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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
 
June 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,
67,582,844
 
shares outstanding as of August 7, 2025.
 
 
 
2
POPULAR INC
INDEX
Part I – Financial Information
Page
Item 1. Financial Statements
Unaudited Consolidated Statements of Financial Condition
 
at June 30, 2025
and December 31, 2024
5
Unaudited Consolidated Statements of Operations for
 
the quarters
 
and six months ended June 30, 2025 and 2024
6
Unaudited Consolidated Statements of Comprehensive
 
Income for the
quarters and six months ended June 30, 2025 and
 
2024
7
Unaudited Consolidated Statements of Changes in
 
Stockholders’ Equity for the
quarters and six months ended June 30, 2025 and
 
2024
8
Unaudited Consolidated Statements of Cash Flows for
 
the six months
 
ended June 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
133
Item 3. Quantitative and Qualitative Disclosures about
 
Market Risk
 
178
Item 4. Controls and Procedures
178
Part II – Other Information
Item 1. Legal Proceedings
178
Item 1A. Risk Factors
178
Item 2. Unregistered Sales of Equity Securities and
 
Use of Proceeds
179
Item 3. Defaults Upon Senior Securities
179
Item 4. Mine Safety Disclosures
179
Item 5. Other Information
179
Item 6. Exhibits
179
Signatures
181
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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;
●
 
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]
June 30,
December 31,
(In thousands, except share information)
2025
2024
Assets:
Cash and due from banks
$
400,631
$
419,638
Money market investments:
 
Time deposits with other banks
 
6,340,786
6,380,948
Total money market investments
6,340,786
6,380,948
Trading account debt securities, at fair value
29,643
32,831
Debt securities available-for-sale, at fair
 
value:
Pledged securities with creditors’ right to repledge
 
31,022
30,486
Other debt securities available-for-sale
20,459,190
18,215,417
Debt securities available-for-sale
20,490,212
18,245,903
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge
 
27,560
27,405
Other debt securities held-to-maturity
7,514,164
7,730,672
Debt securities held-to-maturity (fair
 
value 2025 - $
7,555,517
; 2024 - $
7,682,664
)
7,541,724
7,758,077
Less – Allowance for credit losses
5,999
5,317
Debt securities held-to-maturity, net
7,535,725
7,752,760
Equity securities (realizable value 2025 -
 
$
222,907
; 2024 - $
208,663
)
222,391
208,166
Loans held-for-sale, at fair value
2,898
5,423
Loans held-in-portfolio
38,611,834
37,522,995
Less – Unearned income
426,656
415,343
 
Allowance for credit losses
769,485
746,024
Total loans held-in-portfolio, net
37,415,693
36,361,628
Premises and equipment, net
649,191
601,787
Other real estate
46,126
57,268
Accrued income receivable
274,867
263,389
Mortgage servicing rights, at fair value
103,077
108,103
Other assets
1,745,052
1,797,759
Goodwill
802,954
802,954
Other intangible assets
5,844
6,826
Total assets
$
76,065,090
$
73,045,383
Liabilities and Stockholders’ Equity
Liabilities:
 
Deposits:
Non-interest bearing
$
15,114,614
$
15,139,555
Interest bearing
52,102,877
49,744,790
Total deposits
67,217,491
64,884,345
Assets sold under agreements to repurchase
56,043
54,833
Other short-term borrowings
550,000
225,000
Notes payable
808,451
896,293
Other liabilities
1,479,087
1,371,846
Total liabilities
70,111,072
67,432,317
Commitments and contingencies (Refer
 
to Note 20)
 
 
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;
104,889,180
 
shares issued (2024 -
104,849,460
) and
67,937,468
 
shares outstanding (2024 -
70,141,291
)
1,049
1,048
Surplus
4,919,950
4,908,693
Retained earnings
4,861,958
4,570,957
Treasury stock - at cost,
36,951,712
 
shares (2024 -
34,708,169
)
 
(2,455,425)
(2,228,535)
Accumulated other comprehensive loss, net
 
of tax
 
(1,395,657)
(1,661,240)
Total stockholders’ equity
 
5,954,018
5,613,066
Total liabilities and stockholders’ equity
$
76,065,090
$
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 June 30,
Six months ended June 30,
(In thousands, except per share information)
2025
2024
2025
2024
Interest income:
Loans
$
684,587
$
648,739
$
1,351,260
$
1,287,469
Money market investments
69,532
88,316
139,698
176,832
Investment securities
189,753
184,852
369,912
351,747
Total interest income
943,872
921,907
1,860,870
1,816,048
Interest expense:
 
Deposits
295,058
339,939
592,921
669,435
Short-term borrowings
5,300
1,126
6,726
2,318
Long-term debt
11,965
12,530
24,077
25,239
Total interest expense
312,323
353,595
623,724
696,992
Net interest income
631,549
568,312
1,237,146
1,119,056
Provision for credit losses
 
48,941
46,794
113,022
119,392
Net interest income after provision for credit losses
 
582,608
521,518
1,124,124
999,664
Non-interest income:
 
Service charges on deposit accounts
38,826
37,526
77,880
74,968
Other service fees
100,522
96,863
195,030
191,135
Mortgage banking activities (Refer to Note 9)
4,872
5,723
8,561
10,083
Net gain, including impairment on equity securities
1,862
319
1,448
1,422
Net gain on trading account debt securities
538
277
1,058
638
Adjustments to indemnity reserves on loans sold
120
212
293
(25)
Other operating income
21,737
25,386
36,268
51,903
Total non-interest income
168,477
166,306
320,538
330,124
Operating expenses:
 
Personnel costs
229,355
197,424
442,068
412,801
Net occupancy expenses
29,140
27,692
56,358
55,733
Equipment expenses
5,789
9,662
11,091
19,229
Other taxes
18,632
15,333
37,357
29,708
Professional fees
28,108
37,744
54,933
66,662
Technology and software expenses
 
84,696
79,752
168,364
159,214
Processing and transactional services
37,861
39,096
75,642
73,290
Communications
5,010
4,357
9,914
8,914
Business promotion
26,385
25,449
50,060
46,438
Deposit insurance
9,407
10,581
19,442
34,468
Other real estate owned (OREO) income
(4,124)
(5,750)
(7,454)
(11,071)
Other operating expenses
22,117
27,502
45,016
55,774
Amortization of intangibles
385
734
982
1,529
Total operating expenses
492,761
469,576
963,773
952,689
Income before income tax
258,324
218,248
480,889
377,099
Income tax expense
47,884
40,459
92,947
96,027
Net Income
$
210,440
$
177,789
$
387,942
$
281,072
Net Income Applicable to Common Stock
 
$
210,087
$
177,436
$
387,236
$
280,366
Net Income per Common Share – Basic
$
3.09
$
2.47
$
5.64
$
3.90
Net Income per Common Share – Diluted
$
3.09
$
2.46
$
5.64
$
3.90
The accompanying notes are an integral part of
 
these Consolidated Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF COMPREHENSIVE INCOME
(UNAUDITED)
Quarters ended,
 
Six months ended,
June 30,
June 30,
(In thousands)
2025
2024
2025
2024
Net income
$
210,440
$
177,789
$
387,942
$
281,072
Other comprehensive income (loss) before
 
tax:
Foreign currency translation adjustment
7,499
165
854
(3,855)
Amortization of net losses of pension and
 
postretirement benefit plans
2,272
3,618
4,545
7,236
Unrealized holding gains (losses) on debt securities
 
arising during the period
 
58,972
22,422
224,957
(50,608)
Amortization of unrealized losses of debt
 
securities transfer from available-for-
sale to held-to-maturity
46,242
44,421
91,552
88,430
Other comprehensive income before tax
114,985
70,626
321,908
41,203
Income tax expense
(20,655)
(15,722)
(56,325)
(23,954)
Total other comprehensive income, net of tax
94,330
54,904
265,583
17,249
Comprehensive income, net of tax
$
304,770
$
232,693
$
653,525
$
298,321
Tax effect allocated to each component of other comprehensive
 
income:
Quarters ended
Six months ended,
June 30,
June 30,
(In thousands)
2025
2024
2025
2024
Amortization of net losses of pension and
 
postretirement benefit plans
$(
852
)
$(
1,357
)
$(
1,704
)
$(
2,714
)
Unrealized holding losses on debt securities
 
arising during the period
 
(10,555)
(5,481)
(36,311)
(3,555)
Amortization of unrealized losses of debt
 
securities transfer from available-for-
sale to held-to-maturity
(9,248)
(8,884)
(18,310)
(17,685)
Income tax expense
$
(20,655)
$
(15,722)
$
(56,325)
$
(23,954)
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 March 31, 2024
$
1,048
$
22,143
$
4,847,466
$
4,253,030
$
(2,013,187)
$
(1,933,186)
$
5,177,314
Net income
177,789
177,789
Issuances of common stock
1,768
1,768
Dividends declared:
Common stock
[1]
(44,944)
(44,944)
Preferred stock
(353)
(353)
Common stock purchases
(3,200)
(3,200)
Stock based compensation
3,513
5,887
9,400
Other comprehensive income, net of tax
54,904
54,904
Balance at June 30, 2024
 
$
1,048
$
22,143
$
4,852,747
$
4,385,522
$
(2,010,500)
$
(1,878,282)
$
5,372,678
Balance at March 31, 2025
$
1,049
$
22,143
$
4,912,886
$
4,699,697
$
(2,346,093)
$
(1,489,987)
$
5,799,695
Net income
210,440
210,440
Issuances of common stock
1,760
1,760
Dividends declared:
Common stock
[1]
(47,826)
(47,826)
Preferred stock
(353)
(353)
Common stock purchases
[2]
(117,075)
(117,075)
Stock based compensation
5,304
7,743
13,047
Other comprehensive income, net of tax
94,330
94,330
Balance at June 30, 2025
$
1,049
$
22,143
$
4,919,950
$
4,861,958
$
(2,455,425)
$
(1,395,657)
$
5,954,018
[1]
Dividends declared per common share during the quarter
 
ended June 30, 2025 - $
0.7
0 (2024 - $
0.62
).
[2]
Includes common stock repurchases
 
of $
112
.0 million as part of
 
a repurchase authorization up
 
to $
500
 
million announced by the
 
Corporation on
July 24, 2024 (the "2024 Repurchase Program"). Refer to Note
 
17 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
281,072
281,072
Issuances of common stock
3,567
3,567
Dividends declared:
Common stock
[1]
(89,695)
(89,695)
Preferred stock
(706)
(706)
Common stock purchases
(6,776)
(6,776)
Stock based compensation
5,781
15,233
21,014
Other comprehensive income, net of tax
17,249
17,249
Balance at June 30, 2024
 
$
1,048
$
22,143
$
4,852,747
$
4,385,522
$
(2,010,500)
$
(1,878,282)
$
5,372,678
Balance at December 31, 2024
$
1,048
$
22,143
$
4,908,693
$
4,570,957
$
(2,228,535)
$
(1,661,240)
$
5,613,066
Net income
387,942
387,942
Issuances of common stock
1
3,529
3,530
Dividends declared:
Common stock
[1]
(96,235)
(96,235)
Preferred stock
(706)
(706)
Common stock purchases
[2]
(243,055)
(243,055)
Stock based compensation
7,728
16,165
23,893
Other comprehensive income, net of tax
265,583
265,583
Balance at June 30, 2025
$
1,049
$
22,143
$
4,919,950
$
4,861,958
$
(2,455,425)
$
(1,395,657)
$
5,954,018
[1]
Dividends declared per common share during the six months
 
ended June 30, 2025 - $
1.40
 
(2024 - $
1.24
).
[2]
Includes common stock repurchases of $
234.3
 
million as part of the 2024 Repurchase Program. Refer
 
to Note 17 for additional information.
For the six months ended
June 30,
June 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
39,720
44,623
Balance at end of period
104,889,180
104,811,971
Treasury stock
(36,951,712)
(32,446,045)
Common Stock – Outstanding
67,937,468
72,365,926
The accompanying notes are an integral part of these Consolidated
 
Financial Statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
POPULAR, INC.
CONSOLIDATED STATEMENTS
 
OF CASH FLOWS
(UNAUDITED)
Six months ended June 30,
(In thousands)
2025
2024
Cash flows from operating activities:
Net income
$
387,942
$
281,072
Adjustments to reconcile net income to net cash provided
 
by operating activities:
Provision for credit losses
113,022
119,392
Amortization of intangibles
982
1,529
Depreciation and amortization of premises and equipment
25,319
31,249
Net accretion of discounts and amortization of premiums and
 
deferred fees
 
(136,208)
(127,770)
Interest capitalized on loans subject to the temporary payment
 
moratorium or loss mitigation alternatives
(2,822)
(4,047)
Share-based compensation
21,930
16,391
Fair value adjustments on mortgage servicing rights
5,523
5,384
Adjustments to indemnity reserves on loans sold
(293)
25
Earnings from investments under the equity method, net
 
of dividends or distributions
152
(2,871)
Deferred income tax expense
 
20,832
19,702
Gain on:
Disposition of premises and equipment and other productive
 
assets
(91)
(6,295)
Sale of loans, including valuation adjustments on loans
 
held-for-sale and mortgage banking activities
(156)
(76)
Sale of equity method investment
 
(1,226)
-
Sale of foreclosed assets, including write-downs
(5,076)
(10,575)
Acquisitions of loans held-for-sale
(2,332)
(1,767)
Proceeds from sale of loans held-for-sale
15,584
19,358
Net originations on loans held-for-sale
(12,137)
(22,580)
Net decrease (increase) in:
Trading debt securities
10,040
6,735
Equity securities
(1,411)
(4,445)
Accrued income receivable
 
(11,419)
(17,340)
Other assets
(19,371)
(8,463)
Net increase (decrease) in:
Interest payable
2,584
3,145
Pension and other postretirement benefits obligation
2,191
3,732
Other liabilities
1,434
(59,481)
Total adjustments
27,051
(39,068)
Net cash provided by operating activities
414,993
242,004
Cash flows from investing activities:
 
Net decrease in money market investments
40,765
147,650
Purchases of investment securities:
Available-for-sale
(18,905,199)
(17,231,900)
Equity
(25,811)
(1,667)
Proceeds from calls, paydowns, maturities and redemptions
 
of investment securities:
Available-for-sale
17,145,332
15,375,714
Held-to-maturity
303,212
304,653
Proceeds from sale of investment securities:
 
 
Equity
14,497
4,046
Net disbursements
 
on loans
(912,037)
(287,684)
Proceeds from sale of loans
40,983
17,640
Acquisition of loan portfolios
(319,297)
(384,479)
Return of capital from equity method investments
-
279
Net proceeds from sale of equity method investment
 
1,226
-
Acquisition of premises and equipment and other productive
 
assets
(96,200)
(95,412)
Proceeds from sale of:
Premises and equipment and other productive assets
344
4,409
Foreclosed assets
47,590
58,979
Net cash used in investing activities
(2,664,595)
(2,087,772)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
Cash flows from financing activities:
 
Net increase in:
Deposits
2,334,656
1,912,286
Assets sold under agreements to repurchase
 
1,210
14,300
Other short-term borrowings
325,000
-
Payments of notes payable
(88,522)
(46,000)
Principal payments of finance leases
(1,829)
(1,774)
Proceeds from issuances of common stock
3,530
3,567
Dividends paid
(98,661)
(90,151)
Net payments for repurchase of common stock
(236,203)
(452)
Payments related to tax withholding for share-based compensation
(7,983)
(6,324)
Net cash provided by financing activities
2,231,198
1,785,452
Net decrease in cash and due from banks, and restricted
 
cash
(18,404)
(60,316)
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
$
411,002
$
367,259
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 -
Mortgage banking activities
78
Note 10 -
Transfers of financial assets and mortgage
servicing assets
79
Note 11 -
Other real estate owned
83
Note 12 -
Other assets
84
Note 13 -
Goodwill and other intangible assets
 
86
Note 14 -
Deposits
88
Note 15 -
Borrowings
89
Note 16 -
Other liabilities
91
Note 17 -
Stockholders’ equity
92
Note 18 -
Other comprehensive income
 
93
Note 19 -
Guarantees
95
Note 20 -
Commitments and contingencies
97
Note 21-
Non-consolidated variable interest entities
100
Note 22 -
Related party transactions
102
Note 23 -
Fair value measurement
103
Note 24 -
Fair value of financial instruments
111
Note 25 -
Net income per common share
114
Note 26 -
Revenue from contracts with customers
115
Note 27 -
Leases
116
Note 28 -
Pension and postretirement benefits
118
Note 29 -
Stock-based compensation
119
Note 30 -
Income taxes
122
Note 31 -
Supplemental disclosure on the consolidated
statements of cash flows
126
Note 32 -
Segment reporting
127
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 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, mortgage,
 
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 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 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
 
by
the
 
adoption
 
of
 
this
 
ASU
 
but
 
it
 
will
consider
 
this
 
guidance
 
for
 
the
 
initial
measurement of assets and liabilities of
newly
 
created
 
joint
 
ventures
prospectively.
17
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-05,
Financial Instruments -
Credit Losses (Topic 326)
- Measurement of Credit
Losses for Accounts
Receivables and Contract
Assets
The
 
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
 
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
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
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.
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.
18
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2024-03,
Income Statement—
Reporting Comprehensive
Income—Expense
Disaggregation
Disclosures (Subtopic
220-40) - Disaggregation
of Income Statement
Expenses (As updated by
ASU 2025-01)
The
 
FASB
 
issued
 
ASU
 
2024-03
 
in
November
 
2024,
 
which
 
requires
 
public
entities
 
to
 
disclose
 
additional
 
information
about
 
specific
 
expense
 
categories
 
in
 
the
notes to
 
financial statements
 
at interim
 
and
annual
 
reporting
 
periods
 
to
 
improve
financial transparency.
For fiscal years
beginning on
January 1, 2027
For interim periods
within fiscal years
beginning after
January 1, 2028
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
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.
For fiscal years
beginning on
January 1, 2025
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
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 from
Regulation S-X or
Regulation S-K. If by
June 30, 2027, the
SEC has not
removed the
applicable
requirements from
Regulation S-X or
Regulation S-K, the
pending content of
the related
amendment will be
removed from the
Codification and will
not become
 
effective for any
entity.
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 $
2.7
 
billion at June 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 June
 
30, 2025,
 
the Corporation
 
held $
60
 
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 June 30, 2025 and December 31,
 
2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2025
Gross
Gross
Weighted
Amortized
unrealized
unrealized
Fair
 
average
(In thousands)
cost
gains
 
losses
value
yield
U.S. Treasury securities
Within 1 year
$
11,617,164
$
81
$
23,332
$
11,593,913
3.66
%
After 1 to 5 years
3,823,444
20,739
25,300
3,818,883
3.80
Total U.S. Treasury
 
securities
15,440,608
20,820
48,632
15,412,796
3.69
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
7,520
-
199
7,321
1.52
After 5 to 10 years
13,024
-
626
12,398
2.52
After 10 years
97,807
99
7,193
90,713
2.90
Total collateralized
 
mortgage obligations - federal agencies
118,351
99
8,018
110,432
2.77
Mortgage-backed securities - federal agencies
Within 1 year
15,394
1
149
15,246
2.54
After 1 to 5 years
83,070
7
2,438
80,639
2.28
After 5 to 10 years
696,835
290
31,836
665,289
2.38
After 10 years
5,174,509
710
970,159
4,205,060
1.67
Total mortgage-backed
 
securities - federal agencies
5,969,808
1,008
1,004,582
4,966,234
1.77
Other
Within 1 year
500
-
-
500
4.38
After 1 to 5 years
250
-
-
250
4.84
Total other
 
750
-
-
750
4.53
Total debt securities
 
available-for-sale
[1]
$
21,529,517
$
21,927
$
1,061,232
$
20,490,212
3.15
%
[1]
 
Includes $
15.5
 
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 $
14.3
 
billion serve as collateral for
public funds.
 
The Corporation had unpledged Available
 
for Sale securities with a fair value of $
5
.0 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 June 30,
 
2025, the Corporation did not
 
intend to sell or
 
believed it was more
 
likely than not that
 
it would be required
 
to sell debt
securities classified
 
as available-for-sale. There
 
were
no
 
debt securities
 
classified as
 
available-for-sale sold during
 
the six
 
months
ended June 30, 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
June 30, 2025 and December 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 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
$
8,477,646
$
11,934
$
2,097,347
$
36,698
$
10,574,993
$
48,632
Collateralized mortgage obligations - federal agencies
 
6,592
21
92,871
7,997
99,463
8,018
Mortgage-backed securities -federal agencies
50,680
2,594
4,863,122
1,001,988
4,913,802
1,004,582
Total debt securities
 
available-for-sale in an unrealized loss position
 
$
8,534,918
$
14,549
$
7,053,340
$
1,046,683
$
15,588,258
$
1,061,232
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 June 30,
 
2025, the portfolio of
 
available-for-sale debt securities reflects gross unrealized losses
 
of $
1.1
 
billion (December 31,
2024 -
 
$
1.3
 
billion), driven mainly
 
by mortgage-backed securities,
 
which have
 
been impacted by
 
the-interest rate environment
 
and
the
 
portfolio’s
 
longer
 
duration.
 
The
 
portfolio
 
of
 
available-for-sale
 
debt
 
securities
 
is
 
comprised
 
mainly
 
of
 
U.S
 
Treasuries
 
and
obligations
 
from
 
the
 
U.S.
 
Government,
 
its
 
agencies
 
or
 
government
 
sponsored
 
entities,
 
including
 
Federal
 
National
 
Mortgage
Association
 
(“FNMA”),
 
Federal
 
Home
 
Loan
 
Mortgage
 
Corporation
 
(“FHLMC”)
 
and
 
Government
 
National
 
Mortgage
 
Association
(“GNMA”).
 
These
 
securities
 
carry
 
an
 
explicit
 
or
 
implicit
 
guarantee
 
from
 
the
 
U.S.
 
Government,
 
are
 
highly
 
rated
 
by
 
major
 
rating
agencies, and have a long history of no credit
 
losses. Accordingly, the Corporation applies a zero-credit loss assumption.
 
 
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
 
June 30,
 
2025
 
and
 
December 31,
2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 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
$
1,504,543
$
1,481,291
$
-
$
1,481,291
$
-
$
2,667
$
1,478,624
1.86
%
After 1 to 5 years
6,362,489
5,998,366
-
5,998,366
22,074
-
6,020,440
1.22
Total U.S. Treasury
 
securities
7,867,032
7,479,657
-
7,479,657
22,074
2,667
7,499,064
1.34
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
2,540
2,540
7
2,533
6
-
2,539
6.41
After 1 to 5 years
14,777
14,777
60
14,717
31
98
14,650
3.40
After 5 to 10 years
655
655
21
634
21
-
655
5.81
After 10 years
36,625
36,625
5,911
30,714
2,740
2,117
31,337
1.42
Total obligations of
 
Puerto Rico, States and
political subdivisions
54,597
54,597
5,999
48,598
2,798
2,215
49,181
2.24
Collateralized mortgage obligations - federal
agencies
After 10 years
1,510
1,510
-
1,510
-
198
1,312
2.87
Total collateralized
 
mortgage obligations -
federal agencies
1,510
1,510
-
1,510
-
198
1,312
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]
$
7,929,099
$
7,541,724
$
5,999
$
7,535,725
$
24,872
$
5,080
$
7,555,517
1.35
%
[1]
Book value includes $
387
 
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 $
7.4
 
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 $
138.6
 
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 June
 
30, 2025
 
and December 31,
 
2024, the “Obligations
 
of Puerto
 
Rico, States and
 
political subdivisions” classified
 
as held-to-
maturity,
 
includes
 
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
 
$
11
 
million
 
of
 
general and
 
special
 
obligation bonds
 
issued
 
by three
 
municipalities of
 
Puerto
Rico,
 
of
 
which
 
$
9.5
 
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 June 30, 2025, the portfolio of “Obligations of Puerto Rico, States
 
and political subdivisions” also includes $
37
 
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
securities are not rated by a credit rating agency.
 
26
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
 
June
 
30,
 
2025,
 
the
 
average
 
refreshed
 
FICO
 
score
 
for
 
the
 
sample,
comprised
 
of
74
%
 
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.
 
Refer to
 
Note 20
to the
 
Consolidated Financial
 
Statements
for additional
 
information on
 
the Corporation’s
 
exposure to
 
the Puerto
Rico Government.
Delinquency status
At June 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 June
30, 2025 was $
6.0
 
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 for
 
the quarters
 
and six
 
months ended June
 
30, 2025
 
and 2024
 
by
class of loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
 
Six months ended June 30,
 
(In thousands)
2025
2024
2025
2024
Commercial
$
67,726
$
159,258
$
74,886
$
215,422
Mortgage
125,690
84,849
246,597
170,653
Ending balance
$
193,416
$
244,107
$
321,483
$
386,075
The following table presents
 
the Corporation’s loan sales for the quarters and six months ended June 30, 2025 and 2024 by class of
loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
 
Six months ended June 30,
 
(In thousands)
2025
2024
2025
2024
Commercial
$
1,000
$
-
$
27,349
$
-
Construction
-
-
9,338
11,656
Mortgage
8,450
12,752
15,387
23,756
Ending balance
$
9,450
$
12,752
$
52,074
$
35,412
During the
 
quarter ended
 
June
 
30,
 
2025,
 
the
 
Corporation securitized
 
$
3
 
million
 
of
 
mortgage
 
loans
 
into
 
FNMA
 
mortgage-backed
securities, compared to $
3
 
million during the quarter ended June 30, 2024. The Corporation securitized $
3
 
million of mortgage loans
into GNMA
 
mortgage-backed securities
 
during the
 
quarter ended
 
June 30,
 
2025. There
 
were
no
 
GNMA securitizations
 
during the
quarter ended June 30, 2024.
During the six months
 
ended June 30, 2025,
 
the Corporation securitized $
4
 
million of mortgage loans into
 
FNMA mortgage-backed
securities, compared to
 
$
4
 
million during the
 
six months ended
 
June 30, 2024.
 
The Corporation securitized
 
$
3
 
million of mortgage
loans into
 
GNMA mortgage-backed
 
securities during
 
the six
 
months ended
 
June 30,
 
2025, compared
 
to $
1
 
million during
 
the six
months ended June 30, 2024.
Delinquency status
The following tables present the
 
amortized cost basis of loans
 
held-in-portfolio (“HIP”), net of unearned
 
income, by past due status,
and by loan class including those that are in non-performing status or that are accruing
 
interest but are past due 90 days or more at
June 30, 2025 and December 31, 2024.
 
 
28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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
$
6,337
$
-
$
174
$
6,511
$
299,852
$
306,363
$
174
$
-
Commercial real estate:
Non-owner occupied
113
1,679
6,084
7,876
3,322,108
3,329,984
6,084
-
Owner occupied
1,087
2,098
27,320
30,505
1,171,601
1,202,106
27,320
-
Commercial and industrial
4,657
2,449
12,652
19,758
5,574,966
5,594,724
8,588
4,064
Construction
3,720
-
-
3,720
249,579
253,299
-
-
Mortgage
262,525
109,530
324,140
696,195
6,407,811
7,104,006
147,464
176,676
Leasing
23,109
5,629
7,976
36,714
1,946,354
1,983,068
7,976
-
Consumer:
Credit cards
14,184
9,360
25,201
48,745
1,166,545
1,215,290
-
25,201
Home equity lines of credit
-
-
-
-
1,809
1,809
-
-
Personal
19,022
11,917
17,499
48,438
1,743,772
1,792,210
17,499
-
Auto
102,643
22,404
40,595
165,642
3,696,060
3,861,702
40,595
-
Other
2,500
160
2,212
4,872
155,550
160,422
1,948
264
Total
$
439,897
$
165,226
$
463,853
$
1,068,976
$
25,736,007
$
26,804,983
$
257,648
$
206,205
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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
$
-
$
4,675
$
10,751
$
15,426
$
2,199,000
$
2,214,426
$
10,751
$
-
Commercial real estate:
Non-owner occupied
1,503
-
7,893
9,396
2,181,994
2,191,390
7,893
-
Owner occupied
10,677
-
231
10,908
1,790,841
1,801,749
231
-
Commercial and industrial
9,235
5,195
3,025
17,455
2,431,573
2,449,028
2,836
189
Construction
-
-
-
-
1,214,902
1,214,902
-
-
Mortgage
677
3,329
28,052
32,058
1,308,363
1,340,421
28,052
-
Consumer:
Credit cards
-
-
-
-
3
3
-
-
Home equity lines of
credit
845
717
3,120
4,682
70,988
75,670
3,120
-
Personal
1,045
532
1,094
2,671
81,582
84,253
1,094
-
Other
694
1
-
695
7,658
8,353
-
-
Total
$
24,676
$
14,449
$
54,166
$
93,291
$
11,286,904
$
11,380,195
$
53,977
$
189
 
 
29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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
$
6,337
$
4,675
$
10,925
$
21,937
$
2,498,852
$
2,520,789
$
10,925
$
-
Commercial real estate:
Non-owner occupied
1,616
1,679
13,977
17,272
5,504,102
5,521,374
13,977
-
Owner occupied
11,764
2,098
27,551
41,413
2,962,442
3,003,855
27,551
-
Commercial and industrial
13,892
7,644
15,677
37,213
8,006,539
8,043,752
11,424
4,253
Construction
3,720
-
-
3,720
1,464,481
1,468,201
-
-
Mortgage
[1]
263,202
112,859
352,192
728,253
7,716,174
8,444,427
175,516
176,676
Leasing
23,109
5,629
7,976
36,714
1,946,354
1,983,068
7,976
-
Consumer:
Credit cards
14,184
9,360
25,201
48,745
1,166,548
1,215,293
-
25,201
Home equity lines of credit
845
717
3,120
4,682
72,797
77,479
3,120
-
Personal
20,067
12,449
18,593
51,109
1,825,354
1,876,463
18,593
-
Auto
102,643
22,404
40,595
165,642
3,696,060
3,861,702
40,595
-
Other
3,194
161
2,212
5,567
163,208
168,775
1,948
264
Total
$
464,573
$
179,675
$
518,019
$
1,162,267
$
37,022,911
$
38,185,178
$
311,625
$
206,394
[1]
At June 30, 2025, mortgage loans held-in-portfolio include
 
$
2.9
 
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 $
177
 
million are 90 days or more past due. The portfolio of
guaranteed loans includes $
52
 
million of residential mortgage loans in Puerto Rico that
 
are no longer accruing interest as of June 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 June 30, 2025.
[2]
Loans held-in-portfolio are net of $
427
 
million in unearned income and exclude $
3
 
million in loans held-for-sale.
[3]
Includes $
21.4
 
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 $
13.9
 
billion at the Federal Reserve
Bank ("FRB") for discount window borrowings. As of June
 
30, 2025, the Corporation had an available borrowing
 
facility with the FHLB and the
discount window of FRB of $
4
.0 billion and $
10.8
 
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.
Recognition of interest income on mortgage loans is generally discontinued when loans are 90 days or more in arrears on payments
of principal or interest. The Corporation discontinues the recognition of interest income on residential mortgage loans insured by the
FHA or guaranteed by the VA when 15 months
 
delinquent as to principal or interest, since the principal repayment on these loans is
insured.
Loans with a
 
delinquency status of 90
 
days past due
 
as of June
 
30, 2025 include
 
$
8
 
million in loans
 
previously pooled into
 
GNMA
securities (December 31, 2024 - $
9
 
million). Under the GNMA program, issuers such as BPPR have
 
the option but not the obligation
to repurchase loans that
 
are 90 days or
 
more past due. For
 
accounting purposes, these loans subject to
 
the repurchase option are
required to be reflected on the financial statements of BPPR with an offsetting liability.
 
Loans in our serviced GNMA portfolio benefit
from payment forbearance programs but continue to reflect the
 
contractual delinquency until the borrower repays deferred payments
or completes a payment deferral modification or other
 
borrower assistance alternative.
The following tables present the amortized cost basis
 
of non-accrual loans as of June 30, 2025 and
 
December 31, 2024 by class of
loans:
 
 
32
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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
$
10,751
$
-
$
10,751
$
174
Commercial real estate non-owner occupied
3,168
2,916
7,016
877
10,184
3,793
Commercial real estate owner occupied
17,795
9,525
-
231
17,795
9,756
Commercial and industrial
-
8,588
-
2,836
-
11,424
Mortgage
63,464
84,000
905
27,147
64,369
111,147
Leasing
479
7,497
-
-
479
7,497
Consumer:
 
HELOCs
-
-
-
3,120
-
3,120
 
Personal
 
3,460
14,039
-
1,094
3,460
15,133
 
Auto
 
1,973
38,622
-
-
1,973
38,622
 
Other
-
1,948
-
-
-
1,948
Total
$
90,339
$
167,309
$
18,672
$
35,305
$
109,011
$
202,614
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 June
 
30, 2025 include
 
$
109
 
million in
 
collateral dependent loans
 
(December 31,
2024 -
 
$
124
 
million). The
 
Corporation recognized $
3
 
million in
 
interest income
 
on non-accrual
 
loans during
 
the six
 
months ended
June 30, 2025 (June 30, 2024 - $
2
 
million).
The following tables present the amortized cost basis
 
of collateral-dependent loans, for which the ACL was measured
 
based on the
fair value of the collateral less cost to sell, by
 
class of loans and type of collateral as of June
 
30, 2025 and December 31, 2024:
 
33
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
(In thousands)
Real Estate
Auto
Equipment
Accounts
Receivables
Other
Total
BPPR
Commercial multi-family
$
1,250
$
-
$
-
$
-
$
-
$
1,250
Commercial real estate:
Non-owner occupied
143,152
-
-
-
-
143,152
Owner occupied
24,596
-
-
-
-
24,596
Commercial and industrial
2,436
-
-
124
2,248
4,808
Mortgage
71,234
-
-
-
-
71,234
Leasing
-
1,393
-
-
-
1,393
Consumer:
Personal
3,572
-
-
-
-
3,572
Auto
-
16,545
-
-
-
16,545
Other
-
12
-
-
-
12
Total BPPR
$
246,240
$
17,950
$
-
$
124
$
2,248
$
266,562
Popular U.S.
Commercial multi-family
$
16,542
$
-
$
-
$
-
$
-
$
16,542
Commercial real estate:
Non-owner occupied
65,668
-
-
-
-
65,668
Commercial and industrial
-
-
13
-
-
13
Mortgage
1,408
-
-
-
-
1,408
Total Popular U.S.
$
83,618
$
-
$
13
$
-
$
-
$
83,631
Popular, Inc.
Commercial multi-family
$
17,792
$
-
$
-
$
-
$
-
$
17,792
Commercial real estate:
Non-owner occupied
208,820
-
-
-
-
208,820
Owner occupied
24,596
-
-
-
-
24,596
Commercial and industrial
2,436
-
13
124
2,248
4,821
Mortgage
72,642
-
-
-
-
72,642
Leasing
-
1,393
-
-
-
1,393
Consumer:
Personal
3,572
-
-
-
-
3,572
Auto
-
16,545
-
-
-
16,545
Other
-
12
-
-
-
12
Total Popular,
 
Inc.
$
329,858
$
17,950
$
13
$
124
$
2,248
$
350,193
 
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 June
 
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 previous quarter. The net impact of these two changes in the
 
assigned weights on the
ACL
 
levels
 
for
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2025
 
was
 
$
13.7
 
million
 
in
 
additional
 
reserves.
 
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 six
months ended June 30, 2025 and 2024.
 
36
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2025
BPPR
Provision for
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
 
Commercial multi-family
$
3,420
$
270
$
 
-
 
$
6
$
3,696
 
Commercial real estate non-owner occupied
42,848
(160)
(21)
472
43,139
 
Commercial real estate owner occupied
36,019
(1,176)
(14)
1,019
35,848
 
Commercial and industrial
131,407
(6,769)
(2,466)
1,030
123,202
 
Total Commercial
213,694
(7,835)
(2,501)
2,527
205,885
Construction
2,719
356
-
-
3,075
Mortgage
74,289
(1,752)
(550)
2,979
74,966
Leasing
20,206
2,570
(3,982)
1,246
20,040
Consumer
 
Credit cards
96,523
13,094
(20,011)
2,700
92,306
 
Home equity lines of credit
60
(313)
 
-
 
307
54
 
Personal
89,786
18,881
(19,553)
3,777
92,891
 
Auto
171,979
16,852
(13,418)
6,861
182,274
 
Other
7,007
1,297
(700)
154
7,758
 
Total Consumer
365,355
49,811
(53,682)
13,799
375,283
Total - Loans
$
676,263
$
43,150
$
(60,715)
$
20,551
$
679,249
Allowance for credit losses - unfunded commitments:
Commercial
$
7,445
$
(1,569)
$
-
$
-
$
5,876
Construction
1,560
309
-
-
1,869
Ending balance - unfunded commitments [1]
$
9,005
$
(1,260)
$
-
$
-
$
7,745
[1] Allowance for credit losses of unfunded commitments
 
is presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
37
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 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
$
10,081
$
3,567
$
(563)
$
-
$
13,085
Commercial real estate non-owner occupied
15,453
525
-
-
15,978
Commercial real estate owner occupied
14,193
(1,016)
(14)
40
13,203
Commercial and industrial
16,422
1,533
(49)
254
18,160
Total Commercial
56,149
4,609
(626)
294
60,426
Construction
6,793
711
-
-
7,504
Mortgage
9,740
437
-
32
10,209
Consumer
Home equity lines of credit
1,550
(799)
(16)
595
1,330
Personal
11,651
1,417
(2,920)
615
10,763
Other
2
14
(13)
1
4
Total Consumer
13,203
632
(2,949)
1,211
12,097
Total - Loans
$
85,885
$
6,389
$
(3,575)
$
1,537
$
90,236
Allowance for credit losses - unfunded commitments:
Commercial
$
1,630
$
305
$
-
$
-
$
1,935
Construction
3,492
(203)
-
-
3,289
Consumer
42
42
-
-
84
Ending balance - unfunded commitments [1]
$
5,164
$
144
$
-
$
-
$
5,308
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
38
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2025
Popular Inc.
Provision for
Beginning
credit losses
Ending
(In thousands)
Balance
(benefit)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
13,501
$
3,837
$
(563)
$
6
$
16,781
Commercial real estate non-owner occupied
58,301
365
(21)
472
59,117
Commercial real estate owner occupied
50,212
(2,192)
(28)
1,059
49,051
Commercial and industrial
147,829
(5,236)
(2,515)
1,284
141,362
Total Commercial
269,843
(3,226)
(3,127)
2,821
266,311
Construction
9,512
1,067
-
-
10,579
Mortgage
84,029
(1,315)
(550)
3,011
85,175
Leasing
20,206
2,570
(3,982)
1,246
20,040
Consumer
Credit cards
96,523
13,094
(20,011)
2,700
92,306
Home equity lines of credit
1,610
(1,112)
(16)
902
1,384
Personal
101,437
20,298
(22,473)
4,392
103,654
Auto
171,979
16,852
(13,418)
6,861
182,274
Other
7,009
1,311
(713)
155
7,762
Total Consumer
378,558
50,443
(56,631)
15,010
387,380
Total - Loans
$
762,148
$
49,539
$
(64,290)
$
22,088
$
769,485
Allowance for credit losses - unfunded commitments:
Commercial
$
9,075
$
(1,264)
$
-
$
-
$
7,811
Construction
5,052
106
-
-
5,158
Consumer
42
42
-
-
84
Ending balance - unfunded commitments [1]
$
14,169
$
(1,116)
$
-
$
-
$
13,053
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
39
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 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
$
905
$
-
$
-
$
8
$
3,696
Commercial real estate non-owner occupied
44,852
(2,759)
-
(86)
1,132
43,139
Commercial real estate owner occupied
37,355
(2,918)
-
(103)
1,514
35,848
Commercial and industrial
130,136
(7,026)
-
(5,778)
5,870
123,202
Total Commercial
215,126
(11,798)
-
(5,967)
8,524
205,885
Construction
2,743
332
-
-
-
3,075
Mortgage
72,901
(2,870)
9
(985)
5,911
74,966
Leasing
16,419
9,629
-
(8,526)
2,518
20,040
Consumer
Credit cards
99,130
26,916
-
(38,876)
5,136
92,306
Home equity lines of credit
54
(421)
-
(25)
446
54
Personal
91,296
35,709
-
(41,506)
7,392
92,891
Auto
165,995
36,323
-
(34,474)
14,430
182,274
Other
7,002
2,020
-
(1,580)
316
7,758
Total Consumer
363,477
100,547
-
(116,461)
27,720
375,283
Total - Loans
$
670,666
$
95,840
$
9
$
(131,939)
$
44,673
$
679,249
Allowance for credit losses - unfunded commitments:
Commercial
$
6,725
$
(849)
$
-
$
-
$
-
$
5,876
Construction
1,663
206
-
-
-
1,869
Ending balance - unfunded commitments [1]
$
8,388
$
(643)
$
-
$
-
$
-
$
7,745
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 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
$
7,194
$
(563)
$
1
$
13,085
Commercial real estate non-owner occupied
9,642
6,336
-
-
15,978
Commercial real estate owner occupied
12,473
193
(26)
563
13,203
Commercial and industrial
15,870
3,010
(1,196)
476
18,160
Total Commercial
44,438
16,733
(1,785)
1,040
60,426
Construction
8,521
(1,017)
-
-
7,504
Mortgage
9,508
484
-
217
10,209
Consumer
Home equity lines of credit
1,449
(935)
(46)
862
1,330
Personal
11,440
3,617
(5,546)
1,252
10,763
Other
2
35
(42)
9
4
Total Consumer
12,891
2,717
(5,634)
2,123
12,097
Total - Loans
$
75,358
$
18,917
$
(7,419)
$
3,380
$
90,236
Allowance for credit losses - unfunded commitments:
Commercial
$
1,662
$
273
$
-
$
-
$
1,935
Construction
5,409
(2,120)
-
-
3,289
Consumer
11
73
-
-
84
Ending balance - unfunded commitments [1]
$
7,082
$
(1,774)
$
-
$
-
$
5,308
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
41
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 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
$
8,099
$
-
$
(563)
$
9
$
16,781
Commercial real estate non-owner occupied
54,494
3,577
-
(86)
1,132
59,117
Commercial real estate owner occupied
49,828
(2,725)
-
(129)
2,077
49,051
Commercial and industrial
146,006
(4,016)
-
(6,974)
6,346
141,362
Total Commercial
259,564
4,935
-
(7,752)
9,564
266,311
Construction
11,264
(685)
-
-
-
10,579
Mortgage
82,409
(2,386)
9
(985)
6,128
85,175
Leasing
16,419
9,629
-
(8,526)
2,518
20,040
Consumer
Credit cards
99,130
26,916
-
(38,876)
5,136
92,306
Home equity lines of credit
1,503
(1,356)
-
(71)
1,308
1,384
Personal
102,736
39,326
-
(47,052)
8,644
103,654
Auto
165,995
36,323
-
(34,474)
14,430
182,274
Other
7,004
2,055
-
(1,622)
325
7,762
Total Consumer
376,368
103,264
-
(122,095)
29,843
387,380
Total - Loans
$
746,024
$
114,757
$
9
$
(139,358)
$
48,053
$
769,485
Allowance for credit losses - unfunded commitments:
Commercial
$
8,387
$
(576)
$
-
$
-
$
-
$
7,811
Construction
7,072
(1,914)
-
-
-
5,158
Consumer
11
73
-
-
-
84
Ending balance - unfunded commitments [1]
$
15,470
$
(2,417)
$
-
$
-
$
-
$
13,053
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
 
42
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 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
$
3,567
$
(264)
$
-
$
-
$
-
$
3,303
Commercial real estate non-owner occupied
53,666
(324)
-
-
44
53,386
Commercial real estate owner occupied
43,537
(5,296)
-
-
1,134
39,375
Commercial and industrial
102,844
14,440
-
(8,072)
2,051
111,263
Total Commercial
203,614
8,556
-
(8,072)
3,229
207,327
Construction
3,114
524
-
-
-
3,638
Mortgage
76,564
(6,419)
6
(26)
3,775
73,900
Leasing
8,991
8,094
-
(3,841)
1,141
14,385
Consumer
Credit cards
88,169
11,856
-
(16,419)
2,707
86,313
Home equity lines of credit
102
22
-
(94)
53
83
Personal
99,504
15,492
-
(23,293)
2,318
94,021
Auto
157,456
10,250
-
(16,609)
6,352
157,449
Other
6,808
210
-
(680)
151
6,489
Total Consumer
352,039
37,830
-
(57,095)
11,581
344,355
Total - Loans
$
644,322
$
48,585
$
6
$
(69,034)
$
19,726
$
643,605
Allowance for credit losses - unfunded commitments:
Commercial
$
4,942
$
598
$
-
$
-
$
-
$
5,540
Construction
1,441
654
-
-
-
2,095
Ending balance - unfunded commitments [1]
$
6,383
$
1,252
$
-
$
-
$
-
$
7,635
[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 June 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
$
9,176
$
(1,303)
$
-
$
4
$
7,877
Commercial real estate non-owner occupied
11,958
(1,151)
-
42
10,849
Commercial real estate owner occupied
20,270
(1,514)
-
59
18,815
Commercial and industrial
17,574
(1,367)
(1,195)
207
15,219
Total Commercial
58,978
(5,335)
(1,195)
312
52,760
Construction
8,025
1,126
-
100
9,251
Mortgage
9,874
(502)
(18)
35
9,389
Consumer
Home equity lines of credit
1,770
(510)
(14)
397
1,643
Personal
16,573
795
(4,596)
655
13,427
Other
2
(2)
(18)
20
2
Total Consumer
18,345
283
(4,628)
1,072
15,072
Total - Loans
$
95,222
$
(4,428)
$
(5,841)
$
1,519
$
86,472
Allowance for credit losses - unfunded commitments:
Commercial
$
2,542
$
308
$
-
$
-
$
2,850
Construction
7,837
562
-
-
8,399
Consumer
5
(5)
-
-
-
Ending balance - unfunded commitments [1]
$
10,384
$
865
$
-
$
-
$
11,249
[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 June 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
$
12,743
$
(1,567)
$
-
$
-
$
4
$
11,180
Commercial real estate non-owner occupied
65,624
(1,475)
-
-
86
64,235
Commercial real estate owner occupied
63,807
(6,810)
-
-
1,193
58,190
Commercial and industrial
120,418
13,073
-
(9,267)
2,258
126,482
Total Commercial
262,592
3,221
-
(9,267)
3,541
260,087
Construction
11,139
1,650
-
-
100
12,889
Mortgage
86,438
(6,921)
6
(44)
3,810
83,289
Leasing
8,991
8,094
-
(3,841)
1,141
14,385
Consumer
Credit cards
88,169
11,856
-
(16,419)
2,707
86,313
Home equity lines of credit
1,872
(488)
-
(108)
450
1,726
Personal
116,077
16,287
-
(27,889)
2,973
107,448
Auto
157,456
10,250
-
(16,609)
6,352
157,449
Other
6,810
208
-
(698)
171
6,491
Total Consumer
370,384
38,113
-
(61,723)
12,653
359,427
Total - Loans
$
739,544
$
44,157
$
6
$
(74,875)
$
21,245
$
730,077
Allowance for credit losses - unfunded commitments:
Commercial
$
7,484
$
906
$
-
$
-
$
-
$
8,390
Construction
9,278
1,216
-
-
-
10,494
Consumer
5
(5)
-
-
-
-
Ending balance - unfunded commitments [1]
$
16,767
$
2,117
$
-
$
-
$
-
$
18,884
[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 six months ended June 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
$
(312)
$
-
$
-
$
1
$
3,303
Commercial real estate non-owner occupied
53,754
(737)
-
-
369
53,386
Commercial real estate owner occupied
40,637
(149)
-
(2,785)
1,672
39,375
Commercial and industrial
107,577
14,816
-
(14,741)
3,611
111,263
Total Commercial
205,582
13,618
-
(17,526)
5,653
207,327
Construction
5,294
(1,656)
-
-
-
3,638
Mortgage
72,440
(6,738)
23
(791)
8,966
73,900
Leasing
9,708
11,062
-
(8,691)
2,306
14,385
Consumer
Credit cards
80,487
33,496
-
(32,815)
5,145
86,313
Home equity lines of credit
103
125
-
(291)
146
83
Personal
101,181
35,755
-
(47,642)
4,727
94,021
Auto
157,931
23,621
-
(36,776)
12,673
157,449
Other
7,132
310
-
(1,344)
391
6,489
Total Consumer
346,834
93,307
-
(118,868)
23,082
344,355
Total - Loans
$
639,858
$
109,593
$
23
$
(145,876)
$
40,007
$
643,605
Allowance for credit losses - unfunded commitments:
Commercial
$
5,062
$
478
$
-
$
-
$
-
$
5,540
Construction
1,618
477
-
-
-
2,095
Ending balance - unfunded commitments [1]
$
6,680
$
955
$
-
$
-
$
-
$
7,635
[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 six months ended June 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
$
(1,813)
$
(441)
$
5
$
7,877
Commercial real estate non-owner occupied
11,699
(956)
-
106
10,849
Commercial real estate owner occupied
16,227
2,505
-
83
18,815
Commercial and industrial
14,779
1,836
(1,759)
363
15,219
Total Commercial
52,831
1,572
(2,200)
557
52,760
Construction
7,392
1,759
-
100
9,251
Mortgage
10,774
(1,427)
(18)
60
9,389
Consumer
Home equity lines of credit
1,875
(763)
(21)
552
1,643
Personal
16,609
5,786
(10,308)
1,340
13,427
Other
2
23
(49)
26
2
Total Consumer
18,486
5,046
(10,378)
1,918
15,072
Total - Loans
$
89,483
$
6,950
$
(12,596)
$
2,635
$
86,472
Allowance for credit losses - unfunded commitments:
Commercial
$
1,851
$
999
$
-
$
-
$
2,850
Construction
8,446
(47)
-
-
8,399
Consumer
29
(29)
-
-
-
Ending balance - unfunded commitments [1]
$
10,326
$
923
$
-
$
-
$
11,249
[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 six months ended June 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
$
(2,125)
$
-
$
(441)
$
6
$
11,180
Commercial real estate non-owner occupied
65,453
(1,693)
-
-
475
64,235
Commercial real estate owner occupied
56,864
2,356
-
(2,785)
1,755
58,190
Commercial and industrial
122,356
16,652
-
(16,500)
3,974
126,482
Total Commercial
258,413
15,190
-
(19,726)
6,210
260,087
Construction
12,686
103
-
-
100
12,889
Mortgage
83,214
(8,165)
23
(809)
9,026
83,289
Leasing
9,708
11,062
-
(8,691)
2,306
14,385
Consumer
Credit cards
80,487
33,496
-
(32,815)
5,145
86,313
Home equity lines of credit
1,978
(638)
-
(312)
698
1,726
Personal
117,790
41,541
-
(57,950)
6,067
107,448
Auto
157,931
23,621
-
(36,776)
12,673
157,449
Other
7,134
333
-
(1,393)
417
6,491
Total Consumer
365,320
98,353
-
(129,246)
25,000
359,427
Total - Loans
$
729,341
$
116,543
$
23
$
(158,472)
$
42,642
$
730,077
Allowance for credit losses - unfunded commitments:
Commercial
$
6,913
$
1,477
$
-
$
-
$
-
$
8,390
Construction
10,064
430
-
-
-
10,494
Consumer
29
(29)
-
-
-
-
Ending balance - unfunded commitments [1]
$
17,006
$
1,878
$
-
$
-
$
-
$
18,884
[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 six
 
months ended
 
June 30,
 
2025 amounted
 
to $
158
 
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
 
six months
ended June 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 June 30, 2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Commercial and industrial
$
837
0.01
%
$
-
-
%
$
837
0.01
%
Mortgage
69
-
%
-
-
%
69
-
%
Consumer:
-
 
Credit cards
395
0.03
%
-
-
%
395
0.03
%
 
Personal
1,159
0.06
%
-
-
%
1,159
0.06
%
Total
$
2,460
0.01
%
$
-
-
%
$
2,460
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
108
-
%
$
58,652
2.68
%
$
58,760
1.06
%
CRE owner occupied
5,308
0.44
%
-
-
%
5,308
0.18
%
Commercial and industrial
5,693
0.10
%
-
-
%
5,693
0.07
%
Mortgage
12,983
0.18
%
665
0.05
%
13,648
0.16
%
Consumer:
-
 
Personal
260
0.01
%
21
0.02
%
281
0.01
%
 
Auto
49
-
%
-
-
%
49
-
%
Total
$
24,401
0.09
%
$
59,338
0.52
%
$
83,739
0.22
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
4,436
0.13
%
$
-
-
%
$
4,436
0.08
%
CRE owner occupied
8,827
0.73
%
-
-
%
8,827
0.29
%
Commercial and industrial
166,870
2.98
%
-
-
%
166,870
2.07
%
Mortgage
420
0.01
%
-
-
%
420
-
%
Total
$
180,553
0.67
%
$
-
-
%
$
180,553
0.47
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Commercial and industrial
$
100
-
%
$
-
-
%
$
100
-
%
Mortgage
3,936
0.06
%
-
-
%
3,936
0.05
%
Consumer:
 
Personal
3,429
0.19
%
73
0.09
%
3,502
0.19
%
 
Auto
16
-
%
-
-
%
16
-
%
Total
$
7,481
0.03
%
$
73
-
%
$
7,554
0.02
%
Combination -
 
Other-Than-Insignificant Payment Delays and Interest Rate
 
Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June
30, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June
30, 2025
% of total class of
Financing
Receivable
Commercial and industrial
$
310
0.01
%
$
-
-
%
$
310
-
%
Consumer:
 
Credit cards
2,293
0.19
%
-
-
%
2,293
0.19
%
Total
$
2,603
0.01
%
$
-
-
%
$
2,603
0.01
%
49
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the six months ended June 30,
 
2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
2,048
0.04
%
$
-
-
%
$
2,048
0.03
%
Mortgage
69
-
%
-
-
%
69
-
%
Consumer:
 
Credit cards
542
0.04
%
-
-
%
542
0.04
%
 
Personal
2,280
0.13
%
-
-
%
2,280
0.12
%
 
Other
5
-
%
-
-
%
5
-
%
Total
$
4,944
0.02
%
$
-
-
%
$
4,944
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
108
-
%
$
58,652
2.68
%
$
58,760
1.06
%
CRE owner occupied
5,308
0.44
%
-
-
%
5,308
0.18
%
Commercial and industrial
11,271
0.20
%
-
-
%
11,271
0.14
%
Mortgage
22,922
0.32
%
665
0.05
%
23,587
0.28
%
Consumer:
 
Personal
495
0.03
%
21
0.02
%
516
0.03
%
 
Auto
87
-
%
-
-
%
87
-
%
Total
$
40,191
0.15
%
$
59,338
0.52
%
$
99,529
0.26
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
4,436
0.13
%
$
-
-
%
$
4,436
0.08
%
CRE owner occupied
20,980
1.75
%
-
-
%
20,980
0.70
%
Commercial and industrial
177,506
3.17
%
-
-
%
177,506
2.21
%
Mortgage
420
0.01
%
-
-
%
420
-
%
Total
$
203,342
0.76
%
$
-
-
%
$
203,342
0.53
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
100
-
%
$
-
-
%
$
100
-
%
Mortgage
7,061
0.10
%
-
-
%
7,061
0.08
%
Consumer:
 
Personal
6,534
0.36
%
114
0.14
%
6,648
0.35
%
 
Auto
16
-
%
-
-
%
16
-
%
Total
$
13,711
0.05
%
$
114
-
%
$
13,825
0.04
%
 
50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays
 
and Interest Rate Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2025
% of total class of
Financing
Receivable
Commercial and industrial
$
861
0.02
%
$
-
-
%
$
861
0.01
%
Consumer:
 
Credit cards
4,867
0.40
%
-
-
%
4,867
0.40
%
Total
$
5,728
0.02
%
$
-
-
%
$
5,728
0.02
%
 
51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the quarter ended June 30, 2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
33
-
%
$
-
-
%
$
33
-
%
Commercial and industrial
1,747
0.03
%
-
-
%
1,747
0.02
%
Mortgage
42
-
%
-
-
%
42
-
%
Consumer:
 
Credit cards
422
0.04
%
-
-
%
422
0.04
%
 
Personal
848
0.05
%
-
-
%
848
0.05
%
 
Other
25
0.02
%
-
-
%
25
0.02
%
Total
$
3,117
0.01
%
$
-
-
%
$
3,117
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
3,084
0.10
%
$
-
-
%
$
3,084
0.06
%
CRE owner occupied
1,134
0.08
%
6,071
0.35
%
7,205
0.23
%
Commercial and industrial
23,059
0.46
%
-
-
%
23,059
0.32
%
Mortgage
16,933
0.26
%
642
0.05
%
17,575
0.22
%
Consumer:
 
Personal
238
0.01
%
136
0.10
%
374
0.02
%
 
Auto
56
-
%
-
-
%
56
-
%
Total
$
44,504
0.18
%
$
6,849
0.07
%
$
51,353
0.14
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
57,071
1.92
%
$
-
-
%
$
57,071
1.14
%
CRE owner occupied
6,230
0.44
%
-
-
%
6,230
0.20
%
Commercial and industrial
52,124
1.04
%
-
-
%
52,124
0.72
%
Mortgage
127
-
%
-
-
%
127
-
%
Total
$
115,552
0.46
%
$
-
-
%
$
115,552
0.32
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
490
0.01
%
$
-
-
%
$
490
0.01
%
Mortgage
5,246
0.08
%
31
-
%
5,277
0.07
%
Consumer:
 
Personal
2,190
0.13
%
-
-
%
2,190
0.12
%
Total
$
7,926
0.03
%
$
31
-
%
$
7,957
0.02
%
Combination -
 
Other-Than-Insignificant Payment Delays and Interest Rate
 
Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
89
-
%
$
-
-
%
$
89
-
%
Consumer:
 
Credit cards
243
0.02
%
-
-
%
243
0.02
%
Total
$
332
-
%
$
-
-
%
$
332
-
%
52
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Modifications Made to Borrowers Experiencing Financial
 
Difficulty for the six months ended June 30,
 
2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
33
-
%
$
-
-
%
$
33
-
%
Commercial and industrial
2,122
0.04
%
-
-
%
2,122
0.03
%
Mortgage
42
-
%
-
-
%
42
-
%
Consumer:
 
Credit cards
549
0.05
%
-
-
%
549
0.05
%
 
Personal
1,085
0.06
%
-
-
%
1,085
0.06
%
 
Other
25
0.02
%
-
-
%
25
0.02
%
Total
$
3,856
0.02
%
$
-
-
%
$
3,856
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
39,484
1.33
%
$
-
-
%
$
39,484
0.79
%
CRE owner occupied
11,718
0.83
%
6,071
0.35
%
17,789
0.57
%
Commercial and industrial
23,767
0.48
%
-
-
%
23,767
0.33
%
Mortgage
29,868
0.45
%
642
0.05
%
30,510
0.39
%
Consumer:
 
Personal
436
0.02
%
141
0.10
%
577
0.03
%
 
Auto
56
-
%
-
-
%
56
-
%
Total
$
105,329
0.42
%
$
6,854
0.07
%
$
112,183
0.32
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
57,071
1.92
%
$
-
-
%
$
57,071
1.14
%
CRE owner occupied
16,207
1.14
%
-
-
%
16,207
0.52
%
Commercial and industrial
56,477
1.13
%
-
-
%
56,477
0.78
%
Mortgage
127
-
%
-
-
%
127
-
%
Total
$
129,882
0.52
%
$
-
-
%
$
129,882
0.36
%
Combination - Term Extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
890
0.03
%
$
-
-
%
$
890
0.02
%
Commercial and industrial
586
0.01
%
-
-
%
586
0.01
%
Mortgage
8,655
0.13
%
68
0.01
%
8,723
0.11
%
Consumer:
 
Personal
3,234
0.19
%
144
0.11
%
3,378
0.18
%
Total
$
13,365
0.05
%
$
212
-
%
$
13,577
0.04
%
 
53
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combination - Other-Than-Insignificant Payment Delays
 
and Interest Rate Reduction
Puerto Rico
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at June 30,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
89
-
%
-
-
89
-
%
Consumer:
 
Credit cards
539
0.05
%
-
-
539
0.05
%
Total
$
628
-
%
$
-
-
$
628
-
%
54
The following tables describe the financial effect of the
 
modifications made to borrowers experiencing
 
financial difficulties:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2025
Interest rate reduction
Loan Type
Financial Effect
Commercial and industrial
Reduced weighted-average contractual interest rate from
22.7
% to
9.9
%.
Mortgage
Reduced weighted-average contractual interest rate from
7
.0% to
5.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.8
% to
7.9
%.
Personal
Reduced weighted-average contractual interest rate from
20.9
% to
11.1
%.
Auto
Reduced weighted-average contractual interest rate from
18.3
0% to
18.29
%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
2
 
years to the life of loans.
CRE Owner occupied
Added a weighted-average of
17
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
10
 
months to the life of loans.
Mortgage
Added a weighted-average of
12
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
5
 
years to the life of loans.
Auto
Added a weighted-average of
19
 
months to the life of loans.
Other than insignificant payment delays
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
13
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
14
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
20
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
17
 
months to the life of loans.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2025
Interest rate reduction
Loan Type
Financial Effect
Commercial and industrial
Reduced weighted-average contractual interest rate from
24.3
% to
9.7
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.8
% to
5.5
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21
.0% to
8.2
%.
Personal
Reduced weighted-average contractual interest rate from
21.3
% to
11.5
%.
Auto
Reduced weighted-average contractual interest rate from
18.3
0% to
18.29
%.
Other
Reduced weighted-average contractual interest rate from
18
.0% to
0
.0%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
2
 
years to the life of loans.
CRE Owner occupied
Added a weighted-average of
17
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
17
 
months to the life of loans.
Mortgage
Added a weighted-average of
13
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
5
 
years to the life of loans.
Auto
Added a weighted-average of
2
 
years to the life of loans.
55
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
13
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
10
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
20
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
18
 
months to the life of loans.
56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2024
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
12
.0% to
5
.0%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
18
.0% to
9.3
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.4
% to
4.4
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
19.7
% to
4.2
%.
Personal
Reduced weighted-average contractual interest rate from
19.2
% to
10.1
%.
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
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
8
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
13
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
10
 
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
12
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
8
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
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
24
 
months to the life of loans.
57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 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
12
.0% to
5
.0%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
19.2
% to
9.4
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.2
% to
4.5
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
20.2
% to
5
.0%.
Personal
Reduced weighted-average contractual interest rate from
18.8
% to
10
.0%.
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
11
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
8
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
13
 
years to the life of loans.
Consumer:
Personal
Added a weighted-average of
10
 
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
12
 
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
11
 
months to the life of loans.
Commercial and industrial
Added a weighted-average of
11
 
months to the life of loans.
Mortgage
Added a weighted-average of
30
 
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
23
 
months to the life of loans.
58
The following tables present, by
 
class, the performance of loans
 
that have been modified
 
during the twelve months
 
preceding June
30,
 
2025.
 
The
 
past
 
due
 
90
 
days
 
or
 
more
 
categories
 
includes
 
all
 
loans
 
modified
 
classified
 
as
 
non-accruing
 
at
 
the
 
time
 
of
 
the
modification. These
 
loans will
 
continue in
 
non-accrual status,
 
and presented
 
as past
 
due 90
 
days or
 
more, until
 
the borrower
 
has
demonstrated a willingness and
 
ability to make
 
the restructured loan payments
 
(at least six
 
months of sustained
 
performance after
the modification
 
or one
 
year for
 
loans providing
 
for quarterly
 
or semi-annual
 
payments) and
 
management has
 
concluded that
 
it is
probable that the borrower would not be in payment
 
default in the foreseeable future.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
June 30, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE non-owner occupied
$
-
$
-
$
556
$
556
$
4,536
$
5,092
$
448
$
108
CRE owner occupied
386
-
2,583
2,969
43,635
46,604
429
2,154
Commercial and industrial
291
92
2,325
2,708
215,888
218,596
387
1,938
Mortgage
5,765
2,431
18,854
27,050
31,215
58,265
4,876
13,978
Consumer:
 
Credit cards
729
539
1,153
2,421
5,851
8,272
882
271
 
Personal
631
300
2,365
3,296
13,243
16,539
281
2,084
 
Auto
-
-
-
-
135
135
-
-
 
Other
-
-
-
-
5
5
-
-
Total
$
7,802
$
3,362
$
27,836
$
39,000
$
314,508
$
353,508
$
7,303
$
20,533
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular U.S.
 
June 30, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
-
$
-
$
5,791
5,791
$
-
$
-
CRE non-owner occupied
-
-
-
-
58,652
58,652
-
-
Commercial and industrial
-
-
-
-
609
609
-
-
Mortgage
-
-
-
-
1,481
1,481
-
-
Consumer:
 
Personal
17
-
-
17
208
225
-
-
Total
$
17
$
-
$
-
$
17
$
66,741
$
66,758
$
-
$
-
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
59
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Popular Inc.
 
June 30, 2025
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
Commercial multi-family
$
-
$
-
$
-
$
-
$
5,791
$
5,791
$
-
$
-
CRE non-owner occupied
-
-
556
556
63,188
63,744
448
108
CRE owner occupied
386
-
2,583
2,969
43,635
46,604
429
2,154
Commercial and industrial
291
92
2,325
2,708
216,497
219,205
387
1,938
Mortgage
5,765
2,431
18,854
27,050
32,696
59,746
4,876
13,978
Consumer:
 
Credit cards
729
539
1,153
2,421
5,851
8,272
882
271
 
Personal
648
300
2,365
3,313
13,451
16,764
281
2,084
 
Auto
-
-
-
-
135
135
-
-
 
Other
-
-
-
-
5
5
-
-
Total
$
7,819
$
3,362
$
27,836
$
39,017
$
381,249
$
420,266
$
7,303
$
20,533
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments.
 
Payment default is defined as a restructured loan becoming
 
90 days past due after being modified, foreclosed
 
or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
60
The following tables present, by
 
class, the performance of loans
 
that have been modified
 
during the twelve months
 
preceding June
30, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BPPR
 
June 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
$
-
$
-
$
64
$
64
$
-
$
64
$
-
$
64
CRE non-owner occupied
176
-
2,847
3,023
123,280
126,303
-
2,847
CRE owner occupied
335
-
1,976
2,311
187,369
189,680
-
1,976
Commercial and industrial
379
27
16,325
16,731
81,051
97,782
11,994
4,331
Mortgage
8,969
3,596
23,535
36,100
46,337
82,437
4,833
18,702
Consumer:
 
Credit cards
81
174
113
368
1,269
1,637
79
34
 
Personal
78
172
1,461
1,711
5,085
6,796
232
1,229
 
Auto
-
-
48
48
59
107
-
48
 
Other
-
-
25
25
4
29
-
25
Total
$
10,018
$
3,969
$
46,394
$
60,381
$
444,454
$
504,835
$
17,138
$
29,256
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular U.S.
 
June 30, 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
CRE owner occupied
$
-
$
-
$
-
$
-
$
48,948
$
48,948
$
-
$
-
Mortgage
-
-
772
772
919
1,691
-
772
Consumer:
 
Personal
19
24
110
153
164
317
3
107
Total
$
19
$
24
$
882
$
925
$
50,031
$
50,956
$
3
$
879
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular Inc.
 
June 30, 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
$
-
$
-
$
64
$
64
$
-
$
64
$
-
$
64
CRE non-owner occupied
176
-
2,847
3,023
123,280
126,303
-
2,847
CRE owner occupied
335
-
1,976
2,311
236,317
238,628
-
1,976
Commercial and industrial
379
27
16,325
16,731
81,051
97,782
11,994
4,331
Mortgage
8,969
3,596
24,307
36,872
47,256
84,128
4,833
19,474
Consumer:
 
Credit cards
81
174
113
368
1,269
1,637
79
34
 
Personal
97
196
1,571
1,864
5,249
7,113
235
1,336
 
Auto
-
-
48
48
59
107
-
48
 
Other
-
-
25
25
4
29
-
25
Total
$
10,037
$
3,993
$
47,276
$
61,306
$
494,485
$
555,791
$
17,141
$
30,135
[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 June
 
30, 2025
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
CRE non-owner occupied
$
-
$
-
$
448
$
-
$
-
$
448
CRE owner occupied
-
-
254
-
-
254
Commercial and industrial
70
-
-
-
318
388
Mortgage
-
4,478
-
1,256
-
5,734
Consumer:
 
Credit cards
172
-
-
-
771
943
 
Personal
127
105
-
139
-
371
Total
$
369
$
4,583
$
702
$
1,395
$
1,089
$
8,138
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That
 
Subsequently Defaulted During the Six Months Ended
 
June 30, 2025
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
CRE non-owner occupied
$
-
$
-
$
448
$
-
$
-
$
448
CRE owner occupied
-
88
429
-
-
517
Commercial and industrial
99
-
30
-
395
524
Mortgage
-
8,129
-
1,411
-
9,540
Consumer:
 
Credit cards
290
-
-
-
983
1,273
 
Personal
143
105
-
147
-
395
Total
$
532
$
8,322
$
907
$
1,558
$
1,378
$
12,697
 
Amortized Cost Basis of Modified Financing Receivables That
 
Subsequently Defaulted During the Quarter Ended June
 
30, 2024
 
 
62
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Interest Rate
Reduction
Term Extension
Other-Than-
Insignificant
Payment Delays
Combination - Term
Extension and Interest
Rate Reduction
Combination - Other-
Than-Insignificant
Payment Delays and
Interest Rate
Reduction
Total
Commercial and industrial
$
-
$
57
$
22
$
-
$
51
$
130
Mortgage
-
5,012
-
1,246
-
6,258
Consumer:
 
Credit cards
60
-
-
-
76
136
 
Personal
270
-
-
66
-
336
Total
$
330
$
5,069
$
22
$
1,312
$
127
$
6,860
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost Basis of Modified Financing Receivables That
 
Subsequently Defaulted During the Six Months Ended
 
June 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
$
-
$
543
$
-
$
-
$
-
$
543
Commercial and industrial
-
11,936
32
-
76
12,044
Mortgage
-
6,707
-
1,548
-
8,255
Consumer:
 
Credit cards
85
-
-
-
147
232
 
Personal
309
-
-
144
-
453
Total
$
394
$
19,186
$
32
$
1,692
$
223
$
21,527
Credit Quality
The risk
 
rating system
 
provides for
 
the assignment
 
of ratings
 
at the
 
obligor level
 
based on
 
the financial
 
condition of
 
the borrower.
The
 
risk rating
 
analysis process
 
is
 
performed at
 
least
 
once a
 
year
 
or more
 
frequently if
 
events or
 
conditions change
 
which may
deteriorate the credit quality.
 
In the case of
 
consumer and mortgage loans, these
 
loans are classified considering their
 
delinquency
status at the end of the reporting period.
The following tables present the amortized cost basis, net of unearned income, of
 
loans held-in-portfolio based on the Corporation’s
assignment of obligor risk ratings as defined at June 30,
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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
$
5,807
$
49,680
$
36,848
$
134,824
$
20,776
$
49,916
$
107
$
-
$
297,958
Watch
-
-
-
532
-
974
-
-
1,506
Special Mention
-
-
-
-
-
3,052
-
-
3,052
Substandard
-
-
-
-
-
3,847
-
-
3,847
Total commercial
multi-family
$
5,807
$
49,680
$
36,848
$
135,356
$
20,776
$
57,789
$
107
$
-
$
306,363
Commercial real estate non-owner occupied
Pass
$
170,876
$
435,905
$
277,255
$
800,396
$
539,661
$
851,734
$
6,502
$
-
$
3,082,329
Watch
8,463
9,012
2,133
736
4,929
55,975
72
-
81,320
Special Mention
-
-
40,950
150
-
21,642
-
-
62,742
Substandard
-
14,255
8,650
30,652
26,150
23,886
-
-
103,593
Total commercial
real estate non-
owner occupied
$
179,339
$
459,172
$
328,988
$
831,934
$
570,740
$
953,237
$
6,574
$
-
$
3,329,984
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
86
$
-
$
-
$
86
Commercial real estate owner occupied
Pass
$
37,062
$
137,720
$
79,163
$
103,152
$
183,384
$
334,315
$
6,647
$
-
$
881,443
Watch
1,871
14,458
5,509
26,227
21,246
80,797
-
-
150,108
Special Mention
-
-
1,671
16,158
743
11,605
1,461
-
31,638
Substandard
-
361
1,581
45,868
2,600
76,599
11,823
-
138,832
Doubtful
-
-
-
-
-
85
-
-
85
Total commercial
real estate owner
occupied
$
38,933
$
152,539
$
87,924
$
191,405
$
207,973
$
503,401
$
19,931
$
-
$
1,202,106
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
103
$
-
$
-
$
103
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
610,403
$
726,378
$
802,741
$
507,669
$
213,257
$
406,259
$
1,375,443
$
-
$
4,642,150
Watch
24,809
98,741
24,041
69,784
52,631
24,827
114,548
-
409,381
Special Mention
25
20,707
15,190
193
155,494
3,748
15,670
-
211,027
Substandard
4,506
14,137
39,212
77,310
4,268
27,254
165,473
-
332,160
Doubtful
-
-
-
-
-
6
-
-
6
Total commercial
and industrial
$
639,743
$
859,963
$
881,184
$
654,956
$
425,650
$
462,094
$
1,671,134
$
-
$
5,594,724
Year-to-Date gross
write-offs
$
505
$
134
$
209
$
370
$
21
$
207
$
4,332
$
-
$
5,778
Construction
Pass
$
12,476
$
93,063
$
71,433
$
13,614
$
2,392
$
10,344
$
28,788
$
-
$
232,110
Watch
-
-
15,355
-
82
-
-
-
15,437
Substandard
-
-
-
-
5,752
-
-
-
5,752
Total construction
$
12,476
$
93,063
$
86,788
$
13,614
$
8,226
$
10,344
$
28,788
$
-
$
253,299
Mortgage
Pass
$
500,848
$
896,365
$
701,587
$
393,941
$
390,381
$
4,147,454
$
-
$
-
$
7,030,576
Substandard
-
76
2,349
2,923
837
67,245
-
-
73,430
Total mortgage
$
500,848
$
896,441
$
703,936
$
396,864
$
391,218
$
4,214,699
$
-
$
-
$
7,104,006
Year-to-Date gross
write-offs
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
$
985
$
-
$
-
$
985
64
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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
$
401,501
$
606,339
$
415,561
$
304,802
$
174,810
$
72,079
$
-
$
-
$
1,975,092
Substandard
102
947
2,339
2,527
1,318
743
-
-
7,976
Total leasing
$
401,603
$
607,286
$
417,900
$
307,329
$
176,128
$
72,822
$
-
$
-
$
1,983,068
Year-to-Date gross
write-offs
$
96
$
2,005
$
2,801
$
2,692
$
932
$
-
$
-
$
-
$
8,526
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,190,089
$
-
$
1,190,089
Substandard
-
-
-
-
-
-
25,179
-
25,179
Loss
-
-
-
-
-
-
22
-
22
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,215,290
$
-
$
1,215,290
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
38,876
$
-
$
38,876
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,809
$
-
$
1,809
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
1,809
$
-
$
1,809
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
25
$
-
$
25
Personal
Pass
$
463,420
$
565,928
$
361,675
$
187,632
$
73,097
$
94,447
$
-
$
28,023
$
1,774,222
Substandard
23
1,776
3,660
1,823
675
7,307
-
2,295
17,559
Loss
-
128
173
59
61
8
-
-
429
Total Personal
$
463,443
$
567,832
$
365,508
$
189,514
$
73,833
$
101,762
$
-
$
30,318
$
1,792,210
Year-to-Date gross
write-offs
$
55
$
7,261
$
19,056
$
10,308
$
2,754
$
1,137
$
-
$
935
$
41,506
Auto
Pass
$
631,487
$
1,141,753
$
823,831
$
563,712
$
402,200
$
249,272
$
-
$
-
$
3,812,255
Substandard
559
10,807
13,078
10,413
7,488
7,015
-
-
49,360
Loss
-
17
57
8
-
5
-
-
87
Total Auto
$
632,046
$
1,152,577
$
836,966
$
574,133
$
409,688
$
256,292
$
-
$
-
$
3,861,702
Year-to-Date gross
write-offs
$
907
$
14,215
$
9,433
$
6,088
$
2,823
$
1,008
$
-
$
-
$
34,474
Other consumer
Pass
$
11,209
$
26,344
$
27,484
$
17,591
$
8,930
$
4,052
$
62,591
$
-
$
158,201
Substandard
-
-
221
105
-
55
264
-
645
Loss
-
-
-
1,026
550
-
-
-
1,576
Total Other
consumer
$
11,209
$
26,344
$
27,705
$
18,722
$
9,480
$
4,107
$
62,855
$
-
$
160,422
Year-to-Date gross
write-offs
$
12
$
159
$
152
$
158
$
115
$
984
$
-
$
-
$
1,580
Total BPPR
$
2,885,447
$
4,864,897
$
3,773,747
$
3,313,827
$
2,293,712
$
6,636,547
$
3,006,488
$
30,318
$
26,804,983
 
 
65
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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
$
220,110
$
141,968
$
158,579
$
463,959
$
304,759
$
713,040
$
7,845
$
-
$
2,010,260
Watch
-
-
-
19,739
24,169
124,218
-
-
168,126
Special Mention
-
-
-
7,922
-
-
-
-
7,922
Substandard
-
-
-
2,742
-
25,376
-
-
28,118
Total commercial
multi-family
$
220,110
$
141,968
$
158,579
$
494,362
$
328,928
$
862,634
$
7,845
$
-
$
2,214,426
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
134,448
$
184,579
$
311,357
$
474,945
$
168,109
$
650,531
$
9,897
$
-
$
1,933,866
Watch
10,300
8,875
10,900
11,365
9,221
85,023
-
-
135,684
Substandard
-
-
1,937
13,105
5,830
100,718
250
-
121,840
Total commercial
real estate non-
owner occupied
$
144,748
$
193,454
$
324,194
$
499,415
$
183,160
$
836,272
$
10,147
$
-
$
2,191,390
Commercial real estate owner occupied
Pass
$
182,187
$
256,245
$
256,523
$
265,347
$
267,836
$
283,143
$
8,454
$
-
$
1,519,735
Watch
-
13,500
25,370
7,838
859
55,575
-
-
103,142
Special Mention
-
18,056
-
38,063
-
22,984
-
-
79,103
Substandard
-
-
-
16,310
2,557
80,902
-
-
99,769
Total commercial
real estate owner
occupied
$
182,187
$
287,801
$
281,893
$
327,558
$
271,252
$
442,604
$
8,454
$
-
$
1,801,749
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
26
$
-
$
-
$
26
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
Pass
$
128,135
$
324,089
$
288,628
$
319,633
$
290,456
$
714,577
$
245,021
$
-
$
2,310,539
Watch
-
-
5,203
38,038
24,093
38,311
5,940
-
111,585
Special Mention
-
-
3,909
4,822
427
215
1,906
-
11,279
Substandard
-
2,623
274
-
196
1,509
11,023
-
15,625
Total commercial
and industrial
$
128,135
$
326,712
$
298,014
$
362,493
$
315,172
$
754,612
$
263,890
$
-
$
2,449,028
Year-to-Date gross
write-offs
$
-
$
552
$
-
$
-
$
599
$
7
$
38
$
-
$
1,196
Construction
Pass
$
153,767
$
373,195
$
503,352
$
62,476
$
-
$
6,030
$
11,641
$
-
$
1,110,461
Watch
324
3,945
4,615
67,330
-
7,057
-
-
83,271
Special Mention
-
-
12,568
-
-
-
-
-
12,568
Substandard
-
-
-
8,602
-
-
-
-
8,602
Total construction
$
154,091
$
377,140
$
520,535
$
138,408
$
-
$
13,087
$
11,641
$
-
$
1,214,902
Mortgage
Pass
$
82,666
$
89,746
$
86,297
$
209,953
$
267,057
$
576,649
$
-
$
-
$
1,312,368
Substandard
-
-
644
-
-
27,409
-
-
28,053
Total mortgage
$
82,666
$
89,746
$
86,941
$
209,953
$
267,057
$
604,058
$
-
$
-
$
1,340,421
66
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
3
$
-
$
3
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
3
$
-
$
3
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,408
$
56,341
$
10,802
$
72,551
Substandard
-
-
-
-
-
1,478
13
558
2,049
Loss
-
-
-
-
-
164
-
906
1,070
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,050
$
56,354
$
12,266
$
75,670
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
46
$
-
$
46
Personal
Pass
$
11,637
$
22,435
$
16,958
$
25,006
$
5,594
$
1,530
$
-
$
-
$
83,160
Substandard
-
231
228
251
49
279
-
-
1,038
Loss
-
-
7
-
-
48
-
-
55
Total Personal
$
11,637
$
22,666
$
17,193
$
25,257
$
5,643
$
1,857
$
-
$
-
$
84,253
Year-to-Date gross
write-offs
$
-
$
1,158
$
1,379
$
2,535
$
437
$
37
$
-
$
-
$
5,546
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
8,353
$
-
$
8,353
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
8,353
$
-
$
8,353
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
42
$
-
$
42
Total Popular U.S.
$
923,574
$
1,439,487
$
1,687,349
$
2,057,446
$
1,371,212
$
3,522,174
$
366,687
$
12,266
$
11,380,195
 
67
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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
$
225,917
$
191,648
$
195,427
$
598,783
$
325,535
$
762,956
$
7,952
$
-
$
2,308,218
Watch
-
-
-
20,271
24,169
125,192
-
-
169,632
Special Mention
-
-
-
7,922
-
3,052
-
-
10,974
Substandard
-
-
-
2,742
-
29,223
-
-
31,965
Total commercial
multi-family
$
225,917
$
191,648
$
195,427
$
629,718
$
349,704
$
920,423
$
7,952
$
-
$
2,520,789
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
563
$
-
$
-
$
563
Commercial real estate non-owner occupied
Pass
$
305,324
$
620,484
$
588,612
$
1,275,341
$
707,770
$
1,502,265
$
16,399
$
-
$
5,016,195
Watch
18,763
17,887
13,033
12,101
14,150
140,998
72
-
217,004
Special Mention
-
-
40,950
150
-
21,642
-
-
62,742
Substandard
-
14,255
10,587
43,757
31,980
124,604
250
-
225,433
Total commercial
real estate non-
owner occupied
$
324,087
$
652,626
$
653,182
$
1,331,349
$
753,900
$
1,789,509
$
16,721
$
-
$
5,521,374
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
86
$
-
$
-
$
86
Commercial real estate owner occupied
Pass
$
219,249
$
393,965
$
335,686
$
368,499
$
451,220
$
617,458
$
15,101
$
-
$
2,401,178
Watch
1,871
27,958
30,879
34,065
22,105
136,372
-
-
253,250
Special Mention
-
18,056
1,671
54,221
743
34,589
1,461
-
110,741
Substandard
-
361
1,581
62,178
5,157
157,501
11,823
-
238,601
Doubtful
-
-
-
-
-
85
-
-
85
Total commercial
real estate owner
occupied
$
221,120
$
440,340
$
369,817
$
518,963
$
479,225
$
946,005
$
28,385
$
-
$
3,003,855
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
129
$
-
$
-
$
129
Commercial and industrial
Pass
$
738,538
$
1,050,467
$
1,091,369
$
827,302
$
503,713
$
1,120,836
$
1,620,464
$
-
$
6,952,689
Watch
24,809
98,741
29,244
107,822
76,724
63,138
120,488
-
520,966
Special Mention
25
20,707
19,099
5,015
155,921
3,963
17,576
-
222,306
Substandard
4,506
16,760
39,486
77,310
4,464
28,763
176,496
-
347,785
Doubtful
-
-
-
-
-
6
-
-
6
Total commercial
and industrial
$
767,878
$
1,186,675
$
1,179,198
$
1,017,449
$
740,822
$
1,216,706
$
1,935,024
$
-
$
8,043,752
Year-to-Date gross
write-offs
$
505
$
686
$
209
$
370
$
620
$
214
$
4,370
$
-
$
6,974
 
68
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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
$
166,243
$
466,258
$
574,785
$
76,090
$
2,392
$
16,374
$
40,429
$
-
$
1,342,571
Watch
324
3,945
19,970
67,330
82
7,057
-
-
98,708
Special Mention
-
-
12,568
-
-
-
-
-
12,568
Substandard
-
-
-
8,602
5,752
-
-
-
14,354
Total construction
$
166,567
$
470,203
$
607,323
$
152,022
$
8,226
$
23,431
$
40,429
$
-
$
1,468,201
Mortgage
Pass
$
583,514
$
986,111
$
787,884
$
603,894
$
657,438
$
4,724,103
$
-
$
-
$
8,342,944
Substandard
-
76
2,993
2,923
837
94,654
-
-
101,483
Total mortgage
$
583,514
$
986,187
$
790,877
$
606,817
$
658,275
$
4,818,757
$
-
$
-
$
8,444,427
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
985
$
-
$
-
$
985
Leasing
Pass
$
401,501
$
606,339
$
415,561
$
304,802
$
174,810
$
72,079
$
-
$
-
$
1,975,092
Substandard
102
947
2,339
2,527
1,318
743
-
-
7,976
Total leasing
$
401,603
$
607,286
$
417,900
$
307,329
$
176,128
$
72,822
$
-
$
-
$
1,983,068
Year-to-Date gross
write-offs
$
96
$
2,005
$
2,801
$
2,692
$
932
$
-
$
-
$
-
$
8,526
69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 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
$
-
$
-
$
-
$
-
$
-
$
-
$
1,190,092
$
-
$
1,190,092
Substandard
-
-
-
-
-
-
25,179
-
25,179
Loss
-
-
-
-
-
-
22
-
22
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,215,293
$
-
$
1,215,293
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
38,876
$
-
$
38,876
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,408
$
58,150
$
10,802
$
74,360
Substandard
-
-
-
-
-
1,478
13
558
2,049
Loss
-
-
-
-
-
164
-
906
1,070
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,050
$
58,163
$
12,266
$
77,479
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
71
$
-
$
71
Personal
Pass
$
475,057
$
588,363
$
378,633
$
212,638
$
78,691
$
95,977
$
-
$
28,023
$
1,857,382
Substandard
23
2,007
3,888
2,074
724
7,586
-
2,295
18,597
Loss
-
128
180
59
61
56
-
-
484
Total Personal
$
475,080
$
590,498
$
382,701
$
214,771
$
79,476
$
103,619
$
-
$
30,318
$
1,876,463
Year-to-Date gross
write-offs
$
55
$
8,419
$
20,435
$
12,843
$
3,191
$
1,174
$
-
$
935
$
47,052
Auto
Pass
$
631,487
$
1,141,753
$
823,831
$
563,712
$
402,200
$
249,272
$
-
$
-
$
3,812,255
Substandard
559
10,807
13,078
10,413
7,488
7,015
-
-
49,360
Loss
-
17
57
8
-
5
-
-
87
Total Auto
$
632,046
$
1,152,577
$
836,966
$
574,133
$
409,688
$
256,292
$
-
$
-
$
3,861,702
Year-to-Date gross
write-offs
$
907
$
14,215
$
9,433
$
6,088
$
2,823
$
1,008
$
-
$
-
$
34,474
Other consumer
Pass
$
11,209
$
26,344
$
27,484
$
17,591
$
8,930
$
4,052
$
70,944
$
-
$
166,554
Substandard
-
-
221
105
-
55
264
-
645
Loss
-
-
-
1,026
550
-
-
-
1,576
Total Other
consumer
$
11,209
$
26,344
$
27,705
$
18,722
$
9,480
$
4,107
$
71,208
$
-
$
168,775
Year-to-Date gross
write-offs
$
12
$
159
$
152
$
158
$
115
$
984
$
42
$
-
$
1,622
Total Popular Inc.
$
3,809,021
$
6,304,384
$
5,461,096
$
5,371,273
$
3,664,924
$
10,158,721
$
3,373,175
$
42,584
$
38,185,178
 
 
 
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 – Mortgage banking activities
Income
 
from
 
mortgage
 
banking
 
activities
 
includes
 
mortgage
 
servicing
 
fees
 
earned
 
in
 
connection
 
with
 
administering
 
residential
mortgage
 
loans
 
and
 
valuation
 
adjustments
 
on
 
mortgage
 
servicing
 
rights.
 
It
 
also
 
includes
 
gain
 
on
 
sales
 
and
 
securitizations
 
of
residential mortgage
 
loans, losses
 
on repurchased
 
loans, including
 
interest advances,
 
and trading
 
gains and
 
losses on
 
derivative
contracts
 
used
 
to
 
hedge
 
the
 
Corporation’s
 
securitization
 
activities.
 
In
 
addition,
 
fair
 
value
 
valuation
 
adjustments
 
to
 
residential
mortgage loans held for sale, if any, are recorded as part of the mortgage
 
banking activities.
The following table presents the components of mortgage
 
banking activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2025
2024
2025
2024
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees
$
6,912
$
7,602
$
14,080
$
15,353
Mortgage servicing rights fair value adjustments
(1,954)
(1,945)
(5,524)
(5,384)
Total mortgage
 
servicing fees, net of fair value adjustments
4,958
5,657
8,556
9,969
Net (loss) gain on sale of loans, including valuation on
 
loans held-for-sale
(37)
2
156
76
Trading account (loss) profit:
Unrealized (losses) gains on outstanding derivative positions
(8)
56
(95)
157
Realized (losses) gains on closed derivative positions
(10)
9
(9)
12
Total trading account
 
(loss) profit
 
(18)
65
(104)
169
Losses on repurchased loans, including interest advances
(31)
(1)
(47)
(131)
Total mortgage
 
banking activities
$
4,872
$
5,723
$
8,561
$
10,083
 
 
 
79
Note 10 – Transfers of financial assets and mortgage servicing assets
The
 
Corporation
 
typically
 
transfers
 
conforming
 
residential
 
mortgage
 
loans
 
in
 
conjunction
 
with
 
GNMA,
 
FNMA
 
and
 
FHLMC
securitization transactions
 
whereby the
 
loans are
 
exchanged for
 
cash or
 
securities and
 
servicing rights.
 
As seller,
 
the Corporation
has made
 
certain representations
 
and warranties
 
with respect
 
to the
 
originally transferred
 
loans and,
 
in the
 
past,
 
has sold
 
certain
loans
 
with
 
credit
 
recourse
 
to
 
a
 
government-sponsored
 
entity,
 
namely
 
FNMA.
 
Refer
 
to
 
Note
 
19
 
to
 
the
 
Consolidated
 
Financial
Statements for a description of such arrangements.
 
No
 
liabilities were
 
incurred as
 
a result
 
of these
 
securitizations during the
 
quarters and
 
six months
 
ended June 30,
 
2025 and
 
2024
because they did not contain any credit recourse
 
arrangements.
 
The
 
following tables
 
present the
 
initial fair
 
value of
 
the
 
assets obtained
 
as
 
proceeds from
 
residential mortgage
 
loans securitized
during the quarters and six months ended June 30,
 
2025 and 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Quarter Ended June 30, 2025
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
2,581
$
-
$
2,581
Mortgage-backed securities - FNMA
-
2,553
-
2,553
Total trading account
 
debt securities
$
-
$
5,134
$
-
$
5,134
Mortgage servicing rights
$
-
$
-
$
92
$
92
Total
 
$
-
$
5,134
$
92
$
5,226
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Six months Ended June
 
30, 2025
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
2,581
$
-
$
2,581
Mortgage-backed securities - FNMA
-
4,271
-
4,271
Total trading account
 
debt securities
$
-
$
6,852
$
-
$
6,852
Mortgage servicing rights
$
-
$
-
$
135
$
135
Total
 
$
-
$
6,852
$
135
$
6,987
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Quarter Ended June 30, 2024
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - FNMA
$
-
$
2,601
$
-
$
2,601
Total trading account
 
debt securities
$
-
$
2,601
$
-
$
2,601
Mortgage servicing rights
$
-
$
-
$
72
$
72
Total
 
$
-
$
2,601
$
72
$
2,673
 
80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds Obtained During the Six months Ended June
 
30, 2024
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - GNMA
$
-
$
1,100
$
-
$
1,100
Mortgage-backed securities - FNMA
-
3,706
-
3,706
Total trading account
 
debt securities
$
-
$
4,806
$
-
$
4,806
Mortgage servicing rights
$
-
$
-
$
117
$
117
Total
 
$
-
$
4,806
$
117
$
4,923
During the
 
six months
 
ended June 30,
 
2025, the
 
Corporation retained servicing
 
rights on
 
whole loan sales
 
involving $
15
 
million in
principal balance
 
outstanding (June
 
30, 2024
 
- $
23
 
million), with
 
net realized
 
gains of
 
$
0.4
 
million (June
 
30, 2024
 
- gains
 
of $
0.5
million). All loan sales performed during the six months
 
ended June 30, 2025 and 2024 were without
 
credit recourse agreements.
 
The Corporation recognizes as assets the rights to service loans for others,
 
whether these rights are purchased or result from asset
transfers such as sales and securitizations. These mortgage
 
servicing rights (“MSRs”) are measured at
 
fair value.
The
 
Corporation
 
uses
 
a
 
discounted
 
cash
 
flow
 
model
 
to
 
estimate
 
the
 
fair
 
value
 
of
 
MSRs.
 
The
 
discounted
 
cash
 
flow
 
model
incorporates
 
assumptions
 
that
 
market
 
participants
 
would
 
use
 
in
 
estimating
 
future
 
net
 
servicing
 
income,
 
including
 
estimates
 
of
prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, prepayment and late
fees, among other considerations. Prepayment speeds are
 
adjusted for the loans’ characteristics and portfolio behavior.
 
The following table
 
presents the changes
 
in MSRs measured
 
using the fair
 
value method for
 
the six months
 
ended June 30,
 
2025
and 2024.
 
81
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential MSRs
(In thousands)
June 30, 2025
June 30, 2024
Fair value at beginning of period
$
108,103
$
118,109
Additions
498
661
Changes due to payments on loans
 
[1]
(4,326)
(4,435)
Reduction due to loan repurchases
(221)
(247)
Changes in fair value due to changes in valuation model inputs
 
or assumptions
(977)
(702)
Fair value at end of period
 
[2]
$
103,077
$
113,386
[1] Represents changes due to collection / realization
 
of expected cash flows over time.
[2] At June 30, 2025, PB had MSRs amounting to $
1.8
 
million (June 30, 2024 - $
1.9
 
million).
Residential mortgage loans serviced for others were $
8.6
 
billion at June 30, 2025 (December 31, 2024
 
-$
9.0
 
billion).
Net mortgage servicing fees, a component of mortgage banking activities in the Consolidated Statements of Operations, include the
changes from period to period in the fair value of the MSRs, including changes due to collection / realization of expected cash flows.
The banking
 
subsidiaries receive servicing
 
fees based
 
on a
 
percentage of the
 
outstanding loan balance.
 
These servicing fees
 
are
credited to income
 
when they are collected.
 
At June 30,
 
2025, those weighted average
 
mortgage servicing fees were
0.32
% (June
30, 2024 -
0.32
%). Under these servicing agreements, the banking
 
subsidiaries do not generally earn significant prepayment
 
penalty
fees on the underlying loans serviced.
The section
 
below includes
 
information on
 
assumptions used
 
in the
 
valuation model
 
of the
 
MSRs, originated
 
and purchased.
 
Key
economic assumptions used
 
in measuring the
 
servicing rights derived
 
from loans securitized
 
or sold by
 
the Corporation during
 
the
quarters and six months ended June 30, 2025 and
 
2024 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended
Six months ended
 
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
BPPR
PB
BPPR
PB
BPPR
PB
BPPR
PB
Prepayment speed
5.9
%
5.8
%
6.9
%
6.3
%
6.8
%
6.0
%
6.4
%
6.2
%
Weighted average life (in years)
10.4
8.8
9.2
8.6
9.8
8.8
9.4
8.7
Discount rate (annual rate)
9.5
%
12.9
%
9.8
%
12.9
%
9.7
%
12.9
%
9.6
%
12.7
%
Key
 
economic
 
assumptions
 
used
 
to
 
estimate
 
the
 
fair
 
value
 
of
 
MSRs
 
derived
 
from
 
sales
 
and
 
securitizations
 
of
 
mortgage
 
loans
performed
 
by
 
the
 
banking
 
subsidiaries
 
and
 
servicing
 
rights
 
purchased
 
from
 
other
 
financial
 
institutions,
 
and
 
the
 
sensitivity
 
to
immediate changes in those assumptions, were as follows
 
as of the end of the periods reported:
82
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Originated MSRs
Purchased MSRs
June 30,
December 31,
June 30,
December 31,
 
(In thousands)
2025
2024
2025
2024
Fair value of servicing rights
$
33,734
$
34,019
$
69,343
$
74,084
Weighted average life (in years)
6.4
6.4
6.6
6.6
Weighted average prepayment speed (annual
 
rate)
5.6
%
5.8
%
6.9
%
6.9
%
Impact on fair value of 10% adverse change
$
(658)
$
(667)
$
(1,346)
$
(1,448)
Impact on fair value of 20% adverse change
$
(1,289)
$
(1,308)
$
(2,641)
$
(2,840)
Weighted average discount rate (annual rate)
11.3
%
11.4
%
10.9
%
10.8
%
Impact on fair value of 10% adverse change
$
(1,245)
$
(1,267)
$
(2,496)
$
(2,689)
Impact on fair value of 20% adverse change
$
(2,410)
$
(2,451)
$
(4,837)
$
(5,211)
The sensitivity analyses presented in the table above for servicing rights are hypothetical and should be used with caution. As the
figures indicate, changes in fair value based on a 10 and 20 percent variation in assumptions generally cannot be extrapolated
because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the sensitivity tables
included herein the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without
changing any other assumption. In reality, changes in one factor may result in changes in another (for example, increases in market
interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivity.
At
 
June
 
30,
 
2025,
 
the
 
Corporation
 
serviced
 
$
460
 
million
 
in
 
residential
 
mortgage
 
loans
 
with
 
credit
 
recourse
 
to
 
the
 
Corporation
(December 31, 2024
 
- $
495
 
million). Also refer
 
to Note
 
19 to
 
the Consolidated Financial
 
Statements for information
 
on changes in
the Corporation’s liability of estimated losses related
 
to loans serviced with credit recourse.
During the
 
six months
 
ended June
 
30, 2025,
 
the Corporation
 
repurchased $
17
 
million (June
 
30, 2024
 
- $
18
 
million) of
 
mortgage
loans from
 
its GNMA
 
servicing portfolio.
 
The determination
 
to repurchase
 
these loans
 
was based
 
on the
 
economic benefits
 
of the
transaction, which
 
results in
 
a reduction
 
of the
 
servicing costs
 
for these
 
severely delinquent
 
loans, mainly
 
related to
 
principal and
interest advances. The
 
risk associated with
 
the loans is
 
reduced due to
 
their guaranteed nature.
 
The Corporation may place
 
these
loans under modification
 
programs offered by
 
FHA, VA
 
or United States
 
Department of Agriculture (USDA)
 
or other loss
 
mitigation
programs offered by the Corporation,
 
and once brought back to current status, these may be either
 
retained in portfolio or re-sold in
the secondary market.
 
 
 
 
 
83
Note 11 – Other real estate owned
The following tables present the activity related to Other
 
Real Estate Owned (“OREO”),
 
for the quarters
 
and six months ended June
30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
7,111
$
45,003
$
52,114
Write-downs in value
(835)
(516)
(1,351)
Additions
314
7,908
8,222
Sales
(693)
(12,145)
(12,838)
Other adjustments
-
(21)
(21)
Ending balance
$
5,897
$
40,229
$
46,126
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarter ended June 30, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
15,962
$
64,580
$
80,542
Write-downs in value
(1,039)
(427)
(1,466)
Additions
516
12,146
12,662
Sales
(6,011)
(15,502)
(21,513)
Ending balance
$
9,428
$
60,797
$
70,225
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
8,424
$
48,844
$
57,268
Write-downs in value
(864)
(1,715)
(2,579)
Additions
571
16,697
17,268
Sales
(2,234)
(23,374)
(25,608)
Other adjustments
-
(223)
(223)
Ending balance
$
5,897
$
40,229
$
46,126
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 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
(1,064)
(711)
(1,775)
Additions
5,860
24,782
30,642
Sales
(6,557)
(32,436)
(38,993)
Other adjustments
-
(65)
(65)
Ending balance
$
9,428
$
60,797
$
70,225
 
 
84
Note 12 − Other assets
The caption of other assets in the Consolidated
 
Statements of Financial Condition consists of the
 
following major categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
December 31, 2024
Net deferred tax assets (net of valuation allowance)
$
862,089
$
926,329
Investments under the equity method
244,510
251,537
Prepaid taxes
63,677
42,909
Other prepaid expenses
31,982
28,376
Capitalized software costs
169,583
136,442
Derivative assets
24,792
25,975
Trades receivable from brokers and counterparties
880
588
Receivables from investments maturities
-
14,600
Principal, interest and escrow servicing advances
35,818
43,793
Guaranteed mortgage loan claims receivable
13,084
17,226
Operating ROU assets (Note 27)
89,253
93,389
Finance ROU assets (Note 27)
17,685
19,174
Assets for pension benefit
34,503
33,233
Others
157,196
164,188
Total other assets
$
1,745,052
$
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
June 30, 2025
Software development costs
$
83,809
$
29,575
$
54,234
Software license costs
52,630
26,924
25,706
Cloud computing arrangements
98,766
9,123
89,643
Total Capitalized
 
software costs [1] [2]
$
235,205
$
65,622
$
169,583
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:
85
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six
 
months ended June 30,
(In thousands)
2025
2024
2025
2024
Software development and license costs
$
22,254
$
18,612
$
43,982
$
36,313
Cloud computing arrangements
1,462
666
2,828
1,538
Total amortization
 
expense
$
23,716
$
19,278
$
46,810
$
37,851
 
 
 
86
Note 13 – Goodwill and other intangible assets
 
Goodwill
There were
no
 
changes in the carrying amount of goodwill
 
for the quarters and six months ended June 30, 2025
 
and 2024.
 
The following tables present the gross amount
 
of goodwill and accumulated impairment losses
 
by reportable segment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
Balance at
Balance at
June 30,
Accumulated
June 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
196,411
368,045
Total Popular,
 
Inc.
 
$
1,003,166
$
200,212
$
802,954
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
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
June 30, 2025
Core deposits
$
12,810
$
12,810
$
-
Other customer relationships
14,286
9,202
5,084
Total other intangible
 
assets
$
27,096
$
22,012
$
5,084
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 June 30, 2025, the Corporation recognized
 
$
0.4
 
million in amortization expense related to other intangible
assets
 
with
 
definite
 
useful
 
lives
 
(June
 
30,
 
2024
 
-
 
$
0.7
 
million).
 
During
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2025,
 
the
 
Corporation
recognized $
1.0
 
million in amortization related to other intangible
 
assets with definite useful lives (June
 
30, 2024 - $
1.5
 
million).
 
The following
 
table presents
 
the estimated
 
amortization of
 
the intangible
 
assets with
 
definite useful
 
lives for
 
each of
 
the following
periods:
87
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Remaining 2025
$
768
Year 2026
1,440
Year 2027
959
Year 2028
959
Year 2029
958
 
88
Note 14 – Deposits
Total deposits as of the end of the periods presented consisted of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
December 31, 2024
Savings accounts
$
14,337,808
$
14,224,271
NOW, money market and other interest
 
-bearing demand deposits
28,166,283
26,507,637
Total savings, NOW,
 
money market and other interest-bearing demand deposits
42,504,091
40,731,908
Certificates of deposit:
Under $250,000
5,580,334
5,383,331
$250,000 and over
4,018,452
3,629,551
 
Total certificates
 
of deposit
9,598,786
9,012,882
Total interest-bearing
 
deposits
$
52,102,877
$
49,744,790
Non- interest-bearing deposits
$
15,114,614
$
15,139,555
Total deposits
$
67,217,491
$
64,884,345
A summary of certificates of deposits by maturity at
 
June 30, 2025 follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
$
4,645,684
2026
2,633,316
2027
823,872
2028
666,327
2029
446,123
2030 and thereafter
383,464
Total certificates of
 
deposit
$
9,598,786
At June 30, 2025, the Corporation had brokered
 
deposits amounting to $
1.7
 
billion (December 31, 2024 - $
1.6
 
billion).
The aggregate amount
 
of overdrafts in
 
demand deposit accounts that
 
were reclassified to
 
loans was $
6.4
 
million at June
 
30, 2025
(December 31, 2024 - $
10.4
 
million).
At
 
June
 
30,
 
2025,
 
Puerto
 
Rico
 
government
 
deposits
 
amounted
 
to
 
$
20.9
 
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.
 
89
Note 15 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted
 
to $
56
 
million at June 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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
December 31, 2024
Repurchase
Repurchase
(In thousands)
 
liability
 
liability
U.S. Treasury securities
Within 30 days
$
27,789
$
22,591
After 30 to 90 days
23,781
13,813
Total U.S. Treasury
 
securities
51,570
36,404
Mortgage-backed securities
 
Within 30 days
4,473
4,924
 
After 30 to 90 days
-
13,505
Total mortgage-backed
 
securities
4,473
18,429
Total
$
56,043
$
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 June 30,
 
2025 and December 31,
 
2024, other short-term
 
borrowings consisted of
 
$
550
 
million and $
225
 
million, respectively,
 
in
FHLB Advances.
 
 
90
Notes Payable
The following table presents the composition of notes
 
payable at June 30, 2025 and December
 
31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 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
%
$
214,200
$
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 $
4,135
395,865
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 $
248
198,386
198,373
Total notes payable
$
808,451
$
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 June 30, 2025 is included in the
 
table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under
 
Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2025
$
56,043
$
550,000
$
55,692
$
661,735
2026
-
-
74,500
74,500
2028
-
-
440,215
440,215
2029
-
-
39,658
39,658
Later years
-
-
198,386
198,386
Total borrowings
$
56,043
$
550,000
$
808,451
$
1,414,494
At June 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 $
0.8
 
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
 
June 30,
 
2025, the Corporation
 
had borrowing facilities
 
at the
 
discount window of
 
the Federal
 
Reserve Bank of
 
New York
amounting to
 
$
10.8
 
billion (December 31,
 
2024 -
 
$
7.0
 
billion), which remained
 
unused at June
 
30, 2025
 
and December
 
31, 2024.
 
The facilities are a collateralized source of credit
 
that is highly dependable even under difficult market conditions.
 
91
Note 16 − Other liabilities
The caption of other liabilities in the Consolidated
 
Statements of Financial Condition consists of the
 
following major categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
December 31, 2024
Accrued expenses
$
333,826
$
334,145
Accrued interest payable
63,307
60,723
Accounts payable
100,842
91,218
Dividends payable
47,826
49,546
Trades payable
593,949
495,139
Liability for GNMA loans sold with an option to repurchase
8,097
9,108
Reserves for loan indemnifications
2,331
2,779
Reserve for operational losses
28,699
29,465
Operating lease liabilities (Note 27)
98,575
103,198
Finance lease liabilities (Note 27)
21,316
23,141
Pension benefit obligation
5,684
5,816
Postretirement benefit obligation
98,219
99,172
Others
76,416
68,396
Total other liabilities
$
1,479,087
$
1,371,846
92
Note 17 – Stockholders’ equity
 
As of June 30, 2025, stockholders’ equity totaled $
6.0
 
billion. During the six months ended June 30, 2025, the Corporation declared
cash dividends of $
1.40
 
(2024 - $
1.24
) per common share amounting to
 
$
96.2
 
million (2024 - $
89.7
 
million). The quarterly dividend
of $
0.70
 
per share declared to stockholders of record as
 
of the close of business on
May 29, 2025
 
was paid on
July 1, 2025
.
During
 
the
 
quarter
 
ended
 
June
 
30,
 
2025,
 
the
 
Corporation
 
completed
 
the
 
repurchase
 
of
1,136,390
 
shares
 
of
 
common
 
stock
 
for
$
112.0
 
million at an
 
average price of $
98.54
 
per share. As
 
of June 30, 2025,
 
a total of
 
$
451.5
 
million has been repurchased
 
under
the common stock repurchase program of up
 
to $
500
 
million announced by the Corporation on July
 
24, 2024.
On July 16, 2025, the Corporation announced the following actions as part of its capital plan: (i) an increase in
 
its quarterly common
stock dividend from $
0.70
 
per share to $
0.75
 
per share, beginning with the dividend payable in the fourth quarter of 2025, subject to
approval by its Board of Directors, and (ii) a new
 
common stock repurchase program of up to $
500
 
million.
93
Note 18 – Other comprehensive income
The following
 
table presents changes
 
in accumulated other
 
comprehensive income by
 
component for the
 
quarters and six
 
months
ended June 30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Accumulated Other Comprehensive Loss
 
by Component [1]
Quarters ended
Six
 
months ended
June 30,
June 30,
(In thousands)
2025
2024
2025
2024
Foreign currency translation
Beginning Balance
$
(78,011)
$
(68,548)
$
(71,365)
$
(64,528)
Other comprehensive income (loss)
7,499
165
854
(3,855)
Net change
7,499
165
854
(3,855)
Ending balance
$
(70,512)
$
(68,383)
$
(70,511)
$
(68,383)
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
(93,271)
$
(115,632)
$
(94,692)
$
(117,894)
Amounts reclassified from accumulated other
comprehensive loss for amortization of net losses
1,420
2,261
2,841
4,522
Net change
1,420
2,261
2,841
4,522
Ending balance
$
(91,851)
$
(113,371)
$
(91,851)
$
(113,372)
Unrealized net holding losses
on debt securities
Beginning Balance
$
(1,318,705)
$
(1,749,006)
$
(1,495,183)
$
(1,713,109)
Other comprehensive income (loss)
48,417
16,941
188,646
(54,163)
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
36,994
35,537
73,242
70,745
Net change
85,411
52,478
261,888
16,582
Ending balance
$
(1,233,294)
$
(1,696,528)
$
(1,233,295)
$
(1,696,527)
Total
 
$
(1,395,657)
$
(1,878,282)
$
(1,395,657)
$
(1,878,282)
[1]
 
All amounts presented are net of tax.
 
94
The following
 
table presents
 
the amounts
 
reclassified out
 
of each
 
component of
 
accumulated other comprehensive
 
income during
the quarters and six months ended June 30, 2025
 
and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclassifications Out of Accumulated Other Comprehensive
 
Loss
Quarters ended
 
Six
 
months ended
Affected Line Item in the
 
June 30,
June 30,
(In thousands)
Consolidated Statements of Operations
2025
2024
2025
2024
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
(2,272)
$
(3,618)
$
(4,545)
$
(7,236)
Total before tax
(2,272)
(3,618)
(4,545)
(7,236)
Income tax benefit
852
1,357
1,704
2,714
Total net of tax
$
(1,420)
$
(2,261)
$
(2,841)
$
(4,522)
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
$
(46,242)
$
(44,421)
$
(91,552)
$
(88,430)
Total before tax
(46,242)
(44,421)
(91,552)
(88,430)
Income tax expense
9,248
8,884
18,310
17,685
Total net of tax
$
(36,994)
$
(35,537)
$
(73,242)
$
(70,745)
Total reclassification
 
adjustments, net of tax
$
(38,414)
$
(37,798)
$
(76,083)
$
(75,267)
 
95
Note 19 – Guarantees
The Corporation
 
has obligations
 
upon the
 
occurrence of
 
certain events
 
under financial
 
guarantees provided
 
in certain
 
contractual
agreements.
 
Also,
 
from
 
time
 
to
 
time,
 
the
 
Corporation
 
securitized
 
mortgage
 
loans
 
into
 
guaranteed
 
mortgage-backed
 
securities
subject in certain instances, to
 
lifetime credit recourse on the
 
loans that serve as collateral
 
for the mortgage-backed securities. The
Corporation has
 
not sold
 
any mortgage
 
loans subject
 
to credit
 
recourse since
 
2009. Also,
 
from time
 
to time,
 
the Corporation
 
may
sell, in
 
bulk sale
 
transactions, residential
 
mortgage loans
 
and Small
 
Business Administration
 
(“SBA”) commercial
 
loans subject
 
to
credit
 
recourse
 
or
 
to
 
certain
 
representations
 
and
 
warranties
 
from
 
the
 
Corporation
 
to
 
the
 
purchaser.
 
These
 
representations
 
and
warranties may
 
relate, for
 
example, to
 
borrower creditworthiness,
 
loan documentation,
 
collateral,
 
prepayment and
 
early payment
defaults. The
 
Corporation may
 
be required
 
to
 
repurchase the
 
loans under
 
the credit
 
recourse agreements
 
or
 
representation and
warranties
At June 30, 2025, the Corporation serviced $
460
 
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. The
 
maximum
 
potential amount
 
of
 
future payments
 
that
 
the
 
Corporation
would be required
 
to make under
 
the recourse arrangements in
 
the event of
 
nonperformance by the
 
borrowers is equivalent to
 
the
total outstanding balance of the residential mortgage loans serviced with recourse and
 
interest, if applicable. During the quarter and
six
 
months
 
ended
 
June
 
30,
 
2025,
 
the
 
Corporation
 
repurchased
 
$
0.5
 
million
 
and
 
$
0.8
 
million,
 
respectively,
 
of
 
unpaid
 
principal
balance in mortgage loans subject
 
to the credit recourse provisions
 
(June 30, 2024
-
$
0.5
 
million and $
1.1
 
million, respectively).
 
In
the event
 
of nonperformance
 
by the
 
borrower,
 
the Corporation
 
has rights
 
to the
 
underlying collateral
 
securing the
 
mortgage loan.
The
 
Corporation suffers
 
ultimate losses
 
on
 
these
 
loans
 
when the
 
proceeds
 
from
 
a foreclosure
 
sale
 
of
 
the
 
property
 
underlying a
defaulted mortgage loan are less
 
than the outstanding principal balance of
 
the loan plus any uncollected interest
 
advanced and the
costs of holding
 
and disposing the related
 
property. At
 
June 30, 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).
The following table shows the changes in the Corporation’s liability of estimated losses related to loans serviced with credit recourse
provisions during the quarters and six months ended
 
June 30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2025
2024
2025
2024
Balance as of beginning of period
$
2,397
$
4,353
$
2,611
$
4,211
Provision (benefit) for recourse liability
(205)
(204)
(375)
40
Net charge-offs
(21)
(91)
(65)
(193)
Balance as of end of period
$
2,171
$
4,058
$
2,171
$
4,058
From time
 
to
 
time, the
 
Corporation sells
 
loans and
 
agrees to
 
indemnify the
 
purchaser for
 
credit
 
losses or
 
any
 
breach of
 
certain
representations and warranties made in connection
 
with the sale.
Servicing agreements
 
relating to
 
the mortgage-backed
 
securities programs
 
of FNMA,
 
FHLMC and
 
GNMA, and
 
to mortgage
 
loans
sold or serviced to certain other investors, including FHLMC,
 
require the Corporation to advance funds to
 
make scheduled payments
of
 
principal, interest,
 
taxes
 
and
 
insurance, if
 
such
 
payments have
 
not
 
been
 
received from
 
the
 
borrowers. At
 
June
 
30,
 
2025, the
Corporation serviced $
8.6
 
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
 
June 30,
2025,
 
the
 
outstanding balance
 
of
 
funds
 
advanced
 
by
 
the
 
Corporation under
 
such
 
mortgage
 
loan servicing
 
agreements was
 
$
36
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.
96
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 June 30, 2025 and December 31, 2024, respectively. In addition,
at both June
 
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.
97
Note 20 – 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)
June 30, 2025
December 31, 2024
Commitments to extend credit:
Credit card lines
$
6,201,145
$
5,599,823
Commercial lines of credit
4,271,702
3,971,331
Construction lines of credit
1,114,750
1,131,824
Other consumer unused credit commitments
 
271,638
260,121
Commercial letters of credit
10,284
5,002
Standby letters of credit
124,831
144,845
Commitments to originate or fund mortgage loans
17,556
29,604
At June
 
30, 2025
 
and December
 
31, 2024,
 
the Corporation
 
maintained a
 
reserve of
 
$
13
 
million and
 
$
15
 
million, respectively,
 
for
potential losses associated with unfunded loan commitments
 
related to commercial and construction lines of
 
credit.
Other commitments
At June
 
30, 2025
 
and December 31,
 
2024, the
 
Corporation also maintained
 
other non-credit
 
commitments for $
2
 
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 32
 
to the Consolidated
Financial Statements.
 
Puerto
 
Rico
 
has
 
faced
 
significant
 
fiscal
 
and
 
economic
 
challenges
 
for
 
over
 
a
 
decade.
 
In
 
response
 
to
 
such
 
challenges,
 
the
 
U.S.
Congress
 
enacted
 
PROMESA
 
in
 
2016,
 
which,
 
among
 
other
 
things,
 
established
 
the
 
Oversight
 
Board
 
and
 
a
 
framework
 
for
 
the
restructuring
 
of
 
the
 
debts
 
of
 
the
 
Commonwealth,
 
its
 
instrumentalities
 
and
 
municipalities.
 
The
 
Commonwealth
 
and
 
several
 
of
 
its
instrumentalities have
 
availed themselves
 
of debt
 
restructuring proceedings
 
under PROMESA.
 
As of
 
the date
 
of this
 
report, while
municipalities have been designated as covered entities under PROMESA, no municipality has commenced or has been authorized
by the Oversight Board to commence, any such debt
 
restructuring proceeding under PROMESA.
At
 
June
 
30,
 
2025,
 
the
 
Corporation’s
 
direct
 
exposure
 
to
 
the
 
Puerto
 
Rico
 
government
 
and
 
its
 
instrumentalities and
 
municipalities
totaled
 
$
412
 
million,
 
of
 
which
 
$
362
 
million
 
were
 
outstanding
 
($
336
 
million
 
and
 
$
336
 
million
 
at
 
December
 
31,
 
2024).
 
The
Corporation’s exposure at
 
June 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,
 
$
351
 
million consists of
 
loans and $
11
 
million are securities
($
323
 
million and $
13
 
million at
 
December 31, 2024).
 
Substantially all of
 
the amount outstanding
 
at June 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
 
June
 
30,
 
2025,
 
approximately
81
%
 
of
 
the
 
 
98
Corporation’s exposure
 
to municipal loans
 
and securities was
 
concentrated in the
 
municipalities of San
 
Juan, Guaynabo,
 
Carolina
and Caguas.
The following table details the loans and investments representing the Corporation’s direct exposure to
 
the Puerto Rico government
according to their maturities as of June 30, 2025
:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Investment
Portfolio
Loans
Total Outstanding
Total Exposure
Central Government
Within 1 year
$
3
$
-
$
3
$
47,403
After 10 years
40
-
40
40
Total Central
 
Government
43
-
43
47,443
Municipalities
Within 1 year
2,540
12,764
15,304
17,304
After 1 to 5 years
7,885
147,033
154,918
154,918
After 5 to 10 years
655
146,732
147,387
147,387
After 10 years
-
44,582
44,582
44,582
Total Municipalities
11,080
351,111
362,191
364,191
Total Direct Government
 
Exposure
$
11,123
$
351,111
$
362,234
$
411,634
 
 
 
 
 
 
 
 
 
 
 
 
 
In addition,
 
at June
 
30, 2025,
 
the Corporation had
 
$
212
 
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
$
168
 
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 June
 
30, 2025,
 
$
37
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,
 
$
2.3
 
billion
 
of
 
residential
 
mortgages
 
and
 
$
83.1
 
million
 
commercial
 
loans
 
were
 
insured
 
or
 
guaranteed
 
by
 
the
 
U.S.
Government or its agencies at June 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
 
June
 
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.
 
99
At June 30,
 
2025, the Corporation had
 
operations in the British
 
Virgin Islands (“BVI”)
 
and it had
 
a loan portfolio
 
amounting to $
194
million comprised
 
of various
 
retail and
 
commercial clients,
 
compared to
 
a loan
 
portfolio of
 
$
196
 
million at
 
December 31,
 
2024. At
June 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.
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 $
7.1
 
million as of
June
 
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.
100
Note 21 – Non-consolidated variable interest
 
entities
 
 
 
The Corporation is involved with
two
 
statutory trusts which it created to issue trust preferred securities to the public. These
 
trusts are
deemed to
 
be variable
 
interest entities
 
(“VIEs”) since
 
the equity
 
investors at
 
risk have
 
no substantial
 
decision-making rights.
 
The
Corporation does not
 
hold any variable
 
interest in the
 
trusts, and therefore,
 
cannot be the
 
trusts’ primary beneficiary.
 
Furthermore,
the
 
Corporation concluded
 
that
 
it did
 
not
 
hold
 
a
 
controlling financial
 
interest
 
in
 
these
 
trusts
 
since the
 
decisions
 
of
 
the
 
trusts
 
are
predetermined through
 
the trust
 
documents and the
 
guarantee of
 
the trust
 
preferred securities is
 
irrelevant since
 
in substance
 
the
sponsor is guaranteeing its own debt.
Also, the
 
Corporation is
 
involved with
 
various special
 
purpose entities
 
mainly in
 
guaranteed mortgage
 
securitization transactions,
including
 
GNMA
 
and
 
FNMA.
The
 
Corporation
 
has
 
also
 
engaged
 
in
 
securitization
 
transactions
 
with
 
FHLMC,
 
but
 
considers
 
its
exposure in the form of servicing fees and servicing advances not to be significant
at June 30, 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
 
23
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
information on the
 
debt securities outstanding at
 
June 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 June 30, 2025 and December 31,
 
2024.
 
101
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
December 31, 2024
Assets
Servicing assets:
Mortgage servicing rights
$
79,881
$
84,356
Total servicing
 
assets
 
$
79,881
$
84,356
Other assets:
Servicing advances
$
5,598
$
6,112
Total other assets
$
5,598
$
6,112
Total assets
$
85,479
$
90,468
Maximum exposure to loss
$
85,479
$
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 $
6.3
 
billion at June 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 June 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 June 30, 2025.
102
Note 22 – Related party transactions
 
Centro Financiero BHD, S.A.
At June 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
 
six months
 
ended June
 
30, 2025,
 
the Corporation
 
recorded
$
13.0
 
million in equity
 
pickup (June 30,
 
2024 - $
17.4
 
million), including the
 
net impact of
 
$
19.9
 
million from net
 
earnings (June 30,
2024 - $
22.0
 
million), offset by ($
6.9
) million recorded through Other Comprehensive Income (June 30, 2024 - ($
4.6
) million) related
to
 
foreign
 
currency
 
translation adjustments
 
and
 
changes
 
in
 
the
 
fair value
 
of
 
available
 
for
 
sale
 
securities.
 
At
 
June
 
30,
 
2025,
 
the
investment in BHD had a carrying amount of
 
$
232.5
 
million (December 31, 2024 - $
239.5
 
million) and the Corporation received $
20
million in cash dividend distributions during the
 
six months ended June 30, 2025 (June 30, 2024 - $
19.4
 
million).
103
Note 23 – 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 June 30, 2025 and December
 
31, 2024:
 
104
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 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
$
7,908,859
$
7,503,937
$
-
$
-
$
15,412,796
Collateralized mortgage obligations - federal
agencies
-
110,432
-
-
110,432
Mortgage-backed securities
-
4,965,802
432
-
4,966,234
Other
-
-
750
-
750
Total debt securities
 
available-for-sale
$
7,908,859
$
12,580,171
$
1,182
$
-
$
20,490,212
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
5,813
$
10
$
-
$
-
$
5,823
Obligations of Puerto Rico, States and political
subdivisions
-
50
-
-
50
Collateralized mortgage obligations
-
615
-
-
615
Mortgage-backed securities
-
22,949
84
-
23,033
Other
-
-
122
-
122
Total trading account
 
debt securities, excluding
derivatives
$
5,813
$
23,624
$
206
$
-
$
29,643
Equity securities
$
-
$
47,009
$
-
$
447
$
47,456
Mortgage servicing rights
-
-
103,077
-
103,077
Loans held-for-sale
-
2,898
-
-
2,898
Derivatives
 
-
24,792
-
-
24,792
Total assets measured
 
at fair value on a
recurring basis
$
7,914,672
$
12,678,494
$
104,465
$
447
$
20,698,078
Liabilities
Derivatives
$
-
$
(23,349)
$
-
$
-
$
(23,349)
Total liabilities measured
 
at fair value on a
recurring basis
$
-
$
(23,349)
$
-
$
-
$
(23,349)
 
 
 
105
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 June 30, 2025 and December
 
31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
2,898
$
2,832
$
66
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 June 30,
 
2025 and December 31, 2024.
 
 
106
The fair value information included in the following tables is
 
not as of period end, but as of
 
the date that the fair value measurement
was recorded during the
 
six months ended June
 
30, 2025 and 2024
 
and excludes nonrecurring fair
 
value measurements of assets
no longer outstanding as of the reporting date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2025
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Write-downs
Loans
[1]
$
-
$
-
$
4,361
$
4,361
$
(91)
Other real estate owned
[2]
-
-
3,919
3,919
(1,573)
Other foreclosed assets
[2]
-
-
162
162
(46)
Total assets measured
 
at fair value on a nonrecurring basis
$
-
$
-
$
8,442
$
8,442
$
(1,710)
[1] Relates mainly to certain impaired collateral dependent loans.
 
The impairment was measured based on the fair value
 
of the collateral, which is
derived from appraisals that take into consideration prices
 
in observed transactions involving similar assets in similar
 
locations. Costs to sell are
excluded from the reported fair value amount.
[2] Represents the fair value of foreclosed real estate and
 
other collateral owned that were written down to their fair
 
value. Costs to sell are
excluded from the reported fair value amount.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2024
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE
 
MEASUREMENTS
Assets
 
 
 
 
 
Write-downs
Loans
[1]
$
-
$
-
$
2,039
$
2,039
$
(329)
Loans held-for-sale
[2]
-
3,028
-
3,028
(38)
Other real estate owned
[3]
-
-
4,426
4,426
(1,602)
Other foreclosed assets
[3]
-
-
211
211
(46)
Total assets measured
 
at fair value on a nonrecurring basis
$
-
$
3,028
$
6,676
$
9,704
$
(2,015)
[1] Relates mainly to certain impaired collateral dependent loans.
 
The impairment was measured based on the fair value
 
of the collateral, which is
derived from appraisals that take into consideration prices
 
in observed transactions involving similar assets in similar
 
locations. Costs to sell are
excluded from the reported fair value amount.
[2] Relates to a quarterly valuation on loans held-for-sale.
 
Costs to sell are excluded from the reported fair value amount.
[3] Represents the fair value of foreclosed real estate and
 
other collateral owned that were written down to their fair
 
value. Costs to sell are
excluded from the reported fair value amount.
107
The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarters
 
and six months ended June 30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 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 March 31, 2025
$
457
$
750
$
84
$
127
$
104,743
$
106,161
Gains (losses) included in earnings
-
-
-
(5)
(1,954)
(1,959)
Additions
-
-
-
-
288
288
Settlements
(25)
-
-
-
-
(25)
Balance at June 30, 2025
$
432
$
750
$
84
$
122
$
103,077
$
104,465
Changes in unrealized gains (losses) included in
earnings relating to assets still held at June 30,
2025
$
-
$
-
$
-
$
8
$
348
$
356
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2025
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
-
-
-
(11)
(5,524)
(5,535)
Gains (losses) included in OCI
(2)
-
-
-
-
(2)
Additions
-
-
-
-
498
498
Settlements
(50)
-
-
-
-
(50)
Transfers out of Level 3
-
(1,500)
-
-
-
(1,500)
Balance at June 30, 2025
$
432
$
750
$
84
$
122
$
103,077
$
104,465
Changes in unrealized gains (losses) included in
earnings relating to assets still held at June 30,
2025
$
-
$
-
$
-
$
16
$
(977)
$
(961)
108
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 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 March 31, 2024
$
607
$
2,000
$
84
$
166
$
114,964
$
117,821
Gains (losses) included in earnings
-
-
-
(8)
(1,945)
(1,953)
Gains (losses) included in OCI
(1)
-
-
-
-
(1)
Additions
-
-
-
-
367
367
Settlements
(25)
-
-
-
-
(25)
Balance at June 30, 2024
$
581
$
2,000
$
84
$
158
$
113,386
$
116,209
Changes in unrealized gains (losses) included in
earnings relating to assets still held at June 30,
2024
$
-
$
-
$
-
$
10
$
500
$
510
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 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)
-
-
(9)
(5,384)
(5,893)
Additions
-
-
-
-
-
661
661
Settlements
(25)
-
(5)
(28)
-
-
(58)
Balance at June 30, 2024
$
581
$
2,000
$
-
$
84
$
158
$
113,386
$
116,209
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at June 30, 2024
$
-
$
(500)
$
-
$
-
$
12
$
(702)
$
(1,190)
 
 
 
109
Gains and losses (realized and
 
unrealized) included in earnings for the quarters
 
and six months ended June 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 June 30, 2025
Six months ended June 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
$
(1,954)
$
348
$
(5,524)
$
(977)
Trading account profit (loss)
(5)
8
(11)
16
Total
 
$
(1,959)
$
356
$
(5,535)
$
(961)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30, 2024
Six months ended June 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
$
(1,945)
$
500
$
(5,384)
$
(702)
Trading account profit (loss)
(8)
10
(9)
12
Provision for credit losses
-
-
(500)
(500)
Total
 
$
(1,953)
$
510
$
(5,893)
$
(1,190)
The following
 
tables include
 
quantitative information
 
about significant
 
unobservable inputs
 
used to
 
derive the
 
fair value
 
of Level
 
3
instruments, excluding those instruments
 
for which the
 
unobservable inputs were not
 
developed by the
 
Corporation such as
 
prices
of prior transactions and/or unadjusted third-party pricing
 
sources at June 30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
June 30,
(In thousands)
2025
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
122
Discounted cash flow model
Weighted average life
2
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
4,361
[2]
External appraisal
Haircut applied on
external appraisals
5.0
%
[1]
 
Weighted average of significant unobservable inputs
 
used to develop Level 3 fair value measurements
 
were calculated by relative fair value.
[2]
Loans held-in-portfolio in which haircuts were not applied
 
to external appraisals were excluded from this table.
 
 
110
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at
 
June 30,
(In thousands)
2024
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
158
Discounted cash flow model
Weighted average life
2.3
 
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
2,039
[2]
External appraisal
Haircut applied on
external appraisals
10
.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.
 
111
Note 24 – Fair value of financial instruments
The fair
 
value of
 
financial instruments
 
is the
 
amount at
 
which an
 
asset or
 
obligation could
 
be exchanged
 
in a
 
current transaction
between
 
willing
 
parties,
 
other
 
than
 
in
 
a
 
forced
 
or
 
liquidation
 
sale.
 
For
 
those
 
financial
 
instruments
 
with
 
no
 
quoted
 
market
 
prices
available, fair values have been estimated using present
 
value calculations or other valuation techniques, as well
 
as management’s
best judgment with respect to current economic conditions, including discount rates, estimates of future cash flows, and prepayment
assumptions. Many of these
 
estimates involve various assumptions and
 
may vary significantly from
 
amounts that could be
 
realized
in actual transactions.
The fair
 
values reflected
 
herein have
 
been determined
 
based on
 
the prevailing
 
rate environment at
 
June 30,
 
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.
 
112
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Assets:
Cash and due from banks
$
400,631
$
400,631
$
-
$
-
$
-
$
400,631
Money market investments
6,340,786
6,330,415
10,371
-
-
6,340,786
Trading account debt securities, excluding
 
derivatives
[1]
29,643
5,813
23,624
206
-
29,643
Debt securities available-for-sale
[1]
20,490,212
7,908,859
12,580,171
1,182
-
20,490,212
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,479,657
$
-
$
7,499,064
$
-
$
-
$
7,499,064
Obligations of Puerto Rico, States and political
subdivisions
48,598
-
6,820
42,361
-
49,181
Collateralized mortgage obligation-federal agency
1,510
-
1,312
-
-
1,312
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities
 
held-to-maturity
$
7,535,725
$
-
$
7,513,156
$
42,361
$
-
$
7,555,517
Equity securities:
FHLB stock
$
66,152
$
-
$
66,152
$
-
$
-
$
66,152
FRB stock
101,252
-
101,252
-
-
101,252
Other investments
54,987
-
47,009
8,047
447
55,503
Total equity securities
$
222,391
$
-
$
214,413
$
8,047
$
447
$
222,907
Loans held-for-sale
$
2,898
$
-
$
2,898
$
-
$
-
$
2,898
Loans held-in-portfolio
37,415,693
-
-
36,611,781
-
36,611,781
Mortgage servicing rights
103,077
-
-
103,077
-
103,077
Derivatives
24,792
-
24,792
-
-
24,792
June 30, 2025
Carrying
 
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
 
Financial Liabilities:
Deposits:
Demand deposits
$
57,618,705
$
-
$
57,618,705
$
-
$
-
$
57,618,705
Time deposits
9,598,786
-
9,378,576
-
-
9,378,576
Total deposits
$
67,217,491
$
-
$
66,997,281
$
-
$
-
$
66,997,281
Assets sold under agreements to repurchase
$
56,043
$
-
$
56,049
$
-
$
-
$
56,049
Other short-term borrowings
[2]
550,000
-
550,000
-
-
550,000
Notes payable:
FHLB advances
$
214,200
$
-
$
211,087
$
-
$
-
$
211,087
Unsecured senior debt securities
395,865
-
416,044
-
-
416,044
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,386
-
187,515
-
-
187,515
Total notes payable
$
808,451
$
-
$
814,646
$
-
$
-
$
814,646
Derivatives
$
23,349
$
-
$
23,349
$
-
$
-
$
23,349
[1]
Refer to Note 23 to the Consolidated Financial Statements
 
for the fair value by class of financial asset and its hierarchy
 
level.
[2]
Refer to Note 15 to the Consolidated Financial Statements
 
for the composition of other short-term borrowings.
 
 
113
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 23 to the Consolidated Financial Statements
 
for the fair value by class of financial asset and its hierarchy
 
level.
 
[2]
Refer to Note 15 to the Consolidated Financial Statements
 
for the composition of other short-term borrowings.
 
Refer
 
to
 
Note
 
20
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
the
 
notional
 
amount
 
of
 
commitments
 
to
 
extend
 
credit,
 
which
represents the unused portion of
 
credit facilities granted to customers,
 
and letters of credit,
 
which represent the contractual amount
that is required to be paid in the event of nonperformance, at June
 
30, 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.
 
114
Note 25 – Net income per common share
The following table sets
 
forth the computation of
 
net income per common
 
share (“EPS”), basic and
 
diluted, for the quarters
 
and six
months ended June 30, 2025 and 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six
 
months ended June 30,
(In thousands, except per share information)
2025
2024
2025
2024
Net income
$
210,440
$
177,789
$
387,942
$
281,072
Preferred stock dividends
(353)
(353)
(706)
(706)
Net income applicable to common stock
$
210,087
$
177,436
$
387,236
$
280,366
Average common shares outstanding
68,050,361
71,970,773
68,661,851
71,920,254
Average potential dilutive common shares
 
29,288
21,138
25,808
17,180
Average common shares outstanding - assuming dilution
68,079,649
71,991,911
68,687,659
71,937,434
Basic EPS
$
3.09
$
2.47
$
5.64
$
3.90
Diluted EPS
$
3.09
$
2.46
$
5.64
$
3.90
For the quarters
 
and six months ended June 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.
 
115
Note 26 – Revenue from contracts with customers
The
 
following
 
table
 
presents
 
the
 
Corporation’s
 
revenue
 
streams
 
from
 
contracts
 
with
 
customers
 
by
 
reportable
 
segment
 
for
 
the
quarters and six months ended June 30, 2025 and
 
2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30,
Six
 
months ended June 30,
(In thousands)
2025
2025
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
36,194
$
2,632
$
72,650
$
5,230
Other service fees:
Debit card fees
27,707
211
53,941
409
Insurance fees, excluding reinsurance
8,719
2,223
16,400
3,910
Credit card fees, excluding late fees and membership
 
fees
 
28,145
334
53,530
739
Sale and administration of investment products
9,058
-
18,031
-
Trust fees
6,879
-
13,510
-
Total revenue from
 
contracts with customers [1]
$
116,702
$
5,400
$
228,062
$
10,288
[1]
The amounts include intersegment transactions of $
0.6
 
million and $
1.2
 
million, respectively, for the
 
quarter and six months ended June 30, 2025.
Quarter ended June 30,
Six
 
months ended June 30,
(In thousands)
2024
2024
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
35,055
$
2,471
$
70,071
$
4,897
Other service fees:
Debit card fees [2]
26,976
200
52,311
399
Insurance fees, excluding reinsurance
11,708
1,600
22,264
3,446
Credit card fees, excluding late fees and membership
 
fees [2]
26,125
368
50,639
826
Sale and administration of investment products
7,850
-
15,277
-
Trust fees
6,923
-
13,908
-
Total revenue from
 
contracts with customers [1]
$
114,637
$
4,639
$
224,470
$
9,568
[1]
The amounts include intersegment transactions of $
2.7
 
million and $
3.3
 
million, respectively, for the
 
quarter and six months ended June 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 quarter and six month period
 
ended June 30, 2024, interchange fees of $
10.9
 
million and $
22.2
million 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.
 
 
116
Note 27 – Leases
The
 
Corporation enters
 
in
 
the
 
ordinary course
 
of
 
business
 
into
 
operating and
 
finance
 
leases
 
for
 
land,
 
buildings
 
and
 
equipment.
These contracts generally do not include purchase options or residual value guarantees.
 
The remaining lease terms of
0.11
 
to
29.5
years
 
considers options
 
to
 
extend the
 
leases for
 
up
 
to
20
 
years. The
 
Corporation identifies
 
leases when
 
it
 
has
 
both the
 
right to
obtain substantially all of the economic benefits from
 
the use of the asset and the right to direct
 
the use of the asset.
The Corporation
 
recognizes right-of-use
 
assets (“ROU
 
assets”) and
 
lease liabilities
 
related to
 
operating and
 
finance leases
 
in its
Consolidated Statements of Financial Condition under the caption of other assets and other liabilities, respectively. Refer to Note 12
and
 
Note
 
16
 
to
 
the
 
Consolidated Financial
 
Statements,
 
respectively,
 
for
 
information
 
on
 
the
 
balances of
 
these
 
lease
 
assets
 
and
liabilities.
The Corporation uses the incremental
 
borrowing rate for purposes of
 
discounting lease payments for operating and
 
finance leases,
since it
 
does not have
 
enough information to
 
determine the rates
 
implicit in the
 
leases. The discount
 
rates are based
 
on fixed-rate
and
 
fully
 
amortizing
 
borrowing
 
facilities
 
of
 
its
 
banking
 
subsidiaries
 
that
 
are
 
collateralized.
 
For
 
leases
 
held
 
by
 
non-banking
subsidiaries, a credit spread is added to this rate
 
based on financing transactions with a
 
similar credit risk profile.
The following table presents the undiscounted
 
cash flows of operating and finance leases for
 
each of the following periods:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
(In thousands)
Remaining
2025
2026
2027
2028
2029
Later
Years
Total Lease
Payments
Less: Imputed
Interest
Total
Operating Leases
$
14,190
$
21,975
$
16,790
$
14,278
$
12,184
$
35,255
$
114,672
$
(16,097)
$
98,575
Finance Leases
2,242
4,222
2,927
2,592
2,415
9,530
23,928
(2,612)
21,316
The following table presents the lease cost recognized
 
by the Corporation in the Consolidated
 
Statements of Operations as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended June 30,
Six
 
months ended June 30,
(In thousands)
2025
2024
2025
2024
Finance lease cost:
Amortization of ROU assets
$
747
$
749
$
1,493
$
1,497
Interest on lease liabilities
190
226
390
463
Operating lease cost
7,599
7,650
15,148
15,338
Short-term lease cost
214
120
407
236
Variable lease cost
89
70
174
139
Sublease income
(20)
(21)
(40)
(41)
Total lease cost
[1]
$
8,819
$
8,794
$
17,572
$
17,632
[1]
Total lease cost
 
is recognized as part of net occupancy expense.
117
The
 
following
 
table
 
presents
 
supplemental
 
cash
 
flow
 
information
 
and
 
other
 
related
 
information
 
related
 
to
 
operating
 
and
 
finance
leases.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2025
(Dollars in thousands)
2025
2024
Cash paid for amounts included in the measurement of
 
lease liabilities:
Operating cash flows from operating leases
$
15,610
$
15,689
Operating cash flows from finance leases
389
463
Financing cash flows from finance leases
1,829
1,774
ROU assets obtained in exchange for new lease obligations:
Operating leases
$
5,832
$
1,463
Weighted-average remaining lease term:
Operating leases
7.5
years
7.2
years
Finance leases
7.9
years
8.0
years
Weighted-average discount rate:
Operating leases
3.5
%
3.3
%
Finance leases
3.5
%
3.8
%
 
 
118
Note 28 – Pension and postretirement benefits
The
 
Corporation
 
has
 
a
 
non-contributory
 
defined
 
benefit
 
pension
 
plan
 
and
 
supplementary
 
pension
 
benefit
 
restoration
 
plans
 
for
regular employees of
 
certain of its
 
subsidiaries (the “Pension
 
Plans”). The accrual
 
of benefits under
 
the Pension Plans
 
is frozen to
all
 
participants.
 
The
 
Corporation
 
also
 
provides
 
certain
 
postretirement
 
health
 
care
 
benefits
 
for
 
retired
 
employees
 
of
 
certain
subsidiaries (the “OPEB Plan”).
 
The components of net periodic cost for the
 
Pension Plans and the OPEB Plan for the periods presented
 
were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
Quarter ended June 30,
Quarter ended June 30,
(In thousands)
2025
2024
2025
2024
Personnel Cost:
 
Service cost
$
-
$
-
$
15
$
32
Other operating expenses:
 
Interest cost
7,411
7,558
1,291
1,421
 
Expected return on plan assets
(8,069)
(8,594)
-
-
 
Amortization of prior service cost/(credit)
-
-
-
-
 
Amortization of net loss (gain)
3,449
4,166
(1,177)
(548)
Total net periodic
 
pension cost
 
$
2,791
$
3,130
$
129
$
905
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
OPEB Plan
Six months ended June 30,
Six months ended June 30,
(In thousands)
2025
2024
2025
2024
Personnel Cost:
 
Service cost
$
-
$
-
$
30
$
63
Other operating expenses:
 
Interest cost
14,821
15,117
2,582
2,843
 
Expected return on plan assets
(16,138)
(17,188)
-
-
 
Amortization prior service cost/(credit)
-
-
-
-
 
Amortization of net loss
6,899
8,332
(2,354)
(1,096)
Total net periodic
 
pension cost
$
5,582
$
6,261
$
258
$
1,810
The
 
Corporation
 
paid
 
the
 
following
 
contributions
 
to
 
the
 
plans
 
for
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2025
 
and
 
expects
 
to
 
pay
 
the
following contributions for the year ending December
 
31, 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended
For the year ending
(In thousands)
June 30, 2025
December 31, 2025
Pension Plans
$
114
$
227
OPEB Plan
$
3,223
$
5,428
119
Note 29 - 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.
 
 
120
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
241,762
100.67
Performance Shares Quantity Adjustment
48,923
92.33
Vested
 
(277,721)
90.69
Forfeited
(5,515)
60.68
Non-vested at June 30, 2025
255,357
$
77.90
During
 
the
 
quarter
 
ended
 
June
 
30,
 
2025,
121,649
 
shares
 
of
 
restricted
 
stock
 
(June
 
30,
 
2024
 
–
97,732
)
 
were
 
awarded
 
to
management under the Incentive
 
Plan. During the
 
quarters ended June 30,
 
2025 and 2024,
no
 
performance shares were awarded
to management under the Incentive Plan.
 
During the six months ended June 30, 2025,
194,268
 
shares of restricted stock (June 30,
2024 –
175,591
) and
47,494
 
performance shares (June 30, 2024 -
65,225
) were awarded to management under the
 
Incentive Plan.
 
During the quarter ended June 30, 2025, the Corporation recognized
 
$
6.9
 
million of restricted stock expense related to management
incentive awards, with a tax benefit of $
1.0
 
million (June 30, 2024 - $
4.1
 
million, with a tax benefit of $
1.0
 
million). For the six months
ended
 
June
 
30,
 
2025,
 
the
 
Corporation
 
recognized
 
$
14.4
 
million
 
of
 
restricted
 
stock
 
expense
 
related
 
to
 
management
 
incentive
awards, with a tax benefit of $
1.6
 
million (June 30, 2024 - $
10.5
 
million, with a tax benefit of $
1.7
 
million). For the six months ended
June 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
 
triggers
 
a
 
windfall of
 
$
2.7
 
million
 
that
 
was recorded
 
as
 
a
 
reduction on
 
income
 
tax
expense. During the
 
quarter ended June
 
30, 2025, the Corporation
 
recognized $
0.8
 
million of performance shares
 
expense, with a
tax benefit of $
61
 
thousand due to performance shares target
 
adjustment (June 30, 2024 -
 
$
(0.9)
 
million, with a tax benefit
 
of $
(55)
thousand).
 
For the six months ended June
 
30, 2025, the Corporation recognized $
4.2
 
million of performance shares expense, with
a tax benefit
 
of $
0.5
 
million (June 30,
 
2024 - $
4.1
 
million, with a
 
tax benefit of
 
$
0.3
 
million).
 
The total unrecognized compensation
cost related to non-vested restricted stock awards
 
and performance shares to members of management
 
at June 30, 2025 was $
17.6
million and is expected to be recognized over a
 
weighted-average period of
1.65
 
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
22,050
99.42
Vested
 
(2,937)
92.45
Forfeited
-
-
Non-vested at June 30, 2025
19,113
$
99.42
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
121
of common stock underlying
 
the RSUs award until
 
their retirement. To
 
the extent that cash
 
dividends are paid on
 
the Corporation’s
outstanding common stock, the Directors
 
will receive an additional number of RSUs
 
that reflect a reinvested dividend equivalent.
 
During the quarter ended June 30, 2025,
17,816
 
RSUs and
2,688
 
shares of restricted stock were granted to the Directors (June 30,
2024
 
-
20,411
 
RSUs
 
and
1,392
 
shares
 
of
 
unrestricted stock)
 
and the
 
Corporation recognized
 
$
0.4
 
million
 
of
 
expense related
 
to
these shares with
 
a tax benefit
 
of $
84
 
thousand (June 30,
 
2024 - $
1.9
 
million with a
 
tax benefit of
 
$
0.4
 
million). For the
 
six months
ended June 30,
 
2025, the Corporation
granted
19,362
 
RSUs and
2,688
 
shares of restricted stock
 
to the Directors (June
 
30, 2024 -
21,606
 
RSUs
 
and
1,392
 
shares
 
of
 
unrestricted
 
stock)
 
and
 
the
 
Corporation
 
recognized
 
$
0.7
 
million
 
of
 
expense
 
related
 
to
 
these
shares, with
 
a tax
 
benefit of $
0.1
 
million, (June
 
30, 2024
 
- $
2.1
 
million, with a
 
tax benefit of
 
$
0.4
 
million). The fair
 
value at vesting
date of the RSUs vested during the six months
 
ended June 30, 2025 for the Directors was
 
$
2.2
 
million.
 
122
Note 30 – Income taxes
 
The table below presents a reconciliation of
 
the statutory income tax rate to the effective income tax
 
rate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended
June 30, 2025
June 30, 2024
(In thousands)
Amount
 
% of pre-tax
income
 
Amount
% of pre-tax
income
Computed income tax expense at statutory rates
 
$
96,871
37.5
%
$
81,843
37.5
%
Net benefit of tax exempt income
(45,374)
(17.6)
(33,220)
(15.2)
Effect of income subject to preferential tax rate
(606)
(0.2)
1,272
0.6
Deferred tax asset valuation allowance
4,050
1.6
(235)
(0.1)
Difference in tax rates due to multiple jurisdictions
(2,282)
(0.9)
(4,456)
(2.1)
Other tax benefits
-
-
(4,500)
(2.1)
State and local taxes
414
0.1
2,204
1.0
Others
(5,189)
(2.0)
(2,449)
(1.1)
Income tax expense
$
47,884
18.5
%
$
40,459
18.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended
June 30, 2025
June 30, 2024
(In thousands)
Amount
 
% of pre-tax
income
 
Amount
% of pre-tax
income
 
Computed income tax expense at statutory rates
 
$
180,333
37.5
%
$
141,412
37.5
%
Net benefit of tax exempt income
(85,329)
(17.7)
(61,979)
(16.4)
Effect of income subject to preferential tax rate
(1,519)
(0.3)
(148)
-
Deferred tax asset valuation allowance
7,932
1.6
2,328
0.6
Difference in tax rates due to multiple jurisdictions
(5,257)
(1.1)
(5,129)
(1.4)
Other tax benefits
-
-
(4,500)
(1.2)
Tax on intercompany
 
distributions
[1]
-
-
24,325
6.4
U.S., States, and local taxes
4,450
0.9
3,240
0.9
Others
(7,663)
(1.6)
(3,522)
(0.9)
Income tax expense
$
92,947
19.3
%
$
96,027
25.5
%
[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
June 30, 2025, and December 31, 2024, were
 
as follows:
 
123
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
 
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available
 
for carryforward
$
4,861
$
32,925
$
37,786
Net operating loss and other carryforward available
 
59,441
594,642
654,083
Postretirement and pension benefits
28,197
-
28,197
Allowance for credit losses
245,070
28,339
273,409
Deferred loan origination fees/cost
3,005
(2,702)
303
Depreciation
7,700
7,551
15,251
FDIC-assisted transaction
152,665
-
152,665
Lease liability
27,417
13,953
41,370
Unrealized net loss on investment securities
202,822
15,914
218,736
Difference in outside basis from pass-through entities
53,043
-
53,043
Mortgage Servicing Rights
14,561
-
14,561
Other temporary differences
36,015
8,743
44,758
Total gross deferred
 
tax assets
834,797
699,365
1,534,162
Deferred tax liabilities:
Intangibles
90,392
57,493
147,885
Right of use assets
24,908
12,280
37,188
Loans acquired
17,471
-
17,471
Other temporary differences
7,138
429
7,567
 
Total gross deferred
 
tax liabilities
139,909
70,202
210,111
Valuation allowance
76,804
386,914
463,718
Net deferred tax asset
$
618,084
$
242,249
$
860,333
 
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
 
124
The net
 
deferred tax
 
assets
 
shown in
 
the table
 
above at
 
June 30,
 
2025, is
 
reflected in
 
the Consolidated
 
Statements of
 
Financial
Condition as $
862.1
 
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
 
June
 
30,
 
2025,
 
the
 
net
 
deferred
 
tax
 
assets
 
of
 
the
 
U.S.
 
operations
 
amounted
 
to
 
$
629.1
 
million
 
with
 
a
 
valuation
 
allowance
 
of
$
386.9
 
million, for
 
net
 
deferred tax
 
assets
 
after valuation
 
allowance of
 
$
242.2
 
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
 
and
 
better
 
results
 
than
 
projected
 
for
 
the
 
period
 
ended
 
June
 
30,
 
2025.
 
These
 
historical
 
financial
 
results
 
are
 
objectively
verifiable positive evidence, evaluated together
 
with the positive evidence
 
of stable credit metrics,
 
in combination with the
 
length of
the
 
expiration
 
of
 
the
 
NOLs.
 
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 that
could negatively impact U. S. operations’ achieving expected pre-tax
 
income levels.
 
As of June 30, 2025, after weighting all positive
and negative evidence,
 
the Corporation concluded
 
that it is
 
more likely than
 
not that $
242.2
 
million of the
 
deferred tax assets
 
from
the
 
U.S.
 
operations, comprised
 
mainly
 
of
 
net
 
operating losses,
 
will
 
be
 
realized. The
 
Corporation based
 
this
 
determination on
 
its
estimated 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 June 30,
 
2025, the Corporation’s
 
net deferred tax
 
assets related to
 
its Puerto Rico
 
operations amounted to
 
$
618.1
 
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 $
76.8
 
million as of June 30, 2025.
The reconciliation of unrecognized tax benefits, excluding
 
interest, was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
At June
 
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
 
June 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 June 30, 2025 (December 31, 2024 -
$
3.0
 
million).
125
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
 
June
 
30,
 
2025,
 
the
 
following
 
years
 
remain
 
subject
 
to
 
examination
 
in
 
the
 
U.S.
Federal jurisdiction: 2021 and thereafter; and in
 
the Puerto Rico jurisdiction, 2018 and thereafter.
 
126
Note 31 – Supplemental disclosure on the consolidated
 
statements of cash flows
Additional disclosures on cash flow information and
 
non-cash activities for the six months ended June
 
30, 2025 and June 30, 2024
are listed in the following table:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
June 30, 2024
Non-cash activities:
 
Loans transferred to other real estate
$
14,006
$
25,922
 
Loans transferred to other property
45,065
38,867
 
Total loans transferred
 
to foreclosed assets
59,071
64,789
 
Loans transferred to other assets
26,604
25,427
 
Financed sales of other real estate assets
2,580
6,220
 
Financed sales of other foreclosed assets
29,089
26,894
 
Total financed sales
 
of foreclosed assets
31,669
33,114
 
Financed sale of premises and equipment
29,727
38,715
 
Transfers from loans held-in-portfolio to
 
loans held-for-sale
2,662
7,505
 
Transfers from loans held-for-sale to loans
 
held-in-portfolio
1,224
2,896
 
Loans securitized into investment securities
[1]
6,852
4,806
 
Trades receivable from brokers and counterparties
22
26,198
 
Trades payable to brokers and counterparties
593,949
24,603
 
Net change in receivables from investments maturities
14,377
124,000
 
Recognition of mortgage servicing rights on securitizations
 
or asset transfers
498
661
 
Loans booked under the GNMA buy-back option
3,339
3,437
 
Capitalization of lease right of use asset
9,143
1,946
[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)
June 30, 2025
June 30, 2024
Cash and due from banks
$
394,211
$
348,170
Restricted cash and due from banks
6,420
11,803
Restricted cash in money market investments
10,371
7,286
Total cash and due
 
from banks, and restricted cash
[2]
$
411,002
$
367,259
[2]
 
Refer to Note 4 - Restrictions on cash and due from banks
 
and certain securities for nature of restrictions.
127
Note 32 – 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:
128
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
For the quarter ended June 30, 2025
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
748,712
$
195,668
$
(1,041)
Interest expense
210,237
93,474
(1,041)
Net interest income
538,475
102,194
-
Provision for credit losses
42,452
6,532
-
Non-interest income
 
145,685
7,421
-
Personnel costs
164,794
27,387
-
Professional fees
13,025
2,450
-
Technology and
 
software expenses
64,226
10,345
-
Processing and transactional services
37,276
582
-
Amortization of intangibles
240
145
-
Depreciation expense
10,344
2,266
-
Other operating expenses
[1]
132,004
28,021
-
Total operating
 
expenses
421,909
71,196
-
Income before income tax
219,799
31,887
-
Income tax expense
35,256
9,280
-
Net income
$
184,543
$
22,607
$
-
Segment assets
$
60,926,458
$
14,865,364
$
(120,633)
For the quarter ended June 30, 2025
Reportable
 
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
 
Inc.
Interest income
$
943,339
$
1,578
$
(1,045)
$
943,872
Interest expense
302,670
10,698
(1,045)
312,323
Net interest income (expense)
640,669
(9,120)
-
631,549
Provision for credit losses (benefit)
48,984
(43)
-
48,941
Non-interest income
153,106
16,107
(736)
168,477
Personnel costs
192,181
37,174
-
229,355
Professional fees
15,475
12,887
(254)
28,108
Technology and
 
software expenses
74,571
10,125
-
84,696
Processing and transactional services
37,858
3
-
37,861
Amortization of intangibles
385
-
-
385
Depreciation expense
12,610
429
-
13,039
Other operating expenses
[1]
160,025
(60,181)
(527)
99,317
Total operating
 
expenses
493,105
437
(781)
492,761
Income before income tax
251,686
6,593
45
258,324
Income tax expense
44,536
3,277
71
47,884
Net income
$
207,150
$
3,316
$
(26)
$
210,440
Segment assets
$
75,671,189
$
5,786,893
$
(5,392,992)
$
76,065,090
[1]
Other operating expenses includes net occupancy expenses,
 
equipment expense, excluding depreciation, other operating
 
taxes,
communications expense, business promotion expenses, deposit
 
insurance costs and OREO expenses.
 
129
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2025
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
1,480,600
$
382,060
$
(2,722)
Interest expense
420,233
186,924
(2,722)
Net interest income
1,060,367
195,136
-
Provision for credit losses
95,964
17,142
-
Non-interest income
 
283,190
13,564
-
Personnel costs
316,078
52,829
-
Professional fees
26,084
5,189
-
Technology and
 
software expenses
128,377
20,433
-
Processing and transactional services
74,455
1,179
-
Amortization of intangibles
582
400
-
Depreciation expense
20,038
4,463
-
Other operating expenses
[1]
260,758
53,640
-
Total operating
 
expenses
826,372
138,133
-
Income before income tax
421,221
53,425
-
Income tax expense
70,699
16,002
-
Net income
$
350,522
$
37,423
$
-
Segment assets
$
60,926,458
$
14,865,364
$
(120,633)
For the six months ended June 30, 2025
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
1,859,938
$
3,114
$
(2,182)
$
1,860,870
Interest expense
604,435
21,471
(2,182)
623,724
Net interest income (expense)
1,255,503
(18,357)
-
1,237,146
Provision for credit losses (benefit)
113,106
(84)
-
113,022
Non-interest income
296,754
25,136
(1,352)
320,538
Personnel costs
368,907
73,161
-
442,068
Professional fees
31,273
24,244
(584)
54,933
Technology and
 
software expenses
148,810
19,554
-
168,364
Processing and transactional services
75,634
8
-
75,642
Amortization of intangibles
982
-
-
982
Depreciation expense
24,501
818
-
25,319
Other operating expenses
[1]
314,398
(116,583)
(1,350)
196,465
Total operating
 
expenses
964,505
1,202
(1,934)
963,773
Income before income tax
474,646
5,661
582
480,889
Income tax expense
86,701
5,952
294
92,947
Net income (loss)
$
387,945
$
(291)
$
288
$
387,942
Segment assets
$
75,671,189
$
5,786,893
$
(5,392,992)
$
76,065,090
[1]
Other operating expenses includes net occupancy expenses,
 
equipment expense, excluding depreciation, other operating taxes,
communications expense, business promotion expenses, deposit
 
insurance costs and OREO expenses.
130
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
For the quarter ended June 30, 2024
Intersegment
 
(In thousands)
BPPR
 
Popular U.S.
Eliminations
Interest income
$
737,342
$
186,595
$
(2,622)
Interest expense
248,597
100,744
(2,622)
Net interest income
488,745
85,851
-
Provision for credit losses (benefit)
50,382
(3,563)
-
Non-interest income
 
152,354
6,000
-
Personnel costs
145,764
26,062
-
Professional fees
14,568
3,154
-
Technology and
 
software expenses
60,256
9,784
-
Processing and transactional services
38,537
555
-
Amortization of intangibles
424
310
-
Depreciation expense
13,317
2,204
-
Other operating expenses
[1]
127,106
27,608
-
Total operating
 
expenses
399,972
69,677
-
Income before income tax
190,745
25,737
-
Income tax expense
33,540
7,989
-
Net income
$
157,205
$
17,748
$
-
Segment assets
$
58,464,408
$
14,287,739
$
(264,040)
For the quarter ended June 30, 2024
Reportable
 
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
 
Inc.
Interest income
921,315
4,390
(3,798)
921,907
Interest expense
346,719
10,674
(3,798)
353,595
Net interest income (expense)
$
574,596
$
(6,284)
$
-
$
568,312
Provision for credit losses (benefit)
46,819
(25)
-
46,794
Non-interest income
 
158,354
10,716
(2,764)
166,306
Personnel costs
171,826
25,598
-
197,424
Professional fees
17,722
20,324
(302)
37,744
Technology and
 
software expenses
70,040
9,712
-
79,752
Processing and transactional services
39,092
4
-
39,096
Amortization of intangibles
734
-
-
734
Depreciation expense
15,521
367
-
15,888
Other operating expenses
[1]
154,714
(54,854)
(922)
98,938
Total operating
 
expenses
469,649
1,151
(1,224)
469,576
Income before income tax
216,482
3,306
(1,540)
218,248
Income tax expense (benefit)
41,529
(476)
(594)
40,459
Net income
$
174,953
$
3,782
$
(946)
$
177,789
Segment assets
$
72,488,107
$
5,828,667
$
(5,471,702)
$
72,845,072
[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.
 
131
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2024
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Interest income
$
1,451,330
$
369,478
$
(5,909)
Interest expense
489,744
198,774
(5,909)
Net interest income
961,586
170,704
-
Provision for credit losses
111,062
7,872
-
Non-interest income
 
298,023
13,120
(56)
Personnel costs
298,690
53,206
-
Professional fees
26,936
6,633
(56)
Technology and
 
software expenses
123,440
18,684
-
Processing and transactional services
72,091
1,188
-
Amortization of intangibles
908
621
-
Depreciation expense
26,326
4,147
-
Other operating expenses
[1]
258,879
55,240
-
Total operating
 
expenses
807,270
139,719
(56)
Income before income tax
341,277
36,233
-
Income tax expense
62,746
11,445
-
Net income
$
278,531
$
24,788
$
-
Segment assets
$
58,464,408
$
14,287,739
$
(264,040)
For the six months ended June 30, 2024
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
1,814,899
$
8,189
$
(7,040)
$
1,816,048
Interest expense
682,609
21,423
(7,040)
696,992
Net interest income (expense)
1,132,290
(13,234)
-
1,119,056
Provision for credit losses (benefit)
118,934
458
-
119,392
Non-interest income
311,087
22,438
(3,401)
330,124
Personnel costs
351,896
60,905
-
412,801
Professional fees
33,513
33,728
(579)
66,662
Technology and
 
software expenses
142,124
17,090
-
159,214
Processing and transactional services
73,279
11
-
73,290
Amortization of intangibles
1,529
-
-
1,529
Depreciation expense
30,473
776
-
31,249
Other operating expenses
[1]
314,119
(104,339)
(1,836)
207,944
Total operating
 
expenses
946,933
8,171
(2,415)
952,689
Income before income tax
377,510
575
(986)
377,099
Income tax expense (benefit)
74,191
22,200
(364)
96,027
Net income
$
303,319
$
(21,625)
$
(622)
$
281,072
Segment assets
$
72,488,107
$
5,828,667
$
(5,471,702)
$
72,845,072
[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.
 
132
Geographic Information
The following information presents selected
 
financial information based on the
 
geographic location where the Corporation conducts
its business. The
 
banking operations of BPPR
 
are primarily based in
 
Puerto Rico, where it
 
has the largest retail
 
banking franchise.
BPPR
 
also
 
conducts
 
banking
 
operations
 
in
 
the
 
U.S.
 
Virgin
 
Islands,
 
the
 
British
 
Virgin
 
Islands
 
and
 
New
 
York.
 
BPPR’s
 
banking
operations in
 
the mainland
 
United States
 
include commercial
 
lending activities
 
in addition
 
to
 
periodic loan
 
participations with
 
PB.
During
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2025,
 
BPPR
 
participated
 
in
 
loans
 
originated
 
by
 
PB
 
totaling
 
$
2
9
 
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 $
104
 
million in
 
multifamily loans (December
 
31, 2024
 
- $
104
 
million), $
435
 
million in commercial
real estate loans (December 31, 2024 - $
588
 
million), $
689
 
million in C&I loans (December 31, 2024 - $
685
 
million), and $
70
 
million
in unsecured personal loans
 
(December 31, 2024 -
 
$
113
 
million). During the six
 
months ended June 30,
 
2025, the BPPR segment
generated $
51.4
 
million (June 30, 2024 - $
60.1
 
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 $
25.0
 
million in revenues during the six months ended June 30, 2025 (June 30, 2024 - $
21.3
 
million)
from its operations in the U.S. and British
 
Virgin Islands.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Geographic Information
Quarter ended
Six months ended
(In thousands)
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Revenues:
[1]
 
Puerto Rico
 
$
636,232
$
586,338
$
1,246,193
$
1,152,082
 
United States
139,274
127,011
266,490
253,752
 
Other
24,520
21,269
45,001
43,346
Total consolidated
 
revenues
 
$
800,026
$
734,618
$
1,557,684
$
1,449,180
[1]
Total revenues include
 
net interest income, service charges on deposit accounts,
 
other service fees, mortgage banking activities, net
 
gain (loss),
including impairment, on equity securities, net gain on trading
 
account debt securities, adjustments to indemnity reserves
 
on loans sold, and
other operating income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Information:
(In thousands)
June 30, 2025
December 31, 2024
Puerto Rico
 
Total assets
$
58,522,143
$
55,888,211
 
Loans
24,979,110
24,154,610
 
Deposits
53,876,271
52,099,309
United States
 
Total assets
$
16,236,670
$
15,890,339
 
Loans
12,686,305
12,431,859
 
Deposits
11,529,189
11,030,879
Other
 
Total assets
$
1,306,277
$
1,266,833
 
Loans
522,661
526,606
 
Deposits
[1]
1,812,031
1,754,157
[1]
Represents deposits from BPPR operations located in the
 
U.S. and British Virgin Islands.
 
 
 
 
 
 
 
 
 
 
 
 
133
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
 
AND RESULTS OF OPERATIONS
This
 
report
 
includes
 
management’s
 
discussion
 
and
 
analysis
 
(“MD&A”)
 
of
 
the
 
consolidated
 
financial
 
position
 
and
 
financial
performance
 
of
 
Popular,
 
Inc.
 
(the
 
“Corporation”
 
or
 
“Popular”). All
 
accompanying
 
tables,
 
financial
 
statements
 
and
 
notes
 
included
elsewhere in this report should be considered an
 
integral part of this analysis.
 
The Corporation is a
 
diversified, publicly owned financial holding company subject
 
to the supervision and regulation
 
of the Board of
Governors of the Federal Reserve System. The Corporation has
 
operations in Puerto Rico, the United States (“U.S.”) mainland and
the U.S. and British Virgin Islands. In Puerto Rico, the
 
Corporation provides retail, mortgage,
 
commercial banking services and auto
and equipment
 
leasing and
 
financing through its
 
principal banking subsidiary,
 
Banco Popular de
 
Puerto Rico
 
(“BPPR”), as
 
well as
broker-dealer
 
and
 
insurance
 
services
 
through
 
specialized
 
subsidiaries.
 
In
 
the
 
U.S.
 
mainland,
 
the
 
Corporation
 
provides
 
retail,
mortgage, and commercial
 
banking services, as
 
well as
 
equipment leasing and
 
financing, through its
 
New York
 
-chartered banking
subsidiary, Popular Bank (“PB” or “Popular U.S.”), which has branches located in New York,
 
New Jersey and Florida. Note 32 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.
SIGNIFICANT EVENTS
Capital Actions
On July 16, 2025, the Corporation announced
 
the following capital actions:
●
 
an increase
 
in the
 
Corporation’s quarterly
 
common stock
 
dividend from
 
$0.70 to
 
$0.75 per
 
share, commencing
 
with the
dividend payable in the fourth quarter of 2025,
 
subject to the approval by the Corporation’s Board of Directors;
 
and
●
 
a new common stock repurchase program of up
 
to $500 million.
This new common stock repurchase program is in addition
 
to the $500 million common stock repurchase program
 
announced by the
Corporation on July 24, 2024 (the “2024
 
Repurchase Program”).
The
 
Corporation’s
 
planned
 
common
 
stock
 
repurchases
 
may
 
be
 
executed
 
in
 
open
 
market
 
transactions,
 
privately
 
negotiated
transactions, block trades
 
or any other
 
manner determined by
 
the Corporation. The
 
timing, quantity and
 
price of such
 
repurchases
will
 
be
 
subject
 
to
 
various
 
factors,
 
including
 
market
 
conditions,
 
the
 
Corporation’s
 
capital
 
position
 
and
 
financial
 
performance,
 
the
capital impact of strategic initiatives and regulatory and tax considerations.
 
The common stock repurchase program does not require
 
 
 
 
 
 
 
 
134
the Corporation to acquire a specific dollar amount or
 
number of shares and may be modified, suspended or terminated
 
at any time
without prior notice.
During
 
the
 
quarter
 
and
 
six
 
months
 
ended
 
June
 
30,
 
2025,
 
the
 
Corporation
 
repurchased
 
1,136,390
 
shares
 
of
 
common
 
stock
 
for
$112.0 million at an average price of $98.54 per share and 2,406,959 shares
 
of common stock for $234.2 million at an average price
of $97.32 per share, respectively.
 
As of June 30, 2025, the
 
Corporation had repurchased a total of approximately 4.7 million
 
shares
of common stock for $451.5
 
million as part of the 2024 Repurchase
 
Program.
OVERVIEW
Financial highlights for the quarter ended June 30,
 
2025
The Corporation’s
 
net income for
 
the quarter
 
ended June 30,
 
2025 amounted to
 
$210.4 million, an
 
increase of
 
$32.6 million when
compared to a net income of $177.8 million for the quarter ended June 30, 2024. Higher net income was mainly driven by higher net
interest income, offset in part by an increase in operating
 
expense and income tax expense.
 
Financial highlights for the quarter ended June 30,
 
2025 include:
●
 
Net interest income
 
amounted to $631.5
 
million, an increase
 
of $63.2 million
 
when compared to
 
the quarter
 
ended June
30, 2024, driven by
 
loan growth and higher
 
deposits,
 
higher volume of U.S.
 
Treasuries with higher
 
yields, and lower cost
of
 
deposits,
 
mainly
 
P.R.
 
public
 
deposits
 
and
 
re-pricing
 
at
 
PB,
 
partially
 
offset
 
by
 
lower
 
income
 
from
 
money
 
market
securities. Net interest margin expanded by 27 bps to 3.49%. On a taxable
 
equivalent basis, net interest margin expanded
by 37 basis points to 3.85% driven by tax-exempt
 
investment securities at higher yields.
 
●
 
The provision for credit losses amounted to $48.9 million
 
for the quarter ended June 30, 2025,
 
an increase of $2.1 million
when
 
compared
 
to
 
the
 
quarter
 
ended
 
June
 
30,
 
2024,
 
driven
 
by
 
additional
 
reserves
 
in
 
the
 
commercial
 
loans
 
portfolio,
specifically in Commercial
 
Real Estate portfolio in
 
the PB segment
 
due to higher
 
qualitative reserves and changes
 
in the
macroeconomic
 
scenario,
 
partially
 
offset
 
by
 
a
 
lower
 
provision
 
in
 
the
 
BPPR
 
segment
 
due
 
to
 
lower
 
net
 
charge-offs
 
and
improvements of credit quality in the commercial
 
portfolio.
●
 
Non-interest income
 
amounted to
 
$168.5 million,
 
an increase
 
of $2.2
 
million when
 
compared to
 
the quarter
 
ended June
30, 2024, mainly driven by higher
 
credit and debit card fee income,
 
higher investment management fees,
 
and a favorable
fair value
 
adjustment of
 
equity securities held
 
for deferred
 
benefit plans,
 
partially offset
 
by lower
 
other operating
 
income
mainly related to the daily rental car business sold
 
during the fourth quarter of 2024.
●
 
Operating expenses amounted to $492.8 million for
 
the quarter, reflecting
 
an increase of $23.2 million when
 
compared to
the quarter
 
ended June
 
30, 2024.
 
The increase
 
was driven
 
mainly by
 
higher personnel
 
costs due
 
to higher
 
incentives,
partially offset by lower professional fees.
●
 
Income tax expense of
 
$47.9 million with an
 
effective tax rate
 
(“ETR”) of 18.5% during
 
the quarter ended June
 
30, 2025,
compared to an income tax expense of $40.5
 
million with an ETR of 18.5% for the quarter ended
 
June 30, 2024.
●
 
At June
 
30, 2025,
 
the Corporation’s
 
total assets
 
amounted to
 
$76.1 billion,
 
compared to
 
$73.0 billion
 
at December
 
31,
2024. The
 
increase of
 
$3.1 billion
 
is primarily
 
due to
 
higher balance
 
in the
 
available-for-sale (“AFS”)
 
securities portfolio
and an
 
increase across
 
most loan
 
portfolios,
 
mainly in
 
commercial, mortgage,
 
and construction,
 
partially offset
 
by lower
balance in the held-to-maturity (“HTM”) investment
 
securities, money market investments, and a decrease in
 
other assets.
●
 
Deposits amounted to $67.2
 
billion at June 30, 2025,
 
an increase of $2.3
 
billion from December 31, 2024,
 
driven by P.R.
public deposits.
●
 
Stockholders’
 
equity
 
amounted
 
to
 
$6.0
 
billion
 
at
 
June
 
30,
 
2025,
 
compared
 
to
 
$5.6
 
billion
 
at
 
December 31,
 
2024.
 
The
Corporation and its
 
banking subsidiaries continue
 
to be
 
well capitalized. As
 
of June
 
30, 2025, the
 
Corporation’s tangible
book value
 
per common
 
share was
 
$75.41, an
 
increase of
 
$7.25 from
 
December 31,
 
2024. The
 
Common Equity
 
Tier
 
1
Capital ratio at June 30, 2025 was 15.91%,
 
compared to 16.03% at December 31, 2024.
Refer to Table 1 for selected financial data for the quarters ended June 30, 2025 and June
 
30, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
135
Table 1 - Financial Highlights
Financial Condition Highlights
Ending balances at
 
Average for the six months ended
(In thousands)
June 30, 2025
December 31,
2024
Variance
June 30,
2025
June 30,
2024
Variance
Money market investments
$
6,340,786
$
6,380,948
$
(40,162)
$
6,314,487
$
6,477,180
$
(162,693)
Investment securities
28,283,970
26,244,977
2,038,993
28,642,361
28,034,347
608,014
Loans
[1]
38,188,076
37,113,075
1,075,001
37,310,383
35,226,488
2,083,895
Earning assets
72,812,832
69,739,000
3,073,832
72,267,231
69,738,015
2,529,216
Total assets
76,065,090
73,045,383
3,019,707
75,391,749
72,800,664
2,591,085
Deposits
67,217,491
64,884,345
2,333,146
66,112,327
64,529,716
1,582,611
Borrowings
1,414,494
1,176,126
238,368
1,120,666
1,045,181
75,485
Total liabilities
70,111,072
67,432,317
2,678,755
68,224,476
66,549,458
1,675,018
Stockholders’ equity
5,954,018
5,613,066
340,952
7,167,273
6,251,206
916,067
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 June 30,
Six months ended June 30,
(In thousands, except per share information)
2025
2024
Variance
2025
2024
Variance
Net interest income
 
$
631,549
$
568,312
$
63,237
$
1,237,146
$
1,119,056
$
118,090
Provision for credit losses
 
(benefit)
48,941
46,794
2,147
113,022
119,392
(6,370)
Non-interest income
168,477
166,306
2,171
320,538
330,124
(9,586)
Operating expenses
492,761
469,576
23,185
963,773
952,689
11,084
Income before income tax
258,324
218,248
40,076
480,889
377,099
103,790
Income tax expense
47,884
40,459
7,425
92,947
96,027
(3,080)
Net income
$
210,440
$
177,789
$
32,651
$
387,942
$
281,072
$
106,870
Net income applicable to common stock
$
210,087
$
177,436
$
32,651
$
387,236
$
280,366
$
106,870
Net income per common share – basic
$
3.09
$
2.47
$
0.62
$
5.64
$
3.90
$
1.74
Net income per common share – diluted
$
3.09
$
2.46
$
0.63
$
5.64
$
3.90
$
1.74
Dividends declared per common share
$
0.70
$
0.62
$
0.08
$
1.40
$
1.24
$
0.16
Quarters ended June 30,
Six months ended June 30,
Selected Statistical Information
2025
2024
2025
2024
Common Stock Data
 
End market price
$
110.21
88.43
$
110.21
88.43
 
Book value per common share at period end
87.31
73.94
87.31
73.94
Profitability Ratios
 
Return on assets
1.11
%
0.97
%
1.04
%
0.77
%
 
Return on common equity
11.77
10.38
10.93
8.24
 
Net interest spread (non-taxable equivalent basis)
2.85
2.44
2.79
2.41
 
Net interest spread (taxable equivalent) - Non-GAAP
3.21
2.70
3.14
2.65
 
Net interest margin (non-taxable equivalent basis)
3.49
3.22
3.45
3.20
 
Net interest margin (taxable equivalent) - Non-GAAP
3.85
3.48
3.80
3.44
Capitalization Ratios
 
Average equity to average assets
9.48
%
8.60
%
9.51
%
8.59
%
 
Common equity Tier 1 capital
15.91
16.48
15.91
16.48
 
Tangible common
 
book value per common share (non-GAAP)
[2]
75.41
62.71
75.41
62.71
 
Return on average tangible common equity
[2]
13.26
11.77
12.32
9.35
 
Tier I capital
 
15.96
16.54
15.96
16.54
 
Total capital
17.70
18.30
17.70
18.30
 
Tier 1 leverage
8.51
8.53
8.51
8.53
[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.
 
 
 
 
 
 
 
 
 
 
 
136
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
 
six
 
months
 
ended
 
June
 
30,
 
2024.
 
There
 
were
 
no
 
non-GAAP
adjustments for the six months ended June 30, 2025.
 
Table 2 - Adjusted Net Income
 
for the Six Months Ended June 30, 2024 (Non-GAAP)
(In thousands)
Income before
 
income tax
Income tax
expense
(benefit)
Total
U.S. GAAP Net income
$377,099
$96,027
$281,072
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)
$397,786
$84,778
$313,008
[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.
137
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
six months
 
ended June
 
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 attributed to
 
exempt income, reducing
 
the benefit
 
of the
 
tax-exempt income. The
 
effective yield, on
 
a taxable
 
equivalent
basis, will vary depending on the
 
level of these expenses that are
 
attributed to the available exempt income.
 
Under Puerto Rico tax
law, the exempt interest can be
 
deducted up to the amount of taxable income. Management believes that this presentation provides
meaningful information since it facilitates the comparison
 
of revenues arising from taxable and exempt
 
sources.
Tangible Common Equity and Tangible Assets
Tangible
 
common equity,
 
tangible common equity ratio, tangible
 
assets and tangible book value
 
per common share are
 
non-GAAP
financial measures.
 
Tangible
 
common equity
 
ratio and
 
tangible book
 
value per
 
common share
 
should be
 
used in
 
conjunction with
more
 
traditional
 
bank
 
capital
 
ratios
 
commonly
 
used
 
by
 
banks
 
and
 
analysts
 
to
 
compare
 
the
 
capital
 
adequacy
 
of
 
banking
organizations
 
with
 
significant
 
amounts
 
of
 
goodwill
 
or
 
other
 
intangible
 
assets,
 
typically
 
stemming
 
from
 
the
 
use
 
of
 
the
 
purchase
accounting method for
 
mergers and acquisitions.
 
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
June 30, 2025 and December 31, 2024.
 
 
 
 
138
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
The
 
Corporation’s
 
net
 
interest
 
income
 
for
 
the
 
quarter
 
ended
 
June
 
30,
 
2025
 
was
 
$631.5
 
million
 
and
 
increased
 
$63.2
 
million,
compared to the same
 
quarter in 2024.
 
Higher net interest income
 
was supported by
 
an increase in average
 
deposit balances and
loan growth.
 
Net interest
 
income on
 
a taxable
 
equivalent basis
 
for the
 
second quarter
 
of 2025
 
was $697.2
 
million, an
 
increase of
$82.4 million.
Net interest margin (“NIM”) for the quarter was 3.49%, an increase
 
of 27 basis points when compared to the second quarter
 
of 2024.
On a
 
taxable equivalent
 
basis, net
 
interest margin
 
for the
 
second quarter
 
of
 
2025 was
 
3.85% or
 
37 basis
 
points higher
 
than the
second quarter
 
of 2024.
 
NIM expansion
 
was mainly
 
attributed to
 
lower deposit
 
costs driven
 
by the
 
repricing of
 
high-cost deposits
that are
 
market-linked, such
 
as P.R.
 
public deposits,
 
coupled with
 
a higher
 
volume of
 
loans and
 
higher yields
 
of U.S.
 
Treasuries.
Total cost of deposits decreased 32 basis points to 1.78%.
 
On a taxable equivalent basis, the main drivers of
 
the increase for the second quarter of 2025
 
were:
●
 
higher income
 
from
 
U.S. Treasury
 
securities
 
by
 
$21.5
 
million,
 
due to
 
investment
 
activity
 
at
 
higher yields
 
supported
 
by
deposits growth.
 
The U.S.
 
Treasuries yield
 
increased 30
 
basis points
 
when compared
 
to the
 
second quarter
 
of 2024
 
as
reinvestment of maturing debt securities along with
 
incremental balances are being reinvested
 
at higher current rates;
●
 
higher
 
income
 
from
 
loans
 
by
 
$40.4
 
million
 
resulting
 
from
 
higher
 
average
 
balances
 
across
 
most
 
portfolios,
 
led
 
by
commercial, construction,
 
mortgage, auto
 
and lease
 
portfolios, resulting
 
from origination
 
activity.
 
Higher yields
 
from the
auto, lease and
 
mortgage portfolios mitigated the
 
impact of lower
 
yields from the
 
commercial and construction portfolios,
due to
 
the impact of
 
short-term market rates
 
decline on adjustable-rate
 
loans. Overall, the
 
loan portfolio yield
 
decreased
by two basis points to 7.50%; and
●
 
lower interest expense on deposits
 
by $44.9 million or 32
 
basis points lower when compared to
 
the same period in 2024.
The cost
 
of interest-bearing
 
deposits decreased
 
by 45
 
basis points,
 
mainly due
 
to the
 
repricing of
 
P.R.
 
public deposits
which decreased by 93 basis points to 3.22% and
 
a decrease in the cost of deposits in the
 
PB segment;
partially offset by:
 
●
 
lower interest
 
income from
 
money market
 
investments by
 
$18.8 million
 
or
 
103 basis
 
points mainly
 
due
 
to
 
lower yields
resulting from lower short-term market rates.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
139
Table 3 - Analysis of Levels & Yields
 
on a Taxable Equivalent Basis
 
(Non-GAAP)
Quarter ended June 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)
$
6,251
$
6,471
$
(220)
4.46
%
5.49
%
(1.03)
%
Money market
investments
$
69,532
$
88,316
$
(18,784)
$
(15,866)
$
(2,918)
28,809
28,943
(134)
3.29
3.01
0.28
Investment securities [1]
236,372
216,922
19,450
18,673
777
27
26
1
5.99
5.69
0.30
Trading securities
 
407
367
40
21
19
Total money market,
 
investment and
trading
35,087
35,440
(353)
3.50
3.47
0.03
securities
306,311
305,605
706
2,828
(2,122)
Loans:
18,676
17,707
969
6.73
6.86
(0.13)
Commercial
313,493
302,003
11,490
(4,831)
16,321
1,459
1,070
389
8.19
9.11
(0.92)
Construction
29,806
24,224
5,582
(2,558)
8,140
1,963
1,789
174
7.18
6.86
0.32
Leasing
35,249
30,697
4,552
1,467
3,085
8,339
7,817
522
5.89
5.66
0.23
Mortgage
122,873
110,673
12,200
4,632
7,568
3,211
3,192
19
14.00
13.97
0.03
Consumer
112,083
110,906
1,177
374
803
3,937
3,819
118
9.14
8.88
0.26
Auto
89,706
84,268
5,438
2,780
2,658
37,585
35,394
2,191
7.50
7.52
(0.02)
Total loans
703,210
662,771
40,439
1,864
38,575
$
72,672
$
70,834
$
1,838
5.57
%
5.49
%
0.08
%
Total earning assets
$
1,009,521
$
968,376
$
41,145
$
4,692
$
36,453
Interest bearing
deposits:
$
8,062
$
7,522
$
540
1.71
%
1.97
%
(0.26)
%
NOW and money
market
$
34,288
$
36,783
$
(2,495)
$
(4,611)
$
2,116
14,605
14,728
(123)
0.83
0.92
(0.09)
Savings
 
30,378
33,749
(3,371)
(2,862)
(509)
8,532
8,237
295
3.15
3.39
(0.24)
Time deposits
67,032
69,494
(2,462)
(4,857)
2,395
20,333
19,364
969
3.22
4.15
(0.93)
P.R. public
 
deposits
163,360
199,913
(36,553)
(45,918)
9,365
51,532
49,851
1,681
2.29
2.74
(0.45)
Total interest bearing
deposits
295,058
339,939
(44,881)
(58,248)
13,367
14,825
15,176
(351)
Non-interest bearing
demand deposits
66,357
65,027
1,330
1.78
2.10
(0.32)
Total deposits
295,058
339,939
(44,881)
(58,248)
13,367
470
80
390
4.52
5.64
(1.12)
Short-term borrowings
5,300
1,126
4,174
(213)
4,387
Other medium and
 
832
978
(146)
5.79
5.16
0.63
long-term debt
11,965
12,530
(565)
181
(746)
Total interest bearing
52,834
50,909
1,925
2.36
2.79
(0.43)
liabilities (excluding
demand deposits)
312,323
353,595
(41,272)
(58,280)
17,008
Other sources of funds
5,013
4,749
264
$
72,672
$
70,834
$
1,838
1.72
%
2.01
%
(0.29)
%
Total source of funds
$
312,323
$
353,595
$
(41,272)
$
(58,280)
$
17,008
Net interest margin/
income on a taxable
equivalent basis (Non-
GAAP)
3.85
%
3.48
%
0.37
%
$
697,198
$
614,781
$
82,417
$
62,972
$
19,445
3.21
%
2.70
%
0.51
%
 
Net interest spread
Taxable equivalent
adjustment
65,649
46,469
19,180
Net interest margin/
income non-taxable
equivalent basis (GAAP)
3.49
%
3.22
%
0.27
%
$
631,549
$
568,312
$
63,237
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.
 
 
 
 
 
 
 
 
140
The Corporation’s net
 
interest income for the
 
six-month period ended June
 
30, 2025 was
 
$1.2 billion, or $118.1
 
million higher than
the same period
 
in 2024. Taxable
 
equivalent net interest
 
income was $1.4
 
billion, an increase
 
of $156.7 million
 
when compared to
the same
 
period in
 
2024. NIM
 
was 3.45%,
 
an increase
 
of
 
25 basis
 
points when
 
compared to
 
3.20% in
 
2024. NIM,
 
on a
 
taxable
equivalent basis, for the six months ended June
 
30, 2025, was 3.80%, an increase of
 
36 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 six-month period ended June 20, 2025
were:
●
 
higher income from U.S.
 
Treasury securities by
 
$53.9 million mainly driven
 
by higher yields, coupled with
 
higher average
volume by $640.0 million;
●
 
higher income from
 
loans by $71.6
 
million driven by
 
higher average balances across
 
most portfolios, mainly commercial,
construction and
 
mortgage, and
 
higher yields
 
in the
 
mortgage, auto
 
and leasing
 
portfolios due
 
to originations
 
at higher
rates, partially
 
offset by
 
lower yields
 
in commercial
 
and construction
 
portfolios due
 
to
 
adjustable-rate loans
 
which were
impacted by the decline in index rates; and
●
 
lower deposit
 
cost by
 
$76.5 million
 
mainly due
 
to the
 
repricing of
 
marked linked
 
P.R.
 
public deposits,
 
which reflected
 
a
lower cost by 90 basis points and deposit costs repricing
 
in both banks;
partially offset by:
●
 
lower income from money markets investments by
 
$37.1 million driven by the decline in
 
short-term market rate and lower
average balances due to loan growth and investments,
 
mainly in U.S. Treasuries; and
●
 
higher
 
short-term
 
borrowings
 
expenses
 
by
 
$4.4
 
million
 
mainly
 
due
 
to
 
higher
 
average
 
balances
 
of
 
FHLB
 
advances
 
at
Popular Bank.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
141
Table 4 – Analysis of Levels & Yields
 
on a Taxable Equivalent Basis
 
from Continuing Operations (Non-GAAP)
Period ended June 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)
$
6,314
$
6,477
$
(163)
4.46
%
5.49
%
(1.03)
%
Money market
investments
$
139,698
$
176,832
$
(37,134)
$
(32,791)
$
(4,343)
28,613
28,626
(13)
3.22
2.86
0.36
Investment securities
[1]
456,807
408,024
48,783
45,804
2,979
29
30
(1)
5.90
4.60
1.30
Trading securities
 
847
678
169
186
(17)
Total money market,
 
investment and
trading
34,956
35,133
(177)
3.45
3.35
0.10
securities
597,352
585,534
11,818
13,199
(1,381)
Loans:
18,585
17,660
925
6.72
6.85
(0.13)
Commercial
 
619,461
601,507
17,954
(13,059)
31,013
1,385
1,031
354
8.15
9.04
(0.89)
Construction
55,995
46,324
9,671
(4,994)
14,665
1,951
1,766
185
7.14
6.80
0.34
Leasing
69,693
60,051
9,642
3,129
6,513
8,254
7,770
484
5.86
5.64
0.22
Mortgage
241,789
219,216
22,573
8,609
13,964
3,207
3,208
(1)
14.02
13.94
0.08
Consumer
222,989
222,396
593
230
363
3,929
3,791
138
9.11
8.82
0.29
Auto
177,511
166,322
11,189
5,010
6,179
37,311
35,226
2,085
7.49
7.50
(0.01)
Total loans
1,387,438
1,315,816
71,622
(1,075)
72,697
$
72,267
$
70,359
$
1,908
5.54
%
5.43
%
0.11
%
Total earning assets
$
1,984,790
$
1,901,350
$
83,440
$
12,124
$
71,316
Interest bearing
deposits:
$
8,022
$
7,643
$
379
1.72
%
1.99
%
(0.27)
%
NOW and money
market
$
68,290
$
75,548
$
(7,258)
$
(9,978)
$
2,720
14,556
14,711
(155)
0.85
0.93
(0.08)
Savings
 
61,658
67,873
(6,215)
(5,274)
(941)
8,466
8,029
437
3.18
3.29
(0.11)
Time deposits
133,713
131,511
2,202
(5,555)
7,757
20,310
19,017
1,293
3.27
4.17
(0.90)
P.R. public
 
deposits
329,260
394,503
(65,243)
(90,446)
25,203
51,354
49,400
1,954
2.33
2.73
(0.40)
Total interest bearing
deposits
592,921
669,435
(76,514)
(111,253)
34,739
14,758
15,129
(371)
Non-interest bearing
demand deposits
66,112
64,529
1,583
1.81
2.09
(0.28)
Total deposits
592,921
669,435
(76,514)
(111,253)
34,739
297
82
215
4.57
5.67
(1.10)
Short-term
borrowings
6,726
2,318
4,408
(404)
4,812
Other medium and
 
847
988
(141)
5.72
5.13
0.59
long-term debt
24,077
25,239
(1,162)
250
(1,412)
Total interest bearing
52,498
50,470
2,028
2.40
2.78
(0.38)
liabilities (excluding
demand deposits)
623,724
696,992
(73,268)
(111,407)
38,139
5,011
4,760
251
Other sources of
funds
$
72,267
$
70,359
$
1,908
1.74
%
1.99
%
(0.25)
%
Total source of funds
$
623,724
$
696,992
$
(73,268)
$
(111,407)
$
38,139
3.80
%
3.44
%
0.36
%
Net interest margin/
income on a taxable
equivalent basis
(Non-GAAP)
$
1,361,066
$
1,204,358
$
156,708
$
123,531
$
33,177
3.14
%
2.65
%
0.49
%
Net interest spread
Taxable equivalent
adjustment
123,920
85,302
38,618
3.45
%
3.20
%
0.25
%
Net interest margin/
income non-taxable
equivalent basis
(GAAP)
$
1,237,146
$
1,119,056
$
118,090
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.
142
Provision for Credit Losses - Loans Held-in-Portfolio
 
and Unfunded Commitments
For the
 
quarter ended
 
June 30,
 
2025,
 
the Corporation
 
recorded a
 
provision for
 
credit losses
 
related to
 
loans held-in-portfolio
 
and
unfunded commitments of
 
$48.4 million, an
 
increase of $2.1
 
million when compared to
 
the same quarter
 
of the previous
 
year.
 
The
provision
 
for
 
the
 
loan
 
portfolio
 
was
 
$49.5
 
million,
 
an
 
increase
 
of
 
$5.4
 
million,
 
and
 
the
 
provision
 
release
 
related
 
to
 
unfunded
commitments was $1.1
 
million, a favorable
 
variance of $3.2
 
million, mainly driven
 
by lower unfunded
 
commitments reserves at
 
the
BPPR segment.
 
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
 
six
 
months
 
ended June
 
30,
 
2025
 
was
 
$13.7
 
million
 
in
 
additional
 
reserves. 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 $43.2 million, a decrease
 
of $5.4 million when
 
compared to the
same quarter in
 
2024, mainly driven
 
by lower reserves
 
for the commercial
 
portfolio of $16.4 million
 
due to improvements
in credit quality and lower net
 
charge-offs,
 
which offset the increase in the
 
weight assigned to the pessimistic scenario for
the
 
year
 
2025,
 
as
 
discussed
 
above.
 
The
 
favorable
 
variance
 
was
 
partially
 
offset
 
by
 
higher
 
reserves
 
in
 
the
 
consumer
portfolio due to changes in credit quality mainly within
 
the auto portfolio and changes in the macroeconomic
 
scenarios.
●
 
In
 
the Popular
 
U.S. segment,
 
the provision
 
for
 
loans losses
 
was
 
$6.4 million
 
for the
 
quarter ended
 
June
 
30, 2025,
 
an
increase of
 
$10.8 million, mainly
 
driven by
 
higher qualitative reserves
 
for the
 
U.S. Commercial Real
 
Estate portfolio
 
and
changes in macroeconomic
 
scenarios, when compared to
 
the reserve release
 
recorded for the
 
same period in
 
2024 due
to improvement in credit ratings.
For the six
 
months ended June
 
30, 2025, the
 
provision for credit
 
loss related to
 
loans held-in-portfolio and
 
unfunded commitments
amounted to $112.3 million, a decrease of $6.1 million, compared to the six months ended June 30, 2024. The provision for the loan
portfolio
 
was
 
$114.8
 
million,
 
a
 
decrease
 
of
 
$1.8
 
million,
 
and
 
the
 
provision
 
release
 
related
 
to
 
unfunded
 
commitments
 
was
 
$2.4
million, a
 
decrease of
 
$4.3 million,
 
mainly driven
 
by the
 
reduction in
 
unfunded commitment
 
reserves within
 
the U.S.
 
construction
portfolio. The major drivers of the decrease
 
in the provision for loan losses during
 
the six months ended June 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 was
 
$95.8 million,
 
a decrease
 
of $13.8
 
million, driven
 
by lower
 
net
charge-offs,
 
mainly
 
in
 
commercial
 
and
 
consumer
 
loans,
 
and
 
improvement
 
in
 
credit
 
quality,
 
mainly
 
in
 
the
 
commercial
portfolio, partially offset by the
 
increase in the probability weight assigned to
 
the pessimistic scenario which generated an
additional reserve of $8.8 million.
●
 
In the
 
Popular U.S.
 
segment, the
 
provision for
 
loan losses
 
was $18.9
 
million, an
 
increase of
 
$12.0 million,
 
driven by
 
an
increase of $7.1 million mainly
 
due to credit quality changes and
 
additional qualitative reserves established, mainly within
the
 
commercial
 
portfolio,
 
and
 
an
 
increase
 
of
 
$4.9
 
million
 
related
 
to
 
the
 
increase
 
in
 
probability
 
weight
 
assigned
 
to
 
the
pessimistic scenario.
 
At June
 
30, 2025,
 
the total
 
allowance for
 
credit losses
 
for loans
 
held-in-portfolio amounted
 
to $769.5
 
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
 
2.02% at June 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
143
Non-interest income amounted to $168.5 million for the second quarter of 2025, an increase of $2.2 million when compared with the
same quarter for the previous year. The variance was primarily due
 
to:
●
 
higher other
 
service fees
 
by
 
$3.7 million
 
mainly due
 
to
 
higher credit
 
and debit
 
card fee
 
income by
 
$2.5 million,
 
due to
higher volume
 
of costumer
 
transactions,
 
and higher
 
investment management
 
fees by
 
$1.2 million,
 
due to
 
higher assets
under management; and
●
 
a favorable fair value adjustment of equity securities held
 
for deferred compensation plans which have an offsetting effect
in personnel cost of $1.5 million;
 
partially offset by:
●
 
lower other operating income
 
by $3.6 million mainly
 
due to lower daily
 
car rental revenue by
 
$4.9 million and lower
 
gains
from
 
the sale
 
of car
 
rental units
 
by
 
$2.9 million,
 
both due
 
to
 
the sale
 
of
 
the daily
 
car rental
 
business during
 
the fourth
quarter of 2024, partially
 
offset by $2.3 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
 
previously disclosed in 2024, and
 
a $1.2 million cash
 
distribution from the exit of
 
a legacy equity
investment.
Non-interest income amounted to $320.5 million for the six
 
months ended June 30, 2025, a decrease of $9.6 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 $15.6 million mainly due to daily
 
car rental revenue by $9.8 million and the gains from the
sale of car rental units by
 
$6.3 million during the six months ended June
 
30, 2024 associated with the car rental business
sold in the fourth quarter of 2024, partially offset
 
by $3.9
 
million income related to the reimbursement of interest paid from
the IRS, as discussed above;
partially offset by:
●
 
higher other
 
service fees
 
by $3.9
 
million due
 
to
 
higher credit
 
and debit
 
card fee
 
income by
 
$4.0 million,
 
due to
 
higher
volume
 
of
 
transactions,
 
and
 
higher
 
investment
 
management
 
fees
 
by
 
$2.8
 
million,
 
due
 
to
 
higher
 
assets
 
under
management,
 
partially offset by lower insurance fees by $4.1 million;
 
and
●
 
higher
 
service
 
charges
 
on
 
deposit
 
accounts
 
by
 
$2.9
 
million
 
mainly
 
due
 
to
 
higher
 
non-balance
 
compensation
 
fees
 
in
commercial deposits.
144
Operating Expenses
Operating expenses amounted to $492.8 million for the
 
quarter ended June 30, 2025, an
 
increase of $23.2 million, when compared
with the same quarter of 2024. The variance
 
in operating expenses was mainly driven by:
●
 
higher personnel costs by $31.9 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
 
$9.9
 
million
 
in
 
other
 
performance-based incentives
 
and
 
stock-
based compensation, and higher salaries expense by
 
$4.1 million due to a higher headcount and
 
annual salary revisions;
●
 
higher
 
technology
 
and
 
software
 
expenses
 
by
 
$4.9
 
million
 
mainly
 
due
 
to
 
higher
 
software
 
amortization
 
expense
 
due
 
to
 
the
acquisition
 
and
 
renewal
 
of
 
multiple
 
technology
 
licenses
 
reflective
 
of
 
the
 
continuous
 
investment
 
in
 
technology
 
and
transformation initiatives and an increase in network
 
management services expense; and
●
 
higher other taxes expense by $3.3 million
 
mainly due to higher regulatory fees and
 
an increase in municipal license tax;
partially offset by:
●
 
lower
 
professional
 
fees
 
by
 
$9.6
 
million
 
mainly
 
due
 
to
 
a
 
decrease
 
in
 
advisory
 
expenses
 
related
 
to
 
corporate
 
initiatives,
 
a
decrease, due
 
to
 
expense-recognition timing
 
differences,
 
in the
 
cost of
 
restricted stock
 
granted to
 
directors, and
 
lower legal
fees;
●
 
lower operational losses by
 
$5.6 million due to
 
a buildup of reserves
 
for operational losses during the
 
second quarter of 2024;
and
●
 
lower equipment expenses
 
by $3.9 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
 
$963.8
 
million
 
for
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2025,
 
an
 
increase
 
of
 
$11.1
 
million
 
when
compared with the
 
same period of
 
2024. Excluding the
 
$6.4 million of
 
interest accrued related
 
to prior period
 
tax withholdings and
the
 
$14.3
 
million
 
impact
 
of
 
the
 
FDIC
 
Special
 
Assessment,
 
total
 
operating
 
expenses
 
for
 
the
 
six
 
months
 
ended
 
June
 
30,
 
2025,
increased by $31.8 million, when compared with
 
the same period of 2024. The main drivers of the increase
 
were:
●
 
higher personnel costs by $29.3 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
 
$9.3
 
million
 
in
 
other
 
performance-based incentives
 
and
 
stock-
based compensation, and higher salaries expenses
 
by $5.7 million due to a higher headcount
 
and annual salary revisions;
●
 
higher
 
technology
 
and
 
software
 
expenses
 
by
 
$9.2
 
million
 
mainly
 
due
 
to
 
higher
 
software
 
amortization
 
expense
 
due
 
to
 
the
acquisition
 
and
 
renewal
 
of
 
multiple
 
technology
 
licenses
 
reflective
 
of
 
the
 
continuous
 
investment
 
in
 
technology
 
and
transformation initiatives and an increase in network
 
management services expense;
 
and
●
 
higher other taxes expense by $7.6 million
 
mainly due to higher regulatory fees and an
 
increase in municipal license tax;
 
partially offset by:
●
 
lower professional fees by $11.7
 
million mainly due to a
 
decrease in advisory expenses related to corporate initiatives
 
focused
on compliance and cyber security efforts, a decrease in
 
IT professional services,
 
and lower legal fees;
●
 
lower equipment expenses
 
by $8.1 million, mainly due to the depreciation of car rental units associated with the daily car rental
transaction; and
●
 
lower operational losses by $3.1 million due to a
 
buildup of reserves for operational losses during
 
the second quarter of 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
145
Table 5 - Operating Expenses
Quarters ended June 30,
Six months ended June 30,
(In thousands)
2025
2024
Variance
2025
2024
Variance
Personnel costs:
Salaries
$
132,752
$
128,634
$
4,118
$
263,702
$
258,018
$
5,684
Commissions, incentives, and other bonuses
40,551
30,626
9,925
78,537
69,237
9,300
Profit sharing
13,000
-
13,000
13,000
-
13,000
Pension, postretirement, and medical insurance
18,458
16,619
1,839
33,024
34,004
(980)
Other personnel costs, including payroll taxes
24,594
21,545
3,049
53,805
51,542
2,263
Total personnel
 
costs
229,355
197,424
31,931
442,068
412,801
29,267
Net occupancy expenses
29,140
27,692
1,448
56,358
55,733
625
Equipment expenses
5,789
9,662
(3,873)
11,091
19,229
(8,138)
Other taxes
18,632
15,333
3,299
37,357
29,708
7,649
Professional fees
28,108
37,744
(9,636)
54,933
66,662
(11,729)
Technology and
 
software expenses
84,696
79,752
4,944
168,364
159,214
9,150
Processing and transactional services:
Credit and debit cards
13,044
13,739
(695)
25,970
25,883
87
Other processing and transactional services
24,817
25,357
(540)
49,672
47,407
2,265
Total processing
 
and transactional services
37,861
39,096
(1,235)
75,642
73,290
2,352
Communications
5,010
4,357
653
9,914
8,914
1,000
Business promotion:
Rewards and customer loyalty programs
18,047
16,406
1,641
34,412
30,462
3,950
Other business promotion
8,338
9,043
(705)
15,648
15,976
(328)
Total business
 
promotion
26,385
25,449
936
50,060
46,438
3,622
Deposit insurance
9,407
10,581
(1,174)
19,442
34,468
(15,026)
Other real estate owned (OREO) income
(4,124)
(5,750)
1,626
(7,454)
(11,071)
3,617
Other operating expenses:
Operational losses
6,185
11,823
(5,638)
12,323
15,384
(3,061)
All other
15,932
15,679
253
32,693
40,390
(7,697)
Total other operating
 
expenses
22,117
27,502
(5,385)
45,016
55,774
(10,758)
Amortization of intangibles
385
734
(349)
982
1,529
(547)
Total operating
 
expenses
$
492,761
$
469,576
$
23,185
$
963,773
$
952,689
$
11,084
Income Taxes
For the quarter
 
and six months
 
ended June 30,
 
2025, the Corporation recorded
 
an income tax
 
expense of $47.9
 
million and $92.9
million with an effective tax rate (“ETR”) of 18.5% and 19.3%, respectively, compared to $40.5 million and $96.0 million with an ETR
of 18.5% and 25.5% for the respective periods
 
of year 2024.
Higher income tax expense of $7.4
 
million for the second quarter,
 
when compared to the same quarter of
 
2024, is mainly attributed
to higher income before tax, partially offset with higher net exempt income. For the
 
six-month period ended June 30, 2025, the lower
income
 
tax
 
expense
 
of
 
$3.1
 
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; this
was partially offset by the increase in
 
income before tax. Excluding the impact of the
 
withholding tax expense and the additional net
expense related to the FDIC Special Assessment in the first quarter
 
of 2024, the ETR for the six-month period ended June 30, 2024,
would have been 21.3%.
At
 
June
 
30,
 
2025,
 
the
 
Corporation
 
had
 
a
 
net
 
deferred
 
tax
 
asset
 
amounting
 
to
 
$860.3
 
million,
 
net
 
of
 
a
 
valuation
 
allowance
 
of
$463.7million. The net
 
deferred tax asset
 
related to the
 
U.S. operations was
 
$242.2 million, net
 
of a valuation
 
allowance of $386.9
million.
Refer to
 
Note 30
 
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.
 
 
 
 
 
 
 
 
 
 
146
For
 
a
 
description
 
of
 
the
 
Corporation’s
 
reportable
 
segments,
 
including
 
additional
 
financial
 
information
 
and
 
the
 
underlying
management accounting process, refer to Note 32
 
to the Consolidated Financial Statements.
 
The corporate group reported a net income of $3.3
 
million for the quarter ended June 30, 2025, compared with a net income of $3.8
million for the same quarter of
 
the previous year. For
 
the six months ended June 30,
 
2025, the corporate group reported net loss
 
of
$0.3 million, compared
 
to a
 
net loss of
 
$21.6 million for
 
the same period
 
of the
 
previous year.
 
The higher loss
 
in 2024 was
 
mainly
attributed 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
 
six months
 
ended
June 30,
 
2025, resulting
 
from reimbursements
 
received from
 
the U.S.
 
Internal Revenue
 
Service related
 
to interest
 
paid for
 
these
intercompany
 
distributions.
 
There
 
were
 
no
 
intercompany
 
distributions
 
between
 
the
 
U.S.
 
subsidiaries
 
and
 
the
 
bank
 
holding
companies.
 
Highlights on the earnings results for the reportable
 
segments are discussed below:
Banco Popular de Puerto Rico
 
The Banco
 
Popular de
 
Puerto Rico
 
reportable segment’s
 
net income
 
amounted to
 
$184.5 million
 
for the
 
quarter ended
 
June 30,
2025, compared
 
with a
 
net income of
 
$157.2 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 $538.5 million
 
was higher by
 
$49.7 million primarily
 
driven by lower
 
interest expense on
 
deposits,
mainly from the
 
re-pricing of P.R.
 
public funds,
 
higher income from
 
U.S. Treasury
 
securities, mainly due
 
to higher
 
yields
and
 
higher income
 
from
 
the
 
loans portfolio
 
driven by
 
loan
 
growth, partially
 
offset
 
by
 
lower income
 
from
 
money market
investments reflecting the
 
decline in rates.
 
The net interest
 
margin for the
 
quarter ended June
 
30, 2025 was
 
3.68%, and
increase of 28 basis points, compared to 3.40% for the same quarter in the previous year. The increase in the margin was
mainly impacted
 
by lower
 
cost of
 
deposits and
 
higher yield
 
from investment
 
securities, as
 
well as
 
higher loan
 
balances
which carry a higher yield, partially offset by lower rates
 
on money market investments;
 
●
 
the provision
 
for loan
 
losses of
 
$43.2 million
 
was lower
 
by $5.4
 
million mainly
 
driven by
 
lower reserves
 
for commercial
loans,
 
due
 
to
 
improvements
 
in
 
credit
 
quality
 
and
 
lower
 
net
 
charge-offs
 
partially
 
offset
 
by
 
a
 
higher
 
provision
 
for
 
the
consumer loan portfolios due to changes in credit quality,
 
mainly within the auto portfolio, and changes in macroeconomic
scenarios;
●
 
lower non-interest income by $6.7 million mainly due to lower income from the daily car rental business, which was sold in
the fourth quarter of 2024;
●
 
higher operating expenses by $21.9 million mostly due to higher personnel costs by $19.0 million, mainly due to the profit-
sharing expense accrual and other performance-related
 
incentives, and higher technology expenses by
 
$4.0 million, offset
by lower
 
equipment expenses by
 
$4.2 million
 
mainly related to
 
the daily
 
car rental
 
business sold
 
in the
 
fourth quarter
 
of
2024; and
●
 
higher
 
income
 
tax
 
expense
 
by
 
$1.7
 
million
 
mainly
 
due
 
to
 
higher
 
income
 
before
 
tax;
 
partially
 
offset
 
by
 
higher
 
exempt
income and other tax credits recorded during the
 
first quarter of 2025.
 
For the six months ended
 
June 30, 2025, the BPPR segment
 
recorded a net income of $350.4
 
million compared to a net income
 
of
$278.5 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
 
$1.1
 
billion was
 
higher by
 
$98.8 million
 
primarily
 
driven by
 
lower interest
 
expense on
 
deposits,
mainly from
 
the re-pricing
 
of P.R.
 
public funds,
 
higher income
 
from investment
 
securities and
 
higher income
 
from loans
due to portfolio growth, partially offset by lower income from money market
 
investments reflecting the decline in rates and
lower balances. The net interest margin for the six months ended June
 
30, 2025 was 3.66% compared with the 3.36% for
147
the same period
 
of the previous
 
year. The
 
increase in the
 
margin was mainly
 
impacted by
lower cost of
 
deposits, higher
yield from investment securities and loan growth, partially
 
offset by lower rates from money market investments;
●
 
the provision
 
for loan
 
losses of
 
$95.9 million
 
was lower
 
by $13.7
 
million mainly
 
driven by
 
the commercial
 
and consumer
portfolios due to lower net charge-offs and
 
improvements in credit quality,
 
partially offset by the increase in the
 
probability
weight assigned to the pessimistic economic scenario;
●
 
lower non-interest income by $14.8 million mainly due to lower income from the daily car rental business sold in 2024 and
lower insurance fees, partially
 
offset by higher credit
 
and debit card income,
 
due to higher volume
 
of transactions, higher
investment management fees and an increase in non-balance
 
compensation fees in commercial deposits;
●
 
higher operating
 
expenses by
 
$19.2 million
 
mostly due
 
to higher
 
personnel costs
 
by $17.4
 
million, due
 
to incentives
 
as
discussed
 
above,
 
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 $8.0 million mainly
 
due to higher income before tax.
 
Popular U.S.
For the quarter ended June 30, 2025, the reportable segment of Popular U.S. reported a net income of $22.6 million, compared with
a net income
 
of $17.7 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
 
$102.2 million, higher by
 
$16.3 million due to
 
higher income from loans,
 
mainly from growth in
 
the
commercial and
 
construction portfolios,
 
and lower
 
cost of
 
deposits due
 
to the
 
repricing of
 
most interest-bearing
 
deposit
products,
 
partially
 
offset
 
by
 
lower
 
income
 
from
 
money
 
market
 
investments
 
due
 
to
 
average
 
balances
 
and
 
lower
 
yields
reflecting
 
the
 
decrease
 
in
 
short-term
 
rates.
 
The
 
net
 
interest
 
margin
 
for
 
the
 
quarter
 
ended
 
June
 
30,
 
2025
 
was
 
2.93%
compared to 2.60% for the same quarter in the
 
previous year driven by lower cost of deposits;
●
 
the provision for loan losses was $6.4 million, reflecting higher reserves due to changes in economic scenarios, compared
to a benefit of $4.4 million in 2024, which was
 
mainly related to improvements in commercial
 
credit ratings;
●
 
higher operating expenses by $1.5 million, reflecting
 
higher personnel costs driven by incentives;
 
and
●
 
higher income tax expense by $1.3 million due
 
to higher net income before tax.
For the six months ended June 30, 2025, the reportable segment of Popular
 
U.S. recorded a net income of $37.4 million, compared
with
 
a
 
net
 
income
 
of
 
$24.8
 
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 $24.4
 
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
 
product repricing as
 
mentioned
above, partially offset by lower income from money market investments due to lower rates. The net interest margin for the
six months ended June 30, 2025 was 2.84% compared to 2.60% for the same
 
period of the previous year driven by lower
cost of deposits;
●
 
the provision
 
for loan
 
losses of
 
$18.9 million
 
was higher
 
by $12.0
 
million driven
 
by higher
 
reserves
 
for the
 
commercial
portfolio due to higher loan balances;
 
148
●
 
lower operating expenses by
 
$1.6 million reflecting lower
 
FDIC expense due to
 
FDIC Special Assessment of
 
$1.6 million
recorded in
 
2024 and
 
lower professional
 
fees, offset
 
by higher
 
allocation of
 
Corporate expenses
 
reflective of
 
personnel
costs and consulting fees; and
●
 
higher income tax expense by $4.6 million due
 
to higher net income before tax.
STATEMENT
 
OF FINANCIAL CONDITION ANALYSIS
 
Assets
The Corporation’s total assets were $76.1 billion at June 30, 2025, compared
 
to $73.0 billion at December 31, 2024. The variance in
total assets of $3.1 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
 
HTM securities, other assets, and money market investments.
 
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 $40.2 million as of June 30,
 
2025, when compared to December 31, 2024, driven by funds
deployed to support loan growth.
 
AFS securities increased $2.2 billion, mainly due to investment in U.S. Treasury securities and the
decrease in
 
the unrealized
 
losses of
 
AFS securities
 
of $232.7
 
million, partially
 
offset
 
by maturities
 
and principal
 
paydowns.
 
HTM
securities
 
decreased
 
by
 
$216.4 million
 
driven
 
by
 
maturities
 
and
 
principal
 
paydowns,
 
partially
 
offset
 
by
 
the
 
amortization
 
of
 
$91.6
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.
 
149
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
 
$1.1 billion
 
to $38.2
 
billion at
 
June 30,
 
2025, compared
 
to
 
December 31,
 
2024. Despite
 
the
uncertainty about the economic outlook, demand for credit across all segments was strong during the second quarter of 2025. In the
BPPR segment
 
loan balances
 
increased by
 
$626.0 million
 
across all
 
portfolios, mostly
 
due to
 
commercial and
 
construction loans,
which
 
include
 
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,
 
and
 
higher
mortgage loans,
 
driven primarily
 
by home
 
purchase activity.
 
Auto loans
 
and leases
 
also increased,
 
driven by
 
a strong
 
origination
activity. The PB
 
segment also increased
 
by $451.6 million, driven by commercial and construction lending.
 
Nonetheless, the impact
of trade and tariff policies on economic activity may affect
 
loan demand as uncertainty on the short-term
 
economic outlook exists.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
150
Table 6 - Loans Ending Balances
(In thousands)
June 30, 2025
December 31, 2024
Variance
Loans held-in-portfolio:
Commercial
 
 
Commercial multi-family
$
2,520,789
$
2,399,620
$
121,169
 
Commercial real estate non-owner occupied
5,521,374
5,363,235
158,139
 
Commercial real estate owner occupied
3,003,855
3,157,746
(153,891)
 
Commercial and industrial
8,043,752
7,741,562
302,190
Total Commercial
19,089,770
18,662,163
427,607
Construction
1,468,201
1,263,792
204,409
Leasing
1,983,068
1,925,405
57,663
Mortgage
8,444,427
8,114,183
330,244
Consumer
 
Credit cards
 
1,215,293
1,218,079
(2,786)
 
Home equity lines of credit
77,479
73,571
3,908
 
Personal
 
1,876,463
1,855,244
21,219
 
Auto
3,861,702
3,823,437
38,265
 
Other
168,775
171,778
(3,003)
Total Consumer
 
7,199,712
7,142,109
57,603
Total loans held-in
 
-portfolio
$
38,185,178
$
37,107,652
$
1,077,526
Loans held-for-sale:
 
Mortgage
$
2,898
$
5,423
$
(2,525)
Total loans held-for-sale
$
2,898
$
5,423
$
(2,525)
Total loans
$
38,188,076
$
37,113,075
$
1,075,001
 
 
151
Other assets
Other assets amounted to $1.7 billion at June 30, 2025, a decrease of
 
$52.7 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
 
$64.2
 
million
 
due to
 
positive changes
 
in
 
the
valuation of
 
AFS securities,
 
a reduction
 
in unsettled
 
trade receivables
 
of $14.6
 
million related
 
to proceeds
 
from maturities
 
of U.S.
Treasury securities,
 
lower principal, interest and escrow servicing advances
 
of $8.0 million, and a reduction in investments under
 
the
equity
 
method
 
by
 
$7.0
 
million
 
mainly
 
related
 
to
 
unrealized
 
losses
 
on
 
the
 
underlying
 
investment
 
portfolio
 
held
 
by
 
the
 
investee,
partially offset
 
by an
 
increase in
 
capitalized software costs
 
of $33.1
 
million mainly
 
related to
 
technology modernization
 
and higher
prepaid
 
taxes
 
of
 
$20.8
 
million.
 
Refer
 
to
 
Note
 
12
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
a
 
breakdown
 
of
 
the
 
principal
categories that comprise the caption
 
of “Other Assets” in
 
the Consolidated Statements of Financial
 
Condition at June 30,
 
2025 and
December 31, 2024.
 
Liabilities
The Corporation’s total
 
liabilities were $70.1
 
billion at June
 
30, 2025, an
 
increase of $2.7
 
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 $67.2
 
billion as
 
of June
 
30, 2025,
 
compared to
 
$64.9 billion
 
as of
 
December 31,
 
2024. Ending
deposit
 
balances increased
 
by
 
$2.3 billion,
 
while
 
average quarterly
 
balances grew
 
by $2.1
 
billion. The
 
average deposit
 
balance,
excluding P.R.
 
public deposits, increased by
 
$1.1 billion. Non-interest-bearing deposits
 
remained flat when compared to
 
December
31, 2024. At the end
 
of the second quarter of
 
2025, Puerto Rico public deposits were
 
$20.9 billion, an increase of
 
$1.5
 
billion when
compared to December 31, 2024.
 
P.R
 
public deposits represent 31% 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
 
any federal
 
assistance is
 
distributed, 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 $340
 
million, while
 
at PB
 
segment ending
 
deposit
balances increased by
 
$400 million, net
 
of intercompany activity.
 
We continue to
 
expect third quarter deposit
 
balances in BPPR
 
to
reflect historical seasonality and decrease based on past
 
experience of our retail client behavior.
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 June 30, 2025 and December
 
31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
152
Table 7 - Deposits Ending Balances
(In thousands)
June 30, 2025
December 31, 2024
Variance
Deposits excluding P.R.
 
public deposits:
 
Demand deposits
$
15,114,614
$
15,139,555
$
(24,941)
 
Savings, NOW and money market deposits (non-brokered)
21,554,606
21,177,506
377,100
 
Savings, NOW and money market deposits (brokered)
829,506
736,225
93,281
 
Time deposits (non-brokered)
7,938,858
7,476,924
461,934
 
Time deposits (brokered CDs)
861,947
890,704
(28,757)
Sub-total deposits excluding P.R.
 
public deposits
46,299,531
45,420,914
878,617
P.R. public
 
deposits:
 
Demand deposits
 
[1]
12,376,316
11,730,273
646,043
 
Savings, NOW and money market deposits (non-brokered)
7,743,663
7,087,904
655,759
 
Time deposits (non-brokered)
797,981
645,254
152,727
Sub-total P.R.
 
public deposits
20,917,960
19,463,431
1,454,529
Total deposits
$
67,217,491
$
64,884,345
$
2,333,146
[1] Includes interest bearing demand deposits.
 
Borrowings
The Corporation’s
 
borrowings totaled
 
$1.4 billion
 
at June
 
30, 2025
 
compared to
 
$1.2
 
billion at
 
December 31,
 
2024. The
 
increase
was
 
mainly
 
related
 
to
 
higher
 
FHLB
 
advances
 
by
 
$236.5
 
million,
 
mainly
 
at
 
PB.
 
Refer
 
to
 
Note
 
15
 
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 $6.0 billion at June 30, 2025, an increase of $341.0 million when compared to December 31, 2024. The
increase was
 
principally due
 
to net
 
income for
 
the six
 
months ended
 
June 30,
 
2025 of
 
$387.9 million,
 
coupled with
 
the after-tax
effect of the
 
decrease in net unrealized losses in
 
the portfolio of AFS securities
 
of $188.6 million and the
 
amortization of unrealized
losses
 
from
 
securities
 
previously reclassified
 
to
 
HTM
 
of
 
$73.2 million,
 
partially
 
offset
 
by
 
an
 
increase in
 
treasury
 
stock
 
of
 
$226.9
million, mainly due to
 
common stock repurchases, and
 
the common and preferred dividends
 
declared of $96.9 million.
 
Refer to the
Consolidated Statements
 
of Financial
 
Condition, Comprehensive
 
Income and
 
Changes in
 
Stockholders’ Equity
 
for information
 
on
the composition of stockholders’ equity.
The composition of the Corporation’s financing to total assets
 
at June 30, 2025 and December 31, 2024
 
is included in Table 8.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
153
Table 8 - Financing to Total
 
Assets
June 30,
December 31,
 
% (decrease) increase
% of total assets
(Dollars in millions)
2025
2024
from 2024 to 2025
2025
2024
Non-interest-bearing core deposits
$
15,115
$
15,139
(0.2)
%
19.9
%
20.7
%
Interest-bearing core deposits
46,517
44,622
4.2
61.2
61.1
Interest-bearing other deposits
5,586
5,123
9.0
7.3
7.0
Repurchase agreements
56
55
1.8
0.1
0.1
Other short-term borrowings
550
225
144.4
0.7
0.3
Notes payable
808
896
(9.8)
1.1
1.2
Other liabilities
1,479
1,372
7.8
1.9
1.9
Stockholders’ equity
5,954
5,613
6.1
7.8
7.7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
154
CAPITAL
Regulatory Capital
The Corporation, BPPR and PB
 
are subject to regulatory capital
 
requirements established by the Federal Reserve Board.
 
The risk-
based
 
capital
 
standards
 
applicable
 
to
 
the
 
Corporation,
 
BPPR
 
and
 
PB
 
(“Basel
 
III
 
capital
 
rules”)
 
are
 
based
 
on
 
the
 
final
 
capital
framework for strengthening international capital standards, known
 
as Basel III, of the Basel Committee on Banking Supervision.
 
As
of June 30,
 
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 June 30, 2025 and December
 
31, 2024.
Table 9 - Capital Adequacy
 
Data
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
June 30, 2025
 
 
December 31, 2024
 
Common equity tier 1 capital:
 
 
 
 
 
 
Common stockholders' equity - U.S. GAAP basis
$
5,931,875
$
5,590,923
CECL transitional amount
 
[1]
-
42,375
AOCI related adjustments due to opt-out election
1,325,146
1,589,875
Goodwill, net of associated deferred tax liability (DTL)
(653,493)
(657,181)
Intangible assets, net of associated DTLs
(5,844)
(6,826)
Deferred tax assets and other deductions
 
(228,617)
(296,374)
Common equity tier 1 capital
$
6,369,067
$
6,262,792
Additional tier 1 capital:
Preferred stock
22,143
22,143
Additional tier 1 capital
$
22,143
 
$
22,143
Tier 1 capital
$
6,391,210
 
$
6,284,935
 
Tier 2 capital:
Trust preferred securities subject to phase in as
 
tier 2
192,674
192,674
Other inclusions (deductions), net
503,781
490,594
Tier 2 capital
$
696,455
$
683,268
Total risk-based capital
 
$
7,087,665
 
$
6,968,203
 
Minimum total capital requirement to be well capitalized
$
4,003,691
 
$
3,907,346
 
Excess total capital over minimum well capitalized
$
3,083,974
 
$
3,060,857
 
Total risk-weighted
 
assets
$
40,036,914
 
$
39,073,462
 
Total assets for leverage
 
ratio
$
75,114,655
 
$
72,593,464
 
Risk-based capital ratios:
 
 
 
 
 
 
Common equity tier 1 capital
15.91
%
16.03
%
 
Tier 1 capital
 
 
15.96
 
16.08
 
Total capital
 
17.70
 
 
17.83
 
 
Tier 1 leverage
 
8.51
 
 
8.66
 
[1] The CECL transitional amount includes the impact
 
of Popular's adoption of the new CECL accounting standard
 
on January 1, 2020.
155
The Basel
 
III capital rules
 
provide that a
 
depository institution is
 
deemed to be
 
well capitalized if
 
it maintains a
 
leverage ratio of
 
at
least 5%,
 
a common equity
 
Tier 1
 
ratio of
 
at least 6.5%,
 
a Tier
 
1 capital ratio
 
of at least
 
8% and a
 
total risk-based
 
ratio of at
 
least
10%. The Corporation, BPPR and PB leverage ratio, common equity
 
Tier 1 ratio and Tier
 
1 capital ratio, respectively as of June 30,
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
 
June 30, 2025
as compared to December 31, 2024
 
was mainly due to
 
higher risk weighted assets driven by
 
the increase in loans held
 
in portfolio,
the
 
repurchase
 
of
 
shares
 
under
 
the
 
2024
 
Repurchase
 
Program
 
and
 
common
 
stock
 
dividends,
 
partially
 
offset
 
by
 
the
 
six-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
June 30, 2025, and December 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
156
Table 10 - Reconciliation
 
of Tangible Common Equity
 
and Tangible Assets
(In thousands, except share or per share information)
June 30, 2025
December 31, 2024
Total stockholders’
 
equity
$
5,954,018
$
5,613,066
Less: Preferred stock
(22,143)
(22,143)
Less: Goodwill
(802,954)
(802,954)
Less: Other intangibles
(5,844)
(6,826)
Total tangible common
 
equity
$
5,123,077
$
4,781,143
Total assets
 
$
76,065,090
$
73,045,383
Less: Goodwill
(802,954)
(802,954)
Less: Other intangibles
(5,844)
(6,826)
Total tangible assets
$
75,256,292
$
72,235,603
Tangible common
 
equity to tangible assets
6.81
%
6.62
%
Common shares outstanding at end of period
67,937,468
70,141,291
Tangible book value
 
per common share
$
75.41
$
68.16
Quarterly average
Total stockholders’
 
equity [1]
$
6,849,789
$
6,620,766
Average unrealized (gains) losses on AFS securities
 
transferred to HTM
 
334,183
505,791
Adjusted total stockholder's equity
7,183,972
7,126,557
Less: Preferred Stock
(22,143)
(22,143)
Less: Goodwill
(802,953)
(804,411)
Less: Other intangibles
(6,096)
(7,288)
Total tangible common
 
equity
$
6,352,780
$
6,292,715
Return on average tangible common equity
13.26
%
11.22
%
 
[1] Average balances exclude unrealized gains or
 
losses on debt securities available-for-sale.
 
157
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
 
$20.5 billion
 
and
 
$7.5 billion,
respectively, as of June 30, 2025. Other assets subject to market risk include mortgage servicing rights ("MSRs") with a fair value of
$103.1 million as of June 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 is prepared for a five-year period, which in conjunction with the EVE analysis, provides management a better view of long-
term IRR.
Net
 
interest
 
income
 
simulation
 
analysis
 
performed by
 
legal
 
entity and
 
on
 
a
 
consolidated
 
basis
 
is
 
used
 
to
 
estimate the
 
potential
change
 
in
 
net
 
interest
 
income
 
resulting
 
from
 
hypothetical
 
changes
 
in
 
interest
 
rates.
 
Sensitivity
 
analysis
 
is
 
calculated
 
using
 
a
simulation model which incorporates actual balance
 
sheet figures detailed by maturity and interest
 
yields or costs.
 
Management assesses interest
 
rate risk
 
by comparing various
 
NII simulations under
 
different interest rate
 
scenarios to assess
 
the
degree of
 
change and
 
the projected
 
shape of
 
the yield
 
curve. Management
 
also performs
 
analyses to
 
isolate and
 
measure basis
and
 
prepayment
 
risk
 
exposures.
 
These
 
models
 
are
 
periodically
 
monitored.
 
Assumptions
 
are
 
validated
 
by
 
management
 
and
 
are
subject to independent validations according to the Corporations’
 
Model Governance Policy.
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
 
June 30, 2025 and
December 31, 2024, assuming a static balance
 
sheet and parallel changes over flat spot rates
 
over a one-year time horizon:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
158
Table 11
 
- Net Interest Income Sensitivity (One Year
 
Projection)
June 30, 2025
December 31, 2024
(Dollars in thousands)
Amount Change
Percent Change
Amount Change
Percent Change
Change in interest rate
+200 basis points
22,433
0.85
44,747
1.78
+100 basis points
10,515
0.40
22,917
0.91
-100 basis points
(12,636)
(0.48)
9,157
0.36
-200 basis points
(18,563)
(0.71)
588
0.02
As of June
 
30, 2025, NII simulations
 
show the Corporation maintains
 
an asset sensitive position
 
that is symmetric
 
in the rising
 
and
declining rates scenarios. Compared to the
 
results as of December 31, 2024,
 
the variation in sensitivity and the
 
resulting profile are
mainly driven
 
by updated
 
deposit beta
 
model assumptions that
 
reflect lower
 
elasticity in
 
declining rate
 
scenarios. In
 
declining rate
scenarios, the reduction in net interest income is driven by the repricing of short-term assets and variable rate loans offset in part by
declining
 
deposit
 
costs.
 
In
 
rising rate
 
scenarios, Popular’s
 
net interest
 
income
 
would increase
 
due
 
to
 
the
 
repricing
 
of
 
short-term
assets,
 
variable
 
rate
 
loans,
 
and
 
intermediate
 
maturity
 
assets
 
coming
 
due
 
within
 
one
 
year,
 
that
 
are
 
offset
 
in
 
part
 
by
 
increased
deposits costs
 
due to
 
BPPR’s large
 
proportion of
 
market-linked Puerto Rico
 
public sector
 
deposits. Changes
 
in the
 
balance sheet
during the quarter
 
led to reduced
 
asset sensitivity.
 
The Corporation purchased
 
$2.4 billion in
 
U.S. Treasury
 
Notes with an
 
average
maturity
 
of
 
approximately
 
1.5
 
years.
 
Higher
 
loan
 
balances
 
and
 
growth
 
in
 
market-linked
 
Puerto
 
Rico
 
public
 
sector
 
deposits
 
also
contributed to reduced asset sensitivity.
The
 
Corporation’s
 
loan
 
and
 
investment
 
portfolios
 
are
 
subject
 
to
 
prepayment
 
risk.
 
Prepayment
 
risk
 
also
 
could
 
have
 
a
 
significant
impact on the duration of mortgage-backed securities
 
and collateralized mortgage obligations.
Trading
 
The Corporation
 
engages in
 
trading activities
 
in the
 
ordinary course
 
of business
 
at its
 
subsidiaries, BPPR
 
and Popular
 
Securities.
Popular Securities’
 
trading activities
 
consist primarily
 
of market-making
 
activities to
 
meet expected
 
customers’ needs
 
related to
 
its
retail brokerage business, and purchases and sales of
 
U.S. Government and government sponsored securities with the objective of
realizing gains
 
from expected
 
short-term price
 
movements. BPPR’s
 
trading activities consist
 
primarily of
 
holding U.S.
 
Government
sponsored
 
mortgage-backed
 
securities
 
and
 
economic
 
hedges
 
of
 
the
 
related
 
market
 
risk
 
with
 
“TBA”
 
(to-be-announced)
 
market
transactions. In
 
addition, BPPR
 
uses forward
 
contracts or
 
TBAs that
 
have characteristics
 
similar to
 
that of
 
the forecasted
 
security
and its conversion timeline to hedge its securitization
 
pipeline.
At June 30,
 
2025, the Corporation held
 
trading securities with a
 
fair value of
 
$29.6 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 $23.0
 
million with a weighted average yield of 5.28% and U.S.
Treasuries of $5.8 million with a weighted average yield of 3.41% at June 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
 
in June 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.
 
 
 
159
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
 
88% and 89% of
 
funding of the Corporation’s
 
total assets at June
 
30, 2025 and December
31, 2024, respectively.
 
The ratio of
 
total ending loans to
 
deposits remained at
 
57% at June
 
30, 2025 and
 
December 31, 2024.
 
In
addition to
 
traditional deposits,
 
the Corporation
 
maintains borrowing
 
arrangements, which
 
amounted to
 
$1.4 billion
 
in outstanding
balances at June 30, 2025 (December 31, 2024 - $1.2 billion). A detailed description of the Corporation’s borrowings, including their
terms, is
 
included in
 
Note 15
 
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
 
June 30,
 
2025, the Corporation’s
 
available liquidity increased
 
to $26.1 billion
 
from
$21.6
 
billion on
 
December 31,
 
2024. During
 
the second
 
quarter of
 
2025, the
 
Corporation had
 
no material
 
incremental use
 
of its
available liquidity sources. The liquidity sources of
 
the Corporation at June 30, 2025 are presented
 
in Table 12 below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
160
Table 12 - Liquidity Sources
June 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)
$
4,753,672
$
1,576,770
$
6,330,442
$
4,882,358
$
1,488,857
$
6,371,215
Unpledged securities
4,453,281
519,711
4,972,992
3,806,066
522,869
4,328,935
FHLB borrowing capacity
3,178,798
816,840
3,995,638
2,777,090
1,058,921
3,836,011
Discount window of the Federal Reserve
Bank borrowing capacity
7,895,298
2,875,787
10,771,085
4,839,388
2,178,646
7,018,034
Total available liquidity
$
20,281,049
$
5,789,108
$
26,070,157
$
16,304,902
$
5,249,293
$
21,554,195
Refer
 
to
 
Note
 
15
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
for
 
additional
 
information
 
of
 
the
 
Corporation’s
 
borrowing
 
facilities
available through its banking subsidiaries.
 
The principal
 
uses of
 
funds for
 
the banking
 
subsidiaries include
 
loan originations,
 
investment portfolio
 
purchases, loan
 
purchases
and repurchases, repayment of outstanding obligations (including deposits), advances on certain serviced portfolios and operational
expenses. Also, the
 
banking subsidiaries assume liquidity
 
risk related to collateral
 
posting requirements for certain
 
activities mainly
in
 
connection
 
with
 
contractual
 
commitments,
 
recourse
 
provisions,
 
servicing
 
advances,
 
derivatives
 
and
 
credit
 
card
 
licensing
agreements.
 
The banking
 
subsidiaries maintain
 
sufficient funding
 
capacity to
 
address large
 
increases in
 
funding requirements
 
such as
 
deposit
outflows.
 
The
 
Corporation has
 
established
 
liquidity
 
guidelines
 
that
 
require
 
the
 
banking
 
subsidiaries
 
to
 
have
 
sufficient
 
liquidity
 
to
cover all short-term borrowings and a portion of deposits.
 
Deposits are
 
a key
 
source of
 
funding. Refer
 
to Table
 
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
 
June 30,
2025, total Puerto Rico public sector deposits were
 
$20.9 billion, compared to $19.5 billion at
 
December 31, 2024.
Core deposits
 
continue to
 
represent 92%
 
of total
 
deposits at
 
$61.6
 
billion, as
 
of June
 
30, 2025,
 
and compared
 
to
 
December 31,
2024. Core deposits financed 85% of the Corporation’s
 
earning assets at June 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 June 30,
 
2025 is presented in
 
the
table that follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
161
Table 13 - Distribution by
 
Maturity of Certificates of Deposit of $250,000 and Over
(In thousands)
3 months or less
$
2,591,418
Over 3 to 12 months
992,191
Over 1 year to 3 years
287,373
Over 3 years
147,470
Total
$
4,018,452
The
 
Corporation
 
had
 
$1.7
 
billion
 
in
 
brokered
 
deposits
 
at
 
June
 
30,
 
2025,
 
which
 
financed
 
approximately
 
2%
 
of
 
its
 
total
 
assets
(December 31, 2024 - $1.6 billion and 2%,
 
respectively).
 
As of
 
June 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
162
Table 14 - Deposits
30-Jun-25
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits:
Deposits balances under $250,000 [1]
$
23,741,443
42
%
$
8,341,661
70
%
$
32,083,104
48
%
Transactional deposits balances over
$250,000
7,968,081
14
%
2,042,469
17
%
10,010,550
15
%
Time deposits balances over $250,000
2,262,268
4
%
833,527
7
%
3,095,795
5
%
Uninsured foreign deposits
444,748
1
%
-
-
%
444,748
1
%
Collateralized public funds
21,269,940
39
%
313,354
3
%
21,583,294
31
%
Intercompany deposits
195,313
-
%
415,184
3
%
-
-
%
Total deposits
$
55,881,793
100
%
$
11,946,195
100
%
$
67,217,491
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 $594 million at June 30, 2025
 
and December 31, 2024.
The contractual maturities of the BHCs notes payable
 
at June 30, 2025 are presented in Table 15.
Table 15
 
- Distribution of BHC's Notes Payable by Contractual
 
Maturity
Year
(In thousands)
2028
$
395,865
Later years
198,386
Total
$
594,251
 
 
 
163
As of
 
June 30,
 
2025, the
 
BHCs had
 
cash and
 
money markets
 
investments totaling
 
$503 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
 
$48
million per quarter.
The BHCs have in
 
the past borrowed in the
 
corporate debt market primarily to finance
 
their non-banking subsidiaries and refinance
debt
 
obligations.
 
These
 
sources
 
of
 
funding
 
are
 
more
 
costly
 
given
 
that
 
two
 
out
 
of
 
three
 
principal
 
credit
 
rating
 
agencies
 
rate
 
the
Corporation’s debt
 
securities below
 
“investment grade”.
 
The Corporation
 
has a
 
shelf registration
 
statement filed
 
and effective
 
with
the
 
Securities
 
and
 
Exchange
 
Commission,
 
which
 
permits
 
the
 
Corporation
 
to
 
issue
 
an
 
unspecified
 
amount
 
of
 
debt
 
or
 
equity
securities.
Non-Banking Subsidiaries
The
 
principal
 
sources
 
of
 
funding
 
for
 
the
 
non-banking
 
subsidiaries
 
include
 
internally
 
generated
 
cash
 
flows
 
from
 
operations,
 
loan
sales, repurchase agreements, capital
 
injections and borrowed funds
 
from their direct
 
parent companies or the
 
holding companies.
The principal uses of funds for the non-banking
 
subsidiaries include repayment of maturing debt,
 
operational expenses and payment
of dividends to the BHCs.
 
Dividends
During
 
the
 
six
 
months
 
ended June
 
30,
 
2025,
 
the
 
Corporation declared
 
cash
 
dividends of
 
$1.40
 
per
 
common
 
share
 
outstanding
($96.2 million in the
 
aggregate). The dividends for the
 
Corporation’s Series A preferred stock amounted to
 
$0.7 million.
On July 16,
2025, the
 
Corporation announced an
 
increase in its
 
quarterly common stock
 
dividend from $0.70
 
to $0.75
 
per share, commencing
with the dividend payable in the fourth quarter of
 
2025, subject to the approval by the Corporation’s
 
Board of Directors.
During the six
 
months ended June 30,
 
2025, the BHCs
 
received dividends and distributions
 
amounting to $200 million
 
from BPPR,
$23 from
 
Popular International
 
Bank, Inc.
 
(“PIBI”) and
 
$15 million
 
from
 
its
 
other non-banking
 
subsidiaries. Dividends
 
from BPPR
constitute Popular,
 
Inc.’s primary
 
source of
 
liquidity.
 
In addition,
 
during the
 
six months
 
ended June
 
30, 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, for
 
example. At
 
June
 
30,
 
2025,
BPPR could declare
 
a dividend of
 
up to
 
approximately $209 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 $6.3
 
billion at
 
June
 
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,
 
U.S.
government
 
sponsored
 
agency
 
debt
 
securities,
 
U.S.
 
government
 
sponsored
 
agency
 
mortgage-backed
 
securities,
 
and
 
U.S.
government
 
sponsored
 
agency
 
collateralized
 
mortgage
 
obligations
 
that
 
can
 
be
 
used
 
to
 
raise
 
funds
 
in
 
the
 
repo
 
markets.
 
The
availability
 
of
 
repurchase
 
agreements
 
would
 
be
 
subject
 
to
 
having
 
sufficient
 
unpledged
 
collateral
 
available
 
at
 
the
 
time
 
the
transactions are
 
consummated, in addition
 
to overall
 
liquidity and
 
risk appetite
 
of the
 
various counterparties.
 
Refer to
 
Table
 
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. After
 
the
merger of Popular Auto LLC into its
 
parent company BPPR, effective on May 1, 2025, the
 
Corporation has $2.9 billion in auto loans
pledged at June 30, 2025, in
 
addition to mortgage loans, to secure credit
 
facilities with the Federal Reserve's discount window.
 
The
 
 
164
loan portfolio
 
can also
 
be used to
 
obtain funding
 
in the
 
capital markets. Mortgage
 
loans and
 
some types of
 
consumer loans, have
secondary markets which the Corporation could use.
Off-Balance Sheet Arrangements and Other Commitments
In the ordinary course
 
of business, the Corporation
 
engages in financial transactions that
 
are not recorded on
 
the balance sheet or
may be recorded on the balance sheet in amounts that are different than the full contract or notional amount of the transaction. As a
provider of
 
financial services,
 
the Corporation
 
routinely enters
 
into commitments
 
with off-balance
 
sheet risk
 
to meet
 
the financial
needs
 
of
 
its
 
customers.
 
Refer
 
to
 
Note
 
20
 
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
 
27
 
to
 
the
Consolidated
 
Financial
 
Statements
 
for
 
more
 
information
 
on
 
operating
 
leases
 
and
 
to
 
Note
 
19
 
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
 
June 30,
 
2025, and
December 31, 2024, and the results of
 
their operations for the six-month period ended June
 
30, 2025 and June 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
165
Table 16 - Summarized Statement
 
of Condition
(In thousands)
June 30, 2025
December 31, 2024
Assets
Cash and money market investments
$
502,784
$
634,809
Investment securities
35,557
35,150
Accounts receivables from non-obligor subsidiaries
29,111
14,602
Other loans (net of allowance for credit losses of $197 (2024
 
- $281))
24,791
25,381
Investment in equity method investees
5,281
5,279
Other assets
83,401
65,483
Total assets
$
680,925
$
780,704
Liabilities and Stockholders' equity
Accounts payable to non-obligor subsidiaries
$
5,004
$
12,163
Notes payable
594,251
593,571
Other liabilities
129,332
126,718
Stockholders' (deficit) equity
(47,662)
48,252
Total liabilities and
 
stockholders' equity
$
680,925
$
780,704
Table 17 - Summarized Statement
 
of Operations
For the period ended
(In thousands)
June 30, 2025
June 30, 2024
Income:
Dividends from non-obligor subsidiaries
$
215,100
$
313,000
Interest income from non-obligor subsidiaries and affiliates
2,248
7,106
Earnings (losses) from investments in equity method investees
1
(10)
Other operating income
6,155
2,439
Total income
$
223,504
$
322,535
Expenses:
Services provided by non-obligor subsidiaries and affiliates
 
(net of
reimbursement by subsidiaries for services provided by parent
 
of
$127,054 (2024 - $120,987))
$
7,739
$
6,447
Other expenses
14,359
22,685
Income tax expense
[1]
5,952
22,208
Total expenses
$
28,050
$
51,340
Net income
$
195,454
$
271,195
[1] The
 
net income
 
for the
 
six months
 
ended
 
June
 
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 six months
 
ended June
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).
 
 
 
 
 
166
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 0.5%
 
month-over-month increase
 
in February
 
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
 
June 2025,
 
the U.S.
 
Consumer
Price Index
 
showed a
 
2.7% 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
 
0.9% over
 
the 12
 
months ending
 
in June
2025.
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”). On August 5, 2025, President Donald J. Trump dismissed five of the seven members of the
Oversight Board, reportedly due to inefficient leadership and
 
excessive spending. As of the date of
 
this report, the vacant Oversight
Board seats remain unfilled, and no official replacements have been announced. While the two remaining members may continue to
act
 
on
 
behalf
 
of
 
the
 
Oversight
 
Board,
 
their
 
authority
 
is
 
limited
 
with
 
respect
 
to
 
certain
 
matters
 
specified
 
in
 
PROMESA
 
and
 
the
Oversight
 
Board’s
 
by-laws.
 
It
 
is
 
still
 
too
 
early
 
to
 
determine
 
what
 
impact
 
these
 
changes
 
may
 
have
 
on
 
the
 
Oversight
 
Board’s
operations or on Puerto Rico’s fiscal and economic
 
affairs.
 
167
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
 
reflects, among other
 
things, the
 
general economic conditions
 
in Puerto
 
Rico and
 
other
adverse conditions affecting Puerto
 
Rico consumers and businesses.
 
Deterioration in the Puerto
 
Rico economy has resulted
 
in the
past, and could
 
result in the future,
 
in higher delinquencies, greater
 
charge-offs and increased losses,
 
which could materially affect
our financial condition and results of operations.
 
At June
 
30, 2025,
 
the Corporation’s
 
direct exposure
 
to
 
PR Government
 
Entities totaled
 
$412 million,
 
of
 
which $362
 
million were
outstanding, compared
 
to $336
 
million, at
 
December 31,
 
2024, all
 
of which
 
were outstanding.
 
The Corporation’s
 
exposure to
 
PR
Government Entities
 
at June
 
30, 2025
 
included up
 
to
 
$47.4 million
 
in Automated
 
Clearing House
 
(“ACH”) transaction
 
settlement
exposure, none of which
 
was outstanding.
 
Substantially all of the
 
Corporation’s direct exposure outstanding at
 
June 30, 2025
 
were
obligations from various
 
Puerto Rico municipalities.
 
In most
 
cases, these were
 
“general obligations” of
 
a municipality,
 
to which
 
the
applicable municipality
 
has
 
pledged its
 
good faith,
 
credit
 
and unlimited
 
taxing
 
power,
 
or “special
 
obligations” of
 
a municipality,
 
to
which the applicable municipality has pledged basic property tax or sales tax
 
revenues.
At June 30, 2025, 81% of the
 
Corporation’s
exposure to
 
municipal loans
 
and securities
 
was concentrated
 
in the
 
municipalities of
 
San Juan,
 
Guaynabo, Carolina
 
and Caguas.
For
 
additional
 
discussion
 
of
 
the
 
Corporation’s
 
direct
 
exposure
 
to
 
the
 
Puerto
 
Rico
 
government
 
and
 
its
 
instrumentalities
 
and
municipalities, refer to Note 20 – Commitments and
 
Contingencies to the Consolidated Financial
 
Statements.
 
In addition,
 
at June 30,
 
2025, the Corporation
 
had $212 million
 
in loans insured
 
or securities issued
 
by PR Governmental
 
Entities,
but
 
for which
 
the principal
 
source of
 
repayment is
 
non-governmental ($220 million
 
at
 
December 31, 2024).
 
These included
 
$168
million
 
in
 
residential mortgage
 
loans
 
insured
 
by
 
the
 
Puerto
 
Rico
 
Housing
 
Finance Authority
 
(“HFA”),
 
a
 
Puerto
 
Rico
 
Government
Entity ($176 million at December 31, 2024).
 
The Corporation also had, at June 30,
 
2025, $37 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
 
($38 million at
 
December 31, 2024).
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.
 
BPPR’s
 
commercial loan
 
portfolio also
 
includes loans
 
to
 
private borrowers
 
who
 
are service
 
providers, lessors,
 
suppliers or
 
have
other
 
relationships
 
with
 
the
 
PR
 
government.
 
These
 
borrowers
 
could
 
be
 
negatively
 
affected
 
by
 
a
 
deterioration
 
in
 
the
 
fiscal
 
and
economic
 
situation
 
of
 
PR
 
Government
 
Entities.
 
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, if the
 
fiscal and economic situation deteriorates.
As of June
 
30, 2025, BPPR had
 
$20.9 billion in deposits from
 
the Puerto Rico government, its
 
instrumentalities, and municipalities.
The
 
rate
 
at
 
which
 
public
 
deposit
 
balances
 
may
 
decline is
 
uncertain and
 
difficult
 
to
 
predict.
 
The
 
amount
 
and
 
timing
 
of
 
any
 
such
reduction is likely to
 
be impacted by,
 
for example, the level
 
of federal assistance, the
 
speed at which such
 
assistance is distributed
 
168
and
 
the financial
 
condition, liquidity
 
and cash
 
management practices
 
of such
 
entities, as
 
well as
 
the ability
 
of
 
BPPR to
 
maintain
these customer relationships.
United States Virgin Islands
The
 
Corporation
 
has
 
operations
 
in
 
the
 
United
 
States
 
Virgin
 
Islands
 
(the
 
“USVI”)
 
and
 
has
 
credit
 
exposure
 
to
 
USVI
 
government
entities.
The USVI has
 
been experiencing a
 
number of fiscal
 
and economic challenges,
 
which 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.
Non-Performing Assets
NPAs
 
include primarily
 
past-due loans
 
that are
 
no longer
 
accruing interest,
 
renegotiated loans,
 
and real
 
estate property
 
acquired
through foreclosure. A summary, including certain credit quality metrics, is presented
 
in Table 18.
The Corporation’s
 
credit quality
 
metrics demonstrated
 
favorable trends
 
in the
 
second quarter
 
of 2025
 
with improvements
 
in NPLs
and Net Charge-Offs (NCOs). 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 $357.8 million
 
as of June 30, 2025 decreased by
 
$50.3 million when compared with December 31, 2024. Total
 
NPLs
of $311.6
 
million decreased by
 
$39.2 million from December
 
31, 2024. BPPR’s
 
NPLs decreased by $34.4
 
million, mainly driven
 
by
lower consumer,
 
mortgage and commercial
 
NPLs by $12.9
 
million, $11.0
 
million and $8.9
 
million, respectively.
 
Popular U.S. NPLs
decreased
 
by
 
$4.7
 
million,
 
mostly
 
driven
 
by
 
decreases
 
of
 
$1.9
 
million
 
and
 
$1.8
 
million
 
in
 
commercial
 
and
 
mortgage
 
NPLs,
respectively.
On June
 
30, 2025, the
 
ratio of
 
NPLs to total
 
loans held-in-portfolio was
 
0.82%, compared to
 
0.95% on December
 
31, 2024.
 
Other
real estate owned loans (“OREOs”) decreased by $11.1 million from December 31, 2024. The decrease in OREO was mainly driven
by the combination of
 
sales and lower residential
 
property foreclosures. On June
 
30, 2025, NPLs secured
 
by real estate amounted
to
 
$189
 
million
 
in
 
the
 
Puerto
 
Rico
 
operations
 
and
 
$50
 
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 June
 
30, 2025,
 
with $3.0
billion secured by owner-occupied properties (December
 
31, 2024 - $10.9 billion and $3.2 billion, respectively).
The
 
non-owner occupied
 
CRE portfolio
 
was $5.5
 
billion at
 
June
 
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% ($688.8
 
million) of
the total
 
loan portfolio,
 
mainly comprising
 
mid-rise
 
properties with
 
an average
 
loan size
 
of $2.4
 
million, and
 
is well
 
diversified by
tenant type.
 
Within CRE, the
 
commercial multi-family portfolio is
 
$2.5 billion (approximately 7%
 
of total loans),
 
concentrated in New
 
York
 
Metro
($1.5 billion), South Florida ($716.6 million) and Puerto Rico
 
($202.1 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.
CRE NPLs amounted to
 
$52.5 million on June 30,
 
2025, compared with $53.7 million
 
on December 31, 2024. The
 
CRE NPL ratios
for
 
the
 
BPPR
 
and
 
Popular
 
U.S.
 
segments
 
were
 
0.69%
 
and
 
0.30%,
 
respectively,
 
on
 
June
 
30,
 
2025,
 
compared
 
with
 
0.64%
 
and
0.37%, respectively, on December 31, 2024.
169
In addition
 
to the
 
NPLs included
 
in Table
 
18, on
 
June 30,
 
2025, there
 
were $529
 
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 June 30, 2025 and December
 
31, 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
170
Table 18 - Non-Performing
 
Assets
June 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
$
10,751
$
10,925
0.4
%
$
79
$
8,700
$
8,779
0.4
%
Commercial real estate non-owner
occupied
6,084
7,893
13,977
0.3
6,429
8,015
14,444
0.3
Commercial real estate owner
occupied
27,320
231
27,551
0.9
25,258
5,191
30,449
1.0
Commercial and industrial
 
8,588
2,836
11,424
0.1
19,335
1,748
21,083
0.3
Total Commercial
 
42,166
21,711
63,877
0.3
51,101
23,654
74,755
0.4
Leasing
7,976
-
7,976
0.4
9,588
-
9,588
0.5
Mortgage
147,464
28,052
175,516
2.1
158,442
29,890
188,332
2.3
Consumer
 
 
Home equity lines of credit
-
3,120
3,120
4.0
-
3,393
3,393
4.6
 
Personal
 
17,499
1,094
18,593
1.0
20,269
1,741
22,010
1.2
 
Auto
40,595
-
40,595
1.1
51,792
-
51,792
1.4
 
Other
1,948
-
1,948
1.2
899
11
910
0.5
Total Consumer
 
60,042
4,214
64,256
0.9
72,960
5,145
78,105
1.1
Total non-performing
 
loans held-in-
portfolio
257,648
53,977
311,625
0.8
%
292,091
58,689
350,780
0.9
%
Other real estate owned (“OREO”)
45,643
483
46,126
57,197
71
57,268
Total non-performing
 
assets
[1]
$
303,291
$
54,460
$
357,751
$
349,288
$
58,760
$
408,048
Accruing loans past due 90 days or
more
[2]
$
206,205
$
189
$
206,394
$
242,250
$
190
$
242,440
Ratios:
Non-performing assets to total assets
0.51
%
0.34
%
0.47
%
0.61
%
0.37
%
0.56
%
Non-performing loans held-in-portfolio
to loans held-in-portfolio
 
0.96
0.47
0.82
1.12
0.54
0.95
Allowance for credit losses to loans
held-in-portfolio
2.53
0.79
2.02
2.56
0.69
2.01
Allowance for credit losses to non-
performing loans, excluding held-for-
sale
263.63
167.17
246.93
229.61
128.40
212.68
[1] There were no non-performing loans held-for-sale
 
as of June 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
 
$52 million
 
of residential
 
mortgage
loans
 
insured
 
by
 
FHA
 
or
 
guaranteed
 
by
 
the
 
VA
 
that
 
are
 
no
 
longer
 
accruing
 
interest
 
as
 
of
 
June
 
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 June 30,
 
2025, total inflows of NPLs held-in-portfolio, excluding consumer loans,
 
decreased by $26.1 million,
when compared
 
to the
 
inflows for
 
the same
 
period in
 
2024. Inflows
 
of NPLs
 
held-in-portfolio at
 
the BPPR
 
segment decreased
 
by
$8.8 million,
 
compared to
 
the same
 
period in
 
2024, mainly
 
driven by
 
lower mortgage
 
NPL inflows
 
by $6.6
 
million. Inflows
 
of NPLs
held-in-portfolio at the Popular U.S. segment decreased by
 
$17.3 million from the same period in
 
2024, driven by lower commercial
NPL inflows by $16.6 million, as the prior period
 
was impacted by a single $17.3 million loan.
Tables 19 to 25 present the Corporation’s inflows to NPLs for the quarters and six months ended
 
June 30, 2025 and 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171
Table 19 - Activity in Non
 
-Performing Loans Held-in-Portfolio (Excluding Consumer
 
Loans)
For the quarter ended June 30, 2025
For the six months ended June 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$
191,103
$
46,594
$
237,697
$
209,543
$
53,544
$
263,087
Plus:
New non-performing loans
32,205
8,909
41,114
69,228
17,067
86,295
Advances on existing non-performing loans
-
20
20
-
38
38
Less:
Non-performing loans transferred to OREO
(2,385)
(433)
(2,818)
(4,940)
(433)
(5,373)
Non-performing loans charged-off
(790)
(583)
(1,373)
(1,717)
(1,713)
(3,430)
Loans returned to accrual status / loan collections
(30,503)
(4,744)
(35,247)
(82,484)
(18,740)
(101,224)
Ending balance NPLs
$
189,630
$
49,763
$
239,393
$
189,630
$
49,763
$
239,393
Table 20 - Activity in Non
 
-Performing Loans Held-in-Portfolio (Excluding Consumer
 
Loans)
For the quarter ended June 30, 2024
For the six months ended June 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Beginning balance
$
229,796
$
49,478
$
279,274
$
254,476
$
22,354
$
276,830
Plus:
New non-performing loans
41,040
25,907
66,947
74,543
61,280
135,823
Advances on existing non-performing loans
-
298
298
-
320
320
Less:
Non-performing loans transferred to OREO
(4,540)
(24)
(4,564)
(8,649)
(24)
(8,673)
Non-performing loans charged-off
(5,590)
(18)
(5,608)
(13,899)
(968)
(14,867)
Loans returned to accrual status / loan collections
(40,746)
(26,324)
(67,070)
(86,511)
(33,645)
(120,156)
Ending balance NPLs
$
219,960
$
49,317
$
269,277
$
219,960
$
49,317
$
269,277
Table 21 - Activity in Non
 
-Performing Commercial Loans Held-in-Portfolio
For the quarter ended June 30, 2025
For the six months ended June 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
42,597
$
17,507
$
60,104
$
51,101
$
23,654
$
74,755
Plus:
New non-performing loans
1,768
5,632
7,400
7,549
11,045
18,594
Advances on existing non-performing loans
-
20
20
-
37
37
Less:
Non-performing loans transferred to OREO
(140)
-
(140)
(260)
-
(260)
Non-performing loans charged-off
(403)
(583)
(986)
(1,142)
(1,713)
(2,855)
Loans returned to accrual status / loan
collections
(1,656)
(865)
(2,521)
(15,082)
(11,312)
(26,394)
Ending balance NPLs
$
42,166
$
21,711
$
63,877
$
42,166
$
21,711
$
63,877
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
172
Table 22 - Activity in Non
 
-Performing Commercial Loans Held-in-Portfolio
For the quarter ended June 30, 2024
For the six months ended June 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
63,323
$
21,407
$
84,730
$
72,992
$
11,163
$
84,155
Plus:
New non-performing loans
4,031
21,940
25,971
8,374
36,979
45,353
Advances on existing non-performing loans
-
282
282
-
302
302
Less:
Non-performing loans transferred to OREO
(280)
-
(280)
(280)
-
(280)
Non-performing loans charged-off
(5,700)
-
(5,700)
(13,699)
(950)
(14,649)
Loans returned to accrual status / loan collections
(5,204)
(5,866)
(11,070)
(11,217)
(9,731)
(20,948)
Ending balance NPLs
$
56,170
$
37,763
$
93,933
$
56,170
$
37,763
$
93,933
Table 23 - Activity in Non
 
-Performing Construction Loans Held-in-Portfolio
For the quarter ended June 30, 2024
For the six months ended June 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
$
-
$
-
$
-
$
-
$
-
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
173
Table 24 - Activity in Non
 
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended June 30, 2025
For the six months ended
 
June 30, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
148,506
$
29,087
$
177,593
$
158,442
$
29,890
$
188,332
Plus:
New non-performing loans
30,437
3,277
33,714
61,679
6,022
67,701
Advances on existing non-performing loans
-
-
-
-
1
1
Less:
Non-performing loans transferred to OREO
(2,245)
(433)
(2,678)
(4,680)
(433)
(5,113)
Non-performing loans charged-off
(387)
-
(387)
(575)
-
(575)
Loans returned to accrual status / loan
collections
(28,847)
(3,879)
(32,726)
(67,402)
(7,428)
(74,830)
Ending balance NPLs
$
147,464
$
28,052
$
175,516
$
147,464
$
28,052
$
175,516
Table 25 - Activity in Non
 
-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended June 30, 2024
For the six months ended June 30, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
 
BPPR
Popular U.S.
Popular, Inc.
 
Beginning balance
$
166,473
$
28,071
$
194,544
$
175,106
$
11,191
$
186,297
Plus:
New non-performing loans
37,009
3,967
40,976
66,169
24,301
90,470
Advances on existing non-performing loans
-
16
16
-
18
18
Less:
Non-performing loans transferred to OREO
(4,260)
(24)
(4,284)
(8,369)
(24)
(8,393)
Non-performing loans charged-off
110
(18)
92
(200)
(18)
(218)
Loans returned to accrual status / loan collections
(35,542)
(20,458)
(56,000)
(68,916)
(23,914)
(92,830)
Ending balance NPLs
$
163,790
$
11,554
$
175,344
$
163,790
$
11,554
$
175,344
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
174
Loan Delinquencies
Another key measure used to evaluate and
 
monitor the Corporation’s asset quality is loan
 
delinquencies. Loans delinquent 30 days
or more, as a percentage of their related portfolio
 
category on June 30, 2025 and December 31, 2024,
 
are presented below.
Table 26 - Loan Delinquencies
(Dollars in thousands)
June 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
$
21,937
$
2,520,789
0.87
%
$
15,826
$
2,399,620
0.66
%
Commercial real estate
non-owner occupied
17,272
5,521,374
0.31
24,925
5,363,235
0.46
Commercial real estate
owner occupied
41,413
3,003,855
1.38
42,311
3,157,746
1.34
Commercial and industrial
37,213
8,043,752
0.46
49,942
7,741,562
0.65
Total Commercial
 
117,835
19,089,770
0.62
133,004
18,662,163
0.71
Construction
 
3,720
1,468,201
0.25
1,039
1,263,792
0.08
Leasing
36,714
1,983,068
1.85
39,641
1,925,405
2.06
Mortgage
[1]
728,253
8,444,427
8.62
798,130
8,114,183
9.84
Consumer
 
Credit cards
 
48,745
1,215,293
4.01
59,078
1,218,079
4.85
Home equity lines of credit
4,682
77,479
6.04
5,054
73,571
6.87
Personal
 
51,109
1,876,463
2.72
57,835
1,855,244
3.12
Auto
 
165,642
3,861,702
4.29
191,008
3,823,437
5.00
Other
5,567
168,775
3.30
3,930
171,778
2.29
Total Consumer
 
275,745
7,199,712
3.83
316,905
7,142,109
4.44
Loans held-for-sale
-
2,898
-
-
5,423
-
Total
 
$
1,162,267
$
38,188,076
3.04
%
$
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 June
 
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.
On June 30,
 
2025, the ACL increased by
 
$23.5 million from December 31,
 
2024 to $769.5 million. The
 
increase in ACL was
 
driven
by changes in the economic scenario
 
probability weights and increases in qualitative reserves, in
 
response to the current economic
environment uncertainty,
 
coupled with
 
reserve build-up associated
 
with portfolio
 
growth and
 
unfavorable changes in
 
the economic
assumptions used
 
in the
 
ACL model.
 
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
175
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.
 
Refer
 
to
 
Note
 
8
 
to
 
the
 
Consolidated
 
Financial
 
Statements,
 
for
 
additional
 
information
 
on
 
the
Corporation’s methodology to estimate its ACL, including
 
probability weights assigned
On
 
June
 
30,
 
2025,
 
the
 
ACL
 
for BPPR
 
increased by
 
$8.6
 
million
 
from
 
December 31,
 
2024,
 
driven by
 
changes
 
in
 
the
 
probability
weights that resulted
 
in a
 
$8.8 million net
 
ACL increase, coupled
 
with an increase
 
in the reserves
 
for auto loans
 
due to migrations
between FICO
 
score categories
 
and changes
 
in the
 
economic scenarios.
 
This increase
 
was partially
 
offset by
 
lower reserves
 
for
commercial loans
 
due to
 
improvements in credit
 
quality,
 
partially offset
 
by ACL
 
reserve build-up
 
due to
 
portfolio growth. In
 
PB, on
June
 
30,
 
2025,
 
the
 
ACL
 
increased
 
by
 
$14.9
 
million,
 
when
 
compared
 
to
 
December
 
31,
 
2024.
 
This
 
increase
 
was
 
influenced
 
by
changes in
 
the forecast
 
of the
 
U.S. unemployment rate
 
as well
 
as 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 2.02% on June 30, 2025, compared to 2.01%
on
 
December 31,
 
2024. The
 
ratio of
 
the ACL
 
to
 
NPLs held-in-portfolio
 
stood
 
at
 
246.9%, 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
176
Table 27 - Allowance for Credit
 
Losses - Loan Portfolios
June 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
$
16,781
$
2,520,789
0.67
%
$
10,925
153.60
%
 
Commercial real estate non-owner occupied
59,117
5,521,374
1.07
%
13,977
422.96
%
 
Commercial real estate owner occupied
49,051
3,003,855
1.63
%
27,551
178.04
%
 
Commercial and industrial
 
141,362
8,043,752
1.76
%
11,424
N.M.
Total Commercial
 
$
266,311
$
19,089,770
1.40
%
$
63,877
416.91
%
Construction
10,579
1,468,201
0.72
%
-
-
Leasing
20,040
1,983,068
1.01
%
7,976
251.25
%
Mortgage
85,175
8,444,427
1.01
%
175,516
48.53
%
Consumer
 
 
Credit cards
92,306
1,215,293
7.60
%
-
-
 
Home equity lines of credit
1,384
77,479
1.79
%
3,120
44.36
%
 
Personal
 
103,654
1,876,463
5.52
%
18,593
557.49
%
 
Auto
182,274
3,861,702
4.72
%
40,595
449.01
%
 
Other
7,762
168,775
4.60
%
1,948
398.46
%
Total Consumer
 
$
387,380
$
7,199,712
5.38
%
$
64,256
602.87
%
Total
$
769,485
$
38,185,178
2.02
%
$
311,625
246.93
%
N.M. - Not meaningful.
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
%
-
-
Leasing
16,419
1,925,405
0.85
%
9,588
171.25
%
Mortgage
82,409
8,114,183
1.02
%
188,332
43.76
%
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
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
177
Annualized net charge-offs (recoveries)
The following
 
table presents
 
annualized net charge-offs
 
(recoveries) to average
 
loans held-in-portfolio (“HIP”)
 
by loan
 
category for
the quarters and six months ended June 30, 2025
 
and 2024.
Table 29 - Annualized Net Charge
 
-offs (Recoveries) to Average Loans
 
Held-in-Portfolio
Quarters ended
June 30, 2025
June 30, 2024
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial
 
―
%
0.02
%
0.01
%
0.20
%
0.04
%
0.13
%
Construction
―
―
―
―
(0.04)
(0.04)
Mortgage
(0.14)
(0.01)
(0.12)
(0.23)
(0.01)
(0.19)
Leasing
0.56
―
0.56
0.60
―
0.60
Consumer
2.29
4.00
2.33
2.68
6.58
2.80
Total annualized
 
net charge-offs
(recoveries) to average loans held-in-
portfolio
0.61
%
0.07
%
0.45
%
0.79
%
0.16
%
0.61
%
Six months ended
June 30, 2025
June 30, 2024
BPPR
Popular U.S.
Popular Inc.
BPPR
Popular U.S.
Popular Inc.
Commercial
 
(0.05)
%
0.02
%
(0.02)
%
0.25
%
0.04
%
0.15
%
Construction
―
―
―
―
(0.02)
(0.02)
Mortgage
(0.14)
(0.03)
(0.12)
(0.25)
(0.01)
(0.21)
Leasing
0.62
―
0.62
0.72
―
0.72
Consumer
2.55
3.95
2.59
2.83
7.54
2.98
Total annualized
 
net charge-offs
(recoveries) to average loans held-in-
portfolio
0.67
%
0.07
%
0.49
%
0.86
%
0.19
%
0.66
%
NCOs for the quarter ended June 30, 2025, amounted
 
to $42.2 million, decreasing by $11.4 million when compared to the same
period in 2024. The BPPR segment decreased by
 
$9.1 million, mainly driven by decreases of
 
$5.6 million and $4.9 million in
consumer and commercial NCOs, respectively. The PB segment NCOs decreased
 
by $2.3 million, mainly driven by lower
 
consumer
NCOs by $1.8 million
NCOs for the six months ended June 30, 2025,
 
amounted to $91.3 million, decreasing by $24.5
 
million when compared to the same
period in 2024. The BPPR segment decreased by
 
$18.6 million, mainly driven by decreases of
 
$14.4 million and $7.0 million in
commercial and consumer NCOs, respectively. The PB segment NCOs decreased
 
by $5.9 million, mainly driven by lower consumer
NCOs by $4.9 million.
Loan Modifications
For
 
the
 
quarter
 
ended
 
June
 
30,
 
2025,
 
modified
 
loans
 
to
 
borrowers
 
with
 
financial
 
difficulty
 
amounted
 
to
 
$276.9
 
million,
 
of
 
which
$266.6 million were in
 
accruing status. The BPPR segment’s
 
modifications to borrowers with financial difficulty
 
amounted to $217.5
million, mainly comprised of commercial and mortgage loans of $192.5
 
million and $17.4 million, respectively. A total of $10.7 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 $59.4 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.
 
 
 
 
178
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
 
June 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 20
 
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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
179
Item 2.
 
Unregistered Sales of Equity Securities and
 
Use of Proceeds
 
The Corporation did not have any unregistered
 
sales of equity securities during the quarter ended
 
June 30, 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 June 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]
April 1 - April 30
357,832
$
87.37
355,539
$129,330,233
May 1 -May 31
447,956
101.50
417,666
$86,774,331
June 1 - June 30
380,593
105.93
363,185
$48,375,729
Total
 
1,186,381
$
98.66
1,136,390
$48,375,729
[1]
 
Includes
 
2,293,
 
30,290
 
and
 
17,408
 
shares
 
of
 
the
 
Corporation’s
 
common
 
stock
 
acquired
 
by
 
the
 
Corporation
 
during
 
April,
 
May
 
and
 
June
 
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 2024,
 
the Corporation announced plans
 
to repurchase up to
 
$500 million in common
 
stock and repurchases
 
began
in August 2024.
 
As of June 30, 2025,
 
the Corporation repurchased 4,663,379
 
shares of common stock for
 
$451.5 million at an average
 
price of $96.82
per share, under the previously announced share repurchase
 
authorization.
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).
 
 
180
Item 6.
 
Exhibits
 
Exhibit Index
Exhibit No
Exhibit Description
10.1
10.2
10.3
22.1
31.1
31.2
32.1
32.2
101. INS
XBRL Instance Document – the instance document
 
does not appear in the Interactive Data File because
its XBRL tags are embedded within the Inline Document.
101.SCH
Inline Taxonomy Extension Schema Document
(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 June 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.
 
 
 
181
SIGNATURES
Pursuant to the
 
requirements of the Securities Exchange
 
Act of 1934, the
 
registrant has duly caused this
 
report to be signed
 
on its
behalf by the undersigned thereunto duly authorized.
POPULAR, INC.
(Registrant)
Date: August 11, 2025
By: /s/ Jorge J. García
Jorge J. García
Executive Vice President &
Chief Financial Officer
Date: August 11, 2025
By: /s/ Denissa M. Rodríguez
Denissa M. Rodríguez
Senior Vice President & Corporate Comptroller