[10-Q] POPULAR, INC. Quarterly Earnings Report

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1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form

10-Q

[X]

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended 

September 30, 2025

or

[ ]

 Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 

001-34084

POPULAR, INC.

(Exact name of registrant as specified in its charter)

Puerto Rico

66-0667416

(State or other jurisdiction of Incorporation or

(IRS Employer Identification Number)

organization)

Popular Center Building

209 Muñoz Rivera Avenue

Hato Rey

,

Puerto Rico

00918

(Address of principal executive offices)

(Zip code)

(

787

)

765-9800

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

Common Stock ($0.01 par value)

BPOP

The

NASDAQ Stock Market

6.125% Cumulative Monthly Income Trust

Preferred Securities

BPOPM

The

NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the

Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was

required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X] 

Yes

[ ] No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be

submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for

such shorter period that the registrant was required to submit such files).

[X] 

Yes

[ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,

smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated

filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

 [X]

Accelerated filer [ ]

Non-accelerated filer [ ]

Smaller reporting company

[ ]

Emerging growth company

[ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended

transition period for complying with any new or revised financial accounting standards provided pursuant to Section

13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[ ] Yes

[X]

 No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest

practicable date: Common Stock, $0.01 par value,

66,674,855

 shares outstanding as of November 5, 2025.

2

POPULAR INC

INDEX

Part I – Financial Information

Page

Item 1. Financial Statements

Unaudited Consolidated Statements of Financial Condition at September 30, 2025

and December 31, 2024

5

Unaudited Consolidated Statements of Operations for the quarters 

and nine months ended September 30, 2025 and 2024

6

Unaudited Consolidated Statements of Comprehensive Income for the

quarters and nine months ended September 30, 2025 and 2024

7

Unaudited Consolidated Statements of Changes in Stockholders’ Equity for the

quarters and nine months ended September 30, 2025 and 2024

8

Unaudited Consolidated Statements of Cash Flows for the nine months 

ended September 30, 2025 and 2024

10

Notes to Unaudited Consolidated Financial Statements

12

Item 2. Management’s Discussion and Analysis of Financial Condition and 

 Results of Operations

125

Item 3. Quantitative and Qualitative Disclosures about Market Risk 

170

Item 4. Controls and Procedures

170

Part II – Other Information

Item 1. Legal Proceedings

170

Item 1A. Risk Factors

170

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

171

Item 3. Defaults Upon Senior Securities

171

Item 4. Mine Safety Disclosures

171

Item 5. Other Information

171

Item 6. Exhibits

171

Signatures

173

3

Forward-Looking Statements

This Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of

1995, including, without limitation, statements about Popular, Inc.’s (the “Corporation,” “Popular,” “we,” “us,” “our”) business,

financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future

performance, are based on management’s current expectations and, by their nature, involve risks, uncertainties, estimates and

assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially

from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include without limitation the effect

of competitive and economic factors, and our reaction to those factors, the adequacy of the allowance for loan losses, delinquency

trends, market risk and the impact of interest rate changes (including on our cost of deposits), capital markets conditions, capital

adequacy and liquidity, and the effect of legal and regulatory proceedings and new accounting standards on the Corporation’s

financial condition and results of operations. All statements contained herein that are not clearly historical in nature are forward-

looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions and future

or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions are generally intended to

identify forward-looking statements. 

Various factors, some of which are beyond Popular’s control, could cause actual results to differ materially from those expressed in,

or implied by, such forward-looking statements. Factors that might cause such a difference include, but are not limited to: 

●

 the rate of growth or decline in the economy and employment levels, as well as general business and economic

conditions in the geographic areas we serve and, in particular, in the Commonwealth of Puerto Rico (the

“Commonwealth” or “Puerto Rico”), where a significant portion of our business is concentrated;

●

 adverse economic conditions, including high levels of inflation, that adversely affect housing prices, the job market,

consumer confidence and spending habits which may affect in turn, among other things, our level of non-performing

assets, charge-offs and provision expense;

●

 changes in interest rates and market liquidity, which may reduce interest margins, impact funding sources, reduce loan

originations, affect our ability to originate and distribute financial products in the primary and secondary markets and

impact the value of our investment portfolio and our ability to return capital to our stockholders;

●

 the impact of bank failures or adverse developments at other banks and related negative media coverage of the

banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks;

●

 the impact of the current fiscal and economic challenges of Puerto Rico and the measures taken and to be taken by the

Puerto Rico Government and the Federally-appointed oversight board on the economy, our customers and our

business;

●

 the amount of Puerto Rico public sector deposits held at the Corporation, whose future balances are uncertain and

difficult to predict and may be impacted by factors such as the amount of Federal funds received by the P.R.

Government and the rate of expenditure of such funds, as well as the financial condition, liquidity and cash

management practices of the Puerto Rico Government and its instrumentalities;

●

 unforeseen or catastrophic events, including extreme weather events such as hurricanes and other natural disasters,

man-made disasters, acts of violence or war or pandemics, epidemics and other health-related crises, or the fear of any

such event occurring, any of which could cause adverse consequences for our business, including, but not limited to,

disruptions in our operations;

●

 our ability to achieve the expected benefits from our transformation initiative, including our ability to achieve projected

earnings, efficiencies and return on tangible common equity and accurately anticipate costs and expenses associated

therewith;

●

 the fiscal and monetary policies of the federal government and its agencies;

4

●

 changes in federal bank regulatory and supervisory policies, including required levels of capital, liquidity, resolution-

related requirements and the impact of other proposed capital standards on our capital ratios;

●

the impact of the current or any future U.S. government shutdown;

●

 changes in and uncertainty regarding federal funding, tax, trade and tariff policies, and rulemaking, supervision,

examination and enforcement priorities of the federal administration;

●

 increases to or additional Federal Deposit Insurance Corporation (“FDIC”) assessments, such as the special

assessment implemented by the FDIC to recover the losses to the deposit insurance fund (“DIF”) resulting from the

receiverships of Silicon Valley Bank and Signature Bank;

●

 regulatory approvals that may be necessary to undertake certain actions or consummate strategic transactions, such

as acquisitions and dispositions;

●

 the relative strength or weakness of the consumer and commercial credit sectors and of the real estate markets in

Puerto Rico and the other markets in which our borrowers are located;

●

 a deterioration in the credit quality of our clients, customers and counterparties;

●

 the performance of the stock and bond markets;

●

 competition in the financial services industry;

●

 possible legislative, tax or regulatory changes;

●

 a failure in or breach of our operational or security systems or infrastructure or those of Evertec, Inc., our provider of

core financial transaction processing and information technology services, or of third parties providing services to us,

including as a result of cyberattacks, e-fraud, denial-of-services and computer intrusion, resulting in, among other

things, loss or breach of customer data, disruption of services, reputational damage or additional costs to Popular;

●

 changes in market rates and prices which may adversely impact the value of financial assets and liabilities;

●

 potential judgments, claims, damages, penalties, fines, enforcement actions and reputational damage resulting from

pending or future litigation and regulatory or government investigations or actions;

●

 changes in accounting standards, rules and interpretations;

●

 our ability to grow our core businesses;

●

 decisions to downsize, sell or close branches or business units or otherwise change our business mix; and

●

 management’s ability to identify and manage these and other risks.

Moreover, the outcome of any legal and regulatory proceedings, as discussed in “Part II, Item 1. Legal Proceedings,” is inherently

uncertain and depends on judicial interpretations of law and the findings of regulators, judges and/or juries. Investors should refer to

the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”), as well as “Part II,

Item 1A” of our Quarterly Report on this Form 10-Q for a discussion of such factors and certain risks and uncertainties to which the

Corporation is subject.

All forward-looking statements included in this Form 10-Q are based upon information available to Popular as of the date of this

Form 10-Q, and other than as required by law, including the requirements of applicable securities laws, we assume no obligation to

update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date

of such statements.

5

POPULAR, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

[UNAUDITED]

September 30,

December 31,

(In thousands, except share information)

2025

2024

Assets:

Cash and due from banks

$

377,079

$

419,638

Money market investments: 

Time deposits with other banks 

4,754,391

6,380,948

Total money market investments

4,754,391

6,380,948

Trading account debt securities, at fair value

33,122

32,831

Debt securities available-for-sale, at fair value:

Pledged securities with creditors’ right to repledge 

40,352

30,486

Other debt securities available-for-sale

20,646,071

18,215,417

Debt securities available-for-sale

20,686,423

18,245,903

Debt securities held-to-maturity, at amortized cost:

Pledged securities with creditors’ right to repledge 

18,525

27,405

Other debt securities held-to-maturity

7,414,610

7,730,672

Debt securities held-to-maturity (fair value 2025 - $

7,459,488

; 2024 - $

7,682,664

)

7,433,135

7,758,077

Less – Allowance for credit losses

5,837

5,317

Debt securities held-to-maturity, net

7,427,298

7,752,760

Equity securities (realizable value 2025 - $

219,599

; 2024 - $

208,663

)

218,993

208,166

Loans held-for-sale, at fair value

7,783

5,423

Loans held-in-portfolio

39,111,956

37,522,995

Less – Unearned income

424,798

415,343

 Allowance for credit losses

786,220

746,024

Total loans held-in-portfolio, net

37,900,938

36,361,628

Premises and equipment, net

679,651

601,787

Other real estate

42,950

57,268

Accrued income receivable

297,347

263,389

Mortgage servicing rights, at fair value

99,523

108,103

Other assets

1,744,886

1,797,759

Goodwill

789,954

802,954

Other intangible assets

5,460

6,826

Total assets

$

75,065,798

$

73,045,383

Liabilities and Stockholders’ Equity

Liabilities: 

Deposits:

Non-interest bearing

$

14,874,026

$

15,139,555

Interest bearing

51,639,378

49,744,790

Total deposits

66,513,404

64,884,345

Assets sold under agreements to repurchase

56,853

54,833

Other short-term borrowings

400,000

225,000

Notes payable

789,954

896,293

Other liabilities

1,189,915

1,371,846

Total liabilities

68,950,126

67,432,317

Commitments and contingencies (Refer to Note 18)

Stockholders’ equity: 

Preferred stock,

30,000,000

 shares authorized;

885,726

 shares issued and outstanding (2024 -

885,726

)

22,143

22,143

Common stock, $

0.01

 par value;

170,000,000

 shares authorized;

104,906,144

 shares issued (2024 -

104,849,460

) and

66,959,866

 shares outstanding (2024 -

70,141,291

)

1,049

1,048

Surplus

4,920,767

4,908,693

Retained earnings

5,022,546

4,570,957

Treasury stock - at cost,

37,946,278

 shares (2024 -

34,708,169

) 

(2,574,573)

(2,228,535)

Accumulated other comprehensive loss, net of tax 

(1,276,260)

(1,661,240)

Total stockholders’ equity 

6,115,672

5,613,066

Total liabilities and stockholders’ equity

$

75,065,798

$

73,045,383

The accompanying notes are an integral part of these Consolidated Financial Statements.

6

POPULAR, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Quarters ended September 30,

Nine months ended September 30,

(In thousands, except per share information)

2025

2024

2025

2024

Interest income:

Loans

$

702,039

$

664,731

$

2,053,299

$

1,952,200

Money market investments

66,867

96,061

206,565

272,893

Investment securities

197,743

176,656

567,655

528,403

Total interest income

966,649

937,448

2,827,519

2,753,496

Interest expense: 

Deposits

303,432

350,985

896,353

1,020,420

Short-term borrowings

4,616

1,430

11,342

3,748

Long-term debt

12,096

12,560

36,173

37,799

Total interest expense

320,144

364,975

943,868

1,061,967

Net interest income

646,505

572,473

1,883,651

1,691,529

Provision for credit losses 

75,125

71,448

188,147

190,840

Net interest income after provision for credit losses 

571,380

501,025

1,695,504

1,500,689

Non-interest income: 

Service charges on deposit accounts

39,077

38,315

116,957

113,283

Other service fees

101,376

98,748

296,406

289,883

Mortgage banking activities 

2,771

2,670

11,332

12,753

Net gain (loss), including impairment on equity securities

2,197

(546)

3,645

876

Net gain on trading account debt securities

398

817

1,456

1,455

Adjustments to indemnity reserves on loans sold

36

808

329

783

Other operating income

25,340

23,270

61,608

75,173

Total non-interest income

171,195

164,082

491,733

494,206

Operating expenses: 

Personnel costs

232,988

201,856

675,056

614,657

Net occupancy expenses

26,083

28,031

82,441

83,764

Equipment expenses

5,313

9,349

16,404

28,578

Other taxes

17,967

17,757

55,324

47,465

Professional fees

25,808

26,708

80,741

93,370

Technology and software expenses 

87,117

88,452

255,481

247,666

Processing and transactional services

38,408

34,320

114,050

107,610

Communications

4,836

5,229

14,750

14,143

Business promotion

27,304

25,637

77,364

72,075

Deposit insurance

10,873

10,433

30,315

44,901

Other real estate owned (OREO) income

(3,408)

(2,674)

(10,862)

(13,745)

Other operating expenses

8,614

21,519

53,630

77,293

Amortization of intangibles

384

704

1,366

2,233

Goodwill impairment 

13,000

-

13,000

-

Total operating expenses

495,287

467,321

1,459,060

1,420,010

Income before income tax

247,288

197,786

728,177

574,885

Income tax expense

35,971

42,463

128,918

138,490

Net Income

$

211,317

$

155,323

$

599,259

$

436,395

Net Income Applicable to Common Stock 

$

210,964

$

154,970

$

598,200

$

435,336

Net Income per Common Share – Basic

$

3.15

$

2.16

$

8.78

$

6.06

Net Income per Common Share – Diluted

$

3.14

$

2.16

$

8.78

$

6.05

The accompanying notes are an integral part of these Consolidated Financial Statements.

7

POPULAR, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Quarters ended, 

Nine months ended,

September 30,

September 30,

(In thousands)

2025

2024

2025

2024

Net income

$

211,317

$

155,323

$

599,259

$

436,395

Other comprehensive income (loss) before tax:

Foreign currency translation adjustment

(14,524)

615

(13,670)

(3,240)

Amortization of net losses of pension and postretirement benefit plans

2,272

3,618

6,817

10,854

Unrealized holding gains (losses) on debt securities arising during the period 

110,430

380,927

335,388

330,319

Amortization of unrealized losses of debt securities transfer from available-for-

sale to held-to-maturity

47,191

45,331

138,743

133,761

Other comprehensive income before tax

145,369

430,491

467,278

471,694

Income tax expense

(25,972)

(65,203)

(82,298)

(89,157)

Total other comprehensive income, net of tax

119,397

365,288

384,980

382,537

Comprehensive income, net of tax

$

330,714

$

520,611

$

984,239

$

818,932

Tax effect allocated to each component of other comprehensive income:

Quarters ended

Nine months ended,

September 30,

September 30,

(In thousands)

2025

2024

2025

2024

Amortization of net losses of pension and postretirement benefit plans

$(

851

)

$(

1,357

)

$(

2,555

)

$(

4,070

)

Unrealized holding losses on debt securities arising during the period 

(15,683)

(54,779)

(51,994)

(58,334)

Amortization of unrealized losses of debt securities transfer from available-for-

sale to held-to-maturity

(9,438)

(9,067)

(27,749)

(26,753)

Income tax expense

$

(25,972)

$

(65,203)

$

(82,298)

$

(89,157)

The accompanying notes are an integral part of the Consolidated Financial Statements.

8

POPULAR, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

Accumulated 

other

Common

Preferred 

Retained

Treasury

comprehensive

(In thousands)

stock

stock

Surplus

earnings

stock

loss

Total

Balance at June 30, 2024

$

1,048

$

22,143

$

4,852,747

$

4,385,522

$

(2,010,500)

$

(1,878,282)

$

5,372,678

Net income

155,323

155,323

Issuances of common stock

1,704

1,704

Dividends declared:

Common stock

[1]

(44,614)

(44,614)

Preferred stock

(353)

(353)

Common stock purchases

[2]

(59,147)

(59,147)

Stock based compensation

(582)

217

(365)

Other comprehensive income, net of tax

365,288

365,288

Balance at September 30, 2024 

$

1,048

$

22,143

$

4,853,869

$

4,495,878

$

(2,069,430)

$

(1,512,994)

$

5,790,514

Balance at June 30, 2025

$

1,049

$

22,143

$

4,919,950

$

4,861,958

$

(2,455,425)

$

(1,395,657)

$

5,954,018

Net income

211,317

211,317

Issuances of common stock

1,764

1,764

Dividends declared:

Common stock

[1]

(50,376)

(50,376)

Preferred stock

(353)

(353)

Common stock purchases

[3]

(119,697)

(119,697)

Stock based compensation

(947)

549

(398)

Other comprehensive income, net of tax

119,397

119,397

Balance at September 30, 2025

$

1,049

$

22,143

$

4,920,767

$

5,022,546

$

(2,574,573)

$

(1,276,260)

$

6,115,672

[1]

Dividends declared per common share during the quarter ended September 30, 2025 - $

0.75

 (2024 - $

0.62

).

[2]

Includes common stock repurchases of $

58.8

 million as part of the 2024 common stock repurchase program. Refer to Note 15 for additional

information.

[3]

Includes common stock repurchases of $

119.4

 million as part of the 2024 and 2025 common stock repurchase programs previously announced

by the Corporation. Refer to Note 15 for additional information.

9

POPULAR, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

Accumulated 

other

Common

Preferred 

Retained

Treasury

comprehensive

(In thousands)

stock

stock

Surplus

earnings

stock

loss

Total

Balance at December 31, 2023

$

1,048

$

22,143

$

4,843,399

$

4,194,851

$

(2,018,957)

$

(1,895,531)

$

5,146,953

Net income

436,395

436,395

Issuances of common stock

5,271

5,271

Dividends declared:

Common stock

[1]

(134,309)

(134,309)

Preferred stock

(1,059)

(1,059)

Common stock purchases

[2]

(65,923)

(65,923)

Stock based compensation

5,199

15,450

20,649

Other comprehensive income, net of tax

382,537

382,537

Balance at September 30, 2024 

$

1,048

$

22,143

$

4,853,869

$

4,495,878

$

(2,069,430)

$

(1,512,994)

$

5,790,514

Balance at December 31, 2024

$

1,048

$

22,143

$

4,908,693

$

4,570,957

$

(2,228,535)

$

(1,661,240)

$

5,613,066

Net income

599,259

599,259

Issuances of common stock

1

5,293

5,294

Dividends declared:

Common stock

[1]

(146,611)

(146,611)

Preferred stock

(1,059)

(1,059)

Common stock purchases

[3]

(362,752)

(362,752)

Stock based compensation

6,781

16,714

23,495

Other comprehensive income, net of tax

384,980

384,980

Balance at September 30, 2025

$

1,049

$

22,143

$

4,920,767

$

5,022,546

$

(2,574,573)

$

(1,276,260)

$

6,115,672

[1]

Dividends declared per common share during the nine months ended September 30, 2025 - $

2.15

 (2024 - $

1.86

).

[2]

Includes common stock repurchases of $

58.8

 million as part of the 2024 common stock repurchase program. Refer to Note 15 for additional

information.

[3]

Includes common stock repurchases of $

353.7

 million as part of the 2024 and 2025 common stock repurchase programs previously announced

by the Corporation. Refer to Note 15 for additional information.

For the nine months ended

September 30,

September 30,

Disclosure of changes in number of shares:

2025

2024

Preferred Stock:

Balance at beginning and end of period

885,726

885,726

Common Stock – Issued:

Balance at beginning of period

104,849,460

104,767,348

Issuances of common stock

56,684

65,364

Balance at end of period

104,906,144

104,832,712

Treasury stock

(37,946,278)

(33,045,363)

Common Stock – Outstanding

66,959,866

71,787,349

The accompanying notes are an integral part of these Consolidated Financial Statements.

10

POPULAR, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine months ended September 30,

(In thousands)

2025

2024

Cash flows from operating activities:

Net income

$

599,259

$

436,395

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

188,147

190,840

Goodwill impairment charge

13,000

-

Amortization of intangibles

1,366

2,233

Depreciation and amortization of premises and equipment

38,901

46,720

Net accretion of discounts and amortization of premiums and deferred fees 

(203,871)

(196,221)

Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives

(4,729)

(5,933)

Share-based compensation

23,574

17,853

Fair value adjustments on mortgage servicing rights

9,359

10,280

Adjustments to indemnity reserves on loans sold

(329)

(783)

Earnings from investments under the equity method, net of dividends or distributions

(13,760)

(12,723)

Deferred income tax expense 

26,666

19,247

Gain on:

Disposition of premises and equipment and other productive assets

(31)

(7,651)

Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities

(103)

(396)

Sale of equity method investment 

(1,226)

-

Sale of foreclosed assets, including write-downs

(8,722)

(13,590)

Acquisitions of loans held-for-sale

(4,135)

(5,810)

Proceeds from sale of loans held-for-sale

26,924

28,697

Net originations on loans held-for-sale

(22,184)

(31,284)

Net decrease (increase) in:

Trading debt securities

6,561

10,445

Equity securities

(4,827)

(7,337)

Accrued income receivable 

(33,921)

6,032

Other assets

(4,008)

15,425

Net increase (decrease) in:

Interest payable

(7,042)

(4,785)

Pension and other postretirement benefits obligation

3,372

5,937

Other liabilities

(18,266)

(28,352)

Total adjustments

10,716

38,844

Net cash provided by operating activities

609,975

475,239

Cash flows from investing activities: 

Net decrease in money market investments

1,626,969

469,042

Purchases of investment securities:

Available-for-sale

(28,253,550)

(24,469,345)

Equity

(37,006)

(2,370)

Proceeds from calls, paydowns, maturities and redemptions of investment securities:

Available-for-sale

26,178,815

24,670,995

Held-to-maturity

456,532

508,511

Proceeds from sale of investment securities:

Equity

32,506

5,242

Net disbursements on loans

(1,342,325)

(833,899)

Proceeds from sale of loans

61,379

18,266

Acquisition of loan portfolios

(480,793)

(510,556)

Return of capital from equity method investments

2

279

Payments to acquire equity method investments

(687)

(1,250)

Net proceeds from sale of equity method investment 

1,226

-

Acquisition of premises and equipment and other productive assets

(150,079)

(153,085)

Proceeds from sale of:

Premises and equipment and other productive assets

494

5,570

Foreclosed assets

67,911

82,986

Net cash used in investing activities

(1,838,606)

(209,614)

11

Cash flows from financing activities: 

Net increase in:

Deposits

1,626,359

46,924

Assets sold under agreements to repurchase 

2,020

(36,024)

Other short-term borrowings

175,000

-

Payments of notes payable

(113,522)

(69,570)

Principal payments of finance leases

(2,894)

(2,717)

Proceeds from issuances of notes payable

6,112

-

Proceeds from issuances of common stock

5,294

5,271

Dividends paid

(146,840)

(135,495)

Net payments for repurchase of common stock

(356,975)

(59,556)

Payments related to tax withholding for share-based compensation

(8,070)

(6,367)

Net cash provided by financing activities

1,186,484

(257,534)

Net (decrease) increase in cash and due from banks, and restricted cash

(42,147)

8,091

Cash and due from banks, and restricted cash at beginning of period

429,406

427,575

Cash and due from banks, and restricted cash at the end of the period

$

387,259

$

435,666

The accompanying notes are an integral part of these Consolidated Financial Statements.

12

Notes to Consolidated Financial 

Statements (Unaudited)

Note 1 -

Nature of operations

13

Note 2 -

Basis of presentation

14

Note 3 -

New accounting pronouncements

15

Note 4 -

Restrictions on cash and due from banks and

certain securities

20

Note 5 -

Debt securities available-for-sale

21

Note 6 -

Debt securities held-to-maturity

24

Note 7 -

Loans

27

Note 8 -

Allowance for credit losses – loans held-in-

portfolio

35

Note 9 -

Other real estate owned

78

Note 10 -

Other assets

79

Note 11 -

Goodwill and other intangible assets 

81

Note 12 -

Deposits

84

Note 13 -

Borrowings

85

Note 14 -

Other liabilities

87

Note 15 -

Stockholders’ equity

88

Note 16 -

Other comprehensive income (loss) 

89

Note 17 -

Guarantees

91

Note 18 -

Commitments and contingencies

92

Note 19-

Non-consolidated variable interest entities

95

Note 20 -

Related party transactions

97

Note 21 -

Fair value measurement

98

Note 22 -

Fair value of financial instruments

106

Note 23 -

Net income per common share

109

Note 24 -

Revenue from contracts with customers

110

Note 25 -

Stock-based compensation

111

Note 26 -

Income taxes

114

Note 27 -

Supplemental disclosure on the consolidated

statements of cash flows

118

Note 28 -

Segment reporting

119

13

Note 1 – Nature of Operations

Popular, Inc. (the “Corporation” or “Popular”) is a diversified, publicly owned financial holding company subject to the supervision

and regulation of the Board of Governors of the Federal Reserve System. The Corporation has operations in Puerto Rico, the

mainland United States (“U.S.”) and the U.S. and British Virgin Islands. In Puerto Rico, the Corporation provides retail, mortgage,

and commercial banking services, and auto and equipment leasing and financing through its principal banking subsidiary, Banco

Popular de Puerto Rico (“BPPR”), as well as broker-dealer and insurance services through specialized subsidiaries. In the U.S.

mainland, the Corporation provides retail and commercial banking services, as well as equipment leasing and financing, through its

New York-chartered banking subsidiary, Popular Bank (“PB” or “Popular U.S.”), which has branches located in New York, New

Jersey, and Florida.

14

Note 2 – Basis of Presentation

Basis of Presentation

The (unaudited) interim Consolidated Financial Statements are, in the opinion of management, a fair statement of the results for the

periods reported. The consolidated statement of financial condition presented as of December 31, 2024 was derived from audited

Consolidated Financial Statements of the Corporation for the year ended December 31, 2024.

Certain information and notes to the financial statements disclosures which would normally be included in financial statements

prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP), have been

condensed or omitted from the unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange

Commission. Accordingly, these financial statements should be read in conjunction with the audited Consolidated Financial

Statements of the Corporation for the year ended December 31, 2024, included in the 2024 Form 10-K. Operating results for the

interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America

requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent

assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the

reporting period. Actual results could differ from those estimates.

15

Note 3 - New accounting pronouncements

Recently Adopted Accounting Standards Updates

Standard

Description

Date of adoption

Effect on the financial statements 

FASB ASU 2025-02,

Liabilities (Topic 405) -

Amendments to SEC

Paragraphs Pursuant to

SEC Staff Accounting

Bulletin No. 122

The Financial Accounting Standards Board

("FASB") issued Accounting Standard

Update ("ASU") 2025-02 in March 2025,

which amends the guidance in Accounting

Standards Codification ("ASC") 450-10-

S99-1 by removing the interpretative

guidance of Section FF of Topic 5 in the

Staff Accounting Bulletin Series ("SAB") text

that addressed the accounting for

obligations to safeguard crypto-assets held

by platform users to align the ASC with the

latest SAB 112 directive, ensuring

consistency and clarity.

March 18, 2025

The Corporation was not impacted by

the adoption of this ASU since it does

not currently hold crypto-assets.

FASB ASU 2024-02,

Codification Improvements

- Amendments to Remove

References to the

Concepts Statements 

The FASB issued ASU 2024-02 in March

2024, which removes various references to

concept statements from the ASC. The ASU

intends to simplify the Codification and

distinguish between nonauthoritative and

authoritative guidance.

January 1, 2025

The Corporation was not impacted by

the adoption of this ASU since it did not

provide for accounting changes or new

presentation or disclosure

requirements. The ASU eliminated

references within the ASC to the

concept statements, which is

considered non-authoritative guidance.

FASB ASU 2024-01,

Compensation - Stock

Compensation (Topic 718)

- Scope Application of

Profits Interest and Similar

Awards

The FASB issued ASU 2024-01 in March

2024, which amends ASC Topic 718 by

including an illustrative example to

demonstrate how an entity would apply the

scope guidance in paragraph 718-10-15-3

to determine whether profits interest awards

should be accounted for in accordance with

ASC Topic 718. The ASU is intended to

reduce complexity and diversity in practice.

January 1, 2025

The Corporation was not impacted by

the adoption of this ASU since the

performance share awards of the

Corporation continue to meet the

requirements of ASC 718-10-15-3.

FASB ASU 2023-08,

Intangibles - Goodwill and

Other - Crypto Assets

(Subtopic 350-60) -

Accounting for and

Disclosure of Crypto

Assets 

The FASB issued ASU 2023-08 in

December 2023, which amends ASC

Subtopic 350-60 by requiring that crypto

assets are measured at fair value in the

statement of financial position each

reporting period with changes from

remeasurement being recognized in net

income. The ASU also requires enhanced

disclosures for both annual and interim

reporting periods to provide investors with

relevant information to analyze and assess

the exposure and risk of significant

individual crypto asset holdings.

January 1, 2025

The Corporation was not impacted by

the adoption of this ASU since it does

not currently hold crypto-assets.

16

Recently Adopted Accounting Standards Updates

Standard

Description

Date of adoption

Effect on the financial statements 

FASB ASU 2023-05,

Business Combinations -

Joint Venture Formations

(Subtopic 805-60) -

Recognition and initial

measurement

The FASB issued ASU 2023-05 in August

2023, which amends ASC Subtopic 805-60

to include specific guidance about how joint

ventures should recognize and initially

measure assets contributed and liabilities

assumed. The amendments require that a

joint venture, upon formation, recognize and

initially measure its assets and liabilities at

fair value.

January 1, 2025

The Corporation was not impacted at

the time of adoption of this ASU since it

elected to prospectively apply the

standard. The Corporation will consider

this guidance for the initial

measurement of assets and liabilities of

joint ventures created after the date of

adoption.

17

Accounting Standards Updates Not Yet Adopted

Standard

Description

Date of adoption

Effect on the financial statements 

FASB ASU 2025-07,

Derivatives and Hedging

(Topic 815) and Revenue

from Contracts with

Customers (Topic 606) -

Derivatives Scope

Refinements and Scope

Clarification for Share-

Based Noncash

Consideration from a

Customer in a Revenue

Contract

The FASB issued ASU 2025-07 in

September 2025, which refines the scope of

derivative accounting under ASC Topic 815

and clarifies the treatment of share-based

noncash consideration under ASC Topic

606. The update excludes certain non-

exchange traded contracts with underlyings

based on the operations of one of the

parties from derivative accounting, aiming to

better reflect the nature of these

arrangements and reduce complexity. It

also confirms that share-based noncash

consideration from a customer should be

accounted for under ASC Topic 606 until

the right to receive or retain such non-cash

consideration becomes unconditional,

promoting consistency in revenue

recognition practices.

January 1, 2027

The Corporation is currently evaluating

any impact that the adoption of this

guidance will have on its financial

statements and presentation and

disclosures.

FASB ASU 2025-06,

Intangibles - Goodwill and

Other - Internal-Use

Software (Subtopic 350-

40) - Targeted

Improvements to the

Accounting for Internal-

Use Software

The FASB issued ASU 2025-06 in

September 2025, which seeks to modernize

the accounting for internal-use software

under ASC Subtopic 350-40, Intangibles—

Goodwill and Other—Internal-Use Software.

The update replaces the traditional stage-

based model (preliminary, development,

post-implementation) with a principles-

based framework that better reflects current

software development practices, including

agile and cloud-based approaches.

January 1, 2028

The Corporation is currently evaluating

the impact that the adoption of this

guidance will have on our accounting

for internal use software considering

our development practices which may

include agile and cloud based

approaches. Given the recent issuance

of this guidance it is too early to tell

whether the impact will be material in

our financial statements and

presentation and disclosures.

FASB ASU 2025-05,

Financial Instruments -

Credit Losses (Topic 326)

- Measurement of Credit

Losses for Accounts

Receivables and Contract

Assets

The FASB issued ASU 2025-05 in July

2025, which permits entities to elect a

practical expedient when accounting for

current accounts receivable and current

contract assets arising from transactions

accounted for under ASC Topic 606,

Revenue from Contracts with Customers.

This practical expedient establishes that, in

developing reasonable and supportable

forecasts as part of estimating expected

credit losses, entities assume that current

conditions as of the balance sheet date do

not change for the remaining life of the

asset.

January 1, 2026

The Corporation does not expect that

the adoption of this standard will have a

significant impact on its financial

statements.

FASB ASU 2025-04,

Compensation - Stock

Compensation (Topic 718)

and Revenue from

Contracts with Customers

(Topic 606) - Clarifications

to Share-Based

Consideration Payable to

a Customer

The FASB issued ASU 2025-04 in May

2025, which clarifies the accounting for

share-based awards granted as

consideration payable to a customer. The

ASU expands the definition of performance

condition for share-based consideration

under ASC 718 and eliminates the forfeiture

policy election for service conditions. It also

confirms that the variable consideration

constraint in ASC 606 does not apply to

such awards.

January 1, 2027

The Corporation does not expect to be

impacted by the adoption of this ASU

since it does not grant share-based

payment awards to customers.

18

Accounting Standards Updates Not Yet Adopted

Standard

Description

Date of adoption

Effect on the financial statements 

FASB ASU 2025-03,

Business Combinations

(Topic 805) and

Consolidation (Topic 810)

- Determining the

Accounting Acquirer in the

Acquisition of a Variable

Interest Entity

The FASB issued ASU 2025-03 in May

2025 which requires that an entity consider

the factors in paragraphs 805-10-55-12

through 55-15 when it is involved in an

acquisition transaction effected primarily by

exchanging equity interests when the legal

acquiree is a variable interest entity ("VIE")

that meets the definition of a business to

determine which entity is the accounting

acquirer. This replaces the previous

requirement that the primary beneficiary

always is the acquirer.

January 1, 2027

The Corporation is currently evaluating

any impact that the adoption of this

guidance will have on its financial

statements and presentation and

disclosures.

FASB ASU 2024-04, Debt

- Debt with Conversion

and Other Options

(Subtopic 470- 20) -

Induced Conversions of

Convertible Debt

Instruments

The FASB issued ASU 2024-04 in

November 2024, which clarifies the

requirements for determining whether

certain settlements of convertible debt

instruments should be accounted for as an

induced conversion. Also it makes

additional clarifications to assist

stakeholders in applying the guidance. The

ASU clarifies that the incorporation,

elimination, or modification of a volume-

weighted average price ("VWAP") formula

does not automatically cause a settlement

to be accounted for as an extinguishment

and that the induced conversion guidance

applies to a convertible debt instrument that

is not currently convertible as long as it had

a substantive conversion feature as of both

its issuance date and the date the

inducement offer is accepted.

January 1, 2026

The Corporation is currently evaluating

any impact that the adoption of this

guidance will have on its financial

statements and presentation and

disclosures.

FASB ASU 2024-03,

Income Statement -

Reporting Comprehensive

Income - Expense

Disaggregation

Disclosures (Subtopic

220-40) - Disaggregation

of Income Statement

Expenses (As updated by

ASU 2025-01)

The FASB issued ASU 2024-03 in

November 2024, which requires public

entities to disclose additional information

about specific expense categories in the

notes to financial statements at interim and

annual reporting periods to improve

financial transparency.

For fiscal years

beginning on

January 1, 2027

For interim periods

within fiscal years

beginning after

January 1, 2028

The Corporation is currently evaluating

the impact that the adoption of this

guidance will have on its financial

statements and presentation and

disclosures.

FASB ASU 2023-09,

Income Tax (Topic 740) -

Improvements to Income

Tax Disclosures

The FASB issued ASU 2023-09 in

December 2023, which amends ASC Topic

740 by enhancing disclosures regarding

rate reconciliation and requiring the

disclosure of income taxes paid, income (or

loss) before income tax expense and

income tax expense disaggregated by

national, state and foreign level. Disclosures

that no longer were considered cost

beneficial or relevant were removed from

ASC Topic 740.

January 1, 2026

The Corporation will prospectively

adopt ASU 2023-09 for it's

Consolidated Financial Statements in

the 2025 Form 10-K. The adoption of

this standard will result in the inclusion

of certain new categories in the

effective income tax rate and income

tax expense tabular disclosures, as well

as the disclosure of income taxes paid,

within the income taxes note.

19

Accounting Standards Updates Not Yet Adopted

Standard

Description

Date of adoption

Effect on the financial statements 

FASB ASU 2023-06,

Disclosure Improvements -

Codification Amendments

in Response to the SEC’s 

Disclosure Update and

Simplification Initiative

The FASB issued ASU 2023-06 in October

2023 which modifies the disclosure or

presentation requirements of various

subtopics in the Codification with the

purpose of aligning U.S. GAAP

requirements with those of the SEC under

Regulation S-X and S-K. 

The date on which

the SEC removes

related disclosure

requirements. If by

June 30, 2027 the

SEC has not

removed the

applicable

requirements, the

standard will not

become 

effective.

The Corporation does not expect to be

impacted by the adoption of this ASU

since it is subject to SEC's current

disclosure and presentation

requirements under Regulation S-X and

S-K.

20

Note 4 - Restrictions on cash and due from banks and certain securities

BPPR is required by regulatory agencies to maintain average reserve balances with the Federal Reserve Bank of New York (the

“Fed”) or other banks. Required average reserve balances in BPPR amounted to $

2.6

 billion at September 30, 2025 (December 31,

2024 - $

2.6

 billion). Cash and due from banks, as well as other highly liquid securities, are used to cover these required average

reserve balances. 

At September 30, 2025, the Corporation held $

63

 million in restricted assets in the form of funds deposited in money market

accounts, debt securities available for sale and equity securities (December 31, 2024 - $

61

 million). The restricted assets held in

debt securities available for sale and equity securities consist primarily of assets held for the Corporation’s non-qualified retirement

plans and fund deposits guaranteeing possible liens or encumbrances over the title of insured properties.

21

Note 5 – Debt securities available-for-sale

The following tables present the amortized cost, gross unrealized gains and losses, fair value, weighted average yield and

contractual maturities of debt securities available-for-sale at September 30, 2025 and December 31, 2024.

At September 30, 2025

Gross

Gross

Weighted

Amortized

unrealized

unrealized

Fair 

average

(In thousands)

cost

gains 

losses

value

yield

U.S. Treasury securities

Within 1 year

$

10,182,136

$

2,162

$

8,399

$

10,175,899

3.68

%

After 1 to 5 years

5,531,033

23,619

23,786

5,530,866

3.73

Total U.S. Treasury securities

15,713,169

25,781

32,185

15,706,765

3.70

Collateralized mortgage obligations - federal agencies

After 1 to 5 years

6,213

-

135

6,078

1.52

After 5 to 10 years

12,050

-

549

11,501

2.51

After 10 years

93,542

119

6,540

87,121

2.92

Total collateralized mortgage obligations - federal agencies

111,805

119

7,224

104,700

2.80

Mortgage-backed securities - federal agencies

Within 1 year

15,380

-

78

15,302

2.23

After 1 to 5 years

82,670

8

2,102

80,576

2.30

After 5 to 10 years

836,304

247

48,922

787,629

2.10

After 10 years

4,859,779

907

869,985

3,990,701

1.70

Total mortgage-backed securities - federal agencies

5,794,133

1,162

921,087

4,874,208

1.77

Other

Within 1 year

500

-

-

500

4.33

After 1 to 5 years

250

-

-

250

4.79

Total other 

750

-

-

750

4.48

Total debt securities available-for-sale

[1]

$

21,619,857

$

27,062

$

960,496

$

20,686,423

3.18

%

[1]

 Includes $

14.9

 billion pledged to secure government and trust deposits, credit facilities and loan servicing agreements that the secured parties

are not permitted to sell or repledge the collateral, of which $

13.9

 billion serve as collateral for public funds. The Corporation had unpledged

Available for Sale securities with a fair value of $

5.7

 billion that could be used to increase its borrowing facilities.

22

At December 31, 2024

Gross 

Gross 

Weighted 

Amortized 

unrealized

unrealized

Fair 

average 

(In thousands)

cost

gains 

losses

value

yield

U.S. Treasury securities 

Within 1 year

$

10,555,397

$

1,282

$

46,275

$

10,510,404

3.33

%

After 1 to 5 years

2,547,936

151

63,381

2,484,706

3.07

Total U.S. Treasury securities

13,103,333

1,433

109,656

12,995,110

3.28

Collateralized mortgage obligations - federal agencies

After 1 to 5 years

10,538

-

345

10,193

1.53

After 5 to 10 years

15,334

-

904

14,430

2.24

After 10 years

104,168

132

8,639

95,661

2.76

Total collateralized mortgage obligations - federal agencies

130,040

132

9,888

120,284

2.60

Mortgage-backed securities - federal agencies

Within 1 year

776

-

5

771

1.65

After 1 to 5 years

79,542

8

2,700

76,850

2.35

After 5 to 10 years

733,506

82

45,078

688,510

2.37

After 10 years

5,468,448

337

1,106,657

4,362,128

1.67

Total mortgage-backed securities - federal agencies

6,282,272

427

1,154,440

5,128,259

1.75

Other

Within 1 year

500

-

-

500

5.00

After 1 to 5 years

1,750

-

-

1,750

5.50

Total other 

2,250

-

-

2,250

5.39

Total debt securities available-for-sale

[1]

$

19,517,895

$

1,992

$

1,273,984

$

18,245,903

2.78

%

[1]

Includes $

13.9

 billion pledged to secure government and trust deposits, assets sold under agreements to repurchase, credit facilities and loan

servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $

12.9

 billion serve as collateral for

public funds. The Corporation had unpledged Available for Sale securities with a fair value of $

4.3

 billion that could be used to increase its

borrowing facilities.

The weighted average yield on debt securities available-for-sale is based on amortized cost; therefore, it does not give effect to

changes in fair value.

Securities not due on a single contractual maturity date, such as mortgage-backed securities and collateralized mortgage

obligations, are classified based on the period of final contractual maturity. The expected maturities of collateralized mortgage

obligations, mortgage-backed securities and certain other securities may differ from their contractual maturities because they may

be subject to prepayments or may be called by the issuer.

At September 30, 2025, the Corporation did not intend to sell and did not believe that it was more likely than not that it would be

required to sell debt securities classified as available-for-sale. There were

no

 sales of debt securities classified as available-for-sale

during the nine months ended September 30, 2025 and 2024.

23

The following tables present the Corporation’s fair value and gross unrealized losses of debt securities available-for-sale,

aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at

September 30, 2025 and December 31, 2024.

At September 30, 2025

Less than 12 months

12 months or more

Total

Gross

Gross

Gross

Fair 

 unrealized

Fair 

 unrealized

Fair 

 unrealized

(In thousands)

value 

losses

value 

losses

value 

losses

U.S. Treasury securities

$

4,241,874

$

9,041

$

1,656,231

$

23,144

$

5,898,105

$

32,185

Collateralized mortgage obligations - federal agencies 

6,506

9

87,499

7,215

94,005

7,224

Mortgage-backed securities -federal agencies

18,000

480

4,798,315

920,607

4,816,315

921,087

Total debt securities available-for-sale in an unrealized loss position 

$

4,266,380

$

9,530

$

6,542,045

$

950,966

$

10,808,425

$

960,496

At December 31, 2024

Less than 12 months

12 months or more

Total

Gross

Gross

Gross

Fair 

 unrealized

Fair 

 unrealized

Fair 

 unrealized

(In thousands)

value 

losses

value 

losses

value 

losses

U.S. Treasury securities

$

2,309,894

$

24,646

$

3,638,092

$

85,010

$

5,947,986

$

109,656

Collateralized mortgage obligations - federal agencies 

4,878

27

102,160

9,861

107,038

9,888

Mortgage-backed securities - federal agencies

70,777

3,175

5,031,414

1,151,265

5,102,191

1,154,440

Total debt securities available-for-sale in an unrealized loss position 

$

2,385,549

$

27,848

$

8,771,666

$

1,246,136

$

11,157,215

$

1,273,984

As of September 30, 2025, the portfolio of available-for-sale debt securities reflects gross unrealized losses of $

1.0

 billion

(December 31, 2024 - $

1.3

 billion), driven mainly by mortgage-backed securities, impacted by the higher-interest rate environment

and the portfolio’s longer duration. The portfolio of available-for-sale debt securities is comprised mainly of U.S Treasuries and

obligations from the U.S. Government, its agencies or government sponsored entities, including Federal National Mortgage

Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and Government National Mortgage Association

(“GNMA”). These securities carry an explicit or implicit guarantee from the U.S. Government, are highly rated by major rating

agencies, and have a long history of no credit losses. Accordingly, the Corporation applies a zero-credit loss assumption.

24

Note 6 –Debt securities held-to-maturity

The following tables present the amortized cost, allowance for credit losses, gross unrealized gains and losses, approximate fair

value, weighted average yield and contractual maturities of debt securities held-to-maturity at September 30, 2025 and December

31, 2024.

At September 30, 2025

Allowance

Carrying

Value 

Gross 

Gross 

Weighted

Amortized 

Book

[1]

for Credit

Net of 

unrealized

unrealized

Fair 

average

(In thousands)

cost

Value

Losses

Allowance

gains 

losses

value

yield

U.S. Treasury securities 

Within 1 year

$

2,107,187

$

2,071,286

$

-

$

2,071,286

$

2,554

$

762

$

2,073,078

1.50

%

After 1 to 5 years

5,607,069

5,302,786

-

5,302,786

29,216

-

5,332,002

1.24

Total U.S. Treasury securities

7,714,256

7,374,072

-

7,374,072

31,770

762

7,405,080

1.31

Obligations of Puerto Rico, States and

political subdivisions

Within 1 year

2,605

2,605

9

2,596

7

-

2,603

6.43

After 1 to 5 years

12,530

12,530

44

12,486

28

80

12,434

3.48

After 5 to 10 years

450

450

15

435

15

-

450

5.81

After 10 years

36,012

36,012

5,769

30,243

3,205

1,802

31,646

1.42

Total obligations of Puerto Rico, States and

political subdivisions

51,597

51,597

5,837

45,760

3,255

1,882

47,133

2.21

Collateralized mortgage obligations - federal

agencies

After 10 years

1,506

1,506

-

1,506

-

191

1,315

2.87

Total collateralized mortgage obligations -

federal agencies

1,506

1,506

-

1,506

-

191

1,315

2.87

Securities in wholly owned statutory business

trusts

After 5 to 10 years

5,960

5,960

-

5,960

-

-

5,960

6.33

Total securities in wholly owned statutory

business trusts

5,960

5,960

-

5,960

-

-

5,960

6.33

Total debt securities held-to-maturity [2]

$

7,773,319

$

7,433,135

$

5,837

$

7,427,298

$

35,025

$

2,835

$

7,459,488

1.32

%

[1]

Book value includes $

340

 million of unrealized loss which remains in Accumulated other comprehensive (loss) income (AOCI) related to certain

securities previously transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio.

[2]

Includes $

7.3

 billion pledged to secure public and trust deposits that the secured parties are not permitted to sell or repledge the collateral. The

Corporation had unpledged held-to-maturities securities with a fair value of $

89.7

 million that could be used to increase its borrowing facilities.

25

At December 31, 2024

Allowance 

Carrying

Value 

Gross 

Gross 

Weighted 

Amortized 

Book

[1]

for Credit

Net of

unrealized

unrealized

Fair 

average 

(In thousands)

cost

Value

Losses

Allowance

gains 

losses

value

yield

U.S. Treasury securities 

Within 1 year

$

599,910

$

599,910

$

-

$

599,910

$

-

$

4,498

$

595,412

2.76

%

After 1 to 5 years

7,572,435

7,093,508

-

7,093,508

-

65,096

7,028,412

1.28

Total U.S. Treasury securities

8,172,345

7,693,418

-

7,693,418

-

69,594

7,623,824

1.39

Obligations of Puerto Rico, States and

political subdivisions

`

Within 1 year

2,440

2,440

5

2,435

3

-

2,438

6.39

After 1 to 5 years

16,454

16,454

80

16,374

47

80

16,341

3.69

After 5 to 10 years

655

655

22

633

20

-

653

5.81

After 10 years

37,633

37,633

5,210

32,423

2,318

2,596

32,145

1.42

Total obligations of Puerto Rico, States and

political subdivisions

57,182

57,182

5,317

51,865

2,388

2,676

51,577

2.34

Collateralized mortgage obligations - federal

agencies

After 10 years

1,518

1,518

-

1,518

-

214

1,304

2.87

Total collateralized mortgage obligations -

federal agencies

1,518

1,518

-

1,518

-

214

1,304

2.87

Securities in wholly owned statutory business

trusts

After 5 to 10 years

5,959

5,959

-

5,959

-

-

5,959

6.33

Total securities in wholly owned statutory

business trusts

5,959

5,959

-

5,959

-

-

5,959

6.33

Total debt securities held-to-maturity [2]

$

8,237,004

$

7,758,077

$

5,317

$

7,752,760

$

2,388

$

72,484

$

7,682,664

1.40

%

[1]

Book value includes $

479

 million of unrealized loss which remains in Accumulated other comprehensive (loss) income (AOCI) related to certain

securities transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio.

[2]

Includes $

7.6

 billion pledged to secure public and trust deposits that the secured parties are not permitted to sell or repledge the collateral. The

Corporation had unpledged held-to-maturities securities with a fair value of $

139.9

 million that could be used to increase its borrowing facilities.

Debt securities not due on a single contractual maturity date, such as collateralized mortgage obligations, are classified in the period

of final contractual maturity. The expected maturities of collateralized mortgage obligations and certain other securities may differ

from their contractual maturities because they may be subject to prepayments or may be called by the issuer.

Credit Quality Indicators

The following describes the credit quality indicators by major security type that the Corporation considers to develop the estimate of

the allowance for credit losses for investment securities held-to-maturity.

As discussed in Note 2 of the 2024 Form 10-K, U.S. Treasury securities carry an explicit guarantee from the U.S. Government are

highly rated by major rating agencies and have a long history of no credit losses. Accordingly, the Corporation applies a zero-credit

loss assumption and no allowance for credit losses (“ACL”) for these securities has been established.

At September 30, 2025 and December 31, 2024, the “Obligations of Puerto Rico, States and political subdivisions” classified as

held-to-maturity, included securities issued by municipalities of Puerto Rico that are generally not rated by a credit rating agency.

The Corporation performs periodic credit quality reviews of these securities and internally assigns standardized credit risk ratings

based on its evaluation. For the definitions of the obligor risk ratings, refer to the Credit Quality section of Note 8 to the Consolidated

Financial Statements. This includes $

8.7

 million of general and special obligation bonds issued by three municipalities of Puerto

Rico, of which $

7.9

 million have a “Pass” rating, that are payable primarily from certain property taxes imposed by the issuing

municipality (compared to $

13

 million and $

11.1

 million, respectively, at December 31, 2024).

At September 30, 2025, the portfolio of “Obligations of Puerto Rico, States and political subdivisions” also included $

36

 million in

securities issued by the Puerto Rico Housing Finance Authority (“HFA”), a government instrumentality, for which the underlying

source of payment is second mortgage loans in Puerto Rico residential properties (not the government), but for which HFA, provides

a guarantee in the event of default and upon the satisfaction of certain other conditions (December 31, 2024 - $

38

 million). These

26

securities are not rated by a credit rating agency. Refer to Note 18

to the Consolidated Financial Statements

for additional

information on the Corporation’s exposure to the Puerto Rico Government

The Corporation assesses the credit risk associated with these securities by evaluating the refreshed FICO scores of a

representative sample of the underlying borrowers. As of September 30, 2025, the average refreshed FICO score for the sample,

comprised of

76

% of the nominal value of the securities, used for the loss estimate was of

676

 (compared to

72

% and

674

,

respectively, at December 31, 2024). The loss estimates for this portfolio was based on the methodology established under CECL

for similar loan obligations. The Corporation does not consider the government guarantee when estimating the credit losses

associated with this portfolio.

A

deterioration of the Puerto Rico economy or of the fiscal health of the Government of Puerto Rico and/or its instrumentalities

(including if any of the issuing municipalities become subject to a debt restructuring proceeding under the Puerto Rico Oversight

Management and Economic Stability Act (“PROMESA”) could adversely affect the value of these securities, resulting in losses to the

Corporation. 

At September 30, 2025 and December 31, 2024, the portfolio of “Obligations of Puerto Rico, States and political subdivisions” also

included $

6.9

 million in securities issued by the HFA for which the underlying source of payment is U.S. Treasury securities. The

Corporation applies a zero-credit loss assumption for these securities, and no ACL has been established for these securities given

that U.S. Treasury securities carry an explicit guarantee from the U.S. Government, are highly rated by major rating agencies, and

have a long history of no credit losses.

Delinquency status

At September 30, 2025 and December 31, 2024, there were

no

 securities held-to-maturity in past due or non-performing status.

Allowance for credit losses on debt securities held-to-maturity

The allowance for credit losses related to the Obligations of Puerto Rico and the States and Political subdivisions securities at

September 30, 2025 was $

5.8

 million (December 31, 2024 - $

5.3

 million).

27

Note 7 – Loans

For a summary of the accounting policies related to loans, interest recognition and allowance for credit losses refer to Note 2 –

Summary of Significant Accounting Policies of the 2024 Form 10-K.

The following table presents the Corporation's loan purchases (including repurchases) for the quarters and nine months ended

September 30, 2025 and 2024 by class of loans:

Quarters ended September 30, 

Nine months ended September 30, 

(In thousands)

2025

2024

2025

2024

Commercial

$

40,797

$

32,484

$

115,683

$

247,906

Mortgage

122,452

97,586

369,049

268,239

Ending balance

$

163,249

$

130,070

$

484,732

$

516,145

The following table presents the Corporation’s whole-loan sales for the quarters and nine months ended September 30, 2025 and

2024 by class of loans:

Quarters ended September 30, 

Nine months ended September 30, 

(In thousands)

2025

2024

2025

2024

Commercial

$

19,998

$

-

$

47,347

$

-

Construction

-

-

9,338

11,656

Mortgage

11,393

9,126

26,780

32,882

Ending balance

$

31,391

$

9,126

$

83,465

$

44,538

Delinquency status

The following tables present the amortized cost basis of loans held-in-portfolio (“HIP”), net of unearned income, by past due status,

and by loan class including those that are in non-performing status or that are accruing interest but are past due 90 days or more at

September 30, 2025 and December 31, 2024.

28

September 30, 2025

BPPR

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing 

(In thousands)

days

days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

1,357

$

1

$

174

$

1,532

$

300,834

$

302,366

$

174

$

-

Commercial real estate:

Non-owner occupied

17,422

292

37,043

54,757

3,247,988

3,302,745

37,043

-

Owner occupied

2,004

152

25,619

27,775

1,167,509

1,195,284

25,619

-

Commercial and industrial

4,237

2,032

178,224

184,493

5,567,505

5,751,998

173,245

4,979

Construction

2,898

1,691

-

4,589

299,364

303,953

-

-

Mortgage

252,650

118,092

314,103

684,845

6,548,261

7,233,106

139,958

174,145

Leasing

23,537

5,372

7,747

36,656

1,961,995

1,998,651

7,747

-

Consumer:

Credit cards

13,556

9,917

25,625

49,098

1,176,469

1,225,567

-

25,625

Home equity lines of credit

-

-

-

-

1,693

1,693

-

-

Personal

19,826

11,353

18,375

49,554

1,773,594

1,823,148

18,375

-

Auto

107,907

21,874

49,432

179,213

3,671,740

3,850,953

49,432

-

Other

2,907

245

2,195

5,347

166,980

172,327

1,776

419

Total

$

448,301

$

171,021

$

658,537

$

1,277,859

$

25,883,932

$

27,161,791

$

453,369

$

205,168

September 30, 2025

Popular U.S.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total 

Non-accrual

Accruing

(In thousands)

days

days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

-

$

2,638

$

8,467

$

11,105

$

2,176,118

$

2,187,223

$

8,467

$

-

Commercial real estate:

Non-owner occupied

84

-

7,083

7,167

2,152,668

2,159,835

7,083

-

Owner occupied

15,171

217

-

15,388

1,880,052

1,895,440

-

-

Commercial and industrial

14,949

-

1,434

16,383

2,477,258

2,493,641

1,246

188

Construction

-

-

-

-

1,300,659

1,300,659

-

-

Mortgage

1,298

4,988

27,809

34,095

1,291,207

1,325,302

27,809

-

Consumer:

Home equity lines of

credit

395

335

3,257

3,987

73,210

77,197

3,257

-

Personal

1,006

990

941

2,937

74,240

77,177

941

-

Other

-

-

30

30

8,863

8,893

30

-

Total

$

32,903

$

9,168

$

49,021

$

91,092

$

11,434,275

$

11,525,367

$

48,833

$

188

29

September 30, 2025

Popular, Inc.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

days

or more

past due

Current

Loans HIP

[2] [3]

loans

loans

Commercial multi-family

$

1,357

$

2,639

$

8,641

$

12,637

$

2,476,952

$

2,489,589

$

8,641

$

-

Commercial real estate:

Non-owner occupied

17,506

292

44,126

61,924

5,400,656

5,462,580

44,126

-

Owner occupied

17,175

369

25,619

43,163

3,047,561

3,090,724

25,619

-

Commercial and industrial

19,186

2,032

179,658

200,876

8,044,763

8,245,639

174,491

5,167

Construction

2,898

1,691

-

4,589

1,600,023

1,604,612

-

-

Mortgage

[1]

253,948

123,080

341,912

718,940

7,839,468

8,558,408

167,767

174,145

Leasing

23,537

5,372

7,747

36,656

1,961,995

1,998,651

7,747

-

Consumer:

Credit cards

13,556

9,917

25,625

49,098

1,176,469

1,225,567

-

25,625

Home equity lines of credit

395

335

3,257

3,987

74,903

78,890

3,257

-

Personal

20,832

12,343

19,316

52,491

1,847,834

1,900,325

19,316

-

Auto

107,907

21,874

49,432

179,213

3,671,740

3,850,953

49,432

-

Other

2,907

245

2,225

5,377

175,843

181,220

1,806

419

Total

$

481,204

$

180,189

$

707,558

$

1,368,951

$

37,318,207

$

38,687,158

$

502,202

$

205,356

[1]

At September 30, 2025, mortgage loans held-in-portfolio include $

3

.0 billion of loans that carry certain guarantees from the FHA or the VA, for

which the Corporation’s policy is to exclude them from non-performing status, of which $

174

 million are 90 days or more past due. The portfolio of

guaranteed loans includes $

49

 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of September 30, 2025.

The Corporation has $

29

 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing

interest at September 30, 2025.

[2]

Loans held-in-portfolio are net of $

425

 million in unearned income and exclude $

8

 million in loans held-for-sale.

[3]

Includes $

21.9

 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral,

of which $

7.5

 billion were pledged at the Federal Home Loan Bank ("FHLB") as collateral for borrowings and $

14.4

 billion at the Federal Reserve

Bank ("FRB") for discount window borrowings. As of September 30, 2025, the Corporation had an available borrowing facility with the FHLB and

the discount window of FRB of $

4.2

 billion and $

11.2

 billion, respectively.

30

December 31, 2024

BPPR

Past due

Past due 90 days or more

30-59

60-89

90 days 

Total

Non-accrual

Accruing

(In thousands)

 days

 days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

1,491

$

113

$

79

$

1,683

$

306,318

$

308,001

$

79

$

-

Commercial real estate:

Non-owner occupied

3,103

586

6,429

10,118

3,236,385

3,246,503

6,429

-

Owner occupied

11,054

808

25,258

37,120

1,338,791

1,375,911

25,258

-

Commercial and industrial

5,738

2,712

23,895

32,345

5,314,549

5,346,894

19,335

4,560

Construction

1,039

-

-

1,039

211,251

212,290

-

-

Mortgage

262,222

116,694

365,759

744,675

6,065,206

6,809,881

158,442

207,317

Leasing

23,991

6,062

9,588

39,641

1,885,764

1,925,405

9,588

-

Consumer:

Credit cards

17,399

11,719

29,960

59,078

1,158,975

1,218,053

-

29,960

Home equity lines of credit

16

129

-

145

1,895

2,040

-

-

Personal

19,503

13,005

20,269

52,777

1,697,600

1,750,377

20,269

-

Auto

111,358

27,858

51,792

191,008

3,632,429

3,823,437

51,792

-

Other

1,816

277

1,312

3,405

156,824

160,229

899

413

Total

$

458,730

$

179,963

$

534,341

$

1,173,034

$

25,005,987

$

26,179,021

$

292,091

$

242,250

December 31, 2024

Popular U.S.

Past due

Past due 90 days or more

30-59

60-89

90 days 

Total

Non-accrual

Accruing

(In thousands)

 days

 days

or more

past due

Current

Loans HIP

loans

loans

Commercial multi-family

$

-

$

5,443

$

8,700

$

14,143

$

2,077,476

$

2,091,619

$

8,700

$

-

Commercial real estate:

Non-owner occupied

6,792

-

8,015

14,807

2,101,925

2,116,732

8,015

-

Owner occupied

-

-

5,191

5,191

1,776,644

1,781,835

5,191

-

Commercial and industrial

10,336

5,323

1,938

17,597

2,377,071

2,394,668

1,748

190

Construction

-

-

-

-

1,051,502

1,051,502

-

-

Mortgage

18,148

5,417

29,890

53,455

1,250,847

1,304,302

29,890

-

Consumer:

Credit cards

-

-

-

-

26

26

-

-

Home equity lines of credit

530

986

3,393

4,909

66,622

71,531

3,393

-

Personal 

1,808

1,509

1,741

5,058

99,809

104,867

1,741

-

Other

514

-

11

525

11,024

11,549

11

-

Total

$

38,128

$

18,678

$

58,879

$

115,685

$

10,812,946

$

10,928,631

$

58,689

$

190

31

December 31, 2024

Popular, Inc.

Past due

Past due 90 days or more

30-59

60-89

90 days 

Total

Non-accrual

Accruing

(In thousands)

 days

 days

or more

past due

Current

Loans HIP

[2] [3]

loans

loans

Commercial multi-family

$

1,491

$

5,556

$

8,779

$

15,826

$

2,383,794

$

2,399,620

$

8,779

$

-

Commercial real estate:

Non-owner occupied

9,895

586

14,444

24,925

5,338,310

5,363,235

14,444

-

Owner occupied

11,054

808

30,449

42,311

3,115,435

3,157,746

30,449

-

Commercial and industrial

16,074

8,035

25,833

49,942

7,691,620

7,741,562

21,083

4,750

Construction

1,039

-

-

1,039

1,262,753

1,263,792

-

-

Mortgage

[1]

280,370

122,111

395,649

798,130

7,316,053

8,114,183

188,332

207,317

Leasing

23,991

6,062

9,588

39,641

1,885,764

1,925,405

9,588

-

Consumer:

Credit cards

17,399

11,719

29,960

59,078

1,159,001

1,218,079

-

29,960

Home equity lines of credit

546

1,115

3,393

5,054

68,517

73,571

3,393

-

Personal

21,311

14,514

22,010

57,835

1,797,409

1,855,244

22,010

-

Auto

111,358

27,858

51,792

191,008

3,632,429

3,823,437

51,792

-

Other

2,330

277

1,323

3,930

167,848

171,778

910

413

Total

$

496,858

$

198,641

$

593,220

$

1,288,719

$

35,818,933

$

37,107,652

$

350,780

$

242,440

[1]

At December 31, 2024 mortgage loans held-in-portfolio include $

2.6

 billion of loans that carry certain guarantees from the FHA or the VA, for

which the Corporation’s policy is to exclude them from non-performing status, of which $

207

 million are 90 days or more past due. The portfolio of

guaranteed loans includes $

65

 million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of December 31, 2024.

The Corporation has $

31

 million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently not accruing

interest at December 31, 2024.

[2]

Loans held-in-portfolio are net of $

415

 million in unearned income and exclude $

5

 million in loans held-for-sale.

[3]

Includes $

16.8

 billion pledged to secure credit facilities and public funds that the secured parties are not permitted to sell or repledge the collateral,

of which $

7.3

 billion were pledged at the FHLB as collateral for borrowings and $

9.5

 billion at the FRB for discount window borrowings. As of

December 31, 2024, the Corporation had an available borrowing facility with the FHLB and the discount window of FRB of $

3.8

 billion and $

7

.0

billion, respectively.

The following tables present the amortized cost basis of non-accrual loans as of September 30, 2025 and December 31, 2024 by

class of loans:

32

September 30, 2025

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Commercial multi-family

$

-

$

174

$

8,137

$

330

$

8,137

$

504

Commercial real estate non-owner occupied

34,986

2,057

6,994

89

41,980

2,146

Commercial real estate owner occupied

16,618

9,001

-

-

16,618

9,001

Commercial and industrial

6,504

166,741

-

1,246

6,504

167,987

Mortgage

62,445

77,513

1,117

26,692

63,562

104,205

Leasing

602

7,145

-

-

602

7,145

Consumer:

 HELOCs

-

-

-

3,257

-

3,257

 Personal 

3,264

15,111

-

941

3,264

16,052

 Auto 

2,263

47,169

-

-

2,263

47,169

 Other

363

1,413

-

30

363

1,443

Total

$

127,045

$

326,324

$

16,248

$

32,585

$

143,293

$

358,909

December 31, 2024

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Commercial multi-family

$

-

$

79

$

8,700

$

-

$

8,700

$

79

Commercial real estate non-owner occupied

3,450

2,979

7,115

900

10,565

3,879

Commercial real estate owner occupied

17,767

7,491

4,957

234

22,724

7,725

Commercial and industrial

9,020

10,315

-

1,748

9,020

12,063

Mortgage

66,176

92,266

1,069

28,821

67,245

121,087

Leasing

500

9,088

-

-

500

9,088

Consumer:

 HELOCs

-

-

-

3,393

-

3,393

 Personal 

2,960

17,309

-

1,741

2,960

19,050

 Auto 

1,992

49,800

-

-

1,992

49,800

 Other

-

899

-

11

-

910

Total

$

101,865

$

190,226

$

21,841

$

36,848

$

123,706

$

227,074

The Corporation has designated loans classified as collateral dependent for which the ACL is measured based on the fair value of

the collateral less cost to sell, when foreclosure is probable or when the repayment is expected to be provided substantially by the

sale or operation of the collateral and the borrower is experiencing financial difficulty. The fair value of the collateral is based on

appraisals, which may be adjusted due to their age, type, location, and condition of the property or area or general market

conditions to reflect the expected change in value between the effective date of the appraisal and the measurement date. Appraisals

are updated every one to two years depending on the type of loan and the total exposure of the borrower.

Loans in non-accrual status with no allowance at September 30, 2025 include $

143

 million in collateral dependent loans (December

31, 2024 - $

124

 million). The Corporation recognized $

3

 million in interest income on non-accrual loans during the nine months

ended September 30, 2025 (September 30, 2024 - $

3

 million).

The following tables present the amortized cost basis of collateral-dependent loans, for which the ACL was measured based on the

fair value of the collateral less cost to sell, by class of loans and type of collateral as of September 30, 2025 and December 31,

2024:

33

September 30, 2025

(In thousands)

Real Estate

Auto

Equipment

Accounts

Receivables

Other

Total

BPPR

Commercial multi-family

$

1,221

$

-

$

-

$

-

$

-

$

1,221

Commercial real estate:

Non-owner occupied

128,209

-

-

-

-

128,209

Owner occupied

23,060

-

-

-

-

23,060

Commercial and industrial

2,409

-

4,404

1,383

2,781

10,977

Mortgage

70,547

-

-

-

-

70,547

Leasing

-

1,597

-

-

-

1,597

Consumer:

Personal

3,724

-

-

-

-

3,724

Auto

-

16,694

-

-

-

16,694

Other

-

8

-

-

363

371

Total BPPR

$

229,170

$

18,299

$

4,404

$

1,383

$

3,144

$

256,400

Popular U.S.

Commercial multi-family

$

13,915

$

-

$

-

$

-

$

-

$

13,915

Commercial real estate:

Non-owner occupied

65,645

-

-

-

-

65,645

Mortgage

1,651

-

-

-

-

1,651

Total Popular U.S.

$

81,211

$

-

$

-

$

-

$

-

$

81,211

Popular, Inc.

Commercial multi-family

$

15,136

$

-

$

-

$

-

$

-

$

15,136

Commercial real estate:

Non-owner occupied

193,854

-

-

-

-

193,854

Owner occupied

23,060

-

-

-

-

23,060

Commercial and industrial

2,409

-

4,404

1,383

2,781

10,977

Mortgage

72,198

-

-

-

-

72,198

Leasing

-

1,597

-

-

-

1,597

Consumer:

Personal

3,724

-

-

-

-

3,724

Auto

-

16,694

-

-

-

16,694

Other

-

8

-

-

363

371

Total Popular, Inc.

$

310,381

$

18,299

$

4,404

$

1,383

$

3,144

$

337,611

34

December 31, 2024

(In thousands)

Real Estate

Auto

Equipment

Other

Total

BPPR

Commercial multi-family

$

1,278

$

-

$

-

$

-

$

1,278

Commercial real estate:

Non-owner occupied

145,974

-

-

-

145,974

Owner occupied

23,361

-

-

-

23,361

Commercial and industrial

2,754

-

-

11,593

14,347

Construction

576

-

-

-

576

Mortgage

77,910

-

-

-

77,910

Leasing

-

1,437

1

-

1,438

Consumer:

Personal

3,347

-

-

-

3,347

Auto

-

15,782

-

-

15,782

Other

-

-

-

16

16

Total BPPR

$

255,200

$

17,219

$

1

$

11,609

$

284,029

Popular U.S.

Commercial multi-family

$

14,517

$

-

$

-

$

-

$

14,517

Commercial real estate:

Non-owner occupied

7,116

-

-

-

7,116

Owner occupied

4,956

-

-

-

4,956

Commercial and industrial

-

-

18

1,154

1,172

Mortgage

1,430

-

-

-

1,430

Total Popular U.S.

$

28,019

$

-

$

18

$

1,154

$

29,191

Popular, Inc.

Commercial multi-family

$

15,795

$

-

$

-

$

-

$

15,795

Commercial real estate:

Non-owner occupied

153,090

-

-

-

153,090

Owner occupied

28,317

-

-

-

28,317

Commercial and industrial

2,754

-

18

12,747

15,519

Construction

576

-

-

-

576

Mortgage

79,340

-

-

-

79,340

Leasing

-

1,437

1

-

1,438

Consumer:

Personal

3,347

-

-

-

3,347

Auto

-

15,782

-

-

15,782

Other

-

-

-

16

16

Total Popular, Inc.

$

283,219

$

17,219

$

19

$

12,763

$

313,220

35

Note 8 – Allowance for credit losses – loans held-in-portfolio

The

Corporation follows the current expected credit loss (“CECL”) model to establish and evaluate the adequacy of the ACL to

provide for expected losses in the loan portfolio. This model establishes a forward-looking methodology that reflects the expected

credit losses over the lives of financial assets starting when such assets are first acquired or originated. In addition, CECL provides

that the initial ACL on PCD financial assets be recorded as an increase to the purchase price, with subsequent changes to the

allowance recorded as a credit loss expense. The provision for credit losses recorded in current operations is based on this

methodology. Loan losses are charged and recoveries are credited to the ACL. The Corporation’s modeling framework includes

competing risk models that generate lifetime default and prepayment estimates as well as other loan level techniques to estimate

loss severity. These models combine credit risk factors which include the impact of loan modifications, with macroeconomic

expectations to derive the lifetime expected loss. 

At September 30, 2025, the Corporation estimated the ACL by weighting the outputs of optimistic, baseline, and pessimistic

scenarios. The weightings applied are subject to evaluation on a quarterly basis as part of the ACL’s governance process. During

the first quarter of 2025, the Corporation assigned equal probability weights to the baseline and pessimistic scenarios in response to

economic uncertainty, the optimistic scenario being the lowest of probabilities. During the second quarter of 2025, the Corporation

moderately reduced the probability weight for the pessimistic scenario based on changes in the economic outlook and a

reassessment of uncertainty compared to the first quarter. The net impact of these two changes in the assigned weights on the ACL

levels for the nine months ended September 30, 2025 was $

13.7

 million in additional reserves. There were no changes to the

probability weights during the third quarter of 2025. The probability weight for the pessimistic scenario remains above the levels

observed in 2024, given the ongoing economic uncertainty.

The following tables present the changes in the ACL of loans held-in-portfolio and unfunded commitments for the quarters and nine

months ended September 30, 2025 and 2024.

36

For the quarter ended September 30, 2025

BPPR

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

 Commercial multi-family

$

3,696

$

(177)

$

-

$

-

$

2

$

3,521

 Commercial real estate non-owner occupied

43,139

10,931

-

(13,490)

876

41,456

 Commercial real estate owner occupied

35,848

(2,211)

-

-

947

34,584

 Commercial and industrial

123,202

30,220

-

(2,801)

1,334

151,955

 Total Commercial

205,885

38,763

-

(16,291)

3,159

231,516

Construction

3,075

370

-

-

-

3,445

Mortgage

74,966

337

6

(585)

2,801

77,525

Leasing

20,040

1,234

-

(4,017)

1,963

19,220

Consumer

 Credit cards

92,306

10,212

-

(18,139)

2,829

87,208

 Home equity lines of credit

54

(95)

-

-

89

48

 Personal

92,891

13,195

-

(19,218)

3,533

90,401

 Auto

182,274

7,581

-

(19,175)

7,139

177,819

 Other

7,758

1,042

-

(759)

132

8,173

 Total Consumer

375,283

31,935

-

(57,291)

13,722

363,649

Total - Loans

$

679,249

$

72,639

$

6

$

(78,184)

$

21,645

$

695,355

Allowance for credit losses - unfunded commitments:

Commercial

$

5,876

$

943

$

-

$

-

$

-

$

6,819

Construction

1,869

(127)

-

-

-

1,742

Ending balance - unfunded commitments [1]

$

7,745

$

816

$

-

$

-

$

-

$

8,561

[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

37

For the quarter ended September 30, 2025

Popular U.S.

Provision for 

Beginning

credit losses

Ending

(In thousands)

Balance

(benefit)

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

13,085

$

(84)

$

-

$

60

$

13,061

Commercial real estate non-owner occupied

15,978

1,411

-

-

17,389

Commercial real estate owner occupied

13,203

1,388

-

16

14,607

Commercial and industrial

18,160

(148)

(722)

62

17,352

Total Commercial

60,426

2,567

(722)

138

62,409

Construction

7,504

155

-

-

7,659

Mortgage

10,209

(789)

-

36

9,456

Consumer

Home equity lines of credit

1,330

(253)

-

423

1,500

Personal

10,763

183

(1,629)

520

9,837

Other

4

15

(25)

10

4

Total Consumer

12,097

(55)

(1,654)

953

11,341

Total - Loans

$

90,236

$

1,878

$

(2,376)

$

1,127

$

90,865

Allowance for credit losses - unfunded commitments:

Commercial

$

1,935

$

(7)

$

-

$

-

$

1,928

Construction

3,289

(100)

-

-

3,189

Consumer

84

61

-

-

145

Ending balance - unfunded commitments [1]

$

5,308

$

(46)

$

-

$

-

$

5,262

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

38

For the quarter ended September 30, 2025

Popular Inc.

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

16,781

$

(261)

$

-

$

-

$

62

$

16,582

Commercial real estate non-owner occupied

59,117

12,342

-

(13,490)

876

58,845

Commercial real estate owner occupied

49,051

(823)

-

-

963

49,191

Commercial and industrial

141,362

30,072

-

(3,523)

1,396

169,307

Total Commercial

266,311

41,330

-

(17,013)

3,297

293,925

Construction

10,579

525

-

-

-

11,104

Mortgage

85,175

(452)

6

(585)

2,837

86,981

Leasing

20,040

1,234

-

(4,017)

1,963

19,220

Consumer

Credit cards

92,306

10,212

-

(18,139)

2,829

87,208

Home equity lines of credit

1,384

(348)

-

-

512

1,548

Personal

103,654

13,378

-

(20,847)

4,053

100,238

Auto

182,274

7,581

-

(19,175)

7,139

177,819

Other

7,762

1,057

-

(784)

142

8,177

Total Consumer

387,380

31,880

-

(58,945)

14,675

374,990

Total - Loans

$

769,485

$

74,517

$

6

$

(80,560)

$

22,772

$

786,220

Allowance for credit losses - unfunded commitments:

Commercial

$

7,811

$

936

$

-

$

-

$

-

$

8,747

Construction

5,158

(227)

-

-

-

4,931

Consumer

84

61

-

-

-

145

Ending balance - unfunded commitments [1]

$

13,053

$

770

$

-

$

-

$

-

$

13,823

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

39

For the nine months ended September 30, 2025

BPPR

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

2,783

$

728

$

-

$

-

$

10

$

3,521

Commercial real estate non-owner occupied

44,852

8,172

-

(13,576)

2,008

41,456

Commercial real estate owner occupied

37,355

(5,129)

-

(103)

2,461

34,584

Commercial and industrial

130,136

23,194

-

(8,579)

7,204

151,955

Total Commercial

215,126

26,965

-

(22,258)

11,683

231,516

Construction

2,743

702

-

-

-

3,445

Mortgage

72,901

(2,533)

15

(1,570)

8,712

77,525

Leasing

16,419

10,863

-

(12,543)

4,481

19,220

Consumer

Credit cards

99,130

37,128

-

(57,015)

7,965

87,208

Home equity lines of credit

54

(516)

-

(25)

535

48

Personal

91,296

48,904

-

(60,724)

10,925

90,401

Auto

165,995

43,904

-

(53,649)

21,569

177,819

Other

7,002

3,062

-

(2,339)

448

8,173

Total Consumer

363,477

132,482

-

(173,752)

41,442

363,649

Total - Loans

$

670,666

$

168,479

$

15

$

(210,123)

$

66,318

$

695,355

Allowance for credit losses - unfunded commitments:

Commercial

$

6,725

$

94

$

-

$

-

$

-

$

6,819

Construction

1,663

79

-

-

-

1,742

Ending balance - unfunded commitments [1]

$

8,388

$

173

$

-

$

-

$

-

$

8,561

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

40

For the nine months ended September 30, 2025

Popular U.S.

Provision for 

Beginning

credit losses

Ending

(In thousands)

Balance

(benefit)

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

6,453

$

7,110

$

(563)

$

61

$

13,061

Commercial real estate non-owner occupied

9,642

7,747

-

-

17,389

Commercial real estate owner occupied

12,473

1,581

(26)

579

14,607

Commercial and industrial

15,870

2,862

(1,918)

538

17,352

Total Commercial

44,438

19,300

(2,507)

1,178

62,409

Construction

8,521

(862)

-

-

7,659

Mortgage

9,508

(305)

-

253

9,456

Consumer

Home equity lines of credit

1,449

(1,188)

(46)

1,285

1,500

Personal

11,440

3,800

(7,175)

1,772

9,837

Other

2

50

(67)

19

4

Total Consumer

12,891

2,662

(7,288)

3,076

11,341

Total - Loans

$

75,358

$

20,795

$

(9,795)

$

4,507

$

90,865

Allowance for credit losses - unfunded commitments:

Commercial

$

1,662

$

266

$

-

$

-

$

1,928

Construction

5,409

(2,220)

-

-

3,189

Consumer

11

134

-

-

145

Ending balance - unfunded commitments [1]

$

7,082

$

(1,820)

$

-

$

-

$

5,262

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

41

For the nine months ended September 30, 2025

Popular Inc.

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

9,236

$

7,838

$

-

$

(563)

$

71

$

16,582

Commercial real estate non-owner occupied

54,494

15,919

-

(13,576)

2,008

58,845

Commercial real estate owner occupied

49,828

(3,548)

-

(129)

3,040

49,191

Commercial and industrial

146,006

26,056

-

(10,497)

7,742

169,307

Total Commercial

259,564

46,265

-

(24,765)

12,861

293,925

Construction

11,264

(160)

-

-

-

11,104

Mortgage

82,409

(2,838)

15

(1,570)

8,965

86,981

Leasing

16,419

10,863

-

(12,543)

4,481

19,220

Consumer

Credit cards

99,130

37,128

-

(57,015)

7,965

87,208

Home equity lines of credit

1,503

(1,704)

-

(71)

1,820

1,548

Personal

102,736

52,704

-

(67,899)

12,697

100,238

Auto

165,995

43,904

-

(53,649)

21,569

177,819

Other

7,004

3,112

-

(2,406)

467

8,177

Total Consumer

376,368

135,144

-

(181,040)

44,518

374,990

Total - Loans

$

746,024

$

189,274

$

15

$

(219,918)

$

70,825

$

786,220

Allowance for credit losses - unfunded commitments:

Commercial

$

8,387

$

360

$

-

$

-

$

-

$

8,747

Construction

7,072

(2,141)

-

-

-

4,931

Consumer

11

134

-

-

-

145

Ending balance - unfunded commitments [1]

$

15,470

$

(1,647)

$

-

$

-

$

-

$

13,823

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

42

For the quarter ended September 30, 2024

BPPR

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

3,303

$

(417)

$

-

$

-

$

-

$

2,886

Commercial real estate non-owner occupied

53,386

3,344

-

(69)

59

56,720

Commercial real estate owner occupied

39,375

(2,418)

-

(2)

1,556

38,511

Commercial and industrial

111,263

16,597

-

(6,190)

1,461

123,131

Total Commercial

207,327

17,106

-

(6,261)

3,076

221,248

Construction

3,638

(970)

-

-

1,036

3,704

Mortgage

73,900

(5,221)

3

(208)

4,102

72,576

Leasing

14,385

3,725

-

(3,630)

1,374

15,854

Consumer

Credit cards

86,313

21,238

-

(17,503)

2,646

92,694

Home equity lines of credit

83

(90)

-

(82)

158

69

Personal

94,021

20,232

-

(24,712)

2,526

92,067

Auto

157,449

20,765

-

(23,011)

6,110

161,313

Other

6,489

362

-

(728)

526

6,649

Total Consumer

344,355

62,507

-

(66,036)

11,966

352,792

Total - Loans

$

643,605

$

77,147

$

3

$

(76,135)

$

21,554

$

666,174

Allowance for credit losses - unfunded commitments:

Commercial

$

5,540

$

816

$

-

$

-

$

-

$

6,356

Construction

2,095

373

-

-

-

2,468

Ending balance - unfunded commitments [1]

$

7,635

$

1,189

$

-

$

-

$

-

$

8,824

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

43

For the quarter ended September 30, 2024

Popular U.S.

Provision for

Beginning

credit losses

Ending

(In thousands)

Balance

(benefit)

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

7,877

$

(1,126)

$

-

$

5

$

6,756

Commercial real estate non-owner occupied

10,849

53

(54)

62

10,910

Commercial real estate owner occupied

18,815

(4,430)

-

19

14,404

Commercial and industrial

15,219

(1,617)

(613)

241

13,230

Total Commercial

52,760

(7,120)

(667)

327

45,300

Construction

9,251

259

-

-

9,510

Mortgage

9,389

(361)

-

46

9,074

Consumer

Home equity lines of credit

1,643

22

(4)

124

1,785

Personal

13,427

2,799

(4,442)

691

12,475

Other

2

23

(28)

5

2

Total Consumer

15,072

2,844

(4,474)

820

14,262

Total - Loans

$

86,472

$

(4,378)

$

(5,141)

$

1,193

$

78,146

Allowance for credit losses - unfunded commitments:

Commercial

$

2,850

$

(1,080)

$

-

$

-

$

1,770

Construction

8,399

(609)

-

-

7,790

Ending balance - unfunded commitments [1]

$

11,249

$

(1,689)

$

-

$

-

$

9,560

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

44

For the quarter ended September 30, 2024

Popular Inc.

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

11,180

$

(1,543)

$

-

$

-

$

5

$

9,642

Commercial real estate non-owner occupied

64,235

3,397

-

(123)

121

67,630

Commercial real estate owner occupied

58,190

(6,848)

-

(2)

1,575

52,915

Commercial and industrial

126,482

14,980

-

(6,803)

1,702

136,361

Total Commercial

260,087

9,986

-

(6,928)

3,403

266,548

Construction

12,889

(711)

-

-

1,036

13,214

Mortgage

83,289

(5,582)

3

(208)

4,148

81,650

Leasing

14,385

3,725

-

(3,630)

1,374

15,854

Consumer

Credit cards

86,313

21,238

-

(17,503)

2,646

92,694

Home equity lines of credit

1,726

(68)

-

(86)

282

1,854

Personal

107,448

23,031

-

(29,154)

3,217

104,542

Auto

157,449

20,765

-

(23,011)

6,110

161,313

Other

6,491

385

-

(756)

531

6,651

Total Consumer

359,427

65,351

-

(70,510)

12,786

367,054

Total - Loans

$

730,077

$

72,769

$

3

$

(81,276)

$

22,747

$

744,320

Allowance for credit losses - unfunded commitments:

Commercial

$

8,390

$

(264)

$

-

$

-

$

-

$

8,126

Construction

10,494

(236)

-

-

-

10,258

Ending balance - unfunded commitments [1]

$

18,884

$

(500)

$

-

$

-

$

-

$

18,384

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

45

For the nine months ended September 30, 2024

BPPR

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

3,614

$

(729)

$

-

$

-

$

1

$

2,886

Commercial real estate non-owner occupied

53,754

2,607

-

(69)

428

56,720

Commercial real estate owner occupied

40,637

(2,567)

-

(2,787)

3,228

38,511

Commercial and industrial

107,577

31,413

-

(20,931)

5,072

123,131

Total Commercial

205,582

30,724

-

(23,787)

8,729

221,248

Construction

5,294

(2,626)

-

-

1,036

3,704

Mortgage

72,440

(11,959)

26

(999)

13,068

72,576

Leasing

9,708

14,787

-

(12,321)

3,680

15,854

Consumer

Credit cards

80,487

54,734

-

(50,318)

7,791

92,694

Home equity lines of credit

103

35

-

(373)

304

69

Personal

101,181

55,987

-

(72,354)

7,253

92,067

Auto

157,931

44,386

-

(59,787)

18,783

161,313

Other

7,132

672

-

(2,072)

917

6,649

Total Consumer

346,834

155,814

-

(184,904)

35,048

352,792

Total - Loans

$

639,858

$

186,740

$

26

$

(222,011)

$

61,561

$

666,174

Allowance for credit losses - unfunded commitments:

Commercial

$

5,062

$

1,294

$

-

$

-

$

-

$

6,356

Construction

1,618

850

-

-

-

2,468

Ending balance - unfunded commitments [1]

$

6,680

$

2,144

$

-

$

-

$

-

$

8,824

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

46

For the nine months ended September 30, 2024

Popular U.S.

Provision for

Beginning

credit losses

Ending

(In thousands)

Balance

(benefit)

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

10,126

$

(2,939)

$

(441)

$

10

$

6,756

Commercial real estate non-owner occupied

11,699

(903)

(54)

168

10,910

Commercial real estate owner occupied

16,227

(1,925)

-

102

14,404

Commercial and industrial

14,779

219

(2,372)

604

13,230

Total Commercial

52,831

(5,548)

(2,867)

884

45,300

Construction

7,392

2,018

-

100

9,510

Mortgage

10,774

(1,788)

(18)

106

9,074

Consumer

Home equity lines of credit

1,875

(741)

(25)

676

1,785

Personal

16,609

8,585

(14,750)

2,031

12,475

Other

2

46

(77)

31

2

Total Consumer

18,486

7,890

(14,852)

2,738

14,262

Total - Loans

$

89,483

$

2,572

$

(17,737)

$

3,828

$

78,146

Allowance for credit losses - unfunded commitments:

Commercial

$

1,851

$

(81)

$

-

$

-

$

1,770

Construction

8,446

(656)

-

-

7,790

Consumer

29

(29)

-

-

-

Ending balance - unfunded commitments [1]

$

10,326

$

(766)

$

-

$

-

$

9,560

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

47

For the nine months ended September 30, 2024

Popular Inc.

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

$

13,740

$

(3,668)

$

-

$

(441)

$

11

$

9,642

Commercial real estate non-owner occupied

65,453

1,704

-

(123)

596

67,630

Commercial real estate owner occupied

56,864

(4,492)

-

(2,787)

3,330

52,915

Commercial and industrial

122,356

31,632

-

(23,303)

5,676

136,361

Total Commercial

258,413

25,176

-

(26,654)

9,613

266,548

Construction

12,686

(608)

-

-

1,136

13,214

Mortgage

83,214

(13,747)

26

(1,017)

13,174

81,650

Leasing

9,708

14,787

-

(12,321)

3,680

15,854

Consumer

Credit cards

80,487

54,734

-

(50,318)

7,791

92,694

Home equity lines of credit

1,978

(706)

-

(398)

980

1,854

Personal

117,790

64,572

-

(87,104)

9,284

104,542

Auto

157,931

44,386

-

(59,787)

18,783

161,313

Other

7,134

718

-

(2,149)

948

6,651

Total Consumer

365,320

163,704

-

(199,756)

37,786

367,054

Total - Loans

$

729,341

$

189,312

$

26

$

(239,748)

$

65,389

$

744,320

Allowance for credit losses - unfunded commitments:

Commercial

$

6,913

$

1,213

$

-

$

-

$

-

$

8,126

Construction

10,064

194

-

-

-

10,258

Consumer

29

(29)

-

-

-

-

Ending balance - unfunded commitments [1]

$

17,006

$

1,378

$

-

$

-

$

-

$

18,384

[1]

Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial

Condition.

Modifications

A modification constitutes a change in loan terms in the form of principal forgiveness, an interest rate reduction, other than-

insignificant payment delay, term extension or combination of the above made to a borrower experiencing financial difficulty.

The amount of outstanding commitments to lend additional funds to debtors with financial difficulties owing receivables whose terms

have been modified during the nine months ended September 30, 2025 amounted to $

148

 million (during the year ended December

31, 2024 - $

75

 million), related to the commercial loan portfolios.

The following tables show the amortized cost basis of the loans modified to borrowers experiencing financial difficulties at the end of

the reporting period disaggregated by class of financing receivable and type of concession granted for the quarters and nine months

ended September 30, 2025 and 2024. Loans modified to borrowers experiencing financial difficulties that were fully paid down,

charged-off or foreclosed upon by period end are not reported.

48

Loan Modifications Made to Borrowers Experiencing Financial Difficulty for the quarter ended September 30, 2025

Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2025

% of total class

of Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Commercial and industrial

$

742

0.01

%

$

-

-

%

$

742

0.01

%

Consumer:

 Credit cards

202

0.02

%

-

-

%

202

0.02

%

 Personal

713

0.04

%

-

-

%

713

0.04

%

Total

$

1,657

0.01

%

$

-

-

%

$

1,657

-

%

Term Extension

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2025

% of total class

of Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

CRE non-owner occupied

$

1,670

0.05

%

$

-

-

%

$

1,670

0.03

%

CRE owner occupied

13,618

1.14

%

-

-

%

13,618

0.44

%

Commercial and industrial

8,172

0.14

%

925

0.04

%

9,097

0.11

%

Mortgage

15,194

0.21

%

466

0.04

%

15,660

0.18

%

Consumer:

-

 Personal

149

0.01

%

8

0.01

%

157

0.01

%

 Auto

92

-

%

-

-

%

92

-

%

Total

$

38,895

0.14

%

$

1,399

0.01

%

$

40,294

0.10

%

Other-Than-Insignificant Payment Delays

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2025

% of total class

of Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

CRE owner occupied

$

22,889

1.91

%

$

-

-

%

$

22,889

0.74

%

Commercial and industrial

79,734

1.39

%

-

-

%

79,734

0.97

%

Mortgage

303

-

%

-

-

%

303

-

%

Total

$

102,926

0.38

%

$

-

-

%

$

102,926

0.27

%

Combination - Term Extension and Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2025

% of total class

of Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

CRE owner occupied

$

166

0.01

%

$

-

-

%

$

166

0.01

%

Commercial and industrial

2,739

0.05

%

-

-

%

2,739

0.03

%

Mortgage

2,153

0.03

%

-

-

%

2,153

0.03

%

Consumer:

 Personal

2,925

0.16

%

39

0.05

%

2,964

0.16

%

 Auto

27

-

%

-

-

%

27

-

%

Total

$

8,010

0.03

%

$

39

-

%

$

8,049

0.02

%

Combination - Other-Than-Insignificant Payment Delays and Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2025

% of total class

of Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Commercial and industrial

$

371

0.01

%

$

-

-

%

$

371

-

%

Consumer:

 Credit cards

2,666

0.22

%

-

-

%

2,666

0.22

%

Total

$

3,037

0.01

%

$

-

-

%

$

3,037

0.01

%

49

Loan Modifications Made to Borrowers Experiencing Financial Difficulty for the nine months ended September 30, 2025

Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Commercial and industrial

$

2,692

0.05

%

$

-

-

%

$

2,692

0.03

%

Mortgage

69

-

%

-

-

%

69

-

%

Consumer:

 Credit cards

617

0.05

%

-

-

%

617

0.05

%

 Personal

2,782

0.15

%

-

-

%

2,782

0.15

%

 Other

5

-

%

-

-

%

5

-

%

Total

$

6,165

0.02

%

$

-

-

%

$

6,165

0.02

%

Term Extension

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

CRE non-owner occupied

$

1,773

0.05

%

$

58,652

2.72

%

$

60,425

1.11

%

CRE owner occupied

18,854

1.58

%

-

-

%

18,854

0.61

%

Commercial and industrial

16,163

0.28

%

925

0.04

%

17,088

0.21

%

Mortgage

37,568

0.52

%

1,130

0.09

%

38,698

0.45

%

Consumer:

 Personal

630

0.03

%

8

0.01

%

638

0.03

%

 Auto

179

-

%

-

-

%

179

-

%

Total

$

75,167

0.28

%

$

60,715

0.53

%

$

135,882

0.35

%

Other-Than-Insignificant Payment Delays

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

CRE owner occupied

$

29,763

2.49

%

$

-

-

%

$

29,763

0.96

%

Commercial and industrial

165,360

2.87

%

-

-

%

165,360

2.01

%

Mortgage

721

0.01

%

-

-

%

721

0.01

%

Total

$

195,844

0.72

%

$

-

-

%

$

195,844

0.51

%

Combination - Term Extension and Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

CRE owner occupied

$

166

0.01

%

$

-

-

%

$

166

0.01

%

Commercial and industrial

2,837

0.05

%

-

-

%

2,837

0.03

%

Mortgage

9,202

0.13

%

-

-

%

9,202

0.11

%

Consumer:

 Personal

9,187

0.50

%

154

0.20

%

9,341

0.49

%

 Auto

43

-

%

-

-

%

43

-

%

Total

$

21,435

0.08

%

$

154

-

%

$

21,589

0.06

%

50

Combination - Other-Than-Insignificant Payment Delays and Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2025

% of total class of

Financing

Receivable

Commercial and industrial

$

1,157

0.02

%

$

-

-

%

$

1,157

0.01

%

Consumer:

 Credit cards

7,175

0.59

%

-

-

%

7,175

0.59

%

Total

$

8,332

0.03

%

$

-

-

%

$

8,332

0.02

%

51

Loan Modifications Made to Borrowers Experiencing Financial Difficulty for the quarter ended September 30, 2024

Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2024

% of total class

of Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

CRE owner occupied

$

147

0.01

%

$

-

-

%

$

147

-

%

Commercial and industrial

693

0.01

%

-

-

%

693

0.01

%

Consumer:

 Credit cards

213

0.02

%

-

-

%

213

0.02

%

 Personal

830

0.05

%

-

-

%

830

0.04

%

Total

$

1,883

0.01

%

$

-

-

%

$

1,883

0.01

%

Term Extension

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2024

% of total class

of Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Commercial multi-family

$

-

-

%

$

10,570

0.50

%

$

10,570

0.44

%

CRE non-owner occupied

13,108

0.42

%

-

-

%

13,108

0.25

%

CRE owner occupied

764

0.05

%

-

-

%

764

0.02

%

Commercial and industrial

20,966

0.41

%

-

-

%

20,966

0.28

%

Construction

768

0.40

%

-

-

%

768

0.07

%

Mortgage

11,850

0.18

%

429

0.03

%

12,279

0.15

%

Consumer:

 Personal

148

0.01

%

-

-

%

148

0.01

%

Total

$

47,604

0.19

%

$

10,999

0.11

%

$

58,603

0.16

%

Other-Than-Insignificant Payment Delays

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2024

% of total class

of Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

CRE non-owner occupied

$

139

-

%

$

-

-

%

$

139

-

%

CRE owner occupied

4,993

0.36

%

-

-

%

4,993

0.16

%

Commercial and industrial

71,867

1.39

%

-

-

%

71,867

0.97

%

Consumer:

 Credit cards

5

-

%

-

-

%

5

-

%

Total

$

77,004

0.30

%

$

-

-

%

$

77,004

0.21

%

Combination - Term Extension and Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2024

% of total class

of Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

CRE owner occupied

$

202

0.01

%

$

-

-

%

$

202

0.01

%

Commercial and industrial

44

-

%

-

-

%

44

-

%

Mortgage

4,728

0.07

%

-

-

%

4,728

0.06

%

Consumer:

 Personal

2,569

0.15

%

65

0.05

%

2,634

0.14

%

Total

$

7,543

0.03

%

$

65

-

%

$

7,608

0.02

%

52

Combination - Other-Than-Insignificant Payment Delays and Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2024

% of total class

of Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Commercial and industrial

$

23

-

%

$

-

-

%

$

23

-

%

Consumer:

 Credit cards

862

0.07

%

-

-

%

862

0.07

%

Total

$

885

-

%

$

-

-

%

$

885

-

%

53

Loan Modifications Made to Borrowers Experiencing Financial Difficulty for the nine months ended September 30, 2024

Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

CRE owner occupied

$

175

0.01

%

$

-

-

%

$

175

0.01

%

Commercial and industrial

2,756

0.05

%

-

-

%

2,756

0.04

%

Mortgage

42

-

%

-

-

%

42

-

%

Consumer:

 Credit cards

721

0.06

%

-

-

%

721

0.06

%

 Personal

1,873

0.11

%

-

-

%

1,873

0.10

%

 Other

24

0.02

%

-

-

%

24

0.01

%

Total

$

5,591

0.02

%

$

-

-

%

$

5,591

0.02

%

Term Extension

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Commercial multi-family

$

-

-

%

$

10,570

0.50

%

$

10,570

0.44

%

CRE non-owner occupied

55,655

1.77

%

-

-

%

55,655

1.07

%

CRE owner occupied

11,482

0.82

%

6,033

0.36

%

17,515

0.57

%

Commercial and industrial

23,837

0.46

%

-

-

%

23,837

0.32

%

Construction

768

0.40

%

-

-

%

768

0.07

%

Mortgage

41,649

0.62

%

1,075

0.08

%

42,724

0.53

%

Consumer:

 Personal

537

0.03

%

-

-

%

537

0.03

%

 Auto

53

-

%

-

-

%

53

-

%

Total

$

133,981

0.52

%

$

17,678

0.17

%

$

151,659

0.42

%

Other-Than-Insignificant Payment Delays

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

CRE non-owner occupied

$

139

-

%

$

-

-

%

$

139

-

%

CRE owner occupied

20,591

1.47

%

-

-

%

20,591

0.67

%

Commercial and industrial

75,231

1.45

%

-

-

%

75,231

1.02

%

Mortgage

127

-

%

-

-

%

127

-

%

Consumer:

 Credit cards

5

-

%

-

-

%

5

-

%

Total

$

96,093

0.37

%

$

-

-

%

$

96,093

0.27

%

Combination - Term Extension and Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

CRE non-owner occupied

$

889

0.03

%

$

-

-

%

$

889

0.02

%

CRE owner occupied

202

0.01

%

-

-

%

202

0.01

%

Commercial and industrial

615

0.01

%

-

-

%

615

0.01

%

Mortgage

13,404

0.20

%

67

0.01

%

13,471

0.17

%

Consumer:

 Personal

5,755

0.33

%

312

0.26

%

6,067

0.32

%

Total

$

20,865

0.08

%

$

379

-

%

$

21,244

0.06

%

54

Combination - Other-Than-Insignificant Payment Delays and Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(Dollars in thousands)

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Amortized Cost

Basis at

September 30,

2024

% of total class of

Financing

Receivable

Commercial and industrial

$

110

-

%

$

-

-

$

110

-

%

Consumer:

 Credit cards

1,335

0.11

%

-

-

1,335

0.11

%

Total

$

1,445

0.01

%

$

-

-

$

1,445

-

%

55

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulties:

For the quarter ended September 30, 2025

Interest rate reduction

Loan Type

Financial Effect

CRE Owner occupied

Reduced weighted-average contractual interest rate from

10

.0% to

7.5

%

Commercial and industrial

Reduced weighted-average contractual interest rate from

14.4

% to

8

.0%.

Mortgage

Reduced weighted-average contractual interest rate from

6.9

% to

5.4

%.

Consumer:

Credit cards

Reduced weighted-average contractual interest rate from

20.6

% to

8.5

%.

Personal

Reduced weighted-average contractual interest rate from

20.1

% to

11.6

%.

Auto

Reduced weighted-average contractual interest rate from

8.2

0% to

8.19

%.

Term extension

Loan Type

Financial Effect

CRE Non-owner occupied

Added a weighted-average of

5

 months to the life of loans.

CRE Owner occupied

Added a weighted-average of

3

 years to the life of loans.

Commercial and industrial

Added a weighted-average of

7

 years to the life of loans.

Mortgage

Added a weighted-average of

12

 years to the life of loans.

Consumer:

Personal

Added a weighted-average of

6

 years to the life of loans.

Auto

Added a weighted-average of

21

 months to the life of loans.

Other than insignificant payment delays

Loan Type

Financial Effect

CRE Owner occupied

Added a weighted-average of

9

 months to the life of loans.

Commercial and industrial

Added a weighted-average of

14

 months to the life of loans.

Mortgage

Added a weighted-average of

22

 months to the life of loans.

Consumer:

Credit cards

Added a weighted-average of

18

 months to the life of loans.

56

For the nine months ended September 30, 2025

Interest rate reduction

Loan Type

Financial Effect

CRE Owner occupied

Reduced weighted-average contractual interest rate from

10.0

% to

7.5

%.

Commercial and industrial

Reduced weighted-average contractual interest rate from

18.6

% to

8.7

%.

Mortgage

Reduced weighted-average contractual interest rate from

6.8

% to

5.5

%.

Consumer:

Credit cards

Reduced weighted-average contractual interest rate from

20.9

% to

8.4

%.

Personal

Reduced weighted-average contractual interest rate from

21.1

% to

11.7

%.

Auto

Reduced weighted-average contractual interest rate from

11.86

% to

11.85

%.

Other

Reduced weighted-average contractual interest rate from

18

.0% to

0

.0%.

Term extension

Loan Type

Financial Effect

CRE Non-owner occupied

Added a weighted-average of

2

 years to the life of loans.

CRE Owner occupied

Added a weighted-average of

3

 years to the life of loans.

Commercial and industrial

Added a weighted-average of

5

 years to the life of loans.

Mortgage

Added a weighted-average of

13

 years to the life of loans.

Consumer:

Personal

Added a weighted-average of

5

 years to the life of loans.

Auto

Added a weighted-average of

2

 years to the life of loans.

Other than insignificant payment delay

Loan Type

Financial Effect

CRE Owner occupied

Added a weighted-average of

11

 months to the life of loans.

Commercial and industrial

Added a weighted-average of

12

 months to the life of loans.

Mortgage

Added a weighted-average of

21

 months to the life of loans.

Consumer:

Credit cards

Added a weighted-average of

17

 months to the life of loans.

57

For the quarter ended September 30, 2024

Interest rate reduction

Loan Type

Financial Effect

CRE Owner occupied

Reduced weighted-average contractual interest rate from

10.5

% to

6.6

%.

Commercial and industrial

Reduced weighted-average contractual interest rate from

25.8

% to

10.2

%.

Mortgage

Reduced weighted-average contractual interest rate from

5.9

% to

4.3

%.

Consumer:

Credit cards

Reduced weighted-average contractual interest rate from

21.5

% to

8

.0%.

Personal

Reduced weighted-average contractual interest rate from

19.5

% to

10.4

%.

Term extension

Loan Type

Financial Effect

Commercial multi-family

Added a weighted-average of

4

 months to the life of loans.

CRE Non-owner occupied

Added a weighted-average of

7

 months to the life of loans.

CRE Owner occupied

Added a weighted-average of

5

 years to the life of loans.

Commercial and industrial

Added a weighted-average of

1

 year to the life of loans.

Construction

Added a weighted-average of

2

 months to the life of loans.

Mortgage

Added a weighted-average of

12

 years to the life of loans.

Consumer:

Personal

Added a weighted-average of

5

 years to the life of loans.

Other than insignificant payment delay

Loan Type

Financial Effect

CRE Non-owner occupied

Added a weighted-average of

14

 months to the life of loans.

CRE Owner occupied

Added a weighted-average of

7

 months to the life of loans.

Commercial and industrial

Added a weighted-average of

7

 months to the life of loans.

Consumer:

Credit cards

Added a weighted-average of

16

 months to the life of loans.

58

For the nine months ended September 30, 2024

Interest rate reduction

Loan Type

Financial Effect

CRE Non-owner occupied

Reduced weighted-average contractual interest rate from

10.1

% to

8.3

%.

CRE Owner occupied

Reduced weighted-average contractual interest rate from

10.6

% to

6.5

%.

Commercial and industrial

Reduced weighted-average contractual interest rate from

20.6

% to

9.6

%.

Mortgage

Reduced weighted-average contractual interest rate from

6.1

% to

4.4

%.

Consumer:

Credit cards

Reduced weighted-average contractual interest rate from

20.9

% to

6.5

%.

Personal

Reduced weighted-average contractual interest rate from

19.1

% to

10

.0%.

Other

Reduced weighted-average contractual interest rate from

18

.0% to

0

.0%.

Term extension

Loan Type

Financial Effect

Commercial multi-family

Added a weighted-average of

4

 months to the life of loans.

CRE Non-owner occupied

Added a weighted-average of

9

 months to the life of loans.

CRE Owner occupied

Added a weighted-average of

11

 months to the life of loans.

Commercial and industrial

Added a weighted-average of

2

 years to the life of loans.

Construction

Added a weighted-average of

2

 months to the life of loans.

Mortgage

Added a weighted-average of

12

 years to the life of loans.

Consumer:

Personal

Added a weighted-average of

8

 years to the life of loans.

Auto

Added a weighted-average of

4

 years to the life of loans.

Other than insignificant payment delay

Loan Type

Financial Effect

CRE Non-owner occupied

Added a weighted-average of

14

 months to the life of loans.

CRE Owner occupied

Added a weighted-average of

10

 months to the life of loans.

Commercial and industrial

Added a weighted-average of

7

 months to the life of loans.

Mortgage

Added a weighted-average of

30

 months to the life of loans.

Consumer:

Credit cards

Added a weighted-average of

18

 months to the life of loans.

59

The following tables present, by class, the performance of loans that have been modified during the twelve months preceding

September 30, 2025. The past due 90 days or more categories include all loans modified classified as non-accruing at the time of

the modification. These loans will continue in non-accrual status, and presented as past due 90 days or more, until the borrower has

demonstrated a willingness and ability to make the restructured loan payments (at least six months of sustained performance after

the modification or one year for loans providing for quarterly or semi-annual payments) and management has concluded that it is

probable that the borrower would not be in payment default in the foreseeable future.

BPPR

 September 30, 2025

Past Due 90 days or more [1]

(In thousands)

30-59 days

60-89 days

Past due 90

days or more

Total past

due

Current

Total

With Payment

Default

Without

Payment Default

CRE non-owner occupied

$

-

$

-

$

2,084

$

2,084

$

-

$

2,084

$

311

$

1,773

CRE owner occupied

135

-

2,572

2,707

56,062

58,769

63

2,509

Commercial and industrial

175

171

3,055

3,401

187,480

190,881

520

2,535

Mortgage

5,717

2,960

20,001

28,678

30,224

58,902

6,851

13,150

Consumer:

 Credit cards

760

670

1,319

2,749

6,811

9,560

1,135

184

 Personal

585

340

2,211

3,136

13,210

16,346

356

1,855

 Auto

-

-

-

-

254

254

-

-

 Other

-

-

-

-

5

5

-

-

Total

$

7,372

$

4,141

$

31,242

$

42,755

$

294,046

$

336,801

$

9,236

$

22,006

[1] Loans that were in non-accrual status at the time of modification are presented as past due until the borrower has demonstrated a willingness and ability

to make the restructured loan payments. Payment default is defined as a restructured loan becoming 90 days past due after being modified, foreclosed or

charged-off, whichever occurs first. The recorded investment as of period end is inclusive of all partial paydowns and charge-offs since the modification

date. Loans modified with financial difficulty that were fully paid down, charged-off or foreclosed upon by period end are not reported.

Popular U.S.

 September 30, 2025

Past Due 90 days or more [1]

(In thousands)

30-59 days

60-89 days

Past due 90

days or more

Total past

due

Current

Total

With Payment

Default

Without

Payment Default

CRE non-owner occupied

$

-

$

-

$

-

$

-

$

58,652

$

58,652

$

-

$

-

Commercial and industrial

-

-

-

-

1,422

1,422

-

-

Mortgage

-

-

-

-

1,519

1,519

-

-

Consumer:

 Personal

28

-

13

41

164

205

13

-

Total

$

28

$

-

$

13

$

41

$

61,757

$

61,798

$

13

$

-

[1] Loans that were in non-accrual status at the time of modification are presented as past due until the borrower has demonstrated a willingness and ability

to make the restructured loan payments. Payment default is defined as a restructured loan becoming 90 days past due after being modified, foreclosed or

charged-off, whichever occurs first. The recorded investment as of period end is inclusive of all partial paydowns and charge-offs since the modification

date. Loans modified with financial difficulty that were fully paid down, charged-off or foreclosed upon by period end are not reported.

Popular Inc.

 September 30, 2025

Past Due 90 days or more [1]

(In thousands)

30-59 days

60-89 days

Past due 90

days or more

Total past

due

Current

Total

With Payment

Default

Without

Payment Default

CRE non-owner occupied

$

-

$

-

$

2,084

$

2,084

$

58,652

$

60,736

$

311

$

1,773

CRE owner occupied

135

-

2,572

2,707

56,062

58,769

63

2,509

Commercial and industrial

175

171

3,055

3,401

188,902

192,303

520

2,535

Mortgage

5,717

2,960

20,001

28,678

31,743

60,421

6,851

13,150

Consumer:

 Credit cards

760

670

1,319

2,749

6,811

9,560

1,135

184

 Personal

613

340

2,224

3,177

13,374

16,551

369

1,855

 Auto

-

-

-

-

254

254

-

-

 Other

-

-

-

-

5

5

-

-

Total

$

7,400

$

4,141

$

31,255

$

42,796

$

355,803

$

398,599

$

9,249

$

22,006

[1] Loans that were in non-accrual status at the time of modification are presented as past due until the borrower has demonstrated a willingness and ability

to make the restructured loan payments. Payment default is defined as a restructured loan becoming 90 days past due after being modified, foreclosed or

charged-off, whichever occurs first. The recorded investment as of period end is inclusive of all partial paydowns and charge-offs since the modification

date. Loans modified with financial difficulty that were fully paid down, charged-off or foreclosed upon by period end are not reported.

60

The following tables present, by class, the performance of loans that have been modified during the twelve months preceding

September 30, 2024.

BPPR

 September 30, 2024

Past Due 90 days or more [1]

(In thousands)

30-59 days

60-89 days

Past due 90

days or more

Total past

due

Current

Total

With Payment

Default

Without

Payment Default

Commercial multi-family

$

-

$

-

$

63

$

63

$

-

$

63

$

-

$

63

CRE non-owner occupied

-

-

2,798

2,798

55,766

58,564

-

2,798

CRE owner occupied

92

-

2,232

2,324

36,355

38,679

89

2,143

Commercial and industrial

12,359

26

4,817

17,202

86,203

103,405

96

4,721

Construction

-

-

-

-

768

768

-

-

Mortgage

5,649

4,359

24,206

34,214

40,358

74,572

6,609

17,597

Consumer:

 Credit cards

205

81

283

569

1,715

2,284

197

86

 Personal

286

51

1,914

2,251

6,854

9,105

210

1,704

 Auto

-

-

34

34

69

103

-

34

 Other

24

-

-

24

4

28

-

-

Total

$

18,615

$

4,517

$

36,347

$

59,479

$

228,092

$

287,571

$

7,201

$

29,146

[1] Loans that were in non-accrual status at the time of modification are presented as past due until the borrower has demonstrated a willingness and ability

to make the restructured loan payments. Payment default is defined as a restructured loan becoming 90 days past due after being modified, foreclosed or

charged-off, whichever occurs first. The recorded investment as of period end is inclusive of all partial paydowns and charge-offs since the modification

date. Loans modified with financial difficulty that were fully paid down, charged-off or foreclosed upon by period end are not reported.

Popular U.S.

 September 30, 2024

Past Due 90 days or more [1]

(In thousands)

30-59 days

60-89 days

Past due 90

days or more

Total past

due

Current

Total

With Payment

Default

Without

Payment Default

Commercial multi-family

$

-

$

-

$

-

$

-

$

10,570

$

10,570

$

-

$

-

CRE owner occupied

-

-

-

-

39,855

39,855

-

-

Mortgage

-

-

795

795

407

1,202

-

795

Consumer:

 Personal

29

-

85

114

216

330

-

85

Total

$

29

$

-

$

880

$

909

$

51,048

$

51,957

$

-

$

880

[1] Loans that were in non-accrual status at the time of modification are presented as past due until the borrower has demonstrated a willingness and ability

to make the restructured loan payments. Payment default is defined as a restructured loan becoming 90 days past due after being modified, foreclosed or

charged-off, whichever occurs first. The recorded investment as of period end is inclusive of all partial paydowns and charge-offs since the modification

date. Loans modified with financial difficulty that were fully paid down, charged-off or foreclosed upon by period end are not reported.

Popular Inc.

 September 30, 2024

Past Due 90 days or more [1]

(In thousands)

30-59 days

60-89 days

Past due 90

days or more

Total past

due

Current

Total

With Payment

Default

Without

Payment Default

Commercial multi-family

$

-

$

-

$

63

$

63

$

10,570

$

10,633

$

-

$

63

CRE non-owner occupied

-

-

2,798

2,798

55,766

58,564

-

2,798

CRE owner occupied

92

-

2,232

2,324

76,210

78,534

89

2,143

Commercial and industrial

12,359

26

4,817

17,202

86,203

103,405

96

4,721

Construction

-

-

-

-

768

768

-

-

Mortgage

5,649

4,359

25,001

35,009

40,765

75,774

6,609

18,392

Consumer:

 Credit cards

205

81

283

569

1,715

2,284

197

86

 Personal

315

51

1,999

2,365

7,070

9,435

210

1,789

 Auto

-

-

34

34

69

103

-

34

 Other

24

-

-

24

4

28

-

-

Total

$

18,644

$

4,517

$

37,227

$

60,388

$

279,140

$

339,528

$

7,201

$

30,026

[1] Loans that were in non-accrual status at the time of modification are presented as past due until the borrower has demonstrated a willingness and ability

to make the restructured loan payments. Payment default is defined as a restructured loan becoming 90 days past due after being modified, foreclosed or

charged-off, whichever occurs first. The recorded investment as of period end is inclusive of all partial paydowns and charge-offs since the modification

date. Loans modified with financial difficulty that were fully paid down, charged-off or foreclosed upon by period end are not reported.

61

Payment default is defined as a restructured loan becoming 90 days past due after being modified, foreclosed or charged-off,

whichever occurs first.

The following tables provide the outstanding balance of loans modified for borrowers under financial

difficulties that were subject to payment default and that had been modified during the twelve months prior to default.

Amortized Cost Basis of Modified Financing Receivables That Subsequently Defaulted During the Quarter Ended September 30, 2025

(In thousands)

Interest Rate

Reduction

Term Extension

Other-Than-

Insignificant

Payment Delays

Combination - Term

Extension and Interest

Rate Reduction

Combination - Other-

Than-Insignificant

Payment Delays and

Interest Rate

Reduction

Total

CRE non-owner occupied

$

-

$

-

$

311

$

-

$

-

$

311

Commercial and industrial

110

131

122

-

150

513

Mortgage

-

6,021

236

569

-

6,826

Consumer:

 Credit cards

270

-

-

-

938

1,208

 Personal

353

-

-

68

-

421

Total

$

733

$

6,152

$

669

$

637

$

1,088

$

9,279

Amortized Cost Basis of Modified Financing Receivables That Subsequently Defaulted During the Nine Months Ended September 30, 2025

(In thousands)

Interest Rate

Reduction

Term Extension

Other-Than-

Insignificant

Payment Delays

Combination - Term

Extension and Interest

Rate Reduction

Combination - Other-

Than-Insignificant

Payment Delays and

Interest Rate

Reduction

Total

CRE non-owner occupied

$

-

$

-

$

438

$

-

$

-

$

438

CRE owner occupied

-

-

176

-

-

176

Commercial and industrial

166

131

122

-

339

758

Mortgage

-

12,784

236

1,835

-

14,855

Consumer:

 Credit cards

440

-

-

-

1,298

1,738

 Personal

410

45

-

105

-

560

Total

$

1,016

$

12,960

$

972

$

1,940

$

1,637

$

18,525

Amortized Cost Basis of Modified Financing Receivables That Subsequently Defaulted During the Quarter Ended September 30, 2024

(In thousands)

Interest Rate

Reduction

Term Extension

Other-Than-

Insignificant

Payment Delays

Combination - Term

Extension and Interest

Rate Reduction

Combination - Other-

Than-Insignificant

Payment Delays and

Interest Rate

Reduction

Total

CRE owner occupied

$

-

$

-

$

89

$

-

$

-

$

89

Commercial and industrial

6

45

-

-

-

51

Mortgage

-

5,911

127

919

-

6,957

Consumer:

 Credit cards

223

-

-

-

19

242

 Personal

186

42

-

118

-

346

Total

$

415

$

5,998

$

216

$

1,037

$

19

$

7,685

62

Amortized Cost Basis of Modified Financing Receivables That Subsequently Defaulted During the Nine Months Ended September 30, 2024

(In thousands)

Interest Rate

Reduction

Term Extension

Other-Than-

Insignificant

Payment Delays

Combination - Term

Extension and Interest

Rate Reduction

Combination - Other-

Than-Insignificant

Payment Delays and

Interest Rate

Reduction

Total

CRE owner occupied

$

-

$

536

$

89

$

-

$

-

$

625

Commercial and industrial

6

9,130

11

-

50

9,197

Mortgage

-

12,281

127

2,177

-

14,585

Consumer:

 Credit cards

285

-

-

-

54

339

 Personal

260

42

-

258

-

560

Total

$

551

$

21,989

$

227

$

2,435

$

104

$

25,306

Credit Quality

The risk rating system provides for the assignment of ratings at the obligor level based on the financial condition of the borrower.

The risk rating analysis process is performed at least once a year or more frequently if events or conditions change which may

deteriorate the credit quality. In the case of consumer and mortgage loans, these loans are classified considering their delinquency

status at the end of the reporting period.

The following tables present the amortized cost basis, net of unearned income, of loans held-in-portfolio based on the Corporation’s

assignment of obligor risk ratings as defined at September 30, 2025 and December 31, 2024 and the gross write-offs recorded by

vintage year. For the definitions of the obligor risk ratings, refer to the Credit Quality section of Note 8 to the Consolidated Financial

Statements included in the 2024 Form 10-K:

63

September 30, 2025

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2025

2024

2023

2022

2021

Prior 

Years

Total

BPPR

Commercial:

Commercial multi-family

Pass

$

5,767

$

33,483

$

36,660

$

133,261

$

20,611

$

47,906

$

107

$

-

$

277,795

Watch

-

15,880

-

528

-

948

-

-

17,356

Special Mention

219

-

-

-

75

3,122

-

-

3,416

Substandard

-

-

-

-

-

3,799

-

-

3,799

Total commercial

multi-family

$

5,986

$

49,363

$

36,660

$

133,789

$

20,686

$

55,775

$

107

$

-

$

302,366

Commercial real estate non-owner occupied

Pass

$

307,242

$

440,086

$

275,057

$

796,328

$

517,382

$

708,490

$

7,907

$

-

$

3,052,492

Watch

9,391

9,750

18,744

5,153

24,694

55,619

-

-

123,351

Special Mention

-

-

23,362

147

-

19,146

-

-

42,655

Substandard

-

729

8,627

30,379

26,020

18,492

-

-

84,247

Total commercial

real estate non-

owner occupied

$

316,633

$

450,565

$

325,790

$

832,007

$

568,096

$

801,747

$

7,907

$

-

$

3,302,745

Year-to-Date gross

write-offs

$

-

$

13,356

$

-

$

134

$

-

$

86

$

-

$

-

$

13,576

Commercial real estate owner occupied

Pass

$

59,045

$

135,482

$

73,688

$

95,839

$

171,002

$

316,767

$

3,961

$

-

$

855,784

Watch

2,105

11,092

5,455

29,058

29,571

74,965

1,886

-

154,132

Special Mention

-

-

1,793

16,062

796

15,956

1,499

-

36,106

Substandard

13,441

351

1,414

39,420

9,189

70,920

14,448

-

149,183

Doubtful

-

-

-

-

-

79

-

-

79

Total commercial

real estate owner

occupied

$

74,591

$

146,925

$

82,350

$

180,379

$

210,558

$

478,687

$

21,794

$

-

$

1,195,284

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

103

$

-

$

-

$

103

Commercial and industrial

Pass

$

932,284

$

666,483

$

775,714

$

489,942

$

205,112

$

359,273

$

1,380,285

$

-

$

4,809,093

Watch

5,888

98,918

14,605

8,809

3,748

21,330

166,902

-

320,200

Special Mention

20,525

22,327

9,475

62,104

475

2,897

15,186

-

132,989

Substandard

12,269

12,994

53,950

76,399

158,743

19,757

155,604

-

489,716

Total commercial

and industrial

$

970,966

$

800,722

$

853,744

$

637,254

$

368,078

$

403,257

$

1,717,977

$

-

$

5,751,998

Year-to-Date gross

write-offs

$

845

$

332

$

209

$

389

$

21

$

212

$

6,571

$

-

$

8,579

Construction

Pass

$

18,405

$

119,700

$

77,544

$

9,379

$

2,925

$

10,269

$

49,038

$

-

$

287,260

Watch

-

-

16,615

-

78

-

-

-

16,693

Total construction

$

18,405

$

119,700

$

94,159

$

9,379

$

3,003

$

10,269

$

49,038

$

-

$

303,953

Mortgage

Pass

$

752,769

$

885,122

$

691,353

$

390,170

$

383,945

$

4,058,832

$

-

$

-

$

7,162,191

Substandard

-

354

2,527

2,037

874

65,123

-

-

70,915

Total mortgage

$

752,769

$

885,476

$

693,880

$

392,207

$

384,819

$

4,123,955

$

-

$

-

$

7,233,106

Year-to-Date gross

write-offs

$

31

$

-

$

1

$

-

$

-

$

1,538

$

-

$

-

$

1,570

64

September 30, 2025

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2025

2024

2023

2022

2021

Prior 

Years

Total

BPPR

Leasing

Pass

$

553,617

$

571,841

$

385,290

$

277,696

$

154,797

$

47,637

$

-

$

-

$

1,990,878

Substandard

256

1,156

2,254

2,271

1,176

593

-

-

7,706

Loss

-

-

-

33

34

-

-

-

67

Total leasing

$

553,873

$

572,997

$

387,544

$

280,000

$

156,007

$

48,230

$

-

$

-

$

1,998,651

Year-to-Date gross

write-offs

$

520

$

3,244

$

3,717

$

3,778

$

1,284

$

-

$

-

$

-

$

12,543

Consumer:

Credit cards

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

1,199,942

$

-

$

1,199,942

Substandard

-

-

-

-

-

-

25,622

-

25,622

Loss

-

-

-

-

-

-

3

-

3

Total credit cards

$

-

$

-

$

-

$

-

$

-

$

-

$

1,225,567

$

-

$

1,225,567

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

57,015

$

-

$

57,015

HELOCs

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

1,693

$

-

$

1,693

Total HELOCs

$

-

$

-

$

-

$

-

$

-

$

-

$

1,693

$

-

$

1,693

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

25

$

-

$

25

Personal

Pass

$

667,332

$

496,053

$

307,971

$

157,341

$

61,363

$

85,216

$

-

$

29,114

$

1,804,390

Substandard

671

2,548

3,519

2,104

847

6,692

-

2,213

18,594

Loss

-

61

58

5

22

18

-

-

164

Total Personal

$

668,003

$

498,662

$

311,548

$

159,450

$

62,232

$

91,926

$

-

$

31,327

$

1,823,148

Year-to-Date gross

write-offs

$

586

$

12,216

$

26,518

$

14,121

$

3,709

$

1,631

$

-

$

1,943

$

60,724

Auto

Pass

$

899,264

$

1,068,559

$

762,480

$

513,010

$

357,768

$

191,541

$

-

$

-

$

3,792,622

Substandard

2,250

15,673

14,283

11,662

7,750

6,535

-

-

58,153

Loss

-

17

103

37

-

21

-

-

178

Total Auto

$

901,514

$

1,084,249

$

776,866

$

524,709

$

365,518

$

198,097

$

-

$

-

$

3,850,953

Year-to-Date gross

write-offs

$

3,122

$

21,282

$

15,163

$

9,159

$

3,657

$

1,266

$

-

$

-

$

53,649

Other consumer

Pass

$

28,822

$

25,904

$

23,307

$

16,942

$

8,217

$

3,455

$

63,479

$

-

$

170,126

Substandard

-

-

216

104

22

52

419

-

813

Loss

-

-

-

1,025

363

-

-

-

1,388

Total Other

consumer

$

28,822

$

25,904

$

23,523

$

18,071

$

8,602

$

3,507

$

63,898

$

-

$

172,327

Year-to-Date gross

write-offs

$

30

$

191

$

226

$

181

$

313

$

1,398

$

-

$

-

$

2,339

Total BPPR

$

4,291,562

$

4,634,563

$

3,586,064

$

3,167,245

$

2,147,599

$

6,215,450

$

3,087,981

$

31,327

$

27,161,791

65

September 30, 2025

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2025

2024

2023

2022

2021

Prior

Years

Total

Popular U.S.

Commercial:

Commercial multi-family

Pass

$

296,771

$

141,317

$

151,040

$

464,528

$

297,074

$

652,853

$

7,077

$

-

$

2,010,660

Watch

-

-

-

15,589

24,021

100,470

-

-

140,080

Special Mention

-

-

-

7,882

-

2,503

-

-

10,385

Substandard

-

-

1,781

2,736

-

21,581

-

-

26,098

Total commercial

multi-family

$

296,771

$

141,317

$

152,821

$

490,735

$

321,095

$

777,407

$

7,077

$

-

$

2,187,223

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

563

$

-

$

-

$

563

Commercial real estate non-owner occupied

Pass

$

152,036

$

184,351

$

312,258

$

472,285

$

174,416

$

632,757

$

4,585

$

-

$

1,932,688

Watch

10,300

8,834

10,841

11,285

-

52,924

-

-

94,184

Substandard

-

-

-

13,023

7,430

112,510

-

-

132,963

Total commercial

real estate non-

owner occupied

$

162,336

$

193,185

$

323,099

$

496,593

$

181,846

$

798,191

$

4,585

$

-

$

2,159,835

Commercial real estate owner occupied

Pass

$

321,250

$

251,751

$

246,753

$

263,185

$

242,063

$

286,643

$

9,556

$

-

$

1,621,201

Watch

-

13,500

25,247

7,799

2,284

48,409

1,600

-

98,839

Special Mention

-

18,001

-

-

-

11,055

-

-

29,056

Substandard

-

2,715

-

54,030

2,308

87,291

-

-

146,344

Total commercial

real estate owner

occupied

$

321,250

$

285,967

$

272,000

$

325,014

$

246,655

$

433,398

$

11,156

$

-

$

1,895,440

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

26

$

-

$

-

$

26

Commercial and industrial

Pass

$

193,963

$

327,871

$

277,660

$

327,177

$

280,585

$

661,457

$

264,838

$

-

$

2,333,551

Watch

-

1,706

9,462

29,796

22,081

63,952

4,295

-

131,292

Special Mention

-

-

4,454

180

342

207

810

-

5,993

Substandard

-

5,670

864

4,464

152

1,457

10,198

-

22,805

Total commercial

and industrial

$

193,963

$

335,247

$

292,440

$

361,617

$

303,160

$

727,073

$

280,141

$

-

$

2,493,641

Year-to-Date gross

write-offs

$

100

$

1,106

$

-

$

-

$

599

$

5

$

108

$

-

$

1,918

Construction

Pass

$

229,225

$

420,979

$

427,419

$

85,358

$

-

$

6,030

$

12,333

$

-

$

1,181,344

Watch

741

5,007

47,416

47,642

-

6,999

-

-

107,805

Special Mention

-

-

2,908

-

-

-

-

-

2,908

Substandard

-

-

-

8,602

-

-

-

-

8,602

Total construction

$

229,966

$

425,986

$

477,743

$

141,602

$

-

$

13,029

$

12,333

$

-

$

1,300,659

Mortgage

Pass

$

94,885

$

84,091

$

85,278

$

207,578

$

262,878

$

562,783

$

-

$

-

$

1,297,493

Substandard

-

-

644

-

217

26,948

-

-

27,809

Total mortgage

$

94,885

$

84,091

$

85,922

$

207,578

$

263,095

$

589,731

$

-

$

-

$

1,325,302

66

September 30, 2025

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2025

2024

2023

2022

2021

Prior

Years

Total

Popular U.S.

Consumer:

HELOCs

Pass

$

-

$

-

$

-

$

-

$

-

$

5,580

$

58,047

$

10,311

$

73,938

Substandard

-

-

-

-

-

1,423

13

763

2,199

Loss

-

-

-

-

-

165

-

895

1,060

Total HELOCs

$

-

$

-

$

-

$

-

$

-

$

7,168

$

58,060

$

11,969

$

77,197

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

46

$

-

$

46

Personal

Pass

$

16,107

$

20,115

$

14,538

$

19,843

$

4,249

$

1,384

$

-

$

-

$

76,236

Substandard

82

74

171

259

16

269

-

-

871

Loss

-

-

22

-

-

48

-

-

70

Total Personal

$

16,189

$

20,189

$

14,731

$

20,102

$

4,265

$

1,701

$

-

$

-

$

77,177

Year-to-Date gross

write-offs

$

-

$

1,665

$

1,845

$

3,051

$

577

$

37

$

-

$

-

$

7,175

Other consumer

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

8,863

$

-

$

8,863

Substandard

-

-

-

-

-

-

30

-

30

Total Other

consumer

$

-

$

-

$

-

$

-

$

-

$

-

$

8,893

$

-

$

8,893

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

67

$

-

$

67

Total Popular U.S.

$

1,315,360

$

1,485,982

$

1,618,756

$

2,043,241

$

1,320,116

$

3,347,698

$

382,245

$

11,969

$

11,525,367

67

September 30, 2025

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2025

2024

2023

2022

2021

Prior

Years

Total

Popular, Inc.

Commercial:

Commercial multi-family

Pass

$

302,538

$

174,800

$

187,700

$

597,789

$

317,685

$

700,759

$

7,184

$

-

$

2,288,455

Watch

-

15,880

-

16,117

24,021

101,418

-

-

157,436

Special Mention

219

-

-

7,882

75

5,625

-

-

13,801

Substandard

-

-

1,781

2,736

-

25,380

-

-

29,897

Total commercial

multi-family

$

302,757

$

190,680

$

189,481

$

624,524

$

341,781

$

833,182

$

7,184

$

-

$

2,489,589

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

563

$

-

$

-

$

563

Commercial real estate non-owner occupied

Pass

$

459,278

$

624,437

$

587,315

$

1,268,613

$

691,798

$

1,341,247

$

12,492

$

-

$

4,985,180

Watch

19,691

18,584

29,585

16,438

24,694

108,543

-

-

217,535

Special Mention

-

-

23,362

147

-

19,146

-

-

42,655

Substandard

-

729

8,627

43,402

33,450

131,002

-

-

217,210

Total commercial

real estate non-

owner occupied

$

478,969

$

643,750

$

648,889

$

1,328,600

$

749,942

$

1,599,938

$

12,492

$

-

$

5,462,580

Year-to-Date gross

write-offs

$

-

$

13,356

$

-

$

134

$

-

$

86

$

-

$

-

$

13,576

Commercial real estate owner occupied

Pass

$

380,295

$

387,233

$

320,441

$

359,024

$

413,065

$

603,410

$

13,517

$

-

$

2,476,985

Watch

2,105

24,592

30,702

36,857

31,855

123,374

3,486

-

252,971

Special Mention

-

18,001

1,793

16,062

796

27,011

1,499

-

65,162

Substandard

13,441

3,066

1,414

93,450

11,497

158,211

14,448

-

295,527

Doubtful

-

-

-

-

-

79

-

-

79

Total commercial

real estate owner

occupied

$

395,841

$

432,892

$

354,350

$

505,393

$

457,213

$

912,085

$

32,950

$

-

$

3,090,724

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

129

$

-

$

-

$

129

Commercial and industrial

Pass

$

1,126,247

$

994,354

$

1,053,374

$

817,119

$

485,697

$

1,020,730

$

1,645,123

$

-

$

7,142,644

Watch

5,888

100,624

24,067

38,605

25,829

85,282

171,197

-

451,492

Special Mention

20,525

22,327

13,929

62,284

817

3,104

15,996

-

138,982

Substandard

12,269

18,664

54,814

80,863

158,895

21,214

165,802

-

512,521

Total commercial

and industrial

$

1,164,929

$

1,135,969

$

1,146,184

$

998,871

$

671,238

$

1,130,330

$

1,998,118

$

-

$

8,245,639

Year-to-Date gross

write-offs

$

945

$

1,438

$

209

$

389

$

620

$

217

$

6,679

$

-

$

10,497

68

September 30, 2025

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2025

2024

2023

2022

2021

Prior

Years

Total

Popular, Inc.

Construction

Pass

$

247,630

$

540,679

$

504,963

$

94,737

$

2,925

$

16,299

$

61,371

$

-

$

1,468,604

Watch

741

5,007

64,031

47,642

78

6,999

-

-

124,498

Special Mention

-

-

2,908

-

-

-

-

-

2,908

Substandard

-

-

-

8,602

-

-

-

-

8,602

Total construction

$

248,371

$

545,686

$

571,902

$

150,981

$

3,003

$

23,298

$

61,371

$

-

$

1,604,612

Mortgage

Pass

$

847,654

$

969,213

$

776,631

$

597,748

$

646,823

$

4,621,615

$

-

$

-

$

8,459,684

Substandard

-

354

3,171

2,037

1,091

92,071

-

-

98,724

Total mortgage

$

847,654

$

969,567

$

779,802

$

599,785

$

647,914

$

4,713,686

$

-

$

-

$

8,558,408

Year-to-Date gross

write-offs

$

31

$

-

$

1

$

-

$

-

$

1,538

$

-

$

-

$

1,570

Leasing

Pass

$

553,617

$

571,841

$

385,290

$

277,696

$

154,797

$

47,637

$

-

$

-

$

1,990,878

Substandard

256

1,156

2,254

2,271

1,176

593

-

-

7,706

Loss

-

-

-

33

34

-

-

-

67

Total leasing

$

553,873

$

572,997

$

387,544

$

280,000

$

156,007

$

48,230

$

-

$

-

$

1,998,651

Year-to-Date gross

write-offs

$

520

$

3,244

$

3,717

$

3,778

$

1,284

$

-

$

-

$

-

$

12,543

69

September 30, 2025

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2025

2024

2023

2022

2021

Prior

Years

Total

Popular, Inc.

Consumer:

Credit cards

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

1,199,942

$

-

$

1,199,942

Substandard

-

-

-

-

-

-

25,622

-

25,622

Loss

-

-

-

-

-

-

3

-

3

Total credit cards

$

-

$

-

$

-

$

-

$

-

$

-

$

1,225,567

$

-

$

1,225,567

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

57,015

$

-

$

57,015

HELOCs

Pass

$

-

$

-

$

-

$

-

$

-

$

5,580

$

59,740

$

10,311

$

75,631

Substandard

-

-

-

-

-

1,423

13

763

2,199

Loss

-

-

-

-

-

165

-

895

1,060

Total HELOCs

$

-

$

-

$

-

$

-

$

-

$

7,168

$

59,753

$

11,969

$

78,890

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

71

$

-

$

71

Personal

Pass

$

683,439

$

516,168

$

322,509

$

177,184

$

65,612

$

86,600

$

-

$

29,114

$

1,880,626

Substandard

753

2,622

3,690

2,363

863

6,961

-

2,213

19,465

Loss

-

61

80

5

22

66

-

-

234

Total Personal

$

684,192

$

518,851

$

326,279

$

179,552

$

66,497

$

93,627

$

-

$

31,327

$

1,900,325

Year-to-Date gross

write-offs

$

586

$

13,881

$

28,363

$

17,172

$

4,286

$

1,668

$

-

$

1,943

$

67,899

Auto

Pass

$

899,264

$

1,068,559

$

762,480

$

513,010

$

357,768

$

191,541

$

-

$

-

$

3,792,622

Substandard

2,250

15,673

14,283

11,662

7,750

6,535

-

-

58,153

Loss

-

17

103

37

-

21

-

-

178

Total Auto

$

901,514

$

1,084,249

$

776,866

$

524,709

$

365,518

$

198,097

$

-

$

-

$

3,850,953

Year-to-Date gross

write-offs

$

3,122

$

21,282

$

15,163

$

9,159

$

3,657

$

1,266

$

-

$

-

$

53,649

Other consumer

Pass

$

28,822

$

25,904

$

23,307

$

16,942

$

8,217

$

3,455

$

72,342

$

-

$

178,989

Substandard

-

-

216

104

22

52

449

-

843

Loss

-

-

-

1,025

363

-

-

-

1,388

Total Other

consumer

$

28,822

$

25,904

$

23,523

$

18,071

$

8,602

$

3,507

$

72,791

$

-

$

181,220

Year-to-Date gross

write-offs

$

30

$

191

$

226

$

181

$

313

$

1,398

$

67

$

-

$

2,406

Total Popular Inc.

$

5,606,922

$

6,120,545

$

5,204,820

$

5,210,486

$

3,467,715

$

9,563,148

$

3,470,226

$

43,296

$

38,687,158

70

December 31, 2024

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2024

2023

2022

2021

2020

Prior 

Years

Total

BPPR

Commercial:

Commercial multi-family

Pass

$

50,384

$

37,211

$

136,093

$

20,939

$

20,134

$

34,009

$

105

$

-

$

298,875

Watch

-

-

541

-

-

1,601

-

-

2,142

Special Mention

-

-

-

-

-

3,161

-

-

3,161

Substandard

-

-

-

-

-

3,823

-

-

3,823

Total commercial

multi-family

$

50,384

$

37,211

$

136,634

$

20,939

$

20,134

$

42,594

$

105

$

-

$

308,001

Commercial real estate non-owner occupied

Pass

$

419,200

$

322,998

$

828,404

$

547,674

$

335,060

$

525,088

$

6,159

$

-

$

2,984,583

Watch

26,097

2,296

654

5,349

28,832

50,924

72

-

114,224

Special Mention

7,018

41,274

156

406

-

46,390

-

-

95,244

Substandard

-

1,002

110

26,430

1,954

22,956

-

-

52,452

Total commercial

real estate non-

owner occupied

$

452,315

$

367,570

$

829,324

$

579,859

$

365,846

$

645,358

$

6,231

$

-

$

3,246,503

Year-to-Date gross

write-offs

$

-

$

-

$

69

$

-

$

-

$

59

$

-

$

-

$

128

Commercial real estate owner occupied

Pass

$

131,449

$

79,109

$

94,008

$

214,520

$

46,206

$

309,791

$

7,214

$

-

$

882,297

Watch

14,002

2,637

64,735

7,225

4,890

85,580

3

-

179,072

Special Mention

-

1,209

19,436

19,288

-

15,872

1,499

-

57,304

Substandard

455

1,651

20,528

3,872

140,579

77,098

13,021

-

257,204

Doubtful

-

-

-

-

-

34

-

-

34

Total commercial

real estate owner

occupied

$

145,906

$

84,606

$

198,707

$

244,905

$

191,675

$

488,375

$

21,737

$

-

$

1,375,911

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

2,793

$

-

$

-

$

2,793

Commercial and industrial

Pass

$

790,273

$

910,355

$

602,454

$

304,227

$

66,395

$

331,493

$

1,495,490

$

-

$

4,500,687

Watch

124,987

24,935

49,497

6,394

3,465

31,609

135,811

-

376,698

Special Mention

5,519

7,316

1,895

157,627

53

30,360

28,171

-

230,941

Substandard

6,063

30,496

37,558

4,203

14,776

23,135

122,275

-

238,506

Doubtful

-

-

-

-

-

11

-

-

11

Loss

-

-

-

-

-

-

51

-

51

Total commercial

and industrial

$

926,842

$

973,102

$

691,404

$

472,451

$

84,689

$

416,608

$

1,781,798

$

-

$

5,346,894

Year-to-Date gross

write-offs

$

1,099

$

707

$

331

$

122

$

2,838

$

11,841

$

7,617

$

-

$

24,555

Construction

Pass

$

63,107

$

53,070

$

33,423

$

14,908

$

9,483

$

1,011

$

16,782

$

-

$

191,784

Watch

-

13,872

-

-

-

-

-

-

13,872

Special Mention

-

-

-

6,058

-

-

-

-

6,058

Substandard

-

-

-

576

-

-

-

-

576

Total construction

$

63,107

$

66,942

$

33,423

$

21,542

$

9,483

$

1,011

$

16,782

$

-

$

212,290

Mortgage

Pass

$

879,075

$

724,383

$

409,133

$

401,113

$

234,486

$

4,085,088

$

-

$

-

$

6,733,278

Substandard

-

1,961

1,331

1,675

347

71,289

-

-

76,603

Total mortgage

$

879,075

$

726,344

$

410,464

$

402,788

$

234,833

$

4,156,377

$

-

$

-

$

6,809,881

Year-to-Date gross

write-offs

$

-

$

9

$

-

$

8

$

-

$

1,067

$

-

$

-

$

1,084

71

December 31, 2024

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2024

2023

2022

2021

2020

Prior 

Years

Total

BPPR

Leasing

Pass

$

731,053

$

477,226

$

362,426

$

217,537

$

104,812

$

22,762

$

-

$

-

$

1,915,816

Substandard

1,195

2,280

2,834

1,885

920

402

-

-

9,516

Loss

-

-

-

-

-

73

-

-

73

Total leasing

$

732,248

$

479,506

$

365,260

$

219,422

$

105,732

$

23,237

$

-

$

-

$

1,925,405

Year-to-Date gross

write-offs

$

1,733

$

4,842

$

5,373

$

3,281

$

694

$

1,052

$

-

$

-

$

16,975

Consumer:

Credit cards

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

1,188,093

$

-

$

1,188,093

Substandard

-

-

-

-

-

-

29,960

-

29,960

Total credit cards

$

-

$

-

$

-

$

-

$

-

$

-

$

1,218,053

$

-

$

1,218,053

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

69,731

$

-

$

69,731

HELOCs

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

2,040

$

-

$

2,040

Total HELOCs

$

-

$

-

$

-

$

-

$

-

$

-

$

2,040

$

-

$

2,040

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

380

$

-

$

380

Personal

Pass

$

722,949

$

499,604

$

262,011

$

101,155

$

29,078

$

91,004

$

-

$

23,802

$

1,729,603

Substandard

924

4,965

3,561

1,221

271

8,205

-

1,626

20,773

Loss

-

-

-

1

-

-

-

-

1

Total Personal

$

723,873

$

504,569

$

265,572

$

102,377

$

29,349

$

99,209

$

-

$

25,428

$

1,750,377

Year-to-Date gross

write-offs

$

2,362

$

39,193

$

38,077

$

10,822

$

2,708

$

3,525

$

-

$

1,982

$

98,669

Auto

Pass

$

1,277,016

$

938,769

$

665,431

$

494,529

$

254,621

$

133,054

$

-

$

-

$

3,763,420

Substandard

7,239

16,876

13,579

10,775

6,377

5,131

-

-

59,977

Loss

14

15

-

2

-

9

-

-

40

Total Auto

$

1,284,269

$

955,660

$

679,010

$

505,306

$

260,998

$

138,194

$

-

$

-

$

3,823,437

Year-to-Date gross

write-offs

$

11,229

$

36,992

$

20,486

$

9,997

$

4,965

$

1,731

$

-

$

-

$

85,400

Other consumer

Pass

$

28,543

$

29,585

$

20,021

$

10,129

$

4,588

$

3,364

$

62,678

$

-

$

158,908

Substandard

-

228

44

-

29

57

413

-

771

Loss

-

-

-

550

-

-

-

-

550

Total Other

consumer

$

28,543

$

29,813

$

20,065

$

10,679

$

4,617

$

3,421

$

63,091

$

-

$

160,229

Year-to-Date gross

write-offs

$

29

$

213

$

130

$

96

$

128

$

2,205

$

-

$

-

$

2,801

Total BPPR

$

5,286,562

$

4,225,323

$

3,629,863

$

2,580,268

$

1,307,356

$

6,014,384

$

3,109,837

$

25,428

$

26,179,021

72

December 31, 2024

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2024

2023

2022

2021

2020

Prior

Years

Total

Popular U.S.

Commercial:

Commercial multi-family

Pass

$

139,370

$

148,423

$

491,750

$

313,610

$

207,327

$

560,891

$

5,700

$

-

$

1,867,071

Watch

-

10,974

27,441

26,679

10,668

114,419

-

-

190,181

Special Mention

-

-

8,004

-

-

-

-

-

8,004

Substandard

-

-

2,761

-

-

23,602

-

-

26,363

Total commercial

multi-family

$

139,370

$

159,397

$

529,956

$

340,289

$

217,995

$

698,912

$

5,700

$

-

$

2,091,619

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

441

$

-

$

-

$

441

Commercial real estate non-owner occupied

Pass

$

178,355

$

368,597

$

480,055

$

167,839

$

193,309

$

456,689

$

8,588

$

-

$

1,853,432

Watch

-

12,932

17,125

13,138

45,864

64,390

300

-

153,749

Special Mention

-

-

-

-

-

594

-

-

594

Substandard

-

-

2,657

2,741

5,758

97,801

-

-

108,957

Total commercial

real estate non-

owner occupied

$

178,355

$

381,529

$

499,837

$

183,718

$

244,931

$

619,474

$

8,888

$

-

$

2,116,732

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

54

$

-

$

-

$

54

Commercial real estate owner occupied

Pass

$

304,778

$

257,586

$

244,811

$

279,419

$

35,459

$

246,158

$

7,669

$

-

$

1,375,880

Watch

-

25,614

13,531

32,132

16,301

54,877

-

-

142,455

Special Mention

-

488

69,505

34,428

27,406

10,825

-

-

142,652

Substandard

-

-

17,101

2,596

3,678

97,473

-

-

120,848

Total commercial

real estate owner

occupied

$

304,778

$

283,688

$

344,948

$

348,575

$

82,844

$

409,333

$

7,669

$

-

$

1,781,835

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

154

$

-

$

-

$

154

73

December 31, 2024

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2024

2023

2022

2021

2020

Prior

Years

Total

Popular U.S.

Commercial and industrial

Pass

$

260,479

$

275,971

$

318,564

$

322,697

$

268,591

$

506,973

$

273,222

$

-

$

2,226,497

Watch

-

11,420

48,953

28,138

9,521

35,498

15,050

-

148,580

Special Mention

58

-

5,270

568

-

255

3,835

-

9,986

Substandard

2,276

-

-

195

45

1,610

5,479

-

9,605

Total commercial

and industrial

$

262,813

$

287,391

$

372,787

$

351,598

$

278,157

$

544,336

$

297,586

$

-

$

2,394,668

Year-to-Date gross

write-offs

$

1,103

$

1,571

$

190

$

300

$

211

$

480

$

123

$

-

$

3,978

Construction

Pass

$

259,194

$

512,428

$

155,268

$

-

$

-

$

765

$

-

$

-

$

927,655

Watch

-

1,541

36,264

-

-

7,172

24,691

-

69,668

Special Mention

-

4,897

6,367

-

-

-

-

-

11,264

Substandard

-

-

8,104

-

-

25,473

9,338

-

42,915

Total construction

$

259,194

$

518,866

$

206,003

$

-

$

-

$

33,410

$

34,029

$

-

$

1,051,502

Mortgage

Pass

$

98,345

$

88,788

$

215,600

$

272,908

$

216,025

$

382,746

$

-

$

-

$

1,274,412

Substandard

-

644

106

860

-

28,280

-

-

29,890

Total mortgage

$

98,345

$

89,432

$

215,706

$

273,768

$

216,025

$

411,026

$

-

$

-

$

1,304,302

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

18

$

-

$

-

$

18

74

December 31, 2024

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2024

2023

2022

2021

2020

Prior

Years

Total

Popular U.S.

Consumer:

Credit cards

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

26

$

-

$

26

Total credit cards

$

-

$

-

$

-

$

-

$

-

$

-

$

26

$

-

$

26

HELOCs

Pass

$

-

$

-

$

-

$

-

$

-

$

5,914

$

50,533

$

11,691

$

68,138

Substandard

-

-

-

-

-

1,657

15

700

2,372

Loss

-

-

-

-

-

122

-

899

1,021

Total HELOCs

$

-

$

-

$

-

$

-

$

-

$

7,693

$

50,548

$

13,290

$

71,531

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

53

$

-

$

53

Personal

Pass

$

28,083

$

23,084

$

41,182

$

8,618

$

651

$

1,507

$

-

$

-

$

103,125

Substandard

157

399

627

134

7

302

-

-

1,626

Loss

53

10

-

5

-

48

-

-

116

Total Personal

$

28,293

$

23,493

$

41,809

$

8,757

$

658

$

1,857

$

-

$

-

$

104,867

Year-to-Date gross

write-offs

$

802

$

4,536

$

10,869

$

2,458

$

231

$

307

$

-

$

-

$

19,203

Other consumer

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

11,537

$

-

$

11,537

Substandard

-

-

-

-

-

-

12

-

12

Total Other

consumer

$

-

$

-

$

-

$

-

$

-

$

-

$

11,549

$

-

$

11,549

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

101

$

-

$

101

Total Popular U.S.

$

1,271,148

$

1,743,796

$

2,211,046

$

1,506,705

$

1,040,610

$

2,726,041

$

415,995

$

13,290

$

10,928,631

75

December 31, 2024

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2024

2023

2022

2021

2020

Prior

Years

Total

Popular, Inc.

Commercial:

Commercial multi-family

Pass

$

189,754

$

185,634

$

627,843

$

334,549

$

227,461

$

594,900

$

5,805

$

-

$

2,165,946

Watch

-

10,974

27,982

26,679

10,668

116,020

-

-

192,323

Special Mention

-

-

8,004

-

-

3,161

-

-

11,165

Substandard

-

-

2,761

-

-

27,425

-

-

30,186

Total commercial

multi-family

$

189,754

$

196,608

$

666,590

$

361,228

$

238,129

$

741,506

$

5,805

$

-

$

2,399,620

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

441

$

-

$

-

$

441

Commercial real estate non-owner occupied

Pass

$

597,555

$

691,595

$

1,308,459

$

715,513

$

528,369

$

981,777

$

14,747

$

-

$

4,838,015

Watch

26,097

15,228

17,779

18,487

74,696

115,314

372

-

267,973

Special Mention

7,018

41,274

156

406

-

46,984

-

-

95,838

Substandard

-

1,002

2,767

29,171

7,712

120,757

-

-

161,409

Total commercial

real estate non-

owner occupied

$

630,670

$

749,099

$

1,329,161

$

763,577

$

610,777

$

1,264,832

$

15,119

$

-

$

5,363,235

Year-to-Date gross

write-offs

$

-

$

-

$

69

$

-

$

-

$

113

$

-

$

-

$

182

Commercial real estate owner occupied

Pass

$

436,227

$

336,695

$

338,819

$

493,939

$

81,665

$

555,949

$

14,883

$

-

$

2,258,177

Watch

14,002

28,251

78,266

39,357

21,191

140,457

3

-

321,527

Special Mention

-

1,697

88,941

53,716

27,406

26,697

1,499

-

199,956

Substandard

455

1,651

37,629

6,468

144,257

174,571

13,021

-

378,052

Doubtful

-

-

-

-

-

34

-

-

34

Total commercial

real estate owner

occupied

$

450,684

$

368,294

$

543,655

$

593,480

$

274,519

$

897,708

$

29,406

$

-

$

3,157,746

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

2,947

$

-

$

-

$

2,947

Commercial and industrial

Pass

$

1,050,752

$

1,186,326

$

921,018

$

626,924

$

334,986

$

838,466

$

1,768,712

$

-

$

6,727,184

Watch

124,987

36,355

98,450

34,532

12,986

67,107

150,861

-

525,278

Special Mention

5,577

7,316

7,165

158,195

53

30,615

32,006

-

240,927

Substandard

8,339

30,496

37,558

4,398

14,821

24,745

127,754

-

248,111

Doubtful

-

-

-

-

-

11

-

-

11

Loss

-

-

-

-

-

-

51

-

51

Total commercial

and industrial

$

1,189,655

$

1,260,493

$

1,064,191

$

824,049

$

362,846

$

960,944

$

2,079,384

$

-

$

7,741,562

Year-to-Date gross

write-offs

$

2,202

$

2,278

$

521

$

422

$

3,049

$

12,321

$

7,740

$

-

$

28,533

76

December 31, 2024

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2024

2023

2022

2021

2020

Prior

Years

Total

Popular, Inc.

Construction

Pass

$

322,301

$

565,498

$

188,691

$

14,908

$

9,483

$

1,776

$

16,782

$

-

$

1,119,439

Watch

-

15,413

36,264

-

-

7,172

24,691

-

83,540

Special Mention

-

4,897

6,367

6,058

-

-

-

-

17,322

Substandard

-

-

8,104

576

-

25,473

9,338

-

43,491

Total construction

$

322,301

$

585,808

$

239,426

$

21,542

$

9,483

$

34,421

$

50,811

$

-

$

1,263,792

Mortgage

Pass

$

977,420

$

813,171

$

624,733

$

674,021

$

450,511

$

4,467,834

$

-

$

-

$

8,007,690

Substandard

-

2,605

1,437

2,535

347

99,569

-

-

106,493

Total mortgage

$

977,420

$

815,776

$

626,170

$

676,556

$

450,858

$

4,567,403

$

-

$

-

$

8,114,183

Year-to-Date gross

write-offs

$

-

$

9

$

-

$

8

$

-

$

1,085

$

-

$

-

$

1,102

Leasing

Pass

$

731,053

$

477,226

$

362,426

$

217,537

$

104,812

$

22,762

$

-

$

-

$

1,915,816

Substandard

1,195

2,280

2,834

1,885

920

402

-

-

9,516

Loss

-

-

-

-

-

73

-

-

73

Total leasing

$

732,248

$

479,506

$

365,260

$

219,422

$

105,732

$

23,237

$

-

$

-

$

1,925,405

Year-to-Date gross

write-offs

$

1,733

$

4,842

$

5,373

$

3,281

$

694

$

1,052

$

-

$

-

$

16,975

77

December 31, 2024

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2024

2023

2022

2021

2020

Prior

Years

Total

Popular, Inc.

Consumer:

Credit cards

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

1,188,119

$

-

$

1,188,119

Substandard

-

-

-

-

-

-

29,960

-

29,960

Total credit cards

$

-

$

-

$

-

$

-

$

-

$

-

$

1,218,079

$

-

$

1,218,079

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

69,731

$

-

$

69,731

HELOCs

Pass

$

-

$

-

$

-

$

-

$

-

$

5,914

$

52,573

$

11,691

$

70,178

Substandard

-

-

-

-

-

1,657

15

700

2,372

Loss

-

-

-

-

-

122

-

899

1,021

Total HELOCs

$

-

$

-

$

-

$

-

$

-

$

7,693

$

52,588

$

13,290

$

73,571

Year-to-Date gross

write-offs

$

-

$

-

$

-

$

-

$

-

$

-

$

433

$

-

$

433

Personal

Pass

$

751,032

$

522,688

$

303,193

$

109,773

$

29,729

$

92,511

$

-

$

23,802

$

1,832,728

Substandard

1,081

5,364

4,188

1,355

278

8,507

-

1,626

22,399

Loss

53

10

-

6

-

48

-

-

117

Total Personal

$

752,166

$

528,062

$

307,381

$

111,134

$

30,007

$

101,066

$

-

$

25,428

$

1,855,244

Year-to-Date gross

write-offs

$

3,164

$

43,729

$

48,946

$

13,280

$

2,939

$

3,832

$

-

$

1,982

$

117,872

Auto

Pass

$

1,277,016

$

938,769

$

665,431

$

494,529

$

254,621

$

133,054

$

-

$

-

$

3,763,420

Substandard

7,239

16,876

13,579

10,775

6,377

5,131

-

-

59,977

Loss

14

15

-

2

-

9

-

-

40

Total Auto

$

1,284,269

$

955,660

$

679,010

$

505,306

$

260,998

$

138,194

$

-

$

-

$

3,823,437

Year-to-Date gross

write-offs

$

11,229

$

36,992

$

20,486

$

9,997

$

4,965

$

1,731

$

-

$

-

$

85,400

Other consumer

Pass

$

28,543

$

29,585

$

20,021

$

10,129

$

4,588

$

3,364

$

74,215

$

-

$

170,445

Substandard

-

228

44

-

29

57

425

-

783

Loss

-

-

-

550

-

-

-

-

550

Total Other

consumer

$

28,543

$

29,813

$

20,065

$

10,679

$

4,617

$

3,421

$

74,640

$

-

$

171,778

Year-to-Date gross

write-offs

$

29

$

213

$

130

$

96

$

128

$

2,205

$

101

$

-

$

2,902

Total Popular Inc.

$

6,557,710

$

5,969,119

$

5,840,909

$

4,086,973

$

2,347,966

$

8,740,425

$

3,525,832

$

38,718

$

37,107,652

78

Note 9 – Other real estate owned

The following tables present the activity related to Other Real Estate Owned (“OREO”), for the quarters and nine months ended

September 30, 2025 and 2024.

For the quarter ended September 30, 2025

OREO

OREO

(In thousands)

Commercial/Construction

Mortgage

Total

Balance at beginning of period

$

5,897

$

40,229

$

46,126

Write-downs in value

(70)

(344)

(414)

Additions

152

8,731

8,883

Sales

(323)

(11,343)

(11,666)

Other adjustments

-

21

21

Ending balance

$

5,656

$

37,294

$

42,950

For the quarter ended September 30, 2024

OREO

OREO

(In thousands)

Commercial/Construction

Mortgage

Total

Balance at beginning of period

$

9,428

$

60,797

$

70,225

Write-downs in value

(39)

(549)

(588)

Additions

1,125

7,966

9,091

Sales

(588)

(15,112)

(15,700)

Ending balance

$

9,926

$

53,102

$

63,028

For the nine months ended September 30, 2025

OREO

OREO

(In thousands)

Commercial/Construction

Mortgage

Total

Balance at beginning of period

$

8,424

$

48,844

$

57,268

Write-downs in value

(934)

(2,059)

(2,993)

Additions

723

25,428

26,151

Sales

(2,557)

(34,717)

(37,274)

Other adjustments

-

(202)

(202)

Ending balance

$

5,656

$

37,294

$

42,950

For the nine months ended September 30, 2024

OREO

OREO

(In thousands)

Commercial/Construction

Mortgage

Total

Balance at beginning of period

$

11,189

$

69,227

$

80,416

Write-downs in value

(1,103)

(1,260)

(2,363)

Additions

6,985

32,748

39,733

Sales

(7,145)

(47,548)

(54,693)

Other adjustments

-

(65)

(65)

Ending balance

$

9,926

$

53,102

$

63,028

79

Note 10 − Other assets

The caption of other assets in the Consolidated Statements of Financial Condition consists of the following major categories:

(In thousands)

September 30, 2025

December 31, 2024

Net deferred tax assets (net of valuation allowance)

$

837,375

$

926,329

Investments under the equity method

249,139

251,537

Prepaid taxes

54,447

42,909

Other prepaid expenses

34,639

28,376

Capitalized software costs

182,204

136,442

Derivative assets

27,700

25,975

Trades receivable from brokers and counterparties

9,670

588

Receivables from investments maturities

800

14,600

Principal, interest and escrow servicing advances

31,226

43,793

Guaranteed mortgage loan claims receivable

10,654

17,226

Operating ROU assets

99,384

93,389

Finance ROU assets

23,706

19,174

Assets for pension benefit

35,137

33,233

Others

148,805

164,188

Total other assets

$

1,744,886

$

1,797,759

The Corporation regularly incurs in capitalizable costs associated with software development or licensing which are recorded within

the Other Assets line item in the accompanying Consolidated Statements of Financial Condition. In addition, the Corporation incurs

costs associated with hosting arrangements that are service contracts that are also recorded within Other Assets. The hosting

arrangements can include capitalizable implementation costs that are amortized during the term of the hosting arrangement.

The

following table summarizes the composition of acquired or developed software costs as well as costs related to hosting

arrangements:

Gross Carrying

Accumulated

Net Carrying

(In thousands)

Amount

Amortization

Value

September 30, 2025

Software development costs

$

89,878

$

34,203

$

55,675

Software license costs

59,845

32,476

27,369

Cloud computing arrangements

110,472

11,312

99,160

Total Capitalized software costs [1] [2]

$

260,195

$

77,991

$

182,204

December 31, 2024

Software development costs

$

79,233

$

23,057

$

56,176

Software license costs

42,234

21,459

20,775

Cloud computing arrangements

65,797

6,306

59,491

Total Capitalized software costs [1] [2]

$

187,264

$

50,822

$

136,442

[1]

Software intangible assets are presented as part of Other Assets in the Consolidated Statements of Financial Condition.

[2]

The tables above exclude assets that have been fully amortized.

Total amortization expense for all capitalized software and hosting arrangement cost, reflected as part of technology and software

expenses in the consolidated statement of operations, is as follows:

80

Quarters ended September 30,

Nine months ended September 30,

(In thousands)

2025

2024

2025

2024

Software development and license costs

$

22,157

$

21,118

$

66,139

$

57,431

Cloud computing arrangements

2,500

1,514

5,328

3,052

Total amortization expense

$

24,657

$

22,632

$

71,467

$

60,483

81

Note 11 – Goodwill and other intangible assets

Goodwill

The following table shows the changes in the carrying amount of goodwill for the nine months ended September 30, 2025 and 2024,

by reportable segments (refer to Note 32 for the definition of the Corporation’s reportable segment):

September 30, 2025

Balance at 

Goodwill

Balance at

(In thousands)

January 1, 2025

impairment

September 30, 2025

Banco Popular de Puerto Rico

$

434,909

$

-

$

434,909

Popular U.S.

368,045

(13,000)

355,045

Total Popular, Inc. 

$

802,954

$

(13,000)

$

789,954

September 30, 2024

Balance at 

Goodwill

Balance at

(In thousands)

January 1, 2024

impairment

September 30, 2024

Banco Popular de Puerto Rico

$

436,383

$

-

$

436,383

Popular U.S.

368,045

-

368,045

Total Popular, Inc. 

$

804,428

$

-

$

804,428

Other Intangible Assets

The following table reflects the components of other intangible assets subject to amortization:

Gross Carrying

Accumulated

Net Carrying

(In thousands)

Amount

Amortization

Value

September 30, 2025

Core deposits

$

12,810

$

12,810

$

-

Other customer relationships

14,286

9,586

4,700

Total other intangible assets

$

27,096

$

22,396

$

4,700

December 31, 2024

Core deposits

$

12,810

$

12,595

$

215

Other customer relationships

14,286

8,435

5,851

Total other intangible assets

$

27,096

$

21,030

$

6,066

During the quarter ended September 30, 2025, the Corporation recognized $

0.4

 million in amortization expense related to other

intangible assets with definite useful lives (September 30, 2024 - $

0.7

 million). During the nine months ended September 30, 2025,

the Corporation recognized $

1.4

 million in amortization related to other intangible assets with definite useful lives (September 30,

2024 - $

2.2

 million). 

The following table presents the estimated amortization of the intangible assets with definite useful lives for each of the following

periods:

82

(In thousands)

Remaining 2025

$

384

Year 2026

1,440

Year 2027

959

Year 2028

959

Year 2029

958

Results of the Annual Goodwill Impairment Test

The Corporation’s goodwill and other identifiable intangible assets having an indefinite useful life are tested for impairment, at least

annually and on a more frequent basis if events or circumstances indicate impairment could have taken place. Such events could

include, among others, a significant adverse change in the business climate, an adverse action by a regulator, an unanticipated

change in the competitive environment and a decision to change the operations or dispose of a reporting unit.

Management monitors events or changes in circumstances between annual tests to determine if these events or changes in

circumstances would more likely than not reduce the fair value of its reporting units below their carrying amounts.

The reporting units evaluated are one level below the business segments and correspond to the legal entities within each reportable

segment. In accordance with push-down accounting, all goodwill is assigned to the reporting units following a business combination.

When evaluating goodwill for impairment, the Corporation may decide to first perform a qualitative assessment, or “Step Zero”

impairment test, to determine whether it is more likely than not that impairment has occurred. The qualitative assessment includes a

review of macroeconomic conditions, industry and market considerations, internal cost factors, and our own overall financial and

share price performance, among other factors. If it is determined that it is more likely than not that the carrying amounts of our

reporting units exceed their fair value, the Corporation will perform a quantitative assessment and calculate the estimated fair value

of the respective reporting unit. If the carrying amount of a reporting unit’s goodwill exceeds the fair value of that goodwill, an

impairment loss is recognized. 

To assess a reporting unit’s fair value, the Corporation generally uses a combination of methods such as discounted cash flow

analysis and market multiples. The financial projections used in the discounted cash flow (“DCF”) valuation analysis are based on

the most recent (as of the valuation date) projections presented to the Corporation’s Asset / Liability Management Committee

(“ALCO”). These projections reflect management’s expectations for the reporting unit’s financial prospects considering economic

and industry conditions. The Corporation evaluates the results obtained under the valuation methodology to identify and understand

the key value drivers, to ascertain that the results obtained are reasonable and appropriate under the circumstances. Elements

considered include current market and economic conditions, developments in specific lines of business, and any particular features

of the individual reporting units. 

The Corporation completed its annual goodwill impairment evaluation during the third quarter of 2025, using July 31, 2025 as the

evaluation date. Through a qualitative analysis, Step Zero, the Corporation determined that for all reporting units, except for the

Popular Equipment Finance (‘’PEF’’) reporting unit, it is more-likely-than-not that the fair value exceeded the carrying value. As a

result, the Corporation performed a quantitative test to assess PEF’s goodwill impairment. 

The results of the PEF annual goodwill impairment test as of July 31, 2025, indicated that the estimated fair value was below it’s

carrying amount. Accordingly, the Corporation recognized a goodwill impairment charge of $

13.0

 million, which was mainly driven by

lower projected earnings for the forecasted period, primarily due to lower lending activity.

The following tables present the gross amount of goodwill and accumulated impairment losses by reportable segments.

83

September 30, 2025

Balance at

Balance at

September 30,

Accumulated

September 30,

2025

impairment

2025

(In thousands)

 (gross amounts)

losses

 (net amounts)

Banco Popular de Puerto Rico

$

438,710

$

3,801

$

434,909

Popular U.S.

564,456

209,411

355,045

Total Popular, Inc. 

$

1,003,166

$

213,212

$

789,954

December 31, 2024

 Balance at 

 Balance at 

December 31,

Accumulated

December 31,

2024

impairment

2024

(In thousands)

 (gross amounts)

losses

 (net amounts)

Banco Popular de Puerto Rico

$

438,710

$

3,801

$

434,909

Popular U.S.

564,456

196,411

368,045

Total Popular, Inc. 

$

1,003,166

$

200,212

$

802,954

84

Note 12 – Deposits

Total deposits as of the end of the periods presented consisted of:

(In thousands)

September 30, 2025

December 31, 2024

Savings accounts

$

14,411,671

$

14,224,271

NOW, money market and other interest -bearing demand deposits

27,606,313

26,507,637

Total savings, NOW, money market and other interest-bearing demand deposits

42,017,984

40,731,908

Certificates of deposit:

Under $250,000

5,717,369

5,383,331

$250,000 and over

3,904,025

3,629,551

 Total certificates of deposit

9,621,394

9,012,882

Total interest-bearing deposits

$

51,639,378

$

49,744,790

Non- interest-bearing deposits

$

14,874,026

$

15,139,555

Total deposits

$

66,513,404

$

64,884,345

A summary of certificates of deposits by maturity at September 30, 2025 follows:

(In thousands)

2025

$

3,400,879

2026

3,671,826

2027

935,141

2028

697,796

2029

436,147

2030 and thereafter

479,605

Total certificates of deposit

$

9,621,394

At September 30, 2025, the Corporation had brokered deposits amounting to $

1.8

 billion (December 31, 2024 - $

1.6

 billion).

The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans was $

8.4

 million at September 30,

2025 (December 31, 2024 - $

10.4

 million).

At September 30, 2025, Puerto Rico government deposits amounted to $

20.1

 billion. Puerto Rico government deposits are interest

bearing accounts, which are indexed to short-term market rates and fluctuate in cost with changes in those rates, in accordance with

contractual terms.

85

Note 13 – Borrowings

Assets sold under agreements to repurchase

Assets sold under agreements to repurchase amounted to $

57

 million at September 30, 2025 and $

55

 million at December 31,

2024.

The Corporation’s repurchase transactions are overcollateralized with the securities detailed in the table below. The Corporation’s

repurchase agreements have a right of set-off with the respective counterparty under the supplemental terms of the master

repurchase agreements. In an event of default, each party has a right of set-off against the other party for amounts owed in the

related agreement and any other amount or obligation owed in respect of any other agreement or transaction between them.

Pursuant to the Corporation’s accounting policy, the repurchase agreements are not offset with other repurchase agreements held

with the same counterparty.

The following table presents information related to the Corporation’s repurchase transactions accounted for as secured borrowings

that are collateralized with debt securities available-for-sale, debt securities held-to-maturity, and other assets held-for-trading

purposes or which have been obtained under agreements to resell. It is the Corporation’s policy to maintain effective control over

assets sold under agreements to repurchase; accordingly, such securities continue to be carried on the Consolidated Statements of

Financial Condition.

Repurchase agreements accounted for as secured borrowings

September 30, 2025

December 31, 2024

Repurchase

Repurchase

(In thousands)

 liability

 liability

U.S. Treasury securities

Within 30 days

$

28,378

$

22,591

After 30 to 90 days

24,065

13,813

Total U.S. Treasury securities

52,443

36,404

Mortgage-backed securities

 Within 30 days

4,410

4,924

 After 30 to 90 days

-

13,505

Total mortgage-backed securities

4,410

18,429

Total

$

56,853

$

54,833

Repurchase agreements in this portfolio are generally short-term, often overnight. As such our risk is very limited. We manage the

liquidity risks arising from secured funding by sourcing funding globally from a diverse group of counterparties, providing a range of

securities collateral and pursuing longer durations, when appropriate.

Other short-term borrowings

At September 30, 2025 and December 31, 2024, other short-term borrowings consisted of $

400

 million and $

225

 million,

respectively, in FHLB Advances.

86

Notes Payable

The following table presents the composition of notes payable at September 30, 2025 and December 31, 2024.

(In thousands)

September 30, 2025

December 31, 2024

Advances with the FHLB with maturities ranging from

2025

 through

2029

 paying interest at

monthly

fixed rates ranging from

0.57

% to

4.17

%

$

195,312

$

302,722

Unsecured senior debt securities maturing on

2028

 paying interest

semi-annually

 at a fixed rate of

7.25

%, net of debt issuance costs of $

3,751

396,249

395,198

Junior subordinated deferrable interest debentures (related to trust preferred securities) maturing on

2034

 with fixed interest rates ranging from

6.125

% to

6.564

%, net of debt issuance costs of $

241

198,393

198,373

Total notes payable

$

789,954

$

896,293

Note: Refer to the 2024 Form 10-K for rates information at December 31, 2024.

A breakdown of borrowings by contractual maturities at September 30, 2025 is included in the table below.

Assets sold under 

Short-term

(In thousands)

agreements to

repurchase

borrowings

Notes payable

Total

2025

$

56,853

$

400,000

$

30,692

$

487,545

2026

-

-

74,500

74,500

2027

-

-

6,112

6,112

2028

-

-

440,599

440,599

2029

-

-

39,658

39,658

Later years

-

-

198,393

198,393

Total borrowings

$

56,853

$

400,000

$

789,954

$

1,246,807

At September 30, 2025 and December 31, 2024, the Corporation had FHLB borrowing facilities whereby the Corporation could

borrow up to $

4.8

 billion and $

4.7

 billion, respectively, of which $

0.6

 billion and $

0.5

 billion, respectively, were used. In addition, at

December 31, 2024, the Corporation had placed $

0.3

 billion of the available FHLB credit facility as collateral for municipal letters of

credit to secure deposits. The FHLB borrowing facilities are collateralized with securities and loans held-in-portfolio, and do not have

restrictive covenants or callable features. 

Also, at September 30, 2025, the Corporation had borrowing facilities at the discount window of the Federal Reserve Bank of New

York amounting to $

11.2

 billion (December 31, 2024 - $

7.0

 billion), which remained unused at September 30, 2025 and December

31, 2024. The facilities are a collateralized source of credit that is highly dependable even under difficult market conditions.

87

Note 14 − Other liabilities

The caption of other liabilities in the Consolidated Statements of Financial Condition consists of the following major categories:

(In thousands)

September 30, 2025

December 31, 2024

Accrued expenses

$

332,204

$

334,145

Accrued interest payable

53,682

60,723

Accounts payable

99,649

91,218

Dividends payable

50,376

49,546

Trades payable

306,775

495,139

Liability for GNMA loans sold with an option to repurchase

9,389

9,108

Reserves for loan indemnifications

2,240

2,779

Reserve for operational losses

23,279

29,465

Operating lease liabilities

109,328

103,198

Finance lease liabilities

27,524

23,141

Pension benefit obligation

5,618

5,816

Postretirement benefit obligation

97,828

99,172

Others

72,023

68,396

Total other liabilities

$

1,189,915

$

1,371,846

88

Note 15 – Stockholders’ equity

As of September 30, 2025, stockholders’ equity totaled $

6.1

 billion. During the nine months ended September 30, 2025, the

Corporation declared cash dividends of $

2.15

 (2024 - $

1.86

) per common share amounting to $

146.6

 million (2024 - $

134.3

 million).

The quarterly dividend of $

0.75

 per share declared to stockholders of record as of the close of business on

September 12, 2025

 was

paid on

October 1, 2025

.

During the quarter ended September 30, 2024, the Corporation completed the repurchase of

599,096

 shares of common stock for

$

58.8

 million at an average price of $

98.11

 per share under the 2024 common stock repurchase program. During the quarter and

nine months ended September 30, 2025, the Corporation repurchased

1,000,862

 shares of common stock for $

119.4

 million at an

average price of $

119.33

 per share, and

3,407,821

 shares of common stock for $

353.7

 million at an average price of $

103.78

, per

share, respectively, as part of the 2024 and 2025 common stock repurchases programs. As of September 30, 2025, $

429.0

 million

remained available for stock repurchase under the active repurchase authorization.

89

Note 16 – Other comprehensive income (loss)

The following table presents changes in accumulated other comprehensive income (loss) by component for the quarters and nine

months ended September 30, 2025 and 2024.

Changes in Accumulated Other Comprehensive Loss by Component [1]

Quarters ended

Nine months ended

September 30,

September 30,

(In thousands)

2025

2024

2025

2024

Foreign currency translation

Beginning Balance

$

(70,512)

$

(68,383)

$

(71,365)

$

(64,528)

Other comprehensive (loss) income

(14,524)

615

(13,670)

(3,240)

Net change

(14,524)

615

(13,670)

(3,240)

Ending balance

$

(85,036)

$

(67,768)

$

(85,035)

$

(67,768)

Adjustment of pension and

postretirement benefit plans

Beginning Balance

$

(91,851)

$

(113,371)

$

(94,692)

$

(117,894)

Amounts reclassified from accumulated other

comprehensive loss for amortization of net losses

1,421

2,261

4,262

6,784

Net change

1,421

2,261

4,262

6,784

Ending balance

$

(90,430)

$

(111,110)

$

(90,430)

$

(111,110)

Unrealized net holding losses

on debt securities

Beginning Balance

$

(1,233,294)

$

(1,696,528)

$

(1,495,183)

$

(1,713,109)

Other comprehensive income 

94,747

326,148

283,394

271,985

Amounts reclassified from accumulated other

comprehensive loss for amortization of net unrealized

losses of debt securities transferred from available-for-

sale to held-to-maturity

37,753

36,264

110,994

107,008

Net change

132,500

362,412

394,388

378,993

Ending balance

$

(1,100,794)

$

(1,334,116)

$

(1,100,795)

$

(1,334,116)

Total accumulated other comprehensive loss

$

(1,276,260)

$

(1,512,994)

$

(1,276,260)

$

(1,512,994)

[1] 

All amounts presented are net of tax.

90

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss)

during the quarters and nine months ended September 30, 2025 and 2024.

Reclassifications Out of Accumulated Other Comprehensive Loss

Quarters ended 

Nine months ended

Affected Line Item in the 

September 30,

September 30,

(In thousands)

Consolidated Statements of Operations

2025

2024

2025

2024

Adjustment of pension and postretirement benefit plans

Amortization of net losses

Other operating expenses

$

(2,272)

$

(3,618)

$

(6,817)

$

(10,854)

Total before tax

(2,272)

(3,618)

(6,817)

(10,854)

Income tax benefit

851

1,357

2,555

4,070

Total net of tax

$

(1,421)

$

(2,261)

$

(4,262)

$

(6,784)

Unrealized net holding losses on debt securities

Amortization of unrealized net losses of debt

securities transferred to held-to-maturity

Interest income from investment securities

$

(47,191)

$

(45,331)

$

(138,743)

$

(133,761)

Total before tax

(47,191)

(45,331)

(138,743)

(133,761)

Income tax expense

9,438

9,067

27,749

26,753

Total net of tax

$

(37,753)

$

(36,264)

$

(110,994)

$

(107,008)

Total reclassification adjustments, net of tax

$

(39,174)

$

(38,525)

$

(115,256)

$

(113,792)

91

Note 17 – Guarantees

The Corporation has obligations upon the occurrence of certain events under financial guarantees provided in certain contractual

agreements. Also, from time to time, the Corporation securitized mortgage loans into guaranteed mortgage-backed securities

subject, in certain instances, to lifetime credit recourse on the loans that serve as collateral for the mortgage-backed securities. The

Corporation has not sold any mortgage loans subject to credit recourse since 2009. Also, from time to time, the Corporation may

sell, in bulk sale transactions, residential mortgage loans and Small Business Administration (“SBA”) commercial loans subject to

credit recourse or to certain representations and warranties from the Corporation to the purchaser. These representations and

warranties may relate, for example, to borrower creditworthiness, loan documentation, collateral, prepayment and early payment

defaults. The Corporation may be required to repurchase the loans under the credit recourse agreements or representation and

warranties

At September 30, 2025, the Corporation serviced $

445

 million (December 31, 2024 - $

495

 million) in residential mortgage loans

subject to credit recourse provisions, principally loans associated with FNMA and FHLMC residential mortgage loan securitization

programs. In the event of any customer default, pursuant to the credit recourse provided, the Corporation is required to repurchase

the loan or reimburse the third-party investor for the loss incurred. During the quarter and nine months ended September 30, 2025,

the Corporation repurchased $

0.2

 million and $

1.1

 million, respectively, of unpaid principal balance in mortgage loans subject to the

credit recourse provisions (September 30, 2024

-

$

0.5

 million and $

1.5

 million, respectively). At September 30, 2025, the

Corporation’s liability established to cover the estimated credit loss exposure related to loans sold or serviced with credit recourse

amounted to $

2

 million (December 31, 2024 - $

3

 million).

From time to time, the Corporation sells loans and agrees to indemnify the purchaser for credit losses or any breach of certain

representations and warranties made in connection with the sale.

Servicing agreements relating to the mortgage-backed securities programs of FNMA, FHLMC and GNMA, and to mortgage loans

sold or serviced to certain other investors, including FHLMC, require the Corporation to advance funds to make scheduled payments

of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. At September 30, 2025, the

Corporation serviced $

8.4

 billion in mortgage loans for third parties, including the loans serviced with credit recourse (December 31,

2024 - $

9.0

 billion). The Corporation generally recovers funds advanced pursuant to these arrangements from the mortgage owner,

from liquidation proceeds when the mortgage loan is foreclosed or, in the case of FHA/VA loans, under the applicable FHA and

VA

insurance and guarantees programs. However, in the meantime, the Corporation must absorb the cost of the funds it advances

during the time the advance is outstanding. The Corporation must also bear the costs of attempting to collect on delinquent and

defaulted mortgage loans. In addition, if a defaulted loan is not cured, the mortgage loan would be canceled as part of the

foreclosure proceedings and the Corporation would not receive any future servicing income with respect to that loan. At September

30, 2025, the outstanding balance of funds advanced by the Corporation under such mortgage loan servicing agreements was $

31

million (December 31, 2024 - $

44

 million). To the extent the mortgage loans underlying the Corporation’s servicing portfolio

experience increased delinquencies, the Corporation would be required to dedicate additional cash resources to comply with its

obligation to advance funds as well as incur additional administrative costs related to increases in collection efforts.

Popular, Inc. Holding Company (“PIHC”) fully and unconditionally guarantees certain borrowing obligations issued by certain of its

100

% owned consolidated subsidiaries amounting to $

94

 million at September 30, 2025 and December 31, 2024, respectively. In

addition, at both September 30, 2025 and December 31, 2024, PIHC fully and unconditionally guaranteed on a subordinated basis

$

193

 million of capital securities (trust preferred securities) issued by wholly-owned issuing trust entities to the extent set forth in the

applicable guarantee agreement. Refer to Note 17 to the Consolidated Financial Statements in the 2024 Form 10-K for further

information on the trust preferred securities.

92

Note 18 – Commitments and contingencies

Off-balance sheet risk

The Corporation is a party to financial instruments with off-balance sheet credit risk in the normal course of business to meet the

financial needs of its customers. These financial instruments include loan commitments, letters of credit and standby letters of credit.

These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the

Consolidated Statements of Financial Condition.

The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for

commitments to extend credit, standby letters of credit and financial guarantees is represented by the contractual notional amounts

of those instruments. The Corporation uses the same credit policies in making these commitments and conditional obligations as it

does for those reflected on the Consolidated Statements of Financial Condition.

Financial instruments with off-balance sheet credit risk, whose contract amounts represent potential credit risk as of the end of the

periods presented were as follows:

(In thousands)

September 30, 2025

December 31, 2024

Commitments to extend credit:

Credit card lines

$

6,266,974

$

5,599,823

Commercial lines of credit

4,422,977

3,971,331

Construction lines of credit

1,126,310

1,131,824

Other consumer unused credit commitments 

275,462

260,121

Commercial letters of credit

14,920

5,002

Standby letters of credit

130,856

144,845

Commitments to originate or fund mortgage loans

16,091

29,604

At September 30, 2025 and December 31, 2024, the Corporation maintained a reserve of $

14

 million and $

15

 million, respectively,

for potential losses associated with unfunded loan commitments related to commercial and construction lines of credit.

Other commitments

At September 30, 2025 and December 31, 2024, the Corporation also maintained other non-credit commitments for $

6

 million,

primarily for the acquisition of other investments. 

Business concentration

Since the Corporation’s business activities are concentrated primarily in Puerto Rico, its results of operations and financial condition

are dependent upon the general trends of the Puerto Rico economy and, in particular, the residential and commercial real estate

markets. The concentration of the Corporation’s operations in Puerto Rico exposes it to greater risk than other banking companies

with a wider geographic base. Its asset and revenue composition by geographical area is presented in Note 28 to the Consolidated

Financial Statements. 

Puerto Rico has faced significant fiscal and economic challenges for over a decade. In response to such challenges, the U.S.

Congress enacted PROMESA in 2016, which, among other things, established the Oversight Board and a framework for the

restructuring of the debts of the Commonwealth, its instrumentalities and municipalities. The Commonwealth and several of its

instrumentalities have availed themselves of debt restructuring proceedings under PROMESA. As of the date of this report, while

municipalities have been designated as covered entities under PROMESA, no municipality has commenced or has been authorized

by the Oversight Board to commence, any such debt restructuring proceeding under PROMESA.

At September 30, 2025, the Corporation’s direct exposure to the Puerto Rico government and its instrumentalities and municipalities

totaled $

391

 million, of which $

342

 million were outstanding ($

336

 million and $

336

 million at December 31, 2024). The

Corporation’s exposure at September 30, 2025, included up to $

47.4

 million in Automated Clearing House (“ACH”) transaction

settlement exposure, none of which was outstanding. Of the amount outstanding, $

333

 million consists of loans and $

9

 million are

securities ($

323

 million and $

13

 million at December 31, 2024). Substantially all of the amount outstanding at September 30, 2025

and December 31, 2024 were obligations from various Puerto Rico municipalities. In most cases, these were “general obligations” of

a municipality, to which the applicable municipality has pledged its good faith, credit and unlimited taxing power, or “special

obligations” of a municipality, to which the applicable municipality has pledged other revenues. At September 30, 2025,

93

approximately

76

% of the Corporation’s exposure to municipal loans and securities was concentrated in the municipalities of San

Juan, Guaynabo, Carolina and Caguas.

The following table details the loans and investments representing the Corporation’s direct exposure to the Puerto Rico government

according to their maturities as of September 30, 2025

:

(In thousands)

Investment

Portfolio

Loans

Total Outstanding

Total Exposure

Central Government

Within 1 year

$

-

$

-

$

-

$

47,400

After 10 years

41

-

41

41

Total Central Government

41

-

41

47,441

Municipalities

Within 1 year

2,605

11,574

14,179

16,179

After 1 to 5 years

5,660

166,515

172,175

172,175

After 5 to 10 years

450

124,087

124,537

124,537

After 10 years

-

30,991

30,991

30,991

Total Municipalities

8,715

333,167

341,882

343,882

Total Direct Government Exposure

$

8,756

$

333,167

$

341,923

$

391,323

In addition, at September 30, 2025, the Corporation had $

208

 million in loans insured or securities issued by Puerto Rico

governmental entities but for which the principal source of repayment is non-governmental ($

220

 million at December 31, 2024).

These included $

165

 million in residential mortgage loans insured by the Puerto Rico Housing Finance Authority (“HFA”), a

governmental instrumentality that has been designated as a covered entity under PROMESA (December 31, 2024 - $

176

 million).

These mortgage loans are secured by first mortgages on Puerto Rico residential properties and the HFA insurance covers losses in

the event of a borrower default and upon the satisfaction of certain other conditions. The Corporation also had at September 30,

2025, $

36

 million in bonds issued by HFA which are secured by second mortgage loans on Puerto Rico residential properties, and

for which HFA also provides insurance to cover losses in the event of a borrower default and upon the satisfaction of certain other

conditions (December 31, 2024 - $

38

 million). In the event that the mortgage loans insured by HFA and held by the Corporation

directly or those serving as collateral for the HFA bonds default and the collateral is insufficient to satisfy the outstanding balance of

these loans, HFA’s ability to honor its insurance will depend, among other factors, on the financial condition of HFA at the time such

obligations become due and payable. The Corporation does not consider the government guarantee when estimating the credit

losses associated with this portfolio. Although the Governor is currently authorized by local legislation to impose a temporary

moratorium on the financial obligations of the HFA, a moratorium on such obligations has not been imposed as of the date hereof. 

BPPR’s commercial loan portfolio also includes loans to private borrowers who are service providers, lessors, suppliers or have

other relationships with the government. These borrowers could be negatively affected by the Commonwealth’s fiscal crisis and the

ongoing Title III proceedings under PROMESA. Similarly, BPPR’s mortgage and consumer loan portfolios include loans to

government employees and retirees, which could also be negatively affected by fiscal measures such as employee layoffs or

furloughs or reductions in pension benefits. 

In addition, $

2.4

 billion of residential mortgages and $

80.9

 million commercial loans were insured or guaranteed by the U.S.

Government or its agencies at September 30, 2025 (compared to $

2.1

 billion and $

87.4

 million, respectively, at December 31,

2024). The Corporation also had U.S. Treasury and obligations from the U.S. Government, its agencies or government sponsored

entities within the portfolio of available-for-sale and held-to-maturity securities as described in Note 5 and 6 to the Consolidated

Financial Statements.

At September 30, 2025, the Corporation had operations in the United States Virgin Islands (the “USVI”) and had $

28

 million in direct

exposure to USVI government entities (December 31, 2024 - $

28

 million). The USVI has been experiencing a number of fiscal and

economic challenges that could adversely affect the ability of its public corporations and instrumentalities to service their outstanding

debt obligations. PROMESA does not apply to the USVI and, as such, there is currently no federal legislation permitting the

restructuring of the debts of the USVI and its public corporations and instrumentalities.

94

At September 30, 2025, the Corporation had operations in the British Virgin Islands (“BVI”) and it had a loan portfolio amounting to

$

193

 million comprised of various retail and commercial clients, compared to a loan portfolio of $

196

 million at December 31, 2024.

At September 30, 2025, the Corporation had

no

 significant exposure to a single borrower in the BVI.

FDIC Special Assessment 

On November 16, 2023, the Federal Deposit Insurance Corporation (“FDIC”) imposed a special assessment (the “FDIC Special

Assessment”) amount to recover the losses to the deposit insurance fund resulting from the FDIC’s funds used, in March 2023, in

connection with the systemic risk exception, to the least-cost resolution test, under the Federal Deposit Insurance Act to manage the

receiverships of several failed banks. In connection with this assessment, the Corporation accrued $

71.4

 million, $

45.3

 million net of

tax, in the fourth quarter of 2023, representing the full amount of the assessment.

During the first quarter of 2024, the Corporation recorded an additional expense of $

14.3

 million, $

9.1

 million net of tax, to reflect the

FDIC's higher loss estimate communicated by the FDIC. The special assessment amount and collection period may change as the

estimated loss is periodically adjusted or if the total amount collected varies. The last payment for the FDIC special assessment is

projected to be in the third quarter, September 2026.

Legal Proceedings

The nature of Popular’s business ordinarily generates claims, litigation, arbitration, regulatory and governmental investigations, and

legal and administrative cases and proceedings (collectively, “Legal Proceedings”). Popular’s Legal Proceedings may involve

various lines of business and include claims relating to contract, torts, consumer protection, securities, antitrust, employment, tax

and other laws. The recovery sought in Legal Proceedings may include substantial or indeterminate compensatory damages,

punitive damages, injunctive relief, or recovery on a class-wide basis. When the Corporation determines that it has meritorious

defenses to the claims asserted, it vigorously defends itself. The Corporation will consider the settlement of cases (including cases

where it has meritorious defenses) when, in management’s judgment, it is in the best interest of the Corporation and its stockholders

to do so. On at least a quarterly basis, Popular assesses its liabilities and contingencies relating to outstanding Legal Proceedings

utilizing the most current information available. For matters where it is probable that the Corporation will incur a material loss and the

amount can be reasonably estimated, the Corporation establishes an accrual for the loss. Once established, the accrual is adjusted

on at least a quarterly basis to reflect any relevant developments, as appropriate. For matters where a material loss is not probable,

or the amount of the loss cannot be reasonably estimated, no accrual is established.

In certain cases, exposure to loss exists in excess of any accrual to the extent such loss is reasonably possible, but not probable.

Management believes and estimates that the range of reasonably possible losses (with respect to those matters where such limits

may be determined in excess of amounts accrued) for current Legal Proceedings ranged from $

0

 to approximately $

7.2

 million as of

September 30, 2025. In certain cases, management cannot reasonably estimate the possible loss at this time. Any estimate

involves significant judgment, given the varying stages of the Legal Proceedings (including the fact that many of them are currently

in preliminary stages), the existence of multiple defendants in several of the current Legal Proceedings whose share of liability has

yet to be determined, the numerous unresolved issues in many of the Legal Proceedings, and the inherent uncertainty of the various

potential outcomes of such Legal Proceedings. Accordingly, management’s estimate will change from time-to-time, and actual

losses may be more or less than the current estimate.

While the outcome of Legal Proceedings is inherently uncertain, based on information currently available, advice of counsel, and

available insurance coverage, management believes that the amount it has already accrued is adequate and any incremental

liability arising from the Legal Proceedings in matters in which a loss amount can be reasonably estimated will not have a material

adverse effect on the Corporation’s consolidated financial position. However, in the event of unexpected future developments, it is

possible that the ultimate resolution of these matters in a reporting period, if unfavorable, could have a material adverse effect on

the Corporation’s consolidated financial position for that period.

95

Note 19 – Non-consolidated variable interest entities

The Corporation is involved with

two

 statutory trusts which it created to issue trust preferred securities to the public. These trusts are

deemed to be variable interest entities (“VIEs”) since the equity investors at risk have no substantial decision-making rights. The

Corporation does not hold any variable interest in the trusts, and therefore, cannot be the trusts’ primary beneficiary. Furthermore,

the Corporation concluded that it did not hold a controlling financial interest in these trusts since the decisions of the trusts are

predetermined through the trust documents and the guarantee of the trust preferred securities is irrelevant since in substance the

sponsor is guaranteeing its own debt.

Also, the Corporation is involved with various special purpose entities mainly in guaranteed mortgage securitization transactions,

including GNMA and FNMA.

The Corporation has also engaged in securitization transactions with FHLMC, but considers its

exposure in the form of servicing fees and servicing advances not to be significant

at September 30, 2025

.

These special purpose

entities are deemed to be VIEs since they lack equity investments at risk. The Corporation’s continuing involvement in these

guaranteed loan securitizations includes owning certain beneficial interests in the form of securities as well as the servicing rights

retained. The Corporation is not required to provide additional financial support to any of the variable interest entities to which it has

transferred the financial assets. The mortgage-backed securities, to the extent retained, are classified in the Corporation’s

Consolidated Statements of Financial Condition as available-for-sale or trading securities. The Corporation concluded that,

essentially, these entities (FNMA and GNMA) control the design of their respective VIEs, dictate the quality and nature of the

collateral, require the underlying insurance, set the servicing standards via the servicing guides and can change them at will, and

can remove a primary servicer with cause, and without cause in the case of FNMA. Moreover, through their guarantee obligations,

agencies (FNMA and GNMA) have the obligation to absorb losses that could be potentially significant to the VIE.

The Corporation holds variable interests in these VIEs in the form of agency mortgage-backed securities and collateralized

mortgage obligations, including those securities originated by the Corporation and those acquired from third parties. Additionally, the

Corporation holds agency mortgage-backed securities and agency collateralized mortgage obligations issued by third party VIEs in

which it has no other form of continuing involvement. Refer to Note 21 to the Consolidated Financial Statements for additional

information on the debt securities outstanding at September 30, 2025 and December 31, 2024, which are classified as available-for-

sale and trading securities in the Corporation’s Consolidated Statements of Financial Condition. In addition, the Corporation holds

variable interests in the form of servicing fees, since it retains the right to service the transferred loans in those government-

sponsored special purpose entities (“SPEs”) and may also purchase the right to service loans in other government-sponsored SPEs

that were transferred to those SPEs by a third-party. 

The following table presents the carrying amount and classification of the assets related to the Corporation’s variable interests in

non-consolidated VIEs and the maximum exposure to loss as a result of the Corporation’s involvement as servicer of GNMA and

FNMA loans at September 30, 2025 and December 31, 2024.

96

(In thousands)

September 30, 2025

December 31, 2024

Assets

Servicing assets:

Mortgage servicing rights

$

76,673

$

84,356

Total servicing assets 

$

76,673

$

84,356

Other assets:

Servicing advances

$

4,017

$

6,112

Total other assets

$

4,017

$

6,112

Total assets

$

80,690

$

90,468

Maximum exposure to loss

$

80,690

$

90,468

The size of the non-consolidated VIEs, in which the Corporation has a variable interest in the form of servicing fees, measured as

the total unpaid principal balance of the loans, amounted to $

6.1

 billion at September 30, 2025 (December 31, 2024 - $

6.6

 billion).

The Corporation determined that the maximum exposure to loss includes the fair value of the MSRs and the assumption that the

servicing advances at September 30, 2025 and December 31, 2024, will not be recovered. The agency debt securities are not

included as part of the maximum exposure to loss since they are guaranteed by the related agencies.

ASU 2009-17 requires that an ongoing primary beneficiary assessment should be made to determine whether the Corporation is the

primary beneficiary of any of the VIEs it is involved with. The conclusion on the assessment of these non-consolidated VIEs has not

changed since their initial evaluation. The Corporation concluded that it is still not the primary beneficiary of these VIEs, and

therefore, these VIEs are not required to be consolidated in the Corporation’s financial statements at September 30, 2025.

97

Note 20 – Related party transactions

Centro Financiero BHD, S.A.

At September 30, 2025, the Corporation had a

15.63

% equity interest in Centro Financiero BHD, S.A. (“BHD”), one of the largest

banking and financial services groups in the Dominican Republic. During the nine months ended September 30, 2025, the

Corporation recorded $

17.0

 million in equity pickup (September 30, 2024 - $

29.6

 million), including the net impact of $

33.8

 million

from net earnings (September 30, 2024 - $

31.5

 million), offset by ($

16.8

) million recorded through Other Comprehensive Income

(September 30, 2024 - ($

1.9

) million) related to foreign currency translation adjustments and changes in the fair value of available

for sale securities. At September 30, 2025, the investment in BHD had a carrying amount of $

236.5

 million (December 31, 2024 -

$

239.5

 million) and the Corporation received $

20

 million in cash dividend distributions during the nine months ended September 30,

2025 (September 30, 2024 - $

19.4

 million).

98

Note 21 – Fair value measurement

ASC Subtopic 820-10 “Fair Value Measurements and Disclosures” establishes a fair value hierarchy that prioritizes the inputs to

valuation techniques used to measure fair value into three levels in order to increase consistency and comparability in fair value

measurements and disclosures. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

●

Level 1

- Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to

access at the measurement date. Valuation on these instruments does not necessitate a significant degree of judgment since

valuations are based on quoted prices that are readily available in an active market.

●

Level 2

- Quoted prices other than those included in Level 1 that are observable either directly or indirectly. Level 2 inputs

include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in

markets that are not active, or other inputs that are observable or that can be corroborated by observable market data for

substantially the full term of the financial instrument.

●

Level 3

- Inputs are unobservable and significant to the fair value measurement. Unobservable inputs reflect the Corporation’s

own judgements about assumptions that market participants would use in pricing the asset or liability.

The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the

observable inputs be used when available. Fair value is based upon quoted market prices when available. If listed prices or quotes

are not available, the Corporation employs internally-developed models that primarily use market-based inputs including yield

curves, interest rates, volatilities, and credit curves, among others. Valuation adjustments are limited to those necessary to ensure

that the financial instrument’s fair value is adequately representative of the price that would be received or paid in the marketplace.

These adjustments include amounts that reflect counterparty credit quality, the Corporation’s credit standing, constraints on liquidity

and unobservable parameters that are applied consistently. There have been no changes in the Corporation’s methodologies used

to estimate the fair value of assets and liabilities from those disclosed in the 2024 Form 10-K.

The estimated fair value may be subjective in nature and may involve uncertainties and matters of significant judgment for certain

financial instruments. Changes in the underlying assumptions used in calculating fair value could significantly affect the results.

Fair Value on a Recurring and Nonrecurring Basis

The following fair value hierarchy tables present information about the Corporation’s assets and liabilities measured at fair value on

a recurring basis at September 30, 2025 and December 31, 2024:

99

At September 30, 2025

(In thousands)

Level 1

Level 2

Level 3

Measured at NAV

Total

RECURRING FAIR VALUE MEASUREMENTS

Assets 

Debt securities available-for-sale:

U.S. Treasury securities

$

6,423,246

$

9,283,519

$

-

$

-

$

15,706,765

Collateralized mortgage obligations - federal

agencies

-

104,700

-

-

104,700

Mortgage-backed securities

-

4,873,777

431

-

4,874,208

Other

-

-

750

-

750

Total debt securities available-for-sale

$

6,423,246

$

14,261,996

$

1,181

$

-

$

20,686,423

Trading account debt securities, excluding

derivatives:

U.S. Treasury securities

$

8,026

$

10

$

-

$

-

$

8,036

Obligations of Puerto Rico, States and political

subdivisions

-

46

-

-

46

Collateralized mortgage obligations

-

595

-

-

595

Mortgage-backed securities

-

24,227

84

-

24,311

Other

-

-

118

-

118

Total trading account debt securities, excluding

derivatives

$

8,026

$

24,878

$

202

$

-

$

33,106

Equity securities

$

-

$

50,047

$

-

$

825

$

50,872

Mortgage servicing rights

-

-

99,523

-

99,523

Loans held-for-sale

-

4,785

-

-

4,785

Derivatives 

-

27,716

-

-

27,716

Total assets measured at fair value on a

recurring basis

$

6,431,272

$

14,369,422

$

100,906

$

825

$

20,902,425

Liabilities

Derivatives

$

-

$

(26,157)

$

-

$

-

$

(26,157)

Total liabilities measured at fair value on a

recurring basis

$

-

$

(26,157)

$

-

$

-

$

(26,157)

100

At December 31, 2024

(In thousands)

Level 1

Level 2

Level 3

Measured at NAV

Total

RECURRING FAIR VALUE MEASUREMENTS

Assets 

Debt securities available-for-sale:

U.S. Treasury securities

$

7,512,171

$

5,482,939

$

-

$

-

$

12,995,110

Collateralized mortgage obligations - federal

agencies

-

120,284

-

-

120,284

Mortgage-backed securities

-

5,127,775

484

-

5,128,259

Other

-

-

2,250

-

2,250

Total debt securities available-for-sale

$

7,512,171

$

10,730,998

$

2,734

$

-

$

18,245,903

Trading account debt securities, excluding

derivatives:

U.S. Treasury securities

$

2,814

$

10

$

-

$

-

$

2,824

Obligations of Puerto Rico, States and political

subdivisions

-

55

-

-

55

Collateralized mortgage obligations

-

655

-

-

655

Mortgage-backed securities

-

29,032

84

-

29,116

Other

-

-

133

-

133

Total trading account debt securities, excluding

derivatives

$

2,814

$

29,752

$

217

$

-

$

32,783

Equity securities

$

-

$

45,664

$

-

$

381

$

46,045

Mortgage servicing rights

-

-

108,103

-

108,103

Loans held-for-sale

-

5,423

-

-

5,423

Derivatives 

-

26,023

-

-

26,023

Total assets measured at fair value on a

recurring basis

$

7,514,985

$

10,837,860

$

111,054

$

381

$

18,464,280

Liabilities

Derivatives

$

-

$

(22,832)

$

-

$

-

$

(22,832)

Total liabilities measured at fair value on a

recurring basis

$

-

$

(22,832)

$

-

$

-

$

(22,832)

Loans held-for-sale measured at fair value

Loans held-for-sale measured at fair value were priced based on secondary market prices. These loans are classified as Level 2.

The following tables summarize the difference between the aggregate fair value and the aggregate unpaid principal balance for

mortgage loans originated as held-for-sale measured at fair value as of September 30, 2025 and December 31, 2024.

(In thousands)

September 30, 2025

Aggregate Unpaid

Fair Value

Principal Balance

Difference

Loans held for sale

$

4,785

$

4,715

$

70

(In thousands)

December 31, 2024

Aggregate Unpaid

Fair Value

Principal Balance

Difference

Loans held for sale

$

5,423

$

5,436

$

(13)

No

 loans held-for-sale were 90 or more days past due or on nonaccrual status as of September 30, 2025 and December 31, 2024.

101

The fair value information included in the following tables is not as of period end, but as of the date that the fair value measurement

was recorded during the nine months ended September 30, 2025 and 2024 and excludes nonrecurring fair value measurements of

assets no longer outstanding as of the reporting date.

Nine months ended September 30, 2025

(In thousands)

Level 1

Level 2

Level 3

Total

NONRECURRING FAIR VALUE MEASUREMENTS

Assets 

Write-downs

Other real estate owned

[1]

$

-

$

-

$

3,983

$

3,983

$

(1,351)

Other foreclosed assets

[1]

-

-

196

196

(51)

Total assets measured at fair value on a nonrecurring basis

$

-

$

-

$

4,179

$

4,179

$

(1,402)

[1] Represents the fair value of foreclosed real estate and other collateral owned that were written down to their fair value. Costs to sell are

excluded from the reported fair value amount.

Nine months ended September 30, 2024

(In thousands)

Level 1

Level 2

Level 3

Total

NONRECURRING FAIR VALUE MEASUREMENTS

Assets 

Write-downs

Loans

[1]

$

-

$

-

$

4,166

$

4,166

$

(654)

Other real estate owned

[2]

-

-

5,749

5,749

(1,889)

Other foreclosed assets

[2]

-

-

174

174

(38)

Total assets measured at fair value on a nonrecurring basis

$

-

$

-

$

10,089

$

10,089

$

(2,581)

[1] Relates mainly to certain impaired collateral dependent loans. The impairment was measured based on the fair value of the collateral, which is

derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations. Costs to sell are

excluded from the reported fair value amount.

[2] Represents the fair value of foreclosed real estate and other collateral owned that were written down to their fair value. Costs to sell are

excluded from the reported fair value amount.

102

The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarters 

and nine months ended September 30, 2025 and 2024.

Quarter ended September 30, 2025

MBS

Other

MBS

Other

classified

securities

classified

securities

as debt

classified as 

as trading

classified

securities

 debt securities

account

as trading

Mortgage

available-

available-

 debt

account debt

servicing

Total

(In thousands)

for-sale

for-sale

securities

securities

rights

assets

Balance at June 30, 2025

$

432

$

750

$

84

$

122

$

103,077

$

104,465

Gains (losses) included in earnings

-

-

-

(4)

(3,835)

(3,839)

Gains (losses) included in OCI

(1)

-

-

-

-

(1)

Additions

-

-

-

-

281

281

Balance at September 30, 2025

$

431

$

750

$

84

$

118

$

99,523

$

100,906

Changes in unrealized gains (losses) included in

earnings relating to assets still held at September

30, 2025

$

-

$

-

$

-

$

-

$

(1,505)

$

(1,505)

Nine months ended September 30, 2025

MBS

Other

MBS

Other

classified

securities

classified

securities

as debt

classified as 

as trading

classified

securities

 debt securities

account

as trading

Mortgage

available-

available-

 debt

account debt

servicing

Total

(In thousands)

for-sale

for-sale

securities

securities

rights

assets

Balance at January 1, 2025

$

484

$

2,250

$

84

$

133

$

108,103

$

111,054

Gains (losses) included in earnings

-

-

-

(15)

(9,359)

(9,374)

Gains (losses) included in OCI

(3)

-

-

-

-

(3)

Additions

-

-

-

-

779

779

Settlements

(50)

-

-

-

-

(50)

Transfers out of Level 3

-

(1,500)

-

-

-

(1,500)

Balance at September 30, 2025

$

431

$

750

$

84

$

118

$

99,523

$

100,906

Changes in unrealized gains (losses) included in

earnings relating to assets still held at September

30, 2025

$

-

$

-

$

-

$

23

$

(2,482)

$

(2,459)

103

Quarter ended September 30, 2024

MBS

Other

Other

classified

securities

MBS

securities

as debt

classified as

classified

classified

securities

debt securities

as trading

as trading

Mortgage

available-

available-

account debt

account debt

servicing

Total

(In thousands)

for-sale

for-sale

securities

securities

rights

assets

Balance at June 30, 2024

$

581

$

2,000

$

84

$

158

$

113,386

$

116,209

Gains (losses) included in earnings

-

-

-

(4)

(4,896)

(4,900)

Gains (losses) included in OCI

2

-

-

-

-

2

Additions

-

-

-

-

337

337

Settlements

(25)

-

-

-

-

(25)

Balance at September 30, 2024

$

558

$

2,000

$

84

$

154

$

108,827

$

111,623

Changes in unrealized gains (losses) included in

earnings relating to assets still held at September

30, 2024

$

-

$

-

$

-

$

6

$

(2,577)

$

(2,571)

Nine months ended September 30, 2024

MBS

Other

Other

classified

securities

CMOs

securities

as debt

classified as

classified

MBS 

classified

securities

debt securities

as trading

classified as

as trading

Mortgage

available-

available-

account debt

trading account

account debt

servicing

Total

(In thousands)

for-sale

for-sale

securities

securities

securities

rights

assets

Balance at January 1, 2024

$

606

$

2,500

$

5

$

112

$

167

$

118,109

$

121,499

Gains (losses) included in earnings

-

(500)

-

-

(13)

(10,280)

(10,793)

Gains (losses) included in OCI

2

-

-

-

-

-

2

Additions

-

-

-

-

-

998

998

Settlements

(50)

-

(5)

(28)

-

-

(83)

Balance at September 30, 2024

$

558

$

2,000

$

-

$

84

$

154

$

108,827

$

111,623

Changes in unrealized gains (losses)

included in earnings relating to assets

still held at September 30, 2024

$

-

$

-

$

-

$

-

$

18

$

(3,279)

$

(3,261)

104

Gains and losses (realized and unrealized) included in earnings for the quarters and nine months ended September 30, 2025 and

2024 for Level 3 assets and liabilities included in the previous tables are reported in the Consolidated Statement of Operations as

follows:

Quarter ended September 30, 2025

Nine months ended September 30, 2025

Changes in unrealized

Changes in unrealized

Total gains

gains (losses) relating to

Total gains

gains (losses) relating to

(losses) included

assets still held at

(losses) included

assets still held at

(In thousands)

in earnings

reporting date

in earnings

reporting date

Mortgage banking activities

$

(3,835)

$

(1,505)

$

(9,359)

$

(2,482)

Trading account profit (loss)

(4)

-

(15)

23

Total 

$

(3,839)

$

(1,505)

$

(9,374)

$

(2,459)

Quarter ended September 30, 2024

Nine months ended September 30, 2024

Changes in unrealized

Changes in unrealized

Total gains

gains (losses) relating to

Total gains

gains (losses) relating to

(losses) included

assets still held at

(losses) included

assets still held at

(In thousands)

in earnings

reporting date

in earnings

reporting date

Mortgage banking activities

$

(4,896)

$

(2,577)

$

(10,280)

$

(3,279)

Trading account profit (loss)

(4)

6

(13)

18

Provision for credit losses

-

-

(500)

-

Total 

$

(4,900)

$

(2,571)

$

(10,793)

$

(3,261)

The following tables include quantitative information about significant unobservable inputs used to derive the fair value of Level 3

instruments, excluding those instruments for which the unobservable inputs were not developed by the Corporation such as prices

of prior transactions and/or unadjusted third-party pricing sources at September 30, 2025 and 2024.

Fair value at

 September 30,

(In thousands)

2025

Valuation technique

Unobservable inputs

Weighted average (range) [1]

Other - trading

$

118

Discounted cash flow model

Weighted average life

2

 years

Yield

12

.0%

Prepayment speed

10.8

%

Other real estate owned

$

34

[2]

External appraisal

Haircut applied on

external appraisals

20

%

[1] 

Weighted average of significant unobservable inputs used to develop Level 3 fair value measurements were calculated by relative fair value.

[2]

Other real estate owned in which haircuts were not applied to external appraisals were excluded from this table.

105

Fair value at

 September 30,

(In thousands)

2024

Valuation technique

Unobservable inputs

Weighted average (range) [1]

Other - trading

$

154

Discounted cash flow model

Weighted average life

2.3

 years

Yield

12

.0%

Prepayment speed

10.8

%

Loans held-in-portfolio

$

4,166

[2]

External appraisal

Haircut applied on

external appraisals

7.5

% (

5

.0% -

10

.0%)

Other real estate owned

$

16

[3]

External appraisal

Haircut applied on

external appraisals

35

.0%

[1] 

Weighted average of significant unobservable inputs used to develop Level 3 fair value measurements were calculated by relative fair value.

[2]

Loans held-in-portfolio in which haircuts were not applied to external appraisals were excluded from this table. 

[3]

Other real estate owned in which haircuts were not applied to external appraisals were excluded from this table.

106

Note 22 – Fair value of financial instruments

The fair value of financial instruments is the amount at which an asset or obligation could be exchanged in a current transaction

between willing parties, other than in a forced or liquidation sale. For those financial instruments with no quoted market prices

available, fair values have been estimated using present value calculations or other valuation techniques, as well as management’s

best judgment with respect to current economic conditions, including discount rates, estimates of future cash flows, and prepayment

assumptions. Many of these estimates involve various assumptions and may vary significantly from amounts that could be realized

in actual transactions.

The fair values reflected herein have been determined based on the prevailing rate environment at September 30, 2025 and

December 31, 2024, as applicable. In different interest rate environments, fair value estimates can differ significantly, especially for

certain fixed rate financial instruments. In addition, the fair values presented do not attempt to estimate the value of the

Corporation’s fee generating businesses and anticipated future business activities, that is, they do not represent the Corporation’s

value as a going concern. There have been no changes in the Corporation’s valuation methodologies and inputs used to estimate

the fair values for each class of financial assets and liabilities not measured at fair value.

The following tables present the carrying amount and estimated fair values of financial instruments with their corresponding level in

the fair value hierarchy. The aggregate fair value amounts of the financial instruments disclosed do not represent management’s

estimate of the underlying value of the Corporation.

107

September 30, 2025

Carrying 

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value 

Financial Assets:

Cash and due from banks

$

377,079

$

377,079

$

-

$

-

$

-

$

377,079

Money market investments

4,754,391

4,744,211

10,180

-

-

4,754,391

Trading account debt securities, excluding derivatives

[1]

33,106

8,026

24,878

202

-

33,106

Debt securities available-for-sale

[1]

20,686,423

6,423,246

14,261,996

1,181

-

20,686,423

Debt securities held-to-maturity:

U.S. Treasury securities

$

7,374,072

$

-

$

7,405,080

$

-

$

-

$

7,405,080

Obligations of Puerto Rico, States and political

subdivisions

45,760

-

6,799

40,334

-

47,133

Collateralized mortgage obligation-federal agency

1,506

-

1,315

-

-

1,315

Securities in wholly owned statutory business trusts

5,960

-

5,960

-

-

5,960

Total debt securities held-to-maturity

$

7,427,298

$

-

$

7,419,154

$

40,334

$

-

$

7,459,488

Equity securities:

FHLB stock

$

58,552

$

-

$

58,552

$

-

$

-

$

58,552

FRB stock

102,038

-

102,038

-

-

102,038

Other investments

58,403

-

50,047

8,137

825

59,009

Total equity securities

$

218,993

$

-

$

210,637

$

8,137

$

825

$

219,599

Loans held-for-sale

$

7,783

$

-

$

7,783

$

-

$

-

$

7,783

Loans held-in-portfolio

37,900,938

-

-

37,105,428

-

37,105,428

Mortgage servicing rights

99,523

-

-

99,523

-

99,523

Derivatives

27,716

-

27,716

-

-

27,716

September 30, 2025

Carrying 

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value 

Financial Liabilities:

Deposits:

Demand deposits

$

56,892,010

$

-

$

56,892,010

$

-

$

-

$

56,892,010

Time deposits

9,621,394

-

9,419,413

-

-

9,419,413

Total deposits

$

66,513,404

$

-

$

66,311,423

$

-

$

-

$

66,311,423

Assets sold under agreements to repurchase

$

56,853

$

-

$

56,859

$

-

$

-

$

56,859

Other short-term borrowings

[2]

400,000

-

400,000

-

-

400,000

Notes payable:

FHLB advances

$

195,312

$

-

$

193,131

$

-

$

-

$

193,131

Unsecured senior debt securities

396,249

-

420,152

-

-

420,152

Junior subordinated deferrable interest debentures

(related to trust preferred securities)

198,393

-

188,081

-

-

188,081

Total notes payable

$

789,954

$

-

$

801,364

$

-

$

-

$

801,364

Derivatives

$

26,157

$

-

$

26,157

$

-

$

-

$

26,157

[1]

Refer to Note 21 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level.

[2]

Refer to Note 13 to the Consolidated Financial Statements for the composition of other short-term borrowings.

108

December 31, 2024

Carrying 

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value 

Financial Assets:

Cash and due from banks

$

419,638

$

419,638

$

-

$

-

$

-

$

419,638

Money market investments

6,380,948

6,371,180

9,768

-

-

6,380,948

Trading account debt securities, excluding derivatives

[1]

32,783

2,814

29,752

217

-

32,783

Debt securities available-for-sale

[1]

18,245,903

7,512,171

10,730,998

2,734

-

18,245,903

Debt securities held-to-maturity:

U.S. Treasury securities

$

7,693,418

$

-

$

7,623,824

$

-

$

-

$

7,623,824

Obligations of Puerto Rico, States and political

subdivisions

51,865

-

6,866

44,711

-

51,577

Collateralized mortgage obligation-federal agency

1,518

-

1,304

-

-

1,304

Securities in wholly owned statutory business trusts

5,959

-

5,959

-

-

5,959

Total debt securities held-to-maturity

$

7,752,760

$

-

$

7,637,953

$

44,711

$

-

$

7,682,664

Equity securities:

FHLB stock

$

55,786

$

-

$

55,786

$

-

$

-

$

55,786

FRB stock

100,304

-

100,304

-

-

100,304

Other investments

52,076

-

45,664

6,528

381

52,573

Total equity securities

$

208,166

$

-

$

201,754

$

6,528

$

381

$

208,663

Loans held-for-sale

$

5,423

$

-

$

5,423

$

-

$

-

$

5,423

Loans held-in-portfolio

36,361,628

-

-

35,652,539

-

35,652,539

Mortgage servicing rights

108,103

-

-

108,103

-

108,103

Derivatives

26,023

-

26,023

-

-

26,023

December 31, 2024

Carrying 

Measured

(In thousands)

amount

Level 1

Level 2

Level 3

at NAV

Fair value 

Financial Liabilities:

Deposits:

Demand deposits

$

55,871,463

$

-

$

55,871,463

$

-

$

-

$

55,871,463

Time deposits

9,012,882

-

8,795,803

-

-

8,795,803

Total deposits

$

64,884,345

$

-

$

64,667,266

$

-

$

-

$

64,667,266

Assets sold under agreements to repurchase

$

54,833

$

-

$

54,845

$

-

$

-

$

54,845

Other short-term borrowings

[2]

225,000

-

225,000

-

-

225,000

Notes payable:

FHLB advances

$

302,722

$

-

$

295,023

$

-

$

-

$

295,023

Unsecured senior debt securities

395,198

-

415,148

-

-

415,148

Junior subordinated deferrable interest debentures

(related to trust preferred securities)

198,373

-

189,758

-

-

189,758

Total notes payable

$

896,293

$

-

$

899,929

$

-

$

-

$

899,929

Derivatives

$

22,832

$

-

$

22,832

$

-

$

-

$

22,832

[1]

Refer to Note 21 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level. 

[2]

Refer to Note 13 to the Consolidated Financial Statements for the composition of other short-term borrowings.

Refer to Note 18 to the Consolidated Financial Statements for the notional amount of commitments to extend credit, which

represents the unused portion of credit facilities granted to customers, and letters of credit, which represent the contractual amount

that is required to be paid in the event of nonperformance, at September 30, 2025 and December 31, 2024. The fair value of

commitments to extend credit and letters of credit, which are based on the fees charged to enter into those agreements, are not

material to Popular’s financial statements.

109

Note 23 – Net income per common share

The following table sets forth the computation of net income per common share (“EPS”), basic and diluted, for the quarters and nine

months ended September 30, 2025 and 2024:

Quarters ended September 30,

Nine months ended September 30,

(In thousands, except per share information)

2025

2024

2025

2024

Net income

$

211,317

$

155,323

$

599,259

$

436,395

Preferred stock dividends

(353)

(353)

(1,059)

(1,059)

Net income applicable to common stock

$

210,964

$

154,970

$

598,200

$

435,336

Average common shares outstanding

67,058,260

71,807,136

68,121,447

71,882,273

Average potential dilutive common shares 

35,554

21,266

22,239

29,880

Average common shares outstanding - assuming dilution

67,093,814

71,828,402

68,143,686

71,912,153

Basic EPS

$

3.15

$

2.16

$

8.78

$

6.06

Diluted EPS

$

3.14

$

2.16

$

8.78

$

6.05

For the quarters and nine months ended September 30, 2025 and 2024, the Corporation calculated the impact of potential dilutive

common shares under the treasury stock method, consistent with the method used for the preparation of the financial statements for

the year ended December 31, 2024. For a discussion of the calculation under the treasury stock method, refer to Note 30 of the

Consolidated Financial Statements included in the 2024 Form 10-K.

110

Note 24 – Revenue from contracts with customers

The following table presents the Corporation’s revenue streams from contracts with customers by reportable segment for the

quarters and nine months ended September 30, 2025 and 2024.

Quarter ended September 30,

Nine months ended September 30,

(In thousands)

2025

2025

BPPR

Popular U.S.

BPPR

Popular U.S.

Service charges on deposit accounts

$

36,392

$

2,685

$

109,042

$

7,915

Other service fees:

Debit card fees

27,868

216

81,809

625

Insurance fees, excluding reinsurance

9,449

1,772

25,849

5,682

Credit card fees, excluding late fees and membership fees 

27,846

301

81,376

1,040

Sale and administration of investment products

9,459

-

27,490

-

Trust fees

7,279

-

20,789

-

Total revenue from contracts with customers [1]

$

118,293

$

4,974

$

346,355

$

15,262

[1]

The amounts include intersegment transactions of $

0.6

 million and $

1.8

 million, respectively, for the quarter and nine months ended September 30, 2025.

Quarter ended September 30,

Nine months ended September 30,

(In thousands)

2024

2024

BPPR

Popular U.S.

BPPR

Popular U.S.

Service charges on deposit accounts

$

35,699

$

2,616

$

105,770

$

7,513

Other service fees:

Debit card fees [2]

25,997

200

78,308

599

Insurance fees, excluding reinsurance

11,702

1,684

33,966

5,130

Credit card fees, excluding late fees and membership fees [2]

26,189

379

76,828

1,205

Sale and administration of investment products

8,387

-

23,664

-

Trust fees

6,902

-

20,810

-

Total revenue from contracts with customers [1]

$

114,876

$

4,879

$

339,346

$

14,447

[1]

The amounts include intersegment transactions of $

0.6

 million and $

3.9

 million, respectively, for the quarter and nine months ended September 30, 2024.

[2]

Effective in the third quarter of 2024, the Corporation reclassified certain interchange fees, which were previously included jointly with credit card fees

from common network activity, as debit card fees. For the nine month period ended September 30, 2024, interchange fees of approximately $

22.2

 million,

corresponding to the first and second quarters were reclassified.

Revenue from contracts with customers is recognized when, or as, the performance obligations are satisfied by the Corporation by

transferring the promised services to the customers based on ASC 606 Revenue from Contracts with Customers. Revenue streams

identified from contracts with customers, as listed above, will have certain timing for recognition based on the nature of the contract

including when the obligation is satisfied and/or services are rendered. Service charges on deposit accounts, debit card fees, and

credit card fees are recognized at a point in time, upon the occurrence of an activity or an event. Interchange fees on debit and

credit card transactions are recognized upon settlement of the payment transaction. For more details over nature and timing of

revenue streams from contracts with customers refer to Note 31 on the 2024 Form 10-K for a complete description of the nature and

timing of revenue streams from contracts with customers.

111

Note 25 - Stock-based compensation

Incentive Plan

On May 12, 2020, the stockholders of the Corporation approved the Popular, Inc. 2020 Omnibus Incentive Plan, which permits the

Corporation to issue several types of stock-based compensation to employees and directors of the Corporation and/or any of its

subsidiaries (the “2020 Incentive Plan”). The 2020 Incentive Plan replaced the Popular, Inc. 2004 Omnibus Incentive Plan, which

was in effect prior to the adoption of the 2020 Incentive Plan (the “2004 Incentive Plan” and, together with the 2020 Incentive Plan,

the “Incentive Plan”). Participants under the Incentive Plan are designated by the Talent and Compensation Committee of the Board

of Directors (or its delegate, as determined by the Board). Under the Incentive Plan, the Corporation has issued restricted stock and

performance shares to its employees and restricted stock and restricted stock units (“RSUs”) to its directors.

The restricted stock granted under the Incentive Plan to employees becomes vested based on the employees’ continued service

with Popular.

Unless otherwise stated in an agreement, the compensation cost associated with the shares of restricted stock

granted prior to 2021 was determined based on a two-prong vesting schedule. These grants include ratable vesting over five or four

years commencing at the date of grant (“the graduated vesting portion”) with a portion vested at termination of employment after

attainment of 55 years of age and 10 years of service or 60 years of age and 5 years of service (“the retirement vesting portion”).

The graduated vesting portion is accelerated at termination of employment after attaining the earlier of 55 years of age and 10 years

of service or 60 years of age and 5 years of service. Restricted stock granted on or after 2021 have ratable vesting in equal annual

installments over a period of 4 years or 3 years, depending on the classification of the employee. The vesting schedule is

accelerated at termination of employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age

and 5 years of service.

The performance share awards granted under the Incentive Plan consist of the opportunity to receive shares of Popular, Inc.’s

common stock provided that the Corporation achieves certain goals during a three-year performance cycle. The goals will be based

on two metrics weighted equally: the Relative Total Shareholder Return (“TSR”) and the Absolute Return on Average Tangible

Common Equity (“ROATCE”). The TSR metric is a market condition under ASC 718. For equity settled awards based on market

conditions, the fair value is determined as of the grant date and is not subsequently revised based on actual performance. The

ROATCE metric is a performance condition under ASC 718. The fair value is determined based on the probability of achieving the

ROATCE goal as of each reporting period. The TSR and ROATCE metrics are equally weighted and work independently. 

The

number of shares that will ultimately vest ranges from 50% to a 150% target based on both market (TSR) and performance

(ROATCE) conditions. The performance shares will vest at the end of the three-year performance cycle. If a participant terminates

employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age and 5 years of service, the

performance shares shall continue outstanding and vest at the end of the performance cycle.

The following table summarizes the restricted stock and performance shares activity under the Incentive Plan for members of

management.

112

(Not in thousands)

Shares

Weighted-Average

Grant Date Fair

Value

Non-vested at December 31, 2023

299,896

$

58.20

Granted

242,474

86.62

Performance Shares Quantity Adjustment

(18,650)

87.79

Vested 

(267,873)

74.26

Forfeited

(7,939)

50.68

Non-vested at December 31, 2024

247,908

$

66.86

Granted

225,928

100.32

Performance Shares Quantity Adjustment

43,961

91.54

Vested 

(281,558)

90.26

Forfeited

(5,515)

60.68

Non-vested at September 30, 2025

230,724

$

75.82

During the quarter ended September 30, 2025,

no

 shares of restricted stock (September 30, 2024 –

928

 shares of restricted stock)

were awarded to management under the Incentive Plan. During the quarters ended September 30, 2025 and 2024,

no

 performance

shares were awarded to management under the Incentive Plan. During the nine months ended September 30, 2025,

194,268

shares of restricted stock (September 30, 2024 –

176,519

 shares of restricted stock) and

31,660

 performance shares (September

30, 2024 -

65,225

 performance shares) were awarded to management under the Incentive Plan. 

During the quarter ended September 30, 2025, the Corporation recognized $

2.1

 million of restricted stock expense related to

management incentive awards, with a tax benefit of $

0.4

 million (September 30, 2024 - $

1.8

 million, with a tax benefit of $

0.4

million). For the nine months ended September 30, 2025, the Corporation recognized $

16.4

 million of restricted stock expense

related to management incentive awards, with a tax benefit of $

2.1

 million (September 30, 2024 - $

12.3

 million, with a tax benefit of

$

2.0

 million). For the nine months ended September 30, 2025, the fair market value of the restricted stock and performance shares

vested was $

20.0

 million on the grant date and $

27.4

 million at vesting date. This differential triggered a windfall of $

2.7

 million that

was recorded as a reduction on income tax expense. During the quarter ended September 30, 2025, the Corporation recognized

$

(1.0)

 million of performance shares expense/(credit), with a tax benefit of $

(0.1)

 million due to performance shares target

adjustment (September 30, 2024 - $

(0.5)

 million, with a tax benefit of $

(32)

 thousand). For the nine months ended September 30,

2025, the Corporation recognized $

3.2

 million of performance shares expense, with a tax benefit of $

0.3

 million (September 30,

2024 - $

3.5

 million, with a tax benefit of $

0.2

 million). The total unrecognized compensation cost related to non-vested restricted

stock awards and performance shares to members of management at September 30, 2025 was $

14.6

 million and is expected to be

recognized over a weighted-average period of

1.58

 years.

The following table summarizes the restricted stock activity under the Incentive Plan for members of the Board of Directors:

(Not in thousands)

RSUs / Restricted stock

Weighted-Average Grant

Date Fair Value per Unit

Non-vested at December 31, 2023

-

$

-

Granted

25,462

89.51

Vested 

(25,462)

89.51

Forfeited

-

-

Non-vested at December 31, 2024

-

$

-

Granted

23,310

100.14

Vested 

(4,197)

98.52

Forfeited

-

-

Non-vested at September 30, 2025

19,113

$

100.49

113

The equity awards granted to members of the Board of Directors of Popular, Inc. (the “Directors”) after May 2025 will vest and

become non-forfeitable on the first anniversary of the grant date of such award. Equity awards granted to the Directors may be paid

in either common stock or RSUs, at each Director’s election. If RSUs are elected, the Directors may defer the delivery of the shares

of common stock underlying the RSUs award until their retirement. To the extent that cash dividends are paid on the Corporation’s

outstanding common stock, the Directors will receive an additional number of RSUs that reflect a reinvested dividend equivalent. 

During the quarter ended September 30, 2025,

1,260

 RSUs and

no

 shares of restricted stock were granted to the Directors

(September 30, 2024 -

1,281

 RSUs and

no

 shares of restricted stock) and the Corporation recognized $

0.6

 million of expense

related to these shares with a tax benefit of $

0.1

 million (September 30, 2024 - $

0.1

 million with a tax benefit of $

21

 thousand). For

the nine months ended September 30, 2025, the Corporation

granted

20,622

 RSUs and

2,688

 shares of restricted stock to the

Directors (September 30, 2024 -

22,887

 RSUs and

1,392

 shares of unrestricted stock) and the Corporation recognized $

1.3

 million

of expense related to these shares, with a tax benefit of $

0.2

 million, (September 30, 2024 - $

2.2

 million, with a tax benefit of $

0.4

million). The fair value at vesting date of the RSUs vested during the nine months ended September 30, 2025 for the Directors was

$

2.3

 million.

114

Note 26 – Income taxes

The table below presents a reconciliation of the statutory income tax rate to the effective income tax rate:

Quarters ended

September 30, 2025

September 30, 2024

(In thousands)

Amount 

% of pre-tax

income 

Amount

% of pre-tax

income

Computed income tax expense at statutory rates 

$

92,733

37.5

%

$

74,169

37.5

%

Net benefit of tax exempt income

(51,732)

(20.9)

(29,055)

(13.3)

Effect of income subject to preferential tax rate

(2,490)

(1.0)

(327)

-

Deferred tax asset valuation allowance

2,748

1.1

451

-

Difference in tax rates due to multiple jurisdictions

(6,212)

(2.5)

(6,764)

(3.1)

State and local taxes

2,717

1.1

3,429

0.4

Others

(1,794)

(0.8)

560

-

Income tax expense

$

35,970

14.5

%

$

42,463

21.5

%

Nine months ended

September 30, 2025

September 30, 2024

(In thousands)

Amount 

% of pre-tax

income 

Amount

% of pre-tax

income 

Computed income tax expense at statutory rates 

$

273,066

37.5

%

$

215,582

37.5

%

Net benefit of tax exempt income

(137,061)

(18.8)

(91,035)

(15.8)

Effect of income subject to preferential tax rate

(4,009)

(0.6)

(475)

(0.1)

Deferred tax asset valuation allowance

10,680

1.5

2,779

0.5

Difference in tax rates due to multiple jurisdictions

(11,469)

(1.6)

(11,893)

(2.1)

Other tax benefits

-

-

(4,500)

(0.8)

Tax on intercompany distributions

[1]

-

-

24,325

4.2

U.S., States, and local taxes

7,167

1.0

6,669

1.2

Others

(9,456)

(1.3)

(2,962)

(0.5)

Income tax expense

$

128,918

17.7

%

$

138,490

24.1

%

[1]

Includes $

16.5

 million of out-of-period adjustment recorded during the first quarter of 2024.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for

financial reporting purposes and their tax bases. Significant components of the Corporation’s deferred tax assets and liabilities at

September 30, 2025, and December 31, 2024, were as follows:

115

September 30, 2025

 (In thousands)

PR

US

Total

Deferred tax assets:

Tax credits available for carryforward

$

4,861

$

38,382

$

43,243

Net operating loss and other carryforward available 

60,370

584,546

644,916

Postretirement and pension benefits

28,228

-

28,228

Allowance for credit losses

249,065

28,482

277,547

Deferred loan origination fees/cost

4,533

(2,844)

1,689

Depreciation

7,700

7,742

15,442

FDIC-assisted transaction

152,665

-

152,665

Lease liability

28,040

18,572

46,612

Unrealized net loss on investment securities

179,530

14,083

193,613

Difference in outside basis from pass-through entities

53,182

-

53,182

Mortgage Servicing Rights

15,051

-

15,051

Other temporary differences

33,698

8,555

42,253

Total gross deferred tax assets

816,923

697,518

1,514,441

Deferred tax liabilities:

Intangibles

91,503

55,023

146,526

Right of use assets

25,509

16,666

42,175

Loans acquired

17,244

-

17,244

Other temporary differences

7,476

429

7,905

Total gross deferred tax liabilities

141,732

72,118

213,850

Valuation allowance

78,134

386,914

465,048

Net deferred tax asset

$

597,057

$

238,486

$

835,543

 December 31, 2024

 (In thousands)

PR

US

Total

Deferred tax assets:

Tax credits available for carryforward

$

4,861

$

24,728

$

29,589

Net operating loss and other carryforward available 

52,211

610,279

662,490

Postretirement and pension benefits

27,786

-

27,786

Allowance for credit losses

247,153

24,415

271,568

Depreciation

7,700

7,229

14,929

FDIC-assisted transaction

152,665

-

152,665

Lease liability

25,167

16,451

41,618

Unrealized net loss on investment securities

252,411

20,996

273,407

Difference in outside basis from pass-through entities

50,144

-

50,144

Mortgage Servicing Rights

14,475

-

14,475

Other temporary differences

41,127

9,072

50,199

Total gross deferred tax assets

875,700

713,170

1,588,870

Deferred tax liabilities:

Intangibles

88,351

55,926

144,277

Right of use assets

22,784

14,454

37,238

Deferred loan origination fees/cost

(1,880)

2,085

205

Loans acquired

18,415

-

18,415

Other temporary differences

6,799

429

7,228

Total gross deferred tax liabilities

134,469

72,894

207,363

Valuation allowance

69,837

386,914

456,751

Net deferred tax asset

$

671,394

$

253,362

$

924,756

116

The net deferred tax assets shown in the table above at September 30, 2025, is reflected in the Consolidated Statements of

Financial Condition as $

837.3

 million in net deferred tax assets in the “Other assets” caption (December 31, 2024 - $

926.3

 million)

and $

1.8

 million in deferred tax liabilities in the “Other liabilities” caption (December 31, 2024 - $

1.6

 million), reflecting the aggregate

deferred tax assets or liabilities of individual tax-paying subsidiaries of the Corporation in their respective tax jurisdiction, Puerto

Rico or the United States. 

At September 30, 2025, the net deferred tax assets of the U.S. operations amounted to $

625.4

 million with a valuation allowance of

$

386.9

 million, for net deferred tax assets after valuation allowance of $

238.5

 million. The Corporation evaluates on a quarterly

basis the realization of the deferred tax asset by taxing jurisdiction. The U. S. operations sustained profitability for the last three

years. These historical financial results are objectively verifiable positive evidence, evaluated together with the positive evidence of

stable credit metrics. On the other hand, the Corporation evaluated the negative evidence accumulated over the years, including

financial results lower than expectations and challenges to the economy due to inflationary pressures that could stem from U. S.

tariff policies and global geopolitical challenges, in addition to the economic effect of cuts in federal government spending and the

length of the federal budget impasse that could negatively impact U. S. operations’ achieving expected pre-tax income levels in the

near future. As of September 30, 2025, after weighting all positive and negative evidence, the Corporation concluded that it is more

likely than not that $

238.5

 million of the deferred tax assets from the U.S. operations, comprised mainly of net operating losses, will

be realized. The Corporation based this determination on its estimated earnings available to realize the deferred tax assets for the

remaining carryforward period, together with the historical level of book income adjusted by permanent differences. Management

will continue to monitor and review the U.S. operation’s results, including recent earnings trends, the pre-tax earnings forecast, any

new tax initiative, and other factors, including net income versus forecast, targeted loan growth, net interest income margin, changes

in deposit costs, allowance for credit losses, charge offs, non-performing loans held-in-portfolio (“NPLs”) inflows and non-performing

asset (“NPA”) balances. Significant changes in these factors or sustainable continuance of financial improvement could impact the

future realization of the deferred tax assets.

At September 30, 2025, the Corporation’s net deferred tax assets related to its Puerto Rico operations amounted to $

597.1

 million. 

The Corporation’s Puerto Rico Banking operation has a historical record of profitability. This is considered a strong piece of

objectively verifiable positive evidence that outweighs any negative evidence considered by Management in the evaluation of the

realization of the deferred tax assets. Based on this evidence and management’s estimate of future taxable income, the

Corporation has concluded that it is more likely than not that such net deferred tax assets of the Puerto Rico Banking operations will

be realized.

The Holding Company operation has been in a cumulative loss position in recent years. Management expects these losses will be a

trend in future years. This objectively verifiable negative evidence is considered by Management strong negative evidence that

suggests that income in future years will be insufficient to support the realization of all deferred tax assets. After weighting of all

positive and negative evidence Management concluded, as of the reporting date, that it is more likely than not that the Holding

Company will not be able to realize any portion of the deferred tax assets. Accordingly, the Corporation has maintained a valuation

allowance on the deferred tax assets of $

78.1

 million as of September 30, 2025.

The reconciliation of unrecognized tax benefits, excluding interest, was as follows:

117

(In millions)

2025

2024

Balance at January 1

$

1.5

$

1.5

Balance at March 31

$

1.5

$

1.5

Balance at June 30

$

1.5

$

1.5

Balance at September 30

$

1.5

$

1.5

At September 30, 2025, the total amount of accrued interest recognized in the statement of financial condition amounted to $

2.5

million (December 31, 2024 - $

2.4

 million). Management determined that at September 30, 2025 and December 31, 2024, there was

no

 need to accrue for the payment of penalties. The Corporation’s policy is to report interest related to unrecognized tax benefits in

income tax expense, while the penalties, if any, are reported in other operating expenses in the Consolidated Statements of

Operations. 

After consideration of the effect on U.S. federal tax of unrecognized U.S. state tax benefits, the total amount of unrecognized tax

benefits that if recognized, would affect the Corporation’s effective tax rate, was $

3.0

 million at September 30, 2025 (December 31,

2024 - $

3.0

 million).

The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for

current tax year positions, expiration of open income tax returns due to the statutes of limitation, changes in Management’s

judgment about the level of uncertainty, status of examinations, litigation and legislative activity and the addition or elimination of

uncertain tax positions. The Corporation does not anticipate a reduction in the total amount of unrecognized tax benefits within the

next 12 months. 

The Corporation and its subsidiaries file income tax returns in Puerto Rico, the U.S. federal jurisdiction, various U.S. states and

political subdivisions, and foreign jurisdictions. At September 30, 2025, the following years remain subject to examination in the U.S.

Federal jurisdiction: 2022 and thereafter; and in the Puerto Rico jurisdiction, 2018 and thereafter.

118

Note 27 – Supplemental disclosure on the consolidated statements of cash flows

Additional disclosures on cash flow information and non-cash activities for the nine months ended September 30, 2025 and

September 30, 2024 are listed in the following table:

(In thousands)

September 30, 2025

September 30, 2024

Non-cash activities:

 Loans transferred to other real estate

$

20,915

$

34,756

 Loans transferred to other property

66,838

61,447

 Total loans transferred to foreclosed assets

87,753

96,203

 Loans transferred to other assets

37,338

37,495

 Financed sales of other real estate assets

5,234

8,551

 Financed sales of other foreclosed assets

43,032

39,283

 Total financed sales of foreclosed assets

48,266

47,834

 Financed sale of premises and equipment

41,746

59,628

 Transfers from loans held-in-portfolio to loans held-for-sale

5,739

7,505

 Transfers from loans held-for-sale to loans held-in-portfolio

1,792

5,084

 Loans securitized into investment securities

[1]

6,852

11,162

 Trades receivable from brokers and counterparties

9,125

4,983

 Trades payable to brokers and counterparties

306,775

3,540

 Net change in receivables from investments maturities

13,861

176,000

 Recognition of mortgage servicing rights on securitizations or asset transfers

675

998

 Loans booked under the GNMA buy-back option

5,349

2,836

 Capitalization of lease right of use asset

33,276

2,553

[1]

Includes loans securitized into trading securities and subsequently sold before quarter end.

The following table provides a reconciliation of cash and due from banks, and restricted cash reported within the Consolidated

Statement of Financial Condition that sum to the total of the same such amounts shown in the Consolidated Statement of Cash

Flows.

(In thousands)

September 30, 2025

September 30, 2024

Cash and due from banks

$

370,684

$

418,168

Restricted cash and due from banks

6,395

9,426

Restricted cash in money market investments

10,180

8,072

Total cash and due from banks, and restricted cash

[2]

$

387,259

$

435,666

[2] 

Refer to Note 4 - Restrictions on cash and due from banks and certain securities for nature of restrictions.

119

Note 28 – Segment reporting

The Corporation’s corporate structure consists of

two

 reportable segments –

Banco Popular de Puerto Rico and Popular U.S.

Management determined the reportable segments based on the internal reporting used to evaluate performance and to assess

where to allocate resources.

 The segments were determined based on the organizational structure, which focuses primarily on the

markets the segments serve, as well as on the products and services offered by the segments.

The chief operating decision maker (“CODM”) of the Corporation is the Chief Executive Officer (“CEO”) who utilizes net income as

one of the segment profitability measures, to evaluate the performance of each reportable segment and assess where to allocate

resources effectively. The CEO receives profitability reports that include net income per segment, net interest income and other

income and expense categories. The CODM uses the segment’s net income and components of net income, including segment

revenues and expenses to assess performance and to manage important aspects by each reportable segments, such as human

capital, investment in technology, making budget allocations, as well as other strategic decisions.

Banco Popular de Puerto Rico: 

The Banco Popular de Puerto Rico reportable segment includes commercial, consumer and retail banking operations, as well as

mortgage and auto lending operations conducted at BPPR, including U.S. based activities conducted through its New York Branch.

Other financial services within the BPPR segment include the trust service units of BPPR, asset management services of Popular

Asset Management and the brokerage operations of Popular Securities, and the insurance agency and reinsurance businesses of

Popular Insurance, Popular Risk Services, Popular Life Re, and Popular Re.

Popular U.S.: 

Popular U.S. reportable segment consists of the banking operations of Popular Bank (PB), Popular Insurance Agency, U.S.A., and

PEF. PB operates through a retail branch network in the U.S. mainland under the name of Popular, and equipment leasing and

financing services through PEF. Popular Insurance Agency, U.S.A. offers investment and insurance services across the PB branch

network. 

The Corporate group consists primarily of the holding companies Popular, Inc., Popular North America, Popular International Bank

and certain of the Corporation’s investments accounted for under the equity method, including BHD. 

The accounting policies of the individual operating segments are the same as those of the Corporation. Transactions between

reportable segments are primarily conducted at market rates, resulting in profits that are eliminated for reporting consolidated results

of operations. Assets representing transactions between reportable segments or the Corporate group are also eliminated in the

tables presented below.

The tables that follow present the results of operations and total assets by reportable segments:

120

2025

For the quarter ended September 30, 2025

Intersegment 

(In thousands)

BPPR

Popular U.S.

Eliminations

Interest income

$

765,204

$

201,327

$

(423)

Interest expense

214,489

96,124

(423)

Net interest income

550,715

105,203

-

Provision for credit losses

73,326

1,833

-

Non-interest income 

150,619

6,888

-

Personnel costs

170,524

28,451

-

Professional fees

12,764

2,643

-

Technology and software expenses

67,146

9,977

-

Processing and transactional services

37,794

607

-

Amortization of intangibles

240

144

-

Goodwill impairment charge

-

13,000

-

Depreciation expense

10,759

2,439

-

Other operating expenses

[1]

113,649

26,463

-

Total operating expenses

412,876

83,724

-

Income before income tax

215,132

26,534

-

Income tax expense

26,104

8,732

-

Net income

$

189,028

$

17,802

$

-

Segment assets

$

59,771,004

$

14,940,858

$

(50,833)

For the quarter ended September 30, 2025

Reportable 

(In thousands)

Segments

Corporate

Eliminations

Total Popular, Inc.

Interest income

$

966,108

$

1,373

$

(832)

$

966,649

Interest expense

310,190

10,786

(832)

320,144

Net interest income (expense)

655,918

(9,413)

-

646,505

Provision for credit losses (benefit)

75,159

(34)

-

75,125

Non-interest income

157,507

15,330

(1,642)

171,195

Personnel costs

198,975

34,013

-

232,988

Professional fees

15,407

10,682

(281)

25,808

Technology and software expenses

77,123

9,994

-

87,117

Processing and transactional services

38,401

7

-

38,408

Amortization of intangibles

384

-

-

384

 Goodwill impairment charge

13,000

-

-

13,000

Depreciation expense

13,198

384

-

13,582

Other operating expenses

[1]

140,112

(54,815)

(1,297)

84,000

Total operating expenses

496,600

265

(1,578)

495,287

Income before income tax

241,666

5,686

(64)

247,288

Income tax expense

34,836

1,120

15

35,971

Net income

$

206,830

$

4,566

$

(79)

$

211,317

Segment assets

$

74,661,029

$

5,772,344

$

(5,367,575)

$

75,065,798

[1]

Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes,

communications expense, business promotion expenses, deposit insurance costs and OREO expenses.

121

For the nine months ended September 30, 2025

Intersegment 

(In thousands)

BPPR

Popular U.S.

Eliminations

Interest income

$

2,245,804

$

583,387

$

(3,145)

Interest expense

634,722

283,048

(3,145)

Net interest income

1,611,082

300,339

-

Provision for credit losses

169,290

18,975

-

Non-interest income 

433,809

20,452

-

Personnel costs

486,602

81,280

-

Professional fees

38,848

7,832

-

Technology and software expenses

195,523

30,410

-

Processing and transactional services

112,249

1,786

-

Amortization of intangibles

822

544

-

Goodwill impairment charge

-

13,000

-

Depreciation expense

30,797

6,902

-

Other operating expenses

[1]

374,407

80,103

-

Total operating expenses

1,239,248

221,857

-

Income before income tax

636,353

79,959

-

Income tax expense

96,803

24,734

-

Net income

$

539,550

$

55,225

$

-

Segment assets

$

59,771,004

$

14,940,858

$

(50,833)

For the nine months ended September 30, 2025

Reportable

Total

(In thousands)

 Segments

Corporate

Eliminations

Popular, Inc.

Interest income

$

2,826,046

$

4,487

$

(3,014)

$

2,827,519

Interest expense

914,625

32,257

(3,014)

943,868

Net interest income (expense)

1,911,421

(27,770)

-

1,883,651

Provision for credit losses (benefit)

188,265

(118)

-

188,147

Non-interest income

454,261

40,466

(2,994)

491,733

Personnel costs

567,882

107,174

-

675,056

Professional fees

46,680

34,926

(865)

80,741

Technology and software expenses

225,933

29,548

-

255,481

Processing and transactional services

114,035

15

-

114,050

Amortization of intangibles

1,366

-

-

1,366

Goodwill impairment charge

13,000

-

-

13,000

Depreciation expense

37,699

1,202

-

38,901

Other operating expenses

[1]

454,510

(171,398)

(2,647)

280,465

Total operating expenses

1,461,105

1,467

(3,512)

1,459,060

Income before income tax

716,312

11,347

518

728,177

Income tax expense

121,537

7,072

309

128,918

Net income

$

594,775

$

4,275

$

209

$

599,259

Segment assets

$

74,661,029

$

5,772,344

$

(5,367,575)

$

75,065,798

[1]

Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes,

communications expense, business promotion expenses, deposit insurance costs and OREO expenses.

122

2024

For the quarter ended September 30, 2024

Intersegment 

(In thousands)

BPPR

 Popular U.S.

Eliminations

Interest income

$

743,936

$

195,102

$

(2,345)

Interest expense

255,928

101,974

(2,345)

Net interest income

488,008

93,128

-

Provision for credit losses (benefit)

77,514

(6,066)

-

Non-interest income 

149,050

6,789

-

Personnel costs

149,563

26,372

-

Professional fees

14,490

2,821

-

Technology and software expenses

67,778

9,959

-

Processing and transactional services

33,775

542

-

Amortization of intangibles

394

310

-

Depreciation expense

13,023

2,063

-

Other operating expenses

[1]

124,621

22,662

-

Total operating expenses

403,644

64,729

-

Income before income tax

155,900

41,254

-

Income tax expense

30,064

12,472

-

Net income

$

125,836

$

28,782

$

-

Segment assets

$

56,906,693

$

14,306,045

$

(260,464)

For the quarter ended September 30, 2024

Reportable 

(In thousands)

Segments

Corporate

Eliminations

Total Popular, Inc.

Interest income

936,693

2,098

(1,343)

937,448

Interest expense

355,557

10,761

(1,343)

364,975

Net interest income (expense)

$

581,136

$

(8,663)

$

-

$

572,473

Provision for credit losses (benefit)

71,448

-

-

71,448

Non-interest income 

155,839

8,876

(633)

164,082

Personnel costs

175,935

25,921

-

201,856

Professional fees

17,311

9,584

(187)

26,708

Technology and software expenses

77,737

10,715

-

88,452

Processing and transactional services

34,317

3

-

34,320

Amortization of intangibles

704

-

-

704

Depreciation expense

15,086

385

-

15,471

Other operating expenses

[1]

147,283

(46,614)

(859)

99,810

Total operating expenses

468,373

(6)

(1,046)

467,321

Income before income tax

197,154

219

413

197,786

Income tax expense (benefit)

42,536

(279)

206

42,463

Net income

$

154,618

$

498

$

207

$

155,323

Segment assets

$

70,952,274

$

5,887,340

$

(5,516,540)

$

71,323,074

[1]

Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes,

communications expense, business promotion expenses, deposit insurance costs and OREO expenses.

123

For the nine months ended September 30, 2024

Intersegment

(In thousands)

BPPR

Popular U.S.

 Eliminations

Interest income

$

2,195,266

$

564,580

$

(8,254)

Interest expense

745,672

300,748

(8,254)

Net interest income

1,449,594

263,832

-

Provision for credit losses

188,576

1,806

-

Non-interest income 

447,073

19,909

(56)

Personnel costs

448,253

79,578

-

Professional fees

41,426

9,454

(56)

Technology and software expenses

191,218

28,643

-

Processing and transactional services

105,866

1,730

-

Amortization of intangibles

1,302

931

-

Depreciation expense

39,349

6,210

-

Other operating expenses

[1]

383,500

77,902

-

Total operating expenses

1,210,914

204,448

(56)

Income before income tax

497,177

77,487

-

Income tax expense

92,810

23,917

-

Net income

$

404,367

$

53,570

$

-

Segment assets

$

56,906,693

$

14,306,045

$

(260,464)

For the nine months ended September 30, 2024

Reportable

Total

(In thousands)

 Segments

Corporate

Eliminations

Popular, Inc.

Interest income

$

2,751,592

$

10,287

$

(8,383)

$

2,753,496

Interest expense

1,038,166

32,184

(8,383)

1,061,967

Net interest income (expense)

1,713,426

(21,897)

-

1,691,529

Provision for credit losses (benefit)

190,382

458

-

190,840

Non-interest income

466,926

31,314

(4,034)

494,206

Personnel costs

527,831

86,826

-

614,657

Professional fees

50,824

43,312

(766)

93,370

Technology and software expenses

219,861

27,805

-

247,666

Processing and transactional services

107,596

14

-

107,610

Amortization of intangibles

2,233

-

-

2,233

Depreciation expense

45,559

1,161

-

46,720

Other operating expenses

[1]

461,402

(150,953)

(2,695)

307,754

Total operating expenses

1,415,306

8,165

(3,461)

1,420,010

Income before income tax

574,664

794

(573)

574,885

Income tax expense (benefit)

116,727

21,921

(158)

138,490

Net income

$

457,937

$

(21,127)

$

(415)

$

436,395

Segment assets

$

70,952,274

$

5,887,340

$

(5,516,540)

$

71,323,074

[1]

Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes,

communications expense, business promotion expenses, deposit insurance costs and OREO expenses.

124

Geographic Information

The following information presents selected financial information based on the geographic location where the Corporation conducts

its business. The banking operations of BPPR are primarily based in Puerto Rico, where it has the largest retail banking franchise.

BPPR also conducts banking operations in the U.S. Virgin Islands, the British Virgin Islands and New York. BPPR’s banking

operations in the mainland United States include commercial lending activities in addition to periodic loan participations with PB.

During the nine months ended September 30, 2025, BPPR participated in loans originated by PB totaling $

29

 million (2024 - did

no

t

participate). Total assets for the BPPR segment related to its operations in the United States amounted to $

1.4

 billion (December

31, 2024 - $

1.6

 billion), including $

103

 million in multifamily loans (December 31, 2024 - $

104

 million), $

421

 million in commercial

real estate loans (December 31, 2024 - $

588

 million), $

707

 million in C&I loans (December 31, 2024 - $

685

 million), and $

54

 million

in unsecured personal loans (December 31, 2024 - $

113

 million). During the nine months ended September 30, 2025, the BPPR

segment generated $

75.6

 million (September 30, 2024 - $

91.2

 million) in revenues from its operations in the United States, mainly

from net interest income. In the Virgin Islands, the BPPR segment offers banking products, including loans and deposits. Total

assets for the BPPR segment related to its operations in the U.S. and British Virgin Islands amounted to $

1.1

 billion (December 31,

2024 - $

1.0

 billion). The BPPR segment generated $

38.7

 million in revenues during the nine months ended September 30, 2025

(September 30, 2024 - $

32.3

 million) from its operations in the U.S. and British Virgin Islands.

Geographic Information

Quarter ended

Nine months ended

(In thousands)

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Revenues:

[1]

 Puerto Rico 

$

654,274

$

582,953

$

1,900,467

$

1,735,035

 United States

135,852

133,067

402,342

386,819

 Other

27,574

20,535

72,575

63,881

Total consolidated revenues 

$

817,700

$

736,555

$

2,375,384

$

2,185,735

[1]

Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain (loss),

including impairment, on equity securities, net gain on trading account debt securities, adjustments to indemnity reserves on loans sold, and

other operating income.

Selected Balance Sheet Information:

(In thousands)

September 30, 2025

December 31, 2024

Puerto Rico

Total assets

$

57,492,551

$

55,888,211

Loans

25,362,400

24,154,610

Deposits

52,929,118

52,099,309

United States

Total assets

$

16,279,331

$

15,890,339

Loans

12,815,827

12,431,859

Deposits

11,861,212

11,030,879

Other

Total assets

$

1,293,916

$

1,266,833

Loans

516,714

526,606

Deposits

[1]

1,723,074

1,754,157

[1]

Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.

125

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report includes management’s discussion and analysis (“MD&A”) of the consolidated financial position and financial

performance of Popular, Inc. (the “Corporation” or “Popular”). All accompanying tables, financial statements and notes included

elsewhere in this report should be considered an integral part of this analysis. 

The Corporation is a diversified, publicly owned financial holding company subject to the supervision and regulation of the Board of

Governors of the Federal Reserve System. The Corporation has operations in Puerto Rico, the United States (“U.S.”) mainland and

the U.S. and British Virgin Islands. In Puerto Rico, the Corporation provides retail, mortgage, commercial banking services and auto

and equipment leasing and financing through its principal banking subsidiary, Banco Popular de Puerto Rico (“BPPR”), as well as

broker-dealer and insurance services through specialized subsidiaries. In the U.S. mainland, the Corporation provides retail and

commercial banking services, as well as equipment leasing and financing, through its New York-chartered banking subsidiary,

Popular Bank (“PB” or “Popular U.S.”), which has branches located in New York, New Jersey and Florida. Note 28 to the

Consolidated Financial Statements presents information about the Corporation’s business segments.

As a financial services company, the Corporation’s earnings are significantly affected by general business and economic conditions

in the markets which we serve. Lending and deposit activities and fee income generation are influenced by the level of business

spending and investment, consumer income, spending and savings, capital market activities, competition, customer preferences,

interest rate conditions and prevailing market rates on competing products.

The Corporation operates in a highly regulated environment and may be adversely affected by changes in federal and local laws

and regulations. Also, competition with other financial institutions, as well as with non-traditional financial service providers and

technology companies that provide electronic and internet-based financial solutions and services, could adversely affect its

profitability.

The Corporation continuously monitors general business and economic conditions, industry-related indicators and trends,

competition, interest rate volatility, credit quality indicators, loan, and deposit demand, operational and systems efficiencies, revenue

enhancements and changes in the regulation of financial services companies. 

The description of the Corporation’s business contained in Item 1 of the 2024 Form 10-K, while not all inclusive, discusses additional

information about the business of the Corporation. Readers should also refer to “Part I - Item 1A” of the 2024 Form 10-K and “Part II

- Item 1A” of this Form 10-Q for a discussion of certain risks and uncertainties to which the Corporation is subject, many beyond the

Corporation’s control that, in addition to the other information in this Form 10-Q, readers should consider.

The Corporation’s common stock is traded on the NASDAQ Global Select Market under the symbol BPOP.

OVERVIEW

Financial highlights for the quarter ended September 30, 2025

The Corporation’s net income for the quarter ended September 30, 2025 amounted to $211.3 million, an increase of $56.0 million

when compared to a net income of $155.3 million for the quarter ended September 30, 2024. Higher net income was mainly driven

by higher net interest income, offset in part by an increase in operating expense. 

Financial highlights for the quarter ended September 30, 2025 include:

●

 Net interest income amounted to $646.5 million, an increase of $74.0 million when compared to the quarter ended

September 30, 2024, driven by lower cost of deposits, investments in U.S. Treasury securities at higher yields and loan

growth. Net interest income on a taxable equivalent basis for the third quarter of 2025 was $720.8 million, an increase of

$107.9 million. Net interest margin expanded by 27 bps to 3.51%. On a taxable equivalent basis, net interest margin

expanded by 43 basis points to 3.90%. 

●

 The provision for credit losses amounted to $75.1 million for the quarter ended September 30, 2025, an increase of $3.7

million when compared to the quarter ended September 30, 2024, driven by higher reserves in the commercial loans

126

portfolio, mainly due to two unrelated NPL inflows during the quarter, partially offset by a lower provision for the consumer

loans portfolio due to improvements in credit quality. 

●

 Non-interest income amounted to $171.2 million, an increase of $7.1 million when compared to the quarter ended

September 30, 2024, mainly driven by higher credit and debit card fee income, a favorable valuation adjustment of equity

securities held for deferred compensation plans, higher other operating income due to a retroactive charge to a tenant for

energy supplied in prior years, and higher investment management fees.

●

 Operating expenses amounted to $495.3 million for the quarter, reflecting an increase of $28.0 million when compared to

the quarter ended September 30, 2024. The increase was mainly driven by higher personnel costs, primarily due to profit

sharing accrual and higher incentives, and a non-cash goodwill impairment charge related to our U.S. based leasing

subsidiary, partially offset by lower insurance claims and operational losses reserves and lower equipment expenses.

●

 Income tax expense of $36.0 million with an effective tax rate (“ETR”) of 14.5% during the quarter ended September 30,

2025, compared to an income tax expense of $42.5 million with an ETR of 21.5% for the quarter ended September 30,

2024 due to higher tax-exempt income and tax credit purchases during 2025.

●

 At September 30, 2025, the Corporation’s total assets amounted to $75.1 billion, compared to $73.0 billion at December

31, 2024. The increase of $2.1 billion is primarily due to higher balance in the available-for-sale (“AFS”) securities

portfolio, mainly driven by higher U.S. Treasury securities, and an increase across most loan portfolios, mainly in

commercial, mortgage, and construction, partially offset by lower balance in the money market investments, held-to-

maturity (“HTM”) investment securities, and a decrease in other assets.

●

 Deposits amounted to $66.5 billion at September 30, 2025, an increase of $1.6 billion from December 31, 2024, driven by

an increase in high-cost deposits, mainly time deposits at PB, and P.R. public deposits.

●

 Stockholders’ equity amounted to $6.1 billion at September 30, 2025, compared to $5.6 billion at December 31, 2024. The

Corporation and its banking subsidiaries continue to be well capitalized. As of September 30, 2025, the Corporation’s

tangible book value per common share was $79.12, an increase of $10.96 from December 31, 2024. The Common Equity

Tier 1 Capital ratio at September 30, 2025 was 15.79%, compared to 16.03% at December 31, 2024.

Refer to Table 1 for selected financial data for the quarters ended September 30, 2025 and September 30, 2024.

127

Table 1 - Financial Highlights

Financial Condition Highlights

Ending balances at 

Average for the nine months ended

(In thousands)

September 30,

2025

December 31,

2024

Variance

September

30, 2025

September

30, 2024

Variance

Money market investments

$

4,754,391

$

6,380,948

$

(1,626,557)

$

6,205,101

$

6,663,967

$

(458,866)

Investment securities

28,371,673

26,244,977

2,126,696

28,758,022

27,701,911

1,056,111

Loans

[1]

38,694,941

37,113,075

1,581,866

37,692,744

35,411,807

2,280,937

Earning assets

71,821,005

69,739,000

2,082,005

72,655,867

69,777,685

2,878,182

Total assets

75,065,798

73,045,383

2,020,415

75,776,756

72,851,597

2,925,159

Deposits

66,513,404

64,884,345

1,629,059

66,452,057

64,521,953

1,930,104

Borrowings

1,246,807

1,176,126

70,681

1,145,836

1,039,130

106,706

Total liabilities

68,950,126

67,432,317

1,517,809

68,584,814

66,530,111

2,054,703

Stockholders’ equity

6,115,672

5,613,066

502,606

7,191,941

6,321,486

870,455

Note: Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-

sale to held-to-maturity. 

Operating Highlights

Quarters ended September 30,

Nine months ended September 30,

(In thousands, except per share information)

2025

2024

Variance

2025

2024

Variance

Net interest income 

$

646,505

$

572,473

$

74,032

$

1,883,651

$

1,691,529

$

192,122

Provision for credit losses

 (benefit)

75,125

71,448

3,677

188,147

190,840

(2,693)

Non-interest income

171,195

164,082

7,113

491,733

494,206

(2,473)

Operating expenses

495,287

467,321

27,966

1,459,060

1,420,010

39,050

Income before income tax

247,288

197,786

49,502

728,177

574,885

153,292

Income tax expense

35,971

42,463

(6,492)

128,918

138,490

(9,572)

Net income

$

211,317

$

155,323

$

55,994

$

599,259

$

436,395

$

162,864

Net income applicable to common stock

$

210,964

$

154,970

$

55,994

$

598,200

$

435,336

$

162,864

Net income per common share – basic

$

3.15

$

2.16

$

0.99

$

8.78

$

6.06

$

2.72

Net income per common share – diluted

$

3.14

$

2.16

$

0.98

$

8.78

$

6.05

$

2.73

Dividends declared per common share

$

0.75

$

0.62

$

0.13

$

2.15

$

1.86

$

0.29

Quarters ended September 30,

Nine months ended September 30,

Selected Statistical Information

2025

2024

2025

2024

Common Stock Data

 End market price

$

129.10

100.27

$

129.10

100.27

 Book value per common share at period end

91.00

80.35

91.00

80.35

Profitability Ratios

 Return on assets

1.09

%

0.84

%

1.06

%

0.79

%

 Return on common equity

11.60

8.82

11.15

8.43

 Net interest spread (non-taxable equivalent basis)

2.87

2.43

2.81

2.41

 Net interest spread (taxable equivalent) - Non-GAAP

3.26

2.66

3.18

2.65

 Net interest margin (non-taxable equivalent basis)

3.51

3.24

3.46

3.20

 Net interest margin (taxable equivalent) - Non-GAAP

3.90

3.47

3.83

3.44

Capitalization Ratios

 Average equity to average assets

9.46

%

8.86

%

9.49

%

8.68

%

 Common equity Tier 1 capital

15.79

16.42

15.79

16.42

 Tangible common book value per common share (non-GAAP)

[2]

79.12

69.04

79.12

69.04

 Return on average tangible common equity

[2]

13.06

9.98

12.57

9.56

 Tier I capital 

15.84

16.48

15.84

16.48

 Total capital

17.58

18.24

17.58

18.24

 Tier 1 leverage

8.48

8.67

8.48

8.67

[1]

Includes loans held-for-sale.

[2]

Refer to Table 10 for reconciliation to GAAP financial measures.

Non-GAAP Financial Measures

This Form 10-Q contains financial information prepared under accounting principles generally accepted in the United States (“U.S.

128

GAAP”) and non-GAAP financial measures. Management uses non-GAAP financial measures when it is determined that these

measures provide meaningful information about the underlying performance of the Corporation’s ongoing operations. Non-GAAP

financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other

companies.

Adjusted net income - Non-GAAP Financial Measure

In addition to analyzing the Corporation’s results on a reported basis, management monitors whether the impact of certain non-

recurring or infrequent transactions need to be excluded from the results of operations to present what is then considered to be

“adjusted net income” of the Corporation. Management believes that the “adjusted net income” provides meaningful information

about the underlying performance of the Corporation’s ongoing operations. The “adjusted net income” is a non-GAAP financial

measure.

The following table presents the adjusted net income for the nine months ended September 30, 2024. There were no non-GAAP

adjustments for the nine months ended September 30, 2025. 

Table 2 - Adjusted Net Income for the Nine Months Ended September 30, 2024 (Non-GAAP)

(In thousands)

Income before 

income tax

Income tax

expense

(benefit)

Total

U.S. GAAP Net income

$574,885

$138,490

$436,395

Non-GAAP Adjustments:

FDIC Special Assessment [1]

14,287

(5,234)

9,053

Adjustments related to intercompany distributions [2]

6,400

16,483

22,883

Adjusted net income (Non-GAAP)

$595,572

$127,241

$468,331

[1] Expense recorded during the first quarter of 2024 to increase the estimate recognized during the fourth quarter of 2023 related to the November 16,

2023 FDIC Special Assessment to recover the losses to the deposit insurance fund used by the FDIC in connection with the receiverships of several

failed banks. The special assessment amount and collection period may change if the estimated loss is periodically adjusted or if the total amount

collected varies.

[2] Income tax expense and other related expenses from prior periods related to withholding taxes on certain distributions from U.S. subsidiaries.

129

Net interest income on a taxable equivalent basis – Non-GAAP Financial Measure

Net interest income, on a taxable equivalent basis, is presented with its different components in Table s 3 and 4 for the quarter and

nine months ended September 30, 2025, as compared with the same period in 2024, segregated by major categories of interest

earning assets and interest-bearing liabilities.

The main sources of tax-exempt interest income are certain loans and investments in obligations of the U.S. Government, its

agencies and sponsored entities, and certain obligations of the Commonwealth of Puerto Rico and its agencies and assets held by

the Corporation’s international banking entities. On tables 3 and 4, the interest income has been converted to a taxable equivalent

basis, using the applicable statutory income tax rates for each period net of interest expense that the Puerto Rico tax law requires to

be disallowed, based on an equal proportion of tax-exempt assets to total assets, and by an allocation of general and administrative

expenses attributable to exempt income, reducing the benefit of the tax-exempt income. The effective yield, on a taxable equivalent

basis, will vary depending on the level of these expenses that are attributable to the available exempt income. Under Puerto Rico

tax law, the exempt interest can be deducted up to the amount of taxable income. Management believes that this presentation

provides meaningful information since it facilitates the comparison of revenues arising from taxable and exempt sources.

Tangible Common Equity and Tangible Assets

Tangible common equity, tangible common equity ratio, tangible assets and tangible book value per common share are non-GAAP

financial measures. Tangible common equity ratio and tangible book value per common share should be used in conjunction with

more traditional bank capital ratios commonly used by banks and analysts to compare the capital adequacy of banking

organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase

accounting method for mergers and acquisitions. Tangible common equity, tangible assets and other related measures should not

be used in isolation or as a substitute for stockholders' equity, total assets or any other measure calculated in accordance with

GAAP. Moreover, the way the Corporation calculates its tangible common equity, tangible assets and other related measures may

differ from that of other companies reporting measures with similar names.

Table 10 provides a reconciliation of total stockholders’ equity to tangible common equity and total assets to tangible assets as of

September 30, 2025 and December 31, 2024.

130

CRITICAL ACCOUNTING POLICIES / ESTIMATES 

The accounting and reporting policies followed by the Corporation and its subsidiaries conform to U.S. GAAP and general practices

within the financial services industry. Various elements of the Corporation’s accounting policies, by their nature, are inherently

subject to estimation techniques, valuation assumptions and other subjective assessments.

Management has discussed the development and selection of the critical accounting estimates with the Corporation’s Audit

Committee. The Corporation has identified as critical accounting estimates those related to: (i) Fair Value Measurement of Financial

Instruments; (ii) Loans and Allowance for Credit Losses; (iii) Income Taxes; (iv) Goodwill and Other Intangible Assets; and (v)

Pension and Postretirement Benefit Obligations. For a summary of these critical accounting estimates, refer to the MD&A included

in the 2024 Form 10-K. Also, refer to Note 2 to the Consolidated Financial Statements included in the 2024 Form 10-K for a

summary of the Corporation’s significant accounting policies and to Note 3 to the Consolidated Financial Statements included in this

Form 10-Q for information on recently adopted accounting standard updates.

STATEMENT OF OPERATIONS ANALYSIS

NET INTEREST INCOME

Net interest income (“NII”) for the quarter ended September 30, 2025 was $646.5 million an increase of $74.0 million, compared to

the same quarter in 2024. The increase in net interest income was supported by lower cost of deposits, mainly P.R. public deposits,

higher income from investments in U.S. Treasury securities at higher yields, and from loan growth. Net interest income on a taxable

equivalent basis for the third quarter of 2025 was $720.8 million, an increase of $107.9 million.

Net interest margin (“NIM”) for the quarter was 3.51%, an increase of 27 basis points when compared to the third quarter of 2024.

On a taxable equivalent basis, net interest margin for the third quarter of 2025 was 3.90%, an increase of 43 basis points when

compared to the third quarter of 2024, driven by higher level of tax-exempt securities and loans. NIM expansion, when compared to

the same quarter of the previous year, was mainly attributable to lower deposit costs driven as a result of the repricing of high-cost

deposits that are market-linked, mainly those of P.R. public deposits, and higher yields on U.S. Treasury securities. Total cost of

deposits decreased 37 basis points to 1.79%.

On a taxable equivalent basis, the main drivers of the increase for the third quarter of 2025 were:

●

 higher income from investment securities and money market investments by $17.5 million, mainly driven by higher income

from U.S. Treasury securities by $49.3 million or 57 basis points, due to higher re-investment activity at higher yields

partially offset by lower income from money market securities by $29.2 million as a result of the deployment of funds to

loan growth and the purchase of U.S. Treasury securities. During the third quarter of 2025, the Corporation purchased

approximately $2.5 billion of U.S. Treasury notes with an average duration of 1.4 years and a yield of approximately

3.65%, through a combination of approximately $1.0 billion in maturing U.S. Treasuries and a reduction of approximately

$1.5 billion in overnight Fed funds;

●

 higher income from loans by $45.6 million driven by loan growth most notably in the commercial, construction and

mortgage portfolios, including certain tax-exempt loans in BPPR, partially offset by lower yields by 7 basis points, mainly

from adjustable rate commercial and construction portfolios due to short-term market rates decline; and

●

 lower interest expense on deposits by $47.6 million, or 37 basis points, when compared to the same period in 2024. The

cost of interest-bearing deposits decreased by 52 basis points, mainly due to the repricing of market-linked P.R. public

deposits which decreased by 105 basis points to 3.19%, and a decrease in the cost of deposits in Popular U.S.,

particularly in time deposits and those captured through online channels.

131

Table 3 - Analysis of Levels & Yields on a Taxable Equivalent Basis (Non-GAAP)

Quarter ended September 30,

Variance

Average Volume

Average Yields / Costs

Interest

Attributable to

2025

2024

Variance

2025

2024

 Variance

2025

2024

Variance

Rate

Volume

(In millions)

(In thousands)

$

5,990

$

7,033

$

(1,043)

4.43

%

5.43

%

(1.00)

%

Money market

investments

$

66,867

$

96,061

$

(29,194)

$

(16,107)

$

(13,087)

28,957

27,569

1,388

3.42

2.92

0.50

Investment securities [1]

249,071

202,317

46,754

32,970

13,784

28

30

(2)

5.43

5.87

(0.44)

Trading securities 

391

436

(45)

(31)

(14)

Total money market, 

investment and

trading

34,975

34,632

343

3.59

3.43

0.16

securities

316,329

298,814

17,515

16,832

683

Loans:

19,229

17,798

1,431

6.72

6.90

(0.18)

Commercial

325,869

308,734

17,135

(7,239)

24,374

1,549

1,129

420

8.24

8.85

(0.61)

Construction

32,184

25,102

7,082

(1,732)

8,814

1,981

1,851

130

7.26

6.97

0.29

Leasing

35,957

32,241

3,716

1,378

2,338

8,484

7,911

573

5.96

5.73

0.23

Mortgage

126,352

113,409

12,943

4,523

8,420

3,257

3,211

46

13.80

14.08

(0.28)

Consumer

113,280

112,423

857

(787)

1,644

3,945

3,879

66

9.15

8.94

0.21

Auto

91,006

87,189

3,817

2,338

1,479

38,445

35,779

2,666

7.49

7.56

(0.07)

Total loans

724,648

679,098

45,550

(1,519)

47,069

$

73,420

$

70,411

$

3,009

5.63

%

5.53

%

0.10

%

Total earning assets

$

1,040,977

$

977,912

$

63,065

$

15,313

$

47,752

Interest bearing

deposits:

$

8,184

$

7,387

$

797

1.77

%

2.04

%

(0.27)

%

NOW and money

market

$

36,421

$

37,857

$

(1,436)

$

(4,891)

$

3,455

14,529

14,318

211

0.81

0.92

(0.11)

Savings 

29,772

33,134

(3,362)

(3,981)

619

8,825

8,366

459

3.16

3.45

(0.29)

Time deposits

70,196

72,503

(2,307)

(6,096)

3,789

20,766

19,468

1,298

3.19

4.24

(1.05)

P.R. public deposits

167,043

207,491

(40,448)

(52,899)

12,451

52,304

49,539

2,765

2.30

2.82

(0.52)

Total interest bearing

deposits

303,432

350,985

(47,553)

(67,867)

20,314

14,846

14,968

(122)

Non-interest bearing

demand deposits

67,150

64,507

2,643

1.79

2.16

(0.37)

Total deposits

303,432

350,985

(47,553)

(67,867)

20,314

405

101

304

4.52

5.62

(1.10)

Short-term borrowings

4,616

1,430

3,186

(267)

3,453

Other medium and 

812

950

(138)

5.98

5.32

0.66

long-term debt

12,096

12,560

(464)

226

(690)

Total interest bearing

53,521

50,590

2,931

2.37

2.87

(0.50)

liabilities (excluding

demand deposits)

320,144

364,975

(44,831)

(67,908)

23,077

Other sources of funds

5,053

4,853

200

$

73,420

$

70,411

$

3,009

1.73

%

2.06

%

(0.33)

%

Total source of funds

$

320,144

$

364,975

$

(44,831)

$

(67,908)

$

23,077

Net interest margin/

income on a taxable

equivalent basis (Non-

GAAP)

3.90

%

3.47

%

0.43

%

$

720,833

$

612,937

$

107,896

$

83,221

$

24,675

3.26

%

2.66

%

0.60

%

 Net interest spread

Taxable equivalent

adjustment

74,328

40,464

33,864

Net interest margin/

income non-taxable

equivalent basis (GAAP)

3.51

%

3.24

%

0.27

%

$

646,505

$

572,473

$

74,032

Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from

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

132

Net Interest income for the nine-month period ended September 30, 2025 was $1.9 billion, or $192.1 million higher than the same

period in 2024. Taxable equivalent net interest income was $2.1 billion, an increase of $264.6 million when compared to the same

period in 2024. NIM was 3.46%, an increase of 26 basis points when compared to 3.20% in 2024. NIM, on a taxable equivalent

basis, for the nine months ended September 30, 2025 was 3.83%, an increase of 39 basis points compared to the same period of

2024.

The main drivers of the variances in net interest income on a taxable equivalent basis for the nine-month period ended September

30, 2025 were:

●

 higher income from investment securities and money market investments by $29.3 million driven by higher income from

U.S. Treasury securities by $103.2 million mainly due to higher yields by 47 basis points and higher average volume by

$1.1 billion, as the Corporation continues to re-invest U.S. Treasury Notes maturities at higher yields, as well as use of

funds for the purchase of U.S. Treasury securities, partially offset by lower income from money market investments by

$66.3 million, or 102 basis points, mainly due money market investments lower yield due to the decline in short-term

market rates and the use of funds for loan growth and investments in U.S. Treasury securities , as discussed above;

●

 higher income from loans by $117.2 million resulting from higher average balances by $2.3 billion, reflected across most

portfolios, most notably in the commercial, construction and mortgage loan portfolios, partially offset by lower loan yield by

three basis points driven by adjustable-rate construction and commercial portfolios due to the decline in market rates; and

●

 lower deposit cost by $124.1 million mainly due to the repricing of market linked P.R. public deposits, which declined by

96 basis points, and the repricing of high-cost deposits at Popular U.S.

133

Table 4 – Analysis of Levels & Yields on a Taxable Equivalent Basis from Continuing Operations (Non-GAAP)

Period ended September 30,

Variance

Average Volume

Average Yields / Costs

Interest

Attributable to

2025

2024

Variance

2025

2024

 Variance

2025

2024

Variance

Rate

Volume

(In millions)

(In thousands)

$

6,205

$

6,664

$

(459)

4.45

%

5.47

%

(1.02)

%

Money market

investments

$

206,565

$

272,893

$

(66,328)

$

(48,483)

$

(17,845)

28,729

28,271

458

3.28

2.88

0.40

Investment securities

[1]

705,879

610,341

95,538

79,281

16,257

29

30

(1)

5.74

5.02

0.72

Trading securities 

1,237

1,114

123

155

(32)

Total money market, 

investment and

trading

34,963

34,965

(2)

3.49

3.38

0.11

securities

913,681

884,348

29,333

30,953

(1,620)

Loans:

18,802

17,707

1,095

6.72

6.87

(0.15)

Commercial 

945,330

910,241

35,089

(20,306)

55,395

1,440

1,064

376

8.19

8.97

(0.78)

Construction

88,179

71,426

16,753

(6,722)

23,475

1,961

1,794

167

7.18

6.86

0.32

Leasing

105,650

92,292

13,358

4,501

8,857

8,331

7,818

513

5.89

5.67

0.22

Mortgage

368,141

332,626

35,515

13,125

22,390

3,224

3,209

15

14.10

13.94

0.16

Consumer

339,880

334,818

5,062

3,058

2,004

3,935

3,820

115

9.00

8.86

0.14

Auto

264,905

253,511

11,394

3,760

7,634

37,693

35,412

2,281

7.49

7.52

(0.03)

Total loans

2,112,085

1,994,914

117,171

(2,584)

119,755

$

72,656

$

70,377

$

2,279

5.57

%

5.46

%

0.11

%

Total earning assets

$

3,025,766

$

2,879,262

$

146,504

$

28,369

$

118,135

Interest bearing

deposits:

$

8,077

$

7,558

$

519

1.73

%

2.00

%

(0.27)

%

NOW and money

market

$

104,711

$

113,405

$

(8,694)

$

(14,883)

$

6,189

14,547

14,579

(32)

0.84

0.93

(0.09)

Savings 

91,430

101,008

(9,578)

(9,213)

(365)

8,587

8,142

445

3.17

3.35

(0.18)

Time deposits

203,909

204,014

(105)

(11,631)

11,526

20,464

19,168

1,296

3.24

4.20

(0.96)

P.R. public deposits

496,303

601,993

(105,690)

(144,853)

39,163

51,675

49,447

2,228

2.32

2.76

(0.44)

Total interest bearing

deposits

896,353

1,020,420

(124,067)

(180,580)

56,513

14,778

15,075

(297)

Non-interest bearing

demand deposits

66,453

64,522

1,931

1.80

2.11

(0.31)

Total deposits

896,353

1,020,420

(124,067)

(180,580)

56,513

333

89

244

4.55

5.65

(1.10)

Short-term

borrowings

11,342

3,748

7,594

(669)

8,263

Other medium and 

835

975

(140)

5.79

5.18

0.61

long-term debt

36,173

37,799

(1,626)

3,875

(5,501)

Total interest bearing

52,843

50,511

2,332

2.39

2.81

(0.42)

liabilities (excluding

demand deposits)

943,868

1,061,967

(118,099)

(177,374)

59,275

5,035

4,791

244

Other sources of

funds

$

72,656

$

70,377

$

2,279

1.74

%

2.02

%

(0.28)

%

Total source of funds

$

943,868

$

1,061,967

$

(118,099)

$

(177,374)

$

59,275

3.83

%

3.44

%

0.39

%

Net interest margin/

income on a taxable

equivalent basis

(Non-GAAP)

$

2,081,898

$

1,817,295

$

264,603

$

205,743

$

58,860

3.18

%

2.65

%

0.53

%

Net interest spread

Taxable equivalent

adjustment

198,247

125,766

72,481

3.46

%

3.20

%

0.26

%

Net interest margin/

income non-taxable

equivalent basis

(GAAP)

$

1,883,651

$

1,691,529

$

192,122

Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred

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

134

Provision for Credit Losses - Loans Held-in-Portfolio and Unfunded Commitments

For the quarter ended September 30, 2025, the Corporation recorded a provision for credit losses of $75.1 million, an increase of

$3.7 million when compared to the same quarter of the previous year. The provision for loan and lease losses was $74.5 million, an

increase of $1.7 million, and the provision for unfunded commitments was $0.8 million, an unfavorable variance of $1.3 million,

mainly driven by higher unfunded commitments at the BPPR segment. The provision release for HTM was $0.2 million, an increase

of $0.6 million when compared to the same quarter of the previous year.

As discussed in Note 8 to the Consolidated Financial Statements, the Corporation estimates the ACL by weighting the outputs of

optimistic, baseline, and pessimistic scenarios. During the first quarter of 2025, in response to the economic uncertainty, the

Corporation increased the probability assigned to the pessimistic scenario making it equal to the baseline scenario. Subsequently, in

the second quarter of 2025, the probability assigned to the pessimistic scenario was moderately reduced based on the changes in

the economic outlook and a reassessment of uncertainty compared to the previous quarter. The net impact of these two events on

the ACL levels for the nine months ended September 30, 2025 was $13.7 million in additional reserves. There were no changes to

the probability weights during the third quarter of 2025. The probability weight for the pessimistic scenario remains above the levels

observed in 2024, given the ongoing economic uncertainty. 

The major drivers of the changes in the provision for loan losses during the quarter by business segment when compared to the

same quarter in 2024, were as follows:

●

 In the BPPR segment, the provision for loans losses was $72.6 million, a decrease of $4.5 million when compared to the

same quarter in 2024, driven by lower reserves for the consumer portfolio of $30.6 million, mainly in auto loans and credit

cards, due to improvements in credit quality and lower net charge-offs. The favorable variance was partially offset by

higher reserves in the commercial portfolio by $21.7 million due to a specific reserve recognized for a $158.3 million

commercial and industrial facility and a $13.5 million charge-off recognized during the quarter for a $30.1 million

commercial real estate facility, both classified as NPLs during the quarter.

●

 In the Popular U.S. segment, the provision for loans losses was $1.9 million, an increase of $6.3 million when compared

to the same quarter in 2024, mainly driven higher qualitative reserves for the commercial real estate portfolios, partially

offset by lower net charge-offs mainly in consumer portfolios.

For the nine months ended September 30, 2025, the provision for credit losses amounted to $188.1 million, a decrease of $2.7

million, compared to the nine months ended September 30, 2024. The provision for the loan portfolio was $189.3 million, flat when

compared to the nine months ended September 30, 2024. The provision release related to unfunded commitments was $1.6 million,

a decrease of $3.0 million, mainly driven by the reduction in unfunded commitments within the U.S. construction portfolio. The

provision for HTM was $0.5 million, an increase of $0.9 million when compared to the same period of the previous year. The major

drivers of the provision for loan losses during the nine months ended September 30, 2025, by business segment when compared to

the same period in 2024, were as follows:

●

 In the BPPR segment, the provision for loan losses for the nine months ended September 30, 2025 was $168.5 million, a

decrease of $18.3 million when compared to the same period in 2024, driven by improvement in credit quality in the

consumer portfolio, mainly in credit cards, and the stable performance of the lease portfolio for which a qualitative reserve

was established in 2024, partially offset by an increase in provisions for the mortgage portfolio, driven by lower recoveries

and changes in macroeconomic forecasts and credit quality.

●

 In the Popular U.S. segment, the provision for loan losses was $20.8 million, an increase of $18.2 million, driven by

changes in credit quality within the commercial portfolio, partially offset by lower net charge-offs within the consumer

portfolios. 

At September 30, 2025, the total allowance for credit losses for loans held-in-portfolio amounted to $786.2 million, compared to

$746.0 million as of December 31, 2024. The ratio of the allowance for credit losses to loans held-in-portfolio was 2.03% at

September 30, 2025, compared to 2.01% at December 31, 2024. Refer to Note 8 to the Consolidated Financial Statements for

additional information on the Corporation’s methodology to estimate its ACL. Refer to the Credit Risk section of this MD&A for a

detailed analysis of net charge-offs, non-performing assets, the allowance for credit losses and selected loan losses statistics.

Non-Interest Income

135

Non-interest income amounted to $171.2 million for the third quarter of 2025, an increase of $7.1 million when compared with the

same quarter for the previous year. This variance was primarily due to:

●

 higher gains from equity securities by $2.7 million mainly due to the valuation of securities held for deferred compensation

plans, which have an offsetting effect on personnel cost;

●

 higher other service fees by $2.6 million mainly due to higher credit and debit card fee income by $3.3 million, due to

higher volume of costumer transactions, and higher investment management fees by $1.1 million, driven by a higher

assets under management, partially offset by lower insurance fees by $2.4 million; and

●

 higher other operating income by $2.1 million mainly due to income of $5.3 million related to a retroactive charge billed to

a tenant for energy supplied in prior years and higher income from investments accounted under the equity method by

$4.1 million, partially offset by lower daily car rental revenue by $5.0 million and gains from the sale of car rental units by

$1.4 million, associated with the car rental business sold in the fourth quarter of 2024;

Non-interest income amounted to $491.7 million for the nine months ended September 30, 2025, a decrease of $2.5 million when

compared to the same period of the previous year. The main factors that contributed to the variance were:

●

 lower other operating income by $13.6 million mainly due to lower daily car rental revenue by $14.9 million and gains from

the sale of car rental units by $7.7 million during the nine months ended September 30, 2025 associated with the car

rental business sold in the fourth quarter of 2024, partially offset by income of $5.3 million related to a retroactive charge

billed to a tenant for energy supplied in prior years and $3.3 million of income related to the reimbursement of excess

interest paid to the U.S. Internal Revenue Service (the “IRS”) for late payment penalties related to tax withholdings on

intercompany distributions for the years 2014-2024 as disclosed in 2024; and

●

 lower mortgage banking activities by $1.4 million mainly due to a decrease in mortgage servicing fees due to portfolio

runoff;

partially offset by:

●

 higher other service fees by $6.5 million due to higher credit and debit card fee income by $7.3 million, due to higher

volume of transactions, higher investment management fees by $3.8 million, due to higher assets under management,

and higher merchant membership fees by $1.2 million, partially offset by lower insurance fees by $6.5 million;

●

 higher service charges on deposit accounts by $3.7 million mainly due to higher non-balance compensation fees in

commercial deposits; and

●

 an impairment on equity securities of $2.3 million recognized during 2024.

136

Operating Expenses

Operating expenses amounted to $495.3 million for the quarter ended September 30, 2025, an increase of $28.0 million when

compared with the same quarter of 2024. The variance in operating expenses was mainly driven by:

●

 higher personnel costs by $31.1 million mainly due to higher incentives, including $13.0 million related to the profit-sharing plan

which is tied to the Corporation’s financial performance and $9.0 million in other performance-based incentives, higher salaries

expense by $3.4 million, due to a higher headcount and annual merit increases, and a $3.4 million increase in other personnel

costs mainly related to the valuation of securities held for deferred compensation plans, higher payroll taxes, and employee

termination benefits resulting from ongoing efforts to improve our profitability, including the decision to exit the U.S. residential

mortgage origination business and close four underperforming branches in the New York metro area at Popular U.S.;

●

 a non-cash goodwill impairment of $13.0 million in our U.S. based equipment leasing subsidiary due to lower projected

earnings for the forecasted period; and

●

 higher processing and transactional services expenses by $4.1 million mainly due to higher credit and debit card processing

expense as a result of higher transactional volumes;

partially offset by:

●

 lower other operating expenses by $12.9 million mainly driven by a reversal in the third quarter of 2025 of a $4.8 million claim

reserve established during the second quarter of 2025 and lower accruals for reserves for operational losses by $4.1 million

mainly related to the mortgage servicing business; and

●

 lower equipment expenses by $4.0 million, mainly due to the elimination of the car rental fleet depreciation expense, related to

the car rental business sold in 2024.

Operating expenses amounted to $1.5 billion for the nine months ended September 30, 2025, an increase of $39.1 million when

compared with the same period of 2024. Excluding the $6.4 million interest accrued related to prior period tax withholdings and the

$14.3 million impact of the FDIC Special Assessment recorded in 2024, total operating expenses for the nine months ended

September 30, 2025, increased by $59.7 million, when compared with the same period of 2024. The main drivers of the increase

were:

●

 higher personnel costs by $60.4 million mainly due to higher incentives, including $26.0 million related to the profit-sharing plan

which is tied to the Corporation’s financial performance and $18.3 million in other performance-based incentives, higher

salaries expenses by $9.1 million due to a higher headcount and annual merit increases and a $5.7 million increase in other

personnel costs mainly related to the valuation of securities held for deferred compensation plans and higher payroll taxes;

●

 a non-cash goodwill impairment of $13.0 million in our U.S. based equipment leasing subsidiary as discussed above;

●

 higher other taxes expense by $7.9 million mainly due to higher regulatory fees and an increase in municipal license tax in

Puerto Rico; 

●

 higher technology and software expenses, including software cost amortization, by $7.8 million related to investments in the

Corporation’s cloud infrastructure, among other continuing investments in technology and transformation initiatives; 

●

 higher processing and transactional services expenses by $6.4 million mainly due to higher credit and debit card and 

merchant processing expenses as a result of higher transactional volumes; and

●

 higher business promotion expenses by $5.3 million mainly due to higher customer rewards programs expense in our credit

card business;

partially offset by:

137

●

 lower other operating expenses by $17.3 million mainly driven by, lower accruals for reserves for operational losses by $9.7

million and lower pension plan cost by $3.3 million due to changes in actuarial assumptions;

●

 lower professional fees by $12.6 million mainly due to lower costs associated with regulatory compliance activities; and

●

 lower equipment expenses by $12.2 million, mainly due to the depreciation of car rental units during 2024 associated with units

sold as part of the daily car rental transaction during the fourth quarter of 2024.

138

Table 5 - Operating Expenses

Quarters ended September 30,

Nine months ended September 30,

(In thousands)

2025

2024

Variance

2025

2024

Variance

Personnel costs:

Salaries

$

139,350

$

135,983

$

3,367

$

403,052

$

394,001

$

9,051

Commissions, incentives, and other bonuses

35,309

26,350

8,959

113,846

95,587

18,259

Profit sharing

13,000

-

13,000

26,000

-

26,000

Pension, postretirement, and medical insurance

18,749

16,387

2,362

51,773

50,391

1,382

Other personnel costs, including payroll taxes

26,580

23,136

3,444

80,385

74,678

5,707

Total personnel costs

232,988

201,856

31,132

675,056

614,657

60,399

Net occupancy expenses

26,083

28,031

(1,948)

82,441

83,764

(1,323)

Equipment expenses

5,313

9,349

(4,036)

16,404

28,578

(12,174)

Other taxes

17,967

17,757

210

55,324

47,465

7,859

Professional fees

25,808

26,708

(900)

80,741

93,370

(12,629)

Technology and software expenses

87,117

88,452

(1,335)

255,481

247,666

7,815

Processing and transactional services:

Credit and debit cards

14,728

11,761

2,967

40,698

37,644

3,054

Other processing and transactional services

23,680

22,559

1,121

73,352

69,966

3,386

Total processing and transactional services

38,408

34,320

4,088

114,050

107,610

6,440

Communications

4,836

5,229

(393)

14,750

14,143

607

Business promotion:

Rewards and customer loyalty programs

17,656

16,533

1,123

52,068

46,995

5,073

Other business promotion

9,648

9,104

544

25,296

25,080

216

Total business promotion

27,304

25,637

1,667

77,364

72,075

5,289

Deposit insurance

10,873

10,433

440

30,315

44,901

(14,586)

Other real estate owned (OREO) income

(3,408)

(2,674)

(734)

(10,862)

(13,745)

2,883

Other operating expenses:

Operational losses

1,634

5,769

(4,135)

13,957

21,153

(7,196)

All other

6,980

15,750

(8,770)

39,673

56,140

(16,467)

Total other operating expenses

8,614

21,519

(12,905)

53,630

77,293

(23,663)

Amortization of intangibles

384

704

(320)

1,366

2,233

(867)

Goodwill impairment

13,000

-

13,000

13,000

-

13,000

Total operating expenses

$

495,287

$

467,321

$

27,966

$

1,459,060

$

1,420,010

$

39,050

Income Taxes

For the quarter and nine months ended September 30, 2025, the Corporation recorded an income tax expense of $36.0 million and

$128.9 million, respectively, with an effective tax rate (“ETR”) of 14.5% and 17.7%, respectively, compared to $42.5 million and

$138.5 million, respectively, with an ETR of 21.5% and 24.1% for the respective periods of year 2024. 

The lower income tax expense of $6.5 million for the third quarter, when compared to the same quarter of 2024, is mainly attributed

to the higher net exempt income. For the nine-months period ended September 30, 2025, the lower income tax expense of $9.6

million reflects the impact of the tax withholding expense of $22.9 million recorded during the first quarter of year 2024, in

connection with intercompany distributions for years 2014-2024, as disclosed in Note 34 to the Consolidated Financial Statements in

the 2024 Form 10-K, and the benefit of $5.2 million related to the FDIC Special Assessment expense; excluding this combined

impact, the adjusted increase of $8.1 million was due to higher income before tax, net of higher exempt income. 

At September 30, 2025, the Corporation had a net deferred tax asset amounting to $835.5 million, net of a valuation allowance of

$465.0 million. The net deferred tax asset related to the U.S. operations was $238.5 million, net of a valuation allowance of $386.9

million.

Upon an amendment to the Puerto Rico internal revenue code during the third quarter of 2025, the Corporation elected to treat

certain single members LLCs as disregarded entities, as allowed by this amendment, on its 2024 corporate income tax return filed

subsequent to the quarter end in October. It is expected that this election will lower our income tax expense by approximately $7.7

million during the fourth quarter of 2025. 

Refer to Note 26 to the Consolidated Financial Statements for a reconciliation of the statutory income tax rate to the effective tax

rate and additional information on the income tax expense and deferred tax asset balances.

REPORTABLE SEGMENT RESULTS

The Corporation’s reportable segments for managerial reporting purposes consist of Banco Popular de Puerto Rico and Popular

U.S. A Corporate group has also been defined to support the reportable segments. 

139

For a description of the Corporation’s reportable segments, including additional financial information and the underlying

management accounting process, refer to Note 28 to the Consolidated Financial Statements. 

The corporate group reported a net income of $4.6 million for the quarter ended September 30, 2025, compared with a net income

of $0.5 million for the same quarter of the previous year, mainly due to higher income from equity method investments. For the nine

months ended September 30, 2025, the corporate group reported net income of $4.3 million, compared to a net loss of $21.1 million

for the same period of the previous year. The loss in 2024 was mainly attributable to the expense related to the $22.9 million

adjustment recorded in the first quarter of 2024 to recognize the tax impact associated with prior period intercompany distributions

and the additional $6.5 million expense for the tax impact of intercompany distributions paid during the first quarter of 2024. A

positive adjustment of $3.9 million was recorded during the second quarter of 2025, resulting from reimbursements received from

the IRS related to interest paid for these intercompany distributions. There were no intercompany distributions between the U.S.

subsidiaries and the bank holding companies during 2025. Higher income from equity method investments and lower expenses,

driven by professional services, also contributed to the positive variance for the nine months, partially offset by lower income from

money market investments due to a decrease in rates.

Highlights on the earnings results for the reportable segments are discussed below:

Banco Popular de Puerto Rico 

The Banco Popular de Puerto Rico reportable segment’s net income amounted to $189.0 million for the quarter ended September

30, 2025, compared with a net income of $125.8 million for the same quarter of the previous year. The factors that contributed to the

variance in the financial results included the following: 

●

 net interest income of $550.7 million was higher by $62.7 million primarily driven by lower interest expense on deposits,

mainly from the re-pricing of P.R. public funds which are market-linked, higher income from U.S. Treasury securities with

higher yields and higher income from the loan portfolio driven by loan growth, partially offset by lower income from money

market investments due to decline in short-term market rates. The net interest margin for the quarter ended September

30, 2025 was 3.71%, an increase of 30 basis points, compared to 3.41% for the same quarter in the previous year. The

increase in the margin was mainly impacted by lower deposit costs and higher yield from investment securities, as well

loan growth, partially offset by lower rates on money market investments; 

●

 the provision for loan losses of $72.7 million was lower by $4.5 million mainly driven by lower reserves for the consumer

loan portfolios due to improvements in credit quality, partially offset by a higher provision in the commercial portfolio,

mainly attributable to reserves for two unrelated exposures with an aggregate balance of 188.4 million, which entered into

NPL status during the third quarter of 2025; 

●

 higher non-interest income by $1.6 million mainly due to higher service fees by $2.7 million mainly due to higher debit and

credit fees due to higher volume of transactions and higher assets under management, the income of $5.3 million related

to a retroactive charge billed to a tenant for energy supplied in prior years, partially offset by lower daily car rental revenue

by $5.0 million and gains from the sale of car rental units by $1.4 million, associated with the car rental business sold in

the fourth quarter of 2024; 

●

 higher operating expenses by $9.2 million mostly due to higher personnel costs by $21.0 million, mainly due to the profit-

sharing expense accrual and other performance-related incentives, and higher processing and transactional fees

expenses by $4.0 million, offset by lower operational losses by $6.2 million, mainly related to mortgage servicing, lower

occupancy expense by $4.3 million driven by a favorable reassessment of the real property tax estimate for certain

properties in Puerto Rico, and lower equipment expenses by $3.7 million mainly related to the daily car rental business

sold in the fourth quarter of 2024; and

●

 lower income tax expense by $4.0 million due mainly to higher exempt income. 

140

For the nine months ended September 30, 2025, the BPPR segment recorded net income of $539.5 million compared to a net

income of $404.3 million for the same period of the previous year. The factors that contributed to the variance in the financial results

included the following:

●

 net interest income of $1.6 billion was higher by $161.5 million primarily driven by lower interest expense on deposits,

mainly from the re-pricing of P.R. public funds, higher income from investment securities, mainly U.S. Treasury securities,

and higher income from loans due to portfolio growth, partially offset by lower income from money market investments

reflecting the decline in short-term market rates. The net interest margin for the nine months ending September 30, 2025,

was 3.66%, 28 basis points higher when compared with 3.38% for the same period of the previous year. The increase in

the margin was mainly impacted by lower cost of deposits, mainly P.R. public deposits, higher yield from investment

securities and loan growth, partially offset by lower rates from money market investments and lower balances as funds

are deployed for loan growth and purchasing U.S. Treasury securities;

●

 the provision for loan losses of $168.6 million was lower by $18.2 million mainly attributable to improvement in credit

quality for the credit cards portfolios, lower balance of personal loans and lower reserves in the leases portfolio, partially

offset by an increase in the provision expense for the mortgage portfolio, driven by lower net recoveries, changes in

macroeconomic forecasts, and changes in credit quality;

●

 lower non-interest income by $13.3 million mainly due to lower daily car rental revenue by $14.9 million and gains from

the sale of car rental units by $7.7 million associated with the car rental business sold in the fourth quarter of 2024,

partially offset by the above mentioned retroactive income of $5.3 million, higher service fees by $4.1 million due to credit

and debit card income, from higher volume of transactions and, higher investment management fees and higher charges

on deposit accounts by $3.3 million mainly due to non-balance compensation in commercial deposits;

●

 higher operating expenses by $28.3 million mostly due to higher personnel costs by $38.3 million, including profit sharing

expense by $21.2 million and higher salaries expense by $15.5 million due to annual merit increases and a higher

headcount, higher regulatory examination fees, municipal license tax and higher technology expenses, partially offset by

lower equipment expenses related to the daily rental business sold and lower FDIC expense due to the FDIC Special

Assessment recorded in 2024; and

●

 higher income tax expense by $4.0 million mainly due to higher income before tax, net of higher tax exempt income. 

Popular U.S.

For the quarter ended September 30, 2025, the reportable segment of Popular U.S. reported a net income of $17.8 million,

compared with a net income of $28.8 million for the same quarter of the previous year. The factors that contributed to the variance in

the financial results included the following:

●

 net interest income of $105.2 million, higher by $12.1 million due to higher income from loans by $16.5 million, mainly

from growth in the commercial and construction portfolios, and lower cost of deposits by $9.3 million due to the repricing

of high-cost deposits, partially offset by lower income from money market investments due to lower average balances and

lower yields reflecting the decrease in short-term rates. The net interest margin for the quarter ended September 30, 2025

was 2.94% compared to 2.73% for the same quarter in the previous year driven by lower cost of deposits;

●

 the provision for loan losses was $1.9 million, reflecting a higher provision for the commercial portfolio, offset by lower

provision for the consumer portfolio, compared to a release of $6.1 million in 2024, which was mainly related to

improvements in commercial credit quality;

●

 higher operating expenses by $19.0 million, reflecting the goodwill impairment charge related to our U.S. based

equipment leasing subsidiary of $13.0 million recorded during the third quarter of 2025, higher personnel costs driven by

incentives and profit sharing; and higher occupancy expense; and

141

●

 lower income tax expense by $3.7 million due to lower income before tax.

For the nine months ended September 30, 2025, the reportable segment of Popular U.S. recorded net income of $55.2 million,

compared with net income of $53.6 million for the same period of the previous year. The factors that contributed to the variance in

the financial results included the following: 

●

 higher net interest income by $36.5 million due to higher income from the loans portfolio mainly related to growth in the

commercial and construction portfolios and lower interest expense from deposits, due to the repricing of high-cost

deposits mentioned above, partially offset by lower income from money market investments due to decline in short-term

market rates. The net interest margin for the nine months ended September 30, 2025 was 2.87% compared to 2.64% for

the same period of the previous year driven by lower cost of deposits;

●

 the provision for loan losses of $20.8 million was higher by $18.2 million driven by higher qualitative reserves and

changes in credit quality for the commercial real estate portfolio, partially offset by lower reserves for the consumer loans; 

●

 higher operating expenses by $17.4 million reflecting the goodwill impairment charge related to our U.S. based equipment

leasing subsidiary of $13.0 million recorded in 2025; and higher personnel costs and consulting fees; offset by lower FDIC

expense due to FDIC Special Assessment recorded in 2024 and lower professional fees; and

●

 higher income tax expense by $0.8 million due to higher income before tax.

STATEMENT OF FINANCIAL CONDITION ANALYSIS 

Assets

The Corporation’s total assets were $75.1 billion at September 30, 2025, compared to $73.0 billion at December 31, 2024. The

variance in total assets of $2.1 billion was driven by an increase in AFS securities and loan growth across most portfolios at both

BPPR and PB segments, partially offset by a decrease in money market investments, HTM securities, and other assets. Refer to the

Consolidated Statements of Financial Condition included in this report and to the following narrative for additional information.

Money market investments and investment securities

Money market investments decreased by $1.6 billion as of September 30, 2025, when compared to December 31, 2024, driven by

funds used for loan growth and to purchase U.S. Treasury securities. AFS securities increased $2.4 billion, mainly due to investment

in U.S. Treasury securities and the decrease in the unrealized losses of AFS securities of $338.6 million, partially offset by

maturities and principal paydowns. HTM securities decreased by $324.9 million driven by maturities and principal paydowns,

partially offset by the amortization of $138.7 million of the discount related to U.S. Treasury securities previously reclassified from

the AFS to HTM. Refer to Note 5 and to Note 6 to the Consolidated Financial Statements for additional information with respect to

the Corporation’s debt securities available-for-sale and held-to-maturity.

142

Loans

Refer to Table 6 for a breakdown of the Corporation’s loan portfolio. Also, refer to Note 7 in the Consolidated Financial Statements

for detailed information about the Corporation’s loan portfolio composition and loan purchases and sales. 

Loans held-in-portfolio increased by $1.6 billion to $38.7 billion at September 30, 2025, compared to December 31, 2024. In the

BPPR segment loan balances increased by $982.8 million across most portfolios, most notably in the commercial, construction,

mortgage, auto loans and leasing portfolios. Commercial loans included the origination of a $265.0 million commercial loan during

the second quarter of 2025, which represents the Corporation’s portion of a $425.0 million issuance in which BPPR acted as the

lead bank and administrative agent. Origination activity supported the growth in the mortgage, auto loans, and leasing portfolios,

despite the uncertainty about the economic outlook which may continue to have an impact on customer behavior. The PB segment

also increased by $596.7 million, mainly driven by commercial and construction lending. 

At September 30, 2025, the Corporation’s loans to non-depository financial institutions (‘’NDFIs’’) amounted to $443.6 million, an

increase of $48.8 million, compared to December 31, 2024. The increase was mainly related to a loan to an insurance company in

Puerto Rico for general corporate purposes, offset by a decrease in other exposures, mainly to consumer intermediaries. At

September 30, 2025, the Corporation’s exposure to NDFIs was composed of approximately $272.4 million to insurance companies

for general corporate purposes unrelated to lending activities, $85.6 million related to mortgage credit intermediaries, and $85.6

million to consumer and commercial credit intermediaries. All loans to NDFIs are current in their contractual payments and carry a

‘pass’ rating.

143

Table 6 - Loans Ending Balances

(In thousands)

September 30, 2025

December 31, 2024

Variance

Loans held-in-portfolio:

Commercial 

 Commercial multi-family

$

2,489,589

$

2,399,620

$

89,969

 Commercial real estate non-owner occupied

5,462,580

5,363,235

99,345

 Commercial real estate owner occupied

3,090,724

3,157,746

(67,022)

 Commercial and industrial

8,245,639

7,741,562

504,077

Total Commercial

19,288,532

18,662,163

626,369

Construction

1,604,612

1,263,792

340,820

Mortgage

8,558,408

8,114,183

444,225

Leasing

1,998,651

1,925,405

73,246

Consumer

 Credit cards 

1,225,567

1,218,079

7,488

 Home equity lines of credit

78,890

73,571

5,319

 Personal 

1,900,325

1,855,244

45,081

 Auto

3,850,953

3,823,437

27,516

 Other

181,220

171,778

9,442

Total Consumer 

7,236,955

7,142,109

94,846

Total loans held-in -portfolio

$

38,687,158

$

37,107,652

$

1,579,506

Loans held-for-sale:

 Mortgage

$

7,783

$

5,423

$

2,360

Total loans held-for-sale

$

7,783

$

5,423

$

2,360

Total loans

$

38,694,941

$

37,113,075

$

1,581,866

144

Other assets

Other assets amounted to $1.7 billion at September 30, 2025, a decrease of $52.9 million when compared to $1.8 billion at

December 31, 2024. The variance was mainly driven by a decrease in net deferred tax assets of $89.0 million due to a positive

variance in the valuation of AFS securities, a reduction in unsettled trade receivables of $13.8 million related to proceeds from

maturities of U.S. Treasury securities, and lower principal, interest and escrow servicing advances of $12.6 million, partially offset by

an increase in capitalized software costs of $45.8 million mainly related to technology modernization, higher prepaid taxes of $11.5

million, and higher trades receivable from brokers and counterparties of $9.1 million. Refer to Note 10 to the Consolidated Financial

Statements for a breakdown of the principal categories that comprise the caption of “Other Assets” in the Consolidated Statements

of Financial Condition at September 30, 2025 and December 31, 2024. 

Liabilities

The Corporation’s total liabilities were $69.0 billion at September 30, 2025, an increase of $1.5 billion, when compared to December

31, 2024. The following is a discussion of the significant changes in liabilities.

Deposits and Borrowings

Total Deposits

The Corporation’s deposits totaled $66.5 billion as of September 30, 2025, compared to $64.9 billion as of December 31, 2024.

Ending deposit balances increased by $1.6 billion, while average quarterly balances grew by $2.9 billion. The average deposit

balance, excluding P.R. public deposits, increased by $1.5 billion. Non-interest-bearing deposits remained flat when compared to

December 31, 2024, demonstrating the impact of the Corporation’s continued focus on deposit retention strategies. At the end of the

third quarter of 2025, Puerto Rico public deposits were $20.1 billion, an increase of $612.7 million when compared to December 31,

2024. P.R public deposits represent 30% of total deposits and are expected to continue to range in the short term between $18

billion and $20 billion. However, the rate at which public deposit balances may change is uncertain and difficult to predict. The

amount and timing of any such change is likely to be impacted by, for example, the level of federal assistance and speed at which it 

is distributed, the use of local funds to cover federal assistance programs during the U.S. government shutdown, the financial

condition, liquidity and cash management practices of the Puerto Rico Government and its instrumentalities, and the implementation

of fiscal and debt adjustment plans approved pursuant to PROMESA or other actions mandated by the Fiscal Oversight and

Management Board for Puerto Rico (the “Oversight Board”). Additionally, the Trump Administration is conducting a review of federal

funding, which could entail a reduction in federal funding available for Puerto Rico. P.R public deposits costs are generally indexed

to changes in short-term market rates with a one-quarter lag, in accordance with contractual terms. As a result, these deposits’ costs

have typically lagged variable asset repricing. These deposits require that the bank pledge high credit quality securities as collateral;

therefore, liquidity risks arising from deposit outflows are lower. 

At BPPR, excluding Puerto Rico public deposits, ending deposits increased by $178 million, while at PB segment ending deposit

balances increased by $616 million, net of intercompany activity.

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

of earning assets and therefore represent a key factor in the Corporation’s ability to expand its net interest margin. 

Refer to Table 7 for a breakdown of the Corporation’s deposits at September 30, 2025 and December 31, 2024.

145

Table 7 - Deposits Ending Balances

(In thousands)

September 30, 2025

December 31, 2024

Variance

Deposits excluding P.R. public deposits:

 Demand deposits

$

14,874,026

$

15,139,555

$

(265,529)

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

21,739,958

21,177,506

562,452

 Savings, NOW and money market deposits (brokered)

883,471

736,225

147,246

 Time deposits (non-brokered)

8,014,080

7,476,924

537,156

 Time deposits (brokered CDs)

925,761

890,704

35,057

Sub-total deposits excluding P.R. public deposits

46,437,296

45,420,914

1,016,382

P.R. public deposits:

 Demand deposits

 [1]

12,487,246

11,730,273

756,973

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

6,907,309

7,087,904

(180,595)

 Time deposits (non-brokered)

681,553

645,254

36,299

Sub-total P.R. public deposits

20,076,108

19,463,431

612,677

Total deposits

$

66,513,404

$

64,884,345

$

1,629,059

[1] Includes interest bearing demand deposits. 

Borrowings

The Corporation’s borrowings totaled $1.2 billion at September 30, 2025 an increase of $70.7 million when compared to December

31, 2024. The increase was mainly related to higher FHLB advances by $67.6 million, mainly at PB. Refer to Note 13 to the

Consolidated Financial Statements for detailed information on the Corporation’s borrowings. Also, refer to the Liquidity section in

this MD&A for additional information on the Corporation’s funding sources.

Stockholders’ Equity

Stockholders’ equity totaled $6.1 billion at September 30, 2025, an increase of $502.6 million when compared to December 31,

2024. The increase was principally due to net income for the nine months ended September 30, 2025 of $599.3 million, coupled with

the after-tax effect of the decrease in net unrealized losses in the portfolio of AFS securities of $283.4 million and the amortization of

unrealized losses from securities previously reclassified to HTM of $

111

.0 million, partially offset by an increase in treasury stock of

$346.0 million, mainly due to common stock repurchases and the common and preferred dividends declared of $147.7 million. Refer

to the Consolidated Statements of Financial Condition, Comprehensive Income and Changes in Stockholders’ Equity for information

on the composition of stockholders’ equity. 

During the quarter and nine months ended September 30, 2025, Popular repurchased 1,000,862 shares of common stock for

$119.4 million at an average price of $119.33 per share and 3,407,821 shares of common stock for $353.7 million at an average

price of $103.78 per share respectively, as part of the 2024 and 2025 common stock repurchase programs previously announced.

As of September 30, 2025, $429.0 million remained available for stock repurchase under the active repurchase authorization.

During the third quarter of 2025, the Corporation declared a common stock dividend of $0.75 per share, an increase from the

common stock dividend of $0.70 per share.

The composition of the Corporation’s financing to total assets at September 30, 2025 and December 31, 2024 is included in Table 8.

146

Table 8 - Financing to Total Assets

September 30,

December 31, 

% (decrease) increase

% of total assets

(Dollars in millions)

2025

2024

from 2024 to 2025

2025

2024

Non-interest-bearing core deposits

$

14,874

$

15,139

(1.8)

%

19.8

%

20.7

%

Interest-bearing core deposits

46,020

44,622

3.1

61.3

61.1

Interest-bearing other deposits

5,619

5,123

9.7

7.5

7.0

Repurchase agreements

57

55

3.6

0.1

0.1

Other short-term borrowings

400

225

77.8

0.5

0.3

Notes payable

790

896

(11.8)

1.1

1.2

Other liabilities

1,190

1,372

(13.3)

1.6

1.9

Stockholders’ equity

6,116

5,613

9.0

8.1

7.7

147

CAPITAL

Regulatory Capital

The Corporation, BPPR and PB are subject to regulatory capital requirements established by the Federal Reserve Board. The risk-

based capital standards applicable to the Corporation, BPPR and PB (“Basel III capital rules”) are based on the final capital

framework for strengthening international capital standards, known as Basel III, of the Basel Committee on Banking Supervision. As

of September 30, 2025, the Corporation’s, BPPR’s and PB’s capital ratios continue to exceed the minimum requirements for being

“well-capitalized”. 

The risk-based capital ratios presented in Table 9, which include common equity tier 1, Tier 1 capital, total capital and leverage

capital as of September 30, 2025 and December 31, 2024.

Table 9 - Capital Adequacy Data

(Dollars in thousands)

September 30, 2025

December 31, 2024

Common equity tier 1 capital:

Common stockholders' equity - U.S. GAAP basis

$

6,093,529

$

5,590,923

CECL transitional amount

 [1]

-

42,375

AOCI related adjustments due to opt-out election

1,191,224

1,589,875

Goodwill, net of associated deferred tax liability (DTL)

(641,809)

(657,181)

Intangible assets, net of associated DTLs

(5,460)

(6,826)

Deferred tax assets and other deductions 

(223,648)

(296,374)

Common equity tier 1 capital

$

6,413,836

$

6,262,792

Additional tier 1 capital:

Preferred stock

22,143

22,143

Additional tier 1 capital

$

22,143

$

22,143

Tier 1 capital

$

6,435,979

$

6,284,935

Tier 2 capital:

Trust preferred securities subject to phase in as tier 2

192,674

192,674

Other inclusions (deductions), net

511,230

490,594

Tier 2 capital

$

703,904

$

683,268

Total risk-based capital 

$

7,139,883

$

6,968,203

Minimum total capital requirement to be well capitalized

$

4,062,200

$

3,907,346

Excess total capital over minimum well capitalized

$

3,077,683

$

3,060,857

Total risk-weighted assets

$

40,621,998

$

39,073,462

Total assets for leverage ratio

$

75,897,616

$

72,593,464

Risk-based capital ratios:

Common equity tier 1 capital

15.79

%

16.03

%

Tier 1 capital 

15.84

16.08

Total capital

17.58

17.83

Tier 1 leverage

8.48

8.66

[1] The CECL transitional amount includes the impact of Popular's adoption of the new CECL accounting standard on January 1, 2020.

148

The Basel III capital rules provide that a depository institution is deemed to be well capitalized if it maintains a leverage ratio of at

least 5%, a common equity Tier 1 ratio of at least 6.5%, a Tier 1 capital ratio of at least 8% and a total risk-based ratio of at least

10%. The Corporation, BPPR and PB leverage ratio, common equity Tier 1 ratio and Tier 1 capital ratio, respectively as of

September 30, 2025, continue to exceed the minimum requirements for being “well-capitalized” under the Basel III capital rules. 

Pursuant to the adoption of the CECL accounting standard on January 1, 2020, the Corporation elected to use the five-year

transition period option as provided in the final interim regulatory capital rules effective March 31, 2020. The five-year transition

period provision delayed for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period

to phase out the aggregate amount of the capital benefit provided during the initial two-year delay. During the first quarter of 2025,

the Corporation phased-in all the cumulative CECL deferral over the three-year transition period.

The decrease in the common equity Tier I capital ratio, Tier I capital ratio, total capital ratio, and leverage ratio as of September 30,

2025 as compared to December 31, 2024 was mainly due to the repurchase of common stock, common stock dividends, and higher

risk weighted assets driven by the increase in loans held-in-portfolio and higher non-performing loans held-in-portfolio, partially

offset by the nine-month period’s earnings. 

Reconciliation to Tangible Common Equity and Tangible Assets

Table 10 provides a reconciliation of total stockholders’ equity to tangible common equity and total assets to tangible assets as of

September 30, 2025, and December 31, 2024.

149

Table 10 - Reconciliation of Tangible Common Equity and Tangible Assets

(In thousands, except share or per share information)

September 30, 2025

December 31, 2024

Total stockholders’ equity

$

6,115,672

$

5,613,066

Less: Preferred stock

(22,143)

(22,143)

Less: Goodwill

(789,954)

(802,954)

Less: Other intangibles

(5,460)

(6,826)

Total tangible common equity

$

5,298,115

$

4,781,143

Total assets 

$

75,065,798

$

73,045,383

Less: Goodwill

(789,954)

(802,954)

Less: Other intangibles

(5,460)

(6,826)

Total tangible assets

$

74,270,384

$

72,235,603

Tangible common equity to tangible assets

7.13

%

6.62

%

Common shares outstanding at end of period

66,959,866

70,141,291

Tangible book value per common share

$

79.12

$

68.16

Quarterly average

Total stockholders’ equity [1]

$

6,943,541

$

6,620,766

Average unrealized (gains) losses on AFS securities transferred to HTM 

296,934

505,791

Adjusted total stockholder's equity

7,240,475

7,126,557

Less: Preferred Stock

(22,143)

(22,143)

Less: Goodwill

(802,812)

(804,411)

Less: Other intangibles

(5,714)

(7,288)

Total tangible common equity

$

6,409,806

$

6,292,715

Return on average tangible common equity

13.06

%

11.22

%

 [1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.

150

RISK MANAGEMENT

Market / Interest Rate Risk

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

Notes 5 and 6 to the Consolidated Financial Statements for further information on the debt securities available-for-sale and held-to-

maturity portfolios. Debt securities classified as available-for-sale and held-to-maturity amounted to $20.7 billion and $7.4 billion,

respectively, as of September 30, 2025. Other assets subject to market risk include mortgage servicing rights ("MSRs") with a fair

value of $99.5 million as of September 30, 2025. 

Interest Rate Risk (“IRR”)

The Corporation’s net interest income is subject to various categories of interest rate risk, including repricing, basis, yield curve and

option risks. In managing interest rate risk, management may alter the mix of floating and fixed rate assets and liabilities, change

pricing schedules, adjust maturities through sales and purchases of investment securities, and enter into derivative contracts,

among other alternatives. 

Management utilizes various tools to assess IRR, including Net Interest Income (“NII”) simulation modeling, static gap analysis, and

Economic Value of Equity (“EVE”) to monitor the risk arising from the dynamic characteristics of assets and liabilities subject to IRR.

The three methodologies complement each other and are used jointly in the evaluation of the Corporation’s IRR. NII simulation

modeling, by legal entity and on a consolidated basis, is prepared for a five-year period, which in conjunction with the EVE analysis,

provides management a better view of long-term IRR.

The Corporation processes NII simulations under interest rate scenarios in which the yield curve is assumed to rise and decline by

the same magnitude (parallel shifts). The rate scenarios considered in these market risk simulations include instantaneous parallel

changes of -100, -200, +100, and +200 basis points during the succeeding twelve-month period. Assumptions included in these

analyses include that the balance sheet remains flat, relative levels of market interest rates across all yield curve points and

indexes, interest rate spreads, loan prepayments and deposit elasticity. Thus, they should not be relied upon as indicative of actual

results and do not contemplate actions that management may engage in as a response to future changes in interest rates.

Additionally, the Corporation is also subject to the risk inherent in the use of different rate indexes for the repricing of assets and

liabilities, as well the risk of pricing lags due to contractual or timing differences between the market and management response to

changes in the rate environment. These forward-looking computations are management’s best estimate based on known and

available information and actual results may differ. 

The following table presents the results of the simulations at September 30, 2025 and December 31, 2024, assuming a static

balance sheet and parallel changes over flat spot rates over a one-year time horizon:

151

Table 11 - Net Interest Income Sensitivity (One Year Projection)

September 30, 2025

December 31, 2024

(Dollars in thousands)

Amount Change

Percent Change

Amount Change

Percent Change

Change in interest rate

+200 basis points

(10,760)

(0.41)

44,747

1.78

+100 basis points

(6,125)

(0.23)

22,917

0.91

-100 basis points

2,953

0.11

9,157

0.36

-200 basis points

17,319

0.66

588

0.02

As of September 30, 2025, NII simulations showed a shift in the Corporation’s sensitivity position to become liability sensitive.

Compared to the results as of December 31, 2024, the variation in sensitivity and the resulting profile was mainly due to an increase

in asset duration driven by the extension of U.S. Treasury Notes and a decline in U.S. Treasury Bills and excess reserves at the

FRB as part of a decision to reduce sensitivity to declining rate scenarios. In rising rate scenarios, Popular’s net interest income

would decrease due to the lower volume of short-term assets as a result of the investment portfolio extension strategy combined

with higher deposits costs due to BPPR’s large proportion of market-linked Puerto Rico public sector deposits, this would be partially

offset by variable rate loan repricing and intermediate maturity assets coming due within one year. Changes in the balance sheet

during the quarter that contributed to the variance in sensitivity include the purchase of $2.5 billion in U.S. Treasury Notes with an

average maturity of approximately 1.4 years, in addition to higher fixed rate loan balances.

The Corporation’s loan and investment portfolios are subject to prepayment risk. Prepayment risk also could have a significant

impact on the duration of mortgage-backed securities and collateralized mortgage obligations.

Trading 

The Corporation engages in trading activities in the ordinary course of business at its subsidiaries, BPPR and Popular Securities.

Popular Securities’ trading activities consist primarily of market-making activities to meet expected customers’ needs related to its

retail brokerage business, and purchases and sales of U.S. Government and government sponsored securities with the objective of

realizing gains from expected short-term price movements. BPPR’s trading activities consist primarily of holding U.S. Government

sponsored mortgage-backed securities and economic hedges of the related market risk with “TBA” (to-be-announced) market

transactions. In addition, BPPR uses forward contracts or TBAs that have characteristics similar to that of the forecasted security

and its conversion timeline to hedge its securitization pipeline.

At September 30, 2025, the Corporation held trading securities with a fair value of $33.1 million, representing 0.04% of the

Corporation’s total assets, compared with $32.8 million and 0.05%, respectively, at December 31, 2024. The trading portfolio

consists principally of investment grade securities such as mortgage-backed securities of $24.3 million with a weighted average

yield of 5.23% and U.S. Treasuries of $8.0 million with a weighted average yield of 2.57% at September 30, 2025 and $29.1 million

with a yield of 5.54% and $2.8 million with a yield of 3.28%, respectively, as of December 31, 2024. 

The Corporation’s trading activities are limited by internal policies. For each of the two subsidiaries, the market risk assumed under

trading activities is measured by the 5-day net value-at-risk (“VAR”), with a confidence level of 99%. The VAR measures the

maximum estimated loss that may occur over a 5-day holding period, given a 99% probability. 

The Corporation’s trading portfolio had a 5-day VAR of $0.4 million for the last week of September 2025. VAR models include

assumptions and estimates thus actual results could differ from the outputs from these models and assumptions. Back-testing is

performed on model results to compare actual results against maximum estimated losses, in order to evaluate model and

assumptions accuracy. 

In the opinion of management, the size and composition of the trading portfolio does not represent a significant source of market risk

for the Corporation.

152

Liquidity

Liquidity Risk Management Process

The Corporation has adopted policies and limits to monitor the Corporation’s liquidity position and that of its banking subsidiaries.

Refer to the Enterprise Risk Management section of Management’s Discussion and Analysis included in the 2024 Form 10-K for

information on the framework in place to monitor, review, and approve policies to measure, limit and manage funding activities and

strategies impacting liquidity risk. Additionally, contingency funding plans are used to model various stress events of different

magnitudes that affect different time horizons, to assist management in evaluating the size of the liquidity buffers needed if those

events occur. However, such models may not predict accurately how the market and customers might react to every event and are

dependent on many assumptions. The objective of effective liquidity management is to ensure that the Corporation has sufficient

liquidity to meet all its financial obligations, finance expected future growth, fund planned capital distributions and maintain a

reasonable safety margin for cash needs under both normal and stressed market conditions.

Sources of Liquidity

Deposits, including customer deposits, brokered deposits and public funds deposits, continue to be the most significant source of

funds for the Corporation, representing 89% of funding of the Corporation’s total assets at September 30, 2025 and December 31,

2024. The ratio of total ending loans to deposits was 58% and 57% at September 30, 2025 and December 31, 2024, respectively. 

In addition to traditional deposits, the Corporation maintains borrowing arrangements, which amounted to $1.2 billion in outstanding

balances at September 30, 2025 (December 31, 2024 - $1.2 billion). A detailed description of the Corporation’s borrowings,

including their terms, is included in Note 13 to the Consolidated Financial Statements. Also, the Consolidated Statements of Cash

Flows in the accompanying Consolidated Financial Statements provide information on the Corporation’s cash inflows and outflows. 

The following sections provide further information on the Corporation’s major funding activities and needs, as well as the risks

involved in these activities.

Banking Subsidiaries

Primary sources of funding for the Corporation’s banking subsidiaries (BPPR and PB or, collectively, “the banking subsidiaries”)

include retail, commercial and public sector deposits, brokered deposits, unpledged investment securities, mortgage loan

securitization and, to a lesser extent, loan sales. In addition, the Corporation maintains borrowing facilities with the FHLB and at the

discount window of the Federal Reserve Bank of New York (the “FRB”) and has a considerable amount of collateral pledged that

can be used to raise funds under these facilities.

During the second quarter of 2025, BPPR was able to increase its available liquidity by approximately $2.9 billion after the merger of

Popular Auto, LLC with and into BPPR, effective on May 1, 2025, that allowed BPPR to pledge auto loans and leases as collateral

under the federal reserve’s discount window. At September 30, 2025, the Corporation’s available liquidity increased to $25.8 billion

from $21.6 billion on December 31, 2024. During the third quarter of 2025, the Corporation had no material incremental use of its

available liquidity sources. The liquidity sources of the Corporation at September 30, 2025 are presented in Table 12 below:

153

Table 12 - Liquidity Sources

September 30, 2025

December 31, 2024

(In thousands)

BPPR

Popular U.S.

Total

BPPR

Popular U.S.

Total

Unpledged securities and unused funding

sources:

Money market (excess funds at the

Federal Reserve Bank)

$

3,719,430

$

1,024,811

$

4,744,241

$

4,882,358

$

1,488,857

$

6,371,215

Unpledged securities

4,658,303

1,010,386

5,668,689

3,806,066

522,869

4,328,935

FHLB borrowing capacity

3,134,633

1,023,693

4,158,326

2,777,090

1,058,921

3,836,011

Discount window of the Federal Reserve

Bank borrowing capacity

7,833,348

3,375,793

11,209,141

4,839,388

2,178,646

7,018,034

Total available liquidity

$

19,345,714

$

6,434,683

$

25,780,397

$

16,304,902

$

5,249,293

$

21,554,195

Refer to Note 13 to the Consolidated Financial Statements for additional information of the Corporation’s borrowing facilities

available through its banking subsidiaries. 

The principal uses of funds for the banking subsidiaries include loan originations, investment portfolio purchases, loan purchases

and repurchases, repayment of outstanding obligations (including deposits), advances on certain serviced portfolios and operational

expenses. Also, the banking subsidiaries assume liquidity risk related to collateral posting requirements for certain activities mainly

in connection with contractual commitments, recourse provisions, servicing advances, derivatives and credit card licensing

agreements. 

The banking subsidiaries maintain sufficient funding capacity to address large increases in funding requirements such as deposit

outflows. The Corporation has established liquidity guidelines that require the banking subsidiaries to have sufficient liquidity to

cover all short-term borrowings and a portion of deposits. 

Deposits are a key source of funding. Refer to Table 7 for a breakdown of deposits by major types. Core deposits are generated

from a large base of consumer, corporate and public sector customers. Core deposits include certificates of deposit under $250,000,

all interest-bearing transactional deposit accounts, non-interest-bearing deposits, and savings deposits. Core deposits exclude

brokered deposits and certificates of deposit over $250,000. Core deposits, excluding P.R. public funds, which are fully

collateralized, have historically provided the Corporation with a sizable source of relatively stable and low-cost funds. P.R. public

funds, while linked to market interest rates, provide a stable source of funding with an attractive earning spread. As of September

30, 2025, total Puerto Rico public sector deposits were $20.1 billion, compared to $19.5 billion at December 31, 2024.

Core deposits represent 92% of total deposits at $60.9 billion, as of September 30, 2025, compared with 92% at $59.9 billion as of

December 31, 2024. Core deposits financed 85% of the Corporation’s earning assets at September 30, 2025, compared to 86% at

December 31, 2024.

The distribution by maturity of certificates of deposit with denominations of $250,000 and over at September 30, 2025 is presented

in the table that follows:

154

Table 13 - Distribution by Maturity of Certificates of Deposit of $250,000 and Over

(In thousands)

3 months or less

$

2,374,866

Over 3 to 12 months

1,102,624

Over 1 year to 3 years

278,729

Over 3 years

147,806

Total

$

3,904,025

The Corporation had $1.8 billion in brokered deposits at September 30, 2025, which financed approximately 2% of its total assets

(December 31, 2024 - $1.6 billion and 2%, respectively). 

As of September 30, 2025, the banking subsidiaries had sufficient current and projected liquidity sources to meet their anticipated

cash flow obligations, as well as special needs and off-balance sheet commitments, in the ordinary course of business and have

sufficient liquidity resources to address a stress event. Although the banking subsidiaries have historically been able to replace

maturing deposits and advances, no assurance can be given that they would be able to replace those funds in the future if the

Corporation’s financial condition or general market conditions were to deteriorate. The Corporation’s financial flexibility would be

severely constrained if the banking subsidiaries are unable to maintain access to funding or if adequate funding is not available to

accommodate future financing needs at acceptable interest rates. The banking subsidiaries also are required to deposit cash or

qualifying securities to meet margin requirements on repurchase agreements, deposit agreements and other collateralized

borrowing facilities. To the extent that the value of securities previously pledged as collateral declines because of market changes,

the Corporation will be required to deposit additional cash or securities to meet its margin or collateral requirements and would need

to rely more heavily on alternative funding sources. In these scenarios, the Corporation’s financial flexibility and ability to grow

revenues may not increase proportionately to cover costs and profitability would be adversely affected.

The Corporation considers balances in excess of $250,000 to have a higher potential liquidity risk. Table 14 reflects the aggregate

balance in deposit accounts in excess of $250,000, including collateralized public funds and deposits outside of the U.S. and its

territories. Collateralized public funds, as presented in Table 14, represent public deposit balances from governmental entities in the

U.S. and its territories, including Puerto Rico and the United States Virgin Islands, collateralized based on such jurisdictions’

applicable collateral requirements.

155

Table 14 - Deposits

30-Sep-25

Popular, Inc.

(Dollars in thousands)

BPPR

% of Total

Popular U.S.

% of Total

(Consolidated)

% of Total

Deposits:

Deposits balances under $250,000 [1]

$

23,610,775

43

%

$

8,523,789

70

%

$

32,134,564

48

%

Transactional deposits balances over

$250,000

8,203,843

15

%

2,096,865

17

%

10,300,708

16

%

Time deposits balances over $250,000

2,013,907

4

%

925,802

8

%

2,939,709

4

%

Uninsured foreign deposits

399,980

1

%

-

-

%

399,980

1

%

Collateralized public funds

20,422,015

37

%

316,428

3

%

20,738,443

31

%

Intercompany deposits

227,477

-

%

298,714

2

%

-

-

%

Total deposits

$

54,877,997

100

%

$

12,161,598

100

%

$

66,513,404

100

%

[1] Includes the first $250,000 in balances of transactional and time deposit accounts with balances in excess of $250,000.

31-Dec-24

Popular, Inc.

(Dollars in thousands)

BPPR

% of Total

Popular U.S.

% of Total

(Consolidated)

% of Total

Deposits

Deposits balances under $250,000 [1]

$

23,588,937

44

%

$

7,961,334

68

%

$

31,550,271

49

%

Transactional deposits balances over

$250,000

8,046,175

15

%

1,944,674

16

%

9,990,849

15

%

Time deposits balances over $250,000

1,991,934

4

%

813,424

7

%

2,805,358

4

%

Uninsured foreign deposits

450,068

1

%

-

-

%

450,068

1

%

Collateralized public funds

19,771,083

36

%

316,716

3

%

20,087,799

31

%

Intercompany deposits

205,839

-

%

667,839

6

%

-

-

%

Total deposits

$

54,054,036

100

%

$

11,703,987

100

%

$

64,884,345

100

%

[1] Includes the first $250,000 in balances of transactional and time deposit accounts with balances in excess of $250,000.

Bank Holding Companies

The principal sources of funding for the BHCs, which are Popular, Inc. (holding company only) and PNA, include cash on hand,

investment securities, dividends received from banking and non-banking subsidiaries, asset sales, credit facilities available from

affiliate banking subsidiaries and proceeds from potential securities offerings. Dividends from banking and non-banking subsidiaries

are subject to various regulatory limits and authorization requirements imposed by banking regulators, including the FED and the

NYDFS, that may limit the ability of those subsidiaries to act as a source of funding to the BHCs.

The principal uses of these funds include the repayment of debt, interest payments to holders of senior debt and junior subordinated

deferrable interest debentures (related to trust preferred securities), the payment of dividends to common stockholders, repurchases

of the Corporation’s securities and capitalizing its subsidiaries. 

The outstanding balance of notes payable at the BHCs amounted to $595 million at September 30, 2025 and $594 million at

December 31, 2024.

The contractual maturities of the BHCs notes payable at September 30, 2025 are presented in Table 15.

Table 15 - Distribution of BHC's Notes Payable by Contractual Maturity

Year

(In thousands)

2028

$

396,249

Later years

198,393

Total

$

594,642

156

As of September 30, 2025, the BHCs had cash and money markets investments totaling $484 million and borrowing potential of

$165 million from its secured facility with BPPR. The BHCs’ liquidity position continues to be adequate with sufficient cash on hand,

investments and other sources of liquidity that are expected to be sufficient to meet all interest payments and dividend obligations

for the foreseeable future. Additionally, the Corporation’s latest quarterly paid dividend was $0.70 per share or approximately $47

million per quarter.

The BHCs have in the past borrowed in the corporate debt market primarily to finance their non-banking subsidiaries and refinance

debt obligations. These sources of funding are more costly given that two out of three principal credit rating agencies rate the

Corporation’s debt securities below “investment grade”. The Corporation has a shelf registration statement filed and effective with

the Securities and Exchange Commission, which permits the Corporation to issue an unspecified amount of debt or equity

securities.

Non-Banking Subsidiaries

The principal sources of funding for the non-banking subsidiaries include internally generated cash flows from operations, loan

sales, repurchase agreements, capital injections and borrowed funds from their direct parent companies or the holding companies.

The principal uses of funds for the non-banking subsidiaries include repayment of maturing debt, operational expenses and payment

of dividends to the BHCs. 

Dividends

During the third quarter of 2025, the Corporation declared a quarterly common stock dividend of $0.75 per common share, an

increase from $0.70 per common share in the previous quarter. During the nine months ended September 30, 2025, the Corporation

declared cash dividends of $2.15 per common share outstanding ($146.6 million in the aggregate). The dividends for the

Corporation’s Series A preferred stock amounted to $1.1 million.

During the nine months ended September 30, 2025, the BHCs received dividends and distributions amounting to $350 million from

BPPR, $23 from Popular International Bank, Inc. (“PIBI”) and $22 million from its other non-banking subsidiaries. Dividends from

BPPR constitute Popular, Inc.’s primary source of liquidity. In addition, during the nine months ended September 30, 2025, PIBI, a

wholly owned subsidiary of Popular, Inc., received $20.0 million in cash dividends and $5.3 million in stock dividends from its

investment in BHD.

In addition to regulatory limits previously discussed, the ability of a bank subsidiary to up-stream dividends to its BHC could be

impacted by its financial performance and capital, including tangible and regulatory capital, thus potentially limiting the amount of

cash up streamed to the BHCs from the banking subsidiaries. This could, in turn, affect BHC’s ability to declare dividends on its

outstanding common and preferred stock, repurchase its securities or meet its debt obligations. At September 30, 2025, BPPR

could declare a dividend of up to approximately $237 million without prior approval of the Federal Reserve Board due to its retained

income, declared dividend activity and transfers to statutory reserves over the measurement period. In addition, pursuant to the FRB

requirements, PB may not declare or pay a dividend without the prior approval of the Federal Reserve Board and the NYSDFS.

Other Funding Sources and Capital

In addition to cash reserves held at the FRB that totaled $4.7 billion at September 30, 2025, the debt securities portfolio provides an

additional source of liquidity, which may be realized through either securities sales, collateralized borrowings or repurchase

agreements. The Corporation’s debt securities portfolio consists primarily of liquid U.S. government debt securities and U.S.

government sponsored agency mortgage-backed securities that can be used to raise funds in the repo markets. The availability of

repurchase agreements would be subject to having sufficient unpledged collateral available at the time the transactions are

consummated, in addition to overall liquidity and risk appetite of the various counterparties. Refer to Table 12 for details of the

Corporation’s unpledged debt securities and available credit facilities with the FHLB and the discount window of the Federal

Reserve Bank. A substantial portion of these debt securities could be used to raise financing in the U.S. money markets or from

secured lending sources, subject to changes in their fair market value and customary adjustments (haircuts). 

Additional liquidity may be provided through loan maturities, prepayments and sales. The loan portfolio provides a source of

collateral to secure the available credit facilities with the FHLB and the discount window of the Federal Reserve Bank. The loan

portfolio can also be used to obtain funding in the capital markets. Mortgage loans and some types of consumer loans, have

secondary markets which the Corporation could use.

Off-Balance Sheet Arrangements and Other Commitments

157

In the ordinary course of business, the Corporation engages in financial transactions that are not recorded on the balance sheet or

may be recorded on the balance sheet in amounts that are different than the full contract or notional amount of the transaction. As a

provider of financial services, the Corporation routinely enters into commitments with off-balance sheet risk to meet the financial

needs of its customers. Refer to Note 18 to the Consolidated Financial Statements for information on the Corporation’s

commitments to extent credit and other non-credit commitments. 

Other types of off-balance sheet arrangements that the Corporation enters in the ordinary course of business include derivatives,

operating leases and provision of guarantees, indemnifications, and representation and warranties. Refer to Note 17 to the

Consolidated Financial Statements for a detailed discussion related to the Corporation’s guarantees, indemnifications obligations,

and representation and warranties arrangements. 

The Corporation monitors its cash requirements, including its contractual obligations and debt commitments. 

Financial Information of Guarantor and Issuers of Registered Guaranteed Securities

The principal sources of funding for Popular, Inc. Holding Company (“PIHC”) and Popular North America, Inc. (“PNA”) have included

dividends received from their banking and non-banking subsidiaries subject to statutory provisions that limit dividends paid by the

banking subsidiary without regulatory approval, asset sales and proceeds from the issuance of debt and equity. 

The Corporation ("PIHC") is the parent holding company of Popular North America (“PNA”) and operates financial services through

its subsidiaries. PNA, a wholly owned subsidiary of Popular, Inc., manages entities such as Equity One, Inc., and PB, including PB’s

subsidiaries: Popular Equipment Finance, LLC, Popular Insurance Agency, U.S.A., and E-LOAN, Inc.

PNA has issued junior subordinated debentures guaranteed by PIHC (the “obligor group”), purchased by statutory trusts established

by the Corporation using proceeds from trust preferred securities (“capital securities”) and common securities of the trusts.

PIHC guarantees the junior subordinated debentures issued by PNA. If PIHC fails to make interest payments on the debentures

held by the trust, the trust will not distribute payments on the capital securities. The guarantee ranks subordinate and junior in right

of payment to all other liabilities of PIHC and equally with all other PIHC-issued guarantees, allowing direct legal action against

PIHC without involving other entities.

Funding for PIHC and PNA includes dividends from subsidiaries, asset sales, and proceeds from debt and equity issuance.

Statutory provisions limit the dividends an insured depository institution can pay to its holding company without regulatory approval.

The summarized financial information below shows the combined financial position of the obligor group as of September 30, 2025,

and December 31, 2024, and the results of their operations for the nine-month periods ended September 30, 2025, and September

30, 2024. Excluded are investments and equity in earnings from subsidiaries and affiliates outside the obligor group.

Intercompany balances and transactions within the obligor group have been eliminated. Material amounts due from, due to, and

transactions with subsidiaries and affiliates are shown separately. Related party transactions are also presented separately.

158

Table 16 - Summarized Statement of Condition

(In thousands)

September 30, 2025

December 31, 2024

Assets

Cash and money market investments

$

484,141

$

634,809

Investment securities

37,618

35,150

Accounts receivables from non-obligor subsidiaries

14,541

14,602

Other loans (net of allowance for credit losses of $163 (2024 - $281))

24,486

25,381

Investment in equity method investees

5,265

5,279

Other assets

95,829

65,483

Total assets

$

661,880

$

780,704

Liabilities and Stockholders' equity

Accounts payable to non-obligor subsidiaries

$

5,839

$

12,163

Notes payable

594,642

593,571

Other liabilities

131,489

126,718

Stockholders' (deficit) equity

(70,090)

48,252

Total liabilities and stockholders' equity

$

661,880

$

780,704

Table 17 - Summarized Statement of Operations

For the period ended

(In thousands)

September 30, 2025

September 30, 2024

Income:

Dividends from non-obligor subsidiaries

$

371,500

$

473,000

Interest income from non-obligor subsidiaries and affiliates

3,125

8,489

(Losses) earnings from investments in equity method investees

(14)

29

Other operating income

8,027

3,116

Total income

$

382,638

$

484,634

Expenses:

Services provided by non-obligor subsidiaries and affiliates (net of

reimbursement by subsidiaries for services provided by parent of

$188,825 (2024 - $172,449))

$

13,390

$

9,654

Other expenses

19,492

30,000

Income tax expense

[1]

7,075

21,934

Total expenses

$

39,957

$

61,588

Net income

$

342,681

$

423,046

[1] The net income for the nine months ended September 30, 2024, included $22.9 million of expenses, of which $16.5 million was reflected

in income tax expense and $6.4 million was reflected in other operating expenses, related to an out-of-period adjustment associated with the

Corporation’s U.S. subsidiary’s non-payment of taxes on certain intercompany distributions to the Bank Holding Company (BHC) in Puerto

Rico, a foreign corporation for U.S. tax purposes.

In addition to the dividend income reflected in the Statement of Operations table above, during the nine months ended

September 30, 2025, the obligor group recorded a $23.0 million of dividend distributions from non-obligor subsidiary which

was recorded as a reduction to the investment (2024 - $67.4 million).

159

Risk to Liquidity

The Corporation’s liquidity may come under pressure if it experiences significant unexpected cash outflows due to deposit

withdrawals, which could arise from various factors like economic conditions, loss of depositor confidence, competition, exogenous

events, regulatory requirements or changes, a downgrade in credit rating, or other events causing counterparties to avoid exposure.

Investors should refer to Liquidity Risks section of “Part I, Item 1A” of 2024 Form 10-K for an additional discussion of liquidity risks to

which the Corporation is subject.

Credit Risk

Geographic and Government Risk 

The Corporation is exposed to geographic and government risk. The Corporation’s assets and revenue composition by geographical

area and by business segment reporting are presented in Note 32 to the Consolidated Financial Statements. Readers should refer

to Economic and Market Risk section and Business Risk Section of “Part I, Item 1A” of the 2024 Form 10-K for an additional

discussion on how the Corporation is impacted by global and local economic and market conditions, including weakness in the

economy, particularly in Puerto Rico, where a significant portion of our business is concentrated. This section also addresses how

our credit risk and credit losses can increase to the extent our loans are concentrated on borrowers engaged in the same or similar

activities or in borrowers who as a group may be uniquely or disproportionately affected by certain economic or market conditions.

Commonwealth of Puerto Rico

A significant portion of our financial activities and credit exposure is concentrated in the Commonwealth of Puerto Rico (“Puerto

Rico”) which has faced severe economic and fiscal challenges in the past and may face additional challenges in the future.

Economic Performance 

The latest estimates from the Puerto Rico Planning Board (the “Planning Board”) indicate that real GNP grew by 2.1% during fiscal

year 2024 (July 2023-June 2024) and by 1.1% in fiscal year 2025 (July 2024-June 2025). For fiscal year 2026 (July 2025-June

2026), the Planning Board forecasts more modest GNP growth of 0.5%. Meanwhile, the Puerto Rico Economic Activity Index

showed a 0.9% year-over-year decline and a 0.2% month-over-month decline in June 2025. While this index is not a direct measure

of real GNP, it serves as an indicator of ongoing economic activity.

In 2021 and 2022, inflation rose sharply in the U.S. and Puerto Rico due to post-pandemic demand and supply chain issues.

Inflation began to decrease by mid-2022 as the Federal Reserve raised interest rates, largely stabilizing by September 2024,

leading to a series of rate reductions by the Federal Reserve for the first time in four years. As of September 2025, the U.S.

Consumer Price Index showed a 3.0% year-over-year increase, which is significantly lower than peak 2022 inflation levels but still

above the Federal Reserve’s 2% target. In Puerto Rico, the Consumer Price Index increased by 1.9% over the same period. 

Moreover, since October 1, 2025, a congressional impasse over fiscal year 2026 appropriations has triggered a partial shutdown of

numerous U.S. federal agencies and services. The shutdown has disrupted, and may continue to disrupt, federal payments to U.S.

government employees, beneficiaries of federal programs and transfers to the Puerto Rico government. While these disruptions

could adversely affect our customers and the broader Puerto Rico economy, the overall impact remains uncertain and will depend

largely on the shutdown’s duration and scope.

Fiscal Challenges of Puerto Rico and its Municipalities

As Puerto Rico’s economy contracted in the 2000s, public debt increased rapidly due to borrowing to cover deficits to pay debt

service, pension benefits, and other expenditures. By 2016, the government had over $120 billion in combined debt and unfunded

pension liabilities, lost access to capital markets, and faced a fiscal crisis. 

In response, the U.S. Congress enacted PROMESA in June 2016. PROMESA established an Oversight Board with significant

control over Puerto Rico’s fiscal and economic affairs, including those of its public corporations, instrumentalities and municipalities

(collectively, “PR Government Entities”). 

160

In August 2025, President Donald J. Trump dismissed six of the seven members of the Oversight Board, reportedly due to inefficient

leadership and excessive spending. Three of the dismissed members subsequently filed suit in federal court challenging the legality

of their dismissal. On October 3, 2025, the court issued a preliminary injunction that effectively reinstated such members and barred

the seating of replacement members while the case proceeds. Such ruling remains subject to potential appeal. It is still too early to

determine what impact these developments may have on Puerto Rico’s fiscal and economic affairs.

Under PROMESA, the Oversight Board will remain in place until market access is restored and balanced budgets are achieved for

at least four consecutive years. PROMESA also established two mechanisms for the restructuring of the obligations of PR

Government Entities: (a) Title III, an in-court process akin to that of the U.S. Bankruptcy Code and which permits adjustment of a

broad range of obligations, and (b) Title VI, a largely out-of-court process through which a supermajority of creditors can accept

modifications to debt and bind holdouts.

Since 2017, Puerto Rico and several of its instrumentalities have availed themselves of these mechanisms. The Puerto Rico

government exited Title III in March 2022, and several instrumentalities, such as the Government Development Bank and the Puerto

Rico Highways and Transportation Authority have also completed debt restructurings under Titles III or VI of PROMESA. However,

the Puerto Rico Electric Power Authority is still undergoing its debt restructuring.

Puerto Rico's economic difficulties have also impacted its municipalities. Historically, the central government provided significant

municipal subsidies. However, these have decreased pursuant to fiscal measures required by the Oversight Board. This decline has

been partly offset by federal disaster and COVID-relief funding received by municipalities in recent years. The latest Puerto Rico

fiscal plan proposes a restructured grant system to enhance municipal services and encourage accountability through performance

metrics.

Municipalities are subject to PROMESA, and the Oversight Board has required certain municipalities to submit fiscal plans and

annual budgets for review and approval. Municipalities are also required to seek Oversight Board approval to issue, guarantee or

modify their debts and to enter into significant contracts. To date no municipality has availed itself of the debt restructuring

mechanisms available to them under PROMESA.

Exposure of the Corporation 

The credit quality of BPPR’s loan portfolio is closely tied to the economic conditions in Puerto Rico. Deterioration in the Puerto Rico

economy could potentially increase delinquencies and charge-offs, thereby impacting the Corporation’s financial health. The

Corporation has direct exposure to P.R. Government Entities, which are mainly concentrated in obligations from various Puerto Rico

municipalities. Additionally, the Corporation holds loans and securities insured by P.R. Government Entities, such as the Housing

Finance Authority, whose ability to honor guarantees depends on its financial condition. BPPR’s commercial, mortgage, and

consumer loan portfolios are also exposed to risks from private borrowers who are service providers or have other relationships with

the Puerto Rico government and government employees who could be negatively affected by Puerto Rico’s fiscal challenges. For

further discussion of the Corporation’s direct and indirect exposure to the Puerto Rico government and its instrumentalities and

municipalities, please refer to Note 18 – Commitments and Contingencies to the Consolidated Financial Statements.

The Corporation also maintains significant deposits from P.R. Government Entities, with future balances subject to various

uncertainties. Further information on Puerto Rico Government deposits is included in Note 12 – Deposits to the Consolidated

Financial Statements.

United States Virgin Islands

The Corporation has operations in the United States Virgin Islands (“USVI”) and has credit exposure to USVI government entities.

Non-Performing Assets

During the third quarter of 2025, the Corporation’s credit quality metrics were affected by two significant unrelated commercial

exposures, resulting in a $188.4 million increase in NPLs. The determination of classifying these loans as NPLs was driven by

factors specific to the individual borrowers and are not believed to be indicative of a broader decline in portfolio credit quality.

The first loan classified as NPL is a $158.3 million commercial and industrial facility issued to a telecommunications company in

Puerto Rico experiencing reduced revenue due to operational challenges following a business acquisition and client attrition. The

161

second loan classified as NPL is a $30.1 million commercial real estate facility, following a $13.5 million charge-off during the

quarter, and is secured by a hotel property in Florida.

Excluding these cases, credit quality metrics were stable. The Corporation continues to closely monitor the economic landscape and

borrower performance, as economic uncertainty remains a key consideration. The Corporation’s experience managing credit risk

under different macroeconomic and operating environments and, more recently, the steps taken around credit tightening supports

management’s view that exposure to riskier borrowers is adequately managed. Nonetheless, carefully monitoring the performance

of our loan portfolio and its response to the environment will continue to be a priority.

Total NPAs of $545.2 million as of September 30, 2025, increased by $137.1 million when compared with December 31, 2024. Total

NPLs of $502.2 million increased by $151.4 million from December 31, 2024. BPPR’s NPLs increased by $161.3 million, primarily

due to the classification of the two commercial exposures with book values of $158.3 million and $30.1 million as NPLs, partly offset

by lower mortgage NPLs by $18.5 million. Popular U.S. NPLs decreased by $9.9 million, mostly driven by decreases of $6.9 million

and $2.1 million in commercial and mortgage NPLs, respectively.

On September 30, 2025, the ratio of NPLs to total loans held-in-portfolio was 1.30%, compared to 0.95% on December 31, 2024.

Other real estate owned loans (“OREOs”) totaled $43.0 million, a decrease of $14.3 million from December 31, 2024. On September

30, 2025, NPLs secured by real estate amounted to $211 million in the Puerto Rico operations and $47 million in Popular U.S,

compared with $200 million and $56 million, respectively, on December 31, 2024.

The Corporation’s commercial loan portfolio secured by real estate (“CRE”) amounted to $11.0 billion on September 30, 2025, with

$3.1 billion secured by owner-occupied properties (December 31, 2024 - $10.9 billion and $3.2 billion, respectively).

CRE NPLs amounted to $78.4 million on September 30, 2025, compared with $53.7 million on December 31, 2024. The CRE NPL

ratios for the BPPR and Popular U.S. segments were 1.31% and 0.25%, respectively, on September 30, 2025, compared with

0.64% and 0.37%, respectively, on December 31, 2024.

The non-owner occupied CRE portfolio was $5.5 billion at September 30, 2025, split between $3.3 billion in BPPR and $2.2 billion in

Popular U.S. This portfolio is diversified across sectors: retail (33%), hotels (19%), and office space (13%) which together represent

two-thirds of total non-owner occupied CRE exposure. Specifically, office space leasing accounts for just 1.8% ($713.4 million) of

the total loan portfolio, mainly comprising mid-rise properties with an average loan size of $2.5 million, and is well diversified by

tenant type. 

Within CRE, the commercial multi-family portfolio is $2.5 billion (approximately 6% of total loans), concentrated in New York Metro

($1.5 billion), South Florida ($672.2 million) and Puerto Rico ($199.6 million) regions. In the New York Metro, there is no exposure to

rent-controlled buildings and rent-stabilized units make up less than 40% of total units, with most originated after 2019. 

In addition to the NPLs included in Table 18, on September 30, 2025, there were $724 million of performing loans, mostly

commercial loans, which in management’s opinion, are currently subject to potential future classification as non-performing

(December 31, 2024 - $596 million).

The following table presents the Corporation’s NPAs as of September 30, 2025 and December 31, 2024:

162

Table 18 - Non-Performing Assets

September 30, 2025

December 31, 2024

(Dollars in thousands)

BPPR

Popular

U.S.

Popular,

Inc.

As a % of

loans HIP

by

category

BPPR

Popular

U.S.

Popular,

Inc.

As a % of

loans HIP

by

category

Commercial

Commercial multi-family

$

174

$

8,467

$

8,641

0.3

%

$

79

$

8,700

$

8,779

0.4

%

Commercial real estate non-owner

occupied

37,043

7,083

44,126

0.8

6,429

8,015

14,444

0.3

Commercial real estate owner

occupied

25,619

-

25,619

0.8

25,258

5,191

30,449

1.0

Commercial and industrial 

173,245

1,246

174,491

2.1

19,335

1,748

21,083

0.3

Total Commercial 

236,081

16,796

252,877

1.3

51,101

23,654

74,755

0.4

Mortgage

139,958

27,809

167,767

2.0

158,442

29,890

188,332

2.3

Leasing

7,747

-

7,747

0.4

9,588

-

9,588

0.5

Consumer 

 Home equity lines of credit

-

3,257

3,257

4.1

-

3,393

3,393

4.6

 Personal 

18,375

941

19,316

1.0

20,269

1,741

22,010

1.2

 Auto

49,432

-

49,432

1.3

51,792

-

51,792

1.4

 Other

1,776

30

1,806

1.0

899

11

910

0.5

Total Consumer 

69,583

4,228

73,811

1.0

72,960

5,145

78,105

1.1

Total non-performing loans held-in-

portfolio

453,369

48,833

502,202

1.3

%

292,091

58,689

350,780

0.9

%

Other real estate owned (“OREO”)

42,446

504

42,950

57,197

71

57,268

Total non-performing assets

[1]

$

495,815

$

49,337

$

545,152

$

349,288

$

58,760

$

408,048

Accruing loans past due 90 days or

more

[2]

$

205,168

$

188

$

205,356

$

242,250

$

190

$

242,440

Ratios:

Non-performing assets to total assets

0.84

%

0.30

%

0.73

%

0.61

%

0.37

%

0.56

%

Non-performing loans held-in-portfolio

to loans held-in-portfolio 

1.67

0.42

1.30

1.12

0.54

0.95

Allowance for credit losses to loans

held-in-portfolio

2.56

0.79

2.03

2.56

0.69

2.01

Allowance for credit losses to non-

performing loans, excluding held-for-

sale

153.38

186.07

156.55

229.61

128.40

212.68

[1] There were no non-performing loans held-for-sale as of September 30, 2025 and December 31, 2024.

[2] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due 90

days or more as opposed to non-performing since the principal repayment is insured. These balances include $49 million of residential mortgage

loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of September 30, 2025 (December 31, 2024 - $65 million).

Furthermore, the Corporation has $29 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest.

Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-performing assets (December 31, 2024 -

$31 million).

For the quarter ended September 30, 2025, total inflows of NPLs held-in-portfolio, excluding consumer loans, increased by $187.0

million, when compared to the inflows for the same period in 2024. Inflows of NPLs held-in-portfolio at the BPPR segment increased

by $205.2 million, compared to the same period in 2024, mainly driven by the two commercial exposures that were classified as

NPLs during the quarter. Inflows of NPLs held-in-portfolio at the Popular U.S. segment decreased by $18.2 million from the same

period in 2024, driven by lower mortgage NPL inflows by $17.4 million.

Tables 19 to 25 present the Corporation’s inflows to NPLs for the quarters and nine months ended September 30, 2025 and 2024.

163

Table 19 - Activity in Non -Performing Loans Held-in-Portfolio (Excluding Consumer Loans)

For the quarter ended September 30, 2025

For the nine months ended September 30, 2025

(Dollars in thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance

$

189,630

$

49,763

$

239,393

$

209,543

$

53,544

$

263,087

Plus:

New non-performing loans

241,745

4,786

246,531

310,973

21,853

332,826

Advances on existing non-performing loans

-

48

48

-

86

86

Less:

Non-performing loans transferred to OREO

(2,333)

-

(2,333)

(7,273)

(433)

(7,706)

Non-performing loans charged-off

(13,854)

-

(13,854)

(15,571)

(1,713)

(17,284)

Loans returned to accrual status / loan collections

(39,149)

(9,992)

(49,141)

(121,633)

(28,732)

(150,365)

Ending balance NPLs

$

376,039

$

44,605

$

420,644

$

376,039

$

44,605

$

420,644

Table 20 - Activity in Non -Performing Loans Held-in-Portfolio (Excluding Consumer Loans)

For the quarter ended September 30, 2024

For the nine months ended September 30, 2024

(Dollars in thousands)

BPPR

Popular U.S.

Popular, Inc.

BPPR

Popular U.S.

Popular, Inc.

Beginning balance

$

219,960

$

49,317

$

269,277

$

254,476

$

22,354

$

276,830

Plus:

New non-performing loans

36,585

22,968

59,553

111,128

84,248

195,376

Advances on existing non-performing loans

-

32

32

-

352

352

Less:

Non-performing loans transferred to OREO

(4,016)

-

(4,016)

(12,665)

(24)

(12,689)

Non-performing loans charged-off

(4,031)

(82)

(4,113)

(17,930)

(1,050)

(18,980)

Loans returned to accrual status / loan collections

(36,759)

(5,325)

(42,084)

(123,270)

(38,970)

(162,240)

Ending balance NPLs

$

211,739

$

66,910

$

278,649

$

211,739

$

66,910

$

278,649

Table 21 - Activity in Non -Performing Commercial Loans Held-in-Portfolio

For the quarter ended September 30, 2025

For the nine months ended September 30, 2025

(Dollars in thousands)

BPPR

Popular U.S.

Popular, Inc. 

BPPR

Popular U.S.

Popular, Inc. 

Beginning balance

$

42,166

$

21,711

$

63,877

$

51,101

$

23,654

$

74,755

Plus:

New non-performing loans

211,193

1,775

212,968

218,742

12,820

231,562

Advances on existing non-performing loans

-

48

48

-

85

85

Less:

Non-performing loans transferred to OREO

-

-

-

(260)

-

(260)

Non-performing loans charged-off

(13,779)

-

(13,779)

(14,921)

(1,713)

(16,634)

Loans returned to accrual status / loan

collections

(3,499)

(6,738)

(10,237)

(18,581)

(18,050)

(36,631)

Ending balance NPLs

$

236,081

$

16,796

$

252,877

$

236,081

$

16,796

$

252,877

164

Table 22 - Activity in Non -Performing Commercial Loans Held-in-Portfolio

For the quarter ended September 30, 2024

For the nine months ended September 30, 2024

(Dollars in thousands)

BPPR

Popular U.S.

Popular, Inc. 

BPPR

Popular U.S.

Popular, Inc. 

Beginning balance

$

56,170

$

37,763

$

93,933

$

72,992

$

11,163

$

84,155

Plus:

New non-performing loans

4,460

2,582

7,042

12,834

39,561

52,395

Advances on existing non-performing loans

-

3

3

-

305

305

Less:

Non-performing loans transferred to OREO

-

-

-

(280)

-

(280)

Non-performing loans charged-off

(4,085)

(82)

(4,167)

(17,784)

(1,032)

(18,816)

Loans returned to accrual status / loan collections

(2,726)

(1,790)

(4,516)

(13,943)

(11,521)

(25,464)

Ending balance NPLs

$

53,819

$

38,476

$

92,295

$

53,819

$

38,476

$

92,295

Table 23 - Activity in Non -Performing Construction Loans Held-in-Portfolio

For the quarter ended September 30, 2024

For the nine months ended September 30, 2024

(Dollars in thousands)

BPPR

Popular U.S.

Popular, Inc. 

BPPR

Popular U.S.

Popular, Inc. 

Beginning balance

$

-

$

-

$

-

$

6,378

$

-

$

6,378

Less:

Loans returned to accrual status / loan collections

-

-

-

(6,378)

-

(6,378)

Ending balance NPLs

$

-

$

-

$

-

$

-

$

-

$

-

165

Table 24 - Activity in Non -Performing Mortgage Loans Held-in-Portfolio

For the quarter ended September 30, 2025

For the nine months ended September 30, 2025

(Dollars in thousands)

BPPR

Popular U.S.

Popular, Inc. 

BPPR

Popular U.S.

Popular, Inc. 

Beginning balance

$

147,464

$

28,052

$

175,516

$

158,442

$

29,890

$

188,332

Plus:

New non-performing loans

30,552

3,011

33,563

92,231

9,033

101,264

Advances on existing non-performing loans

-

-

-

-

1

1

Less:

Non-performing loans transferred to OREO

(2,333)

-

(2,333)

(7,013)

(433)

(7,446)

Non-performing loans charged-off

(75)

-

(75)

(650)

-

(650)

Loans returned to accrual status / loan collections

(35,650)

(3,254)

(38,904)

(103,052)

(10,682)

(113,734)

Ending balance NPLs

$

139,958

$

27,809

$

167,767

$

139,958

$

27,809

$

167,767

Table 25 - Activity in Non -Performing Mortgage Loans Held-in-Portfolio

For the quarter ended September 30, 2024

For the nine months ended September 30, 2024

(Dollars in thousands)

BPPR

Popular U.S.

Popular, Inc. 

BPPR

Popular U.S.

Popular, Inc. 

Beginning balance

$

163,790

$

11,554

$

175,344

$

175,106

$

11,191

$

186,297

Plus:

New non-performing loans

32,125

20,386

52,511

98,294

44,687

142,981

Advances on existing non-performing loans

-

29

29

-

47

47

Less:

Non-performing loans transferred to OREO

(4,016)

-

(4,016)

(12,385)

(24)

(12,409)

Non-performing loans charged-off

54

-

54

(146)

(18)

(164)

Loans returned to accrual status / loan collections

(34,033)

(3,535)

(37,568)

(102,949)

(27,449)

(130,398)

Ending balance NPLs

$

157,920

$

28,434

$

186,354

$

157,920

$

28,434

$

186,354

166

Loan Delinquencies

Another key measure used to evaluate and monitor the Corporation’s asset quality is loan delinquencies. Loans delinquent 30 days

or more, as a percentage of their related portfolio category on September 30, 2025 and December 31, 2024, are presented below.

Table 26 - Loan Delinquencies

(Dollars in thousands)

September 30, 2025

December 31, 2024

Loans delinquent

30 days or more

Total loans

Total delinquencies 

as a percentage

 of total loans

Loans delinquent

30 days or more

Total loans

Total delinquencies 

as a percentage

 of total loans

Commercial 

Commercial multi-family

$

12,637

$

2,489,589

0.51

%

$

15,826

$

2,399,620

0.66

%

Commercial real estate

non-owner occupied

61,924

5,462,580

1.13

24,925

5,363,235

0.46

Commercial real estate

owner occupied

43,163

3,090,724

1.40

42,311

3,157,746

1.34

Commercial and industrial

200,876

8,245,639

2.44

49,942

7,741,562

0.65

Total Commercial 

318,600

19,288,532

1.65

133,004

18,662,163

0.71

Construction 

4,589

1,604,612

0.29

1,039

1,263,792

0.08

Mortgage

[1]

718,940

8,558,408

8.40

798,130

8,114,183

9.84

Leasing

36,656

1,998,651

1.83

39,641

1,925,405

2.06

Consumer 

Credit cards 

49,098

1,225,567

4.01

59,078

1,218,079

4.85

Home equity lines of credit

3,987

78,890

5.05

5,054

73,571

6.87

Personal 

52,491

1,900,325

2.76

57,835

1,855,244

3.12

Auto 

179,213

3,850,953

4.65

191,008

3,823,437

5.00

Other

5,377

181,220

2.97

3,930

171,778

2.29

Total Consumer 

290,166

7,236,955

4.01

316,905

7,142,109

4.44

Loans held-for-sale

-

7,783

-

-

5,423

-

Total 

$

1,368,951

$

38,694,941

3.54

%

$

1,288,719

$

37,113,075

3.47

%

[1] Loans delinquent 30 days or more includes $0.4 billion of residential mortgage loans insured by FHA or guaranteed by the VA as of September

30, 2025 (December 31, 2024 - $0.4 billion). Refer to Note 7 to the Consolidated Financial Statements for additional information of guaranteed loans.

Allowance for Credit Losses Loans Held-in-Portfolio

The ACL represents management’s estimate of expected credit losses through the remaining contractual life of the different loan

segments, impacted by expected prepayments. The ACL is maintained at a sufficient level to provide for estimated credit losses on

collateral dependent loans as well as loans modified for borrowers with financial difficulties separately from the remainder of the loan

portfolio. Refer to Note 8 to the Consolidated Financial Statements, for additional information on the Corporation’s methodology to

estimate its ACL.

At September 30, 2025, the ACL increased by $40.2 million from December 31, 2024 to $786.2 million. The increase in ACL was

mainly driven by a combination of changes in the economic scenario probability weights, increases in qualitative reserves in

response to the current economic environment uncertainty, higher loan volumes, and a specific reserve recognized for the $158.3

million commercial NPL inflow described above. These increases were offset in part by the net effect of changes in credit quality and

NCOs during the period. Given that any economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to

estimate its ACL. Prior to the first quarter of 2025, the Corporation assigned the baseline scenario the highest probability among the

scenarios used to estimate the ACL, followed by the pessimistic scenario given the uncertainties in the economic outlook and

downside risk, and the optimistic scenario had the lowest probability. During the first quarter of 2025, the Corporation modified the

weight assigned to the pessimistic scenario to be equal to the baseline scenario in response to the current economic uncertainty,

resulting in an increase of $18.2 million in the reserves. In the second quarter of 2025, the probability weight for the pessimistic

167

scenario was moderately decreased based on changes in the economic outlook and a reassessment of uncertainty compared to the

previous quarter. This change resulted in a $4.5 million reduction in ACL reserve levels, for a $13.7 million net increase from

December 31, 2024. The probability weight for the pessimistic scenario remains above the levels observed in 2024, given the

ongoing economic uncertainty.

At September 30, 2025, the ACL for BPPR increased by $24.7 million from December 31, 2024, driven by changes in the probability

weights that resulted in a $8.8 million net ACL increase, higher loan volumes, and a specific reserve recognized for the $158.3

million commercial NPL inflow described above. These increases were partially offset by improvements in credit quality and NCOs

during the period. In PB, the ACL increased by $15.5 million, when compared to December 31, 2024. This increase was mainly

driven by higher qualitative reserves for the CRE portfolio in response to current market volatility and economic uncertainty, coupled

with changes in the probability weights that resulted in a $4.9 million net increase.

The Corporation’s ratio of the allowance for credit losses to loans held-in-portfolio was 2.03% on September 30, 2025, compared to

2.01% on December 31, 2024. The ratio of the ACL to NPLs held-in-portfolio stood at 156.6%, compared to 212.7% on December

31, 2024.

Tables 27 and 28 detail the allowance for credit losses by loan categories and the percentage it represents of total loans held-in-

portfolio and NPLs. The breakdown is made for analytical purposes, and it is not necessarily indicative of the categories in which

future loan losses may occur.

168

Table 27 - Allowance for Credit Losses - Loan Portfolios

September 30, 2025

(Dollars in thousands)

Total ACL

Total loans held-

in-portfolio

ACL to loans held-

in-portfolio

Total non-

performing loans

held-in-portfolio

ACL to non-

performing loans

held-in-portfolio

Commercial

 Commercial multi-family

$

16,582

$

2,489,589

0.67

%

$

8,641

191.90

%

 Commercial real estate non-owner occupied

58,845

5,462,580

1.08

%

44,126

133.36

%

 Commercial real estate owner occupied

49,191

3,090,724

1.59

%

25,619

192.01

%

 Commercial and industrial 

169,307

8,245,639

2.05

%

174,491

97.03

%

Total Commercial 

$

293,925

$

19,288,532

1.52

%

$

252,877

116.23

%

Construction

11,104

1,604,612

0.69

%

-

-

Mortgage

86,981

8,558,408

1.02

%

167,767

51.85

%

Leasing

19,220

1,998,651

0.96

%

7,747

248.10

%

Consumer 

 Credit cards

87,208

1,225,567

7.12

%

-

-

 Home equity lines of credit

1,548

78,890

1.96

%

3,257

47.53

%

 Personal 

100,238

1,900,325

5.27

%

19,316

518.94

%

 Auto

177,819

3,850,953

4.62

%

49,432

359.72

%

 Other

8,177

181,220

4.51

%

1,806

452.77

%

Total Consumer 

$

374,990

$

7,236,955

5.18

%

$

73,811

508.04

%

Total

$

786,220

$

38,687,158

2.03

%

$

502,202

156.55

%

Table 28 - Allowance for Credit Losses - Loan Portfolios

December 31, 2024

(Dollars in thousands)

Total ACL

Total loans held-

in-portfolio

ACL to loans held-

in-portfolio

Total non-

performing loans

held-in-portfolio

ACL to non-

performing loans

held-in-portfolio

Commercial

 Commercial multi-family

$

9,236

$

2,399,620

0.38

%

$

8,779

105.21

%

 Commercial real estate non-owner occupied

54,494

5,363,235

1.02

%

14,444

377.28

%

 Commercial real estate owner occupied

49,828

3,157,746

1.58

%

30,449

163.64

%

 Commercial and industrial 

146,006

7,741,562

1.89

%

21,083

692.53

%

Total Commercial 

$

259,564

$

18,662,163

1.39

%

$

74,755

347.22

%

Construction

11,264

1,263,792

0.89

%

-

-

Mortgage

82,409

8,114,183

1.02

%

188,332

43.76

%

Leasing

16,419

1,925,405

0.85

%

9,588

171.25

%

Consumer 

 Credit cards

99,130

1,218,079

8.14

%

-

-

 Home equity lines of credit

1,503

73,571

2.04

%

3,393

44.30

%

 Personal 

102,736

1,855,244

5.54

%

22,010

466.77

%

 Auto

165,995

3,823,437

4.34

%

51,792

320.50

%

 Other

7,004

171,778

4.08

%

910

769.67

%

Total Consumer 

$

376,368

$

7,142,109

5.27

%

$

78,105

481.87

%

Total

$

746,024

$

37,107,652

2.01

%

$

350,780

212.68

%

169

Annualized net charge-offs (recoveries)

The following table presents annualized net charge-offs (recoveries) to average loans held-in-portfolio (“HIP”) by loan category for

the quarters and nine months ended September 30, 2025 and 2024.

Table 29 - Annualized Net Charge -offs (Recoveries) to Average Loans Held-in-Portfolio

Quarters ended

September 30, 2025

September 30, 2024

BPPR

Popular U.S.

Popular Inc.

BPPR

Popular U.S.

Popular Inc.

Commercial 

0.50

%

0.03

%

0.29

%

0.13

%

0.02

%

0.08

%

Construction

―

―

―

(2.33)

―

(0.37)

Mortgage

(0.12)

(0.01)

(0.11)

(0.24)

(0.01)

(0.20)

Leasing

0.41

―

0.41

0.49

―

0.49

Consumer

2.48

1.69

2.46

3.14

7.17

3.26

Total annualized net charge-offs

(recoveries) to average loans held-in-

portfolio

0.84

%

0.04

%

0.60

%

0.86

%

0.15

%

0.65

%

Nine months ended

September 30, 2025

September 30, 2024

BPPR

Popular U.S.

Popular Inc.

BPPR

Popular U.S.

Popular Inc.

Commercial 

0.14

%

0.02

%

0.08

%

0.21

%

0.03

%

0.13

%

Construction

―

―

―

(0.82)

(0.01)

(0.14)

Mortgage

(0.14)

(0.03)

(0.12)

(0.25)

(0.01)

(0.21)

Leasing

0.55

―

0.55

0.64

―

0.64

Consumer

2.53

3.23

2.54

2.93

7.43

3.07

Total annualized net charge-offs

(recoveries) to average loans held-in-

portfolio

0.73

%

0.06

%

0.53

%

0.86

%

0.18

%

0.66

%

NCOs for the quarter ended September 30, 2025, amounted to $57.8 million, decreasing by $0.7 million when compared to the

same period in 2024. The BPPR segment increased by $2.0 million, mainly driven by an increase of $9.9 million and $1.7 million in

commercial and mortgage NCOs, respectively, mostly due to a $13.5 million charge-off related to the $30.1 million commercial NPL

inflow, partially offset by a decrease of $10.5 million in consumer NCOs. The PB segment NCOs decreased by $2.7 million, mainly

driven by lower consumer NCOs by $3.0 million

NCOs for the nine months ended September 30, 2025, amounted to $149.1 million, decreasing by $25.3 million when compared to

the same period in 2024. The BPPR segment decreased by $16.6 million, mainly driven by a decrease of $17.5 million in consumer

NCOs. The PB segment NCOs decreased by $8.6 million, mainly driven by lower consumer NCOs by $7.9 million.

Loan Modifications

For the quarter ended September 30, 2025, modified loans to borrowers with financial difficulty amounted to $156.0 million, of which

$146.8 million were in accruing status. The BPPR segment’s modifications to borrowers with financial difficulty amounted to $154.5

million, mainly comprised of commercial and mortgage loans of $130.1 million and $17.7 million, respectively. A total of $12.9 million

of the mortgage modifications were related to government guaranteed loans. The Popular U.S. segment’s modifications to

borrowers with financial difficulty amounted to $1.4 million, mostly comprised of commercial loans.

Refer to Note 8 to the Consolidated Financial Statements for additional information on modifications made to borrowers

experiencing financial difficulties.

170

ADOPTION OF NEW ACCOUNTING STANDARDS AND ISSUED BUT NOT YET EFFECTIVE ACCOUNTING STANDARDS

Refer to Note 3, “New Accounting Pronouncements” to the Consolidated Financial Statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Quantitative and qualitative disclosures for the current period can be found in the Market Risk section of this report, which includes

changes in market risk exposures from disclosures presented in the 2024 Form 10-K.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The Corporation’s management, with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, has

evaluated the effectiveness of the Corporation’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and

15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this report. Based

on such evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such

period, the Corporation’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a

timely basis, information required to be disclosed by the Corporation in the reports that it files or submits under the Exchange Act

and such information is accumulated and communicated to management, as appropriate, to allow timely decisions regarding

required disclosures.

Internal Control Over Financial Reporting 

There have been no changes in the Corporation’s internal control over financial reporting (as such term is defined in Rules 13a-15(f)

and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2025 that have materially affected, or

are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings 

For a discussion of Legal Proceedings, see Note 18 to the Consolidated Financial Statements.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed under “Part I - Item

1A - Risk Factors” in our 2024 Form 10-K. These factors could materially adversely affect our business, financial condition, liquidity,

results of operations and capital position, and could cause our actual results to differ materially from our historical results or the

results contemplated by the forward-looking statements contained in this report. Also refer to the discussion in “Part I - Item 2 –

Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report for additional information

that may supplement or update the discussion of risk factors below and in our 2024 Form 10-K.

There have been no material changes to the risk factors previously disclosed under Item 1A of the Corporation’s 2024 Form 10-K.

The risks described in our 2024 Form 10-K and in this report are not the only risks facing us. Additional risks and uncertainties not

currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial

condition, liquidity, results of operations and capital position.

171

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 

The Corporation did not have any unregistered sales of equity securities during the quarter ended September 30, 2025.

Issuer Purchases of Equity Securities

The following table sets forth the details of purchases of common stock by the Corporation and its affiliated purchasers during the

quarter ended September 30, 2025:

Issuer Purchases of Equity Securities

Not in thousands

Period

Total Number of

Shares Purchased [1]

Average Price Paid per

Share

Total Number of Shares

Purchased as Part of Publicly

Announced Plans or Programs [2]

Approximate Dollar Value of

Shares that May Yet be

Purchased Under the Plans or

Programs [2]

July 1 - July 31

247,066

$

114.06

247,066

$520,194,763

August 1 -August 31

418,011

117.25

417,467

$471,246,181

September 1 - September 30

336,706

125.82

336,329

$428,924,967

Total 

1,001,783

$

119.35

1,000,862

$428,924,967

[1] Includes 544 and 377 shares of the Corporation’s common stock acquired by the Corporation during August and September 2025, respectively, in

connection with the satisfaction of tax withholding obligations on vested awards of restricted stock or restricted stock units granted to directors and

certain employees under the Corporation’s Omnibus Incentive Plan. The acquired shares of common stock were added back to treasury stock. 

[2] As part of its capital plan, in July 2025, the Corporation announced plans to repurchase up to $500 million in common stock, in addition to the $500

million in common stock repurchase program announced in July 2024. As of September 30, 2025, the Corporation repurchased 5,664,241 shares of

common stock for $571 million at an average price of $100.80 per share, as part of the 2024 and 2025 common stock repurchase programs.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

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

Certain of our officers or directors have made, and may from time to time make, elections to participate in, and are

participating in

,

our dividend reinvestment and purchase plan, the Company stock fund associated with our 401(k) plans and/or the Company stock

fund associated with our non-qualified deferred compensation plans and have shares withheld to cover withholding taxes upon the

vesting of equity awards, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange

Act or may constitute non-Rule 10b5–1

trading arrangements

 (as defined in Item 408(c) of Regulation S-K).

172

Item 6. Exhibits 

Exhibit Index

Exhibit No

Exhibit Description

22.1

Issuers of Guaranteed Securities (Incorporated by reference to Exhibit 22.1 of Popular, Inc.’s Annual

Report on Form 10-K for the year ended December 31, 2024)

31.1

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(1)

31.2

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(1)

32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-

Oxley Act of 2002

(1)

32.2

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-

Oxley Act of 2002

(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.

101.SCH

Inline 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. Quarterly Report on Form 10-Q for the quarter ended September 30,

2025, formatted in Inline XBRL (included within the Exhibit 101 attachments)

(1)

(1)

 Included herewith

* This exhibit is a management contract or compensatory plan or arrangement.

Popular, Inc. has not filed as exhibits certain instruments defining the rights of holders of debt of Popular, Inc. not

exceeding 10% of the total assets of Popular, Inc. and its consolidated subsidiaries. Popular, Inc. hereby agrees to

furnish upon request to the Commission a copy of each instrument defining the rights of holders of senior and

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

173

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its

behalf by the undersigned thereunto duly authorized.

POPULAR, INC.

(Registrant)

Date: November 10, 2025

By: /s/ Jorge J. García

Jorge J. García

Executive Vice President &

Chief Financial Officer

Date: November 10, 2025

By: /s/ Denissa M. Rodríguez

Denissa M. Rodríguez

Senior Vice President & Corporate Comptroller