measured
 
at fair value on a
recurring basis
$
-
$
(22,832)
$
-
$
-
$
(22,832)
Loans held-for-sale measured at fair value
 
Loans held-for-sale measured at fair value were priced
 
based on secondary market prices. These loans
 
are classified as Level 2.
The
 
following
 
tables summarize
 
the difference
 
between the
 
aggregate fair
 
value
 
and the
 
aggregate unpaid
 
principal
 
balance
 
for
mortgage loans originated as held-for-sale measured
 
at fair value as of September 30, 2025 and
 
December 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
4,785
$
4,715
$
70
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2024
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
5,423
$
5,436
$
(13)
No
 
loans held-for-sale were 90 or more days past
 
due or on nonaccrual status as of September 30,
 
2025 and December 31, 2024.
 
101
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
 
nine months ended September 30,
 
2025 and 2024 and
 
excludes nonrecurring fair value measurements of
assets no longer outstanding as of the reporting
 
date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2025
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Write-downs
Other real estate owned
[1]
$
-
$
-
$
3,983
$
3,983
$
(1,351)
Other foreclosed assets
[1]
-
-
196
196
(51)
Total assets measured
 
at fair value on a nonrecurring basis
$
-
$
-
$
4,179
$
4,179
$
(1,402)
[1] 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2024
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Write-downs
Loans
[1]
$
-
$
-
$
4,166
$
4,166
$
(654)
Other real estate owned
[2]
-
-
5,749
5,749
(1,889)
Other foreclosed assets
[2]
-
-
174
174
(38)
Total assets measured
 
at fair value on a nonrecurring basis
$
-
$
-
$
10,089
$
10,089
$
(2,581)
[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.
102
The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarters
 
and nine months ended September 30, 2025 and
 
2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 30, 2025
MBS
Other
MBS
Other
classified
securities
classified
securities
as debt
classified as
 
as trading
classified
securities
 
debt securities
account
as trading
Mortgage
available-
available-
 
debt
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
rights
assets
Balance at June 30, 2025
$
432
$
750
$
84
$
122
$
103,077
$
104,465
Gains (losses) included in earnings
-
-
-
(4)
(3,835)
(3,839)
Gains (losses) included in OCI
(1)
-
-
-
-
(1)
Additions
-
-
-
-
281
281
Balance at September 30, 2025
$
431
$
750
$
84
$
118
$
99,523
$
100,906
Changes in unrealized gains (losses) included in
earnings relating to assets still held at September
30, 2025
$
-
$
-
$
-
$
-
$
(1,505)
$
(1,505)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2025
MBS
Other
MBS
Other
classified
securities
classified
securities
as debt
classified as
 
as trading
classified
securities
 
debt securities
account
as trading
Mortgage
available-
available-
 
debt
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
rights
assets
Balance at January 1, 2025
$
484
$
2,250
$
84
$
133
$
108,103
$
111,054
Gains (losses) included in earnings
-
-
-
(15)
(9,359)
(9,374)
Gains (losses) included in OCI
(3)
-
-
-
-
(3)
Additions
-
-
-
-
779
779
Settlements
(50)
-
-
-
-
(50)
Transfers out of Level 3
-
(1,500)
-
-
-
(1,500)
Balance at September 30, 2025
$
431
$
750
$
84
$
118
$
99,523
$
100,906
Changes in unrealized gains (losses) included in
earnings relating to assets still held at September
30, 2025
$
-
$
-
$
-
$
23
$
(2,482)
$
(2,459)
103
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 30, 2024
MBS
Other
Other
classified
securities
MBS
securities
as debt
classified as
classified
classified
securities
debt securities
as trading
as trading
Mortgage
available-
available-
account debt
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
rights
assets
Balance at June 30, 2024
$
581
$
2,000
$
84
$
158
$
113,386
$
116,209
Gains (losses) included in earnings
-
-
-
(4)
(4,896)
(4,900)
Gains (losses) included in OCI
2
-
-
-
-
2
Additions
-
-
-
-
337
337
Settlements
(25)
-
-
-
-
(25)
Balance at September 30, 2024
$
558
$
2,000
$
84
$
154
$
108,827
$
111,623
Changes in unrealized gains (losses) included in
earnings relating to assets still held at September
30, 2024
$
-
$
-
$
-
$
6
$
(2,577)
$
(2,571)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2024
MBS
Other
Other
classified
securities
CMOs
securities
as debt
classified as
classified
MBS
 
classified
securities
debt securities
as trading
classified as
as trading
Mortgage
available-
available-
account debt
trading account
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
securities
rights
assets
Balance at January 1,
 
2024
$
606
$
2,500
$
5
$
112
$
167
$
118,109
$
121,499
Gains (losses) included in earnings
-
(500)
-
-
(13)
(10,280)
(10,793)
Gains (losses) included in OCI
2
-
-
-
-
-
2
Additions
-
-
-
-
-
998
998
Settlements
(50)
-
(5)
(28)
-
-
(83)
Balance at September 30, 2024
$
558
$
2,000
$
-
$
84
$
154
$
108,827
$
111,623
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at September 30, 2024
$
-
$
-
$
-
$
-
$
18
$
(3,279)
$
(3,261)
 
 
 
104
Gains and losses
 
(realized and unrealized)
 
included in earnings
 
for the
 
quarters
 
and nine months
 
ended September 30,
 
2025 and
2024 for
 
Level 3 assets
 
and liabilities included
 
in the
 
previous tables are
 
reported in the
 
Consolidated Statement of
 
Operations as
follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 30, 2025
Nine months ended September 30, 2025
Changes in unrealized
Changes in unrealized
Total gains
gains (losses) relating to
Total gains
gains (losses) relating to
(losses) included
assets still held at
(losses) included
assets still held at
(In thousands)
in earnings
reporting date
in earnings
reporting date
Mortgage banking activities
$
(3,835)
$
(1,505)
$
(9,359)
$
(2,482)
Trading account profit (loss)
(4)
-
(15)
23
Total
 
$
(3,839)
$
(1,505)
$
(9,374)
$
(2,459)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 30, 2024
Nine months ended September 30, 2024
Changes in unrealized
Changes in unrealized
Total gains
gains (losses) relating to
Total gains
gains (losses) relating to
(losses) included
assets still held at
(losses) included
assets still held at
(In thousands)
in earnings
reporting date
in earnings
reporting date
Mortgage banking activities
$
(4,896)
$
(2,577)
$
(10,280)
$
(3,279)
Trading account profit (loss)
(4)
6
(13)
18
Provision for credit losses
-
-
(500)
-
Total
 
$
(4,900)
$
(2,571)
$
(10,793)
$
(3,261)
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 September 30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
September 30,
(In thousands)
2025
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
118
Discounted cash flow model
Weighted average life
2
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Other real estate owned
$
34
[2]
External appraisal
Haircut applied on
external appraisals
20
%
[1]
 
Weighted average of significant unobservable inputs
 
used to develop Level 3 fair value measurements
 
were calculated by relative fair value.
[2]
Other real estate owned in which haircuts were not applied
 
to external appraisals were excluded from this table.
 
105
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
September 30,
(In thousands)
2024
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
154
Discounted cash flow model
Weighted average life
2.3
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
4,166
[2]
External appraisal
Haircut applied on
external appraisals
7.5
% (
5
.0% -
10
.0%)
Other real estate owned
$
16
[3]
External appraisal
Haircut applied on
external appraisals
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.
 
[3]
Other real estate owned in which haircuts were not applied
 
to external appraisals were excluded from this table.
106
Note 22 – Fair value of financial instruments
The fair
 
value of
 
financial instruments
 
is the
 
amount at
 
which an
 
asset or
 
obligation could
 
be exchanged
 
in a
 
current transaction
between
 
willing
 
parties,
 
other
 
than
 
in
 
a
 
forced
 
or
 
liquidation
 
sale.
 
For
 
those
 
financial
 
instruments
 
with
 
no
 
quoted
 
market
 
prices
available, fair values have been estimated using present
 
value calculations or other valuation techniques, as well
 
as management’s
best judgment with respect to current economic conditions, including discount rates, estimates of future cash flows, and prepayment
assumptions. Many of these
 
estimates involve various assumptions and
 
may vary significantly from
 
amounts that could be
 
realized
in actual transactions.
The
 
fair
 
values
 
reflected
 
herein
 
have
 
been
 
determined
 
based
 
on
 
the
 
prevailing
 
rate
 
environment
 
at
 
September
 
30,
 
2025
 
and
December 31, 2024, 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.
 
107
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Assets:
Cash and due from banks
$
377,079
$
377,079
$
-
$
-
$
-
$
377,079
Money market investments
4,754,391
4,744,211
10,180
-
-
4,754,391
Trading account debt securities, excluding
 
derivatives
[1]
33,106
8,026
24,878
202
-
33,106
Debt securities available-for-sale
[1]
20,686,423
6,423,246
14,261,996
1,181
-
20,686,423
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,374,072
$
-
$
7,405,080
$
-
$
-
$
7,405,080
Obligations of Puerto Rico, States and political
subdivisions
45,760
-
6,799
40,334
-
47,133
Collateralized mortgage obligation-federal agency
1,506
-
1,315
-
-
1,315
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities
 
held-to-maturity
$
7,427,298
$
-
$
7,419,154
$
40,334
$
-
$
7,459,488
Equity securities:
FHLB stock
$
58,552
$
-
$
58,552
$
-
$
-
$
58,552
FRB stock
102,038
-
102,038
-
-
102,038
Other investments
58,403
-
50,047
8,137
825
59,009
Total equity securities
$
218,993
$
-
$
210,637
$
8,137
$
825
$
219,599
Loans held-for-sale
$
7,783
$
-
$
7,783
$
-
$
-
$
7,783
Loans held-in-portfolio
37,900,938
-
-
37,105,428
-
37,105,428
Mortgage servicing rights
99,523
-
-
99,523
-
99,523
Derivatives
27,716
-
27,716
-
-
27,716
September 30, 2025
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Liabilities:
Deposits:
Demand deposits
$
56,892,010
$
-
$
56,892,010
$
-
$
-
$
56,892,010
Time deposits
9,621,394
-
9,419,413
-
-
9,419,413
Total deposits
$
66,513,404
$
-
$
66,311,423
$
-
$
-
$
66,311,423
Assets sold under agreements to repurchase
$
56,853
$
-
$
56,859
$
-
$
-
$
56,859
Other short-term borrowings
[2]
400,000
-
400,000
-
-
400,000
Notes payable:
FHLB advances
$
195,312
$
-
$
193,131
$
-
$
-
$
193,131
Unsecured senior debt securities
396,249
-
420,152
-
-
420,152
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,393
-
188,081
-
-
188,081
Total notes payable
$
789,954
$
-
$
801,364
$
-
$
-
$
801,364
Derivatives
$
26,157
$
-
$
26,157
$
-
$
-
$
26,157
[1]
Refer to Note 21 to the Consolidated Financial Statements
 
for the fair value by class of financial asset and its hierarchy
 
level.
[2]
Refer to Note 13 to the Consolidated Financial Statements
 
for the composition of other short-term borrowings.
 
 
108
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Assets:
Cash and due from banks
$
419,638
$
419,638
$
-
$
-
$
-
$
419,638
Money market investments
6,380,948
6,371,180
9,768
-
-
6,380,948
Trading account debt securities, excluding
 
derivatives
[1]
32,783
2,814
29,752
217
-
32,783
Debt securities available-for-sale
[1]
18,245,903
7,512,171
10,730,998
2,734
-
18,245,903
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,693,418
$
-
$
7,623,824
$
-
$
-
$
7,623,824
Obligations of Puerto Rico, States and political
subdivisions
51,865
-
6,866
44,711
-
51,577
Collateralized mortgage obligation-federal agency
1,518
-
1,304
-
-
1,304
Securities in wholly owned statutory business trusts
5,959
-
5,959
-
-
5,959
Total debt securities
 
held-to-maturity
$
7,752,760
$
-
$
7,637,953
$
44,711
$
-
$
7,682,664
Equity securities:
FHLB stock
$
55,786
$
-
$
55,786
$
-
$
-
$
55,786
FRB stock
100,304
-
100,304
-
-
100,304
Other investments
52,076
-
45,664
6,528
381
52,573
Total equity securities
$
208,166
$
-
$
201,754
$
6,528
$
381
$
208,663
Loans held-for-sale
$
5,423
$
-
$
5,423
$
-
$
-
$
5,423
Loans held-in-portfolio
36,361,628
-
-
35,652,539
-
35,652,539
Mortgage servicing rights
108,103
-
-
108,103
-
108,103
Derivatives
26,023
-
26,023
-
-
26,023
December 31, 2024
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Liabilities:
Deposits:
Demand deposits
$
55,871,463
$
-
$
55,871,463
$
-
$
-
$
55,871,463
Time deposits
9,012,882
-
8,795,803
-
-
8,795,803
Total deposits
$
64,884,345
$
-
$
64,667,266
$
-
$
-
$
64,667,266
Assets sold under agreements to repurchase
$
54,833
$
-
$
54,845
$
-
$
-
$
54,845
Other short-term borrowings
[2]
225,000
-
225,000
-
-
225,000
Notes payable:
FHLB advances
$
302,722
$
-
$
295,023
$
-
$
-
$
295,023
Unsecured senior debt securities
395,198
-
415,148
-
-
415,148
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,373
-
189,758
-
-
189,758
Total notes payable
$
896,293
$
-
$
899,929
$
-
$
-
$
899,929
Derivatives
$
22,832
$
-
$
22,832
$
-
$
-
$
22,832
[1]
Refer to Note 21 to the Consolidated Financial Statements
 
for the fair value by class of financial asset and its hierarchy
 
level.
 
[2]
Refer to Note 13 to the Consolidated Financial Statements
 
for the composition of other short-term borrowings.
 
Refer
 
to
 
Note
 
18
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
the
 
notional
 
amount
 
of
 
commitments
 
to
 
extend
 
credit,
 
which
represents the unused portion of
 
credit facilities granted to customers,
 
and letters of credit,
 
which represent the contractual amount
that
 
is
 
required
 
to
 
be
 
paid
 
in
 
the
 
event
 
of
 
nonperformance,
 
at
 
September
 
30,
 
2025
 
and
 
December 31,
 
2024.
 
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.
 
109
Note 23 – Net income per common share
The following table sets forth the computation of net income per common share (“EPS”), basic and diluted, for the quarters and nine
months ended September 30, 2025 and 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended September 30,
Nine months ended September 30,
(In thousands, except per share information)
2025
2024
2025
2024
Net income
$
211,317
$
155,323
$
599,259
$
436,395
Preferred stock dividends
(353)
(353)
(1,059)
(1,059)
Net income applicable to common stock
$
210,964
$
154,970
$
598,200
$
435,336
Average common shares outstanding
67,058,260
71,807,136
68,121,447
71,882,273
Average potential dilutive common shares
 
35,554
21,266
22,239
29,880
Average common shares outstanding - assuming dilution
67,093,814
71,828,402
68,143,686
71,912,153
Basic EPS
$
3.15
$
2.16
$
8.78
$
6.06
Diluted EPS
$
3.14
$
2.16
$
8.78
$
6.05
For the quarters
 
and nine months
 
ended September 30,
 
2025 and 2024,
 
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, 2024.
 
For a
 
discussion of
 
the calculation
 
under the
 
treasury stock
 
method, refer
 
to Note
 
30 of
 
the
Consolidated Financial Statements included in the
 
2024 Form 10-K.
 
110
Note 24 – Revenue from contracts with customers
The
 
following
 
table
 
presents
 
the
 
Corporation’s
 
revenue
 
streams
 
from
 
contracts
 
with
 
customers
 
by
 
reportable
 
segment
 
for
 
the
quarters and nine months ended September 30,
 
2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended September 30,
Nine months ended September 30,
(In thousands)
2025
2025
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
36,392
$
2,685
$
109,042
$
7,915
Other service fees:
Debit card fees
27,868
216
81,809
625
Insurance fees, excluding reinsurance
9,449
1,772
25,849
5,682
Credit card fees, excluding late fees and membership
 
fees
 
27,846
301
81,376
1,040
Sale and administration of investment products
9,459
-
27,490
-
Trust fees
7,279
-
20,789
-
Total revenue from
 
contracts with customers [1]
$
118,293
$
4,974
$
346,355
$
15,262
[1]
The amounts include intersegment transactions of $
0.6
 
million and $
1.8
 
million, respectively, for the
 
quarter and nine months ended September 30,
 
2025.
Quarter ended September 30,
Nine months ended September 30,
(In thousands)
2024
2024
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
35,699
$
2,616
$
105,770
$
7,513
Other service fees:
Debit card fees [2]
25,997
200
78,308
599
Insurance fees, excluding reinsurance
11,702
1,684
33,966
5,130
Credit card fees, excluding late fees and membership
 
fees [2]
26,189
379
76,828
1,205
Sale and administration of investment products
8,387
-
23,664
-
Trust fees
6,902
-
20,810
-
Total revenue from
 
contracts with customers [1]
$
114,876
$
4,879
$
339,346
$
14,447
[1]
The amounts include intersegment transactions of $
0.6
 
million and $
3.9
 
million, respectively, for the
 
quarter and nine months ended September 30,
 
2024.
[2]
Effective in the third quarter of 2024, the Corporation
 
reclassified certain interchange fees, which were
 
previously included jointly with credit card fees
from common network activity,
 
as debit card fees. For the nine month period ended September
 
30, 2024, interchange fees of approximately $
22.2
 
million,
corresponding to the first and second quarters were
 
reclassified.
Revenue from contracts with
 
customers is recognized when,
 
or as, the performance
 
obligations are satisfied by
 
the Corporation by
transferring the promised services to the customers based on ASC 606 Revenue
 
from Contracts with Customers. Revenue streams
identified from contracts with customers, as
 
listed above, will have certain timing for
 
recognition based on the nature of
 
the contract
including when
 
the obligation is
 
satisfied and/or services
 
are rendered. Service
 
charges on
 
deposit accounts, debit
 
card fees,
 
and
credit card
 
fees are
 
recognized at
 
a point
 
in time,
 
upon the
 
occurrence of
 
an activity
 
or an
 
event. Interchange
 
fees on
 
debit and
credit
 
card
 
transactions
 
are
 
recognized upon
 
settlement
 
of
 
the
 
payment
 
transaction. For
 
more
 
details
 
over
 
nature
 
and
 
timing
 
of
revenue streams from contracts with customers refer to Note 31 on the
 
2024 Form 10-K for a complete description of the nature and
timing of revenue streams from contracts with customers.
111
Note 25 - 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 will be based
on
 
two
 
metrics
 
weighted
 
equally:
 
the
 
Relative
 
Total
 
Shareholder
 
Return
 
(“TSR”)
 
and
 
the
 
Absolute
 
Return
 
on
 
Average
 
Tangible
Common Equity
 
(“ROATCE”). The
 
TSR metric
 
is a
 
market condition
 
under ASC
 
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
ROATCE metric
 
is a performance condition under
 
ASC 718.
 
The fair value is
 
determined based on the probability of
 
achieving the
ROATCE
 
goal as
 
of each
 
reporting period.
 
The TSR
 
and ROATCE
 
metrics are
 
equally weighted
 
and work
 
independently.
 
The
number of shares that will ultimately vest ranges from 50% to a 150% target based on both market (TSR) and performance
(ROATCE) conditions. The performance shares will 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.
 
 
112
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
Shares
Weighted-Average
Grant Date Fair
Value
Non-vested at December 31, 2023
299,896
$
58.20
Granted
242,474
86.62
Performance Shares Quantity Adjustment
(18,650)
87.79
Vested
 
(267,873)
74.26
Forfeited
(7,939)
50.68
Non-vested at December 31, 2024
247,908
$
66.86
Granted
225,928
100.32
Performance Shares Quantity Adjustment
43,961
91.54
Vested
 
(281,558)
90.26
Forfeited
(5,515)
60.68
Non-vested at September 30, 2025
230,724
$
75.82
During the quarter ended September 30,
 
2025,
no
 
shares of restricted stock (September
 
30, 2024 –
928
 
shares of restricted stock)
were awarded to management under the Incentive Plan. During the quarters ended September 30, 2025 and
 
2024,
no
 
performance
shares
 
were
 
awarded
 
to
 
management
 
under
 
the
 
Incentive
 
Plan.
 
During
 
the
 
nine
 
months
 
ended
 
September
 
30,
 
2025,
194,268
shares of
 
restricted stock (September
 
30, 2024
 
–
176,519
 
shares of
 
restricted stock) and
31,660
 
performance shares (September
30, 2024 -
65,225
 
performance shares) were awarded to management
 
under the Incentive Plan.
 
During
 
the
 
quarter
 
ended
 
September
 
30,
 
2025,
 
the
 
Corporation
 
recognized
 
$
2.1
 
million
 
of
 
restricted
 
stock
 
expense
 
related
 
to
management
 
incentive
 
awards,
 
with
 
a
 
tax
 
benefit
 
of
 
$
0.4
 
million
 
(September
 
30,
 
2024
 
-
 
$
1.8
 
million,
 
with
 
a
 
tax
 
benefit
 
of
 
$
0.4
million).
 
For
 
the
 
nine
 
months
 
ended
 
September
 
30,
 
2025,
 
the
 
Corporation recognized
 
$
16.4
 
million
 
of
 
restricted
 
stock
 
expense
related to management incentive awards, with a tax
 
benefit of $
2.1
 
million (September 30, 2024 - $
12.3
 
million, with a tax benefit of
$
2.0
 
million). For the nine months ended
 
September 30, 2025, the fair market
 
value of the restricted stock
 
and performance shares
vested was $
20.0
 
million on the grant date and
 
$
27.4
 
million at vesting date. This
 
differential triggered a windfall of $
2.7
 
million that
was recorded
 
as a
 
reduction on
 
income tax
 
expense. During
 
the quarter
 
ended September
 
30, 2025,
 
the Corporation
 
recognized
$
(1.0)
 
million
 
of
 
performance
 
shares
 
expense/(credit),
 
with
 
a
 
tax
 
benefit
 
of
 
$
(0.1)
 
million
 
due
 
to
 
performance
 
shares
 
target
adjustment (September 30, 2024
 
- $
(0.5)
 
million, with a
 
tax benefit of
 
$
(32)
 
thousand).
 
For the nine
 
months ended September
 
30,
2025, the
 
Corporation recognized
 
$
3.2
 
million
 
of
 
performance shares
 
expense, with
 
a tax
 
benefit of
 
$
0.3
 
million
 
(September 30,
2024 -
 
$
3.5
 
million, with
 
a tax
 
benefit of
 
$
0.2
 
million).
 
The total
 
unrecognized compensation cost
 
related to
 
non-vested restricted
stock awards and performance shares to members of management at
 
September 30, 2025 was $
14.6
 
million and is expected to be
recognized over a weighted-average period of
1.58
 
years.
The following table summarizes the restricted stock
 
activity under the Incentive Plan for members of
 
the Board of Directors:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Not in thousands)
RSUs / Restricted stock
Weighted-Average Grant
Date Fair Value per Unit
Non-vested at December 31, 2023
-
$
-
Granted
25,462
89.51
Vested
 
(25,462)
89.51
Forfeited
-
-
Non-vested at December 31, 2024
-
$
-
Granted
23,310
100.14
Vested
 
(4,197)
98.52
Forfeited
-
-
Non-vested at September 30, 2025
19,113
$
100.49
113
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
 
September
 
30,
 
2025,
1,260
 
RSUs
 
and
no
 
shares
 
of
 
restricted
 
stock
 
were
 
granted
 
to
 
the
 
Directors
(September
 
30,
 
2024
 
-
1,281
 
RSUs
 
and
no
 
shares
 
of
 
restricted
 
stock)
 
and
 
the
 
Corporation recognized
 
$
0.6
 
million
 
of
 
expense
related to these shares with
 
a tax benefit of $
0.1
 
million (September 30, 2024 - $
0.1
 
million with a tax benefit
 
of $
21
 
thousand). For
the
 
nine
 
months
 
ended September
 
30,
 
2025,
 
the
 
Corporation
granted
20,622
 
RSUs
 
and
2,688
 
shares
 
of
 
restricted stock
 
to
 
the
Directors (September 30, 2024 -
22,887
 
RSUs and
1,392
 
shares of unrestricted stock)
 
and the Corporation recognized $
1.3
 
million
of expense related
 
to these shares,
 
with a tax
 
benefit of $
0.2
 
million, (September 30, 2024
 
- $
2.2
 
million, with a
 
tax benefit of
 
$
0.4
million). The fair value at vesting
 
date of the RSUs vested
 
during the nine months ended September 30, 2025
 
for the Directors was
$
2.3
 
million.
 
114
Note 26 – Income taxes
 
The table below presents a reconciliation of
 
the statutory income tax rate to the effective income tax
 
rate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended
September 30, 2025
September 30, 2024
(In thousands)
Amount
 
% of pre-tax
income
 
Amount
% of pre-tax
income
Computed income tax expense at statutory rates
 
$
92,733
37.5
%
$
74,169
37.5
%
Net benefit of tax exempt income
(51,732)
(20.9)
(29,055)
(13.3)
Effect of income subject to preferential tax rate
(2,490)
(1.0)
(327)
-
Deferred tax asset valuation allowance
2,748
1.1
451
-
Difference in tax rates due to multiple jurisdictions
(6,212)
(2.5)
(6,764)
(3.1)
State and local taxes
2,717
1.1
3,429
0.4
Others
(1,794)
(0.8)
560
-
Income tax expense
$
35,970
14.5
%
$
42,463
21.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended
September 30, 2025
September 30, 2024
(In thousands)
Amount
 
% of pre-tax
income
 
Amount
% of pre-tax
income
 
Computed income tax expense at statutory rates
 
$
273,066
37.5
%
$
215,582
37.5
%
Net benefit of tax exempt income
(137,061)
(18.8)
(91,035)
(15.8)
Effect of income subject to preferential tax rate
(4,009)
(0.6)
(475)
(0.1)
Deferred tax asset valuation allowance
10,680
1.5
2,779
0.5
Difference in tax rates due to multiple jurisdictions
(11,469)
(1.6)
(11,893)
(2.1)
Other tax benefits
-
-
(4,500)
(0.8)
Tax on intercompany
 
distributions
[1]
-
-
24,325
4.2
U.S., States, and local taxes
7,167
1.0
6,669
1.2
Others
(9,456)
(1.3)
(2,962)
(0.5)
Income tax expense
$
128,918
17.7
%
$
138,490
24.1
%
[1]
Includes $
16.5
 
million of out-of-period adjustment recorded during the
 
first quarter of 2024.
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
September 30, 2025, and December 31, 2024,
 
were as follows:
 
115
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2025
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available
 
for carryforward
$
4,861
$
38,382
$
43,243
Net operating loss and other carryforward available
 
60,370
584,546
644,916
Postretirement and pension benefits
28,228
-
28,228
Allowance for credit losses
249,065
28,482
277,547
Deferred loan origination fees/cost
4,533
(2,844)
1,689
Depreciation
7,700
7,742
15,442
FDIC-assisted transaction
152,665
-
152,665
Lease liability
28,040
18,572
46,612
Unrealized net loss on investment securities
179,530
14,083
193,613
Difference in outside basis from pass-through entities
53,182
-
53,182
Mortgage Servicing Rights
15,051
-
15,051
Other temporary differences
33,698
8,555
42,253
Total gross deferred
 
tax assets
816,923
697,518
1,514,441
Deferred tax liabilities:
Intangibles
91,503
55,023
146,526
Right of use assets
25,509
16,666
42,175
Loans acquired
17,244
-
17,244
Other temporary differences
7,476
429
7,905
 
Total gross deferred
 
tax liabilities
141,732
72,118
213,850
Valuation allowance
78,134
386,914
465,048
Net deferred tax asset
$
597,057
$
238,486
$
835,543
 
December 31, 2024
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available
 
for carryforward
$
4,861
$
24,728
$
29,589
Net operating loss and other carryforward available
 
52,211
610,279
662,490
Postretirement and pension benefits
27,786
-
27,786
Allowance for credit losses
247,153
24,415
271,568
Depreciation
7,700
7,229
14,929
FDIC-assisted transaction
152,665
-
152,665
Lease liability
25,167
16,451
41,618
Unrealized net loss on investment securities
252,411
20,996
273,407
Difference in outside basis from pass-through entities
50,144
-
50,144
Mortgage Servicing Rights
14,475
-
14,475
Other temporary differences
41,127
9,072
50,199
Total gross deferred
 
tax assets
875,700
713,170
1,588,870
Deferred tax liabilities:
Intangibles
88,351
55,926
144,277
Right of use assets
22,784
14,454
37,238
Deferred loan origination fees/cost
(1,880)
2,085
205
Loans acquired
18,415
-
18,415
Other temporary differences
6,799
429
7,228
 
Total gross deferred
 
tax liabilities
134,469
72,894
207,363
Valuation allowance
69,837
386,914
456,751
Net deferred tax asset
$
671,394
$
253,362
$
924,756
116
The
 
net
 
deferred
 
tax
 
assets
 
shown
 
in
 
the
 
table
 
above
 
at
 
September
 
30,
 
2025,
 
is
 
reflected
 
in
 
the
 
Consolidated
 
Statements
 
of
Financial Condition as $
837.3
 
million in net
 
deferred tax assets in
 
the “Other assets” caption
 
(December 31, 2024
 
- $
926.3
 
million)
and $
1.8
 
million in deferred tax liabilities in the “Other liabilities” caption (December 31, 2024 - $
1.6
 
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 September 30, 2025, the net deferred tax
 
assets of the U.S. operations amounted to $
625.4
 
million with a valuation allowance of
$
386.9
 
million, for
 
net
 
deferred tax
 
assets
 
after valuation
 
allowance of
 
$
238.5
 
million. The
 
Corporation evaluates
 
on
 
a
 
quarterly
basis the
 
realization of
 
the deferred
 
tax asset
 
by taxing
 
jurisdiction.
 
The U.
 
S. operations
 
sustained profitability
 
for the
 
last three
years.
 
These historical financial results are objectively verifiable positive evidence, evaluated
 
together with the positive evidence of
stable credit
 
metrics. On
 
the other
 
hand, the
 
Corporation evaluated
 
the negative
 
evidence accumulated
 
over the
 
years, including
financial results
 
lower than
 
expectations and
 
challenges to
 
the economy
 
due to
 
inflationary pressures
 
that could
 
stem from
 
U. S.
tariff policies and
 
global geopolitical challenges,
 
in addition to
 
the economic effect
 
of cuts in
 
federal government spending and
 
the
length of the federal budget
 
impasse that could negatively impact U.
 
S. operations’ achieving expected pre-tax income
 
levels in the
near future.
 
As of September 30, 2025, after weighting all positive and negative evidence, the Corporation concluded that it is more
likely than not that $
238.5
 
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
 
earnings available to
 
realize the deferred
 
tax assets for
 
the
remaining carryforward
 
period, together
 
with the
 
historical level
 
of book
 
income adjusted
 
by permanent
 
differences. Management
will continue to monitor
 
and review the U.S. operation’s
 
results, including recent earnings trends, the
 
pre-tax earnings forecast, any
new tax initiative, and other factors, including net income
 
versus forecast, targeted loan growth, net interest
 
income margin, changes
in deposit costs, allowance for credit losses, charge offs, non-performing loans held-in-portfolio (“NPLs”) inflows and non-performing
asset (“NPA”)
 
balances. Significant changes in
 
these factors or
 
sustainable continuance of
 
financial improvement could impact
 
the
future realization of the deferred tax assets.
At September 30, 2025,
 
the Corporation’s net deferred
 
tax assets related to
 
its Puerto Rico operations amounted
 
to $
597.1
 
million.
 
The
 
Corporation’s
 
Puerto
 
Rico
 
Banking
 
operation
 
has
 
a
 
historical
 
record
 
of
 
profitability.
 
This
 
is
 
considered
 
a
 
strong
 
piece
 
of
objectively verifiable
 
positive evidence
 
that outweighs
 
any negative
 
evidence considered
 
by Management
 
in the
 
evaluation of
 
the
realization
 
of
 
the
 
deferred
 
tax
 
assets.
 
Based
 
on
 
this
 
evidence
 
and
 
management’s
 
estimate
 
of
 
future
 
taxable
 
income,
 
the
Corporation has concluded that it is more likely than not that such net deferred tax assets
 
of the Puerto Rico Banking operations will
be realized.
The Holding Company operation has been in a cumulative
 
loss position in recent years.
 
Management expects these losses will be a
trend
 
in
 
future
 
years.
 
This
 
objectively
 
verifiable
 
negative
 
evidence is
 
considered
 
by
 
Management strong
 
negative
 
evidence that
suggests that
 
income in
 
future years
 
will be
 
insufficient to
 
support the
 
realization of
 
all deferred
 
tax assets.
 
After weighting
 
of all
positive
 
and
 
negative evidence
 
Management concluded,
 
as
 
of
 
the reporting
 
date,
 
that
 
it
 
is
 
more
 
likely
 
than
 
not that
 
the
 
Holding
Company will not be
 
able to realize any
 
portion of the deferred tax
 
assets. Accordingly, the
 
Corporation has maintained a valuation
allowance on the deferred tax assets of $
78.1
 
million as of September 30, 2025.
The reconciliation of unrecognized tax benefits, excluding
 
interest, was as follows:
 
117
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions)
2025
2024
Balance at
 
January 1
$
1.5
$
1.5
Balance at
 
March 31
$
1.5
$
1.5
Balance at
 
June 30
$
1.5
$
1.5
Balance at September 30
$
1.5
$
1.5
At September
 
30, 2025,
 
the total
 
amount of
 
accrued interest
 
recognized in
 
the statement
 
of financial
 
condition amounted
 
to $
2.5
million (December 31, 2024 - $
2.4
 
million). Management determined that at September 30,
 
2025 and December 31, 2024, there was
no
 
need to accrue for the
 
payment of penalties. The Corporation’s policy
 
is to report interest related
 
to unrecognized tax benefits in
income
 
tax
 
expense,
 
while
 
the
 
penalties,
 
if
 
any,
 
are
 
reported
 
in
 
other
 
operating
 
expenses
 
in
 
the
 
Consolidated
 
Statements
 
of
Operations.
 
After consideration
 
of the
 
effect on
 
U.S. federal
 
tax of
 
unrecognized U.S.
 
state tax
 
benefits, the
 
total amount
 
of unrecognized
 
tax
benefits that if recognized, would affect
 
the Corporation’s effective tax rate,
 
was $
3.0
 
million at September 30, 2025 (December
 
31,
2024 - $
3.0
 
million).
The amount of
 
unrecognized tax benefits
 
may increase or
 
decrease in the
 
future for various
 
reasons including adding amounts
 
for
current
 
tax
 
year
 
positions,
 
expiration
 
of
 
open
 
income
 
tax
 
returns
 
due
 
to
 
the
 
statutes
 
of
 
limitation,
 
changes
 
in
 
Management’s
judgment about
 
the level
 
of uncertainty,
 
status of
 
examinations, litigation
 
and legislative
 
activity and
 
the addition
 
or elimination
 
of
uncertain tax positions.
 
The Corporation does not
 
anticipate a reduction
 
in the total
 
amount of unrecognized tax
 
benefits within the
next 12 months.
 
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 September 30, 2025, the following years remain subject to examination in the U.S.
Federal jurisdiction: 2022 and thereafter; and in
 
the Puerto Rico jurisdiction, 2018 and thereafter.
 
118
Note 27 – Supplemental disclosure on the consolidated
 
statements of cash flows
Additional disclosures on cash flow information and
 
non-cash activities for the nine months ended
 
September 30, 2025 and
September 30, 2024 are listed in the following table:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
September 30, 2024
Non-cash activities:
 
Loans transferred to other real estate
$
20,915
$
34,756
 
Loans transferred to other property
66,838
61,447
 
Total loans transferred
 
to foreclosed assets
87,753
96,203
 
Loans transferred to other assets
37,338
37,495
 
Financed sales of other real estate assets
5,234
8,551
 
Financed sales of other foreclosed assets
43,032
39,283
 
Total financed sales
 
of foreclosed assets
48,266
47,834
 
Financed sale of premises and equipment
41,746
59,628
 
Transfers from loans held-in-portfolio to
 
loans held-for-sale
5,739
7,505
 
Transfers from loans held-for-sale to loans
 
held-in-portfolio
1,792
5,084
 
Loans securitized into investment securities
[1]
6,852
11,162
 
Trades receivable from brokers and counterparties
9,125
4,983
 
Trades payable to brokers and counterparties
306,775
3,540
 
Net change in receivables from investments maturities
13,861
176,000
 
Recognition of mortgage servicing rights on securitizations
 
or asset transfers
675
998
 
Loans booked under the GNMA buy-back option
5,349
2,836
 
Capitalization of lease right of use asset
33,276
2,553
[1]
Includes loans securitized into trading securities and subsequently
 
sold before quarter end.
The following table provides a reconciliation of
 
cash and due from banks, and restricted cash
 
reported within the Consolidated
Statement of Financial Condition that sum to the total of
 
the same such amounts shown in the Consolidated
 
Statement of Cash
Flows.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2025
September 30, 2024
Cash and due from banks
$
370,684
$
418,168
Restricted cash and due from banks
6,395
9,426
Restricted cash in money market investments
10,180
8,072
Total cash and due
 
from banks, and restricted cash
[2]
$
387,259
$
435,666
[2]
 
Refer to Note 4 - Restrictions on cash and due from banks
 
and certain securities for nature of restrictions.
119
Note 28 – Segment reporting
The
 
Corporation’s
 
corporate
 
structure
 
consists
 
of
two
 
reportable
 
segments
 
–
Banco Popular de Puerto Rico and Popular U.S.
Management determined the reportable segments based on the internal reporting used to evaluate performance and to assess
where to allocate resources.
 
The segments were
 
determined based on the
 
organizational structure, which focuses
 
primarily on the
markets the segments serve, as well as on the products
 
and services offered by the segments.
The chief operating
 
decision maker (“CODM”) of
 
the Corporation is
 
the Chief Executive
 
Officer (“CEO”) who
 
utilizes net income
 
as
one of
 
the segment
 
profitability measures,
 
to evaluate
 
the performance
 
of each
 
reportable segment and
 
assess where
 
to allocate
resources effectively.
 
The CEO
 
receives
 
profitability reports
 
that
 
include net
 
income
 
per segment,
 
net
 
interest income
 
and
 
other
income
 
and expense
 
categories. The
 
CODM uses
 
the segment’s
 
net income
 
and components
 
of net
 
income, including
 
segment
revenues and
 
expenses to
 
assess performance
 
and to
 
manage important
 
aspects by
 
each reportable
 
segments,
 
such as
 
human
capital, investment in technology, making budget allocations,
 
as well as other strategic decisions.
Banco Popular de Puerto Rico:
 
The Banco
 
Popular de
 
Puerto Rico
 
reportable segment
 
includes commercial,
 
consumer and
 
retail banking
 
operations, as
 
well as
mortgage and auto lending operations conducted
 
at BPPR, including U.S. based activities conducted
 
through its New York
 
Branch.
Other financial
 
services within the
 
BPPR segment
 
include the trust
 
service units
 
of BPPR,
 
asset management services
 
of Popular
Asset Management and
 
the brokerage operations
 
of Popular Securities,
 
and the insurance
 
agency and reinsurance
 
businesses of
Popular Insurance, Popular Risk Services, Popular Life
 
Re, and Popular Re.
Popular U.S.:
 
Popular U.S. reportable segment
 
consists of the
 
banking operations of Popular
 
Bank (PB), Popular Insurance
 
Agency, U.S.A.,
 
and
PEF.
 
PB
 
operates through
 
a retail
 
branch network
 
in the
 
U.S. mainland
 
under the
 
name of
 
Popular,
 
and equipment
 
leasing and
financing services through PEF.
 
Popular Insurance Agency,
 
U.S.A. offers investment and insurance
 
services across the PB
 
branch
network.
 
The Corporate group
 
consists primarily of
 
the holding companies
 
Popular, Inc.,
 
Popular North America,
 
Popular International Bank
and certain of the Corporation’s investments accounted for under
 
the equity method, including BHD.
 
The
 
accounting
 
policies
 
of
 
the
 
individual
 
operating
 
segments
 
are
 
the
 
same
 
as
 
those
 
of
 
the
 
Corporation.
 
Transactions
 
between
reportable segments are primarily conducted at market rates, resulting
 
in profits that are eliminated for reporting consolidated results
of
 
operations. Assets
 
representing transactions
 
between reportable
 
segments
 
or
 
the
 
Corporate
 
group
 
are
 
also
 
eliminated in
 
the
tables presented below.
The tables that follow present the results of operations
 
and total assets by reportable segments:
120
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
For the quarter ended September 30, 2025
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
765,204
$
201,327
$
(423)
Interest expense
214,489
96,124
(423)
Net interest income
550,715
105,203
-
Provision for credit losses
73,326
1,833
-
Non-interest income
 
150,619
6,888
-
Personnel costs
170,524
28,451
-
Professional fees
12,764
2,643
-
Technology and
 
software expenses
67,146
9,977
-
Processing and transactional services
37,794
607
-
Amortization of intangibles
240
144
-
Goodwill impairment charge
-
13,000
-
Depreciation expense
10,759
2,439
-
Other operating expenses
[1]
113,649
26,463
-
Total operating
 
expenses
412,876
83,724
-
Income before income tax
215,132
26,534
-
Income tax expense
26,104
8,732
-
Net income
$
189,028
$
17,802
$
-
Segment assets
$
59,771,004
$
14,940,858
$
(50,833)
For the quarter ended September 30, 2025
Reportable
 
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
 
Inc.
Interest income
$
966,108
$
1,373
$
(832)
$
966,649
Interest expense
310,190
10,786
(832)
320,144
Net interest income (expense)
655,918
(9,413)
-
646,505
Provision for credit losses (benefit)
75,159
(34)
-
75,125
Non-interest income
157,507
15,330
(1,642)
171,195
Personnel costs
198,975
34,013
-
232,988
Professional fees
15,407
10,682
(281)
25,808
Technology and
 
software expenses
77,123
9,994
-
87,117
Processing and transactional services
38,401
7
-
38,408
Amortization of intangibles
384
-
-
384
 
Goodwill impairment charge
13,000
-
-
13,000
Depreciation expense
13,198
384
-
13,582
Other operating expenses
[1]
140,112
(54,815)
(1,297)
84,000
Total operating
 
expenses
496,600
265
(1,578)
495,287
Income before income tax
241,666
5,686
(64)
247,288
Income tax expense
34,836
1,120
15
35,971
Net income
$
206,830
$
4,566
$
(79)
$
211,317
Segment assets
$
74,661,029
$
5,772,344
$
(5,367,575)
$
75,065,798
[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.
 
121
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2025
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
2,245,804
$
583,387
$
(3,145)
Interest expense
634,722
283,048
(3,145)
Net interest income
1,611,082
300,339
-
Provision for credit losses
169,290
18,975
-
Non-interest income
 
433,809
20,452
-
Personnel costs
486,602
81,280
-
Professional fees
38,848
7,832
-
Technology and
 
software expenses
195,523
30,410
-
Processing and transactional services
112,249
1,786
-
Amortization of intangibles
822
544
-
Goodwill impairment charge
-
13,000
-
Depreciation expense
30,797
6,902
-
Other operating expenses
[1]
374,407
80,103
-
Total operating
 
expenses
1,239,248
221,857
-
Income before income tax
636,353
79,959
-
Income tax expense
96,803
24,734
-
Net income
$
539,550
$
55,225
$
-
Segment assets
$
59,771,004
$
14,940,858
$
(50,833)
For the nine months ended September 30, 2025
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
2,826,046
$
4,487
$
(3,014)
$
2,827,519
Interest expense
914,625
32,257
(3,014)
943,868
Net interest income (expense)
1,911,421
(27,770)
-
1,883,651
Provision for credit losses (benefit)
188,265
(118)
-
188,147
Non-interest income
454,261
40,466
(2,994)
491,733
Personnel costs
567,882
107,174
-
675,056
Professional fees
46,680
34,926
(865)
80,741
Technology and
 
software expenses
225,933
29,548
-
255,481
Processing and transactional services
114,035
15
-
114,050
Amortization of intangibles
1,366
-
-
1,366
Goodwill impairment charge
13,000
-
-
13,000
Depreciation expense
37,699
1,202
-
38,901
Other operating expenses
[1]
454,510
(171,398)
(2,647)
280,465
Total operating
 
expenses
1,461,105
1,467
(3,512)
1,459,060
Income before income tax
716,312
11,347
518
728,177
Income tax expense
121,537
7,072
309
128,918
Net income
$
594,775
$
4,275
$
209
$
599,259
Segment assets
$
74,661,029
$
5,772,344
$
(5,367,575)
$
75,065,798
[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.
122
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
For the quarter ended September 30, 2024
Intersegment
 
(In thousands)
BPPR
 
Popular U.S.
Eliminations
Interest income
$
743,936
$
195,102
$
(2,345)
Interest expense
255,928
101,974
(2,345)
Net interest income
488,008
93,128
-
Provision for credit losses (benefit)
77,514
(6,066)
-
Non-interest income
 
149,050
6,789
-
Personnel costs
149,563
26,372
-
Professional fees
14,490
2,821
-
Technology and
 
software expenses
67,778
9,959
-
Processing and transactional services
33,775
542
-
Amortization of intangibles
394
310
-
Depreciation expense
13,023
2,063
-
Other operating expenses
[1]
124,621
22,662
-
Total operating
 
expenses
403,644
64,729
-
Income before income tax
155,900
41,254
-
Income tax expense
30,064
12,472
-
Net income
$
125,836
$
28,782
$
-
Segment assets
$
56,906,693
$
14,306,045
$
(260,464)
For the quarter ended September 30, 2024
Reportable
 
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
 
Inc.
Interest income
936,693
2,098
(1,343)
937,448
Interest expense
355,557
10,761
(1,343)
364,975
Net interest income (expense)
$
581,136
$
(8,663)
$
-
$
572,473
Provision for credit losses (benefit)
71,448
-
-
71,448
Non-interest income
 
155,839
8,876
(633)
164,082
Personnel costs
175,935
25,921
-
201,856
Professional fees
17,311
9,584
(187)
26,708
Technology and
 
software expenses
77,737
10,715
-
88,452
Processing and transactional services
34,317
3
-
34,320
Amortization of intangibles
704
-
-
704
Depreciation expense
15,086
385
-
15,471
Other operating expenses
[1]
147,283
(46,614)
(859)
99,810
Total operating
 
expenses
468,373
(6)
(1,046)
467,321
Income before income tax
197,154
219
413
197,786
Income tax expense (benefit)
42,536
(279)
206
42,463
Net income
$
154,618
$
498
$
207
$
155,323
Segment assets
$
70,952,274
$
5,887,340
$
(5,516,540)
$
71,323,074
[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.
 
123
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the nine months ended September 30, 2024
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Interest income
$
2,195,266
$
564,580
$
(8,254)
Interest expense
745,672
300,748
(8,254)
Net interest income
1,449,594
263,832
-
Provision for credit losses
188,576
1,806
-
Non-interest income
 
447,073
19,909
(56)
Personnel costs
448,253
79,578
-
Professional fees
41,426
9,454
(56)
Technology and
 
software expenses
191,218
28,643
-
Processing and transactional services
105,866
1,730
-
Amortization of intangibles
1,302
931
-
Depreciation expense
39,349
6,210
-
Other operating expenses
[1]
383,500
77,902
-
Total operating
 
expenses
1,210,914
204,448
(56)
Income before income tax
497,177
77,487
-
Income tax expense
92,810
23,917
-
Net income
$
404,367
$
53,570
$
-
Segment assets
$
56,906,693
$
14,306,045
$
(260,464)
For the nine months ended September 30, 2024
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
2,751,592
$
10,287
$
(8,383)
$
2,753,496
Interest expense
1,038,166
32,184
(8,383)
1,061,967
Net interest income (expense)
1,713,426
(21,897)
-
1,691,529
Provision for credit losses (benefit)
190,382
458
-
190,840
Non-interest income
466,926
31,314
(4,034)
494,206
Personnel costs
527,831
86,826
-
614,657
Professional fees
50,824
43,312
(766)
93,370
Technology and
 
software expenses
219,861
27,805
-
247,666
Processing and transactional services
107,596
14
-
107,610
Amortization of intangibles
2,233
-
-
2,233
Depreciation expense
45,559
1,161
-
46,720
Other operating expenses
[1]
461,402
(150,953)
(2,695)
307,754
Total operating
 
expenses
1,415,306
8,165
(3,461)
1,420,010
Income before income tax
574,664
794
(573)
574,885
Income tax expense (benefit)
116,727
21,921
(158)
138,490
Net income
$
457,937
$
(21,127)
$
(415)
$
436,395
Segment assets
$
70,952,274
$
5,887,340
$
(5,516,540)
$
71,323,074
[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.
 
124
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 nine months ended September 30, 2025, BPPR participated in loans originated by PB totaling $
29
 
million (2024 - did
no
t
participate). Total
 
assets for
 
the BPPR
 
segment related
 
to its
 
operations in the
 
United States
 
amounted to
 
$
1.4
 
billion (December
31, 2024
 
- $
1.6
 
billion), including $
103
 
million in
 
multifamily loans (December
 
31, 2024
 
- $
104
 
million), $
421
 
million in commercial
real estate loans (December 31, 2024 - $
588
 
million), $
707
 
million in C&I loans (December 31, 2024 - $
685
 
million), and $
54
 
million
in unsecured
 
personal loans
 
(December 31,
 
2024 -
 
$
113
 
million). During
 
the nine
 
months ended
 
September 30,
 
2025, the
 
BPPR
segment generated $
75.6
 
million (September 30,
 
2024 - $
91.2
 
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,
2024 -
 
$
1.0
 
billion). The
 
BPPR segment
 
generated $
38.7
 
million in
 
revenues during
 
the nine
 
months ended
 
September 30,
 
2025
(September 30, 2024 - $
32.3
 
million) from its operations in the U.S. and
 
British Virgin Islands.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Geographic Information
Quarter ended
Nine months ended
(In thousands)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Revenues:
[1]
 
Puerto Rico
 
$
654,274
$
582,953
$
1,900,467
$
1,735,035
 
United States
135,852
133,067
402,342
386,819
 
Other
27,574
20,535
72,575
63,881
Total consolidated
 
revenues
 
$
817,700
$
736,555
$
2,375,384
$
2,185,735
[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)
September 30, 2025
December 31, 2024
Puerto Rico
 
Total assets
$
57,492,551
$
55,888,211
 
Loans
25,362,400
24,154,610
 
Deposits
52,929,118
52,099,309
United States
 
Total assets
$
16,279,331
$
15,890,339
 
Loans
12,815,827
12,431,859
 
Deposits
11,861,212
11,030,879
Other
 
Total assets
$
1,293,916
$
1,266,833
 
Loans
516,714
526,606
 
Deposits
[1]
1,723,074
1,754,157
[1]
Represents deposits from BPPR operations located in the
 
U.S. and British Virgin Islands.
 
 
125
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
 
AND RESULTS OF OPERATIONS
This
 
report
 
includes
 
management’s
 
discussion
 
and
 
analysis
 
(“MD&A”)
 
of
 
the
 
consolidated
 
financial
 
position
 
and
 
financial
performance
 
of
 
Popular,
 
Inc.
 
(the
 
“Corporation”
 
or
 
“Popular”). All
 
accompanying
 
tables,
 
financial
 
statements
 
and
 
notes
 
included
elsewhere in this report should be considered an
 
integral part of this analysis.
 
The Corporation is a
 
diversified, publicly owned financial holding company subject
 
to the supervision and regulation
 
of the Board of
Governors of the Federal Reserve System. The Corporation has
 
operations in Puerto Rico, the United States (“U.S.”) mainland and
the U.S. and British Virgin Islands. In Puerto Rico, the
 
Corporation provides retail, mortgage,
 
commercial banking services and auto
and equipment
 
leasing and
 
financing through its
 
principal banking subsidiary,
 
Banco Popular de
 
Puerto Rico
 
(“BPPR”), as
 
well as
broker-dealer and
 
insurance services
 
through specialized
 
subsidiaries. In
 
the
 
U.S. mainland,
 
the
 
Corporation provides
 
retail and
commercial
 
banking
 
services,
 
as
 
well
 
as
 
equipment
 
leasing
 
and
 
financing,
 
through
 
its
 
New
 
York-chartered
 
banking
 
subsidiary,
Popular
 
Bank
 
(“PB”
 
or
 
“Popular
 
U.S.”),
 
which
 
has
 
branches
 
located
 
in
 
New
 
York,
 
New
 
Jersey
 
and
 
Florida.
 
Note
 
28
 
to
 
the
Consolidated Financial Statements presents information
 
about the Corporation’s business segments.
As a financial services company,
 
the Corporation’s earnings are significantly affected
 
by general business and economic conditions
in the
 
markets which
 
we serve.
 
Lending and
 
deposit activities
 
and fee
 
income generation
 
are influenced
 
by the
 
level of
 
business
spending and
 
investment, consumer
 
income, spending
 
and savings,
 
capital market
 
activities, competition,
 
customer preferences,
interest rate conditions and prevailing market rates
 
on competing products.
The Corporation
 
operates in
 
a highly
 
regulated environment
 
and may
 
be adversely
 
affected by
 
changes in
 
federal and
 
local laws
and
 
regulations.
 
Also,
 
competition
 
with
 
other
 
financial
 
institutions,
 
as
 
well
 
as
 
with
 
non-traditional financial
 
service
 
providers
 
and
technology
 
companies
 
that
 
provide
 
electronic
 
and
 
internet-based
 
financial
 
solutions
 
and
 
services,
 
could
 
adversely
 
affect
 
its
profitability.
The
 
Corporation
 
continuously
 
monitors
 
general
 
business
 
and
 
economic
 
conditions,
 
industry-related
 
indicators
 
and
 
trends,
competition, interest rate volatility, credit quality indicators, loan, and deposit demand, operational and systems efficiencies, revenue
enhancements and changes in the regulation of financial
 
services companies.
 
The description of the Corporation’s business contained in
 
Item 1 of the 2024 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 2024 Form 10-K and “Part II
- Item 1A” of this Form 10-Q for a discussion of certain risks and uncertainties to which the Corporation is subject, many beyond the
Corporation’s control that, in addition to the other information in
 
this Form 10-Q, readers should consider.
The Corporation’s common stock is traded on the NASDAQ
 
Global Select Market under the symbol BPOP.
OVERVIEW
Financial highlights for the quarter ended September 30,
 
2025
The Corporation’s
 
net income for
 
the quarter
 
ended September 30,
 
2025 amounted to
 
$211.3
 
million, an
 
increase of
 
$56.0 million
when compared to a
 
net income of $155.3 million
 
for the quarter ended September
 
30, 2024. Higher net
 
income was mainly driven
by higher net interest income, offset in part by an increase
 
in operating expense.
 
Financial highlights for the quarter ended September 30,
 
2025 include:
●
 
Net
 
interest
 
income
 
amounted
 
to
 
$646.5
 
million,
 
an
 
increase
 
of
 
$74.0
 
million
 
when
 
compared
 
to
 
the
 
quarter
 
ended
September 30,
 
2024, driven
 
by lower cost
 
of deposits,
 
investments in U.S.
 
Treasury securities
 
at higher yields
 
and loan
growth.
 
Net interest income on
 
a taxable equivalent basis for
 
the third quarter of
 
2025 was $720.8 million,
 
an increase of
$107.9
 
million.
 
Net
 
interest
 
margin
 
expanded
 
by
 
27
 
bps
 
to
 
3.51%.
 
On
 
a
 
taxable
 
equivalent
 
basis,
 
net
 
interest
 
margin
expanded by 43 basis points to 3.90%.
 
●
 
The provision for
 
credit losses amounted to
 
$75.1 million for the
 
quarter ended September 30,
 
2025, an increase of
 
$3.7
million
 
when compared
 
to
 
the
 
quarter
 
ended
 
September
 
30,
 
2024,
 
driven
 
by
 
higher
 
reserves
 
in
 
the
 
commercial
 
loans
126
portfolio, mainly due to two unrelated NPL inflows during the quarter, partially offset by
 
a lower provision for the consumer
loans portfolio due to improvements in credit quality.
 
●
 
Non-interest
 
income
 
amounted
 
to
 
$171.2
 
million,
 
an
 
increase
 
of
 
$7.1
 
million
 
when
 
compared
 
to
 
the
 
quarter
 
ended
September 30, 2024, mainly driven by
 
higher credit and debit card fee income,
 
a favorable valuation adjustment of equity
securities held for deferred compensation plans, higher other operating income
 
due to a retroactive charge to a tenant
 
for
energy supplied in prior years, and higher investment
 
management fees.
●
 
Operating expenses amounted to $495.3 million for
 
the quarter, reflecting
 
an increase of $28.0 million when
 
compared to
the quarter ended September 30, 2024.
 
The increase was mainly driven by
 
higher personnel costs, primarily due to profit
sharing
 
accrual
 
and
 
higher
 
incentives,
 
and
 
a
 
non-cash
 
goodwill
 
impairment
 
charge
 
related
 
to
 
our
 
U.S.
 
based
 
leasing
subsidiary,
 
partially offset by lower insurance claims and operational
 
losses reserves and lower equipment expenses.
●
 
Income tax expense
 
of $36.0 million with
 
an effective tax
 
rate (“ETR”) of
 
14.5% during the
 
quarter ended September 30,
2025, compared
 
to an
 
income tax
 
expense of
 
$42.5 million
 
with an
 
ETR of
 
21.5% for
 
the quarter
 
ended September
 
30,
2024 due to higher tax-exempt income and tax
 
credit purchases during 2025.
●
 
At September 30,
 
2025, the Corporation’s
 
total assets amounted
 
to $75.1 billion,
 
compared to $73.0
 
billion at December
31,
 
2024.
 
The
 
increase
 
of
 
$2.1
 
billion
 
is
 
primarily
 
due
 
to
 
higher
 
balance
 
in
 
the
 
available-for-sale
 
(“AFS”)
 
securities
portfolio,
 
mainly
 
driven
 
by
 
higher
 
U.S.
 
Treasury
 
securities,
 
and
 
an
 
increase
 
across
 
most
 
loan
 
portfolios,
 
mainly
 
in
commercial,
 
mortgage,
 
and
 
construction,
 
partially
 
offset
 
by
 
lower
 
balance
 
in
 
the
 
money
 
market
 
investments,
 
held-to-
maturity (“HTM”) investment securities, and a decrease
 
in other assets.
●
 
Deposits amounted to $66.5 billion at September 30, 2025, an increase of $1.6 billion from December 31, 2024, driven by
an increase in high-cost deposits,
 
mainly time deposits at PB, and P.R. public deposits.
●
 
Stockholders’ equity amounted to $6.1 billion at September 30, 2025,
 
compared to $5.6 billion at December 31, 2024. The
Corporation and
 
its
 
banking subsidiaries
 
continue to
 
be
 
well capitalized.
 
As
 
of
 
September
 
30,
 
2025, the
 
Corporation’s
tangible book value per common share was $79.12, an increase of $10.96 from December 31, 2024. The Common Equity
Tier 1 Capital ratio at September 30, 2025 was 15.79%,
 
compared to 16.03% at December 31, 2024.
Refer to Table 1 for selected financial data for the quarters ended September 30, 2025 and
 
September 30, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
127
Table 1 - Financial Highlights
Financial Condition Highlights
Ending balances at
 
Average for the nine months ended
(In thousands)
September 30,
2025
December 31,
2024
Variance
September
30, 2025
September
30, 2024
Variance
Money market investments
$
4,754,391
$
6,380,948
$
(1,626,557)
$
6,205,101
$
6,663,967
$
(458,866)
Investment securities
28,371,673
26,244,977
2,126,696
28,758,022
27,701,911
1,056,111
Loans
[1]
38,694,941
37,113,075
1,581,866
37,692,744
35,411,807
2,280,937
Earning assets
71,821,005
69,739,000
2,082,005
72,655,867
69,777,685
2,878,182
Total assets
75,065,798
73,045,383
2,020,415
75,776,756
72,851,597
2,925,159
Deposits
66,513,404
64,884,345
1,629,059
66,452,057
64,521,953
1,930,104
Borrowings
1,246,807
1,176,126
70,681
1,145,836
1,039,130
106,706
Total liabilities
68,950,126
67,432,317
1,517,809
68,584,814
66,530,111
2,054,703
Stockholders’ equity
6,115,672
5,613,066
502,606
7,191,941
6,321,486
870,455
Note: 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.
 
Operating Highlights
Quarters ended September 30,
Nine months ended September 30,
(In thousands, except per share information)
2025
2024
Variance
2025
2024
Variance
Net interest income
 
$
646,505
$
572,473
$
74,032
$
1,883,651
$
1,691,529
$
192,122
Provision for credit losses
 
(benefit)
75,125
71,448
3,677
188,147
190,840
(2,693)
Non-interest income
171,195
164,082
7,113
491,733
494,206
(2,473)
Operating expenses
495,287
467,321
27,966
1,459,060
1,420,010
39,050
Income before income tax
247,288
197,786
49,502
728,177
574,885
153,292
Income tax expense
35,971
42,463
(6,492)
128,918
138,490
(9,572)
Net income
$
211,317
$
155,323
$
55,994
$
599,259
$
436,395
$
162,864
Net income applicable to common stock
$
210,964
$
154,970
$
55,994
$
598,200
$
435,336
$
162,864
Net income per common share – basic
$
3.15
$
2.16
$
0.99
$
8.78
$
6.06
$
2.72
Net income per common share – diluted
$
3.14
$
2.16
$
0.98
$
8.78
$
6.05
$
2.73
Dividends declared per common share
$
0.75
$
0.62
$
0.13
$
2.15
$
1.86
$
0.29
Quarters ended September 30,
Nine months ended September 30,
Selected Statistical Information
2025
2024
2025
2024
Common Stock Data
 
End market price
$
129.10
100.27
$
129.10
100.27
 
Book value per common share at period end
91.00
80.35
91.00
80.35
Profitability Ratios
 
Return on assets
1.09
%
0.84
%
1.06
%
0.79
%
 
Return on common equity
11.60
8.82
11.15
8.43
 
Net interest spread (non-taxable equivalent basis)
2.87
2.43
2.81
2.41
 
Net interest spread (taxable equivalent) - Non-GAAP
3.26
2.66
3.18
2.65
 
Net interest margin (non-taxable equivalent basis)
3.51
3.24
3.46
3.20
 
Net interest margin (taxable equivalent) - Non-GAAP
3.90
3.47
3.83
3.44
Capitalization Ratios
 
Average equity to average assets
9.46
%
8.86
%
9.49
%
8.68
%
 
Common equity Tier 1 capital
15.79
16.42
15.79
16.42
 
Tangible common
 
book value per common share (non-GAAP)
[2]
79.12
69.04
79.12
69.04
 
Return on average tangible common equity
[2]
13.06
9.98
12.57
9.56
 
Tier I capital
 
15.84
16.48
15.84
16.48
 
Total capital
17.58
18.24
17.58
18.24
 
Tier 1 leverage
8.48
8.67
8.48
8.67
[1]
Includes loans held-for-sale.
[2]
Refer to Table 10 for reconciliation to GAAP financial measures.
 
Non-GAAP Financial Measures
This Form 10-Q
 
contains financial information
 
prepared under accounting
 
principles generally accepted in
 
the United States
 
(“U.S.
 
 
 
 
 
 
 
 
 
 
 
128
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.
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.
The following
 
table presents
 
the adjusted
 
net income
 
for the
 
nine months
 
ended September
 
30, 2024.
 
There were
 
no non-GAAP
adjustments for the nine months ended September
 
30, 2025.
 
Table 2 - Adjusted Net Income
 
for the Nine Months Ended September 30, 2024 (Non-GAAP)
(In thousands)
Income before
 
income tax
Income tax
expense
(benefit)
Total
U.S. GAAP Net income
$574,885
$138,490
$436,395
Non-GAAP Adjustments:
FDIC Special Assessment [1]
14,287
(5,234)
9,053
Adjustments related to intercompany distributions [2]
6,400
16,483
22,883
Adjusted net income (Non-GAAP)
$595,572
$127,241
$468,331
[1] Expense recorded during the first quarter of 2024 to
 
increase the estimate recognized during the fourth
 
quarter of 2023 related to the November 16,
2023 FDIC Special Assessment to recover the losses to the
 
deposit insurance fund used by the FDIC in connection
 
with the receiverships of several
failed banks. The special assessment amount and collection
 
period may change if the estimated loss is periodically
 
adjusted or if the total amount
collected varies.
[2] Income tax expense and other related expenses from
 
prior periods related to withholding taxes on certain
 
distributions from U.S. subsidiaries.
129
Net interest income on a taxable equivalent basis
 
– Non-GAAP Financial Measure
Net interest income, on
 
a taxable equivalent basis,
 
is presented with its
 
different components in Table
 
s
 
3 and 4 for
 
the quarter and
nine months
 
ended September
 
30,
 
2025, as
 
compared with
 
the same
 
period in
 
2024, 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 3 and
 
4, the interest
 
income has been
 
converted to a
 
taxable equivalent
basis, using the applicable statutory income tax rates for each period net of interest expense that the Puerto Rico tax law requires to
be disallowed, based on an equal proportion of tax-exempt assets to total assets, and by an allocation of general and administrative
expenses attributable to exempt income, reducing the benefit of
 
the tax-exempt income. The effective yield, on a
 
taxable equivalent
basis, will
 
vary depending on
 
the level
 
of these
 
expenses that are
 
attributable to
 
the available exempt
 
income. Under Puerto
 
Rico
tax
 
law,
 
the
 
exempt
 
interest
 
can
 
be
 
deducted
 
up
 
to
 
the
 
amount
 
of
 
taxable
 
income.
 
Management believes
 
that
 
this
 
presentation
provides meaningful information since it facilitates the comparison
 
of revenues arising from taxable and exempt
 
sources.
Tangible Common Equity and Tangible Assets
Tangible
 
common equity,
 
tangible common equity ratio, tangible
 
assets and tangible book value
 
per common share are
 
non-GAAP
financial measures.
 
Tangible
 
common equity
 
ratio and
 
tangible book
 
value per
 
common share
 
should be
 
used in
 
conjunction with
more
 
traditional
 
bank
 
capital
 
ratios
 
commonly
 
used
 
by
 
banks
 
and
 
analysts
 
to
 
compare
 
the
 
capital
 
adequacy
 
of
 
banking
organizations
 
with
 
significant
 
amounts
 
of
 
goodwill
 
or
 
other
 
intangible
 
assets,
 
typically
 
stemming
 
from
 
the
 
use
 
of
 
the
 
purchase
accounting method for
 
mergers and acquisitions.
 
Tangible
 
common equity,
 
tangible assets
 
and other related
 
measures should not
be
 
used
 
in
 
isolation
 
or
 
as
 
a substitute
 
for
 
stockholders' equity,
 
total
 
assets
 
or
 
any
 
other
 
measure calculated
 
in
 
accordance
 
with
GAAP.
 
Moreover, the
 
way the Corporation
 
calculates its tangible
 
common equity,
 
tangible assets and
 
other related measures
 
may
differ from that of other companies reporting measures
 
with similar names.
Table
 
10 provides
 
a reconciliation of
 
total stockholders’ equity
 
to tangible common
 
equity and total
 
assets to tangible
 
assets as
 
of
September 30, 2025 and December 31, 2024.
 
 
130
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
 
2024
 
Form
 
10-K.
 
Also,
 
refer
 
to
 
Note
 
2
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
included
 
in
 
the
 
2024
 
Form
 
10-K
 
for
 
a
summary of the Corporation’s significant accounting policies and to Note 3 to the Consolidated Financial Statements included in this
Form 10-Q for information on recently adopted accounting
 
standard updates.
STATEMENT
 
OF OPERATIONS ANALYSIS
NET INTEREST INCOME
Net interest income (“NII”)
 
for the quarter ended
 
September 30, 2025 was
 
$646.5 million an increase of
 
$74.0 million, compared to
the same quarter in 2024. The increase in net interest income was supported by lower cost
 
of deposits, mainly P.R.
 
public deposits,
higher income from investments in U.S. Treasury securities at
 
higher yields, and from loan growth. Net interest income on a
 
taxable
equivalent basis for the third quarter of 2025
 
was $720.8 million, an increase of $107.9
 
million.
Net interest margin
 
(“NIM”) for the
 
quarter was 3.51%,
 
an increase of
 
27 basis points
 
when compared to the
 
third quarter of
 
2024.
On a
 
taxable equivalent
 
basis, net
 
interest margin
 
for the
 
third quarter
 
of 2025
 
was 3.90%,
 
an increase
 
of 43
 
basis points
 
when
compared to the third quarter of 2024, driven
 
by higher level of tax-exempt securities and loans. NIM expansion, when compared
 
to
the same quarter of
 
the previous year,
 
was mainly attributable to
 
lower deposit costs driven
 
as a result of
 
the repricing of high-cost
deposits that
 
are market-linked,
 
mainly those
 
of P.R.
 
public deposits,
 
and higher
 
yields on
 
U.S. Treasury
 
securities. Total
 
cost of
deposits decreased 37 basis points to 1.79%.
On a taxable equivalent basis, the main drivers of
 
the increase for the third quarter of 2025 were:
●
 
higher income from investment securities and money market investments
 
by $17.5 million, mainly driven by higher income
from
 
U.S. Treasury
 
securities
 
by
 
$49.3
 
million
 
or
 
57
 
basis
 
points, due
 
to
 
higher
 
re-investment activity
 
at
 
higher yields
partially offset
 
by lower
 
income from
 
money market
 
securities by
 
$29.2 million
 
as a
 
result of
 
the deployment
 
of funds
 
to
loan growth
 
and the
 
purchase of
 
U.S. Treasury
 
securities. During
 
the third
 
quarter of
 
2025, the
 
Corporation purchased
approximately
 
$2.5
 
billion
 
of
 
U.S.
 
Treasury
 
notes
 
with
 
an
 
average duration
 
of
 
1.4
 
years
 
and
 
a
 
yield
 
of
 
approximately
3.65%, through a combination
 
of approximately $1.0 billion
 
in maturing U.S. Treasuries
 
and a reduction of
 
approximately
$1.5 billion in overnight Fed funds;
●
 
higher
 
income
 
from
 
loans
 
by
 
$45.6
 
million
 
driven
 
by
 
loan
 
growth
 
most
 
notably
 
in
 
the
 
commercial,
 
construction
 
and
mortgage portfolios, including certain
 
tax-exempt loans in BPPR,
 
partially offset by
 
lower yields by
 
7 basis points,
 
mainly
from adjustable rate commercial and construction portfolios
 
due to short-term market rates decline; and
●
 
lower interest expense on
 
deposits by $47.6 million, or
 
37 basis points, when compared
 
to the same period
 
in 2024. The
cost of
 
interest-bearing deposits
 
decreased by
 
52 basis
 
points, mainly
 
due to
 
the repricing
 
of market-linked
 
P.R.
 
public
deposits
 
which
 
decreased
 
by
 
105
 
basis
 
points
 
to
 
3.19%,
 
and
 
a
 
decrease
 
in
 
the
 
cost
 
of
 
deposits
 
in
 
Popular
 
U.S.,
particularly in time deposits and those captured through
 
online channels.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
131
Table 3 - Analysis of Levels & Yields
 
on a Taxable Equivalent Basis
 
(Non-GAAP)
Quarter ended September 30,
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
2025
2024
Variance
2025
2024
 
Variance
2025
2024
Variance
Rate
Volume
(In millions)
(In thousands)
$
5,990
$
7,033
$
(1,043)
4.43
%
5.43
%
(1.00)
%
Money market
investments
$
66,867
$
96,061
$
(29,194)
$
(16,107)
$
(13,087)
28,957
27,569
1,388
3.42
2.92
0.50
Investment securities [1]
249,071
202,317
46,754
32,970
13,784
28
30
(2)
5.43
5.87
(0.44)
Trading securities
 
391
436
(45)
(31)
(14)
Total money market,
 
investment and
trading
34,975
34,632
343
3.59
3.43
0.16
securities
316,329
298,814
17,515
16,832
683
Loans:
19,229
17,798
1,431
6.72
6.90
(0.18)
Commercial
325,869
308,734
17,135
(7,239)
24,374
1,549
1,129
420
8.24
8.85
(0.61)
Construction
32,184
25,102
7,082
(1,732)
8,814
1,981
1,851
130
7.26
6.97
0.29
Leasing
35,957
32,241
3,716
1,378
2,338
8,484
7,911
573
5.96
5.73
0.23
Mortgage
126,352
113,409
12,943
4,523
8,420
3,257
3,211
46
13.80
14.08
(0.28)
Consumer
113,280
112,423
857
(787)
1,644
3,945
3,879
66
9.15
8.94
0.21
Auto
91,006
87,189
3,817
2,338
1,479
38,445
35,779
2,666
7.49
7.56
(0.07)
Total loans
724,648
679,098
45,550
(1,519)
47,069
$
73,420
$
70,411
$
3,009
5.63
%
5.53
%
0.10
%
Total earning assets
$
1,040,977
$
977,912
$
63,065
$
15,313
$
47,752
Interest bearing
deposits:
$
8,184
$
7,387
$
797
1.77
%
2.04
%
(0.27)
%
NOW and money
market
$
36,421
$
37,857
$
(1,436)
$
(4,891)
$
3,455
14,529
14,318
211
0.81
0.92
(0.11)
Savings
 
29,772
33,134
(3,362)
(3,981)
619
8,825
8,366
459
3.16
3.45
(0.29)
Time deposits
70,196
72,503
(2,307)
(6,096)
3,789
20,766
19,468
1,298
3.19
4.24
(1.05)
P.R. public
 
deposits
167,043
207,491
(40,448)
(52,899)
12,451
52,304
49,539
2,765
2.30
2.82
(0.52)
Total interest bearing
deposits
303,432
350,985
(47,553)
(67,867)
20,314
14,846
14,968
(122)
Non-interest bearing
demand deposits
67,150
64,507
2,643
1.79
2.16
(0.37)
Total deposits
303,432
350,985
(47,553)
(67,867)
20,314
405
101
304
4.52
5.62
(1.10)
Short-term borrowings
4,616
1,430
3,186
(267)
3,453
Other medium and
 
812
950
(138)
5.98
5.32
0.66
long-term debt
12,096
12,560
(464)
226
(690)
Total interest bearing
53,521
50,590
2,931
2.37
2.87
(0.50)
liabilities (excluding
demand deposits)
320,144
364,975
(44,831)
(67,908)
23,077
Other sources of funds
5,053
4,853
200
$
73,420
$
70,411
$
3,009
1.73
%
2.06
%
(0.33)
%
Total source of funds
$
320,144
$
364,975
$
(44,831)
$
(67,908)
$
23,077
Net interest margin/
income on a taxable
equivalent basis (Non-
GAAP)
3.90
%
3.47
%
0.43
%
$
720,833
$
612,937
$
107,896
$
83,221
$
24,675
3.26
%
2.66
%
0.60
%
 
Net interest spread
Taxable equivalent
adjustment
74,328
40,464
33,864
Net interest margin/
income non-taxable
equivalent basis (GAAP)
3.51
%
3.24
%
0.27
%
$
646,505
$
572,473
$
74,032
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.
 
 
 
 
132
Net Interest income
 
for the
 
nine-month period ended
 
September 30, 2025
 
was $1.9
 
billion, or $192.1
 
million higher than
 
the same
period in 2024.
 
Taxable
 
equivalent net interest
 
income was $2.1
 
billion, an increase
 
of $264.6 million
 
when compared to
 
the same
period in
 
2024. NIM
 
was 3.46%,
 
an increase
 
of 26
 
basis points
 
when compared
 
to 3.20%
 
in 2024.
 
NIM, on
 
a taxable
 
equivalent
basis, for the
 
nine months ended September
 
30, 2025 was
 
3.83%, an increase
 
of 39 basis
 
points compared to
 
the same period
 
of
2024.
The main drivers
 
of the variances
 
in net interest income
 
on a taxable equivalent
 
basis for the
 
nine-month period ended September
30, 2025 were:
●
 
higher income
 
from investment securities
 
and money market
 
investments by $29.3
 
million driven
 
by higher income
 
from
U.S. Treasury
 
securities by
 
$103.2 million mainly
 
due to
 
higher yields by
 
47 basis
 
points and higher
 
average volume
 
by
$1.1 billion,
 
as the
 
Corporation continues to
 
re-invest U.S.
 
Treasury Notes
 
maturities at
 
higher yields,
 
as well
 
as use
 
of
funds for
 
the purchase
 
of U.S.
 
Treasury
 
securities, partially
 
offset by
 
lower income
 
from money
 
market investments
 
by
$66.3
 
million,
 
or
 
102
 
basis
 
points,
 
mainly
 
due
 
money
 
market
 
investments lower
 
yield
 
due
 
to
 
the
 
decline
 
in
 
short-term
market rates and the use of
 
funds for loan growth and investments in U.S.
 
Treasury securities , as discussed above;
●
 
higher income from
 
loans by $117.2
 
million resulting from
 
higher average balances by
 
$2.3 billion, reflected across
 
most
portfolios, most notably in the commercial, construction and mortgage loan portfolios, partially offset by lower loan yield by
three basis points driven by adjustable-rate construction
 
and commercial portfolios due to the decline
 
in market rates; and
●
 
lower deposit cost
 
by $124.1 million
 
mainly due to
 
the repricing of
 
market linked P.R.
 
public deposits, which
 
declined by
96 basis points, and the repricing of high-cost deposits
 
at Popular U.S.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
133
Table 4 – Analysis of Levels & Yields
 
on a Taxable Equivalent Basis
 
from Continuing Operations (Non-GAAP)
Period ended September 30,
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
2025
2024
Variance
2025
2024
 
Variance
2025
2024
Variance
Rate
Volume
(In millions)
(In thousands)
$
6,205
$
6,664
$
(459)
4.45
%
5.47
%
(1.02)
%
Money market
investments
$
206,565
$
272,893
$
(66,328)
$
(48,483)
$
(17,845)
28,729
28,271
458
3.28
2.88
0.40
Investment securities
[1]
705,879
610,341
95,538
79,281
16,257
29
30
(1)
5.74
5.02
0.72
Trading securities
 
1,237
1,114
123
155
(32)
Total money market,
 
investment and
trading
34,963
34,965
(2)
3.49
3.38
0.11
securities
913,681
884,348
29,333
30,953
(1,620)
Loans:
18,802
17,707
1,095
6.72
6.87
(0.15)
Commercial
 
945,330
910,241
35,089
(20,306)
55,395
1,440
1,064
376
8.19
8.97
(0.78)
Construction
88,179
71,426
16,753
(6,722)
23,475
1,961
1,794
167
7.18
6.86
0.32
Leasing
105,650
92,292
13,358
4,501
8,857
8,331
7,818
513
5.89
5.67
0.22
Mortgage
368,141
332,626
35,515
13,125
22,390
3,224
3,209
15
14.10
13.94
0.16
Consumer
339,880
334,818
5,062
3,058
2,004
3,935
3,820
115
9.00
8.86
0.14
Auto
264,905
253,511
11,394
3,760
7,634
37,693
35,412
2,281
7.49
7.52
(0.03)
Total loans
2,112,085
1,994,914
117,171
(2,584)
119,755
$
72,656
$
70,377
$
2,279
5.57
%
5.46
%
0.11
%
Total earning assets
$
3,025,766
$
2,879,262
$
146,504
$
28,369
$
118,135
Interest bearing
deposits:
$
8,077
$
7,558
$
519
1.73
%
2.00
%
(0.27)
%
NOW and money
market
$
104,711
$
113,405
$
(8,694)
$
(14,883)
$
6,189
14,547
14,579
(32)
0.84
0.93
(0.09)
Savings
 
91,430
101,008
(9,578)
(9,213)
(365)
8,587
8,142
445
3.17
3.35
(0.18)
Time deposits
203,909
204,014
(105)
(11,631)
11,526
20,464
19,168
1,296
3.24
4.20
(0.96)
P.R. public
 
deposits
496,303
601,993
(105,690)
(144,853)
39,163
51,675
49,447
2,228
2.32
2.76
(0.44)
Total interest bearing
deposits
896,353
1,020,420
(124,067)
(180,580)
56,513
14,778
15,075
(297)
Non-interest bearing
demand deposits
66,453
64,522
1,931
1.80
2.11
(0.31)
Total deposits
896,353
1,020,420
(124,067)
(180,580)
56,513
333
89
244
4.55
5.65
(1.10)
Short-term
borrowings
11,342
3,748
7,594
(669)
8,263
Other medium and
 
835
975
(140)
5.79
5.18
0.61
long-term debt
36,173
37,799
(1,626)
3,875
(5,501)
Total interest bearing
52,843
50,511
2,332
2.39
2.81
(0.42)
liabilities (excluding
demand deposits)
943,868
1,061,967
(118,099)
(177,374)
59,275
5,035
4,791
244
Other sources of
funds
$
72,656
$
70,377
$
2,279
1.74
%
2.02
%
(0.28)
%
Total source of funds
$
943,868
$
1,061,967
$
(118,099)
$
(177,374)
$
59,275
3.83
%
3.44
%
0.39
%
Net interest margin/
income on a taxable
equivalent basis
(Non-GAAP)
$
2,081,898
$
1,817,295
$
264,603
$
205,743
$
58,860
3.18
%
2.65
%
0.53
%
Net interest spread
Taxable equivalent
adjustment
198,247
125,766
72,481
3.46
%
3.20
%
0.26
%
Net interest margin/
income non-taxable
equivalent basis
(GAAP)
$
1,883,651
$
1,691,529
$
192,122
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.
134
Provision for Credit Losses - Loans Held-in-Portfolio
 
and Unfunded Commitments
For the
 
quarter ended September
 
30, 2025,
 
the Corporation
 
recorded a provision
 
for credit
 
losses of $75.1
 
million, an
 
increase of
$3.7 million when compared to the same quarter of the previous
 
year. The provision for loan
 
and lease losses was $74.5 million, an
increase
 
of
 
$1.7
 
million,
 
and
 
the
 
provision
 
for
 
unfunded commitments
 
was
 
$0.8
 
million,
 
an
 
unfavorable variance
 
of
 
$1.3
 
million,
mainly driven by higher unfunded commitments at the BPPR segment.
 
The provision release for HTM was $0.2 million,
 
an increase
of $0.6 million when compared to the same quarter
 
of the previous year.
As discussed
 
in Note
 
8 to
 
the Consolidated
 
Financial Statements,
 
the Corporation
 
estimates the
 
ACL by
 
weighting the
 
outputs of
optimistic,
 
baseline,
 
and
 
pessimistic
 
scenarios.
 
During
 
the
 
first
 
quarter
 
of
 
2025,
 
in
 
response
 
to
 
the
 
economic
 
uncertainty,
 
the
Corporation increased the probability assigned to the pessimistic
 
scenario making it equal to the baseline scenario. Subsequently, in
the second quarter
 
of 2025, the
 
probability assigned to the
 
pessimistic scenario was moderately
 
reduced based on
 
the changes in
the economic outlook and
 
a reassessment of uncertainty
 
compared to the previous
 
quarter. The
 
net impact of these
 
two events on
the ACL levels for
 
the nine months ended September
 
30, 2025 was $13.7
 
million in additional reserves. There
 
were no changes to
the probability weights during the third quarter
 
of 2025. The probability weight for
 
the pessimistic scenario remains above the levels
observed in 2024, given the ongoing economic uncertainty.
 
The major
 
drivers of
 
the changes
 
in the
 
provision for
 
loan losses
 
during the
 
quarter by
 
business segment
 
when compared
 
to the
same quarter in 2024, were as follows:
 
●
 
In the BPPR segment,
 
the provision for loans losses
 
was $72.6 million, a decrease
 
of $4.5 million when compared
 
to the
same quarter in 2024, driven by lower reserves for the consumer
 
portfolio of $30.6 million, mainly in auto loans and credit
cards,
 
due
 
to
 
improvements
 
in
 
credit
 
quality
 
and
 
lower
 
net
 
charge-offs.
 
The
 
favorable
 
variance
 
was
 
partially
 
offset
 
by
higher
 
reserves
 
in
 
the
 
commercial
 
portfolio
 
by
 
$21.7
 
million
 
due
 
to
 
a
 
specific
 
reserve
 
recognized
 
for
 
a
 
$158.3
 
million
commercial
 
and
 
industrial
 
facility
 
and
 
a
 
$13.5
 
million
 
charge-off
 
recognized
 
during
 
the
 
quarter
 
for
 
a
 
$30.1
 
million
commercial real estate facility,
 
both classified as NPLs during the quarter.
●
 
In the Popular
 
U.S. segment, the provision
 
for loans losses
 
was $1.9 million,
 
an increase of
 
$6.3 million when compared
to the
 
same quarter
 
in 2024,
 
mainly driven
 
higher qualitative
 
reserves for
 
the commercial
 
real estate
 
portfolios, partially
offset by lower net charge-offs mainly in consumer portfolios.
For
 
the nine
 
months ended
 
September 30,
 
2025, the
 
provision for
 
credit
 
losses amounted
 
to
 
$188.1 million,
 
a decrease
 
of
 
$2.7
million, compared to the
 
nine months ended September
 
30, 2024. The provision
 
for the loan
 
portfolio was $189.3 million,
 
flat when
compared to the nine months ended September 30, 2024. The provision release related to unfunded commitments was $1.6 million,
a
 
decrease
 
of
 
$3.0
 
million,
 
mainly
 
driven
 
by
 
the
 
reduction
 
in
 
unfunded commitments
 
within
 
the
 
U.S.
 
construction
 
portfolio.
 
The
provision for HTM was
 
$0.5 million, an increase
 
of $0.9 million when compared
 
to the same period
 
of the previous year.
 
The major
drivers of the provision for loan losses during the nine months ended September 30, 2025, by
 
business segment when compared to
the same period in 2024, were as follows:
●
 
In the BPPR segment, the provision for
 
loan losses for the nine months ended September 30,
 
2025 was $168.5 million, a
decrease
 
of
 
$18.3
 
million
 
when
 
compared
 
to
 
the
 
same
 
period
 
in
 
2024,
 
driven
 
by
 
improvement
 
in
 
credit
 
quality
 
in
 
the
consumer portfolio, mainly in credit cards, and the stable performance of the lease portfolio for which a qualitative reserve
was established in 2024, partially offset by an increase in provisions for the
 
mortgage portfolio, driven by lower recoveries
and changes in macroeconomic forecasts and credit
 
quality.
●
 
In
 
the
 
Popular
 
U.S.
 
segment,
 
the
 
provision
 
for
 
loan
 
losses
 
was
 
$20.8
 
million,
 
an
 
increase
 
of
 
$18.2
 
million,
 
driven
 
by
changes
 
in
 
credit
 
quality
 
within
 
the
 
commercial
 
portfolio,
 
partially
 
offset
 
by
 
lower
 
net
 
charge-offs
 
within
 
the
 
consumer
portfolios.
 
At
 
September 30,
 
2025, the
 
total
 
allowance for
 
credit
 
losses for
 
loans held-in-portfolio
 
amounted to
 
$786.2 million,
 
compared to
$746.0
 
million
 
as
 
of
 
December
 
31,
 
2024.
 
The
 
ratio
 
of
 
the
 
allowance
 
for
 
credit
 
losses
 
to
 
loans
 
held-in-portfolio
 
was
 
2.03%
 
at
September
 
30,
 
2025, compared
 
to
 
2.01%
 
at
 
December 31,
 
2024. 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
135
Non-interest income
 
amounted to $171.2
 
million for
 
the third
 
quarter of
 
2025, an
 
increase of
 
$7.1 million
 
when compared with
 
the
same quarter for the previous year. This variance was primarily due
 
to:
●
 
higher gains from equity securities by $2.7 million mainly due to the valuation of securities held for deferred compensation
plans, which have an offsetting effect on personnel cost;
●
 
higher other
 
service fees
 
by
 
$2.6 million
 
mainly due
 
to
 
higher credit
 
and debit
 
card fee
 
income by
 
$3.3 million,
 
due to
higher
 
volume
 
of
 
costumer
 
transactions,
 
and
 
higher
 
investment
 
management
 
fees
 
by
 
$1.1
 
million,
 
driven
 
by
 
a
 
higher
assets under management, partially offset by lower insurance
 
fees by $2.4 million; and
●
 
higher other operating income by $2.1 million mainly
 
due to income of $5.3 million related to
 
a retroactive charge billed to
a tenant
 
for energy
 
supplied in
 
prior years
 
and higher
 
income from
 
investments accounted
 
under the
 
equity method
 
by
$4.1 million, partially offset
 
by lower daily car
 
rental revenue by $5.0 million
 
and gains from the sale
 
of car rental units
 
by
$1.4 million, associated with the car rental business
 
sold in the fourth quarter of 2024;
Non-interest income amounted
 
to $491.7
 
million for
 
the nine
 
months ended September
 
30, 2025,
 
a decrease of
 
$2.5 million when
compared to the same period of the previous
 
year. The main factors that contributed to the variance were:
●
 
lower other operating income by $13.6 million mainly due to lower daily car rental revenue by $14.9 million and gains from
the sale
 
of car
 
rental units
 
by $7.7
 
million
 
during the
 
nine months
 
ended September
 
30, 2025
 
associated with
 
the car
rental business sold in
 
the fourth quarter of
 
2024, partially offset by
 
income of $5.3 million
 
related to a retroactive
 
charge
billed to
 
a tenant
 
for energy
 
supplied in
 
prior years
 
and $3.3
 
million of
 
income related
 
to the
 
reimbursement of
 
excess
interest paid
 
to the
 
U.S. Internal
 
Revenue Service
 
(the “IRS”)
 
for late
 
payment penalties
 
related to
 
tax withholdings
 
on
intercompany distributions for the years 2014-2024 as
 
disclosed in 2024; and
●
 
lower mortgage
 
banking activities
 
by
 
$1.4 million
 
mainly due
 
to
 
a decrease
 
in mortgage
 
servicing fees
 
due to
 
portfolio
runoff;
partially offset by:
●
 
higher other
 
service fees
 
by $6.5
 
million due
 
to
 
higher credit
 
and debit
 
card fee
 
income by
 
$7.3 million,
 
due to
 
higher
volume of
 
transactions, higher
 
investment management
 
fees by
 
$3.8 million,
 
due to
 
higher assets
 
under management,
and higher merchant membership fees by $1.2
 
million, partially offset by lower insurance fees by
 
$6.5 million;
●
 
higher
 
service
 
charges
 
on
 
deposit
 
accounts
 
by
 
$3.7
 
million
 
mainly
 
due
 
to
 
higher
 
non-balance
 
compensation
 
fees
 
in
commercial deposits; and
●
 
an impairment on equity securities of $2.3
 
million recognized during 2024.
136
Operating Expenses
Operating
 
expenses
 
amounted
 
to
 
$495.3
 
million
 
for
 
the
 
quarter
 
ended
 
September
 
30,
 
2025,
 
an
 
increase
 
of
 
$28.0
 
million
 
when
compared with the same quarter of 2024. The
 
variance in operating expenses was mainly driven
 
by:
●
 
higher personnel costs by $31.1 million mainly due to higher incentives, including $13.0 million related to the profit-sharing
 
plan
which is tied to the Corporation’s financial performance and $9.0 million in other performance-based incentives, higher salaries
expense by $3.4 million, due to
 
a higher headcount and annual merit increases, and a
 
$3.4 million increase in other personnel
costs mainly
 
related to
 
the valuation
 
of securities
 
held for
 
deferred compensation
 
plans,
 
higher payroll
 
taxes, and
 
employee
termination benefits resulting from ongoing
 
efforts to improve our
 
profitability, including the
 
decision to exit the
 
U.S. residential
mortgage origination business and close four underperforming
 
branches in the New York metro area at Popular U.S.;
●
 
a
 
non-cash
 
goodwill
 
impairment
 
of
 
$13.0
 
million
 
in
 
our
 
U.S.
 
based
 
equipment
 
leasing
 
subsidiary
 
due
 
to
 
lower
 
projected
earnings for the forecasted period; and
●
 
higher processing
 
and transactional
 
services expenses
 
by $4.1
 
million mainly
 
due to
 
higher credit
 
and debit
 
card processing
expense as a result of higher transactional volumes;
partially offset by:
●
 
lower other operating expenses
 
by $12.9 million mainly
 
driven by a reversal
 
in the third
 
quarter of 2025 of
 
a $4.8 million claim
reserve established
 
during the
 
second quarter
 
of 2025
 
and lower
 
accruals for
 
reserves for
 
operational losses
 
by $4.1
 
million
mainly related to the mortgage servicing business; and
●
 
lower equipment expenses by $4.0 million, mainly due to
 
the elimination of the car rental fleet
 
depreciation expense, related to
the car rental business sold in 2024.
Operating expenses
 
amounted to
 
$1.5 billion
 
for the
 
nine months
 
ended September
 
30, 2025,
 
an increase
 
of $39.1
 
million when
compared with the same
 
period of 2024. Excluding the
 
$6.4 million interest accrued related
 
to prior period tax
 
withholdings and the
$14.3
 
million
 
impact
 
of
 
the
 
FDIC
 
Special
 
Assessment
 
recorded
 
in
 
2024,
 
total
 
operating
 
expenses
 
for
 
the
 
nine
 
months
 
ended
September 30,
 
2025, increased
 
by $59.7
 
million, when
 
compared with
 
the same
 
period of
 
2024. The
 
main drivers
 
of the
 
increase
were:
●
 
higher personnel costs by $60.4 million mainly due to higher incentives, including $26.0 million related to the profit-sharing
 
plan
which
 
is
 
tied
 
to
 
the
 
Corporation’s
 
financial
 
performance
 
and
 
$18.3
 
million
 
in
 
other
 
performance-based
 
incentives,
 
higher
salaries expenses
 
by $9.1
 
million due
 
to a
 
higher headcount
 
and annual merit
 
increases and a
 
$5.7 million
 
increase in
 
other
personnel costs mainly related to the valuation of
 
securities held for deferred compensation plans and
 
higher payroll taxes;
●
 
a non-cash goodwill impairment of $13.0 million
 
in our U.S. based equipment leasing subsidiary
 
as discussed above;
●
 
higher other taxes expense by $7.9
 
million mainly due to higher regulatory fees
 
and an increase in municipal license tax in
Puerto Rico;
 
●
 
higher technology
 
and software
 
expenses,
 
including software
 
cost amortization,
 
by $7.8
 
million related
 
to investments
 
in the
Corporation’s cloud infrastructure, among other continuing investments
 
in technology and transformation initiatives;
 
●
 
higher
 
processing
 
and
 
transactional
 
services
 
expenses
 
by
 
$6.4
 
million
 
mainly
 
due
 
to
 
higher
 
credit
 
and
 
debit
 
card
 
and
 
merchant processing expenses as a result of higher
 
transactional volumes; and
●
 
higher business
 
promotion expenses
 
by $5.3
 
million mainly
 
due to
 
higher customer
 
rewards programs
 
expense in
 
our credit
card business;
partially offset by:
137
●
 
lower other
 
operating expenses
 
by $17.3
 
million mainly
 
driven by,
 
lower accruals
 
for reserves
 
for operational
 
losses by
 
$9.7
million and lower pension plan cost by $3.3
 
million due to changes in actuarial assumptions;
●
 
lower professional fees by $12.6 million mainly due
 
to lower costs associated with regulatory compliance
 
activities; and
●
 
lower equipment expenses by $12.2 million, mainly due to the depreciation of car rental units during 2024 associated with units
sold as part of the daily car rental transaction during
 
the fourth quarter of 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
138
Table 5 - Operating Expenses
Quarters ended September 30,
Nine months ended September 30,
(In thousands)
2025
2024
Variance
2025
2024
Variance
Personnel costs:
Salaries
$
139,350
$
135,983
$
3,367
$
403,052
$
394,001
$
9,051
Commissions, incentives, and other bonuses
35,309
26,350
8,959
113,846
95,587
18,259
Profit sharing
13,000
-
13,000
26,000
-
26,000
Pension, postretirement, and medical insurance
18,749
16,387
2,362
51,773
50,391
1,382
Other personnel costs, including payroll taxes
26,580
23,136
3,444
80,385
74,678
5,707
Total personnel
 
costs
232,988
201,856
31,132
675,056
614,657
60,399
Net occupancy expenses
26,083
28,031
(1,948)
82,441
83,764
(1,323)
Equipment expenses
5,313
9,349
(4,036)
16,404
28,578
(12,174)
Other taxes
17,967
17,757
210
55,324
47,465
7,859
Professional fees
25,808
26,708
(900)
80,741
93,370
(12,629)
Technology and
 
software expenses
87,117
88,452
(1,335)
255,481
247,666
7,815
Processing and transactional services:
Credit and debit cards
14,728
11,761
2,967
40,698
37,644
3,054
Other processing and transactional services
23,680
22,559
1,121
73,352
69,966
3,386
Total processing
 
and transactional services
38,408
34,320
4,088
114,050
107,610
6,440
Communications
4,836
5,229
(393)
14,750
14,143
607
Business promotion:
Rewards and customer loyalty programs
17,656
16,533
1,123
52,068
46,995
5,073
Other business promotion
9,648
9,104
544
25,296
25,080
216
Total business
 
promotion
27,304
25,637
1,667
77,364
72,075
5,289
Deposit insurance
10,873
10,433
440
30,315
44,901
(14,586)
Other real estate owned (OREO) income
(3,408)
(2,674)
(734)
(10,862)
(13,745)
2,883
Other operating expenses:
Operational losses
1,634
5,769
(4,135)
13,957
21,153
(7,196)
All other
6,980
15,750
(8,770)
39,673
56,140
(16,467)
Total other operating
 
expenses
8,614
21,519
(12,905)
53,630
77,293
(23,663)
Amortization of intangibles
384
704
(320)
1,366
2,233
(867)
Goodwill impairment
13,000
-
13,000
13,000
-
13,000
Total operating
 
expenses
$
495,287
$
467,321
$
27,966
$
1,459,060
$
1,420,010
$
39,050
Income Taxes
For the quarter and nine months
 
ended September 30, 2025, the Corporation recorded an income
 
tax expense of $36.0 million and
$128.9
 
million,
 
respectively,
 
with an
 
effective
 
tax
 
rate
 
(“ETR”) of
 
14.5%
 
and
 
17.7%, respectively,
 
compared to
 
$42.5 million
 
and
$138.5 million, respectively, with an ETR of 21.5% and 24.1% for the respective
 
periods of year 2024.
 
The lower income tax expense of $6.5 million for
 
the third quarter, when compared to
 
the same quarter of 2024, is mainly attributed
to the
 
higher net
 
exempt income.
 
For the
 
nine-months period
 
ended September
 
30, 2025,
 
the lower
 
income tax
 
expense of
 
$9.6
million
 
reflects
 
the
 
impact
 
of
 
the
 
tax
 
withholding
 
expense
 
of
 
$22.9
 
million
 
recorded
 
during
 
the
 
first
 
quarter
 
of
 
year
 
2024,
 
in
connection with intercompany distributions for years
 
2014-2024, as disclosed in Note 34 to the Consolidated
 
Financial Statements in
the
 
2024
 
Form
 
10-K,
 
and
 
the
 
benefit of
 
$5.2 million
 
related
 
to
 
the FDIC
 
Special
 
Assessment expense;
 
excluding this
 
combined
impact, the adjusted increase of $8.1 million was
 
due to higher income before tax, net of higher
 
exempt income.
 
At September
 
30, 2025, the
 
Corporation had a
 
net deferred tax
 
asset amounting to
 
$835.5 million, net
 
of a
 
valuation allowance of
$465.0 million. The net
 
deferred tax asset related
 
to the U.S. operations
 
was $238.5 million, net
 
of a valuation allowance
 
of $386.9
million.
Upon an
 
amendment to
 
the Puerto
 
Rico internal
 
revenue code
 
during the
 
third quarter
 
of
 
2025, the
 
Corporation elected
 
to
 
treat
certain single members
 
LLCs as disregarded entities,
 
as allowed by
 
this amendment, on
 
its 2024 corporate income
 
tax return filed
subsequent to the quarter
 
end in October.
 
It is expected that
 
this election will lower
 
our income tax expense
 
by approximately $7.7
million during the fourth quarter of 2025.
 
Refer to
 
Note 26
 
to the
 
Consolidated Financial
 
Statements for
 
a reconciliation
 
of the
 
statutory income
 
tax rate
 
to the
 
effective tax
rate and additional information on the income
 
tax expense and 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.
 
 
 
 
 
 
 
 
 
 
 
139
 
For
 
a
 
description
 
of
 
the
 
Corporation’s
 
reportable
 
segments,
 
including
 
additional
 
financial
 
information
 
and
 
the
 
underlying
management accounting process, refer to Note 28
 
to the Consolidated Financial Statements.
 
The corporate group reported
 
a net income of
 
$4.6 million for the
 
quarter ended September 30,
 
2025, compared with a
 
net income
of $0.5 million for the same quarter of
 
the previous year, mainly due to
 
higher income from equity method investments.
 
For the nine
months ended September 30, 2025, the corporate group reported net income of $4.3 million, compared to a net loss of $21.1 million
for
 
the
 
same
 
period
 
of
 
the
 
previous
 
year.
 
The
 
loss
 
in
 
2024
 
was
 
mainly
 
attributable
 
to
 
the
 
expense
 
related
 
to
 
the
 
$22.9
 
million
adjustment recorded in
 
the first quarter
 
of 2024 to
 
recognize the tax
 
impact associated with
 
prior period intercompany
 
distributions
and
 
the
 
additional
 
$6.5
 
million
 
expense
 
for
 
the
 
tax
 
impact
 
of
 
intercompany
 
distributions
 
paid
 
during
 
the
 
first
 
quarter
 
of
 
2024.
 
A
positive adjustment
 
of $3.9
 
million was
 
recorded during
 
the second
 
quarter of
 
2025, resulting
 
from reimbursements
 
received from
the IRS
 
related to
 
interest paid
 
for these
 
intercompany distributions.
 
There were
 
no intercompany
 
distributions between
 
the U.S.
subsidiaries and
 
the
 
bank holding
 
companies during
 
2025. Higher
 
income from
 
equity method
 
investments and
 
lower expenses,
driven by
 
professional services, also
 
contributed to the
 
positive variance for
 
the nine months,
 
partially offset by
 
lower income from
money market investments due to a decrease in rates.
Highlights on the earnings results for the reportable
 
segments are discussed below:
Banco Popular de Puerto Rico
 
The Banco Popular
 
de Puerto Rico
 
reportable segment’s net
 
income amounted to
 
$189.0 million for
 
the quarter ended
 
September
30, 2025, compared with a net income of $125.8 million for the same
 
quarter of the previous year. The factors that contributed to the
variance in the financial results included the following:
 
●
 
net interest
 
income of $550.7
 
million was higher
 
by $62.7
 
million primarily driven
 
by lower interest
 
expense on deposits,
mainly from the
 
re-pricing of P.R.
 
public funds which are
 
market-linked,
 
higher income from U.S.
 
Treasury securities with
higher yields and higher income from the loan portfolio driven by loan growth, partially offset by
 
lower income from money
market investments
 
due to
 
decline in
 
short-term market
 
rates. The
 
net interest
 
margin for
 
the quarter
 
ended September
30, 2025 was
 
3.71%, an increase
 
of 30
 
basis points, compared
 
to 3.41% for
 
the same quarter
 
in the previous
 
year. The
increase in
 
the margin
 
was mainly
 
impacted by
 
lower deposit
 
costs and
 
higher yield
 
from investment
 
securities, as
 
well
loan growth,
 
partially offset by lower rates on money market investments;
 
●
 
the provision for
 
loan losses of
 
$72.7 million was
 
lower by $4.5
 
million mainly driven by
 
lower reserves for the
 
consumer
loan
 
portfolios
 
due
 
to
 
improvements in
 
credit
 
quality,
 
partially
 
offset
 
by
 
a
 
higher
 
provision
 
in
 
the
 
commercial
 
portfolio,
mainly attributable to reserves for two unrelated exposures with an aggregate balance of 188.4 million, which entered into
NPL status during the third quarter of 2025;
 
●
 
higher non-interest income by $1.6 million mainly due to higher service fees by $2.7 million mainly due to higher debit and
credit fees due to higher
 
volume of transactions and higher assets
 
under management, the income of $5.3 million
 
related
to a retroactive charge billed to a tenant for energy supplied in prior years, partially offset by lower daily car rental revenue
by $5.0 million
 
and gains from
 
the sale of
 
car rental units
 
by $1.4 million,
 
associated with the
 
car rental business
 
sold in
the fourth quarter of 2024;
 
●
 
higher operating expenses by $9.2
 
million mostly due to higher
 
personnel costs by $21.0 million, mainly
 
due to the profit-
sharing
 
expense
 
accrual
 
and
 
other
 
performance-related
 
incentives,
 
and
 
higher
 
processing
 
and
 
transactional
 
fees
expenses by
 
$4.0 million,
 
offset by
 
lower operational
 
losses by
 
$6.2 million,
 
mainly related
 
to mortgage
 
servicing, lower
occupancy
 
expense
 
by
 
$4.3
 
million
 
driven
 
by
 
a
 
favorable
 
reassessment
 
of
 
the
 
real
 
property
 
tax
 
estimate
 
for
 
certain
properties in
 
Puerto Rico,
 
and lower
 
equipment expenses
 
by $3.7
 
million mainly
 
related to
 
the daily
 
car rental
 
business
sold in the fourth quarter of 2024; and
●
 
lower income tax expense by $4.0 million due
 
mainly to higher exempt income.
 
140
For
 
the
 
nine months
 
ended September
 
30,
 
2025, the
 
BPPR segment
 
recorded net
 
income
 
of
 
$539.5 million
 
compared
 
to
 
a
 
net
income of $404.3 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 of
 
$1.6
 
billion was
 
higher by
 
$161.5 million
 
primarily driven
 
by lower
 
interest expense
 
on deposits,
mainly from the re-pricing of P.R.
 
public funds, higher income from investment securities,
 
mainly U.S. Treasury securities,
and higher
 
income from
 
loans due
 
to portfolio
 
growth, partially
 
offset by
 
lower income
 
from money
 
market investments
reflecting the decline in short-term market rates. The
 
net interest margin for the nine months
 
ending September 30, 2025,
was 3.66%, 28 basis
 
points higher when compared
 
with 3.38% for the same
 
period of the previous
 
year. The
 
increase in
the
 
margin
 
was
 
mainly
 
impacted
 
by
 
lower
 
cost
 
of
 
deposits,
 
mainly
 
P.R.
 
public
 
deposits,
 
higher
 
yield
 
from
 
investment
securities and
 
loan growth,
 
partially offset
 
by lower
 
rates from
 
money market
 
investments and
 
lower balances
 
as funds
are deployed for loan growth and purchasing U.S.
 
Treasury securities;
●
 
the
 
provision for
 
loan
 
losses
 
of
 
$168.6
 
million
 
was
 
lower
 
by
 
$18.2
 
million
 
mainly
 
attributable to
 
improvement in
 
credit
quality for the
 
credit cards portfolios,
 
lower balance of
 
personal loans and
 
lower reserves in
 
the leases portfolio,
 
partially
offset
 
by
 
an
 
increase
 
in
 
the
 
provision
 
expense
 
for
 
the
 
mortgage
 
portfolio,
 
driven
 
by
 
lower
 
net
 
recoveries,
 
changes
 
in
macroeconomic forecasts, and changes in credit quality;
●
 
lower non-interest
 
income by
 
$13.3 million
 
mainly due
 
to lower
 
daily car
 
rental revenue
 
by $14.9
 
million and
 
gains from
the
 
sale
 
of
 
car
 
rental
 
units
 
by
 
$7.7
 
million
 
associated
 
with
 
the
 
car
 
rental
 
business sold
 
in
 
the
 
fourth
 
quarter
 
of
 
2024,
partially offset by the above mentioned retroactive
 
income of $5.3 million, higher service fees by
 
$4.1 million due to credit
and debit card income,
 
from higher volume of
 
transactions and, higher investment management fees
 
and higher charges
on deposit accounts by $3.3 million mainly due
 
to non-balance compensation in commercial deposits;
●
 
higher operating expenses by $28.3 million
 
mostly due to higher personnel costs
 
by $38.3 million, including profit sharing
expense
 
by
 
$21.2
 
million
 
and
 
higher
 
salaries
 
expense
 
by
 
$15.5
 
million
 
due
 
to
 
annual
 
merit
 
increases
 
and
 
a
 
higher
headcount, higher regulatory
 
examination fees, municipal
 
license tax and
 
higher technology expenses,
 
partially offset by
lower equipment
 
expenses related
 
to
 
the daily
 
rental business
 
sold
 
and
 
lower FDIC
 
expense due
 
to
 
the FDIC
 
Special
Assessment recorded in 2024; and
●
 
higher income tax expense by $4.0 million mainly
 
due to higher income before tax, net of higher
 
tax exempt income.
 
Popular U.S.
For the quarter ended September 30, 2025, the reportable
 
segment of Popular U.S. reported a net income
 
of $17.8 million,
compared with a net income of $28.8 million
 
for the same quarter of the previous year. The factors that contributed
 
to the variance in
the financial results included the following:
●
 
net interest income of $105.2 million, higher
 
by $12.1 million due to higher income from
 
loans by $16.5 million, mainly
from growth in the commercial and construction portfolios,
 
and lower cost of deposits by $9.3 million due
 
to the repricing
of high-cost deposits, partially offset by lower income
 
from money market investments due to lower average
 
balances and
lower yields reflecting the decrease in short-term
 
rates. The net interest margin for the quarter
 
ended September 30, 2025
was 2.94% compared to 2.73% for the same quarter
 
in the previous year driven by lower
 
cost of deposits;
●
 
the provision for loan losses was $1.9 million,
 
reflecting a higher provision for the commercial
 
portfolio, offset by lower
provision for the consumer portfolio, compared to a release
 
of $6.1 million in 2024, which was mainly
 
related to
improvements in commercial credit quality;
●
 
higher operating expenses by $19.0 million, reflecting
 
the goodwill impairment charge related to our U.S.
 
based
equipment leasing subsidiary of $13.0 million recorded
 
during the third quarter of 2025, higher personnel
 
costs driven by
incentives and profit sharing; and higher occupancy
 
expense; and
 
141
●
 
lower income tax expense by $3.7 million due
 
to lower income before tax.
For the nine months ended September 30, 2025,
 
the reportable segment of Popular U.S. recorded
 
net income of $55.2 million,
compared with net income of $53.6 million for
 
the same period of the previous year. The factors that contributed to
 
the variance in
the financial results included the following:
 
●
 
higher net interest income by $36.5 million
 
due to higher income from the loans portfolio
 
mainly related to growth in the
commercial and construction portfolios and lower interest
 
expense from deposits, due to the repricing of
 
high-cost
deposits mentioned above, partially offset by lower income
 
from money market investments due to decline in
 
short-term
market rates. The net interest margin for the nine
 
months ended September 30, 2025 was 2.87%
 
compared to 2.64% for
the same period of the previous year driven by
 
lower cost of deposits;
●
 
the provision for loan losses of $20.8 million was
 
higher by $18.2 million driven by higher
 
qualitative reserves and
changes in credit quality for the commercial real estate
 
portfolio, partially offset by lower reserves for
 
the consumer loans;
 
●
 
higher operating expenses by $17.4 million reflecting
 
the goodwill impairment charge related to our U.S.
 
based equipment
leasing subsidiary of $13.0 million recorded in 2025;
 
and higher personnel costs and consulting fees;
 
offset by lower FDIC
expense due to FDIC Special Assessment recorded
 
in 2024 and lower professional fees; and
●
 
higher income tax expense by $0.8 million due
 
to higher income before tax.
STATEMENT
 
OF FINANCIAL CONDITION ANALYSIS
 
Assets
The
 
Corporation’s total
 
assets were
 
$75.1
 
billion at
 
September 30,
 
2025, compared
 
to
 
$73.0 billion
 
at
 
December 31,
 
2024. The
variance in
 
total assets
 
of $2.1
 
billion was
 
driven by
 
an increase
 
in AFS
 
securities and
 
loan growth
 
across most
 
portfolios at
 
both
BPPR and PB segments,
 
partially offset by a decrease in money market investments, HTM securities,
 
and other assets. 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
 
$1.6 billion as of
 
September 30, 2025, when
 
compared to December 31,
 
2024, driven by
funds used for loan growth and to purchase U.S. Treasury securities.
 
AFS securities increased $2.4 billion, mainly due to investment
in
 
U.S.
 
Treasury
 
securities
 
and
 
the
 
decrease
 
in
 
the
 
unrealized
 
losses
 
of
 
AFS
 
securities
 
of
 
$338.6
 
million,
 
partially
 
offset
 
by
maturities
 
and
 
principal
 
paydowns.
 
HTM
 
securities
 
decreased
 
by
 
$324.9
 
million
 
driven
 
by
 
maturities
 
and
 
principal
 
paydowns,
partially offset
 
by the
 
amortization of
 
$138.7 million
 
of the
 
discount related
 
to U.S.
 
Treasury securities
 
previously reclassified from
the 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.
 
142
Loans
Refer to Table
 
6 for a
 
breakdown of the Corporation’s
 
loan portfolio. Also, refer
 
to Note 7 in
 
the Consolidated Financial Statements
for detailed information about the Corporation’s loan portfolio
 
composition and loan purchases and sales.
 
Loans held-in-portfolio
 
increased by
 
$1.6
 
billion to
 
$38.7 billion
 
at September
 
30, 2025,
 
compared to
 
December 31,
 
2024. In
 
the
BPPR
 
segment
 
loan
 
balances increased
 
by
 
$982.8
 
million
 
across most
 
portfolios, most
 
notably in
 
the
 
commercial, construction,
mortgage, auto
 
loans and leasing
 
portfolios. Commercial loans
 
included
 
the origination
 
of a
 
$265.0 million commercial
 
loan during
the second
 
quarter of
 
2025, which
 
represents the
 
Corporation’s portion
 
of a
 
$425.0 million
 
issuance in
 
which BPPR
 
acted as
 
the
lead bank
 
and administrative
 
agent.
 
Origination activity
 
supported the
 
growth in
 
the mortgage,
 
auto loans,
 
and leasing
 
portfolios,
despite the uncertainty about the
 
economic outlook which may continue
 
to have an impact
 
on customer behavior.
 
The PB segment
also increased
 
by $596.7 million, mainly driven by commercial and
 
construction lending.
 
At September
 
30, 2025,
 
the Corporation’s
 
loans to
 
non-depository financial
 
institutions (‘’NDFIs’’)
 
amounted to
 
$443.6 million,
 
an
increase of $48.8 million,
 
compared to December 31,
 
2024. The increase was
 
mainly related to a
 
loan to an insurance
 
company in
Puerto
 
Rico
 
for
 
general
 
corporate
 
purposes,
 
offset
 
by
 
a
 
decrease
 
in
 
other
 
exposures,
 
mainly
 
to
 
consumer
 
intermediaries.
 
At
September 30, 2025, the
 
Corporation’s exposure to NDFIs
 
was composed of approximately $272.4
 
million to insurance companies
for
 
general corporate
 
purposes
 
unrelated to
 
lending activities,
 
$85.6 million
 
related
 
to
 
mortgage credit
 
intermediaries, and
 
$85.6
million to consumer
 
and commercial credit
 
intermediaries. All loans
 
to NDFIs are
 
current in their
 
contractual payments and
 
carry a
‘pass’ rating.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
143
Table 6 - Loans Ending Balances
(In thousands)
September 30, 2025
December 31, 2024
Variance
Loans held-in-portfolio:
Commercial
 
 
Commercial multi-family
$
2,489,589
$
2,399,620
$
89,969
 
Commercial real estate non-owner occupied
5,462,580
5,363,235
99,345
 
Commercial real estate owner occupied
3,090,724
3,157,746
(67,022)
 
Commercial and industrial
8,245,639
7,741,562
504,077
Total Commercial
19,288,532
18,662,163
626,369
Construction
1,604,612
1,263,792
340,820
Mortgage
8,558,408
8,114,183
444,225
Leasing
1,998,651
1,925,405
73,246
Consumer
 
Credit cards
 
1,225,567
1,218,079
7,488
 
Home equity lines of credit
78,890
73,571
5,319
 
Personal
 
1,900,325
1,855,244
45,081
 
Auto
3,850,953
3,823,437
27,516
 
Other
181,220
171,778
9,442
Total Consumer
 
7,236,955
7,142,109
94,846
Total loans held-in
 
-portfolio
$
38,687,158
$
37,107,652
$
1,579,506
Loans held-for-sale:
 
Mortgage
$
7,783
$
5,423
$
2,360
Total loans held-for-sale
$
7,783
$
5,423
$
2,360
Total loans
$
38,694,941
$
37,113,075
$
1,581,866
 
 
144
Other assets
Other
 
assets
 
amounted
 
to
 
$1.7
 
billion
 
at
 
September
 
30,
 
2025,
 
a
 
decrease
 
of
 
$52.9
 
million
 
when
 
compared
 
to
 
$1.8
 
billion
 
at
December 31,
 
2024. The
 
variance was
 
mainly driven
 
by a
 
decrease in
 
net deferred
 
tax assets
 
of $89.0
 
million due
 
to a
 
positive
variance
 
in
 
the
 
valuation
 
of
 
AFS
 
securities,
 
a
 
reduction
 
in
 
unsettled
 
trade
 
receivables
 
of
 
$13.8
 
million
 
related
 
to
 
proceeds
 
from
maturities of U.S. Treasury securities,
 
and lower principal, interest and escrow servicing advances of $12.6 million, partially offset by
an increase in capitalized software
 
costs of $45.8 million
 
mainly related to technology modernization,
 
higher prepaid taxes of
 
$11.5
million, and higher trades receivable from brokers and counterparties of
 
$9.1 million. Refer to Note 10 to
 
the Consolidated Financial
Statements for a breakdown
 
of the principal categories
 
that comprise the caption
 
of “Other Assets” in
 
the Consolidated Statements
of Financial Condition at September 30, 2025 and December
 
31, 2024.
 
Liabilities
The Corporation’s total liabilities were $69.0 billion at September 30, 2025, an increase of $1.5 billion, when compared to December
31, 2024. The following is a discussion of
 
the significant changes in liabilities.
Deposits and Borrowings
Total Deposits
The Corporation’s
 
deposits totaled
 
$66.5 billion
 
as of
 
September 30,
 
2025, compared
 
to
 
$64.9 billion
 
as
 
of
 
December 31,
 
2024.
Ending
 
deposit
 
balances
 
increased
 
by
 
$1.6
 
billion,
 
while
 
average
 
quarterly
 
balances
 
grew
 
by
 
$2.9
 
billion.
 
The
 
average
 
deposit
balance, excluding
 
P.R.
 
public deposits,
 
increased by
 
$1.5
 
billion. Non-interest-bearing
 
deposits remained
 
flat when
 
compared to
December 31, 2024, demonstrating the impact of the Corporation’s
 
continued focus on deposit retention strategies.
 
At the end of the
third quarter of 2025, Puerto Rico public deposits were $20.1 billion, an increase of $612.7 million when compared to
 
December 31,
2024. P.R
 
public deposits
 
represent 30%
 
of total
 
deposits and
 
are expected
 
to continue
 
to
 
range in
 
the short
 
term
 
between $18
billion
 
and
 
$20
 
billion.
 
However,
 
the
 
rate
 
at
 
which
 
public
 
deposit balances
 
may
 
change
 
is
 
uncertain and
 
difficult
 
to
 
predict.
 
The
amount and timing of any such change is likely to be impacted by,
 
for example, the level of federal assistance and speed at which it
 
is
 
distributed,
 
the
 
use
 
of
 
local
 
funds
 
to
 
cover
 
federal
 
assistance
 
programs
 
during
 
the
 
U.S.
 
government
 
shutdown,
 
the
 
financial
condition, liquidity and cash management practices of the Puerto Rico Government and its instrumentalities,
 
and the implementation
of
 
fiscal
 
and
 
debt
 
adjustment
 
plans
 
approved
 
pursuant
 
to
 
PROMESA
 
or
 
other
 
actions
 
mandated
 
by
 
the
 
Fiscal
 
Oversight
 
and
Management Board for Puerto Rico (the “Oversight Board”). Additionally, the Trump
 
Administration is conducting a review of federal
funding, which could entail
 
a reduction in federal
 
funding available for Puerto
 
Rico. P.R
 
public deposits costs are
 
generally indexed
to changes in short-term market rates with a
 
one-quarter lag, in accordance with contractual
 
terms. As a result, these deposits’ costs
have typically lagged variable asset repricing. These deposits require
 
that the bank pledge high credit quality securities as collateral;
therefore, liquidity risks arising from deposit outflows
 
are lower.
 
At BPPR,
 
excluding Puerto
 
Rico public
 
deposits, ending
 
deposits increased
 
by $178
 
million, while
 
at PB
 
segment ending
 
deposit
balances increased by $616 million, net of intercompany
 
activity.
The volume and cost of P.R.
 
public deposits and the proportion of high-cost deposits in the U.S, directly impact the balance and mix
of earning assets and therefore represent a key
 
factor in the Corporation’s ability to expand its net
 
interest margin.
 
Refer to Table 7 for a breakdown of the Corporation’s deposits at September 30, 2025 and
 
December 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
145
Table 7 - Deposits Ending Balances
(In thousands)
September 30, 2025
December 31, 2024
Variance
Deposits excluding P.R.
 
public deposits:
 
Demand deposits
$
14,874,026
$
15,139,555
$
(265,529)
 
Savings, NOW and money market deposits (non-brokered)
21,739,958
21,177,506
562,452
 
Savings, NOW and money market deposits (brokered)
883,471
736,225
147,246
 
Time deposits (non-brokered)
8,014,080
7,476,924
537,156
 
Time deposits (brokered CDs)
925,761
890,704
35,057
Sub-total deposits excluding P.R.
 
public deposits
46,437,296
45,420,914
1,016,382
P.R. public
 
deposits:
 
Demand deposits
 
[1]
12,487,246
11,730,273
756,973
 
Savings, NOW and money market deposits (non-brokered)
6,907,309
7,087,904
(180,595)
 
Time deposits (non-brokered)
681,553
645,254
36,299
Sub-total P.R.
 
public deposits
20,076,108
19,463,431
612,677
Total deposits
$
66,513,404
$
64,884,345
$
1,629,059
[1] Includes interest bearing demand deposits.
 
Borrowings
The Corporation’s borrowings totaled $1.2
 
billion at September 30, 2025
 
an increase of $70.7 million
 
when compared to December
31,
 
2024.
 
The
 
increase
 
was
 
mainly
 
related
 
to
 
higher
 
FHLB
 
advances
 
by
 
$67.6
 
million,
 
mainly
 
at
 
PB.
 
Refer
 
to
 
Note
 
13
 
to
 
the
Consolidated Financial
 
Statements for
 
detailed information
 
on the
 
Corporation’s borrowings.
 
Also, refer
 
to the
 
Liquidity section
 
in
this MD&A for additional information on the Corporation’s
 
funding sources.
Stockholders’ Equity
Stockholders’ equity
 
totaled $6.1
 
billion
 
at September
 
30, 2025,
 
an increase
 
of
 
$502.6 million
 
when compared
 
to
 
December 31,
2024. The increase was principally due to net income
 
for the nine months ended September 30, 2025 of $599.3
 
million, coupled with
the after-tax effect of the decrease in net unrealized losses in the portfolio of AFS securities
 
of $283.4 million and the amortization of
unrealized losses from securities previously reclassified to
 
HTM of $
111
.0 million, partially offset by
 
an increase in treasury stock of
$346.0 million, mainly due to common stock repurchases and the common and preferred dividends declared of $147.7
 
million. Refer
to the Consolidated Statements of Financial Condition, Comprehensive Income and Changes in Stockholders’ Equity for information
on the composition of stockholders’ equity.
 
During
 
the
 
quarter
 
and
 
nine
 
months
 
ended
 
September
 
30,
 
2025,
 
Popular
 
repurchased
 
1,000,862
 
shares
 
of
 
common
 
stock
 
for
$119.4
 
million at
 
an average
 
price of
 
$119.33
 
per share
 
and 3,407,821
 
shares of
 
common stock
 
for $353.7
 
million at
 
an average
price of
 
$103.78 per share
 
respectively, as
 
part of the
 
2024 and 2025
 
common stock repurchase
 
programs previously announced.
As of September 30, 2025, $429.0 million remained
 
available for stock repurchase under the active
 
repurchase authorization.
During
 
the
 
third
 
quarter
 
of
 
2025,
 
the
 
Corporation
 
declared
 
a
 
common
 
stock
 
dividend
 
of
 
$0.75
 
per
 
share,
 
an
 
increase
 
from
 
the
common stock dividend of $0.70 per share.
The composition of the Corporation’s financing to total assets
 
at September 30, 2025 and December 31,
 
2024 is included in Table 8.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
146
Table 8 - Financing to Total
 
Assets
September 30,
December 31,
 
% (decrease) increase
% of total assets
(Dollars in millions)
2025
2024
from 2024 to 2025
2025
2024
Non-interest-bearing core deposits
$
14,874
$
15,139
(1.8)
%
19.8
%
20.7
%
Interest-bearing core deposits
46,020
44,622
3.1
61.3
61.1
Interest-bearing other deposits
5,619
5,123
9.7
7.5
7.0
Repurchase agreements
57
55
3.6
0.1
0.1
Other short-term borrowings
400
225
77.8
0.5
0.3
Notes payable
790
896
(11.8)
1.1
1.2
Other liabilities
1,190
1,372
(13.3)
1.6
1.9
Stockholders’ equity
6,116
5,613
9.0
8.1
7.7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
147
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 September 30,
 
2025, 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
 
9,
 
which include
 
common equity
 
tier 1,
 
Tier
 
1 capital,
 
total capital
 
and leverage
capital as of September 30, 2025 and December
 
31, 2024.
Table 9 - Capital Adequacy
 
Data
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
September 30, 2025
 
 
December 31, 2024
 
Common equity tier 1 capital:
 
 
 
 
 
 
Common stockholders' equity - U.S. GAAP basis
$
6,093,529
$
5,590,923
CECL transitional amount
 
[1]
-
42,375
AOCI related adjustments due to opt-out election
1,191,224
1,589,875
Goodwill, net of associated deferred tax liability (DTL)
(641,809)
(657,181)
Intangible assets, net of associated DTLs
(5,460)
(6,826)
Deferred tax assets and other deductions
 
(223,648)
(296,374)
Common equity tier 1 capital
$
6,413,836
$
6,262,792
Additional tier 1 capital:
Preferred stock
22,143
22,143
Additional tier 1 capital
$
22,143
 
$
22,143
Tier 1 capital
$
6,435,979
 
$
6,284,935
 
Tier 2 capital:
Trust preferred securities subject to phase in as
 
tier 2
192,674
192,674
Other inclusions (deductions), net
511,230
490,594
Tier 2 capital
$
703,904
$
683,268
Total risk-based capital
 
$
7,139,883
 
$
6,968,203
 
Minimum total capital requirement to be well capitalized
$
4,062,200
 
$
3,907,346
 
Excess total capital over minimum well capitalized
$
3,077,683
 
$
3,060,857
 
Total risk-weighted
 
assets
$
40,621,998
 
$
39,073,462
 
Total assets for leverage
 
ratio
$
75,897,616
 
$
72,593,464
 
Risk-based capital ratios:
 
 
 
 
 
 
Common equity tier 1 capital
15.79
%
16.03
%
 
Tier 1 capital
 
 
15.84
 
16.08
 
Total capital
 
17.58
 
 
17.83
 
 
Tier 1 leverage
 
8.48
 
 
8.66
 
[1] The CECL transitional amount includes the impact
 
of Popular's adoption of the new CECL accounting standard
 
on January 1, 2020.
148
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
September 30, 2025, continue to exceed the minimum
 
requirements for being “well-capitalized” under
 
the Basel III capital rules.
 
Pursuant
 
to
 
the
 
adoption
 
of
 
the
 
CECL
 
accounting
 
standard
 
on
 
January
 
1,
 
2020,
 
the
 
Corporation
 
elected
 
to
 
use
 
the
 
five-year
transition
 
period option
 
as
 
provided in
 
the
 
final
 
interim
 
regulatory capital
 
rules effective
 
March 31,
 
2020.
 
The
 
five-year
 
transition
period provision delayed for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period
to phase out
 
the aggregate amount of
 
the capital benefit provided
 
during the initial two-year
 
delay. During
 
the first quarter
 
of 2025,
the Corporation phased-in all the cumulative CECL
 
deferral over the three-year transition period.
The decrease in the common equity Tier
 
I capital ratio, Tier
 
I capital ratio, total capital ratio,
 
and leverage ratio as of September 30,
2025 as compared to December 31, 2024 was mainly due to the repurchase of common stock, common stock dividends,
 
and higher
risk
 
weighted
 
assets
 
driven
 
by
 
the
 
increase
 
in
 
loans
 
held-in-portfolio
 
and
 
higher
 
non-performing
 
loans
 
held-in-portfolio,
 
partially
offset by the nine-month period’s earnings.
 
Reconciliation to Tangible Common Equity and Tangible Assets
Table
 
10 provides
 
a reconciliation of
 
total stockholders’ equity
 
to tangible common
 
equity and total
 
assets to tangible
 
assets as
 
of
September 30, 2025, and December 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
149
Table 10 - Reconciliation
 
of Tangible Common Equity
 
and Tangible Assets
(In thousands, except share or per share information)
September 30, 2025
December 31, 2024
Total stockholders’
 
equity
$
6,115,672
$
5,613,066
Less: Preferred stock
(22,143)
(22,143)
Less: Goodwill
(789,954)
(802,954)
Less: Other intangibles
(5,460)
(6,826)
Total tangible common
 
equity
$
5,298,115
$
4,781,143
Total assets
 
$
75,065,798
$
73,045,383
Less: Goodwill
(789,954)
(802,954)
Less: Other intangibles
(5,460)
(6,826)
Total tangible assets
$
74,270,384
$
72,235,603
Tangible common
 
equity to tangible assets
7.13
%
6.62
%
Common shares outstanding at end of period
66,959,866
70,141,291
Tangible book value
 
per common share
$
79.12
$
68.16
Quarterly average
Total stockholders’
 
equity [1]
$
6,943,541
$
6,620,766
Average unrealized (gains) losses on AFS securities
 
transferred to HTM
 
296,934
505,791
Adjusted total stockholder's equity
7,240,475
7,126,557
Less: Preferred Stock
(22,143)
(22,143)
Less: Goodwill
(802,812)
(804,411)
Less: Other intangibles
(5,714)
(7,288)
Total tangible common
 
equity
$
6,409,806
$
6,292,715
Return on average tangible common equity
13.06
%
11.22
%
 
[1] Average balances exclude unrealized gains or
 
losses on debt securities available-for-sale.
 
150
RISK MANAGEMENT
Market / Interest Rate Risk
The Corporation’s assets that are mainly subject to market valuation risk are debt securities classified as available-for-sale. Refer to
Notes 5 and 6 to
 
the Consolidated Financial Statements for further information on
 
the debt securities available-for-sale and held-to-
maturity portfolios.
 
Debt securities
 
classified as
 
available-for-sale and
 
held-to-maturity amounted
 
to
 
$20.7 billion
 
and
 
$7.4 billion,
respectively,
 
as of September
 
30, 2025. Other
 
assets subject to
 
market risk include
 
mortgage servicing rights
 
("MSRs") with a
 
fair
value of $99.5 million as of September 30, 2025.
 
Interest Rate Risk (“IRR”)
The Corporation’s net interest income is subject
 
to various categories of interest rate risk,
 
including repricing, basis, yield curve and
option risks.
 
In managing
 
interest rate
 
risk, management may
 
alter the
 
mix of
 
floating and
 
fixed rate
 
assets and
 
liabilities, change
pricing
 
schedules,
 
adjust
 
maturities
 
through
 
sales
 
and
 
purchases
 
of
 
investment
 
securities,
 
and
 
enter
 
into
 
derivative
 
contracts,
among other alternatives.
 
Management utilizes various tools to assess IRR, including Net Interest
 
Income (“NII”) simulation modeling, static gap analysis, and
Economic Value of Equity (“EVE”) to monitor the risk arising from the dynamic characteristics of assets and liabilities subject to
 
IRR.
The
 
three
 
methodologies complement
 
each
 
other
 
and
 
are
 
used jointly
 
in
 
the
 
evaluation of
 
the
 
Corporation’s IRR.
 
NII simulation
modeling, by legal entity and on a consolidated basis, is prepared for a five-year period, which in conjunction
 
with the EVE analysis,
provides management a better view of long-term
 
IRR.
The Corporation processes NII
 
simulations under interest rate
 
scenarios in which the
 
yield curve is assumed
 
to rise and
 
decline by
the same magnitude
 
(parallel shifts). The
 
rate scenarios considered in
 
these market risk
 
simulations include instantaneous parallel
changes of
 
-100,
 
-200, +100,
 
and +200
 
basis points
 
during the
 
succeeding twelve-month
 
period. Assumptions
 
included in
 
these
analyses
 
include
 
that
 
the
 
balance
 
sheet
 
remains
 
flat,
 
relative
 
levels
 
of
 
market
 
interest
 
rates
 
across
 
all
 
yield
 
curve
 
points
 
and
indexes, interest rate spreads, loan
 
prepayments and deposit elasticity.
 
Thus, they should not be
 
relied upon as indicative of
 
actual
results
 
and
 
do
 
not
 
contemplate
 
actions
 
that
 
management
 
may
 
engage
 
in
 
as
 
a
 
response
 
to
 
future
 
changes
 
in
 
interest
 
rates.
Additionally,
 
the Corporation
 
is also
 
subject to
 
the risk
 
inherent in
 
the use
 
of different
 
rate indexes
 
for the
 
repricing of
 
assets and
liabilities, as well 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
 
September
 
30,
 
2025
 
and
 
December
 
31,
 
2024,
 
assuming
 
a
 
static
balance sheet and parallel changes over flat spot rates
 
over a one-year time horizon:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
151
Table 11
 
- Net Interest Income Sensitivity (One Year
 
Projection)
September 30, 2025
December 31, 2024
(Dollars in thousands)
Amount Change
Percent Change
Amount Change
Percent Change
Change in interest rate
+200 basis points
(10,760)
(0.41)
44,747
1.78
+100 basis points
(6,125)
(0.23)
22,917
0.91
-100 basis points
2,953
0.11
9,157
0.36
-200 basis points
17,319
0.66
588
0.02
As
 
of
 
September
 
30,
 
2025,
 
NII
 
simulations
 
showed
 
a
 
shift
 
in
 
the
 
Corporation’s
 
sensitivity
 
position
 
to
 
become
 
liability
 
sensitive.
Compared to the results as of December 31, 2024, the variation in sensitivity and the resulting profile was mainly due to an increase
in asset
 
duration driven
 
by the
 
extension of
 
U.S. Treasury
 
Notes and
 
a decline
 
in U.S.
 
Treasury Bills
 
and excess
 
reserves at
 
the
FRB as
 
part of
 
a decision
 
to reduce
 
sensitivity to
 
declining rate
 
scenarios. In
 
rising rate
 
scenarios, Popular’s
 
net interest
 
income
would decrease
 
due to
 
the lower
 
volume of
 
short-term assets
 
as a
 
result of
 
the investment
 
portfolio extension strategy
 
combined
with higher deposits costs due to BPPR’s large proportion of market-linked Puerto
 
Rico public sector deposits, this would be partially
offset by
 
variable rate
 
loan repricing
 
and intermediate
 
maturity assets
 
coming due
 
within one
 
year.
 
Changes in
 
the balance
 
sheet
during the quarter
 
that contributed to
 
the variance in
 
sensitivity include the
 
purchase of $2.5
 
billion in U.S.
 
Treasury Notes
 
with an
average maturity of approximately 1.4 years, in addition
 
to higher fixed rate loan balances.
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
 
September
 
30,
 
2025,
 
the
 
Corporation
 
held
 
trading
 
securities
 
with
 
a
 
fair
 
value
 
of
 
$33.1
 
million,
 
representing
 
0.04%
 
of
 
the
Corporation’s
 
total
 
assets,
 
compared
 
with
 
$32.8
 
million
 
and
 
0.05%,
 
respectively,
 
at
 
December
 
31,
 
2024.
 
The
 
trading
 
portfolio
consists
 
principally of
 
investment grade
 
securities
 
such
 
as mortgage-backed
 
securities
 
of
 
$24.3
 
million with
 
a
 
weighted average
yield of 5.23% and U.S. Treasuries
 
of $8.0 million with a weighted average
 
yield of 2.57% at September 30, 2025
 
and $29.1 million
with a yield of 5.54% and $2.8 million with a
 
yield of 3.28%, respectively, as of December 31, 2024.
 
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
 
of
 
September 2025.
 
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.
 
 
 
152
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 2024
 
Form 10-K
 
for
information on the framework
 
in place to monitor,
 
review, and approve
 
policies to measure, limit and
 
manage funding activities and
strategies
 
impacting
 
liquidity
 
risk.
 
Additionally,
 
contingency
 
funding
 
plans
 
are
 
used
 
to
 
model
 
various
 
stress
 
events
 
of
 
different
magnitudes that
 
affect different
 
time horizons,
 
to assist
 
management in
 
evaluating the
 
size of
 
the liquidity
 
buffers needed
 
if those
events occur. However,
 
such models may not predict
 
accurately how the market and customers
 
might react to every
 
event and are
dependent on
 
many assumptions.
 
The objective
 
of effective
 
liquidity management
 
is to
 
ensure that
 
the Corporation
 
has sufficient
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 at September 30,
 
2025 and December 31,
2024. The ratio
 
of total ending
 
loans to deposits
 
was 58% and
 
57% at September
 
30, 2025 and
 
December 31, 2024, respectively.
 
In addition to traditional deposits, the Corporation
 
maintains borrowing arrangements, which amounted to $1.2 billion
 
in outstanding
balances
 
at
 
September
 
30,
 
2025
 
(December
 
31,
 
2024
 
-
 
$1.2
 
billion).
 
A
 
detailed
 
description
 
of
 
the
 
Corporation’s
 
borrowings,
including their terms,
 
is included in
 
Note 13
 
to the
 
Consolidated Financial Statements.
 
Also, the
 
Consolidated Statements of
 
Cash
Flows in the accompanying Consolidated Financial
 
Statements provide information on the Corporation’s cash
 
inflows and outflows.
 
The
 
following
 
sections
 
provide
 
further
 
information
 
on
 
the
 
Corporation’s
 
major
 
funding
 
activities
 
and
 
needs,
 
as
 
well
 
as
 
the
 
risks
involved in these activities.
Banking Subsidiaries
Primary
 
sources of
 
funding
 
for the
 
Corporation’s
 
banking subsidiaries
 
(BPPR and
 
PB
 
or,
 
collectively,
 
“the banking
 
subsidiaries”)
include
 
retail,
 
commercial
 
and
 
public
 
sector
 
deposits,
 
brokered
 
deposits,
 
unpledged
 
investment
 
securities,
 
mortgage
 
loan
securitization and, to a lesser extent, loan sales. In
 
addition, the Corporation maintains borrowing facilities with the FHLB and at the
discount window
 
of the
 
Federal Reserve
 
Bank of
 
New York
 
(the “FRB”)
 
and has
 
a considerable
 
amount of
 
collateral pledged
 
that
can be used to raise funds under these facilities.
During the second quarter of 2025, BPPR was able to increase its available
 
liquidity by approximately $2.9 billion after the merger of
Popular Auto, LLC with
 
and into BPPR, effective
 
on May 1,
 
2025, that allowed BPPR
 
to pledge auto loans
 
and leases as collateral
under the federal reserve’s
 
discount window. At
 
September 30, 2025, the
 
Corporation’s available liquidity increased to
 
$25.8 billion
from $21.6
 
billion on
 
December 31, 2024.
 
During the third
 
quarter of
 
2025, the
 
Corporation had no
 
material incremental use
 
of its
available liquidity sources. The liquidity sources of
 
the Corporation at September 30, 2025 are
 
presented in Table 12 below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
153
Table 12 - Liquidity Sources
September 30, 2025
December 31, 2024
(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)
$
3,719,430
$
1,024,811
$
4,744,241
$
4,882,358
$
1,488,857
$
6,371,215
Unpledged securities
4,658,303
1,010,386
5,668,689
3,806,066
522,869
4,328,935
FHLB borrowing capacity
3,134,633
1,023,693
4,158,326
2,777,090
1,058,921
3,836,011
Discount window of the Federal Reserve
Bank borrowing capacity
7,833,348
3,375,793
11,209,141
4,839,388
2,178,646
7,018,034
Total available liquidity
$
19,345,714
$
6,434,683
$
25,780,397
$
16,304,902
$
5,249,293
$
21,554,195
Refer
 
to
 
Note
 
13
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
 
information
 
of
 
the
 
Corporation’s
 
borrowing
 
facilities
available through its banking subsidiaries.
 
The principal
 
uses of
 
funds for
 
the banking
 
subsidiaries include
 
loan originations,
 
investment portfolio
 
purchases, loan
 
purchases
and repurchases, repayment of outstanding obligations (including deposits), advances on certain serviced portfolios and operational
expenses. Also, the
 
banking subsidiaries assume liquidity
 
risk related to collateral
 
posting requirements for certain
 
activities mainly
in
 
connection
 
with
 
contractual
 
commitments,
 
recourse
 
provisions,
 
servicing
 
advances,
 
derivatives
 
and
 
credit
 
card
 
licensing
agreements.
 
The banking
 
subsidiaries maintain
 
sufficient funding
 
capacity to
 
address large
 
increases in
 
funding requirements
 
such as
 
deposit
outflows.
 
The
 
Corporation has
 
established
 
liquidity
 
guidelines
 
that
 
require
 
the
 
banking
 
subsidiaries
 
to
 
have
 
sufficient
 
liquidity
 
to
cover all short-term borrowings and a portion of deposits.
 
Deposits are
 
a key
 
source of
 
funding. Refer
 
to Table
 
7 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 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
 
September
30, 2025, total Puerto Rico public sector deposits were
 
$20.1 billion, compared to $19.5 billion at December
 
31, 2024.
Core deposits represent 92%
 
of total deposits at
 
$60.9 billion, as of
 
September 30, 2025, compared with
 
92% at $59.9 billion
 
as of
December 31, 2024. Core
 
deposits financed 85% of
 
the Corporation’s earning assets
 
at September 30, 2025,
 
compared to 86% at
December 31, 2024.
The distribution by maturity
 
of certificates of deposit
 
with denominations of $250,000
 
and over at September
 
30, 2025 is
 
presented
in the table that follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
154
Table 13 - Distribution by
 
Maturity of Certificates of Deposit of $250,000 and Over
(In thousands)
3 months or less
$
2,374,866
Over 3 to 12 months
1,102,624
Over 1 year to 3 years
278,729
Over 3 years
147,806
Total
$
3,904,025
The Corporation had
 
$1.8 billion in
 
brokered deposits at September
 
30, 2025, which
 
financed approximately
 
2% of its
 
total assets
(December 31, 2024 - $1.6 billion and 2%,
 
respectively).
 
As of
 
September 30, 2025,
 
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
 
14 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 14, 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
155
Table 14 - Deposits
30-Sep-25
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits:
Deposits balances under $250,000 [1]
$
23,610,775
43
%
$
8,523,789
70
%
$
32,134,564
48
%
Transactional deposits balances over
$250,000
8,203,843
15
%
2,096,865
17
%
10,300,708
16
%
Time deposits balances over $250,000
2,013,907
4
%
925,802
8
%
2,939,709
4
%
Uninsured foreign deposits
399,980
1
%
-
-
%
399,980
1
%
Collateralized public funds
20,422,015
37
%
316,428
3
%
20,738,443
31
%
Intercompany deposits
227,477
-
%
298,714
2
%
-
-
%
Total deposits
$
54,877,997
100
%
$
12,161,598
100
%
$
66,513,404
100
%
[1] Includes the first $250,000 in balances of transactional
 
and time deposit accounts with balances in excess
 
of $250,000.
31-Dec-24
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits
Deposits balances under $250,000 [1]
$
23,588,937
44
%
$
7,961,334
68
%
$
31,550,271
49
%
Transactional deposits balances over
$250,000
8,046,175
15
%
1,944,674
16
%
9,990,849
15
%
Time deposits balances over $250,000
1,991,934
4
%
813,424
7
%
2,805,358
4
%
Uninsured foreign deposits
450,068
1
%
-
-
%
450,068
1
%
Collateralized public funds
19,771,083
36
%
316,716
3
%
20,087,799
31
%
Intercompany deposits
205,839
-
%
667,839
6
%
-
-
%
Total deposits
$
54,054,036
100
%
$
11,703,987
100
%
$
64,884,345
100
%
[1] Includes the first $250,000 in balances of transactional
 
and time deposit accounts with balances in excess
 
of $250,000.
Bank Holding Companies
The principal
 
sources of
 
funding for
 
the BHCs,
 
which are
 
Popular,
 
Inc.
 
(holding company
 
only) and
 
PNA, include
 
cash on
 
hand,
investment
 
securities,
 
dividends
 
received from
 
banking
 
and
 
non-banking subsidiaries,
 
asset sales,
 
credit
 
facilities
 
available from
affiliate banking subsidiaries and proceeds from potential securities offerings.
 
Dividends from banking and non-banking subsidiaries
are subject
 
to various
 
regulatory limits
 
and authorization
 
requirements imposed
 
by banking
 
regulators, including
 
the FED
 
and the
NYDFS, that may limit the ability of those subsidiaries
 
to act as a source of funding to the BHCs.
The principal uses of these funds include the repayment of debt, interest payments to holders of senior debt and junior subordinated
deferrable interest debentures (related to trust preferred securities), the payment of dividends to common stockholders,
 
repurchases
of the Corporation’s securities and capitalizing its subsidiaries.
 
The
 
outstanding
 
balance
 
of
 
notes
 
payable
 
at
 
the
 
BHCs
 
amounted
 
to
 
$595
 
million
 
at
 
September
 
30,
 
2025
 
and
 
$594
 
million
 
at
December 31, 2024.
The contractual maturities of the BHCs notes payable
 
at September 30, 2025 are presented in Table 15.
Table 15
 
- Distribution of BHC's Notes Payable by Contractual
 
Maturity
Year
(In thousands)
2028
$
396,249
Later years
198,393
Total
$
594,642
 
 
 
 
156
As of
 
September 30,
 
2025, the
 
BHCs had
 
cash and
 
money markets
 
investments totaling
 
$484 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 $0.70
 
per share
 
or approximately
 
$47
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
 
third
 
quarter
 
of
 
2025,
 
the
 
Corporation
 
declared
 
a
 
quarterly
 
common
 
stock
 
dividend
 
of
 
$0.75
 
per
 
common
 
share,
 
an
increase from $0.70 per common share in the previous quarter. During the nine months
 
ended September 30, 2025, the Corporation
declared
 
cash
 
dividends
 
of
 
$2.15
 
per
 
common
 
share
 
outstanding
 
($146.6
 
million
 
in
 
the
 
aggregate).
 
The
 
dividends
 
for
 
the
Corporation’s Series A preferred stock amounted to $1.1
 
million.
During the nine months
 
ended September 30, 2025, the
 
BHCs received dividends and
 
distributions amounting to $350
 
million from
BPPR, $23
 
from Popular
 
International Bank,
 
Inc. (“PIBI”)
 
and $22
 
million from
 
its other
 
non-banking subsidiaries.
 
Dividends from
BPPR constitute Popular,
 
Inc.’s primary source
 
of liquidity.
 
In addition, during
 
the nine months
 
ended September 30, 2025,
 
PIBI, a
wholly
 
owned
 
subsidiary
 
of
 
Popular,
 
Inc.,
 
received
 
$20.0
 
million
 
in
 
cash
 
dividends
 
and
 
$5.3
 
million
 
in
 
stock
 
dividends
 
from
 
its
investment in BHD.
In
 
addition to
 
regulatory
 
limits previously
 
discussed, the
 
ability
 
of a
 
bank
 
subsidiary to
 
up-stream dividends
 
to
 
its
 
BHC could
 
be
impacted by
 
its financial
 
performance and
 
capital, including
 
tangible and
 
regulatory capital,
 
thus potentially
 
limiting the
 
amount of
cash up
 
streamed to
 
the BHCs
 
from the
 
banking subsidiaries.
 
This could,
 
in turn,
 
affect BHC’s
 
ability to
 
declare dividends
 
on its
outstanding
 
common
 
and
 
preferred
 
stock,
 
repurchase its
 
securities
 
or
 
meet
 
its
 
debt
 
obligations. At
 
September
 
30,
 
2025,
 
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 $4.7 billion at September 30, 2025, 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
 
and
 
U.S.
government sponsored agency
 
mortgage-backed securities that can
 
be used to
 
raise funds in
 
the repo markets.
 
The availability of
repurchase
 
agreements
 
would
 
be
 
subject
 
to
 
having
 
sufficient
 
unpledged
 
collateral
 
available
 
at
 
the
 
time
 
the
 
transactions
 
are
consummated,
 
in
 
addition
 
to
 
overall
 
liquidity
 
and
 
risk
 
appetite of
 
the
 
various
 
counterparties.
 
Refer
 
to
 
Table
 
12
 
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
 
157
In the ordinary course
 
of business, the Corporation
 
engages in financial transactions that
 
are not recorded on
 
the balance sheet or
may be recorded on the balance sheet in amounts that are different than the full contract or notional amount of the transaction. As a
provider of
 
financial services,
 
the Corporation
 
routinely enters
 
into commitments
 
with off-balance
 
sheet risk
 
to meet
 
the financial
needs
 
of
 
its
 
customers.
 
Refer
 
to
 
Note
 
18
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
information
 
on
 
the
 
Corporation’s
commitments to extent credit and other non-credit commitments.
 
Other types
 
of off-balance
 
sheet arrangements
 
that the
 
Corporation enters
 
in the
 
ordinary course
 
of business
 
include derivatives,
operating
 
leases
 
and
 
provision
 
of
 
guarantees,
 
indemnifications,
 
and
 
representation
 
and
 
warranties.
 
Refer
 
to
 
Note
 
17
 
to
 
the
Consolidated Financial
 
Statements for
 
a detailed
 
discussion related
 
to the
 
Corporation’s guarantees,
 
indemnifications obligations,
and representation and warranties arrangements.
 
The Corporation monitors its cash requirements, including
 
its contractual obligations and debt commitments.
 
Financial Information of Guarantor and Issuers of Registered
 
Guaranteed Securities
The principal sources of funding for Popular, Inc. Holding Company (“PIHC”) and Popular North America, Inc. (“PNA”) have included
dividends received
 
from their
 
banking and
 
non-banking subsidiaries subject
 
to statutory
 
provisions that
 
limit dividends
 
paid by
 
the
banking subsidiary without regulatory approval,
 
asset sales and proceeds from the issuance
 
of debt and equity.
 
The Corporation ("PIHC") is
 
the parent holding company
 
of Popular North America (“PNA”)
 
and operates financial services through
its subsidiaries. PNA, a wholly owned subsidiary of Popular, Inc., manages entities such as Equity One, Inc., and PB, including PB’s
subsidiaries: Popular Equipment Finance, LLC,
 
Popular Insurance Agency, U.S.A., and E-LOAN, Inc.
PNA has issued junior subordinated debentures guaranteed by PIHC (the “obligor group”), purchased by statutory
 
trusts established
by the Corporation using proceeds from trust preferred
 
securities (“capital securities”) and common securities
 
of the trusts.
PIHC guarantees
 
the junior
 
subordinated debentures
 
issued by
 
PNA. If
 
PIHC fails
 
to make
 
interest payments
 
on the
 
debentures
held by the trust,
 
the trust will not
 
distribute payments on the
 
capital securities. The guarantee
 
ranks subordinate and junior
 
in right
of
 
payment to
 
all
 
other liabilities
 
of
 
PIHC and
 
equally with
 
all
 
other PIHC-issued
 
guarantees, allowing
 
direct
 
legal
 
action against
PIHC without involving other entities.
Funding
 
for
 
PIHC
 
and
 
PNA
 
includes
 
dividends
 
from
 
subsidiaries,
 
asset
 
sales,
 
and
 
proceeds
 
from
 
debt
 
and
 
equity
 
issuance.
Statutory provisions limit the dividends an insured
 
depository institution can pay to its holding
 
company without regulatory approval.
The summarized financial information
 
below shows the combined
 
financial position of
 
the obligor group as
 
of September 30,
 
2025,
and December 31, 2024, and the
 
results of their operations for the
 
nine-month periods ended September 30, 2025, and September
30, 2024. 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
158
Table 16 - Summarized Statement
 
of Condition
(In thousands)
September 30, 2025
December 31, 2024
Assets
Cash and money market investments
$
484,141
$
634,809
Investment securities
37,618
35,150
Accounts receivables from non-obligor subsidiaries
14,541
14,602
Other loans (net of allowance for credit losses of $163 (2024
 
- $281))
24,486
25,381
Investment in equity method investees
5,265
5,279
Other assets
95,829
65,483
Total assets
$
661,880
$
780,704
Liabilities and Stockholders' equity
Accounts payable to non-obligor subsidiaries
$
5,839
$
12,163
Notes payable
594,642
593,571
Other liabilities
131,489
126,718
Stockholders' (deficit) equity
(70,090)
48,252
Total liabilities and
 
stockholders' equity
$
661,880
$
780,704
Table 17 - Summarized Statement
 
of Operations
For the period ended
(In thousands)
September 30, 2025
September 30, 2024
Income:
Dividends from non-obligor subsidiaries
$
371,500
$
473,000
Interest income from non-obligor subsidiaries and affiliates
3,125
8,489
(Losses) earnings from investments in equity method investees
(14)
29
Other operating income
8,027
3,116
Total income
$
382,638
$
484,634
Expenses:
Services provided by non-obligor subsidiaries and affiliates
 
(net of
reimbursement by subsidiaries for services provided by parent
 
of
$188,825 (2024 - $172,449))
$
13,390
$
9,654
Other expenses
19,492
30,000
Income tax expense
[1]
7,075
21,934
Total expenses
$
39,957
$
61,588
Net income
$
342,681
$
423,046
[1] The net income
 
for the nine
 
months ended September
 
30, 2024, included
 
$22.9 million of
 
expenses, of which
 
$16.5 million was
 
reflected
in income tax expense
 
and $6.4 million
 
was reflected in other
 
operating expenses, related
 
to an out-of-period adjustment
 
associated with the
Corporation’s U.S.
 
subsidiary’s non-payment
 
of taxes
 
on certain
 
intercompany distributions
 
to the
 
Bank Holding
 
Company (BHC)
 
in Puerto
Rico, a foreign corporation for U.S. tax purposes.
In
 
addition to
 
the
 
dividend income
 
reflected
 
in
 
the
 
Statement
 
of
 
Operations table
 
above, during
 
the
 
nine
 
months
 
ended
September 30, 2025, the
 
obligor group recorded a
 
$23.0 million of dividend
 
distributions from non-obligor subsidiary which
was recorded as a reduction to the investment
 
(2024 - $67.4 million).
 
 
 
 
 
159
Risk to Liquidity
The
 
Corporation’s
 
liquidity
 
may
 
come
 
under
 
pressure
 
if
 
it
 
experiences
 
significant
 
unexpected
 
cash
 
outflows
 
due
 
to
 
deposit
withdrawals, which could arise
 
from various factors like
 
economic conditions, loss of
 
depositor confidence, competition, exogenous
events, regulatory requirements or changes, a
 
downgrade in credit rating, or other events
 
causing counterparties to avoid exposure.
Investors should refer to Liquidity Risks section of “Part I, Item 1A”
 
of 2024 Form 10-K for an additional discussion of liquidity
 
risks to
which the Corporation is subject.
Credit Risk
Geographic and Government Risk
 
The Corporation is exposed to geographic and government risk.
 
The Corporation’s assets and revenue composition by geographical
area and by
 
business segment reporting are
 
presented in Note
 
32 to the
 
Consolidated Financial Statements. Readers should
 
refer
to
 
Economic
 
and
 
Market
 
Risk
 
section
 
and
 
Business
 
Risk
 
Section
 
of
 
“Part
 
I,
 
Item
 
1A”
 
of
 
the
 
2024
 
Form
 
10-K
 
for
 
an
 
additional
discussion
 
on
 
how
 
the
 
Corporation is
 
impacted
 
by
 
global
 
and
 
local
 
economic
 
and
 
market
 
conditions, including
 
weakness
 
in
 
the
economy,
 
particularly in Puerto
 
Rico, where a
 
significant portion of
 
our business is
 
concentrated. This section
 
also addresses how
our credit risk and credit
 
losses can increase to the extent
 
our loans are concentrated on borrowers engaged in
 
the same or similar
activities or in borrowers who as a group
 
may be uniquely or disproportionately affected by certain
 
economic or market conditions.
Commonwealth of Puerto Rico
A
 
significant portion
 
of
 
our financial
 
activities and
 
credit
 
exposure is
 
concentrated in
 
the
 
Commonwealth of
 
Puerto Rico
 
(“Puerto
Rico”) which has faced severe economic and fiscal
 
challenges in the past and may face additional
 
challenges in the future.
Economic Performance
 
The latest estimates from the
 
Puerto Rico Planning Board (the
 
“Planning Board”) indicate that real
 
GNP grew by 2.1%
 
during fiscal
year
 
2024
 
(July 2023-June
 
2024) and
 
by
 
1.1% in
 
fiscal
 
year
 
2025 (July
 
2024-June 2025).
 
For fiscal
 
year 2026
 
(July
 
2025-June
2026),
 
the
 
Planning
 
Board
 
forecasts
 
more
 
modest
 
GNP
 
growth
 
of
 
0.5%.
 
Meanwhile,
 
the
 
Puerto
 
Rico
 
Economic
 
Activity
 
Index
showed a 0.9% year-over-year decline and a 0.2% month-over-month decline in June 2025. 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
 
issues.
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
 
September
 
2025,
 
the
 
U.S.
Consumer Price Index
 
showed a 3.0%
 
year-over-year increase, which
 
is significantly lower
 
than peak
 
2022 inflation levels
 
but still
above the Federal Reserve’s 2% target. In Puerto Rico,
 
the Consumer Price Index increased by 1.9%
 
over the same period.
 
Moreover, since October 1,
 
2025, a congressional impasse over fiscal year
 
2026 appropriations has triggered a partial shutdown
 
of
numerous U.S. federal agencies and
 
services. The shutdown has disrupted,
 
and may continue to
 
disrupt, federal payments to
 
U.S.
government
 
employees, beneficiaries
 
of
 
federal
 
programs
 
and transfers
 
to
 
the Puerto
 
Rico
 
government. While
 
these
 
disruptions
could adversely affect
 
our customers and
 
the broader Puerto
 
Rico economy,
 
the overall impact
 
remains uncertain and
 
will depend
largely on the shutdown’s duration and scope.
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”).
 
 
 
160
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 remains subject to potential
 
appeal. It is still
 
too early to
determine what impact these developments may
 
have on Puerto Rico’s fiscal and economic affairs.
Under PROMESA, the Oversight
 
Board will remain
 
in place until market
 
access is restored and
 
balanced budgets are achieved for
at
 
least
 
four
 
consecutive
 
years.
 
PROMESA
 
also
 
established
 
two
 
mechanisms
 
for
 
the
 
restructuring
 
of
 
the
 
obligations
 
of
 
PR
Government Entities:
 
(a) Title
 
III, an
 
in-court process
 
akin to
 
that of
 
the U.S.
 
Bankruptcy Code
 
and which
 
permits adjustment
 
of a
broad range
 
of
 
obligations, and
 
(b) Title
 
VI,
 
a largely
 
out-of-court process
 
through which
 
a supermajority
 
of creditors
 
can
 
accept
modifications to debt and bind holdouts.
Since
 
2017,
 
Puerto
 
Rico
 
and
 
several
 
of
 
its
 
instrumentalities
 
have
 
availed
 
themselves
 
of
 
these
 
mechanisms.
 
The
 
Puerto
 
Rico
government exited Title III in March 2022, and several instrumentalities, such as the Government Development Bank and the Puerto
Rico Highways and Transportation
 
Authority have also completed
 
debt restructurings under Titles
 
III or VI
 
of PROMESA. However,
the Puerto Rico Electric Power Authority is still undergoing
 
its debt restructuring.
Puerto
 
Rico's economic
 
difficulties
 
have also
 
impacted its
 
municipalities. Historically,
 
the central
 
government provided
 
significant
municipal subsidies. However, these have decreased pursuant to fiscal measures required by the Oversight Board. This decline has
been partly
 
offset by
 
federal disaster
 
and COVID-relief
 
funding received
 
by municipalities
 
in recent
 
years. The
 
latest Puerto
 
Rico
fiscal plan proposes a
 
restructured grant system to enhance
 
municipal services and encourage accountability through
 
performance
metrics.
Municipalities
 
are
 
subject
 
to
 
PROMESA,
 
and
 
the
 
Oversight
 
Board
 
has
 
required
 
certain
 
municipalities
 
to
 
submit
 
fiscal
 
plans
 
and
annual budgets
 
for review
 
and approval.
 
Municipalities are
 
also required
 
to seek
 
Oversight Board
 
approval to
 
issue, guarantee
 
or
modify
 
their
 
debts
 
and
 
to
 
enter
 
into
 
significant
 
contracts.
 
To
 
date
 
no
 
municipality
 
has
 
availed
 
itself
 
of
 
the
 
debt
 
restructuring
mechanisms available to them under PROMESA.
Exposure of the Corporation
 
The credit quality of BPPR’s
 
loan portfolio is closely tied to the
 
economic conditions in Puerto Rico. Deterioration in the Puerto
 
Rico
economy
 
could
 
potentially
 
increase
 
delinquencies
 
and
 
charge-offs,
 
thereby
 
impacting
 
the
 
Corporation’s
 
financial
 
health.
 
The
Corporation has direct exposure to P.R. Government Entities, which are mainly concentrated in obligations from various Puerto Rico
municipalities. Additionally,
 
the Corporation
 
holds loans
 
and securities
 
insured by
 
P.R.
 
Government Entities,
 
such as
 
the Housing
Finance
 
Authority,
 
whose
 
ability
 
to
 
honor
 
guarantees
 
depends
 
on
 
its
 
financial
 
condition.
 
BPPR’s
 
commercial,
 
mortgage,
 
and
consumer loan portfolios are also exposed to risks from private borrowers who are service providers or have other relationships with
the Puerto
 
Rico government
 
and government employees
 
who could
 
be negatively
 
affected by
 
Puerto Rico’s
 
fiscal challenges.
 
For
further
 
discussion
 
of
 
the
 
Corporation’s
 
direct
 
and
 
indirect
 
exposure
 
to
 
the
 
Puerto
 
Rico
 
government and
 
its
 
instrumentalities and
municipalities, please refer to Note 18 – Commitments
 
and Contingencies to the Consolidated
 
Financial Statements.
The
 
Corporation
 
also
 
maintains
 
significant
 
deposits
 
from
 
P.R.
 
Government
 
Entities,
 
with
 
future
 
balances
 
subject
 
to
 
various
uncertainties.
 
Further
 
information
 
on
 
Puerto
 
Rico
 
Government
 
deposits
 
is
 
included
 
in
 
Note
 
12
 
–
 
Deposits
 
to
 
the
 
Consolidated
Financial Statements.
United States Virgin Islands
The Corporation has operations in the United
 
States Virgin Islands (“USVI”) and has credit exposure
 
to USVI government entities.
Non-Performing Assets
During
 
the
 
third
 
quarter
 
of
 
2025,
 
the
 
Corporation’s
 
credit
 
quality
 
metrics
 
were
 
affected
 
by
 
two
 
significant
 
unrelated
 
commercial
exposures,
 
resulting in
 
a
 
$188.4
 
million
 
increase in
 
NPLs.
 
The
 
determination
 
of
 
classifying
 
these
 
loans
 
as
 
NPLs
 
was
 
driven
 
by
factors specific to the individual borrowers and
 
are not believed to be indicative of a broader
 
decline in portfolio credit quality.
The first
 
loan classified
 
as NPL
 
is a
 
$158.3 million
 
commercial and
 
industrial facility
 
issued to
 
a telecommunications
 
company in
Puerto Rico
 
experiencing reduced
 
revenue due
 
to operational
 
challenges following
 
a business
 
acquisition and
 
client attrition.
 
The
161
second
 
loan
 
classified
 
as
 
NPL
 
is
 
a
 
$30.1
 
million
 
commercial
 
real
 
estate
 
facility,
 
following
 
a
 
$13.5
 
million
 
charge-off
 
during
 
the
quarter, and is secured by a hotel property in Florida.
Excluding these cases, credit quality metrics were stable. The Corporation
 
continues to closely monitor the economic landscape and
borrower performance,
 
as economic
 
uncertainty remains
 
a key
 
consideration. The
 
Corporation’s experience
 
managing credit
 
risk
under different
 
macroeconomic and operating
 
environments and, more
 
recently,
 
the steps
 
taken around
 
credit tightening
 
supports
management’s view
 
that exposure to
 
riskier borrowers is
 
adequately managed. Nonetheless, carefully
 
monitoring the
 
performance
of our loan portfolio and its response to the
 
environment will continue to be a priority.
Total NPAs
 
of $545.2 million as of September 30, 2025, increased by $137.1
 
million when compared with December 31, 2024. Total
NPLs of
 
$502.2 million increased
 
by $151.4
 
million from December
 
31, 2024.
 
BPPR’s NPLs
 
increased by $161.3
 
million, primarily
due to the classification of the two commercial exposures with book values of $158.3 million and $30.1 million as NPLs, partly offset
by lower mortgage NPLs by $18.5 million.
 
Popular U.S. NPLs decreased by $9.9 million, mostly
 
driven by decreases of $6.9 million
and $2.1 million in commercial and mortgage NPLs,
 
respectively.
On September
 
30, 2025,
 
the ratio
 
of NPLs
 
to total
 
loans held-in-portfolio was
 
1.30%, compared to
 
0.95% on
 
December 31,
 
2024.
Other real estate owned loans (“OREOs”) totaled $43.0
 
million, a decrease of $14.3 million from December
 
31, 2024. On September
30,
 
2025,
 
NPLs secured
 
by
 
real estate
 
amounted to
 
$211
 
million in
 
the Puerto
 
Rico
 
operations and
 
$47
 
million
 
in Popular
 
U.S,
compared with $200 million and $56 million, respectively, on December
 
31, 2024.
The Corporation’s commercial loan
 
portfolio secured by real
 
estate (“CRE”) amounted to $11.0
 
billion on September 30, 2025,
 
with
$3.1 billion secured by owner-occupied properties
 
(December 31, 2024 - $10.9 billion and $3.2
 
billion, respectively).
CRE NPLs amounted to
 
$78.4 million on September
 
30, 2025, compared with $53.7
 
million on December 31,
 
2024. The CRE NPL
ratios
 
for
 
the
 
BPPR
 
and
 
Popular
 
U.S.
 
segments
 
were
 
1.31%
 
and
 
0.25%,
 
respectively,
 
on
 
September
 
30,
 
2025,
 
compared
 
with
0.64% and 0.37%, respectively, on December 31, 2024.
The non-owner occupied CRE portfolio was $5.5 billion at September
 
30, 2025, split between $3.3 billion in BPPR and $2.2 billion in
Popular U.S. This portfolio is diversified across sectors: retail (33%), hotels (19%),
 
and office space (13%) which together represent
two-thirds of
 
total non-owner
 
occupied CRE
 
exposure. Specifically,
 
office space
 
leasing accounts
 
for just
 
1.8% ($713.4
 
million) of
the total
 
loan portfolio,
 
mainly comprising
 
mid-rise
 
properties with
 
an average
 
loan size
 
of $2.5
 
million, and
 
is well
 
diversified by
tenant type.
 
 
Within CRE, the
 
commercial multi-family portfolio is
 
$2.5 billion (approximately 6%
 
of total loans),
 
concentrated in New
 
York
 
Metro
($1.5 billion), South Florida ($672.2 million) and Puerto Rico ($199.6
 
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
 
September
 
30,
 
2025,
 
there
 
were
 
$724
 
million
 
of
 
performing
 
loans,
 
mostly
commercial
 
loans,
 
which
 
in
 
management’s
 
opinion,
 
are
 
currently
 
subject
 
to
 
potential
 
future
 
classification
 
as
 
non-performing
(December 31, 2024 - $596 million).
The following table presents the Corporation’s NPAs as of September 30, 2025 and December
 
31, 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
162
Table 18 - Non-Performing
 
Assets
September 30, 2025
December 31, 2024
(Dollars in thousands)
BPPR
Popular
U.S.
Popular,
Inc.
As a % of
loans HIP
by
category
BPPR
Popular
U.S.
Popular,
Inc.
As a % of
loans HIP
by
category
Commercial
Commercial multi-family
$
174
$
8,467
$
8,641
0.3
%
$
79
$
8,700
$
8,779
0.4
%
Commercial real estate non-owner
occupied
37,043
7,083
44,126
0.8
6,429
8,015
14,444
0.3
Commercial real estate owner
occupied
25,619
-
25,619
0.8
25,258
5,191
30,449
1.0
Commercial and industrial
 
173,245
1,246
174,491
2.1
19,335
1,748
21,083
0.3
Total Commercial
 
236,081
16,796
252,877
1.3
51,101
23,654
74,755
0.4
Mortgage
139,958
27,809
167,767
2.0
158,442
29,890
188,332
2.3
Leasing
7,747
-
7,747
0.4
9,588
-
9,588
0.5
Consumer
 
 
Home equity lines of credit
-
3,257
3,257
4.1
-
3,393
3,393
4.6
 
Personal
 
18,375
941
19,316
1.0
20,269
1,741
22,010
1.2
 
Auto
49,432
-
49,432
1.3
51,792
-
51,792
1.4
 
Other
1,776
30
1,806
1.0
899
11
910
0.5
Total Consumer
 
69,583
4,228
73,811
1.0
72,960
5,145
78,105
1.1
Total non-performing
 
loans held-in-
portfolio
453,369
48,833
502,202
1.3
%
292,091
58,689
350,780
0.9
%
Other real estate owned (“OREO”)
42,446
504
42,950
57,197
71
57,268
Total non-performing
 
assets
[1]
$
495,815
$
49,337
$
545,152
$
349,288
$
58,760
$
408,048
Accruing loans past due 90 days or
more
[2]
$
205,168
$
188
$
205,356
$
242,250
$
190
$
242,440
Ratios:
Non-performing assets to total assets
0.84
%
0.30
%
0.73
%
0.61
%
0.37
%
0.56
%
Non-performing loans held-in-portfolio
to loans held-in-portfolio
 
1.67
0.42
1.30
1.12
0.54
0.95
Allowance for credit losses to loans
held-in-portfolio
2.56
0.79
2.03
2.56
0.69
2.01
Allowance for credit losses to non-
performing loans, excluding held-for-
sale
153.38
186.07
156.55
229.61
128.40
212.68
[1] There were no non-performing loans held-for-sale
 
as of September 30, 2025 and December 31, 2024.
[2] It is the Corporation’s policy to report delinquent
 
residential mortgage loans insured by FHA or guaranteed
 
by the VA as accruing
 
loans past due 90
days or
 
more
 
as
 
opposed
 
to
 
non-performing
 
since
 
the principal
 
repayment
 
is insured.
 
These
 
balances
 
include
 
$49 million
 
of residential
 
mortgage
loans insured
 
by FHA
 
or guaranteed
 
by the
 
VA
 
that are
 
no longer
 
accruing interest
 
as of
 
September 30,
 
2025 (December
 
31, 2024
 
- $65
 
million).
Furthermore, the Corporation
 
has $29 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,
 
2024 -
$31 million).
For the quarter
 
ended September 30,
 
2025, total inflows
 
of NPLs held-in-portfolio,
 
excluding consumer loans, increased
 
by $187.0
million, when compared to the inflows for the same period in 2024. Inflows of NPLs held-in-portfolio at the BPPR segment increased
by $205.2
 
million, compared
 
to the
 
same period
 
in 2024,
 
mainly driven
 
by the
 
two commercial
 
exposures that
 
were classified
 
as
NPLs during
 
the quarter.
 
Inflows of
 
NPLs held-in-portfolio
 
at the
 
Popular U.S.
 
segment decreased
 
by $18.2
 
million from
 
the same
period in 2024, driven by lower mortgage NPL
 
inflows by $17.4 million.
Tables 19 to 25 present the Corporation’s inflows to NPLs for the quarters and nine months
 
ended September 30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
163
Table 19 - Activity in Non
 
-Performing Loans Held-in-Portfolio (Excluding Consumer
 
Loans)
For the quarter ended September 30, 2025
For the nine months ended September 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$
189,630
$
49,763
$
239,393
$
209,543
$
53,544
$
263,087
Plus:
New non-performing loans
241,745
4,786
246,531
310,973
21,853
332,826
Advances on existing non-performing loans
-
48
48
-
86
86
Less:
Non-performing loans transferred to OREO
(2,333)
-
(2,333)
(7,273)
(433)
(7,706)
Non-performing loans charged-off
(13,854)
-
(13,854)
(15,571)
(1,713)
(17,284)
Loans returned to accrual status / loan collections
(39,149)
(9,992)
(49,141)
(121,633)
(28,732)
(150,365)
Ending balance NPLs
$
376,039
$
44,605
$
420,644
$
376,039
$
44,605
$
420,644
Table 20 - Activity in Non
 
-Performing Loans Held-in-Portfolio (Excluding Consumer
 
Loans)
For the quarter ended September 30, 2024
For the nine months ended September 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$
219,960
$
49,317
$
269,277
$
254,476
$
22,354
$
276,830
Plus:
New non-performing loans
36,585
22,968
59,553
111,128
84,248
195,376
Advances on existing non-performing loans
-
32
32
-
352
352
Less:
Non-performing loans transferred to OREO
(4,016)
-
(4,016)
(12,665)
(24)
(12,689)
Non-performing loans charged-off
(4,031)
(82)
(4,113)
(17,930)
(1,050)
(18,980)
Loans returned to accrual status / loan collections
(36,759)
(5,325)
(42,084)
(123,270)
(38,970)
(162,240)
Ending balance NPLs
$
211,739
$
66,910
$
278,649
$
211,739
$
66,910
$
278,649
Table 21 - Activity in Non
 
-Performing Commercial Loans Held-in-Portfolio
For the quarter ended September 30, 2025
For the nine months ended September 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
42,166
$
21,711
$
63,877
$
51,101
$
23,654
$
74,755
Plus:
New non-performing loans
211,193
1,775
212,968
218,742
12,820
231,562
Advances on existing non-performing loans
-
48
48
-
85
85
Less:
Non-performing loans transferred to OREO
-
-
-
(260)
-
(260)
Non-performing loans charged-off
(13,779)
-
(13,779)
(14,921)
(1,713)
(16,634)
Loans returned to accrual status / loan
collections
(3,499)
(6,738)
(10,237)
(18,581)
(18,050)
(36,631)
Ending balance NPLs
$
236,081
$
16,796
$
252,877
$
236,081
$
16,796
$
252,877
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
164
Table 22 - Activity in Non
 
-Performing Commercial Loans Held-in-Portfolio
For the quarter ended September 30, 2024
For the nine months ended September 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
56,170
$
37,763
$
93,933
$
72,992
$
11,163
$
84,155
Plus:
New non-performing loans
4,460
2,582
7,042
12,834
39,561
52,395
Advances on existing non-performing loans
-
3
3
-
305
305
Less:
Non-performing loans transferred to OREO
-
-
-
(280)
-
(280)
Non-performing loans charged-off
(4,085)
(82)
(4,167)
(17,784)
(1,032)
(18,816)
Loans returned to accrual status / loan collections
(2,726)
(1,790)
(4,516)
(13,943)
(11,521)
(25,464)
Ending balance NPLs
$
53,819
$
38,476
$
92,295
$
53,819
$
38,476
$
92,295
Table 23 - Activity in Non
 
-Performing Construction Loans Held-in-Portfolio
For the quarter ended September 30, 2024
For the nine months ended September 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
-
$
-
$
-
$
6,378
$
-
$
6,378
Less:
Loans returned to accrual status / loan collections
-
-
-
(6,378)
-
(6,378)
Ending balance NPLs
$
-
$
-
$
-
$
-
$
-
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
165
Table 24 - Activity in Non
 
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended September 30, 2025
For the nine months ended
 
September 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
147,464
$
28,052
$
175,516
$
158,442
$
29,890
$
188,332
Plus:
New non-performing loans
30,552
3,011
33,563
92,231
9,033
101,264
Advances on existing non-performing loans
-
-
-
-
1
1
Less:
Non-performing loans transferred to OREO
(2,333)
-
(2,333)
(7,013)
(433)
(7,446)
Non-performing loans charged-off
(75)
-
(75)
(650)
-
(650)
Loans returned to accrual status / loan collections
(35,650)
(3,254)
(38,904)
(103,052)
(10,682)
(113,734)
Ending balance NPLs
$
139,958
$
27,809
$
167,767
$
139,958
$
27,809
$
167,767
Table 25 - Activity in Non
 
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended September 30, 2024
For the nine months ended September 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
163,790
$
11,554
$
175,344
$
175,106
$
11,191
$
186,297
Plus:
New non-performing loans
32,125
20,386
52,511
98,294
44,687
142,981
Advances on existing non-performing loans
-
29
29
-
47
47
Less:
Non-performing loans transferred to OREO
(4,016)
-
(4,016)
(12,385)
(24)
(12,409)
Non-performing loans charged-off
54
-
54
(146)
(18)
(164)
Loans returned to accrual status / loan collections
(34,033)
(3,535)
(37,568)
(102,949)
(27,449)
(130,398)
Ending balance NPLs
$
157,920
$
28,434
$
186,354
$
157,920
$
28,434
$
186,354
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
166
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 September 30, 2025 and December 31,
 
2024, are presented below.
Table 26 - Loan Delinquencies
(Dollars in thousands)
September 30, 2025
December 31, 2024
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
$
12,637
$
2,489,589
0.51
%
$
15,826
$
2,399,620
0.66
%
Commercial real estate
non-owner occupied
61,924
5,462,580
1.13
24,925
5,363,235
0.46
Commercial real estate
owner occupied
43,163
3,090,724
1.40
42,311
3,157,746
1.34
Commercial and industrial
200,876
8,245,639
2.44
49,942
7,741,562
0.65
Total Commercial
 
318,600
19,288,532
1.65
133,004
18,662,163
0.71
Construction
 
4,589
1,604,612
0.29
1,039
1,263,792
0.08
Mortgage
[1]
718,940
8,558,408
8.40
798,130
8,114,183
9.84
Leasing
36,656
1,998,651
1.83
39,641
1,925,405
2.06
Consumer
 
Credit cards
 
49,098
1,225,567
4.01
59,078
1,218,079
4.85
Home equity lines of credit
3,987
78,890
5.05
5,054
73,571
6.87
Personal
 
52,491
1,900,325
2.76
57,835
1,855,244
3.12
Auto
 
179,213
3,850,953
4.65
191,008
3,823,437
5.00
Other
5,377
181,220
2.97
3,930
171,778
2.29
Total Consumer
 
290,166
7,236,955
4.01
316,905
7,142,109
4.44
Loans held-for-sale
-
7,783
-
-
5,423
-
Total
 
$
1,368,951
$
38,694,941
3.54
%
$
1,288,719
$
37,113,075
3.47
%
[1]
 
Loans delinquent 30 days or more includes $0.4 billion
 
of residential mortgage loans insured by FHA or guaranteed
 
by the VA as of September
30, 2025 (December 31, 2024 - $0.4 billion). 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. Refer to
 
Note 8 to
 
the Consolidated Financial
 
Statements, for additional
 
information on the
 
Corporation’s methodology to
estimate its ACL.
At September
 
30, 2025,
 
the ACL increased
 
by $40.2
 
million from
 
December 31,
 
2024 to
 
$786.2 million. The
 
increase in
 
ACL was
mainly
 
driven
 
by
 
a
 
combination
 
of
 
changes
 
in
 
the
 
economic
 
scenario
 
probability
 
weights,
 
increases
 
in
 
qualitative
 
reserves
 
in
response to
 
the current
 
economic environment uncertainty,
 
higher loan volumes,
 
and a
 
specific reserve
 
recognized for the
 
$158.3
million commercial NPL inflow described above. These increases
 
were offset in part by the net effect of changes in
 
credit quality and
NCOs during
 
the period.
 
Given that
 
any economic
 
outlook is
 
inherently uncertain, the
 
Corporation leverages multiple
 
scenarios to
estimate its ACL. Prior to the first quarter of 2025, the Corporation assigned the baseline scenario the highest probability among the
scenarios
 
used
 
to
 
estimate
 
the
 
ACL,
 
followed
 
by
 
the
 
pessimistic
 
scenario
 
given
 
the
 
uncertainties
 
in
 
the
 
economic
 
outlook
 
and
downside risk, and
 
the optimistic scenario
 
had the lowest
 
probability. During
 
the first quarter
 
of 2025, the
 
Corporation modified the
weight assigned
 
to the
 
pessimistic scenario to
 
be equal
 
to the
 
baseline scenario
 
in response
 
to the
 
current economic
 
uncertainty,
resulting in
 
an increase
 
of $18.2
 
million in
 
the reserves.
 
In
 
the second
 
quarter of
 
2025, the
 
probability weight
 
for the
 
pessimistic
167
scenario was moderately decreased based on changes in the economic outlook and a reassessment of uncertainty compared to the
previous
 
quarter.
 
This
 
change
 
resulted
 
in
 
a
 
$4.5
 
million
 
reduction
 
in
 
ACL
 
reserve
 
levels,
 
for
 
a
 
$13.7
 
million
 
net
 
increase
 
from
December
 
31,
 
2024.
 
The
 
probability
 
weight
 
for
 
the
 
pessimistic
 
scenario
 
remains
 
above
 
the
 
levels
 
observed
 
in
 
2024,
 
given
 
the
ongoing economic uncertainty.
At September 30, 2025, the ACL for BPPR increased by $24.7 million from December 31, 2024, driven by changes in the probability
weights that
 
resulted in
 
a
 
$8.8 million
 
net ACL
 
increase, higher
 
loan volumes,
 
and
 
a specific
 
reserve recognized
 
for
 
the
 
$158.3
million commercial NPL
 
inflow described above.
 
These increases were partially
 
offset by
 
improvements in credit
 
quality and NCOs
during the
 
period. In
 
PB, the
 
ACL increased
 
by $15.5
 
million, when
 
compared to
 
December 31,
 
2024. This
 
increase was
 
mainly
driven by higher qualitative reserves for the CRE portfolio in response to current market volatility and economic uncertainty, coupled
with changes in the probability weights that resulted in
 
a $4.9 million net increase.
The Corporation’s ratio of the allowance for
 
credit losses to loans held-in-portfolio was 2.03%
 
on September 30, 2025, compared to
2.01% on December
 
31, 2024. The
 
ratio of the
 
ACL to NPLs
 
held-in-portfolio stood at 156.6%,
 
compared to 212.7%
 
on December
31, 2024.
Tables
 
27 and
 
28 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
168
Table 27 - Allowance for Credit
 
Losses - Loan Portfolios
September 30, 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
$
16,582
$
2,489,589
0.67
%
$
8,641
191.90
%
 
Commercial real estate non-owner occupied
58,845
5,462,580
1.08
%
44,126
133.36
%
 
Commercial real estate owner occupied
49,191
3,090,724
1.59
%
25,619
192.01
%
 
Commercial and industrial
 
169,307
8,245,639
2.05
%
174,491
97.03
%
Total Commercial
 
$
293,925
$
19,288,532
1.52
%
$
252,877
116.23
%
Construction
11,104
1,604,612
0.69
%
-
-
Mortgage
86,981
8,558,408
1.02
%
167,767
51.85
%
Leasing
19,220
1,998,651
0.96
%
7,747
248.10
%
Consumer
 
 
Credit cards
87,208
1,225,567
7.12
%
-
-
 
Home equity lines of credit
1,548
78,890
1.96
%
3,257
47.53
%
 
Personal
 
100,238
1,900,325
5.27
%
19,316
518.94
%
 
Auto
177,819
3,850,953
4.62
%
49,432
359.72
%
 
Other
8,177
181,220
4.51
%
1,806
452.77
%
Total Consumer
 
$
374,990
$
7,236,955
5.18
%
$
73,811
508.04
%
Total
$
786,220
$
38,687,158
2.03
%
$
502,202
156.55
%
Table 28 - Allowance for Credit
 
Losses - Loan Portfolios
December 31, 2024
(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
$
9,236
$
2,399,620
0.38
%
$
8,779
105.21
%
 
Commercial real estate non-owner occupied
54,494
5,363,235
1.02
%
14,444
377.28
%
 
Commercial real estate owner occupied
49,828
3,157,746
1.58
%
30,449
163.64
%
 
Commercial and industrial
 
146,006
7,741,562
1.89
%
21,083
692.53
%
Total Commercial
 
$
259,564
$
18,662,163
1.39
%
$
74,755
347.22
%
Construction
11,264
1,263,792
0.89
%
-
-
Mortgage
82,409
8,114,183
1.02
%
188,332
43.76
%
Leasing
16,419
1,925,405
0.85
%
9,588
171.25
%
Consumer
 
 
Credit cards
99,130
1,218,079
8.14
%
-
-
 
Home equity lines of credit
1,503
73,571
2.04
%
3,393
44.30
%
 
Personal
 
102,736
1,855,244
5.54
%
22,010
466.77
%
 
Auto
165,995
3,823,437
4.34
%
51,792
320.50
%
 
Other
7,004
171,778
4.08
%
910
769.67
%
Total Consumer
 
$
376,368
$
7,142,109
5.27
%
$
78,105
481.87
%
Total
$
746,024
$
37,107,652
2.01
%
$
350,780
212.68
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
169
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 nine months ended September
 
30, 2025 and 2024.
Table 29 - Annualized Net Charge
 
-offs (Recoveries) to Average Loans
 
Held-in-Portfolio
Quarters ended
September 30, 2025
September 30, 2024
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial
 
0.50
%
0.03
%
0.29
%
0.13
%
0.02
%
0.08
%
Construction
―
―
―
(2.33)
―
(0.37)
Mortgage
(0.12)
(0.01)
(0.11)
(0.24)
(0.01)
(0.20)
Leasing
0.41
―
0.41
0.49
―
0.49
Consumer
2.48
1.69
2.46
3.14
7.17
3.26
Total annualized
 
net charge-offs
(recoveries) to average loans held-in-
portfolio
0.84
%
0.04
%
0.60
%
0.86
%
0.15
%
0.65
%
Nine months ended
September 30, 2025
September 30, 2024
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial
 
0.14
%
0.02
%
0.08
%
0.21
%
0.03
%
0.13
%
Construction
―
―
―
(0.82)
(0.01)
(0.14)
Mortgage
(0.14)
(0.03)
(0.12)
(0.25)
(0.01)
(0.21)
Leasing
0.55
―
0.55
0.64
―
0.64
Consumer
2.53
3.23
2.54
2.93
7.43
3.07
Total annualized
 
net charge-offs
(recoveries) to average loans held-in-
portfolio
0.73
%
0.06
%
0.53
%
0.86
%
0.18
%
0.66
%
NCOs for
 
the quarter
 
ended September
 
30, 2025,
 
amounted to
 
$57.8 million,
 
decreasing by
 
$0.7 million
 
when compared
 
to
 
the
same period in 2024. The BPPR
 
segment increased by $2.0 million, mainly driven
 
by an increase of $9.9 million
 
and $1.7 million in
commercial and mortgage NCOs, respectively,
 
mostly due to a $13.5 million charge-off related to the $30.1 million commercial
 
NPL
inflow, partially
 
offset by a decrease
 
of $10.5 million in consumer
 
NCOs. The PB segment NCOs
 
decreased by $2.7 million, mainly
driven by lower consumer NCOs by $3.0 million
NCOs for the nine
 
months ended September 30, 2025,
 
amounted to $149.1 million, decreasing by
 
$25.3 million when compared to
the same period in 2024. The BPPR segment decreased by $16.6 million, mainly driven
 
by a decrease of $17.5 million in consumer
NCOs. The PB segment NCOs decreased by $8.6
 
million, mainly driven by lower consumer NCOs by
 
$7.9 million.
Loan Modifications
For the quarter ended September 30, 2025, modified loans to borrowers with financial difficulty amounted to $156.0 million, of which
$146.8 million were in
 
accruing status. The BPPR segment’s modifications
 
to borrowers with financial difficulty
 
amounted to $154.5
million, mainly comprised of commercial and mortgage loans of $130.1
 
million and $17.7 million, respectively. A total of $12.9 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 $1.4 million,
 
mostly comprised of commercial loans.
Refer
 
to
 
Note
 
8
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
 
information
 
on
 
modifications
 
made
 
to
 
borrowers
experiencing financial difficulties.
 
 
 
 
170
ADOPTION OF NEW ACCOUNTING STANDARDS AND ISSUED BUT NOT
 
YET EFFECTIVE ACCOUNTING STANDARDS
Refer to Note 3, “New Accounting Pronouncements”
 
to the Consolidated Financial Statements.
Item 3. Quantitative and Qualitative Disclosures About
 
Market Risk
Quantitative and qualitative disclosures for the current
 
period can be found in the Market Risk
 
section of this report, which includes
changes in market risk exposures from disclosures presented
 
in the 2024 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 September 30, 2025 that have materially affected, or
are reasonably likely to materially affect, the Corporation’s internal
 
control over financial reporting.
Part II - Other Information
Item 1. Legal Proceedings
 
For a discussion of Legal Proceedings, see Note 18
 
to the Consolidated Financial Statements.
Item 1A. Risk Factors
In addition to the other information set forth in
 
this report, you should carefully consider the risk
 
factors discussed under “Part I - Item
1A - Risk Factors” in our 2024 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 2024 Form 10-K.
There have been no material changes to the risk
 
factors previously disclosed under Item 1A of the
 
Corporation’s 2024 Form 10-K.
The risks described
 
in our 2024 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171
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 September
 
30, 2025.
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 September 30, 2025:
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]
July 1 - July 31
247,066
$
114.06
247,066
$520,194,763
August 1 -August 31
418,011
117.25
417,467
$471,246,181
September 1 - September 30
336,706
125.82
336,329
$428,924,967
Total
 
1,001,783
$
119.35
1,000,862
$428,924,967
[1] Includes 544
 
and 377 shares
 
of the Corporation’s
 
common stock
 
acquired by the
 
Corporation during
 
August and
 
September 2025,
 
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
 
September 30,
 
2025, the
 
Corporation repurchased
 
5,664,241 shares
 
of
common stock for $571 million at an average price
 
of $100.80 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).
 
 
172
Item 6.
 
Exhibits
 
Exhibit Index
Exhibit No
Exhibit Description
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 Taxonomy Extension Schema Document
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101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
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Inline XBRL Taxonomy Extension Definitions Linkbase Document
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101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
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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 September 30,
2025, 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.
 
 
 
173
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: November 10, 2025
By: /s/ Jorge J. García
Jorge J. García
Executive Vice President &
Chief Financial Officer
Date: November 10, 2025
By: /s/ Denissa M. Rodríguez
Denissa M. Rodríguez
Senior Vice President & Corporate Comptroller
EX-31.1 2 d873220dex311.htm EX-31.1 EX-31.1
 
 
d873220dex311p1i0
1
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:
 
November 10, 2025
By: /s/ Javier D. Ferrer
Javier D. Ferrer
President and Chief
Executive Officer
EX-31.2 3 d873220dex312.htm EX-31.2 EX-31.2
 
 
d873220dex312p1i0
1
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:
 
November 10, 2025
By: /s/ Jorge J. García
Jorge J. García
Chief Financial Officer
EX-32.1 4 d873220dex321.htm EX-32.1 EX-32.1
 
 
d873220dex321p1i0
1
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
 
September
 
30,
 
2025
 
(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:November 10, 2025
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 5 d873220dex322.htm EX-32.2 EX-32.2
 
 
d873220dex322p1i0
1
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
 
September
 
30,
 
2025
 
(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:November 10, 2025
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.