Popular Inc. (NASDAQ: BPOP) 2025 report shows $75.3B in assets

Q: How large is Popular Inc.’s loan portfolio and how is it composed?

Popular Inc.’s loan portfolio totals $39.3 billion , diversified across commercial, mortgage, consumer, construction and leasing. About 52% consists of real estate‑related loans, including residential mortgages, construction and commercial real estate, increasing sensitivity to property markets, particularly in Puerto Rico.

Q: What return on tangible common equity is Popular Inc. targeting?

Popular aims for a sustainable 14% return on tangible common equity over the long term. In 2025, it reported 13% ROTCE, which management describes as progress toward this objective within the broader technological and operational transformation program.

Q: How many employees does Popular Inc. (BPOP) have and how does it invest in them?

As of December 31, 2025, Popular employed 9,427 people. It offers comprehensive health benefits, a 401(k) with matching contributions, profit‑sharing, wellness programs, learning centers and leadership development initiatives, and uses surveys to track engagement and improve the employee experience.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-K

Rhea-AI Filing Summary

Popular, Inc. files its annual report describing a large Puerto Rico–based banking group with $75.3 billion in assets, $66.2 billion in deposits and $6.2 billion in stockholders’ equity at December 31, 2025. The company operates mainly through Banco Popular de Puerto Rico and Popular Bank in New York, New Jersey and Florida, offering commercial, mortgage, consumer and lease financing.

The loan portfolio totals $39.3 billion, with about 52% tied to real estate, creating meaningful exposure to Puerto Rico’s economy and property markets. Management highlights a multi‑year transformation program focused on technology, digital channels and process efficiency, including exiting the U.S. mortgage business and moving to a cloud‑based ERP in January 2026.

Popular targets a long‑term return on tangible common equity of 14% and reached 13% in 2025. Human capital remains central to its strategy, with 9,427 employees, extensive health, wellness and retirement benefits, and broad training and leadership programs. The report also details extensive regulatory capital, liquidity, consumer protection, cybersecurity and resolution-planning requirements affecting the bank.

03/02/2026 - 05:18 PM

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form

10-K

[X]

ANNUAL REPORT PURSUANT TO SECTION 13 OR

15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the Fiscal Year Ended

December 31, 2025

[ ]

Transition report pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

Commission File Number:

001-34084

POPULAR, INC.

Incorporated in the Commonwealth of

Puerto Rico

IRS Employer Identification No.

66-0667416

Principal Executive Offices

209 Muñoz Rivera Avenue

Hato Rey

Puerto Rico

00918

Telephone Number: (

787

)

765-9800

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 Global Select Stock Market

6.125% Cumulative Monthly Income Trust Preferred

Securities

BPOPM

The

Nasdaq Global Select Stock Market

SECURITIES REGISTERED PURSUANT TO SECTION 12(g)

OF THE ACT:

None

Indicate by check mark if the registrant is a well-known

seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes

X No

Indicate by check mark if the registrant is not required

to file reports pursuant to Section 13 or Section

15(d) of the Act. Yes

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.

Yes

X 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).

Yes

X No

Indicate by check mark whether the registrant is a

large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting

company, or an emerging growth company. See the 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 has filed a report on

and attestation to its management’s assessment of the effectiveness of

its internal

control over

financial reporting

under Section

404(b) of

the Sarbanes-Oxley Act

(15 U.S.C.

7262(b)) by

the registered

public

accounting firm that prepared or issued its audit

report.

[X]

If securities are registered

pursuant to Section 12(b)

of the Act, indicate

by check mark whether

the financial statements of

the registrant

included in the filing reflect the correction of an

error to previously issued financial statements.

☐

Indicate

check

mark

whether any

those

error

corrections

are

restatements

that

required

recovery

analysis

incentive-based

compensation received by any of the registrant’s executive

officers during the relevant recovery period pursuant to

§240.10D-1(b).

☐

Indicate by check mark whether the registrant is a

shell company (as defined in Rule 12b-2 of the

Act). Yes

As of June 30, 2025, the aggregate market

value of the Common Stock held by non-affiliates of

Popular, Inc. was approximately $

7.5

billion based upon the reported closing price of $110.21 on the Nasdaq

Global Select Market on that date.

As of February 26, 2026, there were

65,104,302

shares of Popular, Inc.’s Common Stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Popular,

Inc.’s definitive proxy

statement relating to the

2026 Annual Meeting

of Stockholders of Popular,

Inc. (the “Proxy

Statement”) are incorporated herein by reference in response to Items 10 through

14 of Part III. The Proxy Statement will be

filed with

the Securities and Exchange Commission (the “SEC”)

on or about March 24, 2026.

Forward-Looking Statements

This

Form

10-K contains

“forward-looking statements”

within the

meaning

the

U.S. Private

Securities Litigation

Reform Act

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

management’s

current

expectations

and,

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

legal

and

regulatory

proceedings

and

new

accounting

standards

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

growth

decline

the

economy

and

employment

levels,

well

general

business

and

economic

conditions

the

geographic

areas

serve

and,

particular,

the

Commonwealth

Puerto

Rico

(the

“Commonwealth” or “Puerto Rico”), where a significant

portion of our business is concentrated;

●

adverse

economic conditions,

including high

levels

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 shareholders;

●

the

impact

bank

failures

adverse

developments

other

banks

and

negative

media

coverage

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

the

economy,

our

customers

and

our

business;

●

the

amount of

Puerto Rico

public sector

deposits held

the Corporation,

whose future

balances are

uncertain and

difficult

predict

and

may

impacted

factors

such

the

amount

Federal

funds

received

the

P.R.

Government

and

the

rate

expenditure

such

funds,

well

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 initiatives, including our

ability to achieve projected

earnings, efficiencies and

return on tangible

common equity and

accurately anticipate costs

and expenses associated

therewith;

●

our ability to execute capital actions, including with

respect to share repurchases and dividends;

●

the fiscal and monetary policies of the federal government

and its agencies;

●

changes in

federal

bank

regulatory and

supervisory policies,

including required

levels of

capital, liquidity,

resolution-

related requirements and the impact of other proposed

capital standards on our capital ratios;

●

changes

and

uncertainty

regarding

federal

funding,

tax

and

trade

policies,

and

federal

rulemaking,

supervision,

examination and enforcement priorities;

●

adjustments to or additional Federal Deposit Insurance

Corporation (“FDIC”) assessments;

●

regulatory approvals

that may

be necessary

to undertake

certain actions

or consummate

strategic transactions,

such

as acquisitions and dispositions;

●

the

relative strength

weakness

the

consumer and

commercial credit

sectors

and

the

real

estate markets

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

core financial

transaction processing and

information technology services,

or of

third parties

providing services

to us,

including

result

cyberattacks, e-fraud,

denial-of-services and

computer intrusion,

that

might result

in,

among

other

things,

loss

breach

customer

data,

disruption

services,

reputational

damage

additional

costs

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 I,

Item 3.

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

“Part I, Item 1A” of this Form 10-K for a discussion

of certain risks and uncertainties to which

the Corporation is subject.

All forward-looking

statements included

in this

Form 10-K

are based

upon information

available to

Popular as

of the

date of

this

Form 10- K, 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.

TABLE OF CONTENTS

PART I

Page

Item 1

Business

Item 1A

Risk Factors

Item 1B

Unresolved Staff Comments

Item 1C

Cybersecurity

Item 2

Properties

Item 3

Legal Proceedings

Item 4

Mine Safety Disclosures

PART II

Item 5

Market for Registrant’s Common Equity, Related Stockholder Matters and

Issuer Purchases of Equity Securities

Item 6

[Reserved]

Item 7

Management’s Discussion and Analysis of Financial Condition

and Results of

Operations

Item 7A

Quantitative and Qualitative Disclosures About Market

Risk

Item 8

Financial Statements and Supplementary Data

Item 9

Changes in and Disagreements with Accountants

on Accounting and Financial

Disclosure

Item 9A

Controls and Procedures

Item 9B

Other Information

Item 9C

Disclosure Regarding Foreign Jurisdictions that Prevent

Inspections

PART III

Item 10

Directors, Executive Officers and Corporate Governance

Item 11

Executive Compensation

Item 12

Security Ownership of Certain Beneficial Owners

and Management and

Related Stockholders

Matters

Item 13

Certain Relationships and Related Transactions, and Director

Independence

Item 14

Principal Accountant Fees and Services

PART IV

Item 15

Exhibits and Financial Statement Schedules

Item 16

Form 10-K Summary

PART I POPULAR, INC.

ITEM 1. BUSINESS

General:

Popular

a diversified,

publicly-owned financial

holding company,

registered under

the Bank

Holding Company

Act

1956, as

amended (the “BHC Act”), and subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the

“Federal Reserve Board”). Popular was incorporated in 1984 under the laws of the Commonwealth of Puerto Rico and is the

largest

financial institution

based in Puerto

Rico, with

consolidated assets of

$75.3 billion, total

deposits of

$66.2 billion

and stockholders’

equity of $6.2 billion at

December 31, 2025. At December 31,

2025, we ranked among the

50 largest U.S. bank holding companies

based on total assets according to information gathered

and disclosed by the Federal Reserve Board.

We operate in two principal markets:

●

Puerto

Rico:

provide

retail,

mortgage

and

commercial

banking

services,

well

auto

and

equipment

leasing

and

financing through

our principal

banking subsidiary,

Banco Popular

de Puerto

Rico (“Banco

Popular” or

“BPPR”), and

broker-

dealer

and

insurance

services

through

specialized

subsidiaries.

BPPR’s

deposits

are

insured

under

the

Deposit

Insurance

Fund (“DIF”)

of the

Federal Deposit

Insurance Corporation

(“FDIC”). The

banking operations

of BPPR

are primarily

based in

Puerto Rico, where BPPR has the largest retail banking

franchise.

●

Mainland

United

States:

provide

retail

and

commercial

banking

services,

well

equipment

leasing

and

financing,

through our New York

-chartered banking subsidiary,

Popular Bank (“PB” or

“Popular U.S.”), which has branches

in New York,

New Jersey,

and Florida. PB’s deposits are insured under the DIF

of the FDIC.

●

BPPR

also

conducts

banking

operations

the

U.S.

Virgin

Islands,

the

British

Virgin

Islands

and

New

York.

addition

BPPR’s commercial

banking operations

in New

York

that include

direct loan

origination and

participating loans

originated by

PB,

BPPR

offers

holds

financial

products

national

scale

the

U.S.

market,

including

personal

loans

previously

originated under

the E-Loan

brand, purchased

personal loans

originated by

third parties,

and

gathering insured

institutional

deposits via online deposit gathering platforms. In the U.S. and British

Virgin Islands, BPPR offers a range of banking products,

including loans and deposits to both retail and

commercial customers.

For further information about the Corporation’s results segregated by

its reportable segments, see “Reportable Segment Results” in

the Management’s Discussion

and Analysis of

Financial Condition and Results

of Operations section (“MD&A”)

and Note 36

to the

Consolidated Financial Statements included in this

Form 10-K.

Lending Activities

We concentrate our lending activities in the following areas:

(1) Commercial. Commercial loans are comprised of (i) commercial and industrial (“C&I”) loans and leases to commercial

customers

for use in normal

business operations and to finance

working capital needs, equipment purchases or

other projects, (ii) commercial

real

estate

(“CRE”)

loans

(excluding

construction

loans)

for

income-producing real

estate

properties

well

owner-occupied

properties, and

(iii) multifamily loans

with residential buildings

with five

or more living

units. C&I loans

are underwritten individually

and usually secured with the assets of the company and

the personal guarantee of the business owners. CRE

loans consist of loans

for income-producing

real estate

properties and

the financing

of owner-occupied

facilities if

there is

real estate

as collateral.

Non-

owner-occupied CRE

loans are

generally made

to finance

office and

industrial buildings,

healthcare facilities,

and retail

shopping

centers and are

repaid through cash

flows related to

the operation, sale

or refinancing of

the property.

Multifamily loans, in

certain

cases, result from the conversion of the

Bank’s construction financing to permanent financing and are repaid

through the cash flow,

sale or refinance of the properties.

(2) Mortgage. Mortgage

loans include residential

mortgage loans to

consumers for the

purchase or refinancing

of a

residence and

also include residential construction loans made

to individuals for the construction of refurbishment

of their residence.

(3) Consumer.

Consumer loans

are mainly

comprised of

unsecured personal

loans, credit

cards, and

automobile loans,

and to

lesser extent home equity lines of credit (“HELOCs”)

and other loans made by banks to individual

borrowers.

(4)

Construction.

Construction

loans

are

CRE

loans

companies

developers

used

for

the

construction

commercial

residential property for which repayment will be generated by the sale

or permanent financing of the property.

Our construction loan

portfolio primarily consists of residential land development,

multifamily housing, and condominium projects.

(5) Lease Financings. Lease financings are offered by

BPPR and are primarily comprised of automobile loans/leases made through

automotive dealerships.

Business Concentration

Since our

business activities

are currently concentrated

primarily in

Puerto Rico,

our 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 our

operations in Puerto Rico exposes us

to greater risk than other

banking companies with a

wider

geographic

base.

Our

asset

and

revenue

composition

geographical

area

presented

Note

the

Consolidated

Financial Statements included in this Form 10-K.

Our loan portfolio is diversified by loan category.

However, 52% of our loan portfolio at

December 31, 2025 consisted of real estate-

related loans,

including residential

mortgage loans,

construction loans

and commercial

loans secured

by commercial

real estate.

The table below presents the distribution of

our loan portfolio by loan category at December

31, 2025.

Loan category

(Dollars in millions)

BPPR

POPULAR

Commercial multi-family

$303

$2,152

$2,455

Commercial real estate:

Non-owner occupied

3,395

2,148

5,543

Owner occupied

1,197

1,957

3,154

Commercial and industrial

5,970

2,637

8,607

Construction

358

1,317

1,675

Mortgage

7,348

1,301

8,649

Leasing

2,001

Consumer:

Credit cards

1,257

Home equity lines of credit

Personal

1,836

1,906

Auto

3,820

Other

172

181

Total

$27,659

100

$11,668

100

$39,327

100

Except for the Corporation’s exposure to the Puerto Rico and U.S. Governments, no individual or single group of related accounts is

considered material

in relation

to our

total assets

or deposits,

or in

relation to

our overall

business.

For a

discussion of

our loan,

investment,

and

deposits

portfolios

and

our

exposure

the

Government

Puerto

Rico,

see

“Financial

Condition

–

Loans”,

“Financial Condition – Deposits” and “Credit Risk – Geographical and Government Risk” in the MD&A and to Note 23 - Commitment

and Contingencies to the Consolidated Financial Statements

included in this Form 10-K.

Credit

Administration

and

Credit

Policies

Interest

from our

loan portfolios

is our

principal source

of revenue.

Whenever we

make loans,

we expose

ourselves

credit

risk.

Credit

risk

controlled

and

monitored

through

active

asset

quality

management,

including

the

use

lending

standards,

thorough

review

potential

borrowers

and through

active

asset quality

administration.

Business

activities

that

expose

us to

credit

risk are

managed

within

the

Board

of Director’s

Risk Management policy,

and the Credit Risk Tolerance

Limits policy,

which establishes

limits

that

consider

factors

such

as maintainin

a prudent

balance

of risk-taking

across

diversified

risk types

and business

units,

compliance

with regulator

guidance,

and

controlling

the

exposure

to lower

credit

quality

assets.

We maintain

comprehensive

credit policies

for all lines of

business in order

to mitigate credit

risk. Our credit

policies

are

approved by

our Board

of Directors.

These policies set

forth,

among

other

things,

the objectives, scope and

responsibilities of the

credit

management cycle.

Our

internal

written

procedures

establish

underwriting

standards

and

procedures

for

monitoring

and

evaluating

loan

portfolio

quality

and

require

prompt

identificatio

and

quantificatio

asset

quality

deterioration

potential

loss

to provide for the adequacy of the allowance for credit losses. These written procedures establish various approval and lending

limit levels,

ranging

from

bank

branch

or departmen

officers

to managerial

and senior

management

levels.

Approval

levels

are

primarily

determined

by the

amount, type

of loan and

risk characteristics

of the credit

facility.

Our

credit

policies

and

procedures

establish

documentation

requirements

for

each

loan

and

collateral

type,

when

applicable,

during

the

underwriting,

closing

and

monitoring

phases.

For

commercial

and

construction

loans,

during

the

initial

loan

underwriting

process,

the

credit

policies

require,

minimum,

historical

financial

statements

tax

returns

the

borrower,

an analysis

of financial

information

contained

credit

approval

package,

risk

rating

determination

and

reports

from

credit

agencies

and appraisal

for

real

estate-related

loans when applicable

The credit

policies

also

set

forth

the

required

closing

documentation

depending

on the

loan

and the

collateral

type.

Although

we originate

most

of our

loans

internally

in both

the Puerto

Rico

and mainland

United

States

markets,

occasionally

purchase

or participate

in loans

originated

by other

financial

institutions.

When we

purchase

or participate

in loans

originated by

others, we ensure

that those loans

meet our underwriting

standards and

are consistent

with our risk

appetite.

Refer

the

Credit

Risk

section

the

MD&A

included

this

Form

10-K

for

information

management

committees and divisions with responsibilities for establishing

policies and monitoring the Corporation’s credit risk.

Loan

extensions

renewals

and restructurings

Loans with

satisfactory

credit profiles

can be

extended, renewed

or restructured

Some commercia

loan facilities

are

structured

as lines

of credit, which

are mainly

one year

in term

and therefore

are required

to be renewed

annually.

Other

facilities

may be restructure

or extended

from time

to time based

upon changes

in the

borrower’s

business

needs,

use

funds,

timing

completion

projects

and

other

factors.

the

borrower

not

deemed

have

financial

difficulties

extensions,

renewals

and restructurings

are done

in the

normal

course

of busines

and the

loans

continue

to be recorde

as performing.

evaluate

various

factors

determine

borrower

experiencing

financial

difficulties.

Indicators

that

the

borrower

experiencing

financial difficultie

include,

for example:

(i)

the borrower

is currently

in default on any

of its debt

or it is

probable tha

the borrower

would be

in payment

default on

any of

its debt

in th

foreseeable

future

without

the modification

;

(ii)

the

borrower

has declare

or is in

the

process

of declarin

bankruptcy;

(iii)

there

is significan

doubt

as to whether

the

borrower

will

continue

going

concern;

(iv)

the

borrower

has

securities

that

have

been

delisted,

are

the

process

being

delisted,

are

under threa

of bein

delisted

from

an exchange

;

(v) based

on estimates

and projection

that

only

encompass

the

current

business

capabilities

the

borrower

forecasts

that

its

entity-specifi

cash

flows

will

insufficien

service

the

debt

(both

interest

and

principal)

accordance

with

the

contractual

terms

the

existing

agreement

through

maturity;

and

(vi)

absent

the

current

modification,

the

borrower

cannot

obtain

funds

from

sources

other

than

the

existing

creditors

effective

interest

rate

equal to the current market

interest

rate for similar

debt for a non-troubled

debtor.

have

specialized

workout

officers

who

handle

the majority

commercial

loans

that

are

past

due

days

and

over,

borrowers

experiencing

financial

difficulties

and loans

that

are considered

problem loans

based on

their risk

profile. As

general

policy,

not

advance

additional

money

borrowers

who

have

loans

that

are

days

past

due

over.

commercial

and

construction

loans,

certain

exceptions

may

be approved

under

certain

circumstances,

including

(i) when

past

due

status

is administrativ

in nature,

such

as expiration

of a loan

facility

before

the

new documentatio

is executed,

and not as

a result

of paymen

or credit

issues;

(ii) to

improve

our collateral

position

otherwise

maximize

recovery

mitigate

potential

future

losses;

and

(iii)

with

respect

certain

entities

that,

although

through

common

ownership,

are

not

cross

defaulted

nor

cross-collateralized

and

are

performing

satisfactorily

under

their

respective

loan

facilities.

Such

advances

are

underwritten

and

approved

following

our

credit

policy

guidelines

and

limits,

which

are

dependent

the

borrower’s

financial

condition,

collateral

and guarantee,

among

others.

In addition

to the legal

lending limit

established under

applicable

state banking

law, discusse

in detail

below,

business

activities

that

expose the

Corporation to

credit

risk

are managed

within

guidelines described

in the

Credit

Risk Tolerance

Limits

policy.

Limits are defined for

loss and credit

performance metrics, portfolio composition and

concentration, and industry and

name-

level,

which

monitors

lending

concentration

single

borrower

group

borrowers,

including

specific

lending

limits

based

on industr

or other

criteria,

such

as a percentage

of the

banks’

capital.

Refer to Note 2 and Note 8 to the Consolidated Financial Statements included

in this Form 10-K, for additional information

on loan modifications to borrowers with financial difficulties.

Competition

The

financial

services

industry

which

operate

highly

competitive.

Puerto

Rico,

our

primary

market,

the

banking

business

highly

competitive

with

respect

originatin

loans,

acquiring

deposits

and

providing

other

banking

services.

Most

our

direct

competitio

for

our

products

and

services

comes

from

commercial

banks and

credit unions.

The

principal

competitors

for

BPPR

include

locally

based

commercial

banks

and

few

large

U.S.

and

foreign

banks

with

operations in Puerto Rico.

also

compete

with

specialized

players

in th

local

financial

industry

that

are

not

subject

the

same

regulatory

restrictions

as domestic

banks

and bank holdin

companies.

Those

competitors

include

brokerage

firms,

mortgage

companies,

insurance

companies,

automobile

and

equipment

finance

companies,

local

and

federal

credit

unions

(locally

known

“cooperativas”),

credit car

companies,

consumer

finance

companies,

institutional

lenders,

and other

financial

and non-financia

institutions

and entities.

Credit

unions

generally

provide

basic consume

financial

services and collectively

represent a

significant

portion of the

market with

a lower cost structure

and fewer regulatory

constraints.

While our main competition continues to come from other Puerto Rico banks and financial institutions, we face increased

competition from non-Puerto

Rico institutions, as

emerging technologies and

the growth

of e-commerce have

significantly reduced

geographic barriers. These technologies have

also made it easier

for non-depositary institutions to

offer products and

services that

were

traditionally

considered

banking

products

and

have

allowed

non-traditional

financial

service

providers

and

technology

companies

provide

electronic

and

internet-based

financial

solutions

and

services.

addition,

nonbank

firms

may

have

competitive advantage over

traditional banks

and bank

holding companies,

such as

Popular,

due to factors

such as

differences in

regulation, funding models and tax treatment.

the

United

States

continue

face

substantial

competitive

pressure

our

footprint

resides

the

two

large

metropolitan markets of

New York

City /

Northern New Jersey

and the

greater Miami area.

There are a

large number

of banks in

both markets, including community, regional, and national ones, most of which

have more resources than us.

In both

Puerto Rico

and the

United States,

the primary

factors in

competing

for business

include

pricing,

convenience

of branch

locations

and other

delivery

methods,

range of

products offered,

and the

level of

service delivered.

We must

compete

effectively

along

all

these

parameters

successful.

experience

pricing

pressure

some

our

competitors

seek

increase

market

reducing

prices

for

services

the

rates

charged

loans,

increasing

the

interest

rates

offered

deposits

or offering

more flexible

terms. Increased

competition

could require

that we

increase

the rates

offered

on deposits

and

lower the rates

charged on loans,

which could adversely

affect our profitability.

Economic

factors,

along

with

legislative

and

technological

changes,

have

ongoing

impact

the

competitive

environment

within

the financia

services

industry.

We work

to anticipat

and adap

to dynamic

competitive

conditions

whether

through developing

and marketing

innovative

products

and services,

adopting

or developin

new technologie

that

differentiat

our products

and

services,

cross-marketing,

providing

personalized

banking

services.

strive

distinguish

ourselves

from

other

banks

and

financial

services

providers

in our

marketplace

by providin

a high

level

of service

to enhance

customer

loyalty

and to attrac

and retain

business.

However,

we can

provide

no assurance

the

effectiveness

these

efforts

our

future

business

results

operations,

and

our

continued

ability

anticipate

and

adapt

changing

conditions,

and

sufficientl

improve

our

services

and/or

banking

products,

order

successfully

compete

our

primary

service

areas.

Transformation Initiatives

The Corporation

continues

its broad-based

multi-year,

technological

and business

process transformation,

which was

launched

2022.

part

this

transformation,

are

making

significant

investments

technology,

talent

and

new

digital

and

data

capabilities

in order

to provide

our customers

with more

personalized

and accessible

services,

increase

employee

performance

and satisfaction

with more agile

work processes,

and generate sustainable

profitable growth

and value for our

shareholders.

During

2025,

the

Corporation

continued

make

meaningful

progress

the

modernization

our

customer

channels

and

enhancement

of our customers'

experience.

For example,

we started

the rollout

of a commercial

cash management

solution

and

deployed

a new

consumer

credit

origination

platform

in Puerto

Rico

and the

Virgin

Islands.

also

continued

invest

in our

physical

retail

network

and

executed

a series

efficiency

initiatives,

including

exiting

our

U.S.

mortgage

business,

optimizing

mortgage

servicing

operations

in Puerto

Rico,

and transforming

our Enterprise

Resource

Planning

(ERP)

platform

to a

modern

cloud-based solution

implemented

in January 2026

connection

with

the

Corporation’s

transformation

initiatives,

the

Corporation

working

achieve

sustainable

return

tangible

common

equity

(“ROTCE”)

14%

over

the

long

term.

The

Corporation

made

progress

towards

this

goal

2025,

achieving 13%

ROTCE for the full

year.

Refer

the

Overview

section

Management’s

Discussion

and

Analysis

included

in this

Form

10-K

for

information

recent

significant

events that have

impacted or

will impact

our current and

future operations.

Human Capital Management

Popular seeks

to embody our

values and

behaviors throughout

our human capital

management practices.

Attracting,

developing,

and retaining

top talent

in an

environment

that promotes

wellness, inclusion,

respect, continuous

learning,

and transparency

are

fundamental

pillars of

the Corporation’s

long-term strategy.

As of December

31, 2025, Popular

employed 9,427

individuals,

none

of whom were

represented

by a collective

bargaining group.

Nurturing Well

-Being: Employee

Health & Financial

Security

Popular

believes

that the

health and

financial

wellness

of our

employees

is fundamental

to delivering

high-quality

service

to our

customers

and

contributing

positively

the

communities

which

operate.

Accordingly,

the

Corporation

offers

comprehensive

health and

wellness program

that includes

medical, pharmacy,

vision, and

dental insurance,

as well as additional

wellness initiatives.

Our programs

are designed

to ensure that

healthcare is

both accessible

and affordable

for our employees,

with Popular covering

up to 78%

of health

insurance premiums,

a figure that

surpasses regional

benchmarks.

In 2025,

we strengthened

our health

and

wellness

offerings

by opening

a state-of-the-art

fitness center

in our San

Juan, Puerto

Rico campus,

to encourage

an active

and

balanced

lifestyle.

As of

December

2025,

the fitness

center

had

a total

of 2,030

members,

including

active

employees,

eligible

family members

and retirees.

Additionally,

the

Corporation

promotes

employee

health

and

well-being

encouraging

annual

physical

examinations

and

operating

a comprehensive

health and

wellness center

at its Puerto

Rico corporate

offices, staffed

with healthcare

providers and

enhanced

the

addition

on-site

psychologist

provide

mental

health

support.

The

center

received

over

15,000

visits

from employees

during 2025.

Popular

also seeks

to foster

work-life

balance

by offering

paid time

off

benefits

to our

employees,

including

community

service

leave,

paid

parental

leave,

and

flexible

work

arrangements.

Our

hybrid

work

model,

available

approximately

half

our

workforce,

designed

strike

appropriate

balance

between

employee

flexibility

and

business

needs,

reinforcing

our

commitment

a flexible

and

productive

work

environment.

addition,

we regularly

offer

activities

and

workshops

focused

physical fitness

and personal financial

management.

Popular

further

offers

a 401(k)

savings

and

investment

plan,

which

98%

employees

participate.

Under

the

plan,

Popular

matches

$0.50 for

every

dollar

contributed

by an

employee,

up to

8% of

the employee’s

salary.

Moreover,

Popular

maintains

profit-sharing

plan, contingent

upon the

achievement

of pre-established

financial

goals, to

further

align employee

compensation

with

the

Corporation’s

overall

performance.

Under

the

profit-sharing

plan,

employees

may

receive

their

eligible

compensation

(capped

at $70,000),

with the

first

4% paid

in cash

and any

amount

above that

threshold

paid to

the employee’s

savings

and

investment

plan

account.

Additionally,

Popular

regularly

reviews

employees’

base

compensation

remain

competitive

with market salaries

for comparable

positions.

Empowering Growth:

Our Commitment

to Talent

Developmen

are committed

to fostering

the continuous

development

and upskilling

of our

employees

and

believe

this

is fundamental

maintaining

our competitive

advantage.

Towards

that end,

Popular

offers

development

opportunities

designed

to strengthen

our

employees’

knowledge,

capabilities

and

skills,

supporting

their

personal

growth

while

enhancing

Popular’s

business

strategies

and organizational

effectiveness.

Our 40,000

square foot

development

center in

San Juan,

Puerto Rico,

and our satellite

facilities

in New York,

South Florida,

and

the

Virgin

Islands,

offer

year-round

training

sessions,

activities

and

workshops.

2025,

there

were

approximately

6,700

registered

participations

in corporate

academy

voluntary

courses,

new

employee

orientations,

health

coordinator

certifications,

and

manager

onboarding

programs—an

increase

approximately

2,500

compared

the

participation

levels

2024.

These

courses

offer

instructor-led

training

experiences

for

employees

develop

and

apply

critical

core

and

technical

skills.

Our

commitment

continuous

learning

further

supported

through

employee

access

Learning,

which

provides

extensive

library

over

16,000

e-learning

courses,

enabling

employees

pursue

self-directed

learning

aligned

with

both

professional

development goals

and business

needs.

Our

focus

training

and

development

has

provided

internal

growth

opportunities

for

our

workforce.

result,

the

Corporation’s

internal

mobility

rate in

2025 was

47%, reflecting

employees

who applied

for or

were selected

for open

positions,

received

promotions,

or made

lateral

moves

within

the

organization.

Additionally,

we continued

strengthening

key skills

across

accelerated

development

programs

focused

data

science,

agile

methodologies,

analytics,

process

efficiency,

and

product

management.

During

2025,

approximately

400

employees

participated

in these

programs,

further

enhancing

the

organization’s

talent.

During

2025,

Popular

successfully

implemented

the Executive

Development

Program,

engaging

over

80 executive

leaders

in a

comprehensive

initiative

focused

on strengthening

key

behaviors,

including

agility,

accountability,

collaboration,

and leadership

mindset,

aligned

with

our

company

values.

addition,

introduced

the

Middle

Management

Development

Program,

a two-

year

development

journey

for

over

1,700

leaders

designed

reinforce

alignment

with

the

Corporation’s

values

and

expected

behaviors

while

fostering

sustainable

organizational

transformation.

Furthermore,

we provided

our

leaders

with

advanced

tools

to support more

effective and

impactful performance

discussions.

Our

organizational

effectiveness

strategy

was

crucial

advancing

organizational

development

through

targeted

initiatives,

including

assessments,

team

integration

activities,

new

manager

integration

facilitations,

and

team

alignment

sessions.

These

efforts

are

designed

foster

cohesive,

agile,

and

adaptable

workforce

capable

supporting

the

Corporation’s

evolving

business objectives.

Enhancing Leadership

Continuity through

Strategic Succession

Planning

Popular’s

business

strategy

integrates

succession

planning

ensure

effective

and

orderly

leadership

transitions.

Succession

plans

for senior

management

are

developed

by the

Chief

Executive

Officer

and

presented

to the

Board

of Directors.

Popular’s

succession

planning

also

leverages

our

Executive

Talent

Management

Program

identify

high-potential

and

high-performing

managers,

providing

them

with

targeted

learning

opportunities

enhance

their

skills

and

prepare

them

for

future

senior

management positions.

Employee Experience

Popular

committed

providing

exceptional

employee

experience

that

inspires

our

employees

deliver

outstanding

service

our

customers

and

communities.

recognize

the

evolving

nature

our

employees’

needs

and

expectations

and

have

robust

approach

measuring

and

understanding

their

journey.

Our

employee

engagement

and

experience

survey

program

includes

biannual

pulse surveys,

an annual

enterprise-wide

survey,

and additional

surveys

that assess

the end

-to-end

employee

journey.

We believe

that these

insights

contributed

to our

ability

to maintain

a stable

employee

turnover

rate of

8.5%

the

end

2025.

Furthermore,

our

employee-experience

efforts

are

reflected

record

participation

rate

77%

and

sustained

employee-loyalty

score of

81%, positioning

us above

the 50th

percentile

of the Qualtrics

global benchmark

and above

the financial

services industry

average benchmark.

Board Oversight

in Human Capital

The

Talent

and

Compensation

Committee

the

Corporation’s

Board

Directors

has

oversight

responsibility

for

the

Corporation’s

human

capital

management

practices.

part

its

responsibilities,

the

Talent

and

Compensation

Committee

reviews

and

advises

management

the

Corporation’s

overall

compensation

philosophy,

programs

and

policies,

and

the

Corporation’s

talent

acquisition

and

development,

workforce

engagement,

succession

planning,

and

corporate

culture,

among

other human capital

matters.

encourage

you

review

our Corporate

Sustainability

Report

published

on www.popular.com

for more

detailed

information

regarding

the Corporation’s

human capital

management

programs

and initiatives.

The information

on the

Corporation’s

website,

including

the

Corporation’s

Corporate

Sustainability

Report,

not,

and

will

not

deemed

be,

part

this

Form

10-K

incorporated

into any of the

Corporation’s

filings with

the SEC.

Regulation and Supervision

Described below are the material elements of selected laws and regulations applicable to Popular, Popular North America

(“PNA”)

and

their

respective

subsidiaries.

Such

laws

and

regulations

are

continually

under

review

Congress

and

state

legislatures

and

federal

and

state

regulatory

agencies.

Any

change

the

laws

and

regulations

applicable

Popular

and

its

subsidiaries could have a material effect on the

business of Popular and its subsidiaries. We will continue to

assess our businesses

and risk management and compliance practices

to conform to developments in the regulatory

environment.

General

Popular and PNA are bank holding companies subject to consolidated supervision and

regulation by the Federal Reserve

Board under

the Bank

Holding Company Act

of 1956

(as amended, the

“BHC Act”). BPPR

and PB

are subject to

supervision and

examination by applicable

federal and state

banking agencies including,

in the

case of BPPR,

the Federal Reserve

Board and the

Office of

the Commissioner

of Financial

Institutions of

Puerto Rico

(the “Office

of the

Commissioner”), and, in

the case

of PB,

the

Federal

Reserve

Board

and

the

New

York

State

Department

Financial

Services

(the

“NYSDFS”).

Popular’s

broker-dealer

investment adviser

subsidiary,

Popular Securities,

LLC (“PS”)

and investment

adviser subsidiary

Popular Asset

Management LLC

(“PAM”)

are subject

regulation by

the SEC,

the Financial

Industry

Regulatory Authority

(“FINRA”), and

the Securities

Investor

Protection Corporation, among others. Other of our non-bank subsidiaries conduct reinsurance and

insurance producer and agency

activities, which are

subject to other

federal, state and

Puerto Rico laws

and regulations as

well as licensing

and regulation by

the

Puerto Rico Office of the Commissioner of Insurance and,

for one insurance agency subsidiary, the NYSDFS.

Enhanced Prudential Standards

Under

the

Dodd-Frank

Wall

Street

Reform

and

Consumer

Protection

Act

(the

“Dodd-Frank

Act”),

modified

the

Economic

Growth,

Regulatory

Relief,

and

Consumer

Protection

Act

and

the

federal

banking

regulators’

2019

“Tailoring

Rules,”

banking

organizations are

categorized based

on status

a U.S.

G-SIB,

size

and four

other risk-based

indicators. Among

bank

holding companies with $100

billion or more in

total consolidated assets, the

most stringent standards apply

to U.S. G-SIBs,

which

are subject to Category I standards,

and the least stringent standards apply to Category IV organizations, which have between $100

billion and $250 billion in total consolidated assets and less than $75 billion in all four other risk-based indicators and

which are also

not U.S. G-SIBs. Bank holding companies with total consolidated assets of $50 billion or more are subject to risk committee and risk

management requirements. As of December 31, 2025,

Popular had total consolidated assets of $75.3 billion.

Transactions with Affiliates

BPPR

and

are

subject

restrictions

that

limit

the

amount

extensions

credit

and

certain

other

“covered

transactions” (as defined in Section

23A of the Federal

Reserve Act) between BPPR or

PB, on the

one hand, and Popular,

PNA or

any

our

other

non-banking

subsidiaries,

the

other

hand,

and

that

impose

collateralization

requirements

such

credit

extensions. A bank may not engage in any covered transaction if the aggregate amount of the bank’s covered transactions with that

affiliate would exceed 10% of

the bank’s capital stock and

surplus or the aggregate amount of

the bank’s covered transactions with

all non-bank affiliates would exceed 20%

of the bank’s capital stock and

surplus. In addition, any transaction between BPPR

or PB,

on the one

hand, and Popular,

PNA or any

of our other

non-banking subsidiaries, on

the other,

is required to

be carried out

on an

arm’s length basis.

Source of Financial Strength

The

Dodd-Frank Act

requires bank

holding companies,

such

as Popular

and

PNA, to

act

a source

financial

and

managerial strength to their subsidiary banks. Popular

and PNA are expected to commit resources

to support their subsidiary banks,

including at times when Popular

and PNA may not be

in a financial position to

provide such resources. Any capital loans

by a bank

holding company

to any

of its

subsidiary depository

institutions are

subordinated in

right of

payment to

depositors and

to certain

other indebtedness of such subsidiary depository institution. In the

event of a bank holding company’s bankruptcy,

any commitment

the

bank

holding

company

federal

banking

agency

maintain

the

capital

subsidiary

depository

institution

will

assumed by

the bankruptcy

trustee and

entitled to

a priority

of payment.

BPPR and

PB are

currently the

only insured

depository

institution subsidiaries of Popular and PNA.

Resolution Planning and Resolution-Related Requirements

bank holding

company with

$250 billion

or more

in total

consolidated assets

(or that

is a

Category III

firm based

certain risk-based indicators described in the Tailoring

Rules) is required to report periodically to the FDIC

and the Federal Reserve

Board

such

company’s

plan

for

its

rapid

and

orderly

resolution

the

event

material

financial

distress

failure.

addition,

insured depository institutions with total

assets of $50 billion or

more are required to

submit to the FDIC

periodic contingency plans

for

resolution

the

event

the

institution’s

failure.

June

2024,

the

FDIC

finalized

amendments

the

resolution

planning

requirements for insured depository institutions with

$50 billion or more in

total assets. The amendments require insured

depository

institutions with

between $50

billion and $100

billion in

assets to submit

informational filings on

a three-year cycle,

with an

interim

supplement updating key information submitted in the off years. These amendments

became effective October 1, 2024, and BPPR’s

first submission under the new rule is due by

April 1, 2026.

On August

29, 2023,

the Federal

Reserve Board,

FDIC and

Office of

the Comptroller

of the

Currency (“OCC”)

issued a

proposed

rule

that

would

require

bank

holding

companies

and

insured

depository

institutions

with

$100

billion

consolidated assets (as well as their insured depository institution affiliates) to maintain minimum

amounts of eligible long-term debt

(generally, debt

that is unsecured, has

a maturity greater than one

year from issuance and satisfies

additional criteria), subject to a

three-year phase-in

period. The

proposal would

also apply

“clean holding

company” requirements

to Category

II through

IV bank

holding companies,

which would,

among other

things, prohibit

those holding

companies from

entering into

derivatives and

certain

other financial

contracts with

third parties.

As of

December 31,

2025, Popular,

PNA, BPPR

and PB’s

total assets

were below

the

thresholds for applicability

of these rules,

except that BPPR

is subject to

the FDIC’s resolution

planning requirements applicable to

insured depository institutions with more than $50

billion but less than $100 billion in assets.

FDIC Insurance

Substantially all the deposits of BPPR and PB are insured up to applicable limits by the Deposit Insurance Fund (“DIF”) of

the

FDIC,

and

BPPR

and

are

subject

FDIC

deposit

insurance

assessments

maintain

the

DIF.

Deposit

insurance

assessments are

based on

the average

consolidated total

assets of

the insured

depository institution

minus the

average tangible

equity of the institution during the assessment period. For larger

depository institutions with over $10 billion in assets,

such as BPPR

and PB, the FDIC uses a “scorecard” methodology, which considers CAMELS ratings, among

other measures, that seeks to capture

both the probability that an individual large institution will

fail and the magnitude of the impact on the DIF

if such a failure occurs. The

FDIC has the ability

to make discretionary adjustments to the

total score based upon significant

risk factors that are not

adequately

captured in the calculations. The initial base deposit insurance assessment rate for larger depository institutions ranges from 3 to 30

basis

points

annualized

basis.

Taking

into

account the

adjustments the

FDIC

may

make

the

base

rate,

the

total

base

assessment rate could range from 1.5 to 40 basis points

on an annualized basis.

October

2022,

the

FDIC

finalized

rule

that

increased

initial

base

deposit

insurance

assessment

rates

basis

points, beginning with the first quarterly assessment period of 2023. The FDIC, as required under the Federal Deposit Insurance Act

(“FDIA”), established

a plan

in September

2020 to

restore the

DIF reserve

ratio to

meet or

exceed the

statutory minimum

of 1.35

percent within

eight years. The

increased assessment is

intended to improve

the likelihood that

the DIF

reserve ratio would

reach

the required minimum by the statutory deadline

of September 30, 2028.

As of December 31, 2025, BPPR and

PB had a DIF average total asset

less average tangible equity assessment base of

$69 billion.

November 16,

2023,

the

FDIC finalized

rule

that

imposes

a special

assessment to

recover the

costs to

the

DIF

resulting

from

the

FDIC’s

use,

March

2023,

the systemic

risk

exception to

the

least-cost resolution

test

under the

FDIA

connection with the

receiverships of Silicon

Valley Bank

and Signature Bank.

The FDIC estimated

in approving the

rule that those

assessed losses total $16.3 billion. The rule provides

that this loss estimate will be periodically adjusted,

which will affect the amount

the special

assessment. Under

the rule,

the assessment

base is

the

estimated uninsured

deposits that

an insured

depository

institution reported in its Consolidated Reports of Condition and Income (“Call Report”) at December 31, 2022,

excluding the first $5

billion

in estimated

uninsured deposits.

For

a holding

company

that

has

more than

one

insured depository

institution subsidiary,

such as Popular,

the $5 billion

exclusion is allocated

among the company’s

insured depository institution subsidiaries

in proportion

to each

insured depository

institution’s estimated

uninsured deposits.

The special

assessments were

to be

collected at

an annual

rate of approximately 13.4 basis points per

year (3.36 basis points per quarter) over

eight quarters,

with the first assessment period

having begun

January 1,

2024. In

June 2024,

due to

the increase

in the

estimate of

losses, the

FDIC announced that

it projected

that the special

assessment would be collected

for an additional

two quarters beyond the

initial eight quarter collection

period, at a

lower rate.

In December

2025, the

FDIC reduced

the rate

at which

the assessment

is collected,

with an

invoice payment

date of

March 30, 2026, from 3.36 basis points to

2.97 basis points,

and also reduced the collection period back

to eight quarters.

Brokered Deposits

The FDIA

and regulations

adopted thereunder

restrict the

use of

brokered deposits

and the

rate of

interest payable

deposits for institutions

that are less

than well capitalized.

Popular does not

believe the brokered

deposits regulations have

had or

will have a material effect on the funding or liquidity

of BPPR and PB.

Capital Adequacy

Popular, PNA,

BPPR and PB are

each required to comply

with applicable capital adequacy standards

established by the

federal

banking

agencies

(the

“Capital

Rules”),

which

implement

the

Basel

III

framework

set

forth

the

Basel

Committee

Banking Supervision (the “Basel Committee”) as

well as certain provisions of the Dodd-Frank

Act.

Among other

matters, the

Capital Rules:

(i) impose

a capital

measure called

“Common Equity

Tier

1” (“CET1”)

and the

related regulatory capital ratio of CET1 to risk-weighted assets; (ii) specify that Tier 1 capital consists of CET1 and “Additional Tier 1

capital” instruments meeting

certain revised requirements;

and (iii) mandate

that most deductions/adjustments to

regulatory capital

measures be made

to CET1

and not to

the other components

of capital.

Under the Capital

Rules, for most

banking organizations,

including

Popular,

the

most

common

form

Additional

Tier

capital

non-cumulative

perpetual preferred

stock

and

the

most

common form of Tier

2 capital is subordinated notes and

a portion of the

allocation for loan and lease losses,

in each case, subject

to the Capital Rules’ specific requirements.

Pursuant to the Capital Rules, the minimum

capital ratios are:

4.5% CET1 to risk-weighted assets;

6.0% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk-weighted

assets;

8.0% Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets; and

4% Tier 1 capital to average consolidated assets as reported

on consolidated financial statements (known

as the

“leverage ratio”).

The Capital Rules also impose

a “capital conservation buffer,”

composed entirely of CET1, on top

of these minimum risk-

weighted

asset

ratios. The

capital

conservation

buffer

designed

absorb

losses

during

periods

economic stress.

Banking

institutions

with

ratio

CET1

risk-weighted

assets

above

the

minimum

but

below

the

capital

conservation

buffer

will

face

constraints on

dividends, equity repurchases

and compensation based

on the

amount of

the shortfall and

eligible retained

income

(that is, four

quarter trailing net income, net

of distributions and tax effects

not reflected in net

income). Popular, BPPR

and PB are

therefore required to maintain such additional capital

conservation buffer of 2.5% of CET1,

effectively resulting in minimum ratios of

(i) CET1

to risk-weighted

assets of

at least

7%, (ii)

Tier

1 capital

to risk-weighted

assets of

at least

8.5%, and

(iii) Total

capital to

risk-weighted assets of at least 10.5%.

Pursuant

the

Capital

Rules,

the

effects

certain

accumulated other

comprehensive income

loss

(“AOCI”)

items

included in stockholders’ equity

(for example, marks-to-market of securities

held in the available

for sale portfolio) are

not excluded

from

regulatory

capital

ratios;

however,

banking

organizations

that

are

not

subject

more in

assets, including

Popular,

BPPR and

PB, may

make a

one-time

permanent election to continue to

exclude these items. Popular,

BPPR and PB have

made this election in order

to avoid significant

variations in

the level

of capital

depending upon

the impact

of interest

rate fluctuations

on the

fair value

of their

available for

sale

securities portfolios.

On July

27, 2023,

the federal

banking regulators

proposed revisions

to the

Capital Rules

to implement

the

Basel Committee’s 2017 standards, described

below, and make

other changes to the

Capital Rules, including the ability

of banking

organizations in Categories III and IV to elect not to recognize most elements of AOCI in regulatory capital. The proposal introduces

revised credit risk, equity risk, operational risk, credit valuation adjustment risk and market risk requirements, among other changes.

However, the

revised capital requirements

of the

proposed rule would

not apply

to Popular,

BPPR, or

PB because

they have

less

than $100 billion in total consolidated assets and trading

assets and liabilities below the threshold for market risk requirements. The

federal

banking

regulators have

subsequently indicated

that

they

expect to

issue

revised

proposal, the

timing

and contents

which are uncertain.

The

Capital

Rules

preclude certain

hybrid

securities, such

trust

preferred

securities, from

inclusion

bank

holding

companies’

Tier

capital.

Trust

preferred

securities

not

included

Popular’s

Tier

capital

may

nonetheless

included

component of

Tier 2 capital.

Popular has

not issued

any trust

preferred securities since

May 19,

2010. As

of December

31, 2025,

Popular has

$193 million

of trust

preferred securities

outstanding which

no longer

qualify for

Tier

1 capital

treatment, but

instead

qualify for Tier 2 capital treatment.

The Capital Rules also provide for a number of deductions

from and adjustments to CET1.

Banking organizations that are

not subject to Category

I or II standards

are subject to rules that

provide for simplified capital requirements relating

to the threshold

deductions

for

certain

mortgage

servicing

assets,

deferred

tax

assets,

investments

the

capital

unconsolidated

financial

institutions and inclusion of minority interests

in regulatory capital.

Failure

meet

capital

guidelines

could

subject

Popular

and

its

depository

institution

subsidiaries

variety

enforcement remedies, including the termination of deposit insurance by the FDIC

and to certain restrictions on our business. Refer

to “Prompt Corrective Action” below for further

discussion.

December 2017,

the Basel

Committee published

standards that

described as

the finalization

of the

Basel III

post-

crisis regulatory

reforms. Among other

things, these

standards revise

the Basel

Committee’s standardized approach

for credit

risk

(including

recalibrating

risk

weights

and

introducing

new

capital

requirements

for

certain

“unconditionally

cancellable

commitments,” such

unused credit

card

lines of

credit) and

provide

a new

standardized approach

for operational

risk capital.

Under the current U.S. capital rules, operational risk capital requirements and a capital floor apply only to Category I and Category II

banking organizations and not to Popular, BPPR and PB.

In 2020, federal bank regulators adopted a rule

that allowed banking organizations to elect to delay

temporarily the

estimated effects of adopting the Current Expected Credit

Loss (“CECL”) model of ASU 2016-13 on regulatory

capital until January

2022 and subsequently to phase in the effects through

January 2025. The Corporation’s capital ratios

at December 31, 2025 reflect

the full phased in impact from the adoption of CECL.

Refer to

the Consolidated

Financial Statements

in this

Form 10-K.,

Note 20

and Table

10 of

Management’s Discussion

and Analysis for the

capital ratios of Popular,

BPPR and PB

under Basel III. Refer

to the Consolidated Financial Statements

in this

Form 10-K Note 2 for more information regarding

CECL.

Prompt Corrective Action

The

FDIA

requires,

among

other

things,

the

federal

banking

agencies

take

prompt

corrective

action

respect

insured

depository

institutions

that

not

meet

minimum

capital

requirements.

The

FDIA

establishes

five

capital

tiers:

“well

capitalized,”

“adequately

capitalized,”

“undercapitalized,”

“significantly

undercapitalized,”

and

“critically

undercapitalized”.

depository institution’s capital tier will depend upon how its

capital levels compare with various relevant capital

measures and certain

other factors.

An insured

depository institution will

be deemed

to be

(i) “well

capitalized” if

the institution

has a

total risk-based

capital

ratio of 10.0% or greater, a CET1 capital ratio of 6.5%

or greater, a Tier 1

risk-based capital ratio of 8.0% or greater, and a leverage

ratio of 5.0% or

greater, and is

not subject to any order

or written directive by

any such regulatory authority to

meet and maintain a

specific capital level for any capital

measure; (ii) “adequately capitalized” if the institution

has a total risk-based capital ratio

of 8.0%

or greater, a

CET1 capital ratio of 4.5%

or greater, a

Tier 1 risk-based capital

ratio of 6.0% or greater,

and a leverage ratio of

4.0%

or greater

and is

not “well

capitalized”; (iii)

“undercapitalized” if

the institution

has a

total risk-based

capital ratio

that is

less than

8.0%, a CET1 capital

ratio less than 4.5%,

a Tier 1

risk-based capital ratio of

less than 6.0% or

a leverage ratio of

less than 4.0%;

(iv) “significantly

undercapitalized” if

the institution

has a

total risk-based

capital ratio

of less

than 6.0%,

a CET1

capital ratio

less

than 3%, a Tier

1 risk-based capital ratio of less than 4.0% or

a leverage ratio of less than 3.0%;

and (v) “critically undercapitalized”

the

institution’s

tangible

equity

equal

less

than

2.0%

average

quarterly

tangible

assets.

institution

may

downgraded to, or deemed

to be in, a

capital category that is

lower than indicated by

its capital ratios if

it is determined to

be in an

unsafe

unsound

condition

receives

unsatisfactory

examination

rating

with

respect

certain

matters.

insured

depository institution’s capital category is determined solely for the purpose of applying prompt corrective action

regulations, and the

capital category

may not

constitute an

accurate representation

of the

institution’s overall

financial condition

or prospects

for other

purposes.

The FDIA generally prohibits an insured depository institution from making any capital

distribution (including payment of a

dividend) or

paying any

management fee to

its holding

company, if

the depository

institution would thereafter

be undercapitalized.

Undercapitalized

depository

institutions

are

subject

restrictions

borrowing

from

the

Federal

Reserve

System.

addition,

undercapitalized

depository

institutions

are

subject

growth

limitations

and

are

required

submit

capital

restoration

plans.

depository institution’s

holding company must

guarantee the capital

restoration plan, up

to an

amount equal to

the lesser

of 5%

the

depository

institution’s

assets

the

time

becomes

undercapitalized

the

amount

the

capital

deficiency,

when

the

institution fails to comply with the

plan. The federal banking agencies may not

accept a capital restoration plan without determining,

among other things,

that the plan

is based

on realistic assumptions

and is

likely to succeed

in restoring the

depository institution’s

capital. If a depository institution fails to submit an

acceptable plan, it is treated as if it is

significantly undercapitalized.

Significantly

undercapitalized

depository

institutions

may

subject

number

requirements

and

restrictions,

including orders to

sell sufficient voting

stock to become

adequately capitalized, requirements to

reduce total assets

and cessation

of receipt

of deposits

from correspondent

banks. Critically

undercapitalized depository

institutions are

subject to

appointment of

receiver or conservator.

The capital-based prompt

corrective action provisions

of the FDIA

apply to

the FDIC-insured depository

institutions such

BPPR

and

PB,

but

they

are

not

directly

applicable

holding

companies

such

Popular

and

PNA,

which

control

such

institutions. As of December 31, 2025,

both BPPR and PB met the quantitative requirements

for ‘well capitalized’ status.

Restrictions on Dividends and Repurchases

The

principal

sources

funding

for

Popular

and

PNA

have

included

dividends

received

from

their

banking

and

non-

banking subsidiaries, asset sales

and proceeds from

the issuance of

debt and equity.

Various statutory

provisions limit the amount

dividends an

insured depository

institution may

pay to

its

holding company

without regulatory

approval. A

member bank

must

obtain the approval of the

Federal Reserve Board for any

dividend, if the total of

all dividends declared by the

member bank during

the calendar year would exceed the total of its net income for that year,

combined with its retained net income for the preceding two

years, after

considering those

years’ dividend

activity,

less any

required transfers to

surplus or

to a

fund for

the retirement

of any

preferred stock. During the year

ended December 31, 2025, BPPR declared

cash dividends of $575

million, a portion of

which was

used by Popular for the payments of the cash dividends on its

outstanding common stock. At December 31, 2025, BPPR needed to

obtain prior approval of the Federal Reserve Board before declaring a dividend

in excess of $191 million due to its

retained income,

declared dividend activity and transfers to statutory reserves over the three years ended December 31, 2025. In addition, a member

bank may

not declare

or pay

a dividend

in an

amount greater

than its

undivided profits

as reported

in its

Report of

Condition and

Income, unless the member bank has received the approval of

the Federal Reserve Board. A member bank also may not permit

any

portion of its permanent capital to

be withdrawn unless the withdrawal has

been approved by the Federal Reserve Board.

Pursuant

these

requirements, PB

may

not

declare

pay

dividend without

the

prior

approval

the

Federal

Reserve

Board

and

the

NYSDFS.

During the

year ended

December 31,

2025, Popular

received cash

dividends of

$23 million

from Popular

International

Bank, Inc. (“PIBI”) and $22 million from its other

non-banking subsidiaries.

It is Federal Reserve Board policy that bank holding companies generally should pay dividends on common

stock only out

of net

income available to

common shareholders

over the past

year and

only if

the prospective rate

of earnings retention

appears

consistent with the organization’s current and

expected future capital needs, asset quality

and overall financial condition. Moreover,

under Federal Reserve Board policy, a bank

holding company should not maintain dividend levels that place undue pressure on the

capital of depository

institution subsidiaries or that

may undermine the bank

holding company’s ability to

be a source

of strength to

its

banking subsidiaries.

Federal Reserve

policy

also

provides that

bank

holding company

should

inform

the

Federal

Reserve

reasonably in advance of declaring or paying a dividend that

exceeds earnings for the period for which the dividend is

being paid or

that could result in a material adverse change

to the bank holding company’s capital structure.

The

Federal Reserve

Board

also restricts

the

ability of

banking

organizations to

conduct stock

repurchases. In

certain

circumstances, a banking organization’s repurchases

of its common stock may

be subject to a

prior approval or notice requirement

under other regulations or policies of the Federal Reserve. Any redemption or

repurchase of preferred stock or subordinated debt is

subject to the prior approval of the Federal Reserve.

Subject to compliance with certain conditions, distributions of U.S. sourced dividends to a corporation

organized under the

laws

of the

Commonwealth of

Puerto Rico

are subject

a withholding

tax

of 10%

instead of

the 30%

applied to

other “foreign”

corporations. Accordingly, dividends from current or accumulated earnings and profits

paid by PNA to Popular, Inc. sourced from the

U.S. operations of PB are subject to a 10% tax withholding.

A corporation organized under the laws of the Commonwealth of Puerto

Rico that is engaged in a U.S. trade or business is generally subject to a branch profits tax of 30% on its earnings and profits

for the

taxable year that are “effectively connected” with

such U.S. trade or business, adjusted as

provided by U.S. federal income tax law.

Accordingly,

the extent

BPPR’s

U.S. operations

generate effectively

connected earnings

and profits

that

are not

reinvested in

such U.S. operations

(and that are

not otherwise adjusted

as provided by

U.S. federal income tax

law), such effectively

connected

earnings and profits will generally be subject

to a branch profits tax of 30%.

Refer to

Part II,

Item 5,

“Market for

Registrant’s Common

Equity,

Related Stockholder

Matters and

Issuer Purchases

Equity Securities” for further information on Popular’s

distribution of dividends and repurchases of equity

securities.

See

“Puerto

Rico

Regulation”

below

for

description

certain

restrictions

BPPR’s

ability

pay

dividends

under

Puerto Rico law.

Interstate Branching

The Dodd-Frank

Act amended

the Riegle-Neal

Interstate Banking

and Branching

Efficiency Act

of 1994

(the “Interstate

Banking

Act”)

authorize

national

banks

and

state

banks

branch

interstate

through

novo

branches. For

purposes

the

Interstate Banking Act, BPPR is treated as a state bank and is subject to the same restrictions on interstate branching as other state

banks.

Activities and Acquisitions

In general, the BHC Act limits the activities

permissible for bank holding companies to the business of banking, managing

or controlling banks and such other activities as the Federal Reserve Board has determined to be so closely related to banking as to

properly

incidental

thereto.

company

that

meets

management

and

capital

standards

and

whose

subsidiary

depository

institutions meet management,

capital and

Community Reinvestment Act

(“CRA”) standards may

elect to

be treated

as a

financial

holding company

and engage

in a

substantially broader

range of

nonbanking financial

activities, including

securities underwriting

and dealing, insurance underwriting and making

merchant banking investments in nonfinancial

companies.

In order for a bank holding company to elect to be treated as a financial

holding company, (i) all of its depository institution

subsidiaries

must

well capitalized

(as described

above)

and

well managed

and

(ii)

must

file a

declaration with

the Federal

Reserve Board that it elects to be a “financial holding

company.” As noted above, a bank

holding company electing to be a financial

holding company must itself be and remain

well capitalized and well managed. The Federal Reserve Board’s

regulations applicable

to bank holding companies separately define

“well capitalized” for bank holding companies,

such as Popular,

to require maintaining

a tier 1 capital

ratio of at least

6% and a total capital

ratio of at least 10%.

Popular and PNA have elected

to be treated as

financial

holding

companies.

depository

institution

deemed

“well

managed”

if,

its

most

recent

inspection,

examination

subsequent review

by the

appropriate federal banking

agency (or

the appropriate state

banking agency), the

depository institution

received

least

“satisfactory”

composite

rating

and

least

“satisfactory”

rating

for

the

management

component

the

composite

rating.

If,

after

becoming

financial

holding

company,

the

company

fails

continue

meet

any

the

capital

management requirements

for financial

holding company

status, the

company

must

enter into

a confidential

agreement with

the

Federal

Reserve

Board

comply

with

all

applicable capital

and

management

requirements.

the

company

does

not

return

compliance

within

180

days,

the

Federal

Reserve

Board

may

extend

the

agreement

may

order

the

company

divest

its

subsidiary banks or the

company may discontinue, or

divest investments in companies

engaged in, activities permissible only

for a

bank holding company that has elected to be treated as a financial

holding company. In addition, if a depository institution subsidiary

controlled by a financial holding company does not

maintain a CRA rating of at least “satisfactory,” the financial holding company

will

be subject to restrictions on certain new activities

and acquisitions.

The Federal Reserve Board

may in certain circumstances limit

our ability to conduct

activities and make acquisitions that

would otherwise be permissible for

a financial holding company.

Furthermore, a financial holding company must obtain

prior written

approval from the Federal Reserve Board before acquiring a nonbank company with $10 billion or more in total consolidated assets.

In addition, we

are required to

obtain prior Federal

Reserve Board approval

before engaging in

certain banking and

other financial

activities both in the United States and abroad.

The “Volcker

Rule” adopted

as part

of the

Dodd-Frank Act

restricts the

ability of

Popular and

its subsidiaries,

including

BPPR and PB as

well as non-banking subsidiaries, to

sponsor or invest in

“covered funds,” including private funds,

or to engage in

certain types

of proprietary

trading. Popular

and its

subsidiaries generally

do not

engage in

the businesses

subject to

the Volcker

Rule; therefore, the Volcker Rule does not have a material effect on our

operations.

Anti-Money Laundering Initiative and the USA PATRIOT Act

A major focus of governmental policy relating to financial institutions in

recent years has been aimed at combating money

laundering and

terrorist financing.

The USA

PATRIOT

Act of

2001 (the

“USA PATRIOT

Act”) strengthened

the ability

of the

U.S.

government to help prevent, detect and prosecute international money

laundering and the financing of terrorism. Title

III of the USA

PATRIOT

Act imposed

significant compliance

and due

diligence obligations,

created new

crimes and

penalties and

expanded the

extra-territorial jurisdiction of the United States. Failure of a financial institution to comply with the USA PATRIOT Act’s requirements

could have serious legal and reputational consequences

for the institution.

The

Anti-Money

Laundering

Act

2020

(“AMLA”),

which

amended

the

Bank

Secrecy

Act

(the

“BSA”),

intended

comprehensively

reform

and

modernize

U.S.

anti-money

laundering

laws.

Among

other

things,

the

AMLA

codifies

risk-based

approach to anti-money laundering compliance for financial institutions; requires the U.S. Department of the Treasury to

promulgate

priorities

for

anti-money

laundering

and

countering

the

financing

terrorism

policy;

requires

the

development

standards

for

testing technology and

internal processes for BSA

compliance; expands enforcement-

and investigation-related authority,

including

significant

expansion

the

available

sanctions

for

certain

BSA

violations;

and

expands

BSA

whistleblower

incentives

and

protections.

Many

the

statutory

provisions

the

AMLA

require

additional

rulemakings,

reports

and

other

measures,

and

the

impact

the

AMLA

will

depend on,

among

other

things,

rulemaking and

implementation guidance.

June

2021,

the

Financial

Crimes Enforcement Network, a bureau of

the U.S. Department of the

Treasury,

issued the priorities for anti-money laundering

and

countering the

financing of

terrorism policy

required under AMLA.

The priorities

include: corruption, cybercrime,

terrorist financing,

fraud, transnational crime, drug trafficking, human trafficking and

proliferation financing.

Federal regulators

regularly examine BSA/Anti-Money

Laundering and sanctions

compliance to

enhance their

adequacy

and effectiveness, and the frequency and extent of such examinations

and related remedial actions have been

increasing.

Community Reinvestment Act

The

CRA

requires

banks

help

serve

the

credit

needs

their

communities,

including

extending

credit

low-

and

moderate-income individuals

and geographies.

Should

Popular

or our

bank

subsidiaries

fail

serve

adequately

the community,

potential penalties may include regulatory denials of applications to expand branches, relocate offices or branches, add subsidiaries

and affiliates, expand into new financial activities and merge

with or purchase other financial institutions.

Interchange Fees Regulation

The Federal Reserve Board

has established standards for

debit card interchange fees

and prohibited network exclusivity

arrangements and routing restrictions. The

maximum permissible interchange fee that

an issuer may receive

for an electronic debit

transaction is

the sum

21 cents

per transaction

and 5

basis points

multiplied by

the value

the transaction.

Additionally,

the

Federal Reserve

Board allows

for an

upward adjustment

no more

than 1

cent

an issuer’s

debit card

interchange fee

if the

issuer develops and implements policies and procedures

reasonably designed to achieve certain fraud-prevention

standards.

October

2023,

the

Federal

Reserve

Board

proposed

amendments

its

rules

interchange

fees.

adopted,

the

proposed changes

would establish

a maximum

permissible interchange

fee of

no more

than 14.4

cents per

transaction plus

four

basis

points

multiplied

the

value

the

transaction.

The

fraud

prevention

adjustment

would

increased

1.3

cents

per

transaction. The proposed changes would also establish an automatic update of

the interchange fee cap every other year based on

a survey of debit card issuers.

Consumer Financial Protection Act of 2010

The Consumer

Financial Protection

Bureau (the

“CFPB”) supervises

“covered persons”

(broadly defined

to include

any

person offering or

providing a consumer financial

product or service and

any affiliated service

provider) for compliance with

federal

consumer financial laws. The CFPB

also has the broad power

to prescribe rules applicable to

a covered person or service

provider

identifying

unlawful,

unfair,

deceptive,

abusive

acts

practices

connection

with

any

transaction

with

consumer

for

consumer financial product or service, or the offering of

a consumer financial product or service. We are subject to examination and

regulation by the CFPB. During 2025, the CFPB reduced its staff by over 80%. The

reduction in force is the subject of litigation, and

the

staffing

cuts

are

currently

stayed

pending

the

federal

circuit

court’s

banc

rehearing

the

case.

The

impact

these

developments

banking

organizations

subject

CFPB

regulation

and

supervision,

including

us,

uncertain.

The

Consumer

Financial Protection Act permits states to adopt consumer protection laws and standards that are more stringent than those adopted

the federal

level and,

in certain

circumstances, permits

state attorneys

general to

enforce compliance

with both

the state

and

federal laws and regulations. States and state attorneys general

may increase regulatory, investigative and enforcement activity with

respect to consumer protection, in

response to changes in regulation, supervision

and enforcement of consumer protection laws

federal regulators.

On October 22, 2024, the CFPB finalized a new rule to implement Section 1033 of the Consumer Financial Protection Act

that

requires

provider

payment

accounts

products,

such

bank,

make

data

available

consumers

upon

request

regarding the

products or

services they

obtain from

the provider.

Any such

data provider

also has

to make

such data

available to

third parties, with the consumer’s express authorization and

through an interface that satisfies formatting, performance

and security

standards,

for

the

purpose

such

third

parties

providing

the

consumer

with

financial

products

services

requested

the

consumer. Data required to be made available under the rule includes

transaction information, account balance, account and routing

numbers,

terms

and

conditions,

upcoming

bill

information,

and

certain

account

verification

data.

The

rule

intended

give

consumers

control

over

their

financial

data,

including

with

whom

shared,

and

encourage

competition

the

provision

consumer financial

products or

services. For

banks with

at least

$10 billion

and less

than $250

billion in

total assets,

compliance

with the rule’s requirements is required beginning on

April 1, 2027. The rule is the subject of litigation,

which is currently stayed while

the CFPB considers revisions to the rule.

Office of Foreign Assets Control Regulation

The

U.S.

Treasury

Department

Office

Foreign

Assets

Control

(“OFAC”)

administers

economic

sanctions

that

affect

transactions

with

designated

foreign

countries,

nationals

and

others.

The

OFAC-administered

sanctions

targeting

countries

take

many

different

forms.

Generally,

however,

they

contain

one

the

following

elements:

(i)

restrictions

trade

with

investment in a sanctioned country; and (ii) a blocking

of assets in which the government of the

sanctioned country or other specially

designated nationals have an interest, by prohibiting

transfers of property subject to U.S. jurisdiction (including

property in the United

States or the possession or control of U.S.

persons outside of the United States). Blocked assets (e.g., property

and bank deposits)

cannot

paid

out,

withdrawn, set

off

transferred

any

manner without

license

from

OFAC.

Failure

comply

with these

sanctions

could

have

serious

legal

and

reputational

consequences,

including

denial

federal

regulators

proposed

merger,

acquisition, restructuring, or other expansionary activity.

Protection of Customer Personal Information and

Cybersecurity

The privacy

provisions of

the Gramm-Leach-Bliley Act

of 1999

generally prohibit financial

institutions, including

us, from

disclosing nonpublic personal financial information of consumer customers to third

parties for certain purposes (primarily marketing)

unless

customers

have

the

opportunity

opt

out

the

disclosure.

The

Fair

Credit

Reporting

Act

restricts

information

sharing

among affiliates for marketing purposes and governs

the use and provision of information to consumer

reporting agencies.

The federal banking regulators have also issued guidance and rules regarding cybersecurity that are intended to enhance

cyber risk management standards among financial institutions. A financial institution is expected to establish lines

of defense and to

maintain risk management processes that are designed to address the risk posed by compromised customer credentials. A financial

institution’s

management

expected

maintain

sufficient

business

continuity

planning

processes

for

the

rapid

recovery,

resumption and maintenance of

the institution’s operations

after a cyber-attack involving

destructive malware. A financial

institution

also

expected

develop

appropriate

processes

enable

recovery

data

and

business

operations

and

address

rebuilding

network capabilities and restoring data if the institution or its critical service

providers fall victim to this type of cyber-attack. If we

fail

to observe the

regulatory guidance, we could

be subject to various

regulatory sanctions, including financial

penalties. In November

2021, the U.S.

federal bank regulatory agencies

issued a final

rule requiring banking organizations,

including Popular,

PNA, BPPR

and PB, to notify

their primary federal banking regulator

within 36 hours of determining

that a “notification incident” has

occurred. A

notification incident

is a

“computer-security incident” that

has materially

disrupted or degraded,

or is

reasonably likely to

materially

disrupt or

degrade, the

banking organization’s

ability to

deliver services

to a

material portion

of its

customer base,

jeopardize the

viability

key

operations

the

banking

organization,

impact

the

stability

the

financial

sector.

The

final

rule

also

requires

specific and immediate notifications by bank

service providers that become aware of similar

incidents.

State and foreign regulators

have also been increasingly active

in implementing privacy and cybersecurity

standards and

regulations. Several states have adopted regulations requiring certain financial institutions to implement cybersecurity programs and

providing detailed requirements with respect to these

programs, including data encryption requirements. In New York,

the NYSDFS

requires

financial

institutions

regulated

the

NYSDFS,

including

PB,

to,

among

other

things,

(i)

establish

and

maintain

cybersecurity program designed

to enhance the

confidentiality, integrity

and availability of

their information systems;

(ii) implement

and maintain a written

cyber security policy setting forth

policies and procedures for the

protection of their information systems

and

nonpublic

information;

and

(iii)

designate

Chief

Information

Security

Officer.

November

2023,

the

NYSDFS

adopted

amendments to

its

cybersecurity regulations

that

represent

significant

update

the

regulation of

cybersecurity practices.

The

amendments

generally

fall

within

the

following

five

categories:

(i)

increased

mandatory

controls

associated

with

common

attack

vectors,

(ii)

enhanced

requirements

for

privileged

accounts,

(iii)

enhanced

notification

obligations,

(iv)

expansion

cyber

governance practices and (v) additional cybersecurity

requirements for larger companies.

July

2023,

the

SEC

adopted

new

rules

that

would

require

registrants,

such

Popular,

(i)

report

material

cybersecurity incidents

on Form

8-K and,

(ii) disclose

in Annual

Report on

Form 10-K

cybersecurity policies

and procedures

and

governance practices, including at the board and

management levels.

Many states and foreign

governments have also recently implemented or

modified their data breach notification

and data

privacy

requirements. The

California Consumer

Privacy Act

(“CCPA”)

imposes privacy

compliance obligations

with regard

the

collection,

use

and

disclosure of

personal

information of

California residents,

and the

November 2020

amendment to

the

CCPA

creates the California Privacy Protection Agency, a watchdog privacy agency, and further expands the scope of businesses covered

by the law

and certain rights relating

to personal information. The

substantive obligations under the

2020 amendment to the

CCPA

became effective on January 1, 2023. In the European Union, the General Data Protection Regulation heightens privacy compliance

obligations and

imposes strict

standards for

reporting data

breaches. We

continue to

monitor these

developments to

comply with

applicable requirements.

See

“Puerto

Rico

Regulation”

below

for

description

legislations

and

regulations

information

privacy

and

cybersecurity in Puerto Rico.

Climate-Related and ESG Developments

In recent years, certain lawmakers and regulators in and outside the United States have increased their focus on financial

institutions’

and

other

companies’

risk

oversight,

disclosures

and

practices

connection

with

climate

change

and

other

environmental,

social

and

governance (“ESG”)

matters.

For

example,

2023,

the

NYSDFS

issued

guidance

climate-related

financial

risk

management

applicable

NYSDFS-regulated

banking

and

mortgage

organizations,

including

PB.

The

guidance

addresses material

financial

risks related

climate change

faced by

these

organizations in

the context

risk assessment,

risk

management,

and

risk

appetite

setting.

2023,

California

enacted

climate-related

disclosure

laws

requiring

certain

companies

doing business in

California to make

certain climate-related disclosures

beginning in 2026,

including but not

limited to greenhouse

gas

emissions data

and climate-related

risks. On

the other

hand, certain

states

have enacted,

or have

proposed to

enact, “anti-

ESG”

statutes,

regulations

policies, including

statutes

that

prohibit

financial

institutions from

denying or

canceling products

services to

a person,

or otherwise discriminating

against a

person in making

available products or

services, on

the basis

of social

credit scores and certain other factors. Additionally, in August 2025, President Trump signed Executive Order 14331, “Guaranteeing

Fair Banking

Access for

All Americans,”

which states

that it

is the

policy of

the United

States that

no American

should be

denied

access

financial

services

because

their

constitutionally

statutorily

protected

beliefs,

affiliations,

political

views.

The

Executive

Order

directs

the

Treasury

Secretary

and

federal

banking

regulators

address

politicized

unlawful

debanking

activities.

Incentive Compensation

The Federal Reserve Board reviews, as

part of its regular,

risk-focused examination process, the incentive compensation

arrangements of

banking organizations, such

as Popular,

that are

not “large,

complex banking

organizations.” Deficiencies will

incorporated into

the

organization’s supervisory

ratings, which

can

affect

the

organization’s ability

make

acquisitions and

take

other

actions. Enforcement

actions may

be taken

against

banking

organization if

its

incentive compensation

arrangements, or

risk-management

control

governance

processes,

pose

risk

the

organization’s

safety

and

soundness

and

the

organization is not taking prompt and effective measures

to correct the deficiencies.

The

Federal

Reserve

Board,

OCC

and

FDIC

have

issued

comprehensive

final

guidance

incentive

compensation

policies intended to discourage excessive risk-taking in

the incentive compensation policies of banking organizations

in order to not

undermine

the

safety

and

soundness

such

organizations.

The

guidance,

which

covers

all

employees

that

have

the

ability

materially affect

the risk

profile of an

organization, either individually

or as

part of

a group,

is based

upon the key

principles that

banking organization’s incentive compensation arrangements should (i) provide incentives that do not encourage risk-taking beyond

the

organization’s

ability

effectively

identify

and

manage

risks,

(ii)

compatible

with

effective

internal

controls

and

risk

management, and (iii)

be supported by

strong corporate governance,

including active and

effective oversight

by the

organization’s

board of directors.

The Dodd-Frank Act requires the U.S. financial regulators, including the Federal Reserve Board, the other federal banking

agencies

and

the

SEC,

adopt

rules

prohibiting

incentive-based

payment

arrangements that

encourage

inappropriate

risks

providing excessive

compensation or

that could

lead to

a material

financial loss

at specified

regulated entities

having at

least $1

billion in total

assets (including Popular,

PNA, BPPR and

PB). The U.S.

financial regulators proposed revised

rules in 2016,

which

have not been finalized.

In October

2022, the SEC

adopted a final

rule requiring securities

exchanges to adopt

rules mandating, in

the case of

restatement, the

recovery or

“clawback” of

excess incentive-based

compensation paid

to current

or former

executive officers

and

requiring listed

issuers to

disclose any

recovery analysis where

recovery is

triggered by

a restatement.

The excess

compensation

would be based

on the amount

the executive officer

would have received

had the incentive-based

compensation been determined

using the restated

financials. The Nasdaq

Stock Market’s listing

standards pursuant to the

SEC’s rule became

effective October 2,

2023. Popular’s clawback policy adopted in accordance

with these listing standards is included as

Exhibit 97.1.

Regulation of Broker-Dealers

Our subsidiary,

PS, is a

registered broker-dealer with the

SEC and subject to

regulation and examination by

the SEC as

well

FINRA

and

other

self-regulatory

organizations.

These

regulations

cover

broad

range

issues,

including

capital

requirements;

sales

and

trading

practices;

use

client

funds

and

securities;

the

conduct

directors,

officers

and

employees;

record-keeping and recording;

supervisory procedures to

prevent improper trading

on material

non-public information; qualification

and

licensing

sales

personnel;

and

limitations

the

extension

credit

securities

transactions.

addition

federal

registration, state securities

commissions require the

registration of certain

broker-dealers. PS is

registered with 35

U.S. state and

territory securities commissions.

Regulation of Reinsurers, Insurance Producers and

Agents

Popular’s subsidiaries that are engaged in

insurance agency and producer activities are

subject to regulatory supervision

by the Puerto

Rico Office of

the Commissioner of Insurance

and to insurance laws

and regulations requiring licensing

of insurance

producers and

agents. Popular’s

reinsurance subsidiaries

are subject

licensure and

regulatory supervision

by the

Puerto Rico

Office of the Commissioner of Insurance and

to insurance laws and regulations requiring, among

other things, minimum capital and

solvency standards, financial reporting, restrictions on

the amount of dividends payable, record

keeping and examinations.

Puerto Rico Regulation

commercial

bank

organized

under

the

laws

Puerto

Rico,

BPPR

subject

supervision,

examination

and

regulation by the Office of the Commissioner of Financial Institutions, pursuant to the Puerto Rico Banking Act of 1933, as amended

(the “Banking Law”).

Section 27 of the Banking Law requires that at least ten percent (10%) of BPPR’s annual retained earnings be transferred

annually to a statutory reserve fund. The

apportionment must be done every year until the

reserve fund is equal to the

total of paid-

in capital on common and preferred stock. Under Regulation 9680 of the Puerto Rico Banking Law, dated July 22, 2025, Banks may

be exempted from

the requirement to transfer

such funds to

the statutory reserve

fund if they

are well capitalized,

have obtained a

rating of

1 or

2 in

the last

examination performed by

the Office

of the

Commissioner or an

applicable regulatory agency

and have

accumulated at least 50% of the paid in

capital for their common and preferred stock in

their reserve fund.

Section

the

Banking

Law

also

provides that

when

the

expenditures

bank

are

greater

than

its

receipts, the

excess of the

former over the latter

must be charged against

the undistributed profits of

the bank, and the

balance, if any,

must be

charged against the statutory reserve fund. If

the statutory reserve fund is not sufficient to cover such balance

in whole or in part, the

outstanding amount must be charged against the capital account and

no dividend may be declared until capital has been restored to

its original amount and the statutory reserve fund to

20% of the original capital.

Section 16 of the

Banking Law requires every

bank to maintain a

legal reserve that, except

as otherwise provided by

the

Office of

the Commissioner,

may not be

less than 20%

of its

demand liabilities, excluding

government deposits (federal,

state and

municipal) that

are secured

by collateral.

If a

bank is

authorized to

establish one

or more

bank branches

in a

state of

the United

States or in a foreign country, where such branches are subject to the reserve requirements of that state

or country, the Office of the

Commissioner

may

exempt

said

branch

branches

from

the

reserve

requirements

Section

16.

Pursuant

order

the

Federal

Reserve

Board

dated

November

24,

1982,

BPPR

has

been

exempted

from

the

reserve

requirements

the

Federal

Reserve

System

with

respect

deposits

payable

Puerto

Rico.

Accordingly,

BPPR

subject

the

reserve

requirement

prescribed by Section 16 of the Banking Law. During 2025, BPPR was

in compliance with the legal reserve requirement.

Section 17 of the Banking Law permits a bank to make loans to

any one person, firm, partnership or corporation, up to an

aggregate

amount

fifteen

percent

(15%)

the

paid-in

capital

and

reserve

fund

the

bank.

the

case

loans

which

are

secured by collateral worth at

least 25% more than the

amount of the loan, the

maximum aggregate amount of such secured

loans

is increased to one

third of the paid-in capital

of the bank and

its reserve fund. In no

event may the total of

unsecured and secured

loans to any one person, firm, partnership or corporation exceed an aggregate amount of

33 1/3% of the paid-in capital and reserve

fund of the bank. If the institution is well capitalized and had been rated 1 or

2 in the last examination performed by the Office of the

Commissioner or an applicable

regulatory agency,

its legal lending

limit shall also

include 15% of 100%

of its undivided

profits and

for loans

secured by

collateral worth

at least

25% more

than the

amount of

the loan,

the capital

of the

bank shall

also include

1/3% of 100% of

its undivided profits. Institutions rated

3 in their last

regulatory examination may include this

additional component

in their

legal lending

limit only

with the

previous authorization

of the

Office

of the

Commissioner.

There are

no restrictions

under

Section

the

amount

loans

that

are

wholly

secured

bonds,

securities

and

other

evidence

indebtedness

the

Government of

the United

States or

Puerto Rico,

or by

current debt

bonds, not

in default,

of municipalities

or instrumentalities

Puerto Rico. As

of December 31, 2025,

the legal lending

limit for BPPR

under this provision

was $723 million.

During 2025, BPPR

was in compliance with the lending limit requirements

of Section 17 of the Banking Law.

Section

the

Banking

Law

authorizes

bank

conduct

certain

financial

and

activities,

including

finance

leasing

personal

property

and

originating

and

servicing

mortgage

loans,

directly

through

subsidiaries.

BPPR

engages

finance

leasing

and

conducts

the

origination

and

servicing

mortgage

loans

through

its

Popular

Auto

and

Popular

Mortgage

divisions, respectively.

With

respect to

information privacy,

Puerto

Rico

law

requires businesses

implement information

security

controls to

protect consumers’

personal information from

breaches, as

well as to

provide notice of

any breach to

affected customers. In

2024

Puerto

Rico

enacted the

Cybersecurity Act

the

Commonwealth of

Puerto

Rico,

which

establishes cybersecurity

standards for

government entities

and their

contractors, including

certain reporting

and certification

obligations. As

a depositary

of government

funds, BPPR

could be

considered a

“contractor” under

the statute;

however,

the Puerto

Rico Innovation

and Technology

Service

has

not

yet

adopted

implementing

regulation

which

expect

address

applicability

and

any

exceptions

the

statute’s

requirements.

In addition,

as noted

above in

“Regulation of

Reinsurers, Insurance

Producers and

Agents,” Popular’s reinsurance

subsidiaries are subject to

licensure and regulatory supervision

by the Puerto Rico

Office of the

Commissioner of Insurance and

insurance laws and regulations.

Available Information

We maintain an

Internet website at www.popular.com.

Via the “Investor

Relations” link at our

website, our annual reports

Form 10-K,

quarterly reports

Form 10-Q,

current

reports on

Form 8-K

and amendments

such

reports filed

or furnished

pursuant to Section 13(a) or

15(d) of the Securities Exchange Act

of 1934, as amended (the

“Exchange Act”), are available, free

charge, as

soon as

reasonably practicable

after such

forms are

electronically filed

with, or

furnished to,

the SEC.

The SEC

also

maintains an

internet website at

http://www.sec.gov that

contains reports, proxy

and information statements,

and other information

regarding issuers that file electronically with the

SEC. You may obtain copies of our filings on the SEC site.

We have

adopted a

written code

of ethics

that applies

to all

directors, officers

and employees

of Popular,

including our

principal executive officer

and senior financial

officers, in accordance

with Section 406

of the Sarbanes-Oxley

Act of 2002

and the

rules

the

SEC

promulgated

thereunder.

Our

Code

Ethics

available

our

corporate

website,

www.popular.com,

the

section entitled “Corporate Governance.” In the event that we make changes to, or provide waivers from, the provisions of this Code

of Ethics that

the SEC requires

us to disclose,

we intend to

disclose these events

on our corporate

website in such

section. In

the

Corporate Governance

section

of our

corporate

website,

have also

posted the

charters

for

our Audit

Committee, Talent

and

Compensation

Committee,

Risk

Management

Committee,

Corporate

Governance

and

Nominating

Committee

and

Technology

Committee, as well as our Corporate Governance Guidelines. In addition, information concerning

purchases and sales of our equity

securities by our executive officers and directors is

posted on our website.

All

website

addresses

given

this

document

are

for

information

only

and

are

not

intended

active

links

incorporate any website information into this Form

10-K.

ITEM 1A. RISK FACTORS

We, like

other financial institutions,

face risks

inherent to

our business,

financial condition, liquidity,

results of

operations

and

capital

position.

These

risks

could

cause

our

actual

results

differ

materially

from

our

historical

results

the

results

contemplated by the forward-looking statements contained

in this report.

The risks described in

this report are not the

only risks we face. Additional

risks and uncertainties not currently

known by

that

currently

deem

immaterial,

that

are

generally

applicable

all

financial

institutions,

may

also

materially

adversely affect our business, financial condition, liquidity, results of operations or capital

position.

ECONOMIC AND MARKET RISKS

Weakness in

the economy,

particularly in

Puerto Rico,

where a

significant portion

of our

business is

concentrated, has

adversely impacted us in the past and may adversely

impact us in the future.

We have been, and will continue to be, impacted by global and local

economic and market conditions, including weakness

the

economy,

disruptions

and

volatility

the

financial

markets,

inflation,

monetary,

trade

and

fiscal

policies,

public

policy,

geopolitical conflicts, business and consumer sentiment

and unemployment. A significant portion of

our business is concentrated in

Puerto Rico, which accounted for 77% of our assets and 79%

of our deposits as of December 31, 2025 and

80% of our revenues for

the

year

ended

December

31,

2025.

result,

our

financial

condition

and

results

operations

are

highly

dependent

the

general

trends

the

Puerto

Rico

economy

and

other

conditions

affecting

Puerto

Rico

consumers

and

businesses.

The

concentration of

our operations in

Puerto Rico

exposes us to

greater risks than

other banking companies

with a

wider geographic

base.

Puerto Rico

has faced significant

economic and fiscal

challenges in the

past, including a

severe recession that

began in

2007 and

persisted for

over a

decade and

an acute

fiscal crisis

that led

the Puerto

Rico government

to file

for a

form

of federal

bankruptcy protection

in 2017.

Puerto Rico’s

fiscal and

economic challenges

have in

the past

adversely affected

our customers,

resulting

higher

delinquencies,

charge-offs

and

increased

losses

for

us.

While

Puerto

Rico’s

economy

has

been

gradually

recovering

and

the

Puerto

Rico

government

emerged from

bankruptcy

2022,

Puerto

Rico

still

faces

significant

economic

and

fiscal challenges.

Puerto Rico’s

economy is

closely tied

to the

U.S. economy,

as well

highly reliant

on U.S.

public policy

and funding

decisions. Puerto Rico

has historically received

significant federal support

for a

wide range of

government programs and

services,

including healthcare, education,

infrastructure and social

assistance programs. More

recently, Puerto

Rico has

received significant

federal stimulus,

disaster relief and

reconstruction funding, which

has served as

a major

driver of

economic activity.

Reductions in

federal

funding

programs that

have

benefited the

Puerto

Rico

economy

delays

disbursements could

significantly impact

Puerto

Rico’s

economy

and

hinder

reconstruction

efforts,

including

the

restoration

and

improvement

critical

infrastructure.

addition, given that Puerto Rico’s Medicaid program is

funded through federal block grants, absent federal legislative action,

annual

Medicaid funding for Puerto

Rico is projected to

drop significantly during the

2027-2028 fiscal year,

which would require the

Puerto

Rico government

to cover

substantial program costs

and potentially

place significant

strain on

its finances.

Beyond direct

funding,

broader shifts in U.S. policy,

such as changes to tax or trade policies, and

shifts in policies of other governments in response, could

also adversely

impact the

Puerto Rico

economy.

A weakening

of the

Puerto Rico

economy or

other adverse

economic conditions

affecting Puerto Rico consumers and businesses could result in decreased demand for our products or services, deterioration in the

credit

quality

our

customers,

higher

delinquencies,

charge-offs

increased

losses,

all

which

could

adversely

affect

our

business, financial condition, liquidity, results of operations or capital position.

We are

also exposed

to risks

related to

the state

of the

local economies

of the

other markets

in which

we do

business,

such as

New York

and Florida, as

well as to

the state of

the global and

U.S. economy and

financial markets. Evolving

geopolitical

tensions, the introduction

or escalation of tariffs,

inflationary pressures and other

political or economic shifts

may lead to

increased

market volatility

and disruption.

These factors

could, in

turn, adversely

impact our

business, financial condition,

liquidity,

results of

operations or capital position.

Changes

interest

rates

and

credit

spreads

can

adversely

impact

our

financial

condition,

including

our

investment

portfolio,

since

significant

portion

our

business involves

borrowing

and

lending

money,

and

investing in

financial

instruments.

Our business

and financial

performance are

impacted by

market interest

rates and

movements in

those rates.

Since a

high percentage of our assets and liabilities are interest bearing or otherwise sensitive in value to changes in interest rates, changes

in interest rates, in the shape of the yield curve or in spreads between different types of rates, have had and could in the future have

a material impact on our results

of operations and the values of our

assets and liabilities, including our investment portfolio.

Interest

rates are

highly sensitive

to many

factors over

which we

have no

control and

which we

may not

be able

to anticipate

adequately,

including general

economic conditions

and the

monetary and

tax policies

of various

governmental bodies,

particularly the

Federal

Reserve Board.

Changes in

these policies,

including changes

in interest

rates, impact

various aspects

of our

business, including

loan originations,

the speed

of prepayments,

loan delinquencies,

the value

of our

investments, the

rates we

receive on

our loans

and investment

securities, our

ability to

maintain and

generate deposits

and the

rates we

pay on

our deposits

and other

funding

sources. The

effects of

these changes

may be

amplified if

we are

unable to

effectively manage

the sensitivity

of our

assets and

liabilities to market interest rate changes.

The rapid

rise in

interest rates

in 2022

resulted in

$2.5 billion

in unrealized

mark-to-market losses

on available-for-sale

securities held

in our

investment securities

portfolio. In

October 2022,

we transferred

U.S. Treasury

securities with

a fair

value of

$6.5 billion (par value of $7.4 billion), and with accumulated unrealized losses of

$873 million, from our available-for-sale portfolio to

our

held-to-maturity

portfolio.

While

the

size

our

unrealized

mark-to-market

losses

available-for-sale

securities

had

been

reduced

$0.9

billion

December 31,

2025,

interest

rates

were

again

rise

rapidly

for

prolonged

period,

may

accumulate

significant

additional

mark-to-market

losses

investment

securities

our

available-for-sale

portfolio,

which

may

adversely affect our tangible capital and impact our

ability to return capital to our stockholders.

For a discussion of the Corporation’s

interest rate sensitivity, please refer

to the “Risk Management” section of the MD&A

in this Form 10-K.

BUSINESS RISKS

Negative

changes

the

financial

condition

our

clients

have

adversely

impacted

the

past

and

may

adversely

impact us in the future.

A significant portion of

our business involves lending money,

which exposes us to

credit risk and

risk of loss if

borrowers

not

repay

their

loans,

leases, credit

cards

other

credit

obligations.

The

performance of

these

credit

portfolios

significantly

affects our

financial condition

and results

of operations.

We have

in the

past been

adversely affected

by negative

changes in

the

financial condition of our clients due to weakness in

the Puerto Rico and U.S. economy. If the current economic environment were to

deteriorate, more customers may have difficulty in repaying their credit obligations, which may result in higher levels

of credit losses

and reserves for credit losses.

We are exposed to

increased credit risks and credit losses

to the extent our clients are

concentrated by industry segment

or type of client.

Our credit risk and credit

losses can increase to the extent

our loans are concentrated in 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. We have significant

exposure to borrowers in certain

economic sectors, such as residential

and commercial real estate,

hospitality and healthcare. Challenging economic or market conditions that affect

the industries or types of clients to

which we have

significant exposure

could result

in higher

credit

losses and

adversely affect

our business,

financial condition,

liquidity,

results of

operations or capital position.

We also

have direct

lending and

investment exposure

to Puerto

Rico government

entities, which

have faced

significant

fiscal challenges.

At December

31, 2025,

our exposure

to the

Puerto Rico

government consisted

of $391

million in

direct lending

exposure to Puerto

Rico municipalities and

$209 million in

loans insured or

securities issued by

Puerto Rico governmental

entities

but for

which the

principal source

of repayment

is non-governmental.

We also

have indirect

lending exposure

to the

Puerto Rico

government in the

form of loans

to private borrowers

who are service

providers, lessors, suppliers

or have other

relationships with

the Puerto Rico government. While the overall fiscal situation

of the Puerto Rico government has improved in recent years,

including

result

the

government

and

certain

its

instrumentalities

having

restructured

their

debt

obligations,

some

Puerto

Rico

government entities, including certain municipalities, still face significant

fiscal challenges. A deterioration in the fiscal situation of the

Puerto Rico government and

its instrumentalities, and in

particular the fiscal situation

of the Puerto

Rico municipalities to

which we

have direct lending exposure,

could result in higher

credit losses and reserves

for credit losses. For

a discussion of risks

related to

the Corporation’s credit

exposure to the

Puerto Rico and

USVI governments, see

the Geographic and

Government Risk section

the MD&A section of this Form 10-K.

Deterioration in the

values of real

properties securing our commercial, mortgage

loan and construction portfolios

have in

the past resulted, and may in the future result,

in increased credit losses and harm our results

of operations.

As of

December 31,

2025, 55%

our loan

portfolio consisted

of loans

secured by

real estate

collateral (comprised

29% in

commercial loans,

22% in

residential mortgage

loans and

in construction

loans). The

value of

the collateral

securing

such loans is dependent upon economic conditions in the area in which the collateral is located. Weakness in the economy of some

of the markets we serve has in

the past resulted in significant declines in the value

of the real properties securing our loan portfolio,

leading to

increased credit losses.

If the

value of

the real

estate properties securing

our loan portfolio

declines again in

the future,

may be

required to

increase our

provisions for

loan losses

and allowance

for loan

losses. Any

such

increase could

have an

adverse effect

on our

financial condition

and results

of operations.

For more

information on

the credit

quality of

our construction,

commercial and mortgage portfolio, see the Credit

Risk section of the MD&A included in this

Form 10-K.

Defective and repurchased loans may harm our business

and financial condition.

connection

with

the

sale

and

securitization

mortgage

loans,

are

required

make

variety

customary

representations

and

warranties regarding

Popular

and

the

loans

being

sold

securitized.

Our

obligations with

respect to

these

representations and warranties are generally outstanding for the

life of the loan, and they

relate to, among other things, compliance

with

laws

and

regulations,

underwriting

standards,

the

accuracy

information

the

loan

documents

and

loan

file

and

the

characteristics

and

enforceability of

the

loan.

loan

that

does

not

comply

with

the

secondary

market’s

requirements

may

take

longer to

sell, impact

our ability

to securitize

the loans

or pledge

the loans

as collateral

for borrowings,

or be

unsalable or

salable

only

significant

discount.

Moreover,

any

such

loan

sold

before

detect

non-compliance,

may

obligated

repurchase the loan and bear any associated loss directly,

or we may be obligated to indemnify the purchaser against any loss.

seek to

minimize repurchases and

losses from defective

loans by correcting

flaws, if possible,

and selling or

re-selling such loans.

However,

were

suffer

significant

losses

from

defective

and

repurchased

loans,

our

results

operations

and

financial

condition could be materially impacted.

If we are

unable to maintain

or grow our

deposits, we may

be subject to

paying higher funding costs

and our net

interest

income may decrease.

We rely primarily on bank deposits as a low cost and

stable source of funding for our lending and

investment activities and

the operation of

our business. Therefore, our

funding costs are largely

dependent on our ability

to maintain and

grow our deposits.

our

competitors

have

raised

the

interest

rates

they

pay

deposits,

our

funding

costs

have

increased,

have

had

increase the

rates we

pay to

our depositors

to avoid

losing deposits and

to procure

new ones.

Rising interest

rates have

also led

customers to move their funds to other

financial institutions or to alternative investments that pay higher interest

rates.

Additionally,

periods of market stress

or lack of market or

customer confidence in financial institutions may

result in a loss of

customer deposits,

especially to the

extent those deposits are

in excess of

the FDIC-insured limit

of $250,000. As of

December 31, 2025, we

had $14

billion of total deposits (other than collateralized public funds, which represent public deposit balances from

governmental entities in

the

U.S.

and

its

territories,

including

Puerto

Rico

and

the

United

States

Virgin

Islands,

that

are

collateralized

based

such

jurisdictions’ applicable

collateral requirements)

in excess

of the

FDIC-insured limit.

If deposits

decrease, we

may need

to rely

more expensive sources of

funding, which would

negatively impact our interest

rate margin and net

interest income.

In addition, a

reduction in our deposits would decrease our earning

assets, which would also negatively affect our net interest

income.

We have a significant amount of deposits from the Puerto

Rico government, its instrumentalities and municipalities ($19.4

billion, or

29% of our

total deposits, as

of December 31,

2025), and the

amount of these

deposits may fluctuate

depending on the

financial condition and liquidity of

these entities, as well

as on our ability

to maintain these customer

relationships. Under the terms

of BPPR’s deposit

pricing agreement with the

Puerto Rico government, most

public fund deposit rates

are market linked

with a lag

minus a

specified spread.

Therefore, as

market rates

rise, we

are required

to sequentially

increase the

rates we

pay our

public

deposits. If the mix of our deposits shifts towards a higher proportion of higher-cost deposits for any reason, our funding costs would

increase and our net interest income would be expected

to decrease.

OPERATIONAL RISKS

We and

our third-party

providers have

been, and

expect in

the future

to continue

to be,

subject to

cyber-attacks. Future

cyber-attacks could cause substantial harm and

have an adverse effect on our business

and results of operations.

Cybersecurity

risks

for

large

financial

institutions

such

Popular

have

increased

significantly

recent

years

part

because

the

proliferation

new

technologies,

such

mobile

banking,

cloud

hosting,

artificial

intelligence

and

the

ability

conduct instant financial transactions anywhere globally, as well as due to geopolitical conflicts and the increased sophistication and

activities

organized crime,

hackers, terrorists,

nation-states, hacktivists

and

other parties.

Cybersecurity threats

are constantly

evolving,

especially

given

the

advances

in,

and

the

rise

the

use

of,

artificial

intelligence

and

quantum

computing,

thereby

increasing the difficulty of preventing, detecting and

successfully defending against them.

the

ordinary

course

business,

rely

electronic

communications

and

information

systems

conduct

our

operations

and

transmit

and

store

sensitive

data.

Notwithstanding

our

defensive

measures

and

the

significant

resources

devote to protecting the security of our systems, there

is no assurance that all of our security measures

will be effective at all times,

especially

the

threats

from

cyber-attacks

are

continuous

and

severe.

The

risk

security

breach

due

cyber-attack

expected to

increase as

we continue to

expand our

digital capabilities, mobile

banking and other

internet-based product offerings,

the use of the cloud for system development and

hosting and internal use of internet-based

products and applications.

continue to

detect and

identify attacks

that are

becoming more

sophisticated and

increasing in

volume, as

well as

attackers

that

respond

rapidly

changes

defensive

countermeasures. The

most

significant

cyber-attack

risks

that

our

critical service providers may face include, but are not limited to, e-fraud,

denial-of-service (DDoS), ransomware, computer intrusion

and

the

exploitation

software

zero-day

vulnerabilities

that

might

result

disruption

services,

the

exposure

loss

customer or proprietary data, and significant financial loss. These types of cyber-attacks have in the past resulted and may continue

to result

in the

compromise of

sensitive customer

data, such

as account

numbers, credit

cards and

social security

numbers, and

could present significant reputational, legal and regulatory

costs to Popular if successful.

Our

customer-facing

platforms

are

also

routinely

targeted

threat

actors

aiming

gain

unauthorized

access

our

clients’

accounts.

Although

have

implemented

defensive

measures

designed

protect

against

such

attacks,

there

assurance that these

defensive measures will

keep pace with

threats that are

continuous and growing

in severity.

For example, in

2022, certain customers were affected by brute force attacks on one of our platforms, which resulted in certain of our customers log-

in credentials

and information

being exposed,

resulting in

fraudulent transfers

or withdrawals.

Popular customers

have also

been

impacted by

card skimming

events in

our ATM

terminals. As

a result,

we have

notified, and

conducted additional

remediation for,

customers identified as

affected by

these incidents. Cyber-security

risks have also

been exacerbated by

the discovery of

zero-day

vulnerabilities in

widely distributed

third party

software, which

have in

the past

affected and

in the

future could

affect Popular’s

any of its service provider’s systems, as

further detailed below.

The

increased

use

remote

access

and

third-party

video

conferencing

solutions

enable

work-from-home

arrangements for employees has

also increased our exposure

to cyber-attacks, including through

the use of

deep fakes and brand

impersonation.

expect

the

rise

and

use

artificial

intelligence

exacerbate

this

risk.

addition,

third

party

could

misappropriate confidential information

obtained by intercepting

signals or communications

from mobile

devices used by

Popular’s

customers or employees. Recent geopolitical conflicts have also exacerbated the risks related to supply-chain

compromises and de-

stabilizing activities of nation-state sponsored actors.

A material compromise or circumvention of the security of our systems could

have serious negative consequences for us,

including

significant

disruption

our

operations

and

those

our

clients,

customers

and

counterparties,

misappropriation

confidential

information

Popular

that

our

clients,

customers,

counterparties

employees,

damage

computers

systems used

by us

or by

our clients,

customers and

counterparties, and

could result

in violations of

applicable privacy

and other

laws,

financial

loss

our

customers,

increased

regulatory

scrutiny

and

enforcement

actions,

customer

dissatisfaction,

significant litigation exposure and harm to our reputation, all of which could have a material adverse effect on us. Banking regulators

increasingly scrutinize third-party relationships supporting critical activities. If our regulators determine that our oversight,

contractual

protections, or

the performance

and controls

of our

third-party providers

(including critical

providers) are

inadequate, we

could be

required

implement

enhanced

controls,

conduct

independent

reviews,

restrict

terminate

relationships,

undertake

costly

remediation or

conversion activities,

any of

which could

disrupt operations,

increase expenses,

or adversely

affect our

reputation

and results of operations.

The

extent

particular

cyber-attack

and

the

steps

that

may

need

take

investigate

the

attack

may

not

immediately

clear,

and

may

take

significant

amount

time

before

such

investigation

can

completed.

While

such

investigation is ongoing, Popular may not necessarily know the full extent

of the harm caused by the cyber-attack, and that

damage

may continue to spread.

These factors may inhibit

our ability to provide

rapid, full and reliable

information about the cyber-attack to

our clients, customers, counterparties and regulators, as well as the public. Moreover, we may be required under SEC rules

or bank

regulations to disclose information about a cybersecurity event before it has been resolved

or fully investigated. Furthermore, it may

not be clear how best to contain and remediate the potential harm

caused by the cyber-attack, and certain errors or actions could be

repeated or compounded before they are discovered

and remediated. Cyber-attacks could also cause interruptions

in our operations

and result in the incurrence of significant costs,

including those related to forensic analysis

and legal counsel.

We also

rely on

third parties

for the

performance of

a significant

portion of

our information

technology functions and

the

provision of information security,

technology and business process services. As a result, a

successful compromise or circumvention

the security

the systems

of these

third-party service

providers could

have serious

negative consequences

for us,

including

compromise

our

systems,

misappropriation of

our

confidential

information

that

our

clients,

customers,

counterparties

employees, or

other negative

implications identified

above with

respect to

a cyber-attack

on our

systems. The

most important

these

third-party service

providers for

Evertec. As

a result,

depend on

Evertec to

identify and

remediate certain

our

cybersecurity vulnerabilities. Cyber-attacks at third-party service

providers are also becoming increasingly common, and,

as a result,

cybersecurity risks relating to our vendors, including Evertec have increased.

Certain risks particular to Evertec and our dependence

third

parties

are

discussed

under

“We

rely

other

companies

provide

key

components

our

business

infrastructure,

including certain of our core financial transaction processing and

information technology and security services, which exposes us to

a number

of operational

risks that

could have

a material

adverse effect

on us”

in the

Operational Risks

section of

Item 1A

in this

Form 10-K. During 2023, personal information of Popular customers’ data was compromised in a data breach incident that impacted

MOVEit, the third-party file transfer platform used by one of our service

providers. Popular notified, as required or otherwise deemed

appropriate,

customers

identified

affected

the

incident.

Furthermore,

during

2024,

threat

actors

exploited

zero-day

vulnerability in

the Fortinet

enterprise management

server software

used by

Evertec, which

migrated to

one of

Popular's domain

controllers

due

a shared

network

environment. While

Evertec

eventually determined

that

BPPR

customer

information was

exfiltrated as a result of

this incident, the event underscores

the risks inherent in Popular’s dependency

on Evertec. Although these

incidents did not

have a material

effect on

Popular, including

its business strategy,

results of operations

or financial condition,

and

our

third-party

service

providers

agreed

cover

external

remediation

costs

associated

therewith,

compromise

Popular

information

the

personal

information

our

customers

maintained

third

party

vendors

could

result

significant

regulatory

consequences, reputational damage and financial

loss to us. The

success of our business

depends in part on

the continuing ability

of these

(and other)

third parties

to perform

these functions

and services

in a

timely and

satisfactory manner,

which performance

could be disrupted or otherwise adversely affected

due to failures or other information security events originating

at the third parties

the

third

parties’

suppliers

vendors

(so-called

“fourth

party

risk”).

may

not

able

effectively

directly

monitor

mitigate

fourth-party

risk,

particular

relates

the

use

common

suppliers

vendors

the

third

parties

that

perform

functions and services for us.

As cyber

threats continue

to evolve,

we also

expect to

expend significant

additional resources

to continue

to modify

enhance

our

layers

defense

investigate

and

remediate

additional

information

security

vulnerabilities

incidents.

The

obsolescence

our

hardware

software

limits

our

ability

mitigate

vulnerabilities.

System

enhancements and

updates

also

create

risks

associated

with

implementing new

systems

and

integrating

them

with

existing

ones,

including

risks

associated

with

supply chain compromises and the software development lifecycle of the systems used by us and our service providers. In

addition,

addressing certain

information security

vulnerabilities, such

as hardware-based

vulnerabilities, may

affect

the performance

of our

information

technology

systems.

The

ability

our

hardware

and

software

providers

deliver

patches

and

updates

mitigate

vulnerabilities in a timely manner can introduce

additional risks, particularly when a vulnerability is being actively

exploited by threat

actors.

Moreover,

our

efforts

timely

mitigate

vulnerabilities

and

manage

such

risks,

given

the

rise

number

and

urgency

required patches and third-party software, as well as

the obsolescence in some of our hardware and

software, may impact our day-

to-day operations, the availability of our systems and

delay the deployment of technology enhancements

and innovation.

If Popular’s operational systems,

or those of

external parties on which

Popular’s businesses depend, are

unable to meet

the requirements of our businesses and operations or the standards of our regulators

or other applicable data protection and privacy

laws, or if they fail, have other significant shortcomings or are impacted by cyber-attacks,

Popular could be materially and adversely

affected.

rely

other

companies

provide

key

components

our

business

infrastructure,

including

certain

our

core

financial

transaction

processing

and

information

technology

and

security

services,

which

exposes

number

operational risks that could have a material

adverse effect on us.

Third parties provide key components of our business operations, such

as data processing, information security, recording

and monitoring transactions,

online banking interfaces and

services, Internet connections and

network access. The most

important

these

third-party service

providers for

Evertec

due

large

part

its

role

a service

provider to

BPPR,

our

principal

banking subsidiary.

We are dependent on Evertec for the provision of

essential services to our business, including certain

of BPPR’s

core financial

transaction processing and

information technology and

security services. As

a result,

we are particularly

exposed to

the operational risks of Evertec,

including those related to its

security architecture and potential breakdowns or

failures of Evertec’s

systems or internal controls environment.

Over the

course of our

relationship with Evertec,

we have experienced

interruptions and delays

in key

services provided

by Evertec, as well as cyber events, as a result of system breakdowns, their exposure to zero-day vulnerabilities, misconfigurations,

human

error,

application

obsolescence

and

dependency

shared

infrastructure

components

and

shared

environments,

which

have in certain cases also

led to exposure of Popular information

and BPPR customer information. In particular,

the current level of

obsolescence in the hardware and

software used by Evertec

to service us exposes

us to heightened operational and

cybersecurity

risks, including system outages.

Our ability to cure

legacy obsolescence in the

hardware and software we

procure from Evertec, to

expand

our

oversight

over

security

services

being

provided

Evertec,

well

effect

the

segregation

our

shared

infrastructure,

expected

lengthy

and

complex,

which

exacerbates

our

exposure

resulting

operational,

including

cybersecurity,

risks. See

“The transition

to new

financial services

technology providers,

and the

replacement of

services currently

provided to us by Evertec, will be lengthy and

complex” in the Operational Risks section of Item 1A

in this Form 10-K below.

While

select

third-party vendors

carefully

and

have

increased our

oversight

these

relationships, our

oversight is

constrained by

the level

of our

ongoing visibility into

our vendor’s systems

and operations, and

we do not

have direct control

over

their actions, assets

or services. Any

problems caused by

these vendors, including

those resulting from

disruptions in the

services

provided, vulnerabilities

in or

breaches of

the vendor’s

systems or

environments, failure

of the

vendor to

handle current

or higher

volumes, failure of the vendor to provide services for any reason or

poor performance of services, failure of the vendor to notify us

reportable

event

timely

manner,

our

vendors’

misuse

artificial

intelligence

and

other

automatic

decision

making

technologies,

could

adversely

affect

our

ability

deliver

products

and

services

our

customers

and

otherwise

conduct

our

business,

disrupt

our

operations,

result

potential

liability

customers

and

counterparties,

result

the

imposition

fines,

penalties or judgments by our regulators, lead to exposure of our information or that of our customers or harm to our reputation, any

of which

could materially

and adversely

affect us.

The inability

of our

third-party service

providers to

timely address

cybersecurity

threats may further exacerbate these

risks. Financial or operational difficulties of

a third-party vendor could also

hurt our operations

those

difficulties

interfere

with the

vendor’s ability

serve

us.

Replacing these

third-party vendors,

when possible,

could

also

create

significant

delay

and

expense.

Accordingly,

the

use

third

parties

creates

unavoidable inherent

risk

our

business

operations.

The transition to new financial services technology providers, and the replacement of services currently provided to

us by

Evertec, will be lengthy and complex.

Switching from one vendor of core financial transaction processing and related technology and security services to one or

more new

vendors is

a complex

process that

carries business

and financial

risks. The

implementation cycle

for such

a transition

would be

lengthy and require

significant financial and

management resources from

BPPR and

Popular. Such

a transition can

also

increase costs (including conversion costs), impede or disrupt business or technological initiatives, and expose us and our clients to

business disruption, as well as operational and cybersecurity risks. As

we transition all or a portion of

the existing services provided

by Evertec

to new

financial services

technology providers,

either (i)

at the

end of

the term

of the

Second Amended

and Restated

Master Services Agreement

(the “MSA”) and

related agreements or

(ii) earlier upon

the termination of

any service for

convenience

under the MSA, these transition risks could result in an adverse effect on our

business, financial condition and results of operations.

Although Evertec

has agreed

to provide

certain transition

assistance to

us in

connection with

the termination

of the

MSA, we

are

ultimately dependent on their ability to provide those

services in a responsive and competent manner, as well as their ability to retain

experienced personnel to

provide the services. A

successful transition will

also depend on

our ability to

retain personnel who

have

relevant experience

and expertise.

Furthermore, we

may require

transition assistance

from Evertec

beyond the

term of

the MSA,

potentially delaying and lengthening any transition

process away from Evertec while increasing

related costs and risks

of disruption

to us and our clients.

Under the

MSA, we

are able

to terminate

services for

convenience with

180 days’

prior notice.

We expect

to exercise

during the

term of

the MSA

the right

to terminate

certain services

for convenience

and to

transition such

services to

other service

providers prior to the expiration

of the MSA, subject to

complying with the revenue minimums contemplated in

the MSA and certain

other conditions. In

practice, in order

to switch

to a

new provider for

a particular service,

we will have

to commence procuring

and

working on

a transition

process for

such service

significantly in

advance of

its termination

and, in

any case,

much earlier

than the

expiration date of the MSA, and such process may extend beyond the current term of the MSA. Furthermore, if we are unsuccessful

decide

not

complete

the

transition

after

expending significant

funds

and

management resources,

could

also

result

adverse effect on our business, financial condition and

results of operations.

Unforeseen or

catastrophic events,

including

extreme weather

events and

other natural

disasters, man-made

disasters,

acts of violence or

war, or the

emergence of pandemics or epidemics, could

cause a disruption in our

operations or other

consequences that could have a material adverse

effect on our financial condition and results

of operations.

significant

portion

our

operations

are

located

the

Caribbean

and

Florida,

region

susceptible

hurricanes,

earthquakes and other

similar events. In

2017, Puerto Rico,

USVI and BVI

were severely impacted

by Hurricanes Irma

and María,

which resulted in significant disruption to our operations and adversely affected

our clients in these markets, and in 2022, Hurricane

Fiona impacted the

southwest area of

Puerto Rico,

adversely affecting our

customers in

that region. Other

types of

unforeseen or

catastrophic events, including

pandemics, epidemics, man-made

disasters, or acts

of violence or

war, or

the fear that

such events

could occur

in the

future, could

also adversely

impact our

operations and

financial results.

For example,

in 2020,

the COVID-19

pandemic

severely

impacted

global

health,

financial

markets,

consumer

spending

and

global

economic

conditions,

and

caused

significant disruption to businesses

worldwide, including our business

and those of

our customers, service providers

and suppliers.

Future unforeseen or catastrophic events, and actions taken by governmental authorities and other third parties in response to such

events, could

adversely affect

our operations,

cause economic

and market

disruption, adversely

impact the

ability of

borrowers to

timely repay

their loans,

or affect

the value

of any

collateral held

by us,

any of

which could

have a

material adverse

effect on

our

business, financial condition or results of operations. The frequency, severity and impact of future unforeseen or catastrophic events

difficult

predict. While

we maintain

insurance against

natural disasters

and

other unforeseen

events, including

coverage

for

business interruption, the insurance may not be sufficient to cover all of the damage from any such event, and there is

no insurance

against the

disruption that

a catastrophic

event could

produce to

the markets

that we

serve and

the potential

negative impact

economic activity.

Climate change could have a material adverse

impact on our business operations and that

of our clients and customers.

Our business and

the activities and

operations of our

clients and customers

may be disrupted

by global climate

change.

Potential physical risks

from climate change

include the increase

in the

frequency and severity

of weather

events, such as

storms

and

hurricanes,

and

long-term

shifts

climate

patterns, such

sustained

higher

and

lower

temperatures,

sea

level

rise,

heat

waves

and

droughts,

among

others.

Our

geographic

concentration

localities,

including

Puerto

Rico,

the

U.S.V.I.,

B.V.I.

and

Florida, particularly

susceptible to

risks arising

from climate

change, including

severe hurricanes

and sea

level rise,

heighten the

threat we

face from

climate change. Additionally,

the impact

of climate

change in

the markets

that we

operate and

in other

global

markets may

have the

effect of

increasing the

costs or

reducing the

availability of

insurance needed

for our

business operations.

Climate change may also create transitional risks resulting from a shift to a low-carbon economy.

These transition risks may include

changes in the legal and regulatory landscape, technology, consumer sentiment and preferences, and market demands that seek to

mitigate the

effects

of climate

change. Changes

in the

legal

and regulatory

landscape may

additionally increase

our compliance

costs.

These

climate-driven

changes

could

have

material

adverse

impact

asset

values

and

our

business

and

financial

performance and those of our clients and customers.

LEGAL AND REGULATORY RISKS

Our

businesses

are

highly

regulated,

and

the

laws

and

regulations

that

apply

have

significant

impact

our

business and operations.

We are subject to extensive and evolving

regulation under U.S. federal, state and Puerto Rico laws that

govern almost all

aspects of our operations and

limit the businesses in which

we may be engaged,

including regulation, supervision and examination

by federal, state

and foreign banking

authorities. These laws

and regulations have

expanded significantly over an

extended period

time

and

are

primarily

intended

for

the

protection

consumers,

borrowers

and

depositors.

Compliance

with

these

laws

and

regulations has resulted, and will continue

to result, in significant costs. Additionally,

the current federal administration is

pursuing a

policy

and

regulatory

agenda

significantly

different

from

that

the

administration,

including

the

reversal

rules

promulgated

under

the

past

administration

and

shifts

rulemaking,

supervision,

examination

and

enforcement

priorities.

The

implementation of that agenda is happening rapidly and is constantly

evolving. The potential impact of any such changes cannot be

predicted.

Additional

laws

and

regulations

may

enacted

adopted

the

future,

and

the

application,

interpretation

enforcement

laws

and

regulations

may

the

future

changed

(including

through

executive

orders),

ways

that

could

significantly affect

our powers,

authority and

operations and

which could

have a

material adverse

effect on

our financial

condition

and

results

operations. In

particular,

could

adversely impacted

changes

laws

and

regulations,

or changes

the

application, interpretation

or enforcement

of laws

and regulations,

that proscribe

or institute

more stringent

restrictions on

certain

financial

services

activities, impose

monetary fines

other

penalties on

institutions that

fail

comply

with

applicable laws

and

regulations, or impose new requirements.

In addition, new laws or regulations could require significant system and process changes

that require

systems upgrades

and could

limit our

ability to

meet adoption timeframes

or pursue

our innovation roadmap.

If we

not

appropriately

comply

with

current

future

laws

regulations,

adapt

the

changing

interpretation

existing

laws

regulations,

fail

meet

supervisory

expectations,

may

subject

fines,

penalties

judgements,

material

regulatory restrictions on

our business, which could

also materially and

adversely affect our

business,

financial condition, liquidity,

results of operations or capital position.

Our participation

(or lack

of participation)

in certain

governmental programs,

such as

the Paycheck

Protection Program

(“PPP”) enacted

in response

to the

COVID-19 pandemic,

also exposes

us to

increased legal

and regulatory

risks. We

have also

been and could continue to

be exposed to adverse

action for the violation of

applicable legal requirements or the improper

conduct

of our employees in connection with such loans. For example, on January 24, 2023, Popular Bank consented to the imposition of an

order from

the Federal

Reserve Board

requiring it

pay a

$2.3 million

civil money

penalty to

settle certain

findings arising

from

Popular Bank’s approval of six Payment Protection Program

loans.

In addition,

due to

divergent policies

and stakeholder

viewpoints regarding

climate and

sustainability matters,

we are

increased risk of

being subject to conflicting

legal and regulatory requirements

and stakeholder expectations regarding climate

and

sustainability

matters.

For

example,

certain

states

have

enacted

proposed

laws

addressing

climate

change

and

other

sustainability issues, including climate-related disclosure requirements. On the other hand, certain states have enacted

or proposed

laws or regulations or

taken other actions to

prohibit the consideration of environmental

and social factors in state

investments and

contracting. In addition, in August 2025, President Trump signed Executive Order 14331, “Guaranteeing Fair Banking Access for All

Americans,” which

states that

it is

the policy

of the

United States

that no

American should

be denied

access to

financial services

because

their

constitutionally

statutorily

protected

beliefs,

affiliations,

political

views.

The

Executive

Order

directs

the

Treasury Secretary

and federal

banking regulators

to address

politicized or

unlawful debanking

activities. These,

as well

as other

laws,

regulations,

guidance

and

expectations,

many

which

may

have

broad

and

extraterritorial

application,

have

the

past

subjected and may

in the future

subject us to

additional requirements or

different and conflicting

requirements and expectations

the various jurisdictions in which we operate, which

could negatively affect our business and brand.

are from

time to

time subject

to information

requests, investigations

and other

regulatory enforcement

proceedings

from

departments

and

agencies

the

U.S.,

Puerto

Rico,

New

York

and

other

state

governments, including

those

that

investigate

compliance

with

U.S.

sanctions

and

consumer

protection

laws

and

regulations,

which

may

expose

significant

penalties

and

collateral

consequences,

and

could

result

higher

compliance

costs

restrictions

our

operations.

from

time-to-time

self-report

compliance

matters

to,

receive

requests

for

information

from,

departments

and

agencies

the

U.S.,

Puerto

Rico,

New

York

and

other state

governments, including

with

respect to

compliance

with consumer

protection laws and regulations. For example, BPPR

has in the past received requests for

information, such as subpoenas and civil

investigative demands from U.S. government regulators,

including concerning add-ons on consumer products, real

estate appraisals

and

residential

and

construction

loans

Puerto

Rico.

BPPR

has

also

self-identified

and

reported

applicable

regulators

compliance matters related to U.S. sanctions, as well

as mortgage, credit reporting and other

consumer lending practices.

Incidents of this nature and investigations or examinations by governmental authorities have resulted in the past, and may

in the

future result, in

judgments, settlements, fines,

enforcement actions, penalties

or other sanctions

adverse to the

Corporation,

which could materially and adversely affect the Corporation’s business, financial

condition, results of operations or capital position or

cause serious reputational harm. Any such settlements or orders

that we enter into, or that regulatory authorities impose

on us could

require enhancements to our

procedures and controls and

entail significant operational and

compliance costs. Furthermore, issues

or delays in satisfying the requirements of a regulatory settlement or

action on a timely basis could result in additional

penalties and

enforcement actions, which could be significant. In connection with the resolution of regulatory proceedings, enforcement authorities

may seek admissions of wrongdoing and, in some cases, criminal pleas, which

could lead to increased exposure to private litigation,

loss of clients or customers, and restrictions on offering certain products or

services. In addition, responding to information-gathering

requests,

investigations

and

other

regulatory

proceedings,

regardless

the

ultimate

outcome

the

matter,

could

time-

consuming, expensive and divert management attention

from our business.

Financial services

institutions such

as Popular

have been

subject to

heightened expectations

and regulatory

scrutiny in

recent years.

Our regulators’

oversight is

not limited

to banking

and financial

services laws

but extends

to other

significant laws

such as those related to anti

money laundering, anti-bribery and anti-corruption laws. Further,

regulators in the performance of their

supervisory and enforcement

duties, have significant

discretion and power

to prevent or

remedy what they

deem to be

unsafe and

unsound

practices

violations

laws

banks

and

bank

holding

companies.

Therefore,

the

outcome

any

investigative

enforcement action, which may take years and be

material to Popular, may be difficult to predict or estimate.

Complying with economic and trade sanctions programs

and anti-money laundering laws and regulations

can increase our

operational and compliance costs. If

we, and our subsidiaries, affiliates or

third-party service providers, are found to

have

failed to comply with applicable economic and trade sanctions programs and anti-money laundering laws

and regulations,

could

exposed

fines,

sanctions

and

penalties,

and

other

regulatory

actions,

well

governmental

investigations.

federally

regulated

financial

institution,

must

comply

with

regulations

and

economic

and

trade

sanctions

and

embargo

programs

administered by

the

Office

Foreign

Assets

Control

(“OFAC”)

the

U.S.

Treasury,

well

anti-money

laundering laws and regulations, including those under

the Bank Secrecy Act.

Economic and trade sanctions regulations and programs administered by OFAC prohibit U.S.-based entities from entering

into or facilitating

unlicensed transactions with, for

the benefit of,

or in some

cases involving the

property and property interests

of,

persons,

governments or

countries

designated by

the

U.S.

government under

one

sanctions

regimes,

and

also

prohibit

transactions

that

provide

benefit

that

received in

country

designated

under

one

sanctions

regimes.

are

also

subject to

a variety

of reporting

and other

requirements under

the Bank

Secrecy Act,

including the

requirement to

file suspicious

activity and currency

transaction reports, that

are designed to

assist in

the detection

and prevention of

money laundering, terrorist

financing

and

other

criminal

activities.

addition,

financial

institution

are

required

to,

among

other

things,

identify

our

customers, adopt formal

and comprehensive anti-money

laundering programs, scrutinize

or altogether prohibit

certain transactions

of special concern, and be prepared to respond to inquiries from U.S.

law enforcement agencies concerning our customers and

their

transactions. Failure

by the

Corporation, its

subsidiaries, affiliates

third-party service

providers to

comply with

these

laws

and

regulations

could

have

serious

legal

and

reputational

consequences

for

the

Corporation,

including

the

possibility

regulatory

enforcement

other

legal

action,

including

significant

civil

and

criminal

penalties.

also

incur

higher

costs

and

face

greater

compliance risks in

structuring and operating

our businesses to comply

with these requirements. The

markets in which

we operate

heighten these costs and risks.

We have established risk-based policies and procedures and employed software designed to

assist us and our personnel

in complying

with these

applicable laws

and regulations.

Even if

the appropriate

controls are

in place,

there can

be no

assurance

that

our

policies

and

procedures will

prevent

from

blocking

and

rejecting

all

applicable

transactions

our

customers

our

customers’ customers

that may

involve a

sanctioned person,

government or

country.

Any failure

to detect

and prevent

any such

transaction

could

result

violation

applicable

laws

and

regulations

and

adversely

affect

our

reputation,

business,

financial

condition and results of operations.

From time

to time

we have

identified and

voluntarily self-disclosed

to OFAC

transactions that

were not

timely identified,

blocked

rejected

our

policies,

controls

and

procedures

for

screening

transactions

that

might

violate

the

regulations

and

economic and

trade sanctions

programs administered

by OFAC.

For example,

during the

second quarter

of 2022,

BPPR entered

into

settlement

agreement

with

OFAC

with

respect

certain

transactions

processed

behalf

two

employees

the

Government of Venezuela,

in apparent violation of U.S. sanctions

against Venezuela. Popular agreed

to pay $256,000 to settle

the

apparent

violations,

which

had

been

self-disclosed

OFAC.

There

can

assurances

that

any

failure

comply

with

U.S.

sanctions and

embargoes, or

with anti-money

laundering laws

and regulations,

will not

result in

material fines,

sanctions or

other

penalties being imposed on us.

Furthermore, if

the policies,

controls, and

procedures of

one of

the Corporation’s

third-party service

providers, together

with our

third-party oversight

of such

providers, do

not prevent

it from

violating applicable

laws and

regulations in

transactions in

which it engages, such violations could adversely affect its

ability to provide services to us.

We are

subject to

regulatory capital

adequacy requirements, and

if we

fail to

meet these

requirements our

business and

financial condition will be adversely affected.

Under regulatory capital adequacy requirements, and other

regulatory requirements, Popular and our banking

subsidiaries

must

meet

requirements

that

include

quantitative

measures

assets,

liabilities

and

certain

off-balance

sheet

items,

subject

qualitative

judgments

regulators

regarding

components,

risk

weightings

and

other

factors.

fail

meet

these

minimum

capital

requirements

and

other

regulatory

requirements,

our

business

and

financial

condition

will

materially

and

adversely

affected. If

a financial

holding company

fails to

maintain well-capitalized

status under

the regulatory

framework, or

is deemed

not

well managed

under regulatory

exam procedures, or

if it

experiences certain

regulatory violations, its

status as

a financial

holding

company and its

related eligibility for

a streamlined review

process for acquisition

proposals, and its

ability to offer

certain financial

products, may be

compromised and its

financial condition and

results of operations

could be adversely

affected. The failure

of any

depository

institution

subsidiary

financial

holding

company

maintain

well-capitalized

well-managed

status

could

have

similar consequences.

See “Our businesses are

highly regulated, and the

laws and regulations that apply

to us have a

significant impact on our

business and operations” in the Legal and Regulatory

Risks section of Item 1A in this Form 10-K.

Increases in FDIC insurance premiums may

have a material adverse effect on our earnings.

Substantially

all

the

deposits

BPPR

and

are

subject

insurance

applicable

limits

the

FDIC’s

deposit

insurance fund

(“DIF”) and, as

a result, BPPR

and PB

are subject to

FDIC deposit

insurance assessments. On

October 18, 2022,

the FDIC

finalized a

rule that

increased initial

base deposit

insurance assessment

rates by

2 basis

points, beginning

with the

first

quarterly assessment period of 2023. In addition, in November 2023, the FDIC finalized a rule that imposes a special assessment to

recover the costs to the DIF resulting from the FDIC’s

use, in March 2023, of the systemic risk exception to

the least-cost resolution

test

under

the

FDIA

connection

with

the

receiverships

Silicon

Valley

Bank

and

Signature

Bank.

The

exact

amount

this

assessment will be determined when the FDIC terminates

the related receiverships considered in the final

rule. Accordingly, the final

special assessment

amount and collection

period may change

as the

estimated cost

is periodically adjusted

or if

the total

amount

collected varies.

For example,

in December

2025, the

FDIC reduced

the rate

at which

the assessment

is collected

for the

eighth

quarter of the collection period, with an invoice

payment date of March 30, 2026, due

to its updated estimate of losses.

are generally

unable to

control the

amount of

premiums or

additional assessments

that we

are required

to pay

for

FDIC insurance. If there

are additional bank or financial

institution failures, our level of

non-performing assets increases, or our

risk

profile changes

or our

capital position

is impaired,

we may

be required

to pay

even higher

FDIC premiums.

Any future

additional

increases in

FDIC premiums,

assessment rates

or special

assessments may

materially adversely

affect our

results of

operations.

See the “Supervision

and Regulation—FDIC Insurance” discussion

in Item 1.

Business of this

Form 10-K for

additional information

related to the FDIC’s deposit insurance assessments applicable

to BPPR and PB.

The resolution of pending litigation and regulatory proceedings, if unfavorable to us, could have material adverse financial

effects or cause us significant reputational

harm, which, in turn, could seriously harm

our business prospects.

face

legal

risks

our

businesses,

and

the

volume

claims

and

amount

damages

and

penalties

claimed

litigation and regulatory proceedings against financial institutions

remains high. We are involved

in a number of litigation,

arbitration

and regulatory proceedings

in the

ordinary course of

our business. Substantial

legal liability or

significant regulatory action

against

us could have material

adverse financial effects or cause significant

reputational harm to us or

other adverse consequences, which

in turn could seriously harm our business prospects. For further information relating to our legal risk, see Note 23 - “Commitments &

Contingencies”, to the Consolidated Financial Statements

in this Form 10-K.

LIQUIDITY RISKS

are subject

to liquidity

risks arising

from market

events or

disruptions and

instances of

low

investor and

depositor

confidence. Furthermore, actions by the rating agencies

or decreases in our capital levels may have adverse

effects on our

liquidity and business, including by raising the

cost of our obligations or affecting our ability

to borrow.

We must

maintain adequate liquidity

and funding sources

to support

our operations, fund

customer deposit withdrawals,

repay

borrowings

and

debt,

comply

with

our

financial

obligations,

fund

planned

capital

distributions

and

meet

regulatory

requirements.

The

Corporation’s

most

significant

source

funds

are

bank

deposits,

including

customer

deposits

and

brokered

deposits.

addition

deposits,

sources

liquidity

include

secured

borrowing

arrangements,

such

those

with

the

Federal

Reserve Bank of

New York

and the Federal

Home Loan Bank

of New York

(“FHLBNY”), unpledged securities from

our investment

portfolio, the capital markets and proceeds from loan

sales or securitizations.

Popular’s

liquidity

and

ability

fund

and

operate

its

business

could

materially

adversely

affected

variety

conditions and

factors, some

of which

are out

of Popular’s control.

For example,

market events

or disruptions,

such as

periods of

market stress and

low investor confidence in

financial institutions could result

in deposit withdrawals, especially

to the extent

those

deposits are in

excess of the

FDIC-insured limit of

$250,000. As of

December 31, 2025,

we had $14

billion of total

deposits (other

than collateralized

public funds,

which represent

public deposit

balances from

governmental entities

in the

U.S. and

its territories,

including Puerto Rico

and the

United States Virgin

Islands, that are

collateralized based on

such jurisdictions’

applicable collateral

requirements) in excess of

the FDIC-insured limit. We

may also suffer outflows

of customer deposits due

to competition from

other

banks or

alternative investments. In

addition, in

periods of

stress, we

may not

be able

to access

existing funding sources,

access

the capital markets or to sell or securitize loans or

other assets, or to access such sources or to

sell or securitize assets on favorable

terms.

In addition, actions

by the rating agencies

could raise the cost

of our borrowings, since

lower rated securities are

usually

required by the

market to pay

higher rates than

obligations of higher credit

quality. Our

credit ratings were

reduced substantially in

2009 and, although one of

the three major rating agencies upgraded our

senior unsecured rating back to

“investment grade” during

2021,

the

remaining

two

rating

agencies

have

not

upgraded

their

current

“non-investment

grade”

rating.

The

market

for

non-

investment

grade securities

much

smaller

and

less

liquid than

for investment

grade securities.

were to

attempt

issue

preferred stock

or debt

securities into

the capital

markets, it

is possible

that there

would not

be sufficient

demand to

complete a

transaction or

that the

cost could

be substantially

higher than

for more

highly rated

securities. If

Popular is

unable to

access the

capital markets on favorable terms, our liquidity

may be adversely affected.

Changes in our ratings and capital levels could affect our

relationships with some creditors and limit our

access to funding.

For example,

having negative

tangible capital

may impact

our ability

access some

sources of

wholesale funding.

The Federal

Housing Finance

Agency restricts the

FHLBNY from

lending to

members of

the FHLBNY

with negative

tangible capital

unless the

member’s primary banking regulator makes a written request to the

FHLBNY to maintain access to borrowings. Both BPPR

and PB

have secured borrowing facilities with the FHLBNY and

could borrow up to $3.3 billion

and $1.5 billion respectively as of

December

31, 2025,

of which

$42.7 million

and $0.8

billion respectively

were used.

Losing access

to the

FHLBNY borrowing

facilities could

adversely

impact

liquidity

the

banking

subsidiaries.

Additionally,

BPPR

cease

well-capitalized,

the

FDIA

and

regulations

adopted

thereunder

would

restrict

their

ability

brokered

deposits

and

limit

the

rate

interest

payable

deposits.

Our banking

subsidiaries also

have recourse

obligations under certain

agreements with

third parties,

including servicing

and custodial agreements, that include ratings covenants. Upon failure to maintain the required credit ratings,

the third parties could

have

the

right

require

engage

substitute

fund

custodian

and

increase

collateral

levels

securing

recourse

obligations.

Collateral

pledged by

secure

recourse

obligations approximated

$23.8 million

December 31,

2025.

While management

expects that we would be able to meet any additional

collateral requirements if and when needed, the requirements

to post collateral

under certain agreements or the loss of custodian

funds could reduce our liquidity resources and

impact our results of operations.

As a bank holding company, we depend on dividends and distributions

from our subsidiaries for liquidity.

As a bank holding company,

we depend primarily on dividends from

our banking and other operating subsidiaries

to fund

our cash needs, including to capitalize our subsidiaries. Our banking subsidiaries, BPPR and PB, are limited by law in their ability to

make dividend

payments and other

distributions to

us based

on their earnings,

dividend history,

and capital

position. Based on

its

current financial condition,

PB may

not declare or

pay a

dividend without the

prior approval of

the Federal Reserve

Board and

the

NYSDFS. A

failure by

our banking subsidiaries

to generate

sufficient income

and free

cash flow to

make dividend

payments to

may

affect

our

ability to

fund

our cash

needs, which

could have

a negative

impact on

our financial

condition, liquidity,

results

operation or capital position. Such failure could also affect

our ability to pay dividends to our stockholders and to

repurchase shares

of our common stock. We have in the past suspended dividend payments

on our common stock and preferred stock during times of

economic uncertainty,

and there

can be

no assurance

that we

will be

able to

continue to

declare dividends to

our stockholders

any future periods.

impact

the

tangible

capital

levels

our

operating

subsidiaries,

could

also

limit

the

amount

capital

may

upstream to the holding company. Tangible

capital levels have in the past been, and may in the future be,

adversely affected by the

impact of

rapidly rising interest

rates on investment

securities in our

available-for-sale portfolio. For

a discussion of

risks related to

changes in interest

rates, see “Changes

in interest rates

and credit spreads

can adversely impact

our financial condition,

including

our investment portfolio, since a significant portion of

our business involves borrowing and lending money,

and investing in financial

instruments” in Item 1A of this Form 10-K.

We also depend

on dividends from our

banking and other operating subsidiaries

to pay debt service

on outstanding debt

and to repay maturing debt. Our ability to

declare such dividends would be subject to regulatory requirements and could

require the

prior approval of the Federal Reserve Board.

STRATEGIC RISKS

Potential acquisitions of businesses or

loan portfolios could increase some

of the risks that

we face, and may

be delayed

or prohibited due to regulatory constraints.

the extent

permitted by

our applicable

regulators, we

may pursue

strategic acquisition

opportunities. Acquiring

other

businesses, however, involves various risks,

including potential exposure to unknown or contingent liabilities of the

target company,

exposure

potential

asset

quality

issues

the

target

company,

potential

disruption

our

business,

the

possible

loss

key

employees and customers of

the target company,

and difficulty in

estimating the value of

the target company.

If we pay

a premium

over book or

market value in

connection with an

acquisition, some dilution of

our tangible book

value and net

income per common

share may occur.

Furthermore, failure to

realize the expected

revenue increases, cost savings,

increases in geographic

or product

presence, or

other projected

benefits from an

acquisition could have

a material

adverse effect

on our

business, financial condition

and results of operations.

Similarly,

acquiring

loan

portfolios

involves

various

risks.

When

acquiring

loan

portfolios,

management

makes

assumptions and

judgments about

the collectability

of the

loans, including

the creditworthiness

of borrowers

and the

value of

the

real

estate and

other assets

serving

as collateral

for the

repayment of

secured loans.

estimating the

extent of

the losses,

analyze

the

loan

portfolio

based

historical

loss

experience,

volume

and

classification

loans,

volume

and

trends

delinquencies

and

nonaccruals,

local

economic

conditions,

and

other

pertinent

information.

our

assumptions

are

incorrect,

however,

our actual

losses could

be higher

than estimated

and increased

loss reserves

may be

required, which

would negatively

affect our results of operations.

Finally, certain

acquisitions by financial institutions,

including us, are

subject to approval

by a variety

of federal and

state

regulatory agencies.

Regulatory approvals

could be

delayed, impeded,

restrictively conditioned

or denied.

We may

fail to

pursue,

evaluate

complete

strategic

and

competitively

significant

acquisition

opportunities

result

our

inability,

perceived

anticipated inability,

to obtain regulatory

approvals in a

timely manner,

under reasonable conditions or

at all. Difficulties

associated

with

potential

acquisitions

that

may

result

from

these

factors

could

have

material

adverse

effect

our

business,

financial

condition and results of operations.

continue our

broad-based multi-year,

technological and

business process

transformation. The

failure to

achieve the

goals of the transformation project, the inability to maintain expenses related to our transformation program within current

estimates

delays

executing

our

plans

may

materially

and

adversely

affect

our

business,

competitive

position,

financial condition, results of operations, or

cause reputational harm.

The

Corporation

continues

its

broad-based

multi-year,

technological

and

business

process

transformation,

which

was

launched in

2022. As

part of

this transformation,

we are

making significant

investments in

technology,

talent and

new digital

and

data capabilities in order to provide our customers with more personalized and accessible services, increase employee

performance

and satisfaction with more agile work processes,

and generate sustainable profitable growth and

value for our shareholders.

We may not succeed in executing all projects or aspects of the transformation

program, may abandon projects or aspects,

or fail to successfully launch new applications or achieve the intended

functionality and operational benefits from these technological

initiatives, which could

result in failed

or partially successful

implementations. In addition,

we may fail

to properly estimate

costs of

the

transformation

program

may

experience

delays

executing

our

plans.

Such

failures

delays

may

turn

cause

the

Corporation to

incur costs

exceeding our

current

estimates or

disrupt our

operations, including

our technological

services

our

customers,

fall

short

our

projected earnings

expense reduction

targets

driven

these

efforts.

the

extent that

these

disruptions

persist

over

time

and/or recur,

this

could

negatively

impact

our

competitive

position,

require additional

expenditures,

and/or harm our relationships with

our customers and thus may

materially adversely affect our

business, financial condition, results

of operations, or cause reputational harm.

We face

significant and

increasing competition in

the rapidly

evolving financial services

industry,

and face

challenges in

the adoption of new technologies such as

artificial intelligence which may put us at a

competitive disadvantage.

operate

highly competitive

environment, in

which

compete

the

basis

number of

factors,

including

customer service,

quality and variety

of products

and services,

price, interest rates

on loans

and deposits,

innovation, technology,

ease of use, reputation, and transaction execution. While our main competition

continues to come from other Puerto Rico banks and

financial institutions, we

face increased competition

from non-Puerto Rico

institutions, as emerging

technologies and the

growth of

e-commerce

have

significantly

reduced

geographic

barriers.

These

technologies

have

also

made

easier

for

non-depositary

institutions to

offer products

and services

that were

traditionally considered

banking products

and allowed

non-traditional financial

service providers

and technology

companies to

provide electronic

and internet-based

financial solutions

and services.

In addition,

nonbank

firms

may

have

competitive

advantage

over

traditional

banks

and

bank

holding

companies

such

Popular

due

factors

such

differences

regulation,

funding

models

and

tax

treatment.

may

also

unable

adopt

integrate

new

technologies

that

could

reduce

expenses

and

simplify

our

operations,

including

artificial intelligence,

automation

and

algorithmic

tools,

the

pace

such

competitors

due

operational

and

compliance

challenges

and

risks

relating

data

quality,

internal

controls, privacy and consumer protection, among others.

Our failure to successfully adopt and

integrate these new technologies in

timely

and

effective

manner may

impair our

ability to

compete effectively

or to

attract or

retain business.

Moreover,

increased

competition could create pressure to lower prices, fees, commissions or

credit standards on our products and services, which could

adversely affect our

financial condition and results

of operations. Increased competition could

also create pressure to

raise interest

rates

on deposits

or increase

deposit attrition,

which could

negatively impact

our business,

financial condition,

liquidity results

operations or capital position.

If we are unable to

meet constant technological changes and react quickly to

meet new industry standards, including as a

result

of our

continued dependence

Evertec, we

may

be unable

to enhance

our

current services

and introduce

new

products and

services in

a timely

and cost-effective

manner,

placing us

at a

competitive disadvantage

and significantly

affecting our business, financial condition, liquidity, results of operations

or capital position.

To compete effectively,

we need to constantly enhance and modify our products and services and introduce new products

and

services

attract

and

retain

clients

match

products

and

services

offered

our

competitors,

including

technology

companies

and

other

nonbank firms

that

are

engaged in

providing similar

products

and services,

some

which are

may

provided by Evertec

itself.

Our ability to

compete effectively will

depend in part

on our

ability to

react quickly to

meet new industry

standards

and

use

new

technology,

such

artificial

intelligence,

satisfy

customer

demands,

well

create

additional

efficiencies in our operations. Popular expects that it will continue to depend

on Evertec’s technology services to operate and control

current products and services and to implement future products and services, making

our success dependent on Evertec’s ability to

timely complete and introduce these enhancements and

new products and services in a cost-effective

manner.

Some

our

competitors

rely

financial

services

technology

and

outsourcing

companies

that

are

much

larger

than

Evertec, serve a

greater number of

clients than Evertec,

and may have

better technological capabilities and

product offerings than

Evertec.

Furthermore,

financial

services

technology

companies

typically

make

capital

investments

develop

and

modify

their

product

and

service

offerings

facilitate

their

customers’

compliance

with

the

extensive

and

evolving

regulatory

and

industry

requirements, and,

in most

cases, such

costs are

borne by

the technology

provider.

Because of

our contractual

relationship with

Evertec, and because Popular is the sole

customer of certain of Evertec’s services

and products,

including core bank processing of

BPPR, we have

in the past borne

the full cost

of such developments and

modifications and may be

required to do so

in the future,

subject to the terms of the MSA.

Moreover,

the terms,

speed, scalability,

and functionality

of certain

of Evertec’s

technology services

are not

competitive

when compared

to offerings

from its

competitors. Evertec’s

failure to

sufficiently invest

in and

upscale its

technology and

services

infrastructure to

meet the

rapidly changing

technology demands

of our

industry may

result in

our being

unable to

meet customer

expectations and

attract or

retain customers.

Furthermore, Evertec’s

strategy and

investments may

also be

refocused away

from

Popular towards other strategic

initiatives,

potentially including initiatives that could

have the effect

of disintermediating us from

our

customers

otherwise

present

competitive

risk.

Any

such

impact

could,

turn,

reduce

Popular’s

revenues,

place

competitive disadvantage and significantly

affect our business,

financial condition, liquidity,

results of operations

or capital position.

While we

have over time

narrowed the scope

of services which

we are

dependent on Evertec

to obtain, in

exchange for obtaining

releases

2022

from

exclusivity restrictions

that

limited

our

ability

engage

other

third-party

providers

financial

technology

services, we

agreed to

extensions of

certain existing

commercial agreements

with Evertec

and, as

a result,

have prolonged

the

duration of

our exposure to

the risks

presented by Evertec’s

technological capabilities and

its failures

to enhance

its products

and

services

and

otherwise

meet

evolving

demands.

may

also

exposed

heightened

business

risks

connection

with

our

dependency on Evertec with

respect to BPPR’s merchant

acquiring business, which exclusivity runs

until 2035, and with

respect to

the ATH

Network, which commitment

runs until

2030, in

light of

the pace

of technology changes

and competition in

the payments

industry.

The ability to attract and retain qualified employees

is critical to our success.

Our

success

depends,

large

part,

our

ability

attract

and

retain

qualified

employees.

Competition

for

qualified

candidates,

especially in

the

area of

information technology,

intense

and

has

increased

recently as

result

tighter

labor

market.

Increased

competition

may

lead

difficulties

attracting

retaining

qualified

employees, which

may,

turn,

lead

significant challenges in the execution of our business strategies

and have an adverse effect on the quality of the service we provide

the

customers

and

communities

serve.

Such

challenges

could

adversely

affect

our

business,

operations

and

financial

condition. In addition, increased competition

may lead to higher compensation

packages and more flexible work

arrangements. We

may also be required to hire employees outside of

our market areas for certain positions that require specific expertise,

which could

result in

employment and tax

compliance-related expenses, challenges

and risks. In

addition, flexible work

arrangements, such as

remote or hybrid work

models, have led to

other workplace challenges, including fewer opportunities for

face-to-face interactions or

to promote a cohesive corporate culture and heightened

cybersecurity, information security and other operational risks.

Our

ability

attract

and

retain

qualified

employees

also

impacted

regulatory

limitations

our

compensation

practices, such as clawback requirements of incentive compensation, which may not affect other institutions with which we compete

for talent.

The scope

and content of

regulators’ policies

on executive compensation

continue to

develop and are

likely to

continue

evolving. Such policies and limitations on our compensation

practices could adversely affect our ability to attract, retain and motivate

talented senior leaders in support of our long-term

strategy.

OTHER RISKS

An impairment

of our

goodwill, deferred

tax assets

or amortizable

intangible assets

could adversely

affect our

financial

condition and results of operations.

As of December

31, 2025, we

had $790 million,

$814 million and

$188 million, respectively,

of goodwill, net

deferred tax

assets and amortizable intangible assets, including

capitalized software costs, recorded on our balance

sheet.

Under

GAAP,

goodwill

tested

for

impairment

least

annually

and

amortizable

intangible

assets

are

tested

for

impairment

when

events

changes

circumstances indicate

the

carrying value

may

not

recoverable. Factors

that

may

considered a change in circumstances, indicating that the carrying value of the goodwill or amortizable intangible assets may not be

recoverable, include

a decline in

Popular’s stock price

related to

a deterioration in

global or

local economic conditions,

declines in

our market capitalization, reduced future earnings estimates, and interest rate changes. The goodwill impairment evaluation process

requires

make

estimates

and

assumptions

with

regards

the

fair

value

our

reporting

units.

Actual

values

may

differ

significantly

from

these

estimates.

Such

differences

could

result

future

impairment

goodwill

that

would,

turn,

negatively

impact our results of operations and the reporting

unit where the goodwill is recorded.

The

determination

whether

deferred

tax

asset

realizable

based

weighting

all

available

evidence.

The

realization

deferred

tax

assets, including

carryforwards

and

deductible temporary

differences,

depends upon

the

existence

sufficient taxable

income of the

same character during

the carryback or

carryforward period. The

analysis considers all

sources of

taxable income

available to

realize the

deferred tax

asset, including

the future

reversal of

existing taxable

temporary differences,

future taxable income

exclusive of reversing temporary

differences and carryforwards,

taxable income in

prior carryback years

and

tax-planning strategies. Changes in these

factors may affect

the realizability of our

deferred tax assets in

our Puerto Rico and

U.S.

operations.

If our

goodwill, deferred

tax assets

or amortizable

intangible assets

become impaired,

we may

be required

to record

significant charge to earnings, which could adversely

affect our financial condition and results of operations.

We could experience unexpected

losses if the estimates

or assumptions we use

in preparing our financial

statements are

incorrect or differ materially from actual results.

In preparing

our financial

statements pursuant to

U.S. GAAP,

we are

required to

make estimates

and assumptions

that

are often based

on subjective and

complex judgments about

matters that are

inherently uncertain. For example,

we use estimates

and assumptions to determine our allowance for credit losses, our

liability for contingent litigation losses, and the fair value of certain

of our

assets and

liabilities, such

as debt

securities, loans

held for

sale, MSRs,

intangible assets

and deferred

tax assets.

If such

estimates

assumptions are

incorrect

differ

materially

from

actual

results,

could

experience

unexpected

losses

other

adverse impacts, some of which could be significant.

For further information on other risks faced by

Popular please refer to the MD&A section of

this Form 10-K.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

Item 1C. Cybersecurity

The

Corporation

assesses,

identifies

and

manages

cybersecurity

risk

part

the

Corporation’s

overall

risk

management

framework, alongside

associated information

security,

anti-money laundering

and counterterrorism,

operational, fraud,

regulatory,

legal and reputational risks, among others.

The Corporation has established three management

committees that oversee and monitor different aspects of

cybersecurity risk.

●

The

Enterprise Risk

Management Committee

(the “ERM

Committee”), chaired

the Chief

Risk Officer,

oversees and

monitors

the

risks

included

the

Risk Appetite

Statement

(the

“RAS”)

the

Corporation’s

Risk

Management

Policy,

including cybersecurity risks.

●

The Information

Technology and

Cyber Risk

Committee (“ITCRC”),

chaired by

the Chief

Security

Officer and

the Chief

Information and

Digital Strategy

Officer, oversees

and monitors

information technology

(“IT”), privacy

and cybersecurity

risks, mitigating

actions and

controls, applicable

regulatory developments, key

risks metrics,

and IT

and cyber

incidents

that may result in operational, compliance and reputational

risks.

●

The

Operational

Risk

Committee (“ORCO”),

chaired

the

Chief Risk

Officer,

oversees

and

monitors

operational

risk

management activities

to ensure

the development

and consistent

application of

operational risk

policies, processes

and

procedures that

measure, limit

and manage

the Corporation's

operational risks

while maintaining

the effectiveness

and

efficiency

the

operating and

business

processes. As

part

its

responsibilities, ORCO

oversees business

continuity

matters, as well as operational losses stemming

from any cybersecurity or fraud events.

The ITCRC and ORCO meet at least quarterly

and report on cybersecurity and other matters

to the ERM Committee.

The

Board

has

established

Board-level

Risk

Management

Committee

(“RMC”),

which

responsible

for

the

oversight

the

Corporation’s overall risk framework, and assists the Board in the monitoring, review and approval of the policies that measure, limit

and manage the Corporation’s risks, including cybersecurity

risk. The RMC holds periodic meetings in

which management provides

overview of

Popular’s cybersecurity

threat

risk management

and strategy

processes,

which includes

summaries

escalated

incidents

and

incident

remediation

status.

Our

Chief

Security

Officer,

Chief

Information

and

Digital

Strategy

Officer,

Chief

Information Security Officer

(“CISO”), Chief Risk

Officer and the

Financial and Operational

Risk Management Division

(the “FORM

Division”)

Manager

generally

participate

such

meetings.

The

RMC

also

responsible

for

(i)

overseeing

the

development,

implementation

and

maintenance

the

Corporation’s

information

security

program

(the

“Information

Security

Program”);

(ii)

approving the Corporation’s risk management program

and any related policies and controls;

(iii) overseeing the implementation by

the Corporation’s

management of

the Corporation’s

risk management

program and

any related

policies, procedures

and controls;

(iv)

overseeing the

Corporation’s risk

management with

respect to

emerging technologies,

including artificial

intelligence;

and (v)

reviewing reports regarding selected topics such as

cyber.

In addition, the

Board also has

a standing Technology

Committee (the “TC”)

that oversees the

Corporation’s technology functions,

strategy, operations, investments and needs.

The TC meets at least quarterly and

our Chief Information and Digital Strategy Officer

and our Chief

Security Officer

generally participate in

such meetings. The

TC (i) oversees

the development and

implementation of

the Corporation’s technology

strategy and initiatives,

(ii) monitors the

risks associated with

critical technology vendor

relationships,

including

cyber

risks,

and

(iii)

reviews

and

receives

reports

from

management

and

third

parties

regarding

the

Corporation’s

technology

functions,

operations,

strategy

and

initiatives,

well

current

and

emerging

technology

trends

and

risks

arising

therefrom.

The Board in turn also receives briefings on cybersecurity matters and risks, including an annual presentation from the Chief

Security

Officer

and

the

CISO

the

Information

Security

Program.

addition,

part

the

Board’s

director

education

plan,

members of the

Board take, on

an annual basis,

a cybersecurity training that

provides the Board with

an overview of

cybersecurity

principles and regulations that are relevant to our institution

and the Board’s oversight function.

To identify, assess and manage risks from cybersecurity threats, the Corporation has established a three lines of defense

framework. The first line of defense is composed of business line management that identifies and manages the risks associated with

business activities, including cybersecurity risk. The second line of defense is made up of members of the Corporation’s Corporate

Risk Management Group and the Corporate Security and Operations Group (the “CSOG”) who, among other things, measure and

report on the Corporation’s risk activities. In such line of defense, the FORM Division, within the Corporate Risk Management

Group, is responsible for (i) establishing baseline metrics that measure, monitor, limit and manage the framework that identifies and

manages multiple and cross-enterprise risks, including cybersecurity risks; and (ii) articulating the RAS and supporting metrics,

including those related to operational risk, business continuity, disaster recovery and third-party management oversight processes.

Meanwhile, Popular’s Corporate Information Security and Privacy Division (the “CISP”), which is headed by the CISO and reports to

the CSOG, is responsible for the development of strategies, policies and programs to assess and mitigate cybersecurity and privacy

risks. Members of the CISP (including the CISO) and FORM Division report on and escalate cybersecurity, IT and privacy risks to

management committees, such as the ITCRC, ORCO and ERM Committees, and, if appropriate, to the RMC, TC, and the Board of

Directors, as required under relevant policies and procedures. Lastly, the third line of defense consists of the Corporate Auditing

Division, which independently provides assurance regarding the effectiveness of the risk framework and reports directly to the Audit

Committee of the Board.

Popular monitors various vectors of threats and utilizes open-source intelligence forums and communities such as the Financial

Services Information Sharing and Analysis Center and the Cybersecurity and Infrastructure Security Agency, among others, to

receive threat intelligence feeds which are reviewed by the CISP. As cybersecurity threats are identified, they are evaluated to

assess the level of exposure and the potential risk to Popular. The ITCRC and the ERM Committee discuss and track the threats

identified in internal assessments and scans or in third-party reports. Depending on the evolution and materiality of the threat, these

are escalated to the RMC as appropriate.

The CISP

develops the Information

Security Program, which

considers and evaluates

risks posed by

cybersecurity threats, events

and

activities

impacting

the

industry

and

the

Corporation.

The

Information

Security

Program

outlines

the

Corporation’s

overall

strategy and

governance to

protect the

confidentiality,

integrity and

availability of

information and

prevent access

by unauthorized

personnel, and is based on standards and controls set by the National Institute of Standards and Technology

(“NIST”), including the

NIST’s Framework for

Improving Critical Infrastructure

Cybersecurity. Popular

currently leverages the

Cyber Assessment Tool

(the

“CAT”), a tool based on NIST standards and controls developed by the Federal Financial Institutions

Examination Council (“FFIEC”),

in order to measure the

Corporation’s cybersecurity preparedness and maturity levels.

The CAT

assessment results are integrated

into the overall Information

Security Program evaluation. In

2025, we began the

transition to the Cyber

Risk Institute (“CRI”) Profile

2.0

assessment

framework,

following

the

announcement

the

FFIEC

the

sunset

the

CAT.

The

transition

the

CRI

framework is

expected to be

completed in

2026. The CRI

Profile was

produced through public-private

collaboration and is

a list

assessment

questions

curated

based

the

intersection

global

regulations

and

cyber

standards,

such

the

International

Standards Organization (ISO) and the NIST.

The CISP also

manages the Incident

Response Program (“IRP”)

of the Corporation

and is in

charge of overseeing,

assessing and

managing cyber

incidents. The

IRP outlines

the measures

Popular must

take to

prepare for,

detect, respond

to and

recover from

cybersecurity

incidents,

which

include

processes

triage,

assess

severity

for,

escalate,

contain,

investigate

and

remediate

incidents, as well as to comply with potentially

applicable legal obligations and mitigate brand

and reputational damage.

The Corporation also undertakes the below listed

additional activities in its effort

to maintain regulatory compliance, identify,

assess

and manage its material risks from cybersecurity

threats, and to protect against, detect and

respond to cybersecurity incidents:

●

Conduct

tabletop

exercises

that

simulate

cybersecurity

incidents

raise

awareness

and

enhance

Popular’s

responsive

measures;

●

Assess how business

and corporate strategies, new

products, technology deployments, external

events and the

evolution of

threats impact

the Corporation’s

information security

controls in

order to

determine if

they require

any additional

resources,

technology or processes;

●

Discuss cybersecurity risks with law enforcement, peer

groups, industry forums and trade associations;

●

Provide training

to all

Popular employees

upon hiring

and annually

thereafter on

cybersecurity and

customer data

handling

and use requirements;

●

Offer training and awareness campaigns to customers and employees

based on their role;

●

Conduct

phishing

simulations

for

employees,

with

escalation

protocols

for

employees

that

fail

such

tests

enhance

awareness and responsiveness to such possible

threats;

●

Offer learning and development opportunities to employees

who handle and manage cybersecurity matters;

●

Carry cyber insurance to provide protection against

potential losses arising from cybersecurity incidents;

and

●

Monitor emerging

legal and

regulatory requirements

and implement

changes to

our processes,

policies and

statements, as

necessary.

Popular engages third parties to assist in certain cybersecurity matters.

In particular, Popular uses the expertise of third parties to

perform specialized assessments to test its systems, such as periodic penetration testing, that provide insights into the effectiveness

of its controls. Popular also engages third parties to provide computer forensics and investigations services as needed to assess

and address actual or potential cybersecurity incidents. In addition, Popular hires third parties to provide the first level security

monitoring of Popular’s external and internal networks.

Popular’s Third Party Risk Management Policy outlines the management of risks associated with

the Corporation’s use of third-party

service

providers,

and

the

CSOG

assesses

the

impact

and

level

cybersecurity

and

privacy

risk

such

providers.

Popular

performs due diligence on

third parties and monitors third

parties that have access to

its systems, data or facilities

that house such

systems or data on a

periodic basis, and based on due

diligence results, determines how often vendor assessments are

performed

on such third party.

Popular also conducts periodic application and vendor assessments for third-party providers

and their products.

Furthermore, Popular requires third parties that have

access to its systems, data or facilities that house

such systems or data to take

a training on cybersecurity at least annually.

For a

description of how

identified cybersecurity threats

may affect Popular’s

business strategy or

results, see under

the headings

“We

and

our third-party

providers have

been, and

expect in

the future

to continue

be, subject

cyber-attacks. Future

cyber-

attacks could cause substantial harm and have

an adverse effect on our business

and results of operations.” and “We

rely on other

companies to

provide key components

of our

business infrastructure, including

certain of

our core financial

transaction processing

and information

technology and

security services,

which exposes

us to

a number

operational risks

that could

have a

material

adverse

effect

us.”,

included

part

our

risk

factor

disclosures

Item

this

Form

10-K,

which

disclosures

are

incorporated by reference herein.

To date, previous cybersecurity incidents have not materially affected our results of operations or

financial condition.

The CSOG

operates under the

direction of the

Chief Security

Officer.

The Chief

Security Officer

has over

37 years

of experience,

including over 13 years of

professional experience in information technology and cybersecurity matters such

as the oversight of the

Information

Security

Program

and

the

design

and

execution

the

information

security

audit

plan

the

Corporation.

She

Certified Public Accountant and also holds a Juris Doctor degree and FINRA administered

Series 7 and Series 27 certifications. She

holds the title

of Executive Vice

President and Chief Security

Officer and has been

in her role

since 2018. Prior to

that, she served

as Senior

Vice President

and General

Auditor of

the Corporation

from November

2012 to

April 2018.

Before 2012,

she served

various risk

related functions of

the Corporation and

as the Chief

Operating Officer

and Chief Financial

Officer of

Popular’s broker

dealer business.

The

CISO

has

over

years

work

experience.

She

holds

the

title

Senior

Vice

President

and

Corporate

Chief

Information

Security

Officer and

assumed this

role in

January 2026.

Prior to

this role,

since 2022,

she

served as

Senior Vice

President and

Financial

and

Operational

Risk

Management

Division

Manager,

with

oversight

the

enterprise

and

operational

risks

the

Corporation. Before 2022, she held

positions for 18 years as

Operational and IT Risk Director,

Head of ERM and Operational

Risk,

and Chief

Information Security

Officer for

other financial

institutions. She

holds a

BBA with

majors in

Accounting and

Information

Systems, and a Master of Science in Information

Technology Management.

The Corporate Risk

Management Group operates under

the direction of

the Chief Risk

Officer. The

Chief Risk Officer

has over 32

years of work experience.

He holds the title of Executive Vice President and

Chief Risk Officer and has been in

his role since 2011.

Prior to

joining the

Corporation, he served

for 17

years as

Chief Financial

Officer,

Head of

Retail Bank

and Mortgage

Operations,

Head of Commercial and Construction Mortgage and

Head of Interest Rate Risk, among

other positions, for other banks.

He holds

a BS with a major in Computer Engineering

and an MBA with majors in Finance and

Accounting.

The FORM Division Manager has over 30 years of work experience. She holds the title of Senior Vice President and FORM Division

Manager and has been in

her role since January 2026.

Prior to this role, since

2018, she held the position

of Senior Vice President

and

Division

Manager

the

Corporate

Risk

Reviews

Division

reporting

directly

the

RMC.

She

has

leadership

experience

treasury

management,

investment

strategy

and

enterprise

risk

oversight.

She

holds

BSBA

with

majors

Finance

and

International Business and an MBA with concentrations

in Finance and Management.

ITEM 2. PROPERTIES

As of December 31, 2025, BPPR operated 162 branches, of which 67 were owned and 95 were leased premises, and PB

operated 39 branches

of which 3

were owned and

36 were on

leased premises. Also,

the Corporation had

582 ATMs

operating in

Puerto Rico, 27 in the Virgin Islands

and 97 in the U.S. Mainland. The principal properties owned by Popular

for banking operations

and other services

are described below.

Our management believes that

each of our

facilities is well

maintained and suitable

for its

purpose.

Puerto Rico

Popular Center, the twenty-story Popular and BPPR headquarters building, located

at 209 Muñoz Rivera Avenue, Hato Rey,

Puerto

Rico.

Popular Center North Building, a three-story building, on

the same block as Popular Center.

Popular Street Building, a parking and office building located

at Ponce de León Avenue and Popular Street, Hato

Rey, Puerto Rico.

Cupey Center

Complex,

one building, three-stories

high, two

buildings, two-stories high

each, and

two buildings three-stories

high

each located in Cupey, Río Piedras, Puerto Rico.

Old San Juan Building, a twelve-story structure located

in Old San Juan, Puerto Rico.

Guaynabo Corporate Office Park Building, a two-story building

located in Guaynabo, Puerto Rico.

Altamira Building,

a nine-story office building located in Guaynabo,

Puerto Rico.

El Señorial Center, a four-story office building and a two-story branch building

located in Río Piedras, Puerto Rico.

Ponce de León 167 Building, a five-story office building

located in Hato Rey, Puerto Rico.

Muñoz Rivera 200, a ten-story building located

in Hato Rey, Puerto Rico.

U.S. & British Virgin Islands

BPPR Virgin Islands Center, a three-story building located in St. Thomas,

U.S. Virgin Islands.

Popular Center -Tortola,

a four-story building located in Tortola, British Virgin Islands.

ITEM 3. LEGAL PROCEEDINGS

For a discussion

of Legal proceedings,

see Note 23,

“Commitments and Contingencies”, to

the Consolidated Financial Statements

in this Form 10-K.

ITEM 4. MINE SAFETY DISCLOSURE

Not applicable.

PART II

ITEM

MARKET

FOR

REGISTRANT’S

COMMON

EQUITY,

STOCKHOLDER

MATTERS

AND

ISSUER

PURCHASES OF EQUITY SECURITIES

Common Stock

Popular’s Common Stock is traded on

the Nasdaq Global Select Market under the symbol “BPOP”.

During 2025, the Corporation declared cash dividends in the

total amount of $2.90 per common share outstanding,

for an

aggregate amount of $196.2 million. The Common Stock ranks junior to all series of

Preferred Stock as to dividend rights and rights

on liquidation,

dissolution or

winding up

of Popular.

Our ability

to declare

or pay

dividends on,

or purchase,

redeem or

otherwise

acquire, the Common

Stock is subject

to certain restrictions

in the event

that Popular fails

to pay or

set aside full

dividends on the

Preferred Stock for the latest dividend period.

During the year ended

December 31, 2025, the Corporation

repurchased 4,660,124 shares of common stock

for $501.5

million,

average

price

$107.61

per

common

share,

and

during

the

year

ended

December

31,

2024,

the

Corporation

repurchased 2,256,420 shares of common stock for

$217.3 million, at an average price of

$96.32 per common share. At December

31, 2025, $281.2 million remained on our active common stock repurchase authorization. The Corporation’s planned common stock

repurchases

may

executed

open

market

transactions,

privately

negotiated transactions,

block

trades

any

other

manner

determined

the

Corporation.

The

timing,

quantity

and

price

such

repurchases

will

subject

various

factors,

including

market

conditions,

the

Corporation’s

capital

position

and

financial

performance,

the

capital

impact

strategic

initiatives

and

regulatory and

tax considerations.

The common

stock repurchase

program does

not require

the Corporation

to acquire

a specific

dollar amount or number of shares and may be

modified, suspended or terminated at any time

without prior notice.

Additional information concerning legal or

regulatory restrictions on the payment

of dividends by Popular,

BPPR and PB

is contained under the caption “Regulation and Supervision”

in Item 1 herein.

February

26,

2026,

Popular

had

5,721

stockholders

record

the

Common

Stock,

not

including

beneficial

owners whose shares

are held in

record names

of brokers

or other

nominees. The last

sales price

for the

Common Stock

on that

date was $142.51 per share.

Preferred Stock

Popular has 30,000,000 shares of

authorized Preferred Stock that may

be issued in one

or more series, and the

of each series

shall have such

rights and preferences as

shall be fixed

by the Board

of Directors when authorizing

the issuance of

that particular series. Popular’s Preferred Stock

issued and outstanding at December 31, 2025

consisted of:

●

885,726 shares of 6.375% non-cumulative monthly income Preferred Stock, Series A, no par value, liquidation preference

value of $25 per share.

All series of

Preferred Stock are pari

passu. Dividends on each

series of Preferred Stock

are payable if declared

by our

Board

Directors.

Our

ability

declare

and

pay

dividends

the

Preferred

Stock

dependent

certain

Federal

regulatory

considerations,

including

the

guidelines

the

Federal

Reserve

Board

regarding

capital

adequacy

and

dividends.

The

Board

Directors is not obligated to declare dividends and

dividends do not accumulate in the event

they are not paid.

Monthly

dividends

the

Preferred

Stock

amounted

total

$1.4

million

for

the

year

2025.

There

can

assurance that any dividends will be declared on

the Preferred Stock in any future periods.

Dividend Reinvestment and Stock Purchase Plan

Popular

offers

dividend reinvestment

and stock

purchase plan

(the “Plan”)

for

our shareholders

that

allows them

reinvest their dividends in shares of the Common Stock at a

5% discount from the average market price at the time of the

issuance.

Under the

Plan, shareholders

may

also purchase

shares of

Common Stock

prevailing market

prices by

making

optional cash

payments.

Equity Based Plans

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.

As of December 31,

2025, the maximum number of

shares of

common stock remaining available for future issuance under this plan was 2,599,105. For information about

the securities remaining

available for issuance under our equity-based plans,

refer to Part III, Item 12.

Purchases of Equity Securities

The following table sets forth the details of purchases of Common Stock by the Corporation during the quarter ended December 31,

2025:

Issuer Purchases of Equity Securities

Not in thousands

Period

Total Number of

Shares Purchased [1]

Average Price Paid

per Share

Total Number of

Purchased as Part of Publicly

Announced Plans or Programs [2]

Maximum Dollar Value

of Shares that May Yet

be Purchased Under the

Plans or Programs [2]

October 1 – October 31

232,575

$120.97

232,539

$400,794,897

November 1 – November 30

496,688

113.84

496,688

344,252,709

December 1 – December 31

523,147

120.78

523,076

281,075,956

Total December 31, 2025

1,252,410

$118.06

1,252,303

$281,075,956

[1] Includes 36 and 71 shares of the Corporation's

common stock acquired by the Corporation during

October and December 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 December 31, 2025, the Corporation

had repurchased 6,916,544 shares of common stock

for $718.8 million at an average price of

$103.92 per share, as part of the 2024

and 2025 common stock repurchase programs.

Equity Compensation Plans

For information about our equity compensation plans,

refer to Part III, Item 12.

Stock Performance Graph (1)

The graph

below compares

the cumulative

total stockholder

return during

the measurement

period with

the cumulative

total return, assuming reinvestment of dividends, of

the Nasdaq Bank Index and the Nasdaq Composite

Index.

The

cumulative

total

stockholder

return

was

obtained

dividing

(i)

the

cumulative

amount

dividends

per

share,

assuming dividend reinvestment since the measurement point, December 31, 2020, plus (ii) the change

in the per share price since

the measurement date, by the share price at

the measurement date.

Comparison of Five-Year Cumulative Total Return (TSR)

Assumes all dividends were reinvested

Base Year:

December 31, 2020 = $100

(1) Unless Popular specifically states otherwise, this Stock Performance Graph shall not be deemed to be incorporated by

reference

and

shall

not

constitute

soliciting

material

otherwise

considered

filed

under

the

Securities

Act

1933

the

Securities Exchange Act of 1934.

ITEM 6. [RESERVED]

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

The information required by this item is included in

this Form 10-K, commencing on page 54.

ITEM 7A. QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

The information regarding the

market risk of our

investments appears under the caption

“Risk Management”, on page

within Management’s Discussion and Analysis of Financial

Condition and Results of Operations in this

Form 10-K.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The information required by this item appears under the caption “Statistical Summaries” on pages 104 to 106 of this Form

10-K.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH

ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not Applicable.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our

management,

with

the

participation

our

Chief

Executive

Officer

and

Chief

Financial

Officer,

has

evaluated

the

effectiveness

our

disclosure

controls

and

procedures

(as

such

term

defined

Rules

13a-15(e)

and

15d-15(e)

under

the

Exchange Act) as

of the end

of the period covered

by this report.

Based on such

evaluation, our Chief Executive

Officer and Chief

Financial

Officer

have

concluded

that,

the

end

such

period,

our

disclosure

controls

and

procedures

are

effective

recording, processing, summarizing and

reporting, on a timely

basis, information required to

be disclosed by Popular

in the reports

that

file

submit

under

the

Exchange

Act

and

such

information

accumulated

and

communicated

management,

appropriate, to allow timely decisions regarding required

disclosures.

Assessment on Internal Control over Financial

Reporting

Information relating to our assessment on

internal control over financial reporting is presented under the

captions “Report

Management

Internal

Control

Over

Financial

Reporting”

and

“Report

Independent

Registered

Public

Accounting

Firm”

located on pages 107 and 108 of this Form 10-K.

Changes in Internal Control over Financial Reporting

There have

been no

changes in

our 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 December 31, 2025, that have materially affected, or

are reasonably likely to materially affect, our internal control

over financial reporting.

ITEM 9B. OTHER INFORMATION

Rule 10b5-1 Trading Plans or Other Preplanned Trading Arrangements

Certain

our

officers

directors

have

made

and

may

from

time

make

elections

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).

ITEM 9C. DISCLOSURE REGARDING FOREIGN

JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The

information

contained

under

the

captions

“Security

Ownership

Certain

Beneficial

Owners

and

Management”,

“Delinquent Section

16(a) Reports”,

“Corporate Governance”, “Nominees

for Election

as Directors”

and “Executive

Officers” in

the

Proxy Statement

are incorporated herein

by reference.

Information about our

Code of

Ethics, which

applies to

our senior

financial

officers, is included in “Business — Available Information” in Part I

of this Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION

The

information

the

Proxy

Statement

under

the

caption

“Executive

and

Director

Compensation,”

including

the

“Compensation

Discussion

and

Analysis,”

the

“2025

Executive

Compensation

Tables

and

Compensation

Information”

and

the

“Compensation

Non-Employee

Directors,”

and

under

the

caption

“Committees

the

Board

–

Talent

and

Compensation

Committee – Talent and Compensation Committee Interlocks and Insider Participation” is

incorporated herein by reference.

ITEM

12.

SECURITY

OWNERSHIP

CERTAIN

BENEFICIAL

OWNERS

AND

MANAGEMENT

AND

STOCKHOLDERS MATTERS

The information under the captions “Principal Shareholders” and “Shares Beneficially

Owned by Directors,

Nominees and

Executive Officers” in the Proxy Statement is incorporated herein

by reference.

The following tables sets forth information as

of December 31, 2025 regarding securities remaining available for issuance

to directors and eligible employees under our

equity-based compensation plans.

Plan Category

Plan

Number of Securities

Remaining Available

for Future Issuance

Under Equity Compensation

Plan

Equity compensation plan approved by security holders

2020 Omnibus Incentive Plan

2,599,105

Total

2,599,105

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The

information

under

the

caption

“Board

Directors

and

Nominees’

Independence”

and

“Certain

Relationships

and

Transactions” in the Proxy Statement is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Information regarding principal accountant fees and services is set forth under Proposal 5 – Ratification of Appointment of

Independent Registered Public Accounting Firm in

the Proxy Statement, which is incorporated herein

by reference.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a). The following financial statements and reports are included

on pages 108 through 260 in this Form10K.

(1)

Financial Statements

Report of Independent Registered Public Accounting Firm

(

PCAOB ID

238

)

Consolidated Statements of Financial Condition as of

December 31, 2025 and 2024

Consolidated Statements of Operations for each of

the years in the three-year period ended December

31, 2025

Consolidated Statements of

Comprehensive Income for

each of

the years

in the

three-year period

ended December 31,

2025

Consolidated

Statements

Changes

Stockholders’

Equity

for

each

the

years

the

three-year

period

ended

December 31, 2025

Consolidated Statements of Cash Flows for each of

the years in the three-year period ended

December 31, 2025

Notes to Consolidated Financial Statements

(2)

Financial

Statement

Schedules:

schedules

are

presented

because

the

information

not

applicable

included

the

Consolidated Financial Statements described in (a) (1)

above or in the notes thereto.

(3) Exhibits

ITEM 16. FORM 10-K SUMMARY

None.

The exhibits listed on the Exhibits Index below are

filed herewith or are incorporated herein by

reference.

Exhibit Index

3.1

Restated Certificate of Incorporation of Popular, Inc. (incorporated by reference to Exhibit 3.1 of the Corporation’s

Quarterly Report on Form 10-Q for the quarter ended June 30, 2020).

3.2

Amended and Restated Bylaws of Popular, Inc. as of May 9, 2024 (incorporated by reference to Exhibit 3.1 of Popular,

Inc.’s Current Report on Form 8-K dated May 9, 2024 and filed on May 10, 2024).

4.1

Specimen of Physical Common Stock Certificate of Popular, Inc. (incorporated by reference to Exhibit 4.1 of Popular,

Inc.’s Current Report on Form 8-K dated May 29, 2012 and filed on May 30, 2012).

4.2

Certificate of Designation of Popular, Inc.’s 6.375% Non-Cumulative Monthly Income Preferred Stock, 2003 Series A

(incorporated by reference to Exhibit 3.3 of Popular, Inc.’s Form 8-A filed on February 25, 2003).

4.3

Form of certificate representing Popular, Inc.’s 6.375% Non-Cumulative Monthly Income Preferred Stock, 2003 Series A

(incorporated by reference to Exhibit 4.1 of Popular, Inc.’s Form 8-A filed on February 25, 2003).

4.4

Senior Indenture of Popular, Inc., dated as of February 15, 1995, as supplemented by the First Supplemental Indenture

thereto, dated as of May 8, 1997, each between Popular, Inc. and The Bank of New York Mellon, as successor trustee

(incorporated by reference to Exhibit 4(d) to the Registration Statement on Form S-3, File No. 333-26941, of Popular,

Inc., Popular International Bank, Inc., and Popular North America, Inc., filed on May 12, 1997).

4.5

Second Supplemental Indenture of Popular, Inc., dated as of August 5, 1999, between Popular, Inc. and The Bank of

New York Mellon, as successor trustee (incorporated by reference to Exhibit 4(e) to Popular, Inc.’s Current Report on

Form 8-K dated August 5, 1999 and filed on August 17, 1999).

4.6

Subordinated Indenture of Popular, Inc., dated as of November 30, 1995, between Popular, Inc. and The Bank of New

York Mellon, as successor trustee (incorporated by reference to Exhibit 4(e) to the Registration Statement on Form S-3,

File No. 333- 26941, of Popular, Inc., Popular International Bank, Inc. and Popular North America, Inc., filed on May 12,

1997).

4.7

Senior Indenture of Popular North America, Inc., dated as of October 1, 1991, as supplemented by the First

Supplemental Indenture thereto, dated as of February 28, 1995, and by the Second Supplemental Indenture thereto,

dated as of May 8, 1997, each among Popular North America, Inc., Popular, Inc., as guarantor, and The Bank of New

York Mellon, as successor trustee (incorporated by reference to Exhibit 4(f) to the Registration Statement on Form S-3,

File No. 333-26941, of Popular, Inc., Popular International Bank, Inc. and Popular North America, Inc., filed on May 12,

1997).

4.8

Third Supplemental Indenture of Popular North America, Inc., dated as of August 5, 1999, among Popular North

America, Inc., Popular, Inc., as guarantor, and The Bank of New York Mellon, as successor trustee (incorporated by

reference to Exhibit 4(h) to Popular, Inc.’s Current Report on Form 8-K, dated August 5, 1999, as filed on August 17,

1999).

4.9

Junior Subordinated Indenture of Popular, Inc., dated as of October 31, 2003, between Popular, Inc. and The Bank of

New York Mellon, as successor trustee (incorporated by reference to Exhibit 4.2 of Popular, Inc.’s Current Report on

Form 8-K, dated October 31, 2003 and filed on November 4, 2003).

4.10

Description of Popular, Inc.’s securities registered pursuant to Section 12 of the Securities Exchange Act. (1)

10.1

Popular, Inc. 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 4.4 of Popular, Inc.’s Form S-8 filed on

May 12, 2020). *

10.2

Popular, Inc. Puerto Rico Nonqualified Deferred Compensation Plan. (1)*

10.3

Form of Compensation Agreement for Directors Elected Chairman of a Committee (incorporated by reference to Exhibit

10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2004). *

10.4

Form of Compensation Agreement for Directors not Elected Chairman of a Committee (incorporated by reference to

Exhibit 10.2 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2004). *

10.5

Compensation Agreement for Alejandro M. Ballester as director of Popular, Inc., dated January 28, 2010 (incorporated

by reference to Exhibit 10.9 of Popular, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2009). *

10.6

Compensation Agreement for Carlos A. Unanue as director of Popular, Inc., dated January 28, 2010 (incorporated by

reference to Exhibit 10.10 of Popular, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2009). *

10.7

Compensation Agreement for C. Kim Goodwin as director of Popular, Inc., dated May 10, 2011 (incorporated by

reference to Exhibit 10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011). *

10.8

Compensation Agreement for Joaquin E. Bacardi, III as director of Popular, Inc., dated April 30, 2013 (incorporated by

reference to Exhibit 10.2 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013). *

10.9

Compensation Agreement for John. W. Diercksen as director of Popular, Inc., dated October 18, 2013 (incorporated by

reference to Exhibit 10.13 of Popular, Inc.’s Annual Report on 10-K for the year ended December 31, 2013). *

10.10

Form of 2015 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit 10.1 of Popular,

Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015). *

10.11

Form of 2016 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit 10.27 of Popular,

Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015). *

10.12

Form of Director Compensation Letter, Election Form and Restricted Stock Agreement, effective April 26, 2016

(incorporated by reference to Exhibit 10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March

31, 2016). *

10.13

Form of 2017 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit 10.1 of Popular,

Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017). *

10.14

Long-Term Equity Incentive Award and Agreement for Ignacio Alvarez, dated as of June 22, 2017 (incorporated by

reference to Exhibit 10.1 of Popular, Inc.’s Quarterly report on Form 10-Q for the quarter ended June 30, 2017). *

10.15

Form of Popular, Inc. 2018 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit

10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018). *

10.16

Director Compensation Letter, Election Form and Restricted Stock Agreement for Myrna M. Soto, dated June 22, 2018

(incorporated by reference to Exhibit 10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June

30, 2018). *

10.17

Director Compensation Letter, Election Form and Restricted Stock Agreement for Robert Carrady, dated December 29,

2018 (incorporated by reference to Exhibit 10.25 of Popular, Inc.’s Annual Report on Form 10-K for the year ended

December 31, 2018). *

10.18

Form of Director Compensation Letter, Election Form and Restricted Stock Unit Award Agreement, effective May 7,

2019 (incorporated by reference to Exhibit 10.26 of Popular, Inc.’s Annual Report on Form 10-K for the year ended

December 31, 2018). *

10.19

Form of Popular, Inc. 2019 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit

10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019). *

10.20

Director Compensation Letter, Election Form and Restricted Stock Unit Award Agreement for Richard L. Carrión, dated

July 1, 2019 (incorporated by reference to Exhibit 10.1 of Popular, Inc.’s Annual Report on Form 10-Q for the quarter

ended September 30, 2019). *

10.21

Form of Popular, Inc. 2020 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit

10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020). *

10.22

Form of Director Compensation Election Form and Restricted Stock Unit Award Agreement, effective May 12, 2020

(incorporated by reference to Exhibit 10.2 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June

30, 2020). *

10.23

Form of Popular, Inc. 2021 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit

10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021). *

10.24

Form of Director Compensation Letter, Election Form and Restricted Stock Unit Award Agreement for Betty DeVita and

José R. Rodriguez, effective June 25, 2021 (incorporated by reference to Exhibit 10.1 of Popular, Inc.’s Quarterly

Report on Form 10-Q for the quarter ended June 30, 2021). *

10.25

Form of Popular, Inc. 2022 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit

10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). *

10.26

Asset Purchase Agreement, dated as of February 24, 2022, among Evertec, Inc. and Evertec Group, LLC, Popular,

Inc. and Banco Popular de Puerto Rico (incorporated by reference to Exhibit 2.1 of Popular, Inc.’s Current Report on

Form 8-K dated and filed on February 24, 2022).

10.27

Second Amended and Restated Master Service Agreement, dated as of July 1, 2022, among Popular, Inc., Banco

Popular de Puerto Rico, and Evertec Group, LLC and its Subsidiaries (Incorporated by reference to Exhibit 99.1 on

Form 8-K filed on July 1, 2022.)

10.28

Form of Popular, Inc. 2023 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit

10.1 of Popular, Inc’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023). *

10.29

Award Agreement, dated as of December 7, 2023, by and between Carlos J. Vázquez and Popular, Inc.

(incorporated by reference to Exhibit 10.28 of Popular, Inc.’s Annual Report on Form 10-K for the year ended

December 31, 2023). *

10.30

Services Agreement, dated as of December 7, 2023, by and between Carlos J. Vázquez and Popular, Inc.

(incorporated by reference to Exhibit 10.29 of Popular, Inc.’s Annual Report on Form 10-K for the year ended

December 31, 2023). *

10.31

Form of Popular, Inc. 2024 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit

10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024). *

10.32

Form of Popular, Inc. 2025 Long-Term Equity Incentive Award and Agreement (incorporated by reference to Exhibit

10.1 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025).*

10.33

Equity Award Agreement, dated as of February 25, 2025, by and between Ignacio Alvarez and Popular, Inc.

(incorporated by reference to Exhibit 10.2 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended

March 31, 2025).*

10.34

Services Agreement, dated as of February 25, 2025, by and between Ignacio Alvarez and Popular, Inc.

(incorporated by reference to Exhibit 10.3 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended

March 31, 2025).*

10.35

Form of Director Compensation Letter, Election Form, Restricted Stock Award Agreement and Restricted Stock Unit

Award Agreement, effective May 8, 2025 (incorporated by reference to Exhibit 10.1 of Popular, Inc.’s Quarterly

Report on Form 10-Q for the quarter ended June 30, 2025).*

10.36

Equity Award Agreement, dated as of June 26, 2025, by and between Ignacio Alvarez and Popular, Inc.

(incorporated by reference to Exhibit 10.2 of Popular, Inc.’s Quarterly Report on Form 10-Q for the quarter ended

June 30, 2025).*

10.37

2025 Long-Term Equity Incentive Award Agreement, dated as of June 26, 2025, by and between Javier D. Ferrer

and Popular, Inc. (incorporated by reference to Exhibit 10.3 of Popular, Inc.’s Quarterly Report on Form 10-Q for the

quarter ended June 30, 2025).*

19.1

Insider Trading Policy and Procedures (1).

21.1

Schedule of Subsidiaries of Popular, Inc. (1)

22.1

Issuers of Guaranteed Securities (1)

23.1

Consent of Independent Registered Public Accounting Firm. (1)

31.1

Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1)

31.2

Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1)

32.1

Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906

of the Sarbanes-Oxley Act of 2002. (1)(2)

32.2

Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906

of the Sarbanes-Oxley Act of 2002. (1)(2)

97.1

Compensation Recoupment Policy of Popular, Inc. (1)

101.INS

XBRL Instance

Document -

the instance

document does not

appear in the

Interactive Data File

because its XBRL

tags are embedded within the Inline Document. (1)

101.SCH

Inline XBRL Taxonomy Extension Schema Document (1)

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document (1)

101.DEF

Inline XBRL Taxonomy Extension Definitions Linkbase Document (1)

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document (1)

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document (1)

104

The cover page of Popular, Inc. Annual Report on Form 10-K for the

year ended December 31, 2025, formatted in

Inline XBRL (included within the Exhibit 101 attachments)

(1)

Included herewith

(2)

Furnished herewith. This

exhibit shall not

be deemed “filed”

for purposes of

Section 18 of

the Securities Exchange

Act of 1934, or otherwise subject

to the liability of that Section,

and shall not be deemed incorporated into

any filing

under the Securities Act of 1933 or the

Securities Exchange Act of 1934.

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

the

Commission

copy

each

instrument

defining

the

rights

holders

senior

and

subordinated debt of Popular, Inc., or of any of its consolidated

subsidiaries.

Financial Review and

Supplementary Information

Management’s Discussion and Analysis of

Financial Condition and Results of Operations

Statistical Summaries

104

Report of Management on Internal Control Over Financial

Reporting

107

Report of Independent Registered Public

Accounting Firm

108

Consolidated Statements of Financial Condition as of

December 31, 2025 and 2024

111

Consolidated Statements of Operations for the

years ended December 31, 2025, 2024 and

2023

112

Consolidated Statements of Comprehensive

Income for the years ended December 31, 2025,

2024 and

2023

113

Consolidated Statements of Changes in Stockholders’

Equity for the years ended December 31, 2025,

2024 and

2023

114

Consolidated Statements of Cash Flows for the

years ended December 31, 2025, 2024 and

2023

115

Notes to Consolidated Financial Statements

117

Signatures

261

Management’s Discussion and

Analysis of Financial Condition

and Results of Operations

Forward-Looking Statements

Overview

Critical Accounting Policies / Estimates

Statement of Operations Analysis

Net Interest Income

Provision for Credit Losses

Non-Interest Income

Operating Expenses

Income Taxes

Fourth Quarter Operational Results

Reportable Segment Results

Statement of Financial Condition Analysis

Assets

Liabilities

Stockholders’ Equity

Capital

Risk Management

Market / Interest Rate Risk

Liquidity

Enterprise Risk Management

102

Adoption of New Accounting Standards and Issued

but

Not Yet Effective Accounting Standards

103

Statistical Summaries

Statements of Financial Condition

104

Statements of Operations

105

Average Balance Sheet and Summary of Net Interest

Income

106

FORWARD-LOOKING STATEMENTS

This

Form

10-K contains

“forward-looking statements”

within the

meaning

the

U.S. Private

Securities Litigation

Reform Act

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

management’s

current

expectations

and,

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

legal

and

regulatory

proceedings

and

new

accounting

standards

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

originate

and

distribute

financial

products

the

primary and secondary markets and impact the value of our investment portfolio and our ability to return capital to our shareholders;

the impact of bank failures or adverse

developments at other banks and related negative media coverage of

the banking industry in

general

investor

and

depositor

sentiment

regarding

the

stability

and

liquidity

banks;

the

impact

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

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

the

Puerto

Rico

Government

and

its

instrumentalities;

unforeseen

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

our

operations;

our

ability

achieve

the

expected benefits

from our

transformation initiatives,

including our

ability to

achieve projected

earnings, efficiencies

and return

tangible common

equity and

accurately anticipate

costs and

expenses associated therewith;

our ability

to execute

capital actions,

including

with

respect

repurchases

and

dividends;

the

fiscal

and

monetary

policies

the

federal

government

and

its

agencies;

changes

federal

bank

regulatory

and

supervisory

policies,

including

required

levels

capital,

liquidity,

resolution-

related requirements and the impact of other proposed capital

standards on our capital ratios; changes in and

uncertainty regarding

federal funding, tax and

trade policies, and federal

rulemaking, supervision, examination and enforcement priorities;

adjustments to

additional

Federal

Deposit

Insurance

Corporation

(“FDIC”)

assessments;

regulatory

approvals

that

may

necessary

undertake

certain

actions

consummate

strategic

transactions,

such

acquisitions

and

dispositions;

the

relative

strength

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

the stock and bond markets; competition in the financial services industry; possible legislative, tax or regulatory changes; a failure in

or breach of our

operational or security systems or

infrastructure or those of Evertec,

Inc., our provider of core

financial transaction

processing and information technology services, or

of third parties providing services to

us, including as a

result of cyberattacks, e-

fraud, denial-of-services and computer intrusion, that might result

in, among other things, loss or breach of customer data, disruption

of services, reputational damage or additional costs to Popular; changes in market rates and prices which may adversely impact the

value of financial assets and liabilities; potential judgments, claims, damages, penalties, fines, enforcement actions and reputational

damage resulting

from

pending or

future litigation

and regulatory

or government

investigations or

actions; changes

in accounting

standards,

rules

and

interpretations;

our

ability

grow

our

core

businesses;

decisions

downsize,

sell

branches

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 I,

Item 3.

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

“Part I, Item 1A” of this Form 10-K for a discussion

of certain risks and uncertainties to which

the Corporation is subject.

All forward-looking

statements included

in this

Form 10-K

are based

upon information

available to

Popular as

of the

date of

this

Form 10- K, 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.

OVERVIEW

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.

Puerto

Rico,

the

Corporation

provides

retail,

mortgage,

well

commercial

banking

services as

well as

auto and

equipment leasing

and financing,

through its

principal banking

subsidiary,

Banco Popular

de Puerto

Rico (“BPPR”),

and broker-dealer

and insurance

services through

specialized subsidiaries.

In the

U.S. mainland,

the Corporation

provides

retail

and

commercial

banking

services,

well

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

36 to the Consolidated Financial Statements presents

information about the Corporation’s business segments.

The shares of the Corporation’s common stock are traded

on the Nasdaq Global Select Market under the

symbol BPOP.

RESULTS OF OPERATIONS

YEAR 2025 SIGNIFICANT EVENTS

Capital Actions

During the year

ended December 31,

2025, the Corporation

repurchased 4,660,124 shares

of common stock

for $501.5 million,

an average price of $107.61 per common share.

At December 31, 2025, $281.2 million remained

on our common stock repurchase

authorization. The

Corporation’s common

stock

repurchases may

executed

open

market

transactions,

privately negotiated

transactions, block trades

or any other

manner determined by

the Corporation. The

timing, quantity and

price of such

repurchases

will

subject

various

factors,

including

market

conditions,

the

Corporation’s

capital

position

and

financial

performance,

the

capital impact of strategic initiatives and regulatory and tax considerations.

The common stock repurchase program does not require

the Corporation to acquire a specific dollar amount or

number of shares and may be modified, suspended or terminated

at any time

without prior notice.

The

Corporation

increased

its

quarterly

common

stock

dividend

from

$0.70

$0.75

per

share,

commencing

with

the

dividend

declared in the

third quarter of

2025. During 2025,

the Corporation declared

dividends of $196.2

million, or $2.90

per share, on

its

common stock.

Transformation Initiatives

The Corporation continues

its broad-based, multi-year,

technological and business

process transformation, which

was launched in

2022. As part of this transformation, we are making

significant investments in technology, talent and new digital and data capabilities

in order to provide our customers with more personalized and accessible services, increase employee performance and satisfaction

with more agile work processes, and generate

sustainable profitable growth and value for our

shareholders.

2025, the

Corporation achieved

significant

advancements in

transforming customer

channels and

enhancing the

overall client

experience. The organization

remains committed to

delivering solutions efficiently

and increasing productivity.

During the year,

the

Corporation introduced a

commercial cash management

platform and implemented

a new consumer

origination platform in

Puerto

Rico and

the Virgin

Islands. The

lending initiatives

contributed to

an upward

trend in

online originations

in the

latter part

of 2025,

resulting in $36 million in new originations since

the third quarter launch.

During the year the

Corporation also executed a

series of efficiency

initiatives, including exiting our

mortgage business in the

U.S.,

and

optimizing

our

mortgage

servicing

business

Puerto

Rico.

also

transformed

our

Enterprise

Resource

Planning

(ERP)

solution to a modern cloud platform,

as implemented in January 2026.

The Corporation anticipates that these investments, along with

future initiatives, will deliver an improved digital experience for

clients

and provide enhanced technology and more

efficient processes for employees. The

technology and business transformation efforts

will continue to be a strategic priority

for the Corporation.

Financial highlights for the year ended December 31,

2025

The Corporation’s

net income

for the

year ended

December 31,

2025

amounted to

$833.2 million,

an increase

of $219.0

million

when compared to a net

income of $614.2 million for

2024. Excluding the partial reversal of

the FDIC Special Assessment reserve,

adjusted net income

for 2025

was $823.5 million,

compared to $646.1

million in

2024, which also

excluded the impact

of an

FDIC

special

assessment expense

and

prior

period

tax

withholdings.

For

information on

adjusted

net

income

refer

the

“Non-

GAAP Financial Measures” section below.

Financial highlights for the year ended December 31,

2025 include:

●

Net interest income amounted

to $2.5 billion, an

increase of $258.9 million

when compared to the

year ended December

31,

2024,

mainly

driven

lower cost

deposits,

loan

growth,

and

investments

U.S.

Treasury

securities

higher

yields, partially

offset by

a decrease

in interest

income from

money market

investments.

Net interest

income on

taxable

equivalent

basis

for

the

year

ended

December

31,

2025

was

$2.8

billion,

increase

$359.9

million.

Net

interest

margin expanded by 25 bps to 3.49%. On a

taxable equivalent basis, net interest margin expanded

by 39 bps to 3.88%.

●

The provision

for credit

losses amounted

to $260.2

million for

the year

ended December

31, 2025,

an increase

of $3.2

million when

compared to 2024,

driven by

higher reserves for

the CRE

portfolio at PB

and higher

reserves in the

BPPR

commercial portfolio, mainly due to two unrelated NPL inflows and portfolio growth, partially offset by a lower provision for

the consumer portfolios, particularly for credit cards

and auto loans.

●

Non

-interest

income

amounted

$658.0

million,

decrease

$0.9

million,

when compared

with the

previous year,

mainly due to lower

revenues related to the car

rental business sold in the

fourth quarter of 2024,

partially offset by other

service fees

income from

our fee

generating business such

as debit

and credit

card fees,

investment management fees

and higher non-balance compensation fees from commercial deposits.

●

Operating expenses amounted to $1.9 billion for 2025, an increase of

$44.6 million when compared to 2024. The increase

was mainly driven

by higher personnel

costs, primarily due

to the profit

sharing expense of

$38.8 million which

is tied to

the

Corporation’s

financial

performance

and

other

performance-based

incentives,

$13.0

million

non-cash

goodwill

impairment

charge

the

U.S.

based

leasing

subsidiary,

higher

technology

and

software

costs

from

transformation initiatives and higher

credit and debit card

merchant processing fees, partially

offset by lower

reserves for

operational losses, lower costs

associated with compliance activities, and lower

depreciation expense related to the

daily

car rental business sold during the fourth quarter

of 2024.

●

Income tax expense amounted to $173.6 million for the year ended December 31, 2025, with an effective tax

rate (“ETR”)

of 17.3%, compared to an income tax expense of $182.4 million for the previous

year, with an ETR of 22.9%.

The income

tax expense in 2024 included the impact of $16.5

million related to intercompany distributions for the

years 2014-2023.

●

At December 31, 2025, the Corporation’s total assets were $75.3 billion, compared to $73.0 billion at December 31, 2024.

The increase of

$2.3 billion is

primarily due to

an increase in loans

held-in-portfolio, mainly in the

commercial, mortgage,

and construction portfolios,

and an increase in available-for-sale (“AFS”) securities, mainly U.S. Treasuries, partially offset

by a decrease in money market investments.

●

Deposits amounted to $66.2 billion at

December 31, 2025, an increase of

$1.3 billion from December 31, 2024,

driven by

higher savings, NOW and money market deposits,

demand deposits and time deposits,

all primarily at BPPR.

●

Stockholders’ equity amounted to $6.2 billion at December 31, 2025, compared to $5.6

billion at December 31, 2024. The

Corporation

and

its

banking

subsidiaries

continue

well

capitalized. As

December

31,

2025,

the

Corporation’s

tangible book value per common share was $82.65, an increase of $14.49 from December 31, 2024. The Common Equity

Tier 1 Capital ratio at December 31, 2025 was 15.72%, compared

to 16.03% at December 31, 2024.

For a

discussion of

our 2024

results of

operations compared with

2023, see

“Management’s Discussion and

Analysis of

Financial

Condition and Results of Operations” in our Form

10-K for the year ended December 31, 2024.

Refer to Table 1 for selected financial data for the past three years.

Table 1 - Selected Financial Data

Years ended December

31,

(Dollars in thousands, except per common share data)

2025

2024

2023

CONDENSED STATEMENTS

OF OPERATIONS

Interest income

3,783,009

3,673,263

3,245,307

Interest expense

1,241,806

1,390,975

1,113,783

Net interest income

2,541,203

2,282,288

2,131,524

Provision for credit losses

260,163

256,942

208,609

Non-interest income

658,019

658,909

650,724

Operating expenses

1,932,266

1,887,637

1,898,100

Income tax expense

173,634

182,406

134,197

Net income

833,159

614,212

541,342

Net income applicable to common stock

831,747

612,800

539,930

PER COMMON SHARE DATA

Net income per common share - basic

12.31

8.56

7.53

Net income per common share - diluted

12.30

8.56

7.52

Dividends declared

2.90

2.56

2.27

Common equity per share

94.75

79.71

71.03

Market value per common share

124.52

94.06

82.07

Outstanding shares:

Average - basic

67,586,130

71,590,757

71,710,265

Average - assuming dilution

67,612,847

71,623,702

71,791,692

End of period

65,719,385

70,141,291

72,153,621

AVERAGE BALANCES

Net loans

[1]

37,982,637

35,701,240

33,164,960

Earning assets

72,636,005

70,327,465

68,175,022

Total assets

75,740,647

73,400,279

71,234,236

Deposits

66,402,180

64,444,283

62,546,480

Borrowings

1,156,769

1,022,063

1,227,094

Total stockholders'

equity

7,207,682

7,053,193

6,600,603

PERIOD END BALANCE

Net loans

[1]

39,337,516

37,113,075

35,069,272

Allowance for credit losses - loans portfolio

808,056

746,024

729,341

Earning assets

72,132,940

69,739,000

67,216,816

Total assets

75,348,267

73,045,383

70,758,155

Deposits

66,190,093

64,884,345

63,618,243

Borrowings

1,448,578

1,176,126

1,078,332

Total stockholders'

equity

6,249,079

5,613,066

5,146,953

SELECTED RATIOS

Net interest margin (non-taxable equivalent basis)

3.49

3.24

3.13

Net interest margin (taxable equivalent basis) -Non-GAAP

3.88

3.49

3.31

Return on assets

1.10

0.84

0.76

Return on average common equity

11.58

8.72

8.21

Tangible common

book value per common share (non-GAAP)

[2]

82.65

68.16

59.74

Return on average tangible common equity

[2]

13.04

9.85

9.40

Tier I capital

15.77

16.08

16.36

Total capital

17.50

17.83

18.13

[1]

Includes loans held-for-sale.

[2]

Refer to Table 11

for reconciliation to GAAP financial measures.

Table 2 presents

a three-year summary of the components of net income

as a percentage of average total assets.

Table 2 - Components of Net

Income as a Percentage of Average Total

Assets

2025

2024

2023

Net interest income

3.36

3.11

2.99

Provision for credit losses

(0.34)

(0.35)

(0.29)

Service charges on deposit accounts

0.21

Other service fees

0.53

Other non-interest income

0.12

0.16

0.17

Total net interest

income and non-interest income, net of provision

for credit losses

3.88

3.66

3.61

Operating expenses

(2.55)

(2.57)

(2.66)

Income before income tax

1.33

1.09

0.95

Income tax expense

(0.23)

(0.25)

(0.19)

Net income

1.10

0.84

0.76

Non-GAAP Financial Measures

This Form

10-K contains financial

information prepared under

accounting principles generally

accepted in the

United States (“U.S.

GAAP”)

and

non-GAAP

financial

measures.

Management

uses

non-GAAP

financial

measures

when

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

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

“adjusted

net

income”

the

Corporation.

Management

believes

that

the

“adjusted

net

income”

provides

meaningful

information

about

the

underlying

performance

the

Corporation’s

ongoing

operations.

The

“adjusted

net

income”

non-GAAP

financial

measure.

The following tables present adjusted net income

for the years ended December 31, 2025 and

2024.

Table 3 - Adjusted Net Income

for the Year Ended December 31,

2025 (Non-GAAP)

(In thousands)

Income before

income tax

Income tax

expense

(benefit)

Net Income

U.S. GAAP Net income

$1,006,793

$173,634

$833,159

Non-GAAP Adjustments:

FDIC Special Assessment [1]

(15,323)

5,622

(9,701)

Adjusted net income (Non-GAAP)

$991,470

$168,012

$823,458

[1] Partial reversal of the FDIC special assessment reserve

imposed in connection with the receivership of several

failed banks. Refer to the Operating

Expenses section in the Management’s Discussion

and Analysis of Financial Condition and Results of Operations

section (“MD&A”) included in this

Form 10-K for additional information.

Table 4 - Adjusted Net Income

for the Year Ended December 31,

2024 (Non-GAAP)

(In thousands)

Income before

income tax

Income tax

expense

(benefit)

Net Income

U.S. GAAP Net income

$796,618

$182,406

$614,212

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)

$817,305

$171,157

$646,148

[1] Expense recorded in the first quarter of 2024 related to

the special assessment imposed by the FDIC to

recover the losses in connection with the

receivership of several failed banks.

[2] Expense recorded in the first quarter of 2024 related to

tax withholdings on prior period distributions from U.S.

subsidiaries.

Net interest income on a taxable equivalent basis

Net

interest

income,

taxable

equivalent

basis,

presented

with

its

different

components

Table

for

the

year

ended

December 31,

2025

as compared

with

the same

period in

2024, segregated

major categories

interest

earning assets

and

interest-bearing liabilities.

The

main

sources

tax-exempt

interest

income

are

certain

loans

and

investments

obligations

the

U.S.

Government,

its

agencies and sponsored entities, and

certain obligations of the

Commonwealth of Puerto Rico and

its agencies and assets

held by

the Corporation’s

international banking

entities. On

table 5,

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

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

deducted

the

amount

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

traditional

bank

capital

ratios

commonly

used

banks

and

analysts

compare

the

capital

adequacy

banking

organizations

with

significant

amounts

goodwill

other

intangible

assets,

typically

stemming

from

the

use

the

purchase

accounting method for

mergers and acquisitions.

Tangible

common equity,

tangible assets

and other related

measures should not

used

isolation

a substitute

for

stockholders' equity,

total

assets

any

other

measure calculated

accordance

with

GAAP.

Moreover,

the manner

in which

the

Corporation calculates

its

tangible common

equity,

tangible assets

and

other

measures may differ from that of other companies

reporting measures with similar names.

Table

12 provides

a reconciliation of

total stockholders’ equity

to tangible common

equity and total

assets to tangible

assets as

December 31, 2025, and December 31, 2024.

CRITICAL ACCOUNTING POLICIES / ESTIMATES

The accounting

and reporting

policies followed

by the

Corporation and

its subsidiaries

conform U.S.

GAAP and

general practices

within the financial services

industry. The

Corporation’s significant accounting policies, including

those related to critical

accounting

estimates, are

described in

detail in

Note 2

to the

Consolidated Financial

Statements and

should be

read in

conjunction with

this

section.

Critical accounting

policies that

require management

to make

estimates and

assumptions may

involve significant

judgment about

the effect

of matters

that are

inherently uncertain

and that

involve a

high degree

of subjectivity.

These estimates

are made

under

facts and

circumstances at

a point

in time

and changes

in those

facts and

circumstances could

produce actual

results that

differ

from

those

estimates.

The

following

MD&A

section

summary

what

management

considers

the

Corporation’s

critical

accounting estimates.

Fair Value Measurement of Financial Instruments

The Corporation

currently measures

at fair

value on

a recurring

basis its

trading debt

securities, debt

securities available-for-sale,

certain equity securities, derivatives and

mortgage servicing rights. Occasionally,

the Corporation is required to

record other assets

at fair

value on

a nonrecurring

basis, such

as loans

held-for-sale, loans

held-in-portfolio that

are collateral

dependent and

certain

other assets. These nonrecurring fair value

adjustments typically result from the application of lower of

cost or fair value accounting

or write-downs of individual assets.

The

Corporation categorizes

its

assets and

liabilities measured

at fair

value under

the three-level

hierarchy.

The level

within the

hierarchy is based on whether the inputs to

the valuation methodology used for fair value measurement

are observable.

Management assesses the fair value of its

portfolio of investment securities at least on

a quarterly basis. Securities are classified in

the

fair

value

hierarchy

according

product

type,

characteristics

and

market

liquidity.

the

end

each

period,

management

assesses

the

valuation

hierarchy

for

each

asset

liability

measured.

The

fair

value

measurement

analysis

performed

the

Corporation includes

validation

procedures and

review

market

changes,

pricing methodology,

assumption

and

level

hierarchy

changes, and evaluation of distressed transactions.

Most of the values for trading debt securities and debt securities available-for-sale are obtained from third-party pricing services and

are validated with alternate pricing sources when available.

Securities not priced by a secondary pricing source

are documented and

validated internally according to their significance to the Corporation’s financial statements. Management has established materiality

thresholds

according

the

investment

class

monitor

and

investigate

material

deviations

prices

obtained

from

the

primary

pricing

service

provider

and

the

secondary

pricing

source

used

support

for

the

valuation

results.

During

the

year

ended

December 31, 2025, the Corporation

did not adjust any prices

obtained from pricing service providers or

broker dealers. During the

year

ended December

31,

2025, none

the

Corporation’s

debt securities

were subject

pricing discontinuance

by the

pricing

service providers. The pricing methodology and approach of our primary pricing service providers is concluded to be consistent with

the fair value measurement guidance

Broker quotes reflect

market illiquidity as

they are exit

prices. As of

December 31, 2025,

$8 million in

financial assets were

valued

using broker

quotes: $1 million

in Level 3

assets (mainly tax-exempt

GNMA mortgage-backed securities)

and $7 million

in Level

assets. Level 3 asset values were based on an

internal matrix using local broker quotes from

limited trading activity.

Refer to

Note 27

to the

Consolidated Financial Statements for

a description of

the Corporation’s

valuation methodologies used

for

the assets and liabilities measured at fair value.

Loans and Allowance for Credit Losses

One of

the most

critical and

complex accounting

estimates is

associated with

the determination

of the

allowance for

credit losses

(“ACL”). The Corporation establishes an ACL for its loan portfolio based on its estimate of expected credit losses over the remaining

contractual term

of the

loans, adjusted

for expected

prepayments, in

accordance with

Accounting Standards

Codification (“ASC”)

Topic

326.

ACL

recognized

for

all

loans

including

originated

and

purchased

loans,

since

inception,

with

corresponding

charge to the provision for credit losses, except for purchased

credit deteriorated (“PCD”) loans. Upon the acquisition of a PCD

loan,

the Corporation recognizes the estimate of the expected credit losses over the remaining contractual term of each individual loan as

an ACL with a corresponding addition to the loan purchase price.

The Corporation follows a methodology to establish

the ACL which

includes a

reasonable and supportable

forecast period

for estimating credit

losses, considering

quantitative and

qualitative factors

as well

as the

economic outlook. As

part of

this methodology,

management evaluates various

macroeconomic scenarios provided

by third parties. At December 31, 2025, management

applied probability weights to the outcome of

the selected scenarios.

The

Corporation

has

designated

collateral

dependent

loans

secured

collateral

when

foreclosure

probable

when

foreclosure is

not probable but

the practical expedient

is used.

The practical expedient

is used

when repayment is

expected to

provided

substantially

the

sale

operation

the

collateral

and

the

borrower is

experiencing financial

difficulty.

The

ACL

collateral dependent loans

is measured based

on the fair

value of the

collateral less costs

to sell. The

fair value of

the collateral is

based on appraisals, which may be adjusted due to their

age, and the 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.

addition,

refer

the

Credit

Risk

section

this

MD&A

and

Note

the

Consolidated

Financial

Statements

for

detailed

information on

the

Corporation’s collateral

value estimation

for other

real

estate. In

addition, refer

Note

8 to

the Consolidated

Financial Statements for additional information on

the allowance for credit losses.

Income Taxes

Income taxes are

accounted for using the

asset and liability method,

recognizing deferred tax assets and

liabilities based on future

tax consequences of temporary differences between financial statement carrying amounts

and their respective tax basis. These are

measured using

enacted tax

rates expected

to apply

when the

temporary differences

are recovered

or paid,

with changes

in tax

rates recognized in earnings when enacted.

Calculating periodic income taxes involves complexity and requires estimates

and judgments. The Corporation has two accruals

for

income taxes: (i)

the net estimated

amount currently due

or receivable, including any

reserve for potential

examination issues, and

(ii)

deferred

income

tax

reflecting the

estimated

impact

temporary differences

between

asset and

liability

recognition under

GAAP and the tax

code. Differences in actual

future tax consequences could affect

the Corporation’s financial position or

results of

operations.

Management evaluates

the realization

of the

deferred tax

asset by

its three

major components:

U.S. mainland

operations, Puerto

Rico banking operations

and Holding Company.

This evaluation requires judgment

related to the

Corporation’s estimation of future

taxable income

over the

term the

deferred tax

assets will

expire. For

the evaluation

of the

realization of

the deferred

tax asset

taxing jurisdiction, refer to Note 34 to the Consolidated

Financial Statements.

Under the Puerto Rico Internal Revenue Code, the

Corporation and its subsidiaries are treated as separate taxable

entities and are

not entitled to file

consolidated tax returns. The Code

provides a dividends-received deduction of 100%

on dividends received from

“controlled” domestic subsidiaries subject to taxation in

Puerto Rico

Changes in

the Corporation’s

estimates can occur

due to changes

in tax

rates, new business

strategies, newly

enacted guidance,

and resolution of issues with taxing authorities regarding previously taken tax

positions. In estimating taxes, management evaluates

the merits and risks of

appropriate tax treatment, considering statutory,

judicial and regulatory guidance. Such changes could affect

the

amount

accrued

taxes.

The

Corporation

has

made

tax

payments

accordance

with

estimated

tax

payments

rules.

Any

remaining payment will not have any significant impact

on liquidity and capital resources.

Refer to Note 34 to the

Consolidated Financial Statements for additional information on the Corporation’s unrecognized tax benefits

and their possible effect on its effective tax rate.

Goodwill and Other Intangible Assets

The

Corporation’s

goodwill

and

other

identifiable

intangible

assets

having

indefinite

useful

life

are

tested

for

impairment.

Intangibles with indefinite lives are evaluated for impairment at least annually or 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. Other

identifiable intangible

assets with

a finite

useful life

are evaluated

periodically for

impairment when events or changes in circumstances

indicate that the carrying amount may not be

recoverable.

Goodwill impairment is recognized when the carrying amount of any

of the reporting units exceeds its fair value up

to the amount of

the goodwill. The Corporation estimates the fair value of each reporting unit generally using a combination of methods which include

market price multiples

of comparable companies

and transactions, as

well as discounted

cash flow analyses.

Subsequent reversal

of goodwill impairment losses is not permitted under

applicable accounting standards.

For a

detailed description

of the

annual goodwill

impairment evaluations

performed by

the Corporation

during the

third and

fourth

quarter of 2025, refer to Note 14 to the Consolidated

Financial Statements.

Pension and Postretirement Benefit Obligations

The Corporation provides pension and

restoration benefit plans for certain employees

of various subsidiaries. The Corporation also

provides certain

health care

benefits for

retired employees of

BPPR. The

non-contributory defined pension

and benefit

restoration

plans (“the Pension Plans”) are frozen with regards

to all future benefit accruals.

The estimated

benefit costs

and obligations

of the

Pension Plans and

Postretirement Health

Care Benefit Plan

(“OPEB Plan”) are

impacted by

the use

of subjective

assumptions, which can

materially affect

recorded amounts, including

expected returns on

plan

assets,

discount

rates,

termination

rates,

retirement

rates

and

health

care

trend

rates.

The

Corporation

uses

independent

actuarial firm for assistance in the determination of

the Pension Plans and OPEB Plan costs and obligations.

The Corporation periodically reviews its assumption for the long-term expected return on Pension Plans

assets. The Pension Plans’

assets

fair

value

December

31,

2025

was

$625.8

million.

The

expected

return

plan

assets

determined

considering

various factors,

including a

total funds

return estimate

based on

a weighted-average

of estimated

returns for

each asset

class in

each plan.

Asset class returns are estimated using current and projected economic and

market factors such as real rates of

return,

inflation, credit spreads, equity risk premiums and

excess return expectations.

Net Periodic Benefit Cost

(“pension expense”) for the Pension Plans

amounted to $11.2

million in 2025. The

total pension expense

included

benefit

$32.3

million

for

the

expected

return

assets.

Management

believes

that

the

fair

value

estimates

the

Pension Plans assets are reasonable given the valuation methodologies used to measure the investments at fair value as described

Note

the

Consolidated Financial

Statements. Also,

the

compositions

the

plan assets

are primarily

equity

and

debt

securities, which have readily determinable quoted

market prices.

Detailed

information

the

Plans

and

valuation

assumptions

are

included

Note

the

Consolidated

Financial

Statements.

As part of the review,

the Corporation’s independent consulting actuaries performed an analysis of expected

returns based on each

plan’s expected asset

allocation for the year

2026 using the

Willis Towers

Watson US Expected

Return Estimator.

This analysis is

reviewed by the Corporation

and used as a

tool to develop expected

rates of return, together

with other data. This

forecast reflects

the actuarial firm’s view of

expected long-term rates of return for each significant asset

class or economic indicator as of January

2026;

for

example, 8.7%

for

large

cap

stocks,

9.0% for

small cap

stocks,

8.9% for

international stocks,

6.4% for

long

corporate

bonds

and

5.8%

for

long

Treasury

bonds.

range

expected

investment

returns

developed,

and

this

range

relies

both

forecasts and on broad-market historical benchmarks

for expected returns, correlations, and volatilities

for each asset class.

As a consequence of

recent reviews, the Corporation selected its

expected return on plan

assets for the year

2026 to be 5.6% and

6.7% for

the Pension

Plans. Expected

rates of

return for

the Pension

Plans of

5.6% and

6.7% had

been used

for 2025

and 5.6%

and 6.6% had been used for 2024. The expected

return can be materially impacted by a

change in the plan’s asset allocation.

Pension expense is sensitive

to changes in the

expected return on assets.

For example, decreasing the expected

rate of return for

2026 from

5.6% to

5.35% would

increase the

projected 2026

pension expense

for the

Banco Popular

de Puerto

Rico Retirement

Plan, the Corporation’s largest plan, by approximately

$1.4

million.

The Corporation had recorded a pension balance sheet asset of $38.2 million and a pension balance sheet liability of $4.7 million

December 31, 2025.

The Corporation uses

the spot rate

yield curve from

the Willis Towers

Watson RATE:

Link (10/90) Model

to discount the

expected

projected

cash

flows

the

plans.

The

equivalent

single

weighted

average

discount

rate

ranged

from

5.25%

5.29%

for

the

Pension Plans and 5.44% for the OPEB Plan to determine

the benefit obligations at December 31, 2025.

A 50

basis point

decrease to

each of

the rates

in the

December 31,

2025 Willis

Towers

Watson RATE:

Link (10/90)

Model would

increase the

projected 2026

expense for

the Banco

Popular de

Puerto Rico

Retirement Plan

by approximately

$1.8

million. The

change would not affect the minimum required contribution

to the Pension Plans.

The OPEB Plan was unfunded (no assets were held by the plan) at December 31, 2025. The Corporation had recorded a liability for

the underfunded postretirement benefit obligation of

$104.0 million at December 31, 2025.

STATEMENT

OF OPERATIONS ANALYSIS

Net Interest Income

Net interest income is the interest earned from loans, debt securities and money market investments, including loan fees, minus

the

interest cost of deposits and borrowed money.

Various risk factors

affect net interest income including the economic

environment in

which we operate, market related events, the mix and size of the earning assets and related funding, changes in volumes, re-pricing

characteristics, loan fees

collected, delay

charges and

interest collected on

nonaccrual loans, as

well as

strategic decisions made

by the Corporation’s management.

The average key index rates for the years 2025

and 2024 were as follows:

2025

2024

Prime rate…………………………………………………………………………………………………

7.37%

8.31%

SOFR………………………………………………………………………………………………………

4.24

5.15

Fed funds rate…………………………………………………………………………………………….

4.20

5.12

3-month Treasury Bill…………………………………………………………………………………….

4.15

5.09

10-year Treasury…………………………………………………………………………………………

4.29

4.20

FNMA 30-year…………………………………………………………………………………………….

5.47

5.58

Net interest

income (“NII”) for

the year

ended December 31,

2025 was

$2.5 billion,

or $258.9

million higher than

2024. NII

growth

was driven by

lower interest expense on

deposits by $158.2 million

primarily due to

lower P.R.

public deposits cost,

higher income

from loans by $137.1

million primarily due to

loan growth mainly attributed to

the commercial, construction loans in

both banks and

mortgage loans

in BPPR

and higher

income resulting

from higher

yields of

U.S. Treasuries

by $83.4

million also

supported to

NII

expansion. This

increase in

NII was

partially

offset

lower

income from

money market

investments by

$97.4 million

driven

short-term market rates

declines by the

Federal Open Market

Committee coupled with

lower average balances

due to loan

growth

and investments in U.S.

Treasuries. Net interest margin

(“NIM”) of 3.49% in

2025 increased 25 basis points, compared

to 3.24% in

2024, driven by lower deposit costs, higher yielding

U.S. treasuries and loan growth.

Total

deposit costs of 1.77%

decreased 30 basis points

when compared to 2024. Excluding

P.R.

public deposits, average deposits

increased by $903.0 million and total deposit

costs decreased seven basis points to 1.16% year-over-year.

Net Interest Income on a taxable equivalent basis (“FTE”) for the year ended December 31, 2025 was $2.8 billion, compared

to $2.5

billion for the same period in 2024,

an increase of $359.9 million. NIM on a

taxable equivalent (“NIM FT””) basis in 2025 was

3.88%

or 39 basis points higher than the 3.49%

reported in 2024. NIM FTE expansion during 2025 is

primarily due to higher re-investment

in U.S. treasuries

which are tax

exempt in Puerto

Rico and exempt

interest income on

certain loan portfolios.

The main factors

for

the increase in net interest income FTE were:

●

Higher income

from

investment securities

$147.1 million

driven by

the

re-investment of

maturities of

U.S. Treasury

securities at higher yields by 50 basis points

●

Higher

interest

income

from

loans

$160.9

million,

due

growth,

most

notably

commercial,

construction

and

mortgage portfolios, which include income of certain

loans in Banco Popular de Puerto Rico (“BPPR”)

that are tax-exempt,

partially offset in part by the re-pricing of adjustable-rate

loans;

●

Lower

interest

expense

$158.2

million

basis

points,

mainly

due

decrease

market-linked

P.R.

public

deposits cost

basis points

and

Popular Bank

(“PB”) savings

online

deposits by

basis points,

driven by

lower

short-term market rates;

Partially offset by:

●

Lower income

from money

markets by

$97.4 million

driven by

lower yield

by 95

basis points

due to

short-term market

rates decline

and lower

average balances

due to

the use

of funds

to support

loan growth

and U.S.

Treasury

securities

purchases, as mentioned above.

Table

5 presents

the

different

components

the

Corporation’s

net

interest

income,

taxable

equivalent

basis,

for

the

year

ended December 31,

2025, as compared

with the same

period in 2024,

segregated by major

categories of interest

earning assets

and interest-bearing liabilities.

Table 5 – Analysis of Levels & Yields

on a Taxable Equivalent Basis

from Continuing Operations (Non-GAAP)

Period ended December 31, 2025

Variance

Average Volume

Average Yields / Costs

Interest

Attributable to

2025

2024

Variance

2025

2024

Variance

2025

2024

Variance

Rate

Volume

(In millions)

(In thousands)

5,853

6,641

(788)

4.35

5.30

(0.95)

Money market

investments

254,786

352,194

(97,408)

(58,638)

(38,770)

28,770

27,955

815

3.32

2.89

0.43

Investment securities

[1]

955,548

808,458

147,090

113,349

33,741

5.61

5.23

0.38

Trading securities

1,667

1,583

112

(28)

Total money market,

investment and

trading

34,653

34,626

3.50

3.36

0.14

securities

1,212,001

1,162,235

49,766

54,823

(5,057)

Loans:

18,951

17,855

1,096

6.73

6.86

(0.13)

Commercial

1,275,422

1,224,856

50,566

(23,568)

74,134

1,490

1,099

391

8.19

8.81

(0.62)

Construction

122,051

96,778

25,273

(7,168)

32,441

1,969

1,820

149

7.20

6.90

0.30

Leasing

141,828

125,652

16,176

5,637

10,539

8,397

7,873

524

5.92

5.70

0.22

Mortgage

497,419

448,880

48,539

17,945

30,594

3,241

3,211

13.85

13.90

(0.05)

Consumer

448,958

446,357

2,601

(1,950)

4,551

3,935

3,843

9.15

8.90

0.25

Auto

359,870

342,075

17,795

9,537

8,258

37,983

35,701

2,282

7.49

7.52

(0.03)

Total loans

2,845,548

2,684,598

160,950

433

160,517

72,636

70,327

2,309

5.59

5.47

0.12

Total earning assets

4,057,549

3,846,833

210,716

55,256

155,460

Interest bearing

deposits:

8,147

7,498

649

1.73

1.99

(0.26)

NOW and money

market

141,344

149,438

(8,094)

(18,950)

10,856

14,543

14,495

0.83

0.91

(0.08)

Savings

120,525

132,321

(11,796)

(12,160)

364

8,656

8,183

473

3.15

3.35

(0.20)

Time deposits

272,686

273,814

(1,128)

(17,272)

16,144

20,259

19,203

1,056

3.18

4.06

(0.88)

P.R. public

deposits

643,341

780,548

(137,207)

(178,506)

41,299

51,605

49,379

2,226

2.28

2.71

(0.43)

Total interest bearing

deposits

1,177,896

1,336,121

(158,225)

(226,888)

68,663

14,798

15,065

(267)

Non-interest bearing

demand deposits

66,403

64,444

1,959

1.77

2.07

(0.30)

Total deposits

1,177,896

1,336,121

(158,225)

(226,888)

68,663

356

272

4.44

5.53

(1.09)

Short-term

borrowings

15,818

4,676

11,142

(801)

11,943

Other medium and

824

962

(138)

5.83

5.22

0.61

long-term debt

48,092

50,178

(2,086)

5,241

(7,327)

Total interest bearing

52,785

50,425

2,360

2.35

2.76

(0.41)

liabilities (excluding

demand deposits)

1,241,806

1,390,975

(149,169)

(222,448)

73,279

5,053

4,837

216

Other sources of

funds

72,636

70,327

2,309

1.71

1.98

(0.27)

Total source of funds

1,241,806

1,390,975

(149,169)

(222,448)

73,279

3.88

3.49

0.39

Net interest margin/

income on a taxable

equivalent basis

(Non-GAAP)

2,815,743

2,455,858

359,885

277,704

82,181

3.24

2.71

0.53

Net interest spread

Taxable equivalent

adjustment

274,540

173,570

100,970

3.49

3.24

0.25

Net interest margin/

income non-taxable

equivalent basis

(GAAP)

2,541,203

2,282,288

258,915

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.

Provision for Credit Losses - Loans Held-in-Portfolio

and Unfunded Commitments

For the year ended December 31, 2025, the Corporation recorded a provision for credit of $260.2 million, an increase of $3.2 million

when compared

$256.9 million

for the

year ended

December 31,

2024. The

provision for

loan and

lease losses

for 2025

was

$260.7 million, an increase of $2.3 million.

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

2025,

response

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 year ended December 31, 2025 was $13.7 million in additional reserves. There were no additional changes

the probability weights during the

year 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 year

by business segments when compared to the year

2024 were as follows:

●

In BPPR,

the provision

for loan

losses for

was $240.2

million, a

decrease of

$13.6 million

when compared

to the

year

ended in 2024,

driven by lower

reserves for the

consumer portfolio of

$34.7 million mainly

due to improvements in

credit

quality,

for

the

credit

cards

portfolio,

lower

net

charge-offs,

the

auto

portfolio

and

lower

provision

for

the

leases

portfolio. These favorable variance were partially offset by higher reserves in the commercial portfolio by $20.5 million due

to a specific reserve recognized for a $158.3 million commercial and industrial facility and a $13.5 million provision related

charge-off

recognized

during

the

third

quarter

for

$30.1

million

commercial

real

estate

(“CRE”)

facility,

both

classified as NPLs during the year.

●

the

Popular

U.S.

segment,

the

provision

for

loans

losses

was

$20.5

million,

increase

$15.9

million

when

compared to

the year

2024., mainly

driven by

higher qualitative

reserves and

changes in

credit quality

within the

CRE

portfolio partially offset by lower net charge-offs within the consumer

portfolio.

December

31,

2025,

the

total

allowance

for

credit

losses

for

loans

held-in-portfolio amounted

$808.1

million,

compared

$746.0

million

December

31,

2024.

The

ratio

the

allowance

for

credit

losses

loans

held-in-portfolio

was

2.05%

December

31,

2025, compared

2.01%

December 31,

2024. Refer

Note

the

Consolidated Financial

Statements, for

additional

information

the

Corporation’s

methodology

estimate

its

ACL

and

the

Credit

Risk

section

this

MD&A

for

detailed analysis of net charge-offs, non-performing assets,

the allowance for credit losses and selected loan

losses statistics.

Non-Interest Income

For the year ended December 31, 2025, non-interest

income was $658.0 million, a decrease of $0.9

million when compared with the

previous year. The variance was primarily due to:

●

lower other operating income by $16.8 million

mainly due to lower daily car rental revenue

by $18.1 million and gains from

the sale of car rental units by $8.0 million, 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 higher income from investments accounted under

the equity method by $3.9 million; and

●

lower income from mortgage banking activities by

$4.1 million mainly due to a decrease in

mortgage servicing fees due to

portfolio runoff and an unfavorable variance in the fair value adjustments

of mortgage servicing rights (“MSRs”);

partially offset by:

●

higher other service fees by $13.7 million mainly

due to higher debit and credit card

fees by $12.7 million, driven by higher

customer purchase activity, and higher investment management fees by $4.5

million, due to higher assets under

management, partially offset by lower insurance fees by

$6.6 million;

●

higher service charges on deposit accounts by $4.5

million mainly due to higher non-balance

compensation fees in

commercial deposits; and

●

higher income from equity securities by $3.2 million,

mainly due to an impairment on equity

securities of $2.3 million

recognized during 2024 and a favorable variance

of $1.1 million in the fair value adjustment of equity

securities related to

the deferred benefit plans, which have an offsetting

effect in personnel cost.

Operating Expenses

Operating expenses for the

year ended December

31, 2025 amount to

$1.9 billion, an increase

of $44.6 million

when compared to

the previous year. The results of 2025 include a partial reversal of the FDIC special assessment reserve

of $15.3 million imposed on

banks to recover losses in connection with the

receivership of two failed banks during 2023. Management revised its reserve

based

on the FDIC’s interim final rule, which became effective December

19, 2025 and amended, among other

things, the collection rate of

the

special

assessment.

Operating

expenses

for

the

year

ended

December

31,

2024

included

$6.4

million

interest

accrued

related to prior period tax withholdings and the $14.3 million expense related to the FDIC special assessment. The other factors that

contributed to the increase in operating expenses

for the year were:

●

higher personnel costs by $84.8

million mainly due to higher incentives, including $38.8 million

related to the profit-sharing

plan

which is

tied

the

Corporation’s financial

performance and

$24.2

million

other

performance-based incentives,

higher

salaries

expenses

$12.9

million

due

higher

headcount

and

annual

merit

increases,

and

$7.7

million

increase in

other personnel costs

mainly related to

the valuation

of securities

held for

deferred compensation plans

and

higher payroll tax;

●

a non-cash goodwill impairment of $13.0 million

in the Corporation’s U.S. based equipment leasing subsidiary due

lower projected earnings for the forecasted period;

●

higher technology and software expenses,

including software cost amortization, by $12.5 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

$9.7

million

mainly

due

higher credit

and

debit

card

and

merchant processing expenses as a result of higher

transactional volumes;

●

higher

other

taxes

expense

$6.9

million

mainly

due

increase

municipal

license

tax

and

higher

regulatory

examination fees in BPPR; and

●

higher business

promotion expenses

$5.4 million

mainly

due to

higher customer

rewards programs

expense in

our

credit card business reflecting an increase in

customer purchase activity;

partially offset by:

●

lower other

operating expenses

by $33.0

million mainly

driven by

lower accruals

for reserves

for operational

losses by

$10.6 million;

●

lower professional fees by $15.7 million mainly due

to lower costs associated with regulatory compliance

activities; and

●

lower equipment expenses by $11.3 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.

Table 6 provides a breakdown of operating expenses by major categories.

Table 6 - Operating Expenses

Years ended December

31,

(Dollars in thousands)

2025

2024

2023

Personnel costs:

Salaries

542,717

529,794

505,935

Commissions, incentives, profit sharing and other bonuses

189,041

126,081

112,657

Pension, postretirement and medical insurance

69,329

68,185

67,469

Other personnel costs, including payroll taxes

104,127

96,391

91,984

Total personnel

costs

905,214

820,451

778,045

Net occupancy expenses

110,213

111,430

111,586

Equipment expenses

22,110

33,424

37,057

Other taxes

72,939

66,046

55,926

Professional fees

110,098

125,822

161,142

Technology and

software expenses

341,605

329,061

290,615

Processing and transactional services:

Credit and debit cards

56,168

49,301

44,578

Other processing and transactional services

96,218

93,376

93,492

Total processing

and transactional services

152,386

142,677

138,070

Communications

19,270

18,899

16,664

Business promotion:

Rewards and customer loyalty programs

69,809

63,773

59,092

Other business promotion

37,474

38,157

35,834

Total business

promotion

107,283

101,930

94,926

FDIC deposit insurance

24,369

54,626

105,985

Other real estate owned (OREO) income

(13,393)

(18,124)

(15,375)

Other operating expenses:

Operational losses

16,581

27,200

23,505

All other

48,841

71,257

73,774

Total other operating

expenses

65,422

98,457

97,279

Amortization of intangibles

1,750

2,938

3,180

Goodwill impairment charge

13,000

23,000

Total operating

expenses

1,932,266

1,887,637

1,898,100

Personnel costs to average assets

1.20

1.12

1.09

Operating expenses to average assets

2.55

2.57

2.66

Employees (full-time equivalent)

9,238

9,231

9,088

Average assets per employee (in millions)

$8.20

$7.95

$7.84

Income Taxes

For the

year ended

December 31,

2025, the

Corporation recorded an

income tax

expense of

$173.6 million,

compared to

$182.4

million for the year 2024.

The decrease of $8.8 million reflects the impact of

the tax withholding expense of $22.9 million recorded in

the year 2024

related to intercompany distributions for

the years 2014-2024, coupled with

higher exempt income, partially offset

higher income before tax for the year 2025.

At December

31, 2025,

the Corporation

had a

net deferred

tax asset

amounting to

$812.3 million, net

of a

valuation allowance

$464.7 million. The net

deferred tax asset related

to the U.S. operations

was $228.2 million, net

of a valuation allowance

of $386.6

million.

Refer to

Note 34

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.

Fourth Quarter Operational Results

●

For

the

quarter

ended

December

31,

2025,

the

Corporation

recorded

net

income

$233.9

million,

compared

net

income

$177.8 million

for

the same

quarter of

the

previous year.

Excluding the

partial

reversal of

the

FDIC special

assessment reserve of $9.7 million, net of tax,

adjusted net income for the fourth quarter of

2025 was $224.2 million.

●

Net interest income for the fourth

quarter of 2025 amounted to $657.6

million, compared with $590.8 million for the

fourth

quarter

2024.

taxable

equivalent

basis,

net

interest

income

amounted

$733.8

million,

compared

$638.6

million.

The

increase

$95.2

million

net

interest

income,

taxable

equivalent

basis,

was

mainly

due

higher

income from investment securities by $51.6 million mainly due

to higher yields by 51 basis points and average balances

U.S. Treasury securities, higher interest income from loans by $43.8

million, due to growth across most portfolios at

BPPR

and

the

commercial and

construction portfolios

PB,

and lower

cost

deposits by

$34.2

million, or

basis

points,

primarily in P.R.

public deposits,

which declined by 72

basis points as these are

mainly linked to short-term market rates;

partially

offset

lower

income

from

money

market

investments

$31.1

million

due

lower

average

balances

and

yields by 82 basis points as a result of short-term

market rate declines.

Net interest margin increased by 26 basis points

3.61%. On a taxable equivalent basis, the net interest margin for the fourth quarter of 2025

was 4.03%, or 41 basis points

higher when compared to 3.62% for the fourth

quarter of 2024.

●

The provision

for loan

losses was

$71.4 million

for the

fourth quarter

2025, compared

to $69.1

million for

the same

quarter of the previous year. The increase of $2.3 million was driven by the commercial portfolios, loan modifications, loan

growth,

and

the

qualitative

reserve

release

recorded

2024

due

the

implementation

new

CRE

non-owner

occupied model; partially offset by lower NCOs and improvements

in credit quality at the consumer portfolios.

●

Non-interest income amounted to $166.3 million for

the quarter ended December 31, 2025,

compared with $164.7 million

for the same

quarter in 2024.

The increase of

$1.6 million was

driven by higher

other service fees

by $7.2 million

due to

higher debit and

credit card fees

from higher customer

purchase activity,

partially offset by

lower other operating

income

by $3.2 million due to lower daily car

rental revenue by $3.2 million, due to the sale

of the daily car rental business during

the

fourth

quarter

2024,

and

lower

income

from

mortgage

banking

activities

$2.7

million

mainly

due

unfavorable variance

in the

fair value

adjustment

of MSRs

driven by

portfolio runoff

compared

the fourth

quarter of

2024.

●

Operating expenses totaled $473.2 million for the quarter

ended December 31, 2025, compared with $467.6

million for the

same quarter

in the

previous year.

The increase

of $5.6

million was

mainly related

to higher

personnel costs

by $24.4

million due to

annual salary revisions,

higher headcount, and higher incentives,

which include $12.8 million related to

the

quarterly accrual for the profit-sharing plan driven by the

Corporation’s performance,

partially offset by a reversal of $15.3

million from

the reserve

related to

the FDIC

special assessment imposed

on banks

to recover

losses in

connection with

the receivership of two failed banks during 2023 and

lower accruals for reserves for operational losses

by $6.8 million.

●

For the quarter

ended December 31,

2025, the Corporation

recorded an income tax

expense of $44.7

million, compared

with an income tax expense of $43.9 million for the same quarter of 2024. The unfavorable variance was mostly attributed

to a higher income before tax.

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 been defined to

support the reportable segments.

For

description

the

Corporation’s

reportable

segments,

including

additional

financial

information

and

the

underlying

management accounting process, refer to Note 36

to the Consolidated Financial Statements.

The Corporate

group reported

a net

income of

$15.6 million

for the

year ended

December 31,

2025, compared

with a

net loss

$19.0 million for

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

intercompany

distributions

paid

during

the

first

quarter

2024.

positive

adjustment of

$3.9 million

was recorded

during the

second quarter

of 2025,

resulting from

reimbursements received from

the IRS

interest

paid

for

the

intercompany

distributions.

Higher

income

from

equity

method

investments

and

lower

expenses

driven by

professional services, also

contributed to

the positive

variance for

the year

ended December 31,2025,

partially offset

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 $729.5 million for

the year ended December 31,

2025, compared with $555.7 million for the year ended

December 31, 2024. The principal factors that

contributed to the variance in

the financial results included the following:

●

Net interest income by $2.2 billion was higher

by $209.1 million primary driven by lower

expense on deposits, mainly from

the re-pricing of P.R. public funds, which decreased by $137.2 million, or 88 basis points and higher

income from loans by

$79.9 million due to portfolio growth, higher income

from in U.S. Treasury securities by $75.7 million, or 20 basis

points,

mainly from reinvestments at higher yields, partially offset

by lower income from money market securities investments

$72.7 million reflecting the decline in short-term market

rates and lower average balances. The net

interest margin for the

year ended December 31,2025 was 3.69%, 27 basis

points higher when compared with 3.43%

the previous year;

●

The provision for credit losses for the loan portfolio

of $240.4 million was lower by $13.2 million

mainly attributable to

improvement in credit quality for the credit

cards portfolios, lower net charge-offs in the auto portfolio,

and lower reserves

in the leases portfolios, partially offset by an increase

in the reserves in the commercial portfolio mainly

due to the impact

of two unrelated NPL inflows;

●

Non-interest income of $584.4 million, lower by $11.8 million, mainly due to lower

daily car rental revenue by $18.1 million

and gains from the sale of car rental units by $8.0

million related to the car rental business

sold in the fourth quarter of

2024, lower mortgage banking activities by $4.1

million mainly due to a decrease in mortgage

servicing fees and fair value

adjustments in MSRs;

partially offset by the $5.3 million retroactive charge

billed to a tenant for energy supplied in prior

years, higher service fees by $10.9 million due

to credit and debit card fees, from higher volume

of transactions, higher

investment management fees and higher charges on

deposit accounts by $4.0 million mainly due

to non-balance

compensation in commercial deposits;

●

Higher operating expenses by $33.0 million mostly due

●

higher personnel costs of $53.8 million, including

profit sharing expense by $30.8 million and

higher salaries

expense by $22.2 million due to annual merit

increases and a higher headcount;

●

higher other taxes by $7.3 million due to municipal

license and regulatory examination fees;

●

higher processing fees by $9.7 million due to credit

and debit card transactions; and

●

higher technology expenses by $8.0 million mainly related

to investments in technology and transformation

initiatives;

partially offset by

●

lower equipment expenses by $10.8 million mainly related

to the daily rental business sold in 2024;

●

lower FDIC expense by $26.8 million due to the reversal

in 2025 of the FDIC special assessment of

$13.6

million compared to the expense of $12.7 million

recorded in 2024;

●

lower other operating expenses by $8.1 million

due to reserves for operational losses; and

●

lower professional fees by $6.6 million;

●

Higher income tax expense by $4.2 million mainly

due to higher income before tax, offset by higher exempt

income.

Popular U.S.

For the

year ended

December 31, 2025, Popular

U.S. reported

net income

of $87.8

million, compared with

a net

income of

$77.6

million for the year ended

December 31, 2024. The principal factors

that contributed to the variance

in the financial results included

the following:

●

Net interest

income of

$411.9

million, higher

by $55.9

million mainly

due to

higher interest

income from

loans by

$57.2

million,

basis

points,

mainly

growth

the

commercial

and

construction

portfolios

and

lower

interest

expense from deposits by $32.8 million, or 44 basis points,

due to the repricing of high-cost deposits, mainly direct on-line

deposits, partially

offset by

lower income

from money

market investments due

to decline

in short-term

market rates

and

lower average

balances. The

net interest

margin for

the year

ended December

31,2025 was

2.94%, higher

by 28

basis

points when compared to 2.66% for the previous

year;

●

The provision for credit losses for the loan portfolio of $20.5 million was

higher by $15.9 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

$18.4 million

reflecting the

$13.0 million

goodwill impairment

charge related

our U.S.

based

equipment leasing

subsidiary recorded

in 2025;

higher personnel

costs

$4.1 million

mainly due

the

profit-

sharing expense;

partially offset

by lower

FDIC expense

by $3.4

million due

to the

reversal in

2025 of

the FDIC

special

assessment $1.7 million compared to an expense

of $1.6 million in 2024;

●

Higher income tax expense by $9.9 million due

to higher income before tax.

STATEMENT

OF FINANCIAL CONDITION ANALYSIS

Assets

The

Corporation’s

total

assets

were $75.3

billion

December 31,

2025, compared

$73.0

billion

December 31,

2024.

The

increase in

total assets

of $2.3

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

Corporation’s

Consolidated

Statements

Financial

Condition

December

31,

2025

and

2024

included

this

Form

10-K

for

additional

information.

Also,

refer

the

Statistical

Summary

2025-2024

this

MD&A

for

Condensed

Statements

Financial

Condition.

Money market investments and debt securities

Money market investments decreased by

$1.8 billion at December 31,

2025, when compared to December 31,

2024, mainly driven

by funds

used for

loan growth

and to

purchase U.S.

Treasury securities.

Debt securities

available-for-sale (“AFS”) increased

$2.3

billion, mainly due to reinvestment in U.S. Treasury Securities. Debt securities

held-to-maturity (“HTM”) decreased by $430.5 million

driven by

maturities and

paydowns, partially

offset

by the

amortization of

$186.4 million

of the

discount related

U.S. Treasury

securities previously reclassified from

AFS to HTM.

Refer to Notes

5 and 6

to the Consolidated Financial

Statements for additional

information with respect to the Corporation’s debt securities

available-for-sale and held-to-maturity.

Loans

Refer to Table

7 for a breakdown of

the Corporation’s loan portfolio. Also,

refer to Note 7

to the Consolidated Financial Statements

for detailed information about the Corporation’s loan portfolio

composition and loan purchases and sales.

Loans

held-in-portfolio increased

$2.2

billion to

$39.3 billion

at December

31, 2025,

compared to

December 31,

2024. In

the

BPPR

segment,

loan

balances

increased

$1.5

billion

across

most

portfolios,

most

notably

commercial,

mortgage,

and

construction portfolios.

The PB segment also increased by $740.3 million,

mainly driven by commercial and construction lending.

During the year

ended December 31,

2025, the Corporation’s

loans to non-depository

financial institutions (“NDFIs’’),

increased by

$150.2 million

to $545.0

million. The increase

was mainly

related to a

loan for

working capital to

an insurance

company in

Puerto

Rico.

December 31,

2025, the

Corporation’s

exposure to

NDFIs

was composed

approximately $337.3

million

insurance

companies

for

working

capital

needs

unrelated

lending

activities,

$105.9

million

consumer

and

commercial

credit

intermediaries,

and

$101.8

million

mortgage

credit

intermediaries.

All

loans

NDFIs

are

current

their

contractual

payments and carry a ‘pass’ rating.

Refer to

Note 7

to the

Consolidated Financial

Statements for

additional information

on delinquency,

asset quality

and origination

vintage information of these loan segments.

Table 7 provides a breakdown of loan balance per portfolio.

Table 7 - Loans Ending Balances

(In thousands)

December 31, 2025

December 31, 2024

Variance

Loans held-in-portfolio:

Commercial

Commercial multi-family

2,455,790

2,399,620

56,170

Commercial real estate non-owner occupied

5,543,284

5,363,235

180,049

Commercial real estate owner occupied

3,153,080

3,157,746

(4,666)

Commercial and industrial

8,607,412

7,741,562

865,850

Total Commercial

19,759,566

18,662,163

1,097,403

Construction

1,674,899

1,263,792

411,107

Mortgage

8,649,440

8,114,183

535,257

Leasing

2,001,365

1,925,405

75,960

Consumer

Credit cards

1,256,717

1,218,079

38,638

Home equity lines of credit

78,692

73,571

5,121

Personal

1,906,228

1,855,244

50,984

Auto

3,819,812

3,823,437

(3,625)

Other

180,799

171,778

9,021

Total Consumer

7,242,248

7,142,109

100,139

Total loans held-in

-portfolio

39,327,518

37,107,652

2,219,866

Loans held-for-sale:

Mortgage

9,998

5,423

4,575

Total loans held-for-sale

9,998

5,423

4,575

Total loans

39,337,516

37,113,075

2,224,441

Other assets

Other assets amounted to $1.7 billion

at December 31, 2025, a decrease of

$91.8 million compared to $1.8 billion at

December 31,

2024.

The variance

was mainly

driven

decrease in

net

deferred tax

assets

approximately $112.1

million

due

positive

changes

the

valuation

AFS

securities,

reduction

unsettled

trade

receivables

$14.6

million

proceeds

from

maturities of U.S. Treasury securities, and lower principal, interest and escrow servicing advances of $13.5 million, partially offset by

an increase in capitalize software costs of approximately $46.9 million mainly

related to technology modernization. Refer to Note 13

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 December 31, 2025 and 2024.

Liabilities

The Corporation’s

total liabilities were

$69.1 billion

at December

31, 2025,

an increase

of $1.7

billion compared to

$67.4 billion

December

31,

2024,

mainly

due

increase in

deposits

discussed

below.

The

following

discussion

the

significant

changes in liabilities.

Deposits and Borrowings

Total Deposits

The Corporation’s

deposits totaled

$66.2 billion

at December

31, 2025,

compared to

$64.9 billion

at December

31, 2024.

Ending

deposit balances increased

by $1.3 billion,

while average balances for

the year grew

by $2.0 billion.

The average deposit

balance,

excluding P.R.

public deposits, increased by $0.9 billion. Non-interest-bearing deposits increased by $164.7 million when

compared

to December 31, 2024, demonstrating the impact

of the Corporation’s continued focus on deposit retention

strategies.

Excluding P.R.

Government deposits, as of December 31, 2025, deposits amounted to $46.8 billion, compared to

$45.4 billion as of

December 31, 2024. This $1.4 billion increase included higher savings, NOW,

and money market deposits by $829.8 million, higher

time deposits by $361.0 million and higher

demand deposits by $159.2 million, all primarily

at BPPR.

At December 31, 2025, Puerto Rico public deposits were $19.4 billion, a decrease of approximately $44.2 million when compared to

December 31,

2024. P.R

public deposits

represent 29%

of total

deposits and

are expected

to continue

to range

in the

short term

between $18

billion and

$20

billion. However,

the rate

which public

deposit balances

may change

uncertain and

difficult

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

any federal assistance is

distributed, the financial condition, liquidity

and cash management practices

of the Puerto

Rico

Government

and

its

instrumentalities,

and

the

implementation

fiscal

and

debt

adjustment

plans

approved

pursuant

PROMESA or

other

actions

mandated by

the

Fiscal

Oversight and

Management Board

for Puerto

Rico

(the

“Oversight Board”).

Additionally,

the Trump

Administration is

conducting a

review of

federal funding,

which could

entail a

reduction in

federal funding

available for Puerto Rico. P.R

public deposits costs are generally indexed

to changes in short-term market

rates with a one-quarter

lag, in

accordance with

contractual terms.

As a

result, these

deposits’ costs

have typically

lagged variable

asset repricing.

These

deposits require that the bank pledge high credit quality securities as collateral; therefore, liquidity risks arising

from deposit outflows

are lower.

The volume and cost of P.R.

public deposits and the proportion of high-cost deposits in the U.S, directly impact the balance and mix

of earning assets and therefore represent a key

factor in the Corporation’s ability to expand its net

interest margin.

Refer to Table 8 for a breakdown of the Corporation’s deposits at December 31, 2025 and 2024.

Table 8 - Deposits Ending Balances

(In thousands)

December 31, 2025

December 31, 2024

[2]

Variance

Deposits excluding P.R.

public deposits:

Demand deposits

15,298,712

15,139,555

159,157

Savings, NOW and money market deposits (non-brokered)

22,655,936

21,814,632

841,304

Savings, NOW and money market deposits (brokered)

87,566

99,099

(11,533)

Time deposits (non-brokered)

7,861,848

7,620,265

241,583

Time deposits (brokered CDs)

866,772

747,363

119,409

Sub-total deposits excluding P.R.

public deposits

46,770,834

45,420,914

1,349,920

P.R. public

deposits:

Demand deposits

[1]

11,534,301

11,730,273

(195,972)

Savings, NOW and money market deposits (non-brokered)

7,134,217

7,087,904

46,313

Time deposits (non-brokered)

750,741

645,254

105,487

Sub-total P.R.

public deposits

19,419,259

19,463,431

(44,172)

Total deposits

66,190,093

64,884,345

1,305,748

[1] Includes interest bearing demand deposits.

[2] Savings, NOW and money market deposits include

reciprocal deposits of $780 million (2024-$637.1 million)

that were categorized as brokered

deposits at December 31, 2024 and recharacterized

as non-brokered for December 31, 2025. Similarly,

Time deposits include reciprocal deposits

$92.6 million (2024-$143.3 million) that were categorized

as brokered deposits at December 31, 2024 and recharacterized

as non-brokered for

December 31, 2025. The presentation for the year 2024

has been adjusted to conform to the 2025 presentation.

Borrowings

The Corporation’s borrowings amounted to $1.4

billion at December 31, 2025, compared to

$1.2 billion at December 31,

2024. The

increase was mainly due to FHLB advances which increased

by $286.9 million, partially offset by lower repurchase commitments by

$15.8 million.

Refer to Note

16 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

$6.2 billion at

December 31, 2025,

an increase of

$0.6 billion when

compared to December

31, 2024.

The increase was principally

due to net

income for the year

ended December 31, 2025 of

$833.2 million,

coupled with the after-tax

effect of the

decrease in net unrealized losses in

the portfolio of AFS securities

of $340.4 million and the

amortization of unrealized

losses from

securities previously reclassified

to HTM

of $149.1

million,

partially offset

by an

increase in

Treasury Stock

of $494.3

million mainly

due to

the repurchases

of common stock

during the

year and

the common

and preferred dividends

declared during

the year of $196.2 million and $1.4 million, respectively.

During

the

year

ended

December

31,

2025,

Popular

repurchased

4,660,124

common

stock

for

$501.5

million

average price of $107.61 per share, as part of the 2024 and 2025 common stock repurchase programs previously announced. As of

December 31, 2025, $281.2 million remained available

for stock repurchase under the active repurchase authorization.

The

Corporation

increased

its

quarterly

common

stock

dividend

from

$0.70

$0.75

per

share,

commencing

with

the

dividend

declared in the third quarter of 2025.

Refer

the

Consolidated

Statements

Financial

Condition,

Comprehensive

Income

and

Changes

Stockholders’

Equity

for

information on the composition of stockholders’ equity. Also, refer to Note 21 to the Consolidated Financial Statements

for a detail of

accumulated other comprehensive income (loss), an

integral component of stockholders’ equity.

The composition of the Corporation’s financing to total assets

at December 31, 2025 and 2024 is included

in Table 9.

Table 9 - Financing to Total

Assets

December 31,

% (decrease) increase

% of total assets

(Dollars in millions)

2025

2024

from 2024 to 2025

2025

2024

Non-interest-bearing core deposits

15,304

15,139

1.1

20.3

20.7

Interest-bearing core deposits

46,017

44,622

3.1

61.1

Interest-bearing other deposits

4,869

5,123

(5.0)

6.4

7.0

Repurchase agreements

(29.1)

0.1

Other short-term borrowings

650

225

188.9

0.9

0.3

Notes payable

760

896

(15.2)

1.0

1.2

Other liabilities

1,460

1,372

6.4

1.9

Stockholders’ equity

6,249

5,613

11.3

8.3

7.7

CAPITAL

Regulatory Capital

The Corporation and its bank subsidiaries are subject to capital adequacy

standards established by the Federal Reserve Board. The

risk-based capital

standards applicable

to Popular,

Inc., BPPR

and PB,

are based

on the

final capital

framework of

Basel III.

The

Basel III capital rules include a “Common Equity Tier 1” (“CET1”) capital ratio and define Tier 1 capital as CET1 plus “Additional Tier

Capital”

instruments

meeting

specified

requirements.

Note

the

Consolidated

Financial

Statements

presents

further

information on the Corporation’s regulatory capital requirements,

including the regulatory capital ratios of BPPR

and PB.

An institution

is considered “well-capitalized”

if it

maintains a total

capital ratio

of 10%,

a Tier

1 capital ratio

of 8%,

a CET1 capital

ratio

6.5%

and

leverage

ratio

5%.

The

Corporation’s

ratios

presented

Table

show

that

the

Corporation

was

“well

capitalized” for

regulatory purposes,

the highest

classification, under

Basel III

for years

2025 and

2024. BPPR

and PB

were also

well-capitalized for all the years presented.

The

Basel

III

Capital

Rules

also

require

additional

2.5%

“capital

conservation

buffer”,

composed entirely

CET1,

top

minimum risk-weighted asset ratios, which excludes the leverage ratio. The capital conservation buffer is

designed to absorb losses

during periods of

economic stress. Banking

institutions with a

ratio of CET1

to risk-weighted assets

above the minimum

but below

the capital conservation buffer will face constraints on dividends, equity repurchases, and compensation

based on the amount of the

shortfall. Popular,

BPPR and

PB are

required to

maintain this

additional capital

conservation buffer

of 2.5%

of CET1,

resulting in

minimum ratios

of (i) CET1

to risk-weighted

assets of

at least

7%, (ii) Tier

1 capital

to risk-weighted

assets of

at least

8.5%, and

(iii) Total capital to risk-weighted assets of at least 10.5%.

Table 10 presents the Corporation’s capital adequacy information for the years 2025 and 2024.

Table 10 - Capital Adequacy

Data

At December 31,

(Dollars in thousands)

2025

2024

Risk-based capital:

Common Equity Tier 1 capital

6,463,527

6,262,792

Additional Tier 1 Capital

22,143

Tier 1 capital

6,485,670

6,284,935

Supplementary (Tier 2) capital

710,397

683,268

Total

capital

7,196,067

6,968,203

Total

risk-weighted assets

41,123,753

39,073,462

Adjusted average quarterly assets

74,661,894

72,593,464

Ratios:

Common Equity Tier 1 capital

15.72

16.03

Tier 1 capital

15.77

16.08

Total capital

17.50

17.83

Leverage ratio

8.69

8.66

Average equity to assets

[1]

9.51

9.61

Average tangible equity to assets

[1]

8.54

8.60

[1]

Average balances exclude unrealized gains or losses

on debt securities available-for-sale and unrealized

losses on debt securities transfer

to held-to-maturities

The decrease in the CET1 capital ratio,

Tier 1 capital ratio

and, total capital ratio as of

December 31, 2025, compared to December

31, 2024,

was due

primarily to

the repurchase

of shares

under the

common stock

repurchase authorization

plan, common

stock

dividends and higher risk

weighted assets driven by the

loan growth in the

commercial loans held-in-portfolio, partially offset

by the

annual earnings. The increase in

the leverage capital ratio

was mainly due to the

increase in capital driven by

the annual earnings,

partially offset by an increase in average total assets.

Pursuant

the

adoption

CECL

January

2020,

the

Corporation elected

use

the

five-year

transition

period

option

provided in the final interim regulatory capital rules effective March

31, 2020. The five-year transition period provision delays for two

years the

estimated impact

CECL on

regulatory capital,

followed by

a three-year

transition period

phase out

the aggregate

amount of the capital

benefits provided during the initial two-year

delay. During the

first quarter of 2025,

the Corporation completed

the phase-in of all the cumulative impact of the

CECL adoption.

Table 11

reconciles the Corporation’s total common stockholders’

equity to common equity Tier 1 capital.

Table 11

- Reconciliation Common Equity Tier 1 Capital

At December 31,

(Dollars in thousands)

2025

2024

Common stockholders’ equity

6,226,936

5,633,298

AOCI related adjustments due to opt-out election

1,096,805

1,589,875

Goodwill, net of associated deferred tax liability

(DTL)

(639,734)

(657,181)

Intangible assets, net of associated DTLs

(5,076)

(6,826)

Deferred tax assets and other deductions

(215,404)

(296,374)

Common equity tier 1 capital

6,463,527

6,262,792

Common equity tier 1 capital to risk-weighted assets

15.72

16.03

Reconciliation to Tangible Common Equity and Tangible Assets

Table

provides

reconciliation of

total

stockholders’

equity

tangible

common

equity

and

total

assets

tangible

assets

December 31, 2025 and 2024.

Table 12 - Reconciliation

of Tangible Common Equity

and Tangible Assets

At December 31,

(In thousands, except share or per share information)

2025

2024

Total stockholders’

equity

6,249,079

5,613,066

Less: Preferred stock

(22,143)

Less: Goodwill

(789,954)

(802,954)

Less: Other intangibles

(5,076)

(6,826)

Total tangible common

equity

5,431,906

4,781,143

Total assets

75,348,267

73,045,383

Less: Goodwill

(789,954)

(802,954)

Less: Other intangibles

(5,076)

(6,826)

Total tangible assets

74,553,237

72,235,603

Tangible common

equity to tangible assets

7.29

6.62

Common shares outstanding at end of period

65,719,385

70,141,291

Tangible book value

per common share

82.65

68.16

Year-to-date average

Total stockholders’

equity [1]

6,892,821

6,480,598

Average unrealized (gains) losses on AFS securities

transferred to HTM

314,861

572,595

Adjusted total stockholder's equity

7,207,682

7,053,193

Less: Preferred Stock

(22,143)

Less: Goodwill

(799,641)

(804,423)

Less: Other intangibles

(5,927)

(8,366)

Total tangible common

equity

6,379,971

6,218,261

Average return on tangible common equity

13.04

9.85

[1] Average balances exclude unrealized gains or losses

on debt securities available-for-sale.

RISK MANAGEMENT

Market / Interest Rate Risk

The Corporation’s assets that are mainly subject to market valuation risk are debt securities classified as available-for-sale. Refer to

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

$20.6 billion

and

$7.3

billion,

respectively,

as of

December 31, 2025.

Other assets

subject to

market risk

include mortgage

servicing rights

("MSRs") with

a fair

value of $96.4 million as of December 31,

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

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

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

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

not

contemplate

actions

that

management

may

engage

response

future

changes

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

changes

the

rate

environment.

These

forward-looking

computations

are

management’s

best

estimate

based

known

and

available information and actual results may differ.

The

following

table

presents

the

results

the

simulations

December

31,

2025

and

December

31,

2024,

assuming

static

balance sheet and parallel changes over flat spot rates

over a one-year time horizon:

Table 13 - Net Interest Income

Sensitivity (One Year Projection)

December 31, 2025

December 31, 2024

(Dollars in thousands)

Amount Change

Percent Change

Amount Change

Percent Change

Change in interest rate

+200 basis points

(7,520)

(0.27)

44,747

1.78

+100 basis points

(4,379)

(0.16)

22,917

0.91

-100 basis points

2,691

0.10

9,157

0.36

-200 basis points

7,488

0.27

588

0.02

As of

December 31,

2025, NII

simulations showed

a liability

sensitive position

for the

Corporation, compared

to the

results as

December 31,

2024, when the

Corporation showed an

asset sensitive position.

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,

combined with the

runoff in

the agency MBS portfolio

and rise in fixed-rate

loans. 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.

The portfolio extension

transactions completed during

the

year

that

contributed

the

variance

sensitivity

include

purchases

$2.4

billion

U.S.

Treasury

Notes

with

maturities

between 6

months up

to 3

years with

an average

yield of

4.04% executed

mostly during

May 2025,

$2.5 billion

in U.S.

Treasury

Notes with

an average

maturity of

approximately 1.4 years

executed in

September 2025,

and $900

million in

U.S. Treasury

notes

with an average maturity of 2.2 years and a

yield of approximately 3.56% executed between

November and December 2025.

The

Corporation’s

loan

and

investment

portfolios

are

subject

prepayment

risk.

Prepayment

risk

also

could

have

significant

impact on the duration of mortgage-backed securities

and collateralized mortgage obligations.

Table 14 presents the Corporation’s sensitivity to interest rates, reflecting its assets and liabilities

by repricing date.

Table 14 - Interest Rate Sensitivity

At December 31, 2025

By repricing dates

(Dollars in thousands)

0-30 days

Within 31 -

90 days

After three

months but

within six

months

After six

months but

within nine

months

After nine

months but

within one

year

After one

year but

within two

years

After two

years

Non-

interest

bearing

funds

Total

Assets:

Money market investments

4,626,506

Investment and trading securities

3,318,045

4,951,458

1,939,100

1,650,773

1,639,760

6,563,518

8,243,704

(143,252)

28,163,106

Loans

6,422,687

3,983,535

1,628,570

1,716,373

1,766,974

6,117,288

17,770,822

(68,733)

39,337,516

Other assets

3,221,139

Total

14,367,238

8,934,993

3,567,670

3,367,146

3,406,734

12,680,806

26,014,526

3,009,154

75,348,267

Liabilities and stockholders' equity:

Savings, NOW and money market and

other interest bearing demand deposits

21,254,342

216,993

318,597

310,549

302,973

1,139,963

17,863,106

41,406,523

Certificates of deposit

2,338,802

1,066,684

1,531,137

1,074,288

676,054

1,166,414

1,625,982

9,479,361

Federal funds purchased and assets

sold under agreements to repurchase

29,356

9,645

39,001

Other short-term borrowings

650,000

Notes payable

25,000

24,500

6,112

678,965

759,577

Non-interest bearing deposits

15,304,209

Other non-interest bearing liabilities

1,460,517

Stockholders' equity

6,249,079

Total

24,297,500

1,293,322

1,874,734

1,409,337

979,027

2,312,489

20,168,053

23,013,805

75,348,267

Interest rate sensitive gap

(9,930,262)

7,641,671

1,692,936

1,957,809

2,427,707

10,368,317

5,846,473

(20,004,651)

Cumulative interest rate sensitive gap

(9,930,262)

(2,288,591)

(595,655)

1,362,154

3,789,861

14,158,178

20,004,651

Cumulative interest rate sensitive gap

to earning assets

(13.73)

(3.16)

(0.82)

(1.88)

(5.24)

(19.57)

(27.65)

Table 15, which presents the maturity distribution of earning assets, takes into consideration

prepayment assumptions.

Table 15 - Maturity Distribution

of Earning Assets

As of December 31, 2025

Maturities

After one year

After five years

through five years

through fifteen years

After fifteen years

One year

Fixed

Variable

Fixed

Variable

Fixed

Variable

(In thousands)

or less

interest rates

Total

Money market securities

4,626,506

Investment and trading

securities

13,417,856

12,937,914

5,198

1,583,947

38,966

27,983,881

Loans:

Commercial

5,969,126

7,262,593

3,880,219

1,358,283

781,363

69,452

278,574

19,599,610

Construction

1,035,786

166,330

411,834

899

60,048

1,674,897

Leasing

687,344

1,459,161

9,743

2,156,248

Consumer

1,956,190

3,864,793

258,658

267,021

796,771

264

103,626

7,247,323

Mortgage

697,026

2,415,129

197,246

4,464,224

18,644

670,803

196,366

8,659,438

Subtotal loans

10,345,472

15,168,006

4,747,957

6,100,170

1,656,826

740,519

578,566

39,337,516

Total earning assets

28,389,834

28,105,920

4,753,155

7,684,117

1,695,792

740,519

578,566

71,947,903

Note: Equity securities available-for-sale and other investment

securities, including Federal Reserve Bank stock and

Federal Home Loan Bank stock

held by the Corporation, are not included in this table.

Loans held-for-sale have been allocated according to the

expected sale date.

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

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Filing: 10-K - POPULAR, INC. (BPOP,BPOPM,BPOPO)
Accession Number: 0001193125-26-085756

Source: View Original Filing on SEC EDGAR

FAQ

What is Popular Inc. (BPOP) and where does it operate?

Popular Inc. is a diversified financial holding company based in Puerto Rico with $75.3 billion in assets. It operates mainly through Banco Popular de Puerto Rico and Popular Bank in New York, New Jersey and Florida, offering retail, commercial, mortgage and leasing services.

How large is Popular Inc.’s loan portfolio and how is it composed?

Popular Inc.’s loan portfolio totals $39.3 billion, diversified across commercial, mortgage, consumer, construction and leasing. About 52% consists of real estate‑related loans, including residential mortgages, construction and commercial real estate, increasing sensitivity to property markets, particularly in Puerto Rico.

How concentrated is Popular Inc. (BPOP) in Puerto Rico?

Popular’s business is concentrated primarily in Puerto Rico, where it is the largest financial institution and runs its main banking subsidiary, Banco Popular. This concentration means results and asset quality are closely tied to Puerto Rico’s economic conditions and real estate markets.

What transformation initiatives is Popular Inc. pursuing?

Popular is executing a multi‑year transformation, investing in technology, digital channels and process changes. In 2025 it rolled out new cash management and consumer credit platforms, exited its U.S. mortgage business, optimized mortgage servicing, and implemented a modern cloud‑based ERP system in January 2026.

What return on tangible common equity is Popular Inc. targeting?

Popular aims for a sustainable 14% return on tangible common equity over the long term. In 2025, it reported 13% ROTCE, which management describes as progress toward this objective within the broader technological and operational transformation program.

How many employees does Popular Inc. (BPOP) have and how does it invest in them?

As of December 31, 2025, Popular employed 9,427 people. It offers comprehensive health benefits, a 401(k) with matching contributions, profit‑sharing, wellness programs, learning centers and leadership development initiatives, and uses surveys to track engagement and improve the employee experience.

What key regulatory and capital requirements affect Popular Inc.?

Popular and its subsidiaries must meet Basel III capital ratios, FDIC insurance assessments, prompt corrective action standards, resolution‑planning rules, and extensive consumer, anti‑money laundering and cybersecurity regulations, influencing capital levels, liquidity management, dividend capacity and overall risk management frameworks.

Popular Inc. (NASDAQ: BPOP) 2025 report shows $75.3B in assets

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How many employees does Popular Inc. (BPOP) have and how does it invest in them?

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How concentrated is Popular Inc. (BPOP) in Puerto Rico?

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What return on tangible common equity is Popular Inc. targeting?

How many employees does Popular Inc. (BPOP) have and how does it invest in them?

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