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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
March 31, 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,
68,510,774
shares outstanding as of May 7, 2025.
2
POPULAR, INC.
INDEX
Part I – Financial Information
Page
Item 1. Financial Statements
Unaudited Consolidated Statements of Financial Condition at March 31, 2025 and
December 31, 2024
5
Unaudited Consolidated Statements of Operations for the quarters
ended March 31, 2025 and 2024
6
Unaudited Consolidated Statements of Comprehensive Income for the
quarters
ended March 31, 2025 and 2024
7
Unaudited Consolidated Statements of Changes in Stockholders’ Equity for the
quarters ended March 31, 2025 and 2024
8
Unaudited Consolidated Statements of Cash Flows for the quarters
ended March 31, 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
116
Item 3. Quantitative and Qualitative Disclosures about Market Risk
157
Item 4. Controls and Procedures
157
Part II – Other Information
Item 1. Legal Proceedings
158
Item 1A. Risk Factors
158
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
158
Item 3. Defaults Upon Senior Securities
159
Item 4. Mine Safety Disclosures
159
Item 5. Other information
159
Item 6. Exhibits
161
Signatures
162
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 shareholders;
●
the
impact
of
bank
failures
or
adverse
developments
at
other
banks
and
related
negative
media
coverage
of
the
banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks;
●
the impact of the current fiscal and economic challenges of
Puerto Rico and the measures taken and to be taken by
the
Puerto
Rico
Government
and
the
Federally-appointed
oversight
board
on
the
economy,
our
customers
and
our
business;
●
the
amount
of
Puerto
Rico
public
sector
deposits
held
at
the
Corporation,
whose
future
balances
are
uncertain
and
difficult
to
predict
and
may
be
impacted
by
factors
such
as
the
amount
of
Federal
funds
received
by
the
P.R.
Government
and
the
rate
of
expenditure
of
such
funds,
as
well
as
the
financial
condition,
liquidity
and
cash
management practices of the Puerto Rico Government and its instrumentalities;
●
unforeseen or
catastrophic events,
including extreme
weather events
such as
hurricanes and
other natural
disasters,
man-made disasters, acts of violence 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
and
trade
and
tariff
policies,
and
rulemaking,
supervision,
examination and enforcement priorities of the current 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]
March 31,
December 31,
(In thousands, except share information)
2025
2024
Assets:
Cash and due from banks
$
380,165
$
419,638
Money market investments:
Time deposits with other banks
6,195,028
6,380,948
Total money market investments
6,195,028
6,380,948
Trading account debt securities, at fair value
28,477
32,831
Debt securities available-for-sale, at fair value:
Pledged securities with creditors’ right to repledge
33,273
30,486
Other debt securities available-for-sale
19,459,907
18,215,417
Debt securities available-for-sale
19,493,180
18,245,903
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge
27,595
27,405
Other debt securities held-to-maturity
7,621,123
7,730,672
Debt securities held-to-maturity (fair value 2025 - $
7,640,686
; 2024 - $
7,682,664
)
7,648,718
7,758,077
Less – Allowance for credit losses
5,481
5,317
Debt securities held-to-maturity, net
7,643,237
7,752,760
Equity securities (realizable value 2025 - $
205,515
; 2024 - $
208,663
)
205,021
208,166
Loans held-for-sale, at fair value
5,077
5,423
Loans held-in-portfolio
37,675,070
37,522,995
Less – Unearned income
421,038
415,343
Allowance for credit losses
762,148
746,024
Total loans held-in-portfolio, net
36,491,884
36,361,628
Premises and equipment, net
625,237
601,787
Other real estate
52,114
57,268
Accrued income receivable
262,720
263,389
Mortgage servicing rights, at fair value
104,743
108,103
Other assets
1,742,540
1,797,759
Goodwill
802,954
802,954
Other intangible assets
6,229
6,826
Total assets
$
74,038,606
$
73,045,383
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest bearing
$
15,160,801
$
15,139,555
Interest bearing
50,658,454
49,744,790
Total deposits
65,819,255
64,884,345
Assets sold under agreements to repurchase
57,268
54,833
Other short-term borrowings
200,000
225,000
Notes payable
833,149
896,293
Other liabilities
1,329,239
1,371,846
Total liabilities
68,238,911
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;
104,869,189
shares issued (2024 -
104,849,460
) and
68,984,148
shares outstanding (2024 -
70,141,291
)
1,049
1,048
Surplus
4,912,886
4,908,693
Retained earnings
4,699,697
4,570,957
Treasury stock - at cost,
35,885,041
shares (2024 -
34,708,169
)
(2,346,093)
(2,228,535)
Accumulated other comprehensive loss, net of tax
(1,489,987)
(1,661,240)
Total stockholders’ equity
5,799,695
5,613,066
Total liabilities and stockholders’ equity
$
74,038,606
$
73,045,383
The accompanying notes are an integral part of these Consolidated Financial Statements.
6
POPULAR, INC.
CONSOLIDATED STATEMENTS
OF OPERATIONS
Quarters ended March 31,
(In thousands, except per share information)
2025
2024
Interest income:
Loans
$
666,673
$
638,730
Money market investments
70,166
88,516
Investment securities
180,159
166,895
Total interest income
916,998
894,141
Interest expense:
Deposits
297,863
329,496
Short-term borrowings
1,426
1,192
Long-term debt
12,112
12,709
Total interest expense
311,401
343,397
Net interest income
605,597
550,744
Provision for credit losses
64,081
72,598
Net interest income after provision for credit losses
541,516
478,146
Non-interest income:
Service charges on deposit accounts
39,054
37,442
Other service fees
94,508
94,272
Mortgage banking activities (Refer to Note 9)
3,689
4,360
Net (loss) gain, including impairment on equity securities
(414)
1,103
Net gain on trading account debt securities
520
361
Adjustments to indemnity reserves on loans sold
173
(237)
Other operating income
14,531
26,517
Total non-interest
income
152,061
163,818
Operating expenses:
Personnel costs
212,713
215,377
Net occupancy expenses
27,218
28,041
Equipment expenses
5,302
9,567
Other taxes
18,725
14,375
Professional fees
26,825
28,918
Technology and
software expenses
83,668
79,462
Processing and transactional services
37,781
34,194
Communications
4,904
4,557
Business promotion
23,675
20,989
Deposit insurance
10,035
23,887
Other real estate owned (OREO) expense (income)
(3,330)
(5,321)
Other operating expenses
22,899
28,272
Amortization of intangibles
597
795
Total operating expenses
471,012
483,113
Income before income tax
222,565
158,851
Income tax expense
45,063
55,568
Net Income
$
177,502
$
103,283
Net Income Applicable to Common Stock
$
177,149
$
102,930
Net Income per Common Share - Basic
$
2.56
$
1.43
Net Income per Common Share - Diluted
$
2.56
$
1.43
The accompanying notes are an integral part of these Consolidated Financial Statements.
7
POPULAR, INC.
CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME
Quarters ended March 31,
(In thousands)
2025
2024
Net income
$
177,502
$
103,283
Other comprehensive income (loss) before tax:
Foreign currency translation adjustment
(6,646)
(4,020)
Amortization of net losses of pension and postretirement benefit plans
2,273
3,618
Unrealized holding gains (losses) on debt securities arising during the period
165,984
(73,030)
Amortization of unrealized losses of debt securities transfer from available-for-sale to held-to-
maturity
45,311
44,009
Other comprehensive income (loss) before tax
206,922
(29,423)
Income tax expense
(35,669)
(8,232)
Total other comprehensive
income (loss), net of tax
171,253
(37,655)
Comprehensive income, net of tax
$
348,755
$
65,628
Tax effect allocated to each component of other
comprehensive income (loss):
Quarters ended March 31,
(In thousands)
2025
2024
Amortization of net losses of pension and postretirement benefit plans
(852)
(1,356)
Unrealized holding gains (losses) on debt securities arising during the period
(25,755)
1,926
Amortization of unrealized losses of debt securities transfer from available-for-sale to held-to-
maturity
(9,062)
(8,802)
Income tax expense
$
(35,669)
$
(8,232)
The accompanying notes are an integral part of these 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 December 31, 2023
$
1,048
$
22,143
$
4,843,399
$
4,194,851
$
(2,018,957)
$
(1,895,531)
$
5,146,953
Net income
103,283
103,283
Issuances of common stock
1,799
1,799
Dividends declared:
Common stock
[1]
(44,751)
(44,751)
Preferred stock
(353)
(353)
Common stock purchases
(3,576)
(3,576)
Stock based compensation
2,268
9,346
11,614
Other comprehensive loss, net of tax
(37,655)
(37,655)
Balance at March 31, 2024
$
1,048
$
22,143
$
4,847,466
$
4,253,030
$
(2,013,187)
$
(1,933,186)
$
5,177,314
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
177,502
177,502
Issuances of common stock
1
1,769
1,770
Dividends declared:
Common stock
[1]
(48,409)
(48,409)
Preferred stock
(353)
(353)
Common stock purchases
[2]
(125,980)
(125,980)
Stock based compensation
2,424
8,422
10,846
Other comprehensive income, net of tax
171,253
171,253
Balance at March 31, 2025
$
1,049
$
22,143
$
4,912,886
$
4,699,697
$
(2,346,093)
$
(1,489,987)
$
5,799,695
[1]
Dividends declared per common share during the quarter ended March 31, 2025 - $
0.7
0 (2024 - $
0.62
).
[2]
Includes common stock
repurchases of $
122.3
million as
part of
a repurchase authorization
up to $
500
million. Refer
to Note
17 for additional
information.
9
POPULAR, INC.
CONSOLIDATED STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
For the period ended
March 31,
March 31,
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
19,729
23,137
Balance at end of period
104,869,189
104,790,485
Treasury stock
(35,885,041)
(32,505,610)
Common Stock – Outstanding
68,984,148
72,284,875
The accompanying notes are an integral part of these Consolidated Financial Statements.
10
POPULAR, INC.
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(UNAUDITED)
Quarters ended March 31,
(In thousands)
2025
2024
Cash flows from operating activities:
Net income
$
177,502
$
103,283
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
64,081
72,598
Amortization of intangibles
597
795
Depreciation and amortization of premises and equipment
12,280
15,361
Net accretion of discounts and amortization of premiums and deferred fees
(68,861)
(51,360)
Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives
(1,357)
(1,641)
Share-based compensation
11,028
11,479
Fair value adjustments on mortgage servicing rights
3,570
3,439
Adjustments to indemnity reserves on loans sold
(173)
237
Earnings from investments under the equity method, net of dividends or distributions
(8,621)
(11,792)
Deferred income tax expense
8,109
9,513
Gain on:
Disposition of premises and equipment and other productive assets
(42)
(3,412)
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking
activities
(194)
(74)
Sale of foreclosed assets, including write-downs
(1,033)
(4,447)
Acquisitions of loans held-for-sale
(810)
(324)
Proceeds from sale of loans held-for-sale
7,098
8,283
Net originations on loans held-for-sale
(6,741)
(11,056)
Net decrease (increase) in:
Trading debt securities
6,071
6,465
Equity securities
508
(1,995)
Accrued income receivable
725
(22,719)
Other assets
12,864
38,702
Net increase (decrease) in:
Interest payable
(7,370)
(10,799)
Pension and other postretirement benefits obligation
1,079
916
Other liabilities
(38,252)
10,111
Total adjustments
(5,444)
58,280
Net cash provided by operating activities
172,058
161,563
Cash flows from investing activities:
Net decrease in money market investments
186,609
1,070,973
Purchases of investment securities:
Available-for-sale
(9,425,086)
(8,161,525)
Equity
(9,224)
(971)
Proceeds from calls, paydowns, maturities and redemptions of investment securities:
Available-for-sale
8,429,813
6,728,665
Held-to-maturity
152,441
154,009
Proceeds from sale of investment securities:
Equity
13,361
945
Net (disbursements) repayments on loans
(118,418)
2,354
Proceeds from sale of loans
39,055
15,356
Acquisition of loan portfolios
(127,291)
(141,730)
Acquisition of premises and equipment and other productive assets
(51,526)
(53,889)
Proceeds from sale of:
Premises and equipment and other productive assets
197
1,632
Foreclosed assets
23,155
26,773
Net cash used in investing activities
(886,914)
(357,408)
11
Cash flows from financing activities:
Net increase (decrease) in:
Deposits
939,913
190,477
Assets sold under agreements to repurchase
2,435
(25,294)
Other short-term borrowings
(25,000)
-
Payments of notes payable
(63,522)
(21,000)
Principal payments of finance leases
(908)
(881)
Proceeds from issuances of common stock
1,770
1,799
Dividends paid
(49,899)
(44,976)
Net payments for repurchase of common stock
(125,341)
(314)
Payments related to tax withholding for share-based compensation
(3,376)
(3,262)
Net cash provided by financing activities
676,072
96,549
Net decrease in cash and due from banks, and restricted cash
(38,784)
(99,296)
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
$
390,622
$
328,279
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
19
Note 5 -
Debt securities available-for-sale
20
Note 6 -
Debt securities held-to-maturity
23
Note 7 -
Loans
27
Note 8 -
Allowance for credit losses – loans held-in-
portfolio
36
Note 9 -
Mortgage banking activities
66
Note 10 -
Transfers of financial assets and mortgage
servicing assets
67
Note 11 -
Other real estate owned
70
Note 12 -
Other assets
71
Note 13 -
Goodwill and other intangible assets
73
Note 14 -
Deposits
75
Note 15 -
Borrowings
76
Note 16 -
Other liabilities
78
Note 17 -
Stockholders’ equity
79
Note 18 -
Other comprehensive income (loss)
80
Note 19 -
Guarantees
82
Note 20 -
Commitments and contingencies
84
Note 21-
Non-consolidated variable interest entities
87
Note 22 -
Related party transactions
89
Note 23 -
Fair value measurement
90
Note 24 -
Fair value of financial instruments
96
Note 25 -
Net income per common share
99
Note 26 -
Revenue from contracts with customers
100
Note 27 -
Leases
102
Note 28 -
Pension and postretirement benefits
104
Note 29 -
Stock-based compensation
105
Note 30 -
Income taxes
107
Note 31 -
Supplemental disclosure on the consolidated
statements of cash flows
111
Note 32 -
Segment reporting
112
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
(US
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 2024-04,
Debt—Debt with
Conversion and Other
Options (Subtopic 470-
20): Induced Conversions
of Convertible Debt
Instruments
The
FASB
issued
ASU
2024-04
in
November
2024,
which
clarifies
the
requirements
for
determining
whether
certain
settlements
of
convertible
debt
instruments
should
be
accounted
for
as
an
induced
conversion.
Also
it
makes
additional
clarifications
to
assist
stakeholders
in applying
the guidance.
The
ASU
clarifies
that
the
incorporation,
elimination,
or
modification
of
a
volume-
weighted
average
price
("VWAP")
formula
does
not
automatically
cause
a
settlement
to
be
accounted
for
as
an
extinguishment
and
that
the
induced
conversion
guidance
applies to a
convertible debt instrument
that
is not currently
convertible as long
as it had
a substantive
conversion feature
as of
both
its
issuance
date
and
the
date
the
inducement offer is accepted.
January 1, 2026
The Corporation is currently evaluating
any impact that the adoption of this
guidance will have on its financial
statements and presentation and
disclosures.
FASB ASU 2024-03,
Income Statement—
Reporting Comprehensive
Income—Expense
Disaggregation
Disclosures (Subtopic
220-40): Disaggregation of
Income Statement
Expenses (As updated by
ASU 2025-01)
The
FASB
issued
ASU
2024-03
in
November
2024,
which
requires
public
entities
to
disclose
additional
information
about
specific
expense
categories
in
the
notes to
financial statements
at interim
and
annual
reporting
periods
to
improve
financial transparency.
For fiscal years
beginning on
January 1, 2027
For interim periods
within fiscal years
beginning after
January 1, 2028
The Corporation
is currently
evaluating
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
is currently
evaluating
any
impact
that
the
adoption
of
this
guidance
will
have
on
its
financial
statements
and
presentation
and
disclosures.
18
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
FASB ASU 2023-06,
Disclosure Improvements -
Codification Amendments
in Response to the SEC’s
Disclosure Update and
Simplification Initiative
The FASB
issued ASU
2023-06 in
October
2023
which
modifies
the
disclosure
or
presentation
requirements
of
various
subtopics
in
the
Codification
with
the
purpose
of
aligning
U.S.
GAAP
requirements
with
those
of
the
SEC
under
Regulation S-X and S-K.
The date on which
the SEC removes
related disclosure
requirements 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.
19
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 March 31, 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 March
31, 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.
20
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 March 31, 2025 and December 31, 2024.
At March 31, 2025
Gross
Gross
Weighted
Amortized
unrealized
unrealized
Fair
average
(In thousands)
cost
gains
losses
value
yield
U.S. Treasury securities
Within 1 year
$
11,412,148
$
62
$
39,477
$
11,372,733
3.48
%
After 1 to 5 years
2,922,974
9,072
30,811
2,901,235
3.73
Total U.S. Treasury securities
14,335,122
9,134
70,288
14,273,968
3.53
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
9,013
-
256
8,757
1.53
After 5 to 10 years
14,070
-
715
13,355
2.50
After 10 years
101,244
179
7,676
93,747
2.91
Total collateralized mortgage obligations - federal agencies
124,327
179
8,647
115,859
2.76
Mortgage-backed securities - federal agencies
Within 1 year
15,640
-
181
15,459
2.67
After 1 to 5 years
65,153
8
2,060
63,101
2.25
After 5 to 10 years
714,425
127
35,368
679,184
2.38
After 10 years
5,340,748
764
996,653
4,344,859
1.67
Total mortgage-backed securities - federal agencies
6,135,966
899
1,034,262
5,102,603
1.77
Other
Within 1 year
500
-
-
500
4.43
After 1 to 5 years
250
-
-
250
4.90
Total other
750
-
-
750
4.59
Total debt securities available-for-sale
[1]
$
20,596,165
$
10,212
$
1,113,197
$
19,493,180
3.00
%
[1]
Includes $
14.3
billion pledged to secure government and trust deposits, assets sold under agreements to repurchase, credit
facilities and loan
servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $
13.3
billion serve as collateral for
public funds.
The Corporation had unpledged Available for Sale securities with a fair value of
$
5.1
billion that could be used to increase its
borrowing facilities.
21
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.
Debt
securities
not
due
on
a
single
contractual
maturity
date,
such
as
mortgage-backed
securities
and
collateralized
mortgage
obligations, are
classified in
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 March 31, 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 sold during the quarters ended March 31, 2025 and 2024.
22
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
March 31, 2025 and December 31, 2024.
At March 31, 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
$
9,272,746
$
12,743
$
2,908,217
$
57,545
$
12,180,963
$
70,288
Collateralized mortgage obligations - federal agencies
4,630
2
97,990
8,645
102,620
8,647
Mortgage-backed securities -federal agencies
49,654
2,015
4,996,855
1,032,247
5,046,509
1,034,262
Total debt securities available-for-sale in an unrealized loss position
$
9,327,030
$
14,760
$
8,003,062
$
1,098,437
$
17,330,092
$
1,113,197
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 March 31, 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.
During the
first quarter
of 2025,
the unrealized
losses on
the available-for-sale
portfolio declined
by
approximately $
169
million due mainly to the
decrease in rates and portfolio runoff.
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.
23
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
March 31,
2025 and
December 31,
2024.
At March 31, 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
$
850,742
$
844,252
$
-
$
844,252
$
-
$
3,680
$
840,572
2.45
%
After 1 to 5 years
7,169,044
6,741,917
-
6,741,917
2,506
1,481
6,742,942
1.24
Total U.S. Treasury securities
8,019,786
7,586,169
-
7,586,169
2,506
5,161
7,583,514
1.37
Obligations of Puerto Rico, States and
political subdivisions
Within 1 year
2,540
2,540
11
2,529
10
1
2,538
6.41
After 1 to 5 years
14,798
14,798
69
14,729
36
84
14,681
3.39
After 5 to 10 years
655
655
22
633
21
-
654
5.81
After 10 years
37,082
37,082
5,379
31,703
2,632
2,325
32,010
1.42
Total obligations of Puerto Rico, States and
political subdivisions
55,075
55,075
5,481
49,594
2,699
2,410
49,883
2.23
Collateralized mortgage obligations - federal
agencies
After 10 years
1,514
1,514
-
1,514
-
185
1,329
2.87
Total collateralized mortgage obligations -
federal agencies
1,514
1,514
-
1,514
-
185
1,329
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]
$
8,082,335
$
7,648,718
$
5,481
$
7,643,237
$
5,205
$
7,756
$
7,640,686
1.38
%
[1]
Book value includes $
434
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 $
7.5
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 $
138.3
million that could be used to increase its borrowing facilities.
24
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 March 31,
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.
This
includes $
11
million of general and special
obligation bonds issued by three
municipalities of Puerto Rico,
that are payable primarily
from
certain
property
taxes
imposed
by
the
issuing
municipality
(December
31,
2024
-
$
13
million).
In
the
case
of
general
obligations, they
also benefit
from a
pledge of
the full
faith, credit
and unlimited
taxing power
of the
issuing municipality,
which is
required by law to levy property
taxes in an amount sufficient
for the payment of debt service
on such general obligation bonds.
The
Corporation performs periodic
credit quality reviews
of these securities
and internally assigns
standardized credit risk
ratings based
on its evaluation.
The Corporation considers
these ratings in
its estimate to
develop the allowance
for credit losses
associated with
these
securities.
For
the
definitions
of
the
obligor
risk
ratings,
refer
to
the
Credit
Quality
section
of
Note
8
to
the
Consolidated
Financial Statements.
The
following
presents
the
amortized
cost
basis
of
securities
held
by
the
Corporation
issued
by
municipalities
of
Puerto
Rico
aggregated by the internally assigned standardized credit risk rating:
25
At March 31, 2025
At December 31, 2024
(In thousands)
Securities issued by Puerto Rico municipalities
Watch
$
1,555
$
1,555
Pass
9,525
11,060
Total
$
11,080
$
12,615
At
March
31,
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.
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
March
31,
2025,
the
average
refreshed
FICO
score
for
the
sample,
comprised
of
73
%
of
the
nominal
value
of
the
securities,
used
for
the
loss
estimate
was
of
674
(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
in
this
Form
10-Q
for
additional
information
on
the
Corporation’s
exposure to the Puerto Rico Government.
At
March
31,
2025
and
December
31,
2024,
the
portfolio
of
“Obligations
of
Puerto
Rico,
States
and
political
subdivisions”
also
includes $
6.9
million in
securities issued
by the
HFA
for which
the underlying
source of
payment is
U.S. Treasury
securities. The
Corporation applies
a
zero
-credit loss
assumption for these
securities, and no
ACL has
been established for
these securities
given
that U.S. Treasury
securities carry
an explicit guarantee
from the U.S.
Government, are
highly rated
by major
rating agencies,
and
have a long history of no credit losses. Refer to Note 2 to the Consolidated Financial Statements for further details.
Delinquency status
At March 31, 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 following table
provides the activity
in the allowance
for credit losses
related to debt securities
held-to-maturity by security
type
at
March 31, 2025 and March 31, 2024:
26
For the quarters ended March 31,
2025
2024
(In thousands)
Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses:
Beginning balance
$
5,317
$
5,780
Provision for credit losses (benefit)
164
(49)
Securities charged-off
-
-
Recoveries
-
-
Ending balance
$
5,481
$
5,731
The
allowance
for
credit
losses
for
the
Obligations
of
Puerto
Rico,
States
and
political
subdivisions
includes
$
0.3
million
for
securities issued by
municipalities of Puerto
Rico, and $
5.2
million for bonds
issued by the
Puerto Rico HFA,
which are secured
by
second mortgage loans
on Puerto Rico
residential properties (compared
to $
0.1
million and $
5.2
million, respectively,
at December
31, 2024).
27
Note 7 – Loans
For a
summary
of
the
accounting
policies
related
to
loans,
interest
recognition
and
allowance
for
credit
losses
refer to
Note
2
–
Summary of Significant Accounting Policies of the 2024 Form 10-K.
The following
table presents
the Corporation's
loan purchases
(including repurchases)
for the
quarters ended
March 31,
2025 and
2024 by class of loans:
For the quarters ended March 31,
(In thousands)
2025
2024
Commercial
$
7,160
$
56,164
Mortgage
120,907
85,804
Ending balance
$
128,067
$
141,968
The following table presents the Corporation’s whole-loan sales for the quarters ended March 31, 2025
and 2024 by class of loans:
For the quarters ended March 31,
(In thousands)
2025
2024
Commercial
$
26,349
$
-
Construction
9,338
11,656
Mortgage
6,937
11,004
Ending balance
$
42,624
$
22,660
During
the
quarter
ended
March
31,
2025,
the
Corporation
securitized
approximately
$
2
million
of
mortgage
loans
into
FNMA
mortgage-backed securities,
compared to
$
1
million during
the quarter
ended March
31, 2024.
The Corporation
did
no
t securitize
mortgage loans into GNMA mortgage-backed securities during the quarter ended
March 31, 2025, compared to $
1
million during the
quarter ended March 31, 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
March 31, 2025 and December 31, 2024.
28
March 31, 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
$
3,387
$
112
$
73
$
3,572
$
304,739
$
308,311
$
73
$
-
Commercial real estate:
Non-owner occupied
3,045
74
6,306
9,425
3,304,377
3,313,802
6,306
-
Owner occupied
7,512
141
26,891
34,544
1,168,868
1,203,412
26,891
-
Commercial and industrial
4,637
2,871
13,089
20,597
5,227,961
5,248,558
9,327
3,762
Construction
6,498
-
-
6,498
223,705
230,203
-
-
Mortgage
249,712
105,166
333,557
688,435
6,257,507
6,945,942
148,506
185,051
Leasing
19,178
5,192
8,895
33,265
1,916,440
1,949,705
8,895
-
Consumer:
Credit cards
13,365
10,555
30,506
54,426
1,133,352
1,187,778
-
30,506
Home equity lines of credit
-
-
18
18
2,039
2,057
-
18
Personal
19,246
11,174
18,251
48,671
1,707,204
1,755,875
18,251
-
Auto
78,743
15,893
41,784
136,420
3,683,822
3,820,242
41,784
-
Other
2,686
144
2,307
5,137
153,586
158,723
1,973
334
Total
$
408,009
$
151,322
$
481,677
$
1,041,008
$
25,083,600
$
26,124,608
$
262,006
$
219,671
March 31, 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
$
1,858
$
-
$
8,700
$
10,558
$
2,056,046
$
2,066,604
$
8,700
$
-
Commercial real estate:
Non-owner occupied
768
-
7,886
8,654
2,218,147
2,226,801
7,886
-
Owner occupied
-
-
231
231
1,752,916
1,753,147
231
-
Commercial and industrial
7,724
733
879
9,336
2,435,629
2,444,965
690
189
Construction
-
-
-
-
1,128,776
1,128,776
-
-
Mortgage
29,944
1,604
29,087
60,635
1,267,176
1,327,811
29,087
-
Consumer:
Credit cards
-
-
-
-
(1)
(1)
-
-
Home equity lines of
credit
1,851
973
3,430
6,254
68,798
75,052
3,430
-
Personal
1,381
781
2,034
4,196
89,952
94,148
2,034
-
Other
1
-
5
6
12,115
12,121
5
-
Total
$
43,527
$
4,091
$
52,252
$
99,870
$
11,029,554
$
11,129,424
$
52,063
$
189
29
March 31, 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
$
5,245
$
112
$
8,773
$
14,130
$
2,360,785
$
2,374,915
$
8,773
$
-
Commercial real estate:
Non-owner occupied
3,813
74
14,192
18,079
5,522,524
5,540,603
14,192
-
Owner occupied
7,512
141
27,122
34,775
2,921,784
2,956,559
27,122
-
Commercial and industrial
12,361
3,604
13,968
29,933
7,663,590
7,693,523
10,017
3,951
Construction
6,498
-
-
6,498
1,352,481
1,358,979
-
-
Mortgage
[1]
279,656
106,770
362,644
749,070
7,524,683
8,273,753
177,593
185,051
Leasing
19,178
5,192
8,895
33,265
1,916,440
1,949,705
8,895
-
Consumer:
Credit cards
13,365
10,555
30,506
54,426
1,133,351
1,187,777
-
30,506
Home equity lines of credit
1,851
973
3,448
6,272
70,837
77,109
3,430
18
Personal
20,627
11,955
20,285
52,867
1,797,156
1,850,023
20,285
-
Auto
78,743
15,893
41,784
136,420
3,683,822
3,820,242
41,784
-
Other
2,687
144
2,312
5,143
165,701
170,844
1,978
334
Total
$
451,536
$
155,413
$
533,929
$
1,140,878
$
36,113,154
$
37,254,032
$
314,069
$
219,860
[1]
At March 31, 2025, mortgage loans held-in-portfolio include $
2.8
billion of loans that carry certain guarantees from the FHA or the VA, for which
the Corporation’s policy is to exclude them from non-performing status, of which $
185
million are 90 days or more past due. The portfolio of
guaranteed loans includes $
57
million of residential mortgage loans in Puerto Rico that are no longer accruing
interest as of March 31, 2025. The
Corporation has approximately $
30
million in reverse mortgage loans in Puerto Rico which are guaranteed by FHA, but which are currently
not
accruing interest at March 31, 2025.
[2]
Loans held-in-portfolio are net of $
421
million in unearned income and exclude $
5
million in loans held-for-sale.
[3]
Includes $
16.3
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 Federal Home Loan Bank ("FHLB") as collateral for borrowings and $
9
.0 billion at the Federal Reserve
Bank ("FRB") for discount window borrowings. As of March 31, 2025, the Corporation had an available
borrowing facility with the FHLB and the
discount window of Federal Reserve Bank of New York of $
4.1
billion and $
7.2
billion, respectively.
30
December 31, 2024
BPPR
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
1,491
$
113
$
79
$
1,683
$
306,318
$
308,001
$
79
$
-
Commercial real estate:
Non-owner occupied
3,103
586
6,429
10,118
3,236,385
3,246,503
6,429
-
Owner occupied
11,054
808
25,258
37,120
1,338,791
1,375,911
25,258
-
Commercial and industrial
5,738
2,712
23,895
32,345
5,314,549
5,346,894
19,335
4,560
Construction
1,039
-
-
1,039
211,251
212,290
-
-
Mortgage
262,222
116,694
365,759
744,675
6,065,206
6,809,881
158,442
207,317
Leasing
23,991
6,062
9,588
39,641
1,885,764
1,925,405
9,588
-
Consumer:
Credit cards
17,399
11,719
29,960
59,078
1,158,975
1,218,053
-
29,960
Home equity lines of credit
16
129
-
145
1,895
2,040
-
-
Personal
19,503
13,005
20,269
52,777
1,697,600
1,750,377
20,269
-
Auto
111,358
27,858
51,792
191,008
3,632,429
3,823,437
51,792
-
Other
1,816
277
1,312
3,405
156,824
160,229
899
413
Total
$
458,730
$
179,963
$
534,341
$
1,173,034
$
25,005,987
$
26,179,021
$
292,091
$
242,250
December 31, 2024
Popular U.S.
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
loans
loans
Commercial multi-family
$
-
$
5,443
$
8,700
$
14,143
$
2,077,476
$
2,091,619
$
8,700
$
-
Commercial real estate:
Non-owner occupied
6,792
-
8,015
14,807
2,101,925
2,116,732
8,015
-
Owner occupied
-
-
5,191
5,191
1,776,644
1,781,835
5,191
-
Commercial and industrial
10,336
5,323
1,938
17,597
2,377,071
2,394,668
1,748
190
Construction
-
-
-
-
1,051,502
1,051,502
-
-
Mortgage
18,148
5,417
29,890
53,455
1,250,847
1,304,302
29,890
-
Consumer:
Credit cards
-
-
-
-
26
26
-
-
Home equity lines of credit
530
986
3,393
4,909
66,622
71,531
3,393
-
Personal
1,808
1,509
1,741
5,058
99,809
104,867
1,741
-
Other
514
-
11
525
11,024
11,549
11
-
Total
$
38,128
$
18,678
$
58,879
$
115,685
$
10,812,946
$
10,928,631
$
58,689
$
190
31
December 31, 2024
Popular, Inc.
Past due
Past due 90 days or more
30-59
60-89
90 days
Total
Non-accrual
Accruing
(In thousands)
days
days
or more
past due
Current
Loans HIP
[2]
[3]
loans
loans
Commercial multi-family
$
1,491
$
5,556
$
8,779
$
15,826
$
2,383,794
$
2,399,620
$
8,779
$
-
Commercial real estate:
Non-owner occupied
9,895
586
14,444
24,925
5,338,310
5,363,235
14,444
-
Owner occupied
11,054
808
30,449
42,311
3,115,435
3,157,746
30,449
-
Commercial and industrial
16,074
8,035
25,833
49,942
7,691,620
7,741,562
21,083
4,750
Construction
1,039
-
-
1,039
1,262,753
1,263,792
-
-
Mortgage
[1]
280,370
122,111
395,649
798,130
7,316,053
8,114,183
188,332
207,317
Leasing
23,991
6,062
9,588
39,641
1,885,764
1,925,405
9,588
-
Consumer:
Credit cards
17,399
11,719
29,960
59,078
1,159,001
1,218,079
-
29,960
Home equity lines of credit
546
1,115
3,393
5,054
68,517
73,571
3,393
-
Personal
21,311
14,514
22,010
57,835
1,797,409
1,855,244
22,010
-
Auto
111,358
27,858
51,792
191,008
3,632,429
3,823,437
51,792
-
Other
2,330
277
1,323
3,930
167,848
171,778
910
413
Total
$
496,858
$
198,641
$
593,220
$
1,288,719
$
35,818,933
$
37,107,652
$
350,780
$
242,440
[1]
At December 31, 2024 mortgage loans held-in-portfolio include $
2.6
billion of loans that carry certain guarantees from the FHA or the VA, for
which the Corporation’s policy is to exclude them from non-performing status, of which $
207
million are 90 days or more past due. The portfolio of
guaranteed loans includes $
65
million of residential mortgage loans in Puerto Rico that are no longer accruing
interest as of December 31, 2024.
The Corporation has approximately $
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
March 31, 2025 include
$
7
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 March 31, 2025 and December 31, 2024 by
class of
loans:
32
March 31, 2025
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Non-accrual
with no
allowance
Non-accrual
with
allowance
Commercial multi-family
$
-
$
73
$
8,700
$
-
$
8,700
$
73
Commercial real estate non-owner occupied
3,163
3,143
7,053
833
10,216
3,976
Commercial real estate owner occupied
18,822
8,069
-
231
18,822
8,300
Commercial and industrial
-
9,327
-
690
-
10,017
Mortgage
64,573
83,933
1,475
27,612
66,048
111,545
Leasing
1,374
7,521
-
-
1,374
7,521
Consumer:
HELOCs
-
-
-
3,430
-
3,430
Personal
3,222
15,029
-
2,034
3,222
17,063
Auto
1,805
39,979
-
-
1,805
39,979
Other
-
1,973
-
5
-
1,978
Total
$
92,959
$
169,047
$
17,228
$
34,835
$
110,187
$
203,882
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 March
31, 2025 include
$
110
million in collateral
dependent loans (December
31,
2024 -
$
124
million). The
Corporation recognized
$
3
million in
interest income
on non-accrual
loans in
each of
the quarters
ended
March 31, 2025 and March 31, 2024.
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 March 31, 2025 and December
31, 2024:
33
March 31, 2025
(In thousands)
Real Estate
Auto
Equipment
Accounts
Receivables
Other
Total
BPPR
Commercial multi-family
$
1,262
$
-
$
-
$
-
$
-
$
1,262
Commercial real estate:
Non-owner occupied
148,090
-
-
-
-
148,090
Owner occupied
24,202
-
-
-
-
24,202
Commercial and industrial
2,584
-
84
130
2,248
5,046
Mortgage
64,013
-
-
-
-
64,013
Leasing
-
2,194
-
-
-
2,194
Consumer:
Personal
3,114
-
-
-
-
3,114
Auto
-
16,045
-
-
-
16,045
Other
-
-
-
-
14
14
Total BPPR
$
243,265
$
18,239
$
84
$
130
$
2,262
$
263,980
Popular U.S.
Commercial multi-family
$
8,700
$
-
$
-
$
-
$
-
$
8,700
Commercial real estate:
Non-owner occupied
12,857
-
-
-
-
12,857
Commercial and industrial
-
-
18
-
-
18
Mortgage
2,008
-
-
-
-
2,008
Total Popular U.S.
$
23,565
$
-
$
18
$
-
$
-
$
23,583
Popular, Inc.
Commercial multi-family
$
9,962
$
-
$
-
$
-
$
-
$
9,962
Commercial real estate:
Non-owner occupied
160,947
-
-
-
-
160,947
Owner occupied
24,202
-
-
-
-
24,202
Commercial and industrial
2,584
-
102
130
2,248
5,064
Mortgage
66,021
-
-
-
-
66,021
Leasing
-
2,194
-
-
-
2,194
Consumer:
Personal
3,114
-
-
-
-
3,114
Auto
-
16,045
-
-
-
16,045
Other
-
-
-
-
14
14
Total Popular,
Inc.
$
266,830
$
18,239
$
102
$
130
$
2,262
$
287,563
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
Purchased Credit Deteriorated (PCD) Loans
The Corporation has purchased loans during the quarters ended March 31, 2025 and 2024 for which there was, at acquisition,
evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans
is as follows:
(In thousands)
March 31, 2025
March 31, 2024
Purchase price of loans at acquisition
$
259
$
426
Allowance for credit losses at acquisition
9
17
Par value of acquired loans at acquisition
$
268
$
443
36
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 March
31, 2025,
the Corporation
estimated the
ACL by
weighting the
outputs of
optimistic, baseline,
and pessimistic
scenarios.
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.
The weightings applied are
subject to evaluation on
a quarterly basis as
part of the ACL’s
governance
process. However,
lower net charge-offs
and improved credit
metrics in the
commercial and consumer
portfolios partially
offset the
impact
of
the
increase
in
reserves
related
to
the
change
in
the
weight
assigned
to
the
pessimistic
scenarios.
The
Corporation
evaluates, at least on
an annual basis,
the assumptions tied to
the CECL accounting
framework. These include
the reasonable and
supportable period as well as the reversion window.
The following
tables present
the changes
in the
ACL of
loans held-in-portfolio
and unfunded
commitments for
the quarters
ended
March 31, 2025 and 2024.
37
For the quarter ended March 31, 2025
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balances
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
2,783
$
635
$
-
$
-
$
2
$
3,420
Commercial real estate non-owner occupied
44,852
(2,599)
-
(65)
660
42,848
Commercial real estate owner occupied
37,355
(1,742)
-
(89)
495
36,019
Commercial and industrial
130,136
(257)
-
(3,312)
4,840
131,407
Total Commercial
215,126
(3,963)
-
(3,466)
5,997
213,694
Construction
2,743
(24)
-
-
-
2,719
Mortgage
72,901
(1,118)
9
(435)
2,932
74,289
Leasing
16,419
7,059
-
(4,544)
1,272
20,206
Consumer
Credit cards
99,130
13,822
-
(18,865)
2,436
96,523
Home equity lines of credit
54
(108)
-
(25)
139
60
Personal
91,296
16,828
-
(21,953)
3,615
89,786
Auto
165,995
19,471
-
(21,056)
7,569
171,979
Other
7,002
723
-
(880)
162
7,007
Total Consumer
363,477
50,736
-
(62,779)
13,921
365,355
Total - Loans
$
670,666
$
52,690
$
9
$
(71,224)
$
24,122
$
676,263
Allowance for credit losses - unfunded commitments:
Commercial
$
6,725
$
720
$
-
$
-
$
-
$
7,445
Construction
1,663
(103)
-
-
-
1,560
Ending balance - unfunded commitments [1]
$
8,388
$
617
$
-
$
-
$
-
$
9,005
[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 March 31, 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
$
3,627
$
-
$
1
$
10,081
Commercial real estate non-owner occupied
9,642
5,811
-
-
15,453
Commercial real estate owner occupied
12,473
1,209
(12)
523
14,193
Commercial and industrial
15,870
1,477
(1,147)
222
16,422
Total Commercial
44,438
12,124
(1,159)
746
56,149
Construction
8,521
(1,728)
-
-
6,793
Mortgage
9,508
47
-
185
9,740
Consumer
Home equity lines of credit
1,449
(136)
(30)
267
1,550
Personal
11,440
2,200
(2,626)
637
11,651
Other
2
21
(29)
8
2
Total Consumer
12,891
2,085
(2,685)
912
13,203
Total - Loans
$
75,358
$
12,528
$
(3,844)
$
1,843
$
85,885
Allowance for credit losses - unfunded commitments:
Commercial
$
1,662
$
(32)
$
-
$
-
$
1,630
Construction
5,409
(1,917)
-
-
3,492
Consumer
11
31
-
-
42
Ending balance - unfunded commitments [1]
$
7,082
$
(1,918)
$
-
$
-
$
5,164
[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 quarter ended March 31, 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
$
4,262
$
-
$
-
$
3
$
13,501
Commercial real estate non-owner occupied
54,494
3,212
-
(65)
660
58,301
Commercial real estate owner occupied
49,828
(533)
-
(101)
1,018
50,212
Commercial and industrial
146,006
1,220
-
(4,459)
5,062
147,829
Total Commercial
259,564
8,161
-
(4,625)
6,743
269,843
Construction
11,264
(1,752)
-
-
-
9,512
Mortgage
82,409
(1,071)
9
(435)
3,117
84,029
Leasing
16,419
7,059
-
(4,544)
1,272
20,206
Consumer
Credit cards
99,130
13,822
-
(18,865)
2,436
96,523
Home equity lines of credit
1,503
(244)
-
(55)
406
1,610
Personal
102,736
19,028
-
(24,579)
4,252
101,437
Auto
165,995
19,471
-
(21,056)
7,569
171,979
Other
7,004
744
-
(909)
170
7,009
Total Consumer
376,368
52,821
-
(65,464)
14,833
378,558
Total - Loans
$
746,024
$
65,218
$
9
$
(75,068)
$
25,965
$
762,148
Allowance for credit losses - unfunded commitments:
Commercial
$
8,387
$
688
$
-
$
-
$
-
$
9,075
Construction
7,072
(2,020)
-
-
-
5,052
Consumer
11
31
-
-
-
42
Ending balance - unfunded commitments [1]
$
15,470
$
(1,301)
$
-
$
-
$
-
$
14,169
[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 quarter ended March 31, 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
$
(48)
$
-
$
-
$
1
$
3,567
Commercial real estate non-owner occupied
53,754
(413)
-
-
325
53,666
Commercial real estate owner occupied
40,637
5,147
-
(2,785)
538
43,537
Commercial and industrial
107,577
376
-
(6,669)
1,560
102,844
Total Commercial
205,582
5,062
-
(9,454)
2,424
203,614
Construction
5,294
(2,180)
-
-
-
3,114
Mortgage
72,440
(319)
17
(765)
5,191
76,564
Leasing
9,708
2,968
-
(4,850)
1,165
8,991
Consumer
Credit cards
80,487
21,640
-
(16,396)
2,438
88,169
Home equity lines of credit
103
103
-
(197)
93
102
Personal
101,181
20,263
-
(24,349)
2,409
99,504
Auto
157,931
13,371
-
(20,167)
6,321
157,456
Other
7,132
100
-
(664)
240
6,808
Total Consumer
346,834
55,477
-
(61,773)
11,501
352,039
Total - Loans
$
639,858
$
61,008
$
17
$
(76,842)
$
20,281
$
644,322
Allowance for credit losses - unfunded commitments:
Commercial
$
5,062
$
(120)
$
-
$
-
$
-
$
4,942
Construction
1,618
(177)
-
-
-
1,441
Ending balance - unfunded commitments [1]
$
6,680
$
(297)
$
-
$
-
$
-
$
6,383
[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 quarter ended March 31, 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
$
(510)
$
(441)
$
1
$
9,176
Commercial real estate non-owner occupied
11,699
195
-
64
11,958
Commercial real estate owner occupied
16,227
4,019
-
24
20,270
Commercial and industrial
14,779
3,203
(564)
156
17,574
Total Commercial
52,831
6,907
(1,005)
245
58,978
Construction
7,392
633
-
-
8,025
Mortgage
10,774
(925)
-
25
9,874
Consumer
Home equity lines of credit
1,875
(253)
(7)
155
1,770
Personal
16,609
4,991
(5,712)
685
16,573
Other
2
25
(31)
6
2
Total Consumer
18,486
4,763
(5,750)
846
18,345
Total - Loans
$
89,483
$
11,378
$
(6,755)
$
1,116
$
95,222
Allowance for credit losses - unfunded commitments:
Commercial
$
1,851
$
691
$
-
$
-
$
2,542
Construction
8,446
(609)
-
-
7,837
Consumer
29
(24)
-
-
5
Ending balance - unfunded commitments [1]
$
10,326
$
58
$
-
$
-
$
10,384
[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 March 31, 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
$
(558)
$
-
$
(441)
$
2
$
12,743
Commercial real estate non-owner occupied
65,453
(218)
-
-
389
65,624
Commercial real estate owner occupied
56,864
9,166
-
(2,785)
562
63,807
Commercial and industrial
122,356
3,579
-
(7,233)
1,716
120,418
Total Commercial
258,413
11,969
-
(10,459)
2,669
262,592
Construction
12,686
(1,547)
-
-
-
11,139
Mortgage
83,214
(1,244)
17
(765)
5,216
86,438
Leasing
9,708
2,968
-
(4,850)
1,165
8,991
Consumer
Credit cards
80,487
21,640
-
(16,396)
2,438
88,169
Home equity lines of credit
1,978
(150)
-
(204)
248
1,872
Personal
117,790
25,254
-
(30,061)
3,094
116,077
Auto
157,931
13,371
-
(20,167)
6,321
157,456
Other
7,134
125
-
(695)
246
6,810
Total Consumer
365,320
60,240
-
(67,523)
12,347
370,384
Total - Loans
$
729,341
$
72,386
$
17
$
(83,597)
$
21,397
$
739,544
Allowance for credit losses - unfunded commitments:
Commercial
$
6,913
$
571
$
-
$
-
$
-
$
7,484
Construction
10,064
(786)
-
-
-
9,278
Consumer
29
(24)
-
-
-
5
Ending balance - unfunded commitments [1]
$
17,006
$
(239)
$
-
$
-
$
-
$
16,767
[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 quarter ended
March 31, 2025 amounted to $
95
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 ended March 31,
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.
43
Loan Modifications Made to Borrowers Experiencing Financial Difficulty for the quarter ended March 31, 2025
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March
31, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at March
31, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31, 2025
% of total class of
Financing
Receivable
Commercial and industrial
$
1,272
0.02
%
$
-
-
%
$
1,272
0.02
%
Consumer:
Credit cards
235
0.02
%
-
-
%
235
0.02
%
Personal
1,215
0.07
%
-
-
%
1,215
0.07
%
Other
5
-
%
-
-
%
5
-
%
Total
$
2,727
0.01
%
$
-
-
%
$
2,727
0.01
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March
31, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at March
31, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31, 2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,005
0.03
%
$
-
-
%
$
1,005
0.02
%
CRE owner occupied
512
0.04
%
-
-
%
512
0.02
%
Commercial and industrial
9,372
0.18
%
-
-
%
9,372
0.12
%
Mortgage
9,971
0.14
%
-
-
%
9,971
0.12
%
Consumer:
Personal
239
0.01
%
2
-
%
241
0.01
%
Auto
40
-
%
-
-
%
40
-
%
Total
$
21,139
0.08
%
$
2
-
%
$
21,141
0.06
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March
31, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at March
31, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31, 2025
% of total class of
Financing
Receivable
CRE non-owner occupied
$
4,454
0.13
%
$
-
-
%
$
4,454
0.08
%
CRE owner occupied
24,686
2.05
%
-
-
%
24,686
0.83
%
Commercial and industrial
96,529
1.84
%
-
-
%
96,529
1.25
%
Total
$
125,669
0.48
%
$
-
-
%
$
125,669
0.34
%
Combination - Term Extension and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March
31, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at March
31, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31, 2025
% of total class of
Financing
Receivable
Mortgage
$
3,132
0.05
%
$
-
-
%
$
3,132
0.04
%
Consumer:
Personal
3,209
0.18
%
43
0.05
%
3,252
0.18
%
Total
$
6,341
0.02
%
$
43
-
%
$
6,384
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 March
31, 2025
% of total class
of Financing
Receivable
Amortized Cost
Basis at March
31, 2025
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31, 2025
% of total class of
Financing
Receivable
Commercial and industrial
$
567
0.01
%
$
-
-
%
$
567
0.01
%
Consumer:
Credit cards
2,751
0.23
%
-
-
%
2,751
0.23
%
Total
$
3,318
0.01
%
$
-
-
%
$
3,318
0.01
%
44
Loan Modifications Made to Borrowers Experiencing Financial Difficulty for the quarter ended March 31, 2024
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March 31,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at March 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at March 31,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
387
0.01
%
$
-
-
%
$
387
0.01
%
Consumer:
Credit cards
129
0.01
%
-
-
%
129
0.01
%
Personal
243
0.01
%
-
-
%
243
0.01
%
Total
$
759
-
%
$
-
-
%
$
759
-
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March 31,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at March 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at March 31,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
36,718
1.23
%
$
-
-
%
$
36,718
0.73
%
CRE owner occupied
16,366
1.15
%
-
-
%
16,366
0.52
%
Commercial and industrial
2,494
0.05
%
-
-
%
2,494
0.04
%
Mortgage
12,979
0.20
%
-
-
%
12,979
0.17
%
Consumer:
Personal
199
0.01
%
5
-
%
204
0.01
%
Total
$
68,756
0.28
%
$
5
-
%
$
68,761
0.20
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March 31,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at March 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at March 31,
2024
% of total class of
Financing
Receivable
CRE owner occupied
$
10,312
0.72
%
$
-
-
%
$
10,312
0.33
%
Commercial and industrial
5,920
0.12
%
-
-
%
5,920
0.08
%
Total
$
16,232
0.07
%
$
-
-
%
$
16,232
0.05
%
Combination - Term Extension and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(Dollars in thousands)
Amortized Cost
Basis at March 31,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at March 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at March 31,
2024
% of total class of
Financing
Receivable
CRE non-owner occupied
$
891
0.03
%
$
-
-
%
$
891
0.02
%
Commercial and industrial
101
-
%
-
-
%
101
-
%
Mortgage
3,422
0.05
%
38
-
%
3,460
0.04
%
Consumer:
Personal
1,056
0.06
%
145
0.10
%
1,201
0.06
%
Total
$
5,470
0.02
%
$
183
-
%
$
5,653
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 March 31,
2024
% of total class
of Financing
Receivable
Amortized Cost
Basis at March 31,
2024
% of total class of
Financing
Receivable
Amortized Cost
Basis at March 31,
2024
% of total class of
Financing
Receivable
Commercial and industrial
$
16
-
%
$
-
-
%
$
16
-
%
Consumer:
Credit cards
315
0.03
%
-
-
%
315
0.03
%
Total
$
331
-
%
$
-
-
%
$
331
-
%
45
The following tables describe the financial effect of the modifications made to borrowers experiencing financial
difficulties:
For the quarter ended March 31, 2025
Interest rate reduction
Loan Type
Financial Effect
Commercial and industrial
Reduced weighted-average contractual interest rate from
25.4
% to
9.6
%.
Mortgage
Reduced weighted-average contractual interest rate from
6.5
% to
5.6
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21.3
% to
8.2
%.
Personal
Reduced weighted-average contractual interest rate from
21.6
% to
11.7
%.
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
6
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
3
months to the life of loans.
Commercial and industrial
Added a weighted-average of
1
year to the life of loans.
Mortgage
Added a weighted-average of
15
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
3
years to the life of loans.
Other than insignificant payment delays
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
10
months to the life of loans.
CRE Owner occupied
Added a weighted-average of
9
months to the life of loans.
Commercial and industrial
Added a weighted-average of
13
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
19
months to the life of loans.
46
For the quarter ended March 31, 2024
Interest rate reduction
Loan Type
Financial Effect
CRE Non-owner occupied
Reduced weighted-average contractual interest rate from
10.1
% to
8.3
%.
Commercial and industrial
Reduced weighted-average contractual interest rate from
25.5
% to
9.8
%.
Mortgage
Reduced weighted-average contractual interest rate from
5.9
% to
4.5
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
21.1
% to
6.2
%.
Personal
Reduced weighted-average contractual interest rate from
18.1
% to
9.7
%.
Term extension
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average of
1
year to the life of loans.
CRE Owner occupied
Added a weighted-average of
6
months to the life of loans.
Commercial and industrial
Added a weighted-average of
9
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
11
years to the life of loans.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Owner occupied
Added a weighted-average of
12
months to the life of loans.
Commercial and industrial
Added a weighted-average of
8
months to the life of loans.
Consumer:
Credit cards
Added a weighted-average of
23
months to the life of loans.
47
The following tables
present, by class, the performance of loans that
have been modified during the twelve months preceding
March
31,
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
March 31, 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
$
-
$
-
$
451
$
451
$
8,571
$
9,022
$
-
$
451
CRE owner occupied
85
113
2,137
2,335
45,631
47,966
257
1,880
Commercial and industrial
290
177
4,856
5,323
167,950
173,273
273
4,583
Mortgage
5,072
2,767
17,345
25,184
37,456
62,640
3,256
14,089
Consumer:
Credit cards
699
536
845
2,080
4,690
6,770
503
342
Personal
391
129
1,887
2,407
12,584
14,991
136
1,751
Auto
-
-
-
-
119
119
-
-
Other
-
-
-
-
27
27
-
-
Total
$
6,537
$
3,722
$
27,521
$
37,780
$
277,028
$
314,808
$
4,425
$
23,096
[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.
March 31, 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
$
-
$
-
$
-
$
-
$
5,804
5,804
$
-
$
-
CRE owner occupied
-
-
-
-
5,953
5,953
-
-
Commercial and industrial
-
-
-
-
684
684
-
-
Mortgage
-
-
699
699
796
1,495
645
54
Consumer:
-
-
Personal
14
-
-
14
221
235
-
-
Total
$
14
$
-
$
699
$
713
$
13,458
$
14,171
$
645
$
54
[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.
48
Popular Inc.
March 31, 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
$
-
$
-
$
-
$
-
$
5,804
$
5,804
$
-
$
-
CRE non-owner occupied
-
-
451
451
8,571
9,022
-
451
CRE owner occupied
85
113
2,137
2,335
51,584
53,919
257
1,880
Commercial and industrial
290
177
4,856
5,323
168,634
173,957
273
4,583
Mortgage
5,072
2,767
18,044
25,883
38,252
64,135
3,901
14,143
Consumer:
Credit cards
699
536
845
2,080
4,690
6,770
503
342
Personal
405
129
1,887
2,421
12,805
15,226
136
1,751
Auto
-
-
-
-
119
119
-
-
Other
-
-
-
-
27
27
-
-
Total
$
6,551
$
3,722
$
28,220
$
38,493
$
290,486
$
328,979
$
5,070
$
23,150
[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.
49
The following tables
present, by class, the performance of loans that
have been modified during the twelve months preceding
March
31, 2024.
BPPR
March 31, 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
$
-
$
-
$
65
$
65
$
-
$
65
$
-
$
65
CRE non-owner occupied
179
3,278
2,918
6,375
60,491
66,866
-
2,918
CRE owner occupied
811
-
1,969
2,780
189,327
192,107
537
1,432
Commercial and industrial
626
-
16,492
17,118
32,511
49,629
2,774
13,718
Mortgage
5,970
3,954
23,151
33,075
49,225
82,300
3,525
19,626
Consumer:
Credit cards
126
31
223
380
1,017
1,397
159
64
Personal
42
105
1,058
1,205
3,071
4,276
51
1,007
Auto
-
-
13
13
71
84
-
13
Other
-
-
-
-
3
3
-
-
Total
$
7,754
$
7,368
$
45,889
$
61,011
$
335,716
$
396,727
$
7,046
$
38,843
[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.
March 31, 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
$
-
$
-
$
-
$
-
$
57,550
$
57,550
$
-
$
-
Mortgage
-
-
324
324
3,403
3,727
-
324
Consumer:
Personal
-
-
160
160
124
284
-
160
Total
$
-
$
-
$
484
$
484
$
61,077
$
61,561
$
-
$
484
[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.
March 31, 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
$
-
$
-
$
65
$
65
$
-
$
65
$
-
$
65
CRE non-owner occupied
179
3,278
2,918
6,375
60,491
66,866
-
2,918
CRE owner occupied
811
-
1,969
2,780
246,877
249,657
537
1,432
Commercial and industrial
626
-
16,492
17,118
32,511
49,629
2,774
13,718
Mortgage
5,970
3,954
23,475
33,399
52,628
86,027
3,525
19,950
Consumer:
Credit cards
126
31
223
380
1,017
1,397
159
64
Personal
42
105
1,218
1,365
3,195
4,560
51
1,167
Auto
-
-
13
13
71
84
-
13
Other
-
-
-
-
3
3
-
-
Total
$
7,754
$
7,368
$
46,373
$
61,495
$
396,793
$
458,288
$
7,046
$
39,327
[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.
50
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 preceding March
31, 2025 and
2024.
Amortized Cost Basis of Modified Financing Receivables That Subsequently Defaulted During the Quarter Ended March
31, 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 owner occupied
$
-
$
89
$
257
$
-
$
-
$
346
Commercial and industrial
81
64
84
-
132
361
Mortgage
-
4,820
-
415
-
5,235
Consumer:
Credit cards
178
-
-
-
454
632
Personal
85
11
-
67
-
163
Total
$
344
$
4,984
$
341
$
482
$
586
$
6,737
Amortized Cost Basis of Modified Financing Receivables That Subsequently Defaulted During the Quarter Ended March
31, 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
$
-
$
755
$
-
$
-
$
-
$
755
Commercial and industrial
26
14,345
256
-
16
14,643
Mortgage
-
4,946
-
1,308
-
6,254
Consumer:
Credit cards
63
-
-
-
119
182
Personal
56
-
-
46
-
102
Total
$
145
$
20,046
$
256
$
1,354
$
135
$
21,936
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
March
31,
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:
51
March 31, 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
$
2,059
$
50,123
$
37,039
$
135,452
$
20,856
$
54,261
$
106
$
-
$
299,896
Watch
-
-
-
537
-
989
-
-
1,526
Special Mention
-
-
-
-
-
3,112
-
-
3,112
Substandard
-
-
-
-
-
3,777
-
-
3,777
Total commercial
multi-family
$
2,059
$
50,123
$
37,039
$
135,989
$
20,856
$
62,139
$
106
$
-
$
308,311
Commercial real estate non-owner occupied
Pass
$
95,918
$
417,261
$
300,278
$
830,507
$
543,212
$
850,335
$
7,829
$
-
$
3,045,340
Watch
-
34,970
10,720
628
4,991
73,802
71
-
125,182
Special Mention
-
6,048
40,975
153
-
43,954
-
-
91,130
Substandard
-
-
997
108
26,283
24,762
-
-
52,150
Total commercial
real estate non-
owner occupied
$
95,918
$
458,279
$
352,970
$
831,396
$
574,486
$
992,853
$
7,900
$
-
$
3,313,802
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
65
$
-
$
-
$
65
Commercial real estate owner occupied
Pass
$
13,490
$
129,783
$
73,452
$
90,431
$
200,069
$
342,578
$
6,475
$
-
$
856,278
Watch
525
14,746
5,589
42,372
7,120
80,004
-
-
150,356
Special Mention
-
-
327
16,251
19,175
16,237
1,500
-
53,490
Substandard
-
372
1,618
46,441
2,782
77,615
14,371
-
143,199
Doubtful
-
-
-
-
-
89
-
-
89
Total commercial
real estate owner
occupied
$
14,015
$
144,901
$
80,986
$
195,495
$
229,146
$
516,523
$
22,346
$
-
$
1,203,412
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
89
$
-
$
-
$
89
Commercial and industrial
Pass
$
171,198
$
752,652
$
851,512
$
578,543
$
255,799
$
411,640
$
1,352,618
$
-
$
4,373,962
Watch
1,008
121,151
24,610
9,384
53,835
37,146
68,838
-
315,972
Special Mention
34
20,330
242
295
155,514
26,102
8,843
-
211,360
Substandard
1,990
9,950
40,400
78,933
5,324
27,312
183,348
-
347,257
Doubtful
-
-
-
-
-
7
-
-
7
Total commercial
and industrial
$
174,230
$
904,083
$
916,764
$
667,155
$
470,472
$
502,207
$
1,613,647
$
-
$
5,248,558
Year-to-Date gross
write-offs
$
459
$
105
$
103
$
286
$
9
$
49
$
2,301
$
-
$
3,312
Construction
Pass
$
-
$
72,606
$
64,789
$
17,392
$
26,023
$
10,420
$
18,860
$
-
$
210,090
Watch
-
-
14,123
-
85
-
-
-
14,208
Substandard
-
-
-
-
5,905
-
-
-
5,905
Total construction
$
-
$
72,606
$
78,912
$
17,392
$
32,013
$
10,420
$
18,860
$
-
$
230,203
Mortgage
Pass
$
224,648
$
901,941
$
713,399
$
401,564
$
398,225
$
4,231,445
$
-
$
-
$
6,871,222
Substandard
-
-
2,830
1,154
679
70,057
-
-
74,720
Total mortgage
$
224,648
$
901,941
$
716,229
$
402,718
$
398,904
$
4,301,502
$
-
$
-
$
6,945,942
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
435
$
-
$
-
$
435
52
March 31, 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
$
228,478
$
639,652
$
445,344
$
333,831
$
195,870
$
97,636
$
-
$
-
$
1,940,811
Substandard
1
1,337
2,183
2,901
1,422
868
-
-
8,712
Loss
-
26
65
33
58
-
-
-
182
Total leasing
$
228,479
$
641,015
$
447,592
$
336,765
$
197,350
$
98,504
$
-
$
-
$
1,949,705
Year-to-Date gross
write-offs
$
63
$
1,074
$
1,804
$
1,193
$
390
$
20
$
-
$
-
$
4,544
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
1,157,272
$
-
$
1,157,272
Substandard
-
-
-
-
-
-
30,487
-
30,487
Loss
-
-
-
-
-
-
19
-
19
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,187,778
$
-
$
1,187,778
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
18,865
$
-
$
18,865
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
2,039
$
-
$
2,039
Substandard
-
-
-
-
-
-
18
-
18
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
2,057
$
-
$
2,057
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
25
$
-
$
25
Personal
Pass
$
230,733
$
638,861
$
426,351
$
222,351
$
86,548
$
106,347
$
-
$
25,909
$
1,737,100
Substandard
-
1,416
4,343
2,601
1,031
7,548
-
1,836
18,775
Total Personal
$
230,733
$
640,277
$
430,694
$
224,952
$
87,579
$
113,895
$
-
$
27,745
$
1,755,875
Year-to-Date gross
write-offs
$
-
$
2,531
$
10,831
$
5,733
$
1,545
$
722
$
-
$
591
$
21,953
Auto
Pass
$
310,339
$
1,208,290
$
879,573
$
612,374
$
446,823
$
312,582
$
-
$
-
$
3,769,981
Substandard
-
9,032
13,014
10,824
8,639
8,681
-
-
50,190
Loss
-
-
39
22
-
10
-
-
71
Total Auto
$
310,339
$
1,217,322
$
892,626
$
623,220
$
455,462
$
321,273
$
-
$
-
$
3,820,242
Year-to-Date gross
write-offs
$
93
$
8,245
$
6,435
$
3,906
$
1,609
$
768
$
-
$
-
$
21,056
Other consumer
Pass
$
6,563
$
27,782
$
27,961
$
18,066
$
9,204
$
5,112
$
61,719
$
-
$
156,407
Substandard
-
-
226
122
-
59
334
-
741
Loss
-
-
-
1,025
550
-
-
-
1,575
Total Other
consumer
$
6,563
$
27,782
$
28,187
$
19,213
$
9,754
$
5,171
$
62,053
$
-
$
158,723
Year-to-Date gross
write-offs
$
-
$
81
$
67
$
73
$
43
$
616
$
-
$
-
$
880
Total BPPR
$
1,286,984
$
5,058,329
$
3,981,999
$
3,454,295
$
2,476,022
$
6,924,487
$
2,914,747
$
27,745
$
26,124,608
53
March 31, 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
$
55,455
$
139,251
$
158,974
$
459,412
$
309,039
$
738,172
$
7,319
$
-
$
1,867,622
Watch
-
-
-
26,478
24,359
120,988
-
-
171,825
Special Mention
-
-
-
7,962
-
-
-
-
7,962
Substandard
-
-
-
2,751
-
16,444
-
-
19,195
Total commercial
multi-family
$
55,455
$
139,251
$
158,974
$
496,603
$
333,398
$
875,604
$
7,319
$
-
$
2,066,604
Commercial real estate non-owner occupied
Pass
$
73,581
$
193,766
$
366,196
$
492,218
$
168,725
$
648,337
$
8,703
$
-
$
1,951,526
Watch
10,300
-
10,931
19,474
13,007
93,431
672
-
147,815
Special Mention
-
-
-
-
-
588
-
-
588
Substandard
-
-
1,945
13,217
2,727
108,983
-
-
126,872
Total commercial real
estate non-owner
occupied
$
83,881
$
193,766
$
379,072
$
524,909
$
184,459
$
851,339
$
9,375
$
-
$
2,226,801
Commercial real estate owner occupied
Pass
$
28,691
$
273,180
$
256,925
$
265,337
$
303,581
$
276,976
$
6,794
$
-
$
1,411,484
Watch
-
13,500
25,497
9,765
10,697
70,516
-
-
129,975
Special Mention
-
-
486
38,318
34,222
38,035
-
-
111,061
Substandard
-
-
-
16,392
2,575
81,660
-
-
100,627
Total commercial real
estate owner
occupied
$
28,691
$
286,680
$
282,908
$
329,812
$
351,075
$
467,187
$
6,794
$
-
$
1,753,147
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
12
$
-
$
-
$
12
Commercial and industrial
Pass
$
54,125
$
297,533
$
297,245
$
312,157
$
310,980
$
747,294
$
274,473
$
-
$
2,293,807
Watch
-
-
5,345
46,344
27,306
43,679
7,557
-
130,231
Special Mention
-
14
-
5,033
488
223
3,385
-
9,143
Substandard
-
1,656
74
-
178
1,603
8,273
-
11,784
Total commercial
and industrial
$
54,125
$
299,203
$
302,664
$
363,534
$
338,952
$
792,799
$
293,688
$
-
$
2,444,965
Year-to-Date gross
write-offs
$
-
$
531
$
-
$
-
$
599
$
-
$
17
$
-
$
1,147
Construction
Pass
$
60,392
$
316,245
$
578,233
$
70,702
$
-
$
6,031
$
-
$
-
$
1,031,603
Watch
-
1,518
2,852
40,614
-
7,115
25,832
-
77,931
Special Mention
-
-
10,936
-
-
-
-
-
10,936
Substandard
-
-
-
8,306
-
-
-
-
8,306
Total construction
$
60,392
$
317,763
$
592,021
$
119,622
$
-
$
13,146
$
25,832
$
-
$
1,128,776
Mortgage
Pass
$
46,877
$
93,475
$
88,199
$
213,226
$
268,875
$
588,072
$
-
$
-
$
1,298,724
Substandard
-
-
644
106
472
27,865
-
-
29,087
Total mortgage
$
46,877
$
93,475
$
88,843
$
213,332
$
269,347
$
615,937
$
-
$
-
$
1,327,811
54
March 31, 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
$
-
$
-
$
-
$
-
$
-
$
-
$
(1)
$
-
$
(1)
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
(1)
$
-
$
(1)
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,648
$
53,850
$
12,123
$
71,621
Substandard
-
-
-
-
-
1,612
14
719
2,345
Loss
-
-
-
-
-
125
-
961
1,086
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,385
$
53,864
$
13,803
$
75,052
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
30
$
-
$
30
Personal
Pass
$
6,667
$
24,890
$
19,947
$
31,888
$
7,054
$
1,668
$
-
$
-
$
92,114
Substandard
-
249
284
285
67
368
-
-
1,253
Loss
-
366
157
187
17
54
-
-
781
Total Personal
$
6,667
$
25,505
$
20,388
$
32,360
$
7,138
$
2,090
$
-
$
-
$
94,148
Year-to-Date gross
write-offs
$
-
$
361
$
455
$
1,556
$
241
$
13
$
-
$
-
$
2,626
Other consumer
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
12,116
$
-
$
12,116
Substandard
-
-
-
-
-
-
5
-
5
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
12,121
$
-
$
12,121
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
29
$
-
$
29
Total Popular U.S.
$
336,088
$
1,355,643
$
1,824,870
$
2,080,172
$
1,484,369
$
3,625,487
$
408,992
$
13,803
$
11,129,424
55
March 31, 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
$
57,514
$
189,374
$
196,013
$
594,864
$
329,895
$
792,433
$
7,425
$
-
$
2,167,518
Watch
-
-
-
27,015
24,359
121,977
-
-
173,351
Special Mention
-
-
-
7,962
-
3,112
-
-
11,074
Substandard
-
-
-
2,751
-
20,221
-
-
22,972
Total commercial
multi-family
$
57,514
$
189,374
$
196,013
$
632,592
$
354,254
$
937,743
$
7,425
$
-
$
2,374,915
Commercial real estate non-owner occupied
Pass
$
169,499
$
611,027
$
666,474
$
1,322,725
$
711,937
$
1,498,672
$
16,532
$
-
$
4,996,866
Watch
10,300
34,970
21,651
20,102
17,998
167,233
743
-
272,997
Special Mention
-
6,048
40,975
153
-
44,542
-
-
91,718
Substandard
-
-
2,942
13,325
29,010
133,745
-
-
179,022
Total commercial
real estate non-
owner occupied
$
179,799
$
652,045
$
732,042
$
1,356,305
$
758,945
$
1,844,192
$
17,275
$
-
$
5,540,603
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
65
$
-
$
-
$
65
Commercial real estate owner occupied
Pass
$
42,181
$
402,963
$
330,377
$
355,768
$
503,650
$
619,554
$
13,269
$
-
$
2,267,762
Watch
525
28,246
31,086
52,137
17,817
150,520
-
-
280,331
Special Mention
-
-
813
54,569
53,397
54,272
1,500
-
164,551
Substandard
-
372
1,618
62,833
5,357
159,275
14,371
-
243,826
Doubtful
-
-
-
-
-
89
-
-
89
Total commercial
real estate owner
occupied
$
42,706
$
431,581
$
363,894
$
525,307
$
580,221
$
983,710
$
29,140
$
-
$
2,956,559
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
101
$
-
$
-
$
101
Commercial and industrial
Pass
$
225,323
$
1,050,185
$
1,148,757
$
890,700
$
566,779
$
1,158,934
$
1,627,091
$
-
$
6,667,769
Watch
1,008
121,151
29,955
55,728
81,141
80,825
76,395
-
446,203
Special Mention
34
20,344
242
5,328
156,002
26,325
12,228
-
220,503
Substandard
1,990
11,606
40,474
78,933
5,502
28,915
191,621
-
359,041
Doubtful
-
-
-
-
-
7
-
-
7
Total commercial
and industrial
$
228,355
$
1,203,286
$
1,219,428
$
1,030,689
$
809,424
$
1,295,006
$
1,907,335
$
-
$
7,693,523
Year-to-Date gross
write-offs
$
459
$
636
$
103
$
286
$
608
$
49
$
2,318
$
-
$
4,459
56
March 31, 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
$
60,392
$
388,851
$
643,022
$
88,094
$
26,023
$
16,451
$
18,860
$
-
$
1,241,693
Watch
-
1,518
16,975
40,614
85
7,115
25,832
-
92,139
Special Mention
-
-
10,936
-
-
-
-
-
10,936
Substandard
-
-
-
8,306
5,905
-
-
-
14,211
Total construction
$
60,392
$
390,369
$
670,933
$
137,014
$
32,013
$
23,566
$
44,692
$
-
$
1,358,979
Mortgage
Pass
$
271,525
$
995,416
$
801,598
$
614,790
$
667,100
$
4,819,517
$
-
$
-
$
8,169,946
Substandard
-
-
3,474
1,260
1,151
97,922
-
-
103,807
Total mortgage
$
271,525
$
995,416
$
805,072
$
616,050
$
668,251
$
4,917,439
$
-
$
-
$
8,273,753
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
435
$
-
$
-
$
435
Leasing
Pass
$
228,478
$
639,652
$
445,344
$
333,831
$
195,870
$
97,636
$
-
$
-
$
1,940,811
Substandard
1
1,337
2,183
2,901
1,422
868
-
-
8,712
Loss
-
26
65
33
58
-
-
-
182
Total leasing
$
228,479
$
641,015
$
447,592
$
336,765
$
197,350
$
98,504
$
-
$
-
$
1,949,705
Year-to-Date gross
write-offs
$
63
$
1,074
$
1,804
$
1,193
$
390
$
20
$
-
$
-
$
4,544
57
March 31, 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
$
-
$
-
$
-
$
-
$
-
$
-
$
1,157,271
$
-
$
1,157,271
Substandard
-
-
-
-
-
-
30,487
-
30,487
Loss
-
-
-
-
-
-
19
-
19
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,187,777
$
-
$
1,187,777
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
18,865
$
-
$
18,865
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
5,648
$
55,889
$
12,123
$
73,660
Substandard
-
-
-
-
-
1,612
32
719
2,363
Loss
-
-
-
-
-
125
-
961
1,086
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
7,385
$
55,921
$
13,803
$
77,109
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
55
$
-
$
55
Personal
Pass
$
237,400
$
663,751
$
446,298
$
254,239
$
93,602
$
108,015
$
-
$
25,909
$
1,829,214
Substandard
-
1,665
4,627
2,886
1,098
7,916
-
1,836
20,028
Loss
-
366
157
187
17
54
-
-
781
Total Personal
$
237,400
$
665,782
$
451,082
$
257,312
$
94,717
$
115,985
$
-
$
27,745
$
1,850,023
Year-to-Date gross
write-offs
$
-
$
2,892
$
11,286
$
7,289
$
1,786
$
735
$
-
$
591
$
24,579
Auto
Pass
$
310,339
$
1,208,290
$
879,573
$
612,374
$
446,823
$
312,582
$
-
$
-
$
3,769,981
Substandard
-
9,032
13,014
10,824
8,639
8,681
-
-
50,190
Loss
-
-
39
22
-
10
-
-
71
Total Auto
$
310,339
$
1,217,322
$
892,626
$
623,220
$
455,462
$
321,273
$
-
$
-
$
3,820,242
Year-to-Date gross
write-offs
$
93
$
8,245
$
6,435
$
3,906
$
1,609
$
768
$
-
$
-
$
21,056
Other consumer
Pass
$
6,563
$
27,782
$
27,961
$
18,066
$
9,204
$
5,112
$
73,835
$
-
$
168,523
Substandard
-
-
226
122
-
59
339
-
746
Loss
-
-
-
1,025
550
-
-
-
1,575
Total Other
consumer
$
6,563
$
27,782
$
28,187
$
19,213
$
9,754
$
5,171
$
74,174
$
-
$
170,844
Year-to-Date gross
write-offs
$
-
$
81
$
67
$
73
$
43
$
616
$
29
$
-
$
909
Total Popular Inc.
$
1,623,072
$
6,413,972
$
5,806,869
$
5,534,467
$
3,960,391
$
10,549,974
$
3,323,739
$
41,548
$
37,254,032
58
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
59
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
60
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
61
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
62
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
63
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
64
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
65
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
66
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 March 31,
(In thousands)
2025
2024
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees
$
7,168
$
7,751
Mortgage servicing rights fair value adjustments
(3,570)
(3,439)
Total mortgage servicing fees, net of fair value adjustments
3,598
4,312
Net gain on sale of loans, including valuation on loans held-for-sale
193
74
Trading account (loss) profit:
Unrealized (loss) gains on outstanding derivative positions
(87)
101
Realized gains on closed derivative positions
1
3
Total trading account (loss) profit
(86)
104
Losses on repurchased loans, including interest advances
(16)
(130)
Total mortgage banking activities
$
3,689
$
4,360
67
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 ended March
31, 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 ended March 31, 2025 and 2024:
Proceeds Obtained During the Quarter Ended March 31, 2025
(In thousands)
Level 1
Level 2
Level 3
Initial Fair Value
Assets
Trading account debt securities:
Mortgage-backed securities - FNMA
$
-
$
1,718
$
-
$
1,718
Total trading account debt securities
$
-
$
1,718
$
-
$
1,718
Mortgage servicing rights
$
-
$
-
$
43
$
43
Total
$
-
$
1,718
$
43
$
1,761
Proceeds Obtained During the Quarter Ended March 31, 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
-
1,105
-
1,105
Total trading account debt securities
$
-
$
2,205
$
-
$
2,205
Mortgage servicing rights
$
-
$
-
$
45
$
45
Total
$
-
$
2,205
$
45
$
2,250
During the quarter
ended March 31,
2025, the Corporation
retained servicing rights
on whole loan
sales involving approximately
$
7
million in principal
balance outstanding
(March 31, 2024
- $
11
million), with net
realized gains
of approximately
$
0.1
million (March
31, 2024 -
gains of $
0.2
million). All
loan sales
performed during
the quarters ended
March 31,
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
quarters ended
March 31,
2025
and 2024.
68
Residential MSRs
(In thousands)
March 31, 2025
March 31, 2024
Fair value at beginning of period
$
108,103
$
118,109
Additions
210
294
Changes due to payments on loans
[1]
(2,114)
(2,100)
Reduction due to loan repurchases
(131)
(137)
Changes in fair value due to changes in valuation model inputs or assumptions
(1,325)
(1,202)
Fair value at end of period
[2]
$
104,743
$
114,964
[1] Represents changes due to collection / realization of expected cash flows over time.
[2] At March 31, 2025, PB had MSRs amounting to $
1.9
million (March 31, 2024 - $
2.0
million).
Residential mortgage loans serviced for others were $
8.8
billion at March 31, 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. As
of March 31,
2025, weighted
average mortgage
servicing fees
were
0.32
% (March
31, 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 ended March 31, 2025 and 2024 were as follows:
Quarters ended
March 31, 2025
March 31, 2024
BPPR
PB
BPPR
PB
Prepayment speed
7.2
%
6.3
%
6.1
%
6.0
%
Weighted average life (in years)
9.6
8.8
9.6
8.8
Discount rate (annual rate)
9.8
%
12.9
%
9.5
%
12.5
%
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:
69
Originated MSRs
Purchased MSRs
March 31,
December 31,
March 31,
December 31,
(In thousands)
2025
2024
2025
2024
Fair value of servicing rights
$
34,625
$
34,019
$
70,118
$
74,084
Weighted average life (in years)
6.4
6.4
6.6
6.6
Weighted average prepayment speed (annual rate)
5.7
%
5.8
%
6.9
%
6.9
%
Impact on fair value of 10% adverse change
$
(699)
$
(667)
$
(1,415)
$
(1,448)
Impact on fair value of 20% adverse change
$
(1,372)
$
(1,308)
$
(2,775)
$
(2,840)
Weighted average discount rate (annual rate)
11.3
%
11.4
%
10.9
%
10.8
%
Impact on fair value of 10% adverse change
$
(1,279)
$
(1,267)
$
(2,527)
$
(2,689)
Impact on fair value of 20% adverse change
$
(2,476)
$
(2,451)
$
(4,897)
$
(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 sensitivities.
At
March
31,
2025,
the
Corporation
serviced
$
477
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 quarter ended
March 31, 2025, the
Corporation repurchased approximately
$
10
million (March 31, 2024
- $
10
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.
70
Note 11 – Other real estate owned
The following tables
present the activity
related to Other
Real Estate Owned
(“OREO”), for the
quarters
ended March 31,
2025 and
2024.
For the quarter ended March 31, 2025
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
8,424
$
48,844
$
57,268
Write-downs in value
(29)
(1,199)
(1,228)
Additions
257
8,789
9,046
Sales
(1,541)
(11,229)
(12,770)
Other adjustments
-
(202)
(202)
Ending balance
$
7,111
$
45,003
$
52,114
For the quarter ended March 31, 2024
OREO
OREO
(In thousands)
Commercial/Construction
Mortgage
Total
Balance at beginning of period
$
11,189
$
69,227
$
80,416
Write-downs in value
(25)
(284)
(309)
Additions
5,344
12,636
17,980
Sales
(546)
(16,934)
(17,480)
Other adjustments
-
(65)
(65)
Ending balance
$
15,962
$
64,580
$
80,542
71
Note 12 − Other assets
The caption of other assets in the consolidated statements of financial condition consists of the following major categories:
(In thousands)
March 31, 2025
December 31, 2024
Net deferred tax assets (net of valuation allowance)
$
887,454
$
926,329
Investments under the equity method
250,489
251,537
Prepaid taxes
34,808
42,909
Other prepaid expenses
24,537
28,376
Capitalized software costs
159,071
136,442
Derivative assets
20,828
25,975
Trades receivable from brokers and counterparties
1,530
588
Receivables from investments maturities
-
14,600
Principal, interest and escrow servicing advances
40,227
43,793
Guaranteed mortgage loan claims receivable
15,709
17,226
Operating ROU assets (Note 27)
93,922
93,389
Finance ROU assets (Note 27)
18,432
19,174
Assets for pension benefit
33,868
33,233
Others
161,665
164,188
Total other assets
$
1,742,540
$
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
March 31, 2025
Software development costs
$
81,408
$
26,453
$
54,955
Software license costs
55,536
26,480
29,056
Cloud computing arrangements
82,714
7,654
75,060
Total Capitalized software costs [1] [2]
$
219,658
$
60,587
$
159,071
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 excludes 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:
72
Quarters ended March 31,
(In thousands)
2025
2024
Software development and license costs
$
21,728
$
17,701
Cloud computing arrangements
1,366
872
Total amortization expense
$
23,094
$
18,573
73
Note 13 – Goodwill and other intangible assets
Goodwill
There were
no
changes in the carrying amount of goodwill for the quarters ended March 31, 2025 and 2024.
The following tables present the gross amount of goodwill and accumulated impairment losses by reportable segment:
March 31, 2025
Balance at
Balance at
March 31,
Accumulated
March 31,
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
March 31, 2025
Core deposits
$
12,810
$
12,810
$
-
Other customer relationships
14,286
8,818
5,468
Total other intangible assets
$
27,096
$
21,628
$
5,468
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
March
31,
2025,
the
Corporation
recognized
$
0.6
million
in
amortization
expense
related
to
intangible
assets with definite useful lives (March 31, 2024 - $
0.8
million).
The following
table presents
the estimated
amortization of
the intangible
assets with
definite useful
lives for
each of
the following
periods:
74
(In thousands)
Remaining 2025
$
1,152
Year 2026
1,440
Year 2027
959
Year 2028
959
Year 2029
958
75
Note 14 – Deposits
Total deposits
as of the end of the periods presented consisted of:
(In thousands)
March 31, 2025
December 31, 2024
Savings accounts
$
14,637,131
$
14,224,271
NOW, money market and other interest bearing demand deposits
26,853,186
26,507,637
Total savings, NOW,
money market and other interest bearing demand deposits
41,490,317
40,731,908
Certificates of deposit:
Under $250,000
5,401,219
5,383,331
$250,000 and over
3,766,918
3,629,551
Total certificates of deposit
9,168,137
9,012,882
Total interest bearing deposits
$
50,658,454
$
49,744,790
Non- interest bearing deposits
$
15,160,801
$
15,139,555
Total deposits
$
65,819,255
$
64,884,345
A summary of certificates of deposits by maturity at March 31, 2025 follows:
(In thousands)
2025
$
5,427,988
2026
1,680,639
2027
711,573
2028
623,776
2029
460,676
2030 and thereafter
263,485
Total certificates of deposit
$
9,168,137
At March 31, 2025, the Corporation had brokered deposits amounting to $
1.6
billion (December 31, 2024 - $
1.6
billion).
The aggregate amount of overdrafts in demand deposit accounts that were
reclassified to loans was $
24.9
million at March 31, 2025
(December 31, 2024 - $
10.4
million).
At
March
31,
2025,
Puerto
Rico
government
deposits
amounted
to
$
19.6
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.
76
Note 15 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted to $
57
million at March 31, 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
March 31, 2025
December 31, 2024
Repurchase
Repurchase
(In thousands)
liability
liability
U.S. Treasury securities
Within 30 days
$
27,378
$
22,591
After 30 to 90 days
18,827
13,813
Total U.S. Treasury securities
46,205
36,404
Mortgage-backed securities
Within 30 days
4,609
4,924
After 30 to 90 days
6,454
13,505
Total mortgage-backed securities
11,063
18,429
Total
$
57,268
$
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 March 31, 2025
and December 31, 2024,
other short-term borrowings consisted
of $
200
million and $
225
million, respectively,
in
FHLB Advances.
77
Notes Payable
The following table presents the composition of notes payable at March 31, 2025 and December 31, 2024.
(In thousands)
March 31, 2025
December 31, 2024
Advances with the FHLB with maturities ranging from
2025
through
2029
paying interest at
monthly
fixed rates ranging from
0.55
% to
4.17
%
$
239,199
$
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 $
4,430
395,570
395,198
Junior subordinated deferrable interest debentures (related to trust preferred securities) maturing on
2034
with fixed interest rates ranging from
6.125
% to
6.56
4%, net of debt issuance costs of $
254
198,380
198,373
Total notes payable
$
833,149
$
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 March 31, 2025 is included in the table below.
Assets sold under
Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2025
$
57,268
$
200,000
$
80,692
$
337,960
2026
-
-
74,500
74,500
2028
-
-
439,920
439,920
2029
-
-
39,657
39,657
Later years
-
-
198,380
198,380
Total borrowings
$
57,268
$
200,000
$
833,149
$
1,090,417
At March
31, 2025
and December
31, 2024,
the Corporation
had FHLB
borrowing facilities
whereby the
Corporation could
borrow
up
to
$
4.5
billion
and
$
4.7
billion,
respectively,
of
which
$
0.4
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 March
31, 2025, the
Corporation had borrowing
facilities at the
discount window of
the Federal Reserve
Bank of New
York
amounting to
$
7.2
billion (December
31, 2024
- $
7.0
billion), which
remained unused
at March
31, 2025
and December
31, 2024.
The facilities are a collateralized source of credit that is highly reliable even under difficult market conditions.
78
Note 16 − Other liabilities
The caption of other liabilities in the consolidated statements of financial condition consists of the following major categories:
(In thousands)
March 31, 2025
December 31, 2024
Accrued expenses
$
289,750
$
334,145
Accrued interest payable
53,353
60,723
Accounts payable
90,997
91,218
Dividends payable
48,409
49,546
Trades payable
495,397
495,139
Liability for GNMA loans sold with an option to repurchase
7,734
9,108
Reserves for loan indemnifications
2,563
2,779
Reserve for operational losses
26,851
29,465
Operating lease liabilities (Note 27)
103,628
103,198
Finance lease liabilities (Note 27)
22,236
23,141
Pension benefit obligation
5,750
5,816
Postretirement benefit obligation
98,678
99,172
Others
83,893
68,396
Total other liabilities
$
1,329,239
$
1,371,846
79
Note 17 – Stockholders’ equity
As of March
31, 2025, stockholders’
equity totaled $
5.8
billion. During the
quarter ended March
31, 2025, the
Corporation declared
cash dividends of
$
0.70
(2024 - $
0.62
) per common
share amounting to
$
48.4
million (2024 -
$
44.8
million). The quarterly
dividend
of $
0.70
per share declared
to stockholders of
record as of the
close of business
on
March 18, 2025
was paid on
April 1, 2025
. On
May 8, 2025, the Corporation’s Board of Directors approved a quarterly cash dividend of $
0.70
per share on its outstanding common
stock, payable on
July 1, 2025
to stockholders of record at the close of business on
May 29, 2025
.
During
the
quarter
ended
March
31,
2025,
the
Corporation
completed
the
repurchase
of
1,270,569
shares
of
common
stock
for
$
122.3
million at an average
price of $
96.24
per share. As of March
31, 2025, a total of
$
339.6
million has been repurchased
under
the previously announced share repurchase authorization of up to $
500
million.
80
Note 18 – Other comprehensive income (loss)
The
following
table
presents
changes
in
accumulated
other
comprehensive
income
(loss)
by
component
for
the
quarters
ended
March 31, 2025 and, 2024.
Changes in Accumulated Other Comprehensive Income (Loss) by Component [1]
Quarters ended March 31,
(In thousands)
2025
2024
Foreign currency translation
Beginning Balance
$
(71,365)
$
(64,528)
Other comprehensive loss
(6,646)
(4,020)
Net change
(6,646)
(4,020)
Ending balance
$
(78,011)
$
(68,548)
Adjustment of pension and
postretirement benefit plans
Beginning Balance
$
(94,692)
$
(117,894)
Other comprehensive loss before reclassifications
-
-
Amounts reclassified from accumulated other comprehensive loss for
amortization of net losses
1,421
2,262
Net change
1,421
2,262
Ending balance
$
(93,271)
$
(115,632)
Unrealized net holding losses on
debt securities
Beginning Balance
$
(1,495,183)
$
(1,713,109)
Other comprehensive income (loss) before reclassifications
140,229
(71,104)
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
36,249
35,207
Net change
176,478
(35,897)
Ending balance
$
(1,318,705)
$
(1,749,006)
Total
$
(1,489,987)
$
(1,933,186)
[1] All amounts presented are net of tax.
81
The following
table presents
the amounts
reclassified out
of each
component of
accumulated other
comprehensive loss
during the
quarters ended March 31, 2025 and 2024.
Reclassifications Out of Accumulated Other Comprehensive Loss
Affected Line Item in the
Quarters ended March 31,
(In thousands)
Consolidated Statements of Operations
2025
2024
Adjustment of pension and postretirement benefit plans
Amortization of net losses
Other operating expenses
$
(2,273)
$
(3,618)
Total before tax
(2,273)
(3,618)
Income tax benefit
852
1,356
Total net of tax
$
(1,421)
$
(2,262)
Unrealized holding losses on debts securities
Amortization of unrealized net losses of debt
securities transferred to held-to-maturity
Investment securities
$
(45,311)
$
(44,009)
Total before tax
(45,311)
(44,009)
Income tax benefit
9,062
8,802
Total net of tax
$
(36,249)
$
(35,207)
Unrealized net gains on cash flow hedges
Total reclassification adjustments, net of tax
$
(37,670)
$
(37,469)
82
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 March 31,
2025, the Corporation
serviced $
477
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
incurred
loss.
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
the interest, if
applicable. During the
quarter
ended
March
31,
2025,
the
Corporation
repurchased
approximately
$
0.3
million
of
unpaid
principal
balance
in
mortgage
loans
subject
to
the
credit
recourse
provisions
(March
31,
2024
-
$
0.6
million).
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
March 31,
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 ended March 31, 2025 and 2024.
Quarters ended
March 31,
(In thousands)
2025
2024
Balance as of beginning of period
$
2,611
$
4,211
Provision (benefit) for recourse liability
(170)
244
Net charge-offs
(44)
(102)
Balance as of end of period
$
2,397
$
4,353
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 March
31, 2025,
the
Corporation serviced $
8.8
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 March
31,
2025,
the
outstanding
balance
of
funds
advanced
by
the
Corporation
under
such
mortgage
loan
servicing
agreements
was
approximately
$
40
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.
83
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
March
31,
2025
and
December
31,
2024,
respectively.
In
addition, at both March
31, 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
18
to
the
Consolidated
Financial
Statements
in
the
2024
Form
10-K
for
further
information on the trust preferred securities.
84
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)
March 31, 2025
December 31, 2024
Commitments to extend credit:
Credit card lines
$
6,141,536
$
5,599,823
Commercial lines of credit
4,129,068
3,971,331
Construction lines of credit
1,066,986
1,131,824
Other consumer unused credit commitments
262,988
260,121
Commercial letters of credit
7,553
5,002
Standby letters of credit
117,379
144,845
Commitments to originate or fund mortgage loans
40,308
29,604
At March
31, 2025
and December
31, 2024,
the
Corporation
maintained
a reserve
of approximately
$
14
million
and $
15
million,
respectively, for potential losses associated
with unfunded loan commitments related to commercial and construction lines of credit.
Other commitments
At March
31, 2025
and December
31, 2024,
the Corporation
also maintained
other non-credit
commitments for
approximately $
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
March
31,
2025,
the
Corporation’s
direct
exposure
to
the
Puerto
Rico
government
and
its
instrumentalities
and
municipalities
totaled
$
362
million,
all
of
which
were
outstanding
($
336
million
and
$
336
million
at
December
31,
2024).
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 March
31, 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
March 31, 2025,
81
% of the Corporation’s
exposure to municipal loans
and securities was concentrated
in the municipalities of San Juan, Guaynabo, Carolina and Caguas.
85
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 March 31, 2025
:
(In thousands)
Investment
Portfolio
Loans
Total Outstanding
Total Exposure
Central Government
Within 1 year
$
45
$
-
$
45
$
45
Total Central Government
45
-
45
45
Municipalities
Within 1 year
2,540
12,764
15,304
15,304
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
362,191
Total Direct Government Exposure
$
11,125
$
351,111
$
362,236
$
362,236
In addition, at
March 31, 2025,
the Corporation had
$
216
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
$
172
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
March 31, 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,
$
2.2
billion
of
residential
mortgages
and
$
86.5
million
commercial
loans
were
insured
or
guaranteed
by
the
U.S.
Government or
its agencies
at March
31, 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
March
31,
2025,
the
Corporation
had
operations
in
the
United
States
Virgin
Islands
(the
“USVI”)
and
had
approximately
$
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.
At
March
31,
2025,
the
Corporation
had
operations
in
the
British
Virgin
Islands
(“BVI”)
and
it
had
a
loan
portfolio
amounting
to
approximately
$
196
million
comprised
of
various
retail
and
commercial
clients,
compared
to
a
loan
portfolio
of
$
196
million
at
December 31, 2024. At March 31, 2025, the Corporation had no significant exposure to a single borrower in the BVI.
FDIC Special Assessment
86
On
November
16,
2023,
the
Federal
Deposit
Insurance
Corporation
(“FDIC”)
approved
a
final
rule
that
imposes
a
special
assessment (the
“FDIC Special
Assessment”) to
recover the
losses to
the deposit insurance
fund resulting
from the FDIC’s
use, in
March 2023,
of the
systemic risk
exception to
the least-cost
resolution test
under the
Federal Deposit
Insurance Act
in connection
with the
receiverships of
several failed
banks. In
connection with
this assessment,
the Corporation
recorded an
expense of
$
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
which
increased
from
$
16.3
billion,
when
approved,
to
$
20.4
billion
during
the
quarter.
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,
lender’s liability,
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 $
6.3
million as of
March 31,
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.
87
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
March
31,
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 March
31, 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 March 31, 2025 and December 31, 2024.
88
(In thousands)
March 31, 2025
December 31, 2024
Assets
Servicing assets:
Mortgage servicing rights
$
81,620
$
84,356
Total servicing assets
$
81,620
$
84,356
Other assets:
Servicing advances
$
6,188
$
6,112
Total other assets
$
6,188
$
6,112
Total assets
$
87,808
$
90,468
Maximum exposure to loss
$
87,808
$
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 $
6.4
billion at March 31, 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 March 31,
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 March
31, 2025.
89
Note 22 – Related party transactions
Centro Financiero BHD, S.A.
At March 31, 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 quarter ended March 31,
2025, the Corporation recorded ($
1.0
)
million in equity
pickup (March 31,
2024 - $
7.3
million), including the
net impact of
$
8.7
million from net
earnings (March 31,
2024 -
$
11.4
million), offset
by ($
9.7
) million
recorded through
Other Comprehensive
Income (March
31, 2024
- ($
4.1
) million)
related to
foreign
currency
translation
adjustments
and
changes
in
the
fair
value
of
available
for
sale
securities.
At
March
31,
2025,
the
investment
in
BHD
had
a
carrying
amount
of
$
238.5
million
(December
31,
2024
-
$
239.5
million)
and
there
were
no
dividends
received by the Corporation during the quarters ended March 31, 2025 and 2024.
90
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 March 31, 2025 and December 31, 2024:
91
At March 31, 2025
(In thousands)
Level 1
Level 2
Level 3
Measured at NAV
Total
RECURRING FAIR VALUE MEASUREMENTS
Assets
Debt securities available-for-sale:
U.S. Treasury securities
$
8,601,447
$
5,672,521
$
-
$
-
$
14,273,968
Collateralized mortgage obligations - federal
agencies
-
115,859
-
-
115,859
Mortgage-backed securities
-
5,102,146
457
-
5,102,603
Other
-
-
750
-
750
Total debt securities available-for-sale
$
8,601,447
$
10,890,526
$
1,207
$
-
$
19,493,180
Trading account debt securities, excluding
derivatives:
U.S. Treasury securities
$
8,524
$
10
$
-
$
-
$
8,534
Obligations of Puerto Rico, States and political
subdivisions
-
53
-
-
53
Collateralized mortgage obligations
-
636
-
-
636
Mortgage-backed securities
-
19,043
84
-
19,127
Other
-
-
127
-
127
Total trading account debt securities, excluding
derivatives
$
8,524
$
19,742
$
211
$
-
$
28,477
Equity securities
$
-
$
45,129
$
-
$
407
$
45,536
Mortgage servicing rights
-
-
104,743
-
104,743
Loans held-for-sale
-
5,077
-
-
5,077
Derivatives
-
20,828
-
-
20,828
Total assets measured at fair value on a
recurring basis
$
8,609,971
$
10,981,302
$
106,161
$
407
$
19,697,841
Liabilities
Derivatives
$
-
$
(19,523)
$
-
$
-
$
(19,523)
Total liabilities measured at fair value on a
recurring basis
$
-
$
(19,523)
$
-
$
-
$
(19,523)
92
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 March 31, 2025 and December 31, 2024.
(In thousands)
March 31, 2025
Aggregate Unpaid
Fair Value
Principal Balance
Difference
Loans held for sale
$
5,077
$
4,938
$
139
(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 March 31, 2025 and December
31, 2024.
93
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 quarters ended March 31, 2025 and 2024 and excludes nonrecurring fair value measurements
of assets no
longer outstanding as of the reporting date.
Quarter ended March 31, 2025
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE MEASUREMENTS
Assets
Write-downs
Loans
[1]
$
-
$
-
$
4,167
$
4,167
$
(362)
Other real estate owned
[2]
-
-
2,018
2,018
(485)
Other foreclosed assets
[2]
-
-
133
133
(76)
Total assets measured at fair value on a nonrecurring basis
$
-
$
-
$
6,318
$
6,318
$
(923)
[1] Relates mainly to certain impaired collateral dependent loans.
The impairment was measured based on the fair value of the collateral, which is
derived from appraisals that take into consideration prices in observed transactions involving similar assets in
similar locations. Costs to sell are
excluded from the reported fair value amount.
[2] 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.
Quarter ended March 31, 2024
(In thousands)
Level 1
Level 2
Level 3
Total
NONRECURRING FAIR VALUE MEASUREMENTS
Assets
Write-downs
Loans
[1]
$
-
$
-
$
110
$
110
$
(2,172)
Other real estate owned
[2]
-
-
1,416
1,416
(224)
Other foreclosed assets
[2]
-
-
105
105
(41)
Total assets measured at fair value on a nonrecurring basis
$
-
$
-
$
1,631
$
1,631
$
(2,437)
[1] Relates mainly to certain impaired collateral dependent loans.
The impairment was measured based on the fair value of the collateral, which is
derived from appraisals that take into consideration prices in observed transactions involving similar assets in
similar locations. Costs to sell are
excluded from the reported fair value amount.
[2] Represents the fair value of foreclosed real estate and other collateral owned that were written down to their fair
value. Costs to sell are
excluded from the reported fair value amount.
The following tables present the changes
in Level 3 assets and liabilities
measured at fair value on a recurring basis
for the quarters
ended March 31, 2025 and 2024.
Quarter ended March 31, 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 December 31, 2024
$
484
$
2,250
$
84
$
133
$
108,103
$
111,054
Gains (losses) included in earnings
-
-
-
(6)
(3,570)
(3,576)
Gains (losses) included in OCI
(2)
-
-
-
-
(2)
Additions
-
-
-
-
210
210
Settlements
(25)
-
-
-
-
(25)
Transfers out of Level 3
-
(1,500)
-
-
-
(1,500)
Balance at March 31, 2025
$
457
$
750
$
84
$
127
$
104,743
$
106,161
Changes in unrealized gains (losses) included in
earnings relating to assets still held at March 31,
2025
$
-
$
-
$
-
$
9
$
(1,325)
$
(1,316)
94
Quarter ended March 31, 2024
MBS
Other
Other
classified
securities
CMOs
MBS
securities
as debt
classified as
classified
classified
classified
securities
debt securities
as trading
as trading
as trading
Mortgage
available-
available-
account debt
account debt
account debt
servicing
Total
(In thousands)
for-sale
for-sale
securities
securities
securities
rights
assets
Balance at December 31, 2023
$
606
$
2,500
$
5
$
112
$
167
$
118,109
$
121,499
Gains (losses) included in earnings
-
(500)
-
-
(1)
(3,439)
(3,940)
Gains (losses) included in OCI
1
-
-
-
-
-
1
Additions
-
-
-
-
-
294
294
Settlements
-
-
(5)
(28)
-
-
(33)
Balance at March 31, 2024
$
607
$
2,000
$
-
$
84
$
166
$
114,964
$
117,821
Changes in unrealized gains (losses)
included in earnings relating to assets
still held at March 31, 2024
$
-
$
(500)
$
-
$
-
$
2
$
(1,202)
$
(1,700)
Gains and losses (realized and
unrealized) included in earnings
for the quarters ended March
31, 2025 and 2024 for
Level 3 assets
and liabilities included in the previous tables are reported in the consolidated statements of operations as follows:
Quarter ended March 31, 2025
Quarter ended March 31, 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
$
(3,570)
$
(1,325)
$
(3,439)
$
(1,202)
Trading account (loss) profit
(6)
9
(1)
2
Provision for credit losses
-
-
(500)
(500)
Total
$
(3,576)
$
(1,316)
$
(3,940)
$
(1,700)
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 March 31, 2025 and 2024.
Fair value at
March 31,
(In thousands)
2025
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
127
Discounted cash flow model
Weighted average life
2
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
4,167
[2]
External appraisal
Haircut applied on
external appraisals
7.5
% (
5.0
% -
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.
95
Fair value at
March 31,
(In thousands)
2024
Valuation technique
Unobservable inputs
Weighted average (range) [1]
Other - trading
$
166
Discounted cash flow model
Weighted average life
2.3
years
Yield
12
.0%
Prepayment speed
10.8
%
Loans held-in-portfolio
$
110
[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.
96
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
March 31, 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.
97
March 31, 2025
Carrying
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
Financial Assets:
Cash and due from banks
$
380,165
$
380,165
$
-
$
-
$
-
$
380,165
Money market investments
6,195,028
6,184,571
10,457
-
-
6,195,028
Trading account debt securities, excluding derivatives
[1]
28,477
8,524
19,742
211
-
28,477
Debt securities available-for-sale
[1]
19,493,180
8,601,447
10,890,526
1,207
-
19,493,180
Debt securities held-to-maturity:
U.S. Treasury securities
$
7,586,169
$
-
$
7,583,514
$
-
$
-
$
7,583,514
Obligations of Puerto Rico, States and political
subdivisions
49,594
-
6,853
43,030
-
49,883
Collateralized mortgage obligation-federal agency
1,514
-
1,329
-
-
1,329
Securities in wholly owned statutory business trusts
5,960
-
5,960
-
-
5,960
Total debt securities held-to-maturity
$
7,643,237
$
-
$
7,597,656
$
43,030
$
-
$
7,640,686
Equity securities:
FHLB stock
$
51,428
$
-
$
51,428
$
-
$
-
$
51,428
FRB stock
100,526
-
100,526
-
-
100,526
Other investments
53,067
-
45,129
8,025
407
53,561
Total equity securities
$
205,021
$
-
$
197,083
$
8,025
$
407
$
205,515
Loans held-for-sale
$
5,077
$
-
$
5,077
$
-
$
-
$
5,077
Loans held-in-portfolio
36,491,884
-
-
35,777,886
-
35,777,886
Mortgage servicing rights
104,743
-
-
104,743
-
104,743
Derivatives
20,828
-
20,828
-
-
20,828
March 31, 2025
Carrying
Measured
(In thousands)
amount
Level 1
Level 2
Level 3
at NAV
Fair value
Financial Liabilities:
Deposits:
Demand deposits
$
56,651,118
$
-
$
56,651,118
$
-
$
-
$
56,651,118
Time deposits
9,168,137
-
8,929,129
-
-
8,929,129
Total deposits
$
65,819,255
$
-
$
65,580,247
$
-
$
-
$
65,580,247
Assets sold under agreements to repurchase
$
57,268
$
-
$
57,274
$
-
$
-
$
57,274
Other short-term borrowings
[2]
200,000
-
200,000
-
-
200,000
Notes payable:
FHLB advances
$
239,199
$
-
$
234,299
$
-
$
-
$
234,299
Unsecured senior debt securities
395,570
-
415,132
-
-
415,132
Junior subordinated deferrable interest debentures
(related to trust preferred securities)
198,380
-
189,227
-
-
189,227
Total notes payable
$
833,149
$
-
$
838,658
$
-
$
-
$
838,658
Derivatives
$
19,523
$
-
$
19,523
$
-
$
-
$
19,523
[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.
98
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
March
31,
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.
99
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
ended
March 31, 2025 and 2024:
Quarters ended March 31,
(In thousands, except per share information)
2025
2024
Net income
$
177,502
$
103,283
Preferred stock dividends
(353)
(353)
Net income applicable to common stock
$
177,149
$
102,930
Average common shares outstanding
69,280,137
71,869,735
Average potential dilutive common shares
27,544
97,068
Average common shares outstanding - assuming dilution
69,307,681
71,966,803
Basic EPS
$
2.56
$
1.43
Diluted EPS
$
2.56
$
1.43
For the quarters
ended March 31,
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.
100
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 ended March 31, 2025 and 2024.
Quarters ended March 31,
(In thousands)
2025
2024
BPPR
Popular U.S.
BPPR
Popular U.S.
Service charges on deposit accounts
$
36,456
$
2,598
$
35,016
$
2,426
Other service fees:
Debit card fees [1]
26,234
198
25,334
199
Insurance fees, excluding reinsurance
7,681
1,687
10,556
1,846
Credit card fees, excluding late fees and membership fees [1]
25,385
405
24,515
458
Sale and administration of investment products
8,973
-
7,427
-
Trust fees
6,631
-
6,985
-
Total revenue from contracts with customers
[2]
$
111,360
$
4,888
$
109,833
$
4,929
[1] 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 ended March 31, 2024, these interchange fees were approximately $
11.3
million.
[2] The amounts include intersegment transactions of $
0.6
million for each of the quarters ended March 31, 2025 and 2024.
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.
A
service
is
transferred
to
the
customer
when,
or
as,
the
customer
obtains
control
of
that
service.
A
performance
obligation
may
be
satisfied
over
time
or
at
a
point
in
time.
Revenue
from
a
performance
obligation satisfied
over time
is recognized
based on
the services
that have
been rendered
to date.
Revenue from
a performance
obligation satisfied at a
point in time is
recognized when the customer
obtains control over the
service. The transaction
price, or the
amount of revenue
recognized, reflects
the consideration
the Corporation
expects to
be entitled
to in
exchange for
those promised
services. In determining the transaction price,
the Corporation considers the effects of
variable consideration. Variable
consideration
is included
in the
transaction price
only to
the extent
it is
probable that
a significant
reversal in
the amount
of cumulative
revenue
recognized will
not occur.
The Corporation
is the
principal in
a transaction
if it
obtains control
of the
specified goods
or services
before
they are
transferred
to
the
customer.
If
the
Corporation
acts
as principal,
revenues
are
presented
in the
gross
amount of
consideration to which
it expects to be
entitled and are not
netted with any
related expenses. On
the other hand, the
Corporation is
an agent if it
does not control the
specified goods or services
before they are transferred
to the customer.
If the Corporation acts
as
an agent, revenues are presented in the amount of consideration to which it expects to be entitled, net of related expenses.
Following is a description of the nature and timing of revenue streams from contracts with customers:
Service charges on deposit accounts
Service
charges
on
deposit
accounts
are
earned
on
retail
and
commercial
deposit
activities
and
include,
but
are
not
limited
to,
nonsufficient
fund fees,
overdraft fees
and checks
stop payment
fees. These
transaction-based
fees are
recognized at
a point
in
time,
upon
occurrence
of
an
activity
or
event
or
upon
the
occurrence
of
a
condition
which
triggers
the
fee
assessment.
The
Corporation is acting as principal in these transactions.
Debit card fees
Debit card fees include, but are not limited to, interchange fees, surcharging income and foreign transaction
fees. These transaction-
based fees
are recognized
at a
point in
time, upon
occurrence of
an activity
or event
or upon
the occurrence
of a
condition which
triggers
the
fee
assessment.
Interchange
fees
are
recognized
upon
settlement
of
the
debit
card
payment
transactions.
The
Corporation is acting as principal in these transactions.
Insurance fees
Insurance
fees
include,
but
are
not
limited
to,
commissions
and
contingent
commissions.
Commissions
and
fees
are
recognized
when related
policies are
effective since
the Corporation
does not
have an
enforceable right
to payment
for services
completed to
date.
An
allowance
is
created
for
expected
adjustments
to
commissions
earned
related
to
policy
cancellations.
Contingent
101
commissions
are
recorded
on
an
accrual
basis
when
the
amount
to
be
received
is
notified
by
the
insurance
company.
The
Corporation is
acting as
an agent
since it
arranges for
the sale
of the
policies and
receives commissions
if, and
when, it
achieves
the sale.
Credit card fees
Credit card
fees
include, but
are not
limited
to, interchange
fees, additional
card fees,
cash advance
fees, balance
transfer fees,
foreign transaction fees,
and returned payments
fees. Credit card
fees are recognized
at a point in
time, upon the occurrence
of an
activity or
an event.
Interchange fees
are recognized
upon settlement
of the
credit card
payment transactions.
The Corporation
is
acting as principal in these transactions.
Sale and administration of investment products
Fees from
the sale
and administration
of investment
products include,
but are
not limited
to, commission
income from
the sale
of
investment products, asset management fees, underwriting fees, and mutual fund fees.
Commission income from investment products
is recognized on the trade date
since clearing, trade execution, and
custody services
are satisfied
when the
customer acquires
or disposes
of the
rights to
obtain the
economic benefits
of the
investment products
and
brokerage contracts have no
fixed duration and
are terminable at will
by either party.
The Corporation is acting
as principal in these
transactions since
it performs
the service
of providing
the customer
with the
ability to
acquire or
dispose of
the rights
to obtain
the
economic benefits of investment products.
Asset
management
fees
are
satisfied
over
time
and
are
recognized
in
arrears.
At
contract
inception,
the
estimate
of
the
asset
management
fee
is
constrained
from the
inclusion
in the
transaction
price
since
the promised
consideration
is
dependent on
the
market and
thus is
highly susceptible
to factors
outside the
manager’s influence.
As advisor,
the broker-dealer
subsidiary is
acting
as principal.
Underwriting fees
are recognized
at a point
in time, when
the investment
products are
sold in
the open market
at a markup.
When
the broker-dealer subsidiary
is lead underwriter,
it is acting
as an agent.
In turn, when
it is a participating
underwriter, it
is acting as
principal.
Mutual fund fees,
such as distribution
fees, are considered
variable consideration
and are recognized
over time, as
the uncertainty
of the fees to
be received is resolved
as NAV
is determined and investor
activity occurs. The
promise to provide
distribution-related
services
is
considered
a
single
performance
obligation
as
it
requires
the
provision
of
a
series
of
distinct
services
that
are
substantially the same and have the same pattern of transfer. When
the broker-dealer subsidiary is acting as a distributor, it is acting
as principal. In turn, when it acts as third-party dealer, it is acting
as an agent.
Trust fees
Trust fees
are recognized
from retirement plan,
mutual fund
administration, investment
management, trustee,
escrow, and
custody
and
safekeeping
services.
These
asset
management
services
are
considered
a
single
performance
obligation
as
it
requires
the
provision
of a
series of
distinct services
that are
substantially
the same
and have
the same
pattern of
transfer.
The performance
obligation
is
satisfied
over
time,
except
for
optional
services
and
certain
other
services
that
are
satisfied
at
a
point
in
time.
Revenues are recognized
in arrears, when,
or as, the
services are rendered.
The Corporation is
acting as principal
since, as asset
manager, it has
the obligation to provide the
specified service to the customer
and has the ultimate discretion
in establishing the fee
paid by the customer for the specified services.
102
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
0.2
to
29.8
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:
March 31, 2025
(In thousands)
Remaining
2025
2026
2027
2028
2029
Later
Years
Total Lease
Payments
Less: Imputed
Interest
Total
Operating Leases
$
21,775
$
21,524
$
16,304
$
13,791
$
11,700
$
34,890
$
119,984
$
(16,356)
$
103,628
Finance Leases
3,352
4,222
2,927
2,592
2,415
9,529
25,037
(2,801)
22,236
The following table presents the lease cost recognized by the Corporation in the Consolidated Statements of Operations as follows:
Quarters ended March 31,
(In thousands)
2025
2024
Finance lease cost:
Amortization of ROU assets
$
746
$
748
Interest on lease liabilities
200
237
Operating lease cost
7,549
7,688
Short-term lease cost
193
116
Variable lease cost
85
69
Sublease income
(20)
(20)
Total lease cost
[1]
$
8,753
$
8,838
[1]
Total lease cost is recognized as part of net occupancy expense.
103
The
following
table
presents
supplemental
cash
flow
information
and
other
related
information
related
to
operating
and
finance
leases.
Quarter ended March 31,2025
(Dollars in thousands)
2025
2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
7,805
$
7,771
Operating cash flows from finance leases
200
237
Financing cash flows from finance leases
908
881
ROU assets obtained in exchange for new lease obligations:
Operating leases
$
5,572
$
1,127
Weighted-average remaining lease term:
Operating leases
7.4
years
7.2
years
Finance leases
8.0
years
8.2
years
Weighted-average discount rate:
Operating leases
3.5
%
3.3
%
Finance leases
3.6
%
3.8
%
As of March 31, 2025, the Corporation had additional operating leases contracts that have not yet commenced
with an undiscounted
contract amount of $
10
million, which will have lease terms of
10
years.
104
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 March 31,
Quarter ended March 31,
(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)
3,450
4,166
(1,177)
(548)
Total net periodic pension cost
$
2,792
$
3,130
$
129
$
905
The Corporation
paid the
following contributions
to the
plans for
the three
months ended
March 31,
2025 and
expects to
pay the
following contributions for the year ending December 31, 2025.
For the three months
ended
For the year ending
(In thousands)
March 31, 2025
December 31, 2025
Pension Plans
$
57
$
227
OPEB Plan
$
1,425
$
5,428
105
Note 29 - Stock-based compensation
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
considered to
be a
market condition
under ASC
718.
For equity
settled awards
based
on
a
market
condition,
the
fair
value
is
determined
as
of
the
grant
date
and
is
not
subsequently
revised
based
on
actual
performance.
The
ROATCE
metric
is
considered
to
be
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% of target based on
both market (TSR) and performance (ROATCE) conditions. The performance shares vest at the end of the three-year performance
cycle. If a participant terminates employment after attaining the earlier of 55 years of age and 10 years of service or 60 years of age
and 5 years of service, the performance shares shall continue outstanding and vest at the end of the performance cycle.
The
following
table
summarizes
the
restricted
stock
and
performance
shares
activity
under
the
Incentive
Plan
for
members
of
management.
106
(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
120,113
102.45
Performance Shares Quantity Adjustment
21,422
92.24
Vested
(125,640)
98.96
Forfeited
(880)
75.63
Non-vested at March 31, 2025
262,923
$
70.13
During the
quarter ended
March
31, 2025,
72,619
shares of
restricted
stock
(March 31,
2024 -
77,859
) and
47,494
performance
shares (March 31, 2024 -
65,225
) were awarded to management under the Incentive Plan.
During
the
quarter
ended
March
31,
2025,
the
Corporation
recognized
$
7.5
million
of
restricted
stock
expense
related
to
management incentive awards, with a tax benefit of $
0.6
million (March 31, 2024 - $
6.4
million, with a tax benefit of $
0.6
million). For
the quarter ended
March 31, 2025,
the fair market
value of the
restricted stock
and performance shares
vested was $
8.7
million at
grant date
and $
11.7
million at
vesting date.
This excess
requires the
recognition of
a windfall
tax benefit
of $
1.1
million that
was
recorded as
a reduction
in income
tax expense.
For the
quarter ended
March 31,
2025, the
Corporation recognized
$
3.4
million of
performance shares expense, with a tax
benefit of $
0.4
million (March 31, 2024 -
$
5.0
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 March 31, 2025 was $
12.9
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
1,546
93.65
Vested
(1,546)
93.65
Forfeited
-
-
Non-vested at March 31, 2025
-
$
-
The
equity
awards
granted
to
members
of
the
Board
of
Directors
of
Popular,
Inc.
(the
“Directors”)
after
May
2025
will
vest
and
become non-forfeitable on the
first anniversary of the
grant date of such award.
Equity awards granted to
the Directors may be paid
in either common
stock or RSUs, at
each Director’s election. If
RSUs are elected the
Directors may defer the
delivery of the
shares
of common stock
underlying the RSUs
award after 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 reinvested dividend equivalent.
During the quarter
ended March 31,
2025,
1,546
RSUs were granted
to the Directors
(March 31, 2024 -
1,195
).
During this period,
the
Corporation
recognized
$
0.3
million
of
restricted
stock
expense
related
to
these
RSUs,
with
a
tax
benefit
of
$
48
thousand
(March 31, 2024
- $
98
thousand, with
a tax
benefit of
$
18
thousand). The fair
value at
vesting date
of the RSUs
vested during
the
quarter ended March 31, 2025 for Directors was $
0.1
million.
107
Note 30 – Income taxes
The table below presents a reconciliation of the statutory income tax rate to the effective income
tax rate:
Quarters ended
March 31, 2025
March 31, 2024
(In thousands)
Amount
% of pre-tax
income
Amount
% of pre-tax
income
Computed income tax expense at statutory rates
$
83,462
38
%
$
59,569
38
%
Net benefit of tax exempt interest income
(39,955)
(18)
(28,759)
(18)
Effect of income subject to preferential tax rate
(913)
-
(1,420)
(1)
Deferred tax asset valuation allowance
3,882
1
2,563
1
Difference in tax rates due to multiple jurisdictions
(2,975)
(1)
(673)
-
Tax on intercompany distributions
[1]
-
-
24,325
16
State and local taxes
4,036
1
1,036
-
Others
(2,474)
(1)
(1,073)
(1)
Income tax expense
$
45,063
20
%
$
55,568
35
%
[1]
Includes $
16.5
million of out-of-period adjustment
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
March 31, 2025, and December 31, 2024, were as follows:
108
March 31, 2025
(In thousands)
PR
US
Total
Deferred tax assets:
Tax credits available for carryforward
$
4,861
$
27,774
$
32,635
Net operating loss and other carryforward available
58,060
603,736
661,796
Postretirement and pension benefits
28,190
-
28,190
Allowance for credit losses
244,976
27,014
271,990
Depreciation
7,700
7,381
15,081
FDIC-assisted transaction
152,665
-
152,665
Lease liability
26,658
15,218
41,876
Unrealized net loss on investment securities
221,538
17,007
238,545
Difference in outside basis from pass-through entities
53,381
-
53,381
Mortgage Servicing Rights
14,815
-
14,815
Other temporary differences
38,635
8,870
47,505
Total gross deferred tax assets
851,479
707,000
1,558,479
Deferred tax liabilities:
Intangibles
89,280
56,710
145,990
Right of use assets
24,190
13,371
37,561
Deferred loan origination fees/cost
(1,154)
2,607
1,453
Loans acquired
17,907
-
17,907
Other temporary differences
6,826
429
7,255
Total gross deferred tax liabilities
137,049
73,117
210,166
Valuation allowance
75,598
386,913
462,511
Net deferred tax asset
$
638,832
$
246,970
$
885,802
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
109
The net
deferred
tax assets
shown in
the table
above at
March
31, 2025,
is reflected
in the
consolidated
statements of
financial
condition as
$
887.5
million in
net deferred
tax assets
in the
“Other assets”
caption (December
31, 2024
- $
926.3
million) and
$
1.7
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
March
31,
2025,
the
net
deferred
tax
assets
of
the
U.S.
operations
amounted
to
$
633.9
million
with
a
valuation
allowance
of
approximately $
386.9
million, for net deferred
tax assets after valuation
allowance of approximately
$
247.0
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
for
the
quarter
ended
March
31,
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
and
global
geopolitical uncertainty that
have resulted in
a trend of reduction
of pre-tax income
over the last years.
As of March 31,
2025, after
weighting
all
positive
and
negative
evidence,
the
Corporation
concluded
that
it
is
more
likely
than
not
that
approximately
$
247.0
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
adverse
changes
or
a
combination
of
changes
in
these
factors
could
impact
the
future
realization of the deferred tax assets
At March 31, 2025, the Corporation’s
net deferred tax assets related to
its Puerto Rico operations amounted
to $
638.8
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 $
75.6
million as of March 31, 2025.
The reconciliation of unrecognized tax benefits, excluding interest, was as follows:
110
(In millions)
2025
2024
Balance at January 1
$
1.5
$
1.5
Balance at March 31
$
1.5
$
1.5
At March 31,
2025, the total
amount of accrued
interest recognized in
the statement of
financial condition
amounted to $
2.4
million
(December 31, 2024
- $
2.4
million). The total
interest expense recognized
at March 31,
2025 was $
30
thousand, (March 31,
2024–
$
30
thousand).
Management
determined
that
at
March
31,
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
approximately
$
3.0
million
at
March
31,
2025
(December 31, 2024 - $
3.0
million).
The amount
of unrecognized
tax benefits
may increase
or decrease
in the
future for
various reasons
including adding
amounts for
current
tax
year
positions,
expiration
of
open
income
tax
returns
due
to
the
statutes
of
limitation,
changes
in
Management’s
judgment about
the level
of uncertainty,
status of
examinations, litigation
and legislative
activity and
the addition
or elimination
of
uncertain tax
positions. The
Corporation does
not anticipate
a reduction
in the
total amount of
unrecognized tax
benefits within
the
next 12 months.
The
Corporation
and
its
subsidiaries
file
income
tax
returns
in
Puerto
Rico,
the
U.S.
federal
jurisdiction,
various
U.S.
states
and
political
subdivisions,
and
foreign
jurisdictions.
At
March
31,
2025,
the
following
years
remain
subject
to
examination
in
the
U.S.
Federal jurisdiction: 2020 and thereafter; and in the Puerto Rico jurisdiction, 2018 and thereafter.
111
Note 31 – Supplemental disclosure on the consolidated statements of cash flows
Additional disclosures on cash flow information and non-cash activities for the quarters ended March 31, 2025 and March 31, 2024
are listed in the following table:
(In thousands)
March 31, 2025
March 31, 2024
Non-cash activities:
Loans transferred to other real estate
$
7,067
$
16,133
Loans transferred to other property
24,673
20,224
Total loans transferred to foreclosed assets
31,740
36,357
Loans transferred to other assets
13,992
13,464
Financed sales of other real estate assets
1,932
2,725
Financed sales of other foreclosed assets
14,979
13,689
Total financed sales of foreclosed assets
16,911
16,414
Financed sale of premises and equipment
15,329
22,495
Transfers from loans held-in-portfolio to loans held-for-sale
-
2,763
Transfers from loans held-for-sale to loans held-in-portfolio
776
1,722
Loans securitized into investment securities
[1]
1,718
2,205
Trades receivable from brokers and counterparties
936
45
Trades payable to brokers and counterparties
495,397
45
Net change in receivables from investments maturities
14,589
125,000
Recognition of mortgage servicing rights on securitizations or asset transfers
210
294
Loans booked under the GNMA buy-back option
1,921
2,181
Capitalization of lease right of use asset
7,288
1,152
[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)
March 31, 2025
March 31, 2024
Cash and due from banks
$
373,718
$
305,869
Restricted cash and due from banks
6,447
14,617
Restricted cash in money market investments
10,457
7,793
Total cash and due from banks, and restricted cash
[2]
$
390,622
$
328,279
[2]
Refer to Note 4 - Restrictions on cash and due from banks and certain securities for nature of restrictions.
112
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
conducted at
BPPR, including
U.S. based
activities
conducted through
its New
York
Branch. It
also includes
the lending
operations of
Popular
Auto
and
Popular
Mortgage.
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:
113
2025
For the quarter ended March 31, 2025
Intersegment
(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
731,888
$
186,392
$
(1,681)
Interest expense
209,996
93,450
(1,681)
Net interest income
521,892
92,942
-
Provision for credit losses
53,512
10,610
-
Non-interest income
137,505
6,143
-
Personnel costs
151,284
25,442
-
Professional fees
13,059
2,739
-
Technology and software expenses
64,151
10,088
-
Processing and transactional services
37,179
597
-
Amortization of intangibles
342
255
-
Depreciation expense
9,694
2,197
-
Other operating expenses
[1]
128,754
25,619
-
Total operating expenses
404,463
66,937
-
Income before income tax
201,422
21,538
-
Income tax expense
35,443
6,722
-
Net income
$
165,979
$
14,816
$
-
Segment assets
$
59,288,907
$
14,529,602
$
(166,540)
For the quarter ended March 31, 2025
Reportable
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
Inc.
Interest income
$
916,599
$
1,536
$
(1,137)
$
916,998
Interest expense
301,765
10,773
(1,137)
311,401
Net interest income (expense)
614,834
(9,237)
-
605,597
Provision for credit losses (benefit)
64,122
(41)
-
64,081
Non-interest income
143,648
9,029
(616)
152,061
Personnel costs
176,726
35,987
-
212,713
Professional fees
15,798
11,357
(330)
26,825
Technology and software expenses
74,239
9,429
-
83,668
Processing and transactional services
37,776
5
-
37,781
Amortization of intangibles
597
-
-
597
Depreciation expense
11,891
389
-
12,280
Other operating expenses
[1]
154,373
(56,402)
(823)
97,148
Total operating expenses
471,400
765
(1,153)
471,012
Income before income tax
222,960
(932)
537
222,565
Income tax expense
42,165
2,675
223
45,063
Net income (loss)
$
180,795
$
(3,607)
$
314
$
177,502
Segment assets
$
73,651,969
$
5,906,249
$
(5,519,612)
$
74,038,606
[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.
114
2024
For the quarter ended March 31, 2024
Intersegment
(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
713,988
$
182,883
$
(3,287)
Interest expense
241,147
98,030
(3,287)
Net interest income
472,841
84,853
-
Provision for credit losses
60,680
11,435
-
Non-interest income
145,669
7,120
(56)
Personnel costs
152,926
27,144
-
Professional fees
12,368
3,479
(56)
Technology and software expenses
63,184
8,900
-
Processing and transactional services
33,554
633
-
Amortization of intangibles
484
311
-
Depreciation expense
13,009
1,943
-
Other operating expenses
[1]
131,773
27,632
-
Total operating expenses
407,298
70,042
(56)
Income before income tax
150,532
10,496
-
Income tax expense
29,206
3,456
-
Net income
$
121,326
$
7,040
$
-
Segment assets
$
57,250,662
$
13,686,037
$
(359,383)
For the quarter ended March 31, 2024
Reportable
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
Inc.
Interest income
893,584
3,799
(3,242)
894,141
Interest expense
335,890
10,749
(3,242)
343,397
Net interest income (expense)
$
557,694
$
(6,950)
$
-
$
550,744
Provision for credit losses
72,115
483
-
72,598
Non-interest income
152,733
11,722
(637)
163,818
Personnel costs
180,070
35,307
-
215,377
Professional fees
15,791
13,404
(277)
28,918
Technology and software expenses
72,084
7,378
-
79,462
Processing and transactional services
34,187
7
-
34,194
Amortization of intangibles
795
-
-
795
Depreciation expense
14,952
409
-
15,361
Other operating expenses
[1]
159,405
(49,485)
(914)
109,006
Total operating expenses
477,284
7,020
(1,191)
483,113
Income before income tax
161,028
(2,731)
554
158,851
Income tax expense
32,662
22,676
230
55,568
Net income (loss)
$
128,366
$
(25,407)
$
324
$
103,283
Segment assets
$
70,577,316
$
5,723,198
$
(5,363,575)
$
70,936,939
[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.
115
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
first
quarter
of
2025,
BPPR
participate
in
loans
originated
by
PB
totaling
$
6
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), $
455
million in commercial
real estate loans
(December 31,
2024 -
$
588
million), $
664
million in
C&I loans
(December 31,
2024 -
$
685
million), and
$
90
million in
unsecured
personal
loans
(December
31,
2024
-
$
113
million).
During
the
quarter
ended
March
31,
2025,
the
BPPR
segment
generated
approximately $
26.3
million (March
31, 2024
- $
29.8
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 $
1.0
billion (December
31, 2024
- $
1.0
billion). The
BPPR segment
generated $
11.8
million in
revenues during
the first
quarter of
2025 (March
31, 2024
- $
10.6
million)
from its operations in the U.S. and British Virgin Islands.
Geographic Information
Quarter ended
(In thousands)
March 31, 2025
March 31, 2024
Revenues:
[1]
Puerto Rico
$
609,961
$
565,744
United States
127,216
126,741
Other
20,481
22,077
Total consolidated revenues
$
757,658
$
714,562
[1]
Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net (loss)
gain, 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)
March 31, 2025
December 31, 2024
Puerto Rico
Total assets
$
56,870,242
$
55,888,211
Loans
24,279,836
24,154,610
Deposits
52,675,896
52,099,309
United States
Total assets
$
15,900,462
$
15,890,339
Loans
12,452,697
12,431,859
Deposits
11,388,174
11,030,879
Other
Total assets
$
1,267,902
$
1,266,833
Loans
526,576
526,606
Deposits
[1]
1,755,186
1,754,157
[1]
Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.
116
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
During the quarter ended March
31, 2025, the Corporation repurchased
1,270,569 shares of common stock
for $122.3 million, at an
average price of
$96.24 per share.
As of March
31, 2025, a
total of $339.6
million in common
stock has been
repurchased under a
common stock
repurchase authorization
of up
to $500
million
announced in
the third
quarter of
2024. 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 common stock repurchase program
does not require the Corporation to
acquire a
specific dollar amount or number of shares and may be modified, suspended or terminated at any time without prior
notice.
The Corporation paid dividends of $0.70 per share, an increase of 13% compared to the fourth quarter of 2024.
OVERVIEW
Financial highlights for the quarter ended March 31, 2025
117
The
discussion
that
follows
provides
highlights
of
the
Corporation’s
results
of
operations
for
the
quarter
ended
March
31,
2025
compared to
the results
of operations
for the
quarter ended
March 31,
2024. It
also provides
some highlights
with respect
to the
Corporation’s financial condition, credit quality,
capital and liquidity, when compared to December 31,
2024.
The Corporation’s
net income for
the quarter ended
March 31, 2025
amounted to $177.5
million, an increase
of $74.2 million
when
compared to
a net income
of $103.3 million
for the quarter
ended March
31, 2024. Higher
net income
was mainly
driven by higher
net interest
income and lower
provision for
credit losses,
operating expenses
and income tax
expense, offset
in part by
lower non-
interest income. When compared to adjusted net income
for the quarter ended March 31, 2024 (Refer to
Table 2
below), net income
increased $42.3 million. There were no non-GAAP adjustments to net income for the quarter ended March 31, 2025.
Financial highlights for the quarter ended March 31, 2025 include:
●
Net
interest
income
of
$605.6
million,
which
was
$54.9
million
higher
when
compared
to
the
quarter
ended
March
31,
2024, was
driven by
the reinvestment
of U.S.
Treasuries
at higher
rates and
a reduction
in cost
of deposits
due to
the
repricing across
most deposits
products, mainly
P.R.
public deposits.
Net interest
margin expanded
by 24
bps to
3.40%.
On
a
taxable
equivalent
basis,
net
interest
margin
expanded
by
35
basis
points
to
3.73%,
compared
to
3.38%
for
the
same quarter of the previous year mainly driven by higher re-investment in tax exempt investment securities.
●
The provision for credit losses amounted to $64.1
million for the quarter ended March 31, 2025, a
decrease of $8.5 million
when
compared
to
the
quarter
ended
March
31,
2024,
driven
by
lower
reserves
in
BPPR
due
to
lower
NCOs
and
improved
credit
quality
for
commercial
and
consumer
loans,
offset
in
part
by
higher
reserves
due
to
changes
in
the
projected economic scenarios.
●
Non-interest income amounted to
$152.1 million, a decrease
of $11.8
million when compared to
the quarter ended March
31, 2024, mainly due to lower other operating income
driven by the sale, completed by Popular Auto
LLC, a wholly-owned
subsidiary of Banco Popular de Puerto Rico, of its daily car rental business during the fourth quarter of 2024.
●
Operating expenses
amounted to $471.0
million for the
quarter, reflecting
a decrease of
$12.1 million when
compared to
the quarter
ended
March 31,
2024.
The decrease
was driven
mainly
by the
impact of
the FDIC
special
assessment of
$14.3 million
and $6.4
million
of interest
accrued
related to
prior
period taxes
recorded in
the first
quarter of
2024 and
lower equipment
expenses, partially
offset by
an increase
in municipal
license tax
and regulatory
examination fees
and
higher technology and software expenses.
●
Income tax
expense of
$45.1 million
during the
quarter ended
March 31,
2025 and
effective
tax rate
(“ETR”) of
20.2%,
compared
to
an
income
tax
expense
of
$55.6
million
for
the
previous
year
quarter
and
ETR
of
35%.
The
income
tax
expense for the quarter
ended March 31, 2024
included the impact of
an out of period
expense of $16.5 million
related to
upstream intercompany distributions between Popular Inc. Holding Company and one of its U.S. subsidiaries.
●
At March
31, 2025,
the Corporation’s
total assets
amounted to
$74.0 billion,
compared to
$73.0 billion,
at December
31,
2024. The increase of $993.2
million is primarily due
to higher balance in the
available-for-sale (“AFS”) securities portfolio
and an increase in loans held-in-portfolio, mainly in the construction and
mortgage portfolios, partially offset by a decrease
in
money
market
investments
and
held-to-maturity
(“HTM”)
investment
securities
driven
by
maturities
of
U.S.
Treasury
securities.
●
Deposits amounted
to $65.8 billion
at March 31,
2025, compared
to $64.9 billion
deposits at
December 31, 2024,
mainly
due to an increase in interest bearing deposits in BPPR and PB.
●
Stockholders’
equity
amounted to
$5.8 billion
at
March 31,
2025,
compared to
$5.6
billion
at December
31,
2024.
The
Corporation and its
banking subsidiaries continue
to be well-capitalized.
As of March 31,
2025, the Corporation’s
tangible
book value
per common
share was
$72.02, an
increase of
$3.86 from
December 31,
2024. The
Common Equity
Tier
1
Capital ratio at March 31, 2025 was 16.11%, compared
to 16.03% at December 31, 2024.
Refer to Table 1
for selected financial data for the quarters ended March 31, 2025 and March 31, 2024.
118
Table 1 - Financial highlights
Financial Condition Highlights
Ending Balances at
Average for the quarter ended
(In thousands)
March 31,
2025
December 31,
2024
Variance
March 31,
2025
March 31,
2024
Variance
Money market investments
$
6,195,028
$
6,380,948
$
(185,920)
$
6,379,085
$
6,483,615
$
(104,530)
Investment securities
27,375,396
26,244,977
1,130,419
28,446,090
27,698,252
747,838
Loans
[1]
37,259,109
37,113,075
146,034
37,006,149
35,059,391
1,946,758
Earning assets
70,829,533
69,739,000
1,090,533
71,831,324
69,241,258
2,590,066
Total assets
74,038,606
73,045,383
993,223
74,951,813
72,294,855
2,656,958
Deposits
65,819,255
64,884,345
934,910
65,858,092
64,032,945
1,825,147
Borrowings
1,090,417
1,176,126
(85,709)
959,211
1,056,673
(97,462)
Total liabilities
68,238,911
67,432,317
806,594
67,795,911
66,096,115
1,699,796
Stockholders’ equity
5,799,695
5,613,066
186,629
7,155,902
6,198,740
957,162
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
Quarter ended March 31,
(In thousands, except per share information)
2025
2024
Variance
Net interest income
$
605,597
$
550,744
$
54,853
Provision for credit losses
64,081
72,598
(8,517)
Non-interest income
152,061
163,818
(11,757)
Operating expenses
471,012
483,113
(12,101)
Income before income tax
222,565
158,851
63,714
Income tax expense
45,063
55,568
(10,505)
Net income
$
177,502
$
103,283
$
74,219
Net income applicable to common stock
$
177,149
$
102,930
$
74,219
Net income per common share - basic
$
2.56
$
1.43
$
1.13
Net income per common share - diluted
$
2.56
$
1.43
$
1.13
Dividends declared per common share
$
0.70
$
0.62
$
0.08
Quarter ended March 31,
Selected Statistical Information
2025
2024
Common Stock Data
End market price
$
92.37
$
88.09
Book value per common share at period end
83.75
71.32
Profitability Ratios
Return on average assets
0.96
%
0.57
%
Return on average common equity
10.07
6.07
Net interest spread (non-taxable equivalent basis)
2.74
2.38
Net interest spread (taxable equivalent basis) -non-GAAP
3.07
2.60
Net interest margin (non-taxable equivalent basis)
3.40
3.16
Net interest margin (taxable equivalent basis) -non-GAAP
3.73
3.38
Capitalization Ratios
Average equity to average assets
8.99
%
8.57
%
Common equity Tier 1 capital
16.11
16.36
Tangible common book value per common share (non-GAAP)
[2]
72.02
60.06
Return on average tangible common equity
[2]
11.36
6.90
Tier 1 capital
16.17
16.42
Total capital
17.92
18.19
Tier 1 leverage
8.50
8.45
[1] Includes loans held-for-sale.
[2] Refer to Table 10 for reconciliation to GAAP financial measures.
119
Non-GAAP Financial Measures
This Form 10-Q
contains financial information prepared
under accounting principles
generally accepted in
the United
States (“U.S.
GAAP”) and
non-GAAP financial
measures. Management
uses non-GAAP
financial measures
when it
has
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.
There
were
no
non-GAAP
adjustments
to
net
income
for
the
quarter
ended
March
31,
2025.
The
following
table
presents the Adjusted net income for the quarter ended of March 31, 2024.
Table 2 - Adjusted Net Income for the Quarter Ended March 31, 2024 (Non-GAAP)
(Unaudited)
(In thousands)
Income before
income tax
Income tax
expense
(benefit)
Total
U.S. GAAP Net income
$158,851
$55,568
$103,283
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)
$179,538
$44,319
$135,219
[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 as the estimated loss is
periodically adjusted or if the total
amount collected varies.
[2] Income tax expense and other related expenses from prior periods, but recorded during the first quarter of
2024, related to withholding taxes on
certain distributions from U.S. subsidiaries.
120
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
4 for the quarter ended March
31, 2025, as compared with the same period in 2024, segregated by major categories of interest earning
assets and interest-bearing
liabilities. The interest earning
assets include investment
securities and loans that
are exempt from income
tax, principally in Puerto
Rico.
The main
sources of
tax-exempt interest
income are
certain 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.
To
facilitate the
comparison of
all interest
related to
these assets,
the interest
income
has been
converted to
a taxable
equivalent basis,
using the
applicable statutory
income tax
rates for
each period.
In addition,
this
measure is also impacted by a portion
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.
Net
interest
income,
on
a
taxable
equivalent
basis,
as
used
by
the Corporation
may
not
be
comparable
to
similarly
named
non-
GAAP financial measures used by other companies.
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
manner
in
which
the
Corporation
calculates
its
tangible
common
equity,
tangible
assets
and
other
related
measures may differ from that of other companies reporting measures with similar names.
Table
9 provides
a reconciliation
of total
stockholders’ equity
to tangible
common equity
and total
assets to
tangible assets
as of
March 31, 2025, and December 31, 2024.
121
CRITICAL ACCOUNTING POLICIES / ESTIMATES
The accounting
and reporting
policies
followed by
the Corporation
and its
subsidiaries
conform to
generally
accepted accounting
principles
in
the
United
States
of
America
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.
These estimates
are made
under facts
and circumstances
at a
point in
time and
changes in
those facts
and circumstances could produce actual results that differ from those estimates.
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 (“NII”)
for the
quarter ended March
31, 2025
was $605.6
million, compared
to
$550.7 million for the same
quarter of 2024, an increase
of $54.9 million. Net interest
income on a taxable equivalent
basis for the
first quarter of
2025 was $663.9
million, an increase
of $74.3 million.
Net interest margin
for the quarter
was 3.40%,
an increase
of 24
basis points.
On a
taxable equivalent
basis, net
interest margin
for the
first quarter
of
2025 was
3.73% or
35 basis points
higher. When
compared to
the same
period in 2024,
the increase in
net interest
margin
was
related
to
higher
average
interest-bearing
deposits
resulting
from
strategic
efforts
focused
on
deposit
retention and the launch of a
new product for mass affluent
customers in BPPR during the fourth
quarter of 2024, the
re-pricing of
certain high-cost
deposits that
are market
linked such
as the
P.R
public deposits,
stable low-cost
core
deposits,
higher
re-investment
activity
mainly
of
U.S.
Treasury
investment
securities
at
higher
yields,
and
higher
average loan
balances in
most portfolios.
The main
drivers of
net interest
income on
a taxable
equivalent basis
for
the first quarter of 2025 were:
●
higher income
from US
Treasury securities
by $32.4
million, due
to higher
investment activity
with average
balances increasing by $775.7 million when compared to the first quarter of 2024, at higher
yield by 52 basis
points,
●
higher income
from loans
by $31.2
million resulting
from higher
average balances
by $1.9
billion, mainly
in
the commercial portfolio by
$875.9 million, mortgage portfolio
by $444.6 million, the construction
portfolio by
$317.2
million
and
the
auto
portfolio
by
$144.2
million.
Loan
yields
for
the
auto,
leasing,
and
mortgage
portfolios
increased
when
compared
to
the
first
quarter
of
2024
and
mitigated
the
impact
in
net
interest
income of
the reduction
in yield
of the
commercial portfolio,
mainly due
to adjustable
rate loans,
and lower
yields in
the construction
portfolio in
Popular U.S.
When combined,
the loan
portfolio yield
remained flat
at
7.48%; and
●
lower
interest
expense
on
deposits
during
the
first
quarter
of
2025
by
$31.6
million
or
24
basis
points.
Average total interest-bearing
deposits increased by $2.2
billion, compared to
the first quarter
of 2024 while
the
cost
of
interest-bearing
deposits
decreased
by
35
basis
points.
This
reduction
was
mainly
due
to
the
repricing of
P.R
public deposits
which decreased
by 87
basis points
to 3.32%
and the
repricing of
non-PR
public deposit demand and
savings accounts, partially offset
by higher average balances
of time deposits in
PB by $679.1 million that when combined resulted in higher cost of time deposits by 23 basis points;
partially offset by:
●
lower interest
income from
money market
investments by
$18.4 million
or 103
basis points
mainly due
the
combination
of
lower
yield
resulting
from
the
decline
in
the
Federal
Funds
rates,
combined
with
lower
122
average volume
driven by
higher re-investment
activity in
U.S. Treasuries
and funds
used to
support loan
origination activity.
Net interest
income for
the Banco
Popular de
Puerto Rico
(“BPPR”) segment
amounted to
$521.9 million
during the
first quarter of 2025,
$49.1 million higher when
compared to $472.8 million
for the same quarter
of 2024. Net interest
margin
increased
30
basis
points
to
3.63%.
Total
deposits
cost
for
the
quarter
was
1.55%.
The
increase
in
net
interest
margin
was
driven
by
lower
cost
of
deposits
by
26
basis
points,
higher
loan
portfolio
average
balances
of
$1.5 billion
mainly in
the commercial,
mortgage and
auto portfolios,
and higher
yield of
investment securities
by 19
basis points,
partially offset
by lower
income in
money market
investments due
to lower
average balances
and yield
by $284.5 million and 95 basis points, respectively. The cost of interest-bearing deposits in BPPR decreased 38 basis
points
to
2.06%
driven
by
lower
cost
of
P.R.
public
deposits,
partially
offset
by
higher
cost
of
time
deposits
as
previously described above.
Net
interest
income
for
Popular
Bank
(“PB”,
or
“Popular
U.S.”)
segment
was
$92.9
million
for
the
quarter
ended
March 31, 2025, $8.1
million higher when compared
to the first
quarter of 2024,. Net
interest margin increased by
15
basis points to 2.74% when compared to
the first quarter of 2024. Total
cost of deposits decreased 31 basis points
to
3.09%.
The
increase
in
the
net
interest
margin
was
mainly
driven
by
lower
deposit
costs
in
most
interest-bearing
deposit products by
38 basis points,
higher average balance
and yield in
investment securities by
$144.1 million and
29 basis point, higher
average loan portfolio
balance by $455.3 million,
mainly in commercial
and construction loans,
with a
flat yield
when compared
with the
same period
in 2024,
partially offset
by lower
income from
money market
investments due to the decline in the Federal Funds rate.
123
Table 3 - Analysis of Levels & Yields on a Taxable Equivalent Basis (Non-GAAP)
Quarter ended March 31,
Variance
Average Volume
Average Yields / Costs
Interest
Attributable to
2025
2024
Variance
2025
2024
Variance
2025
2024
Variance
Rate
Volume
(In millions)
(In thousands)
$
6,379
$
6,484
$
(105)
4.46
%
5.49
%
(1.03)
%
Money market investments
$
70,166
$
88,516
$
(18,350)
$
(16,944)
$
(1,406)
28,415
28,308
107
3.14
2.71
0.43
Investment securities [1]
220,435
191,103
29,332
27,299
2,033
31
33
(2)
5.82
3.75
2.07
Trading securities
440
311
129
156
(27)
Total money market,
investment and trading
34,825
34,825
-
3.38
3.23
0.15
securities
291,041
279,930
11,111
10,511
600
Loans:
18,489
17,613
876
6.71
6.84
(0.13)
Commercial
305,968
299,504
6,464
(8,172)
14,636
1,309
992
317
8.11
8.96
(0.85)
Construction
26,190
22,100
4,090
(2,429)
6,519
1,930
1,742
188
7.14
6.74
0.40
Leasing
34,444
29,353
5,091
1,813
3,278
8,168
7,723
445
5.82
5.62
0.20
Mortgage
118,917
108,543
10,374
3,985
6,389
3,203
3,227
(24)
14.04
13.90
0.14
Consumer
110,859
111,490
(631)
(196)
(435)
3,907
3,763
144
9.12
8.77
0.35
Auto
87,850
82,054
5,796
2,598
3,198
37,006
35,060
1,946
7.48
7.48
-
Total loans
684,228
653,044
31,184
(2,401)
33,585
$
71,831
$
69,885
$
1,946
5.49
%
5.36
%
0.13
%
Total earning assets
$
975,269
$
932,974
$
42,295
$
8,110
$
34,185
Interest bearing deposits:
$
27,543
$
25,703
$
1,840
2.87
%
3.63
%
(0.76)
%
NOW and money market [2]
$
194,610
$
232,129
$
(37,519)
$
(48,544)
$
11,025
14,510
14,700
(190)
0.87
0.93
(0.06)
Savings
31,304
34,171
(2,867)
(2,429)
(438)
9,123
8,547
576
3.20
2.97
0.23
Time deposits
71,949
63,196
8,753
3,384
5,369
51,176
48,950
2,226
2.36
2.71
(0.35)
Total interest bearing deposits
297,863
329,496
(31,633)
(47,589)
15,956
14,682
15,083
(401)
Non-interest bearing demand
deposits
65,858
64,033
1,825
1.83
2.07
(0.24)
Total deposits
297,863
329,496
(31,633)
(47,589)
15,956
121
84
37
4.77
5.70
(0.93)
Short-term borrowings
1,426
1,192
234
(198)
432
Other medium and
862
998
(136)
5.66
5.13
0.53
long-term debt
12,112
12,709
(597)
47
(644)
Total interest bearing
52,159
50,032
2,127
2.42
2.76
(0.34)
liabilities (excluding demand
deposits)
311,401
343,397
(31,996)
(47,740)
15,744
4,990
4,770
220
Other sources of funds
$
71,831
$
69,885
$
1,946
1.76
%
1.98
%
(0.22)
%
Total source of funds
311,401
343,397
(31,996)
(47,740)
15,744
Net interest margin/
3.73
%
3.38
%
0.35
%
income on a taxable
equivalent basis (Non-
GAAP)
663,868
589,577
74,291
$
55,850
$
18,441
3.07
%
2.60
%
0.47
%
Net interest spread
Taxable equivalent adjustment
58,271
38,833
19,438
Net interest margin/ income
3.40
%
3.16
%
0.24
%
non-taxable equivalent basis
(GAAP)
$
605,597
$
550,744
$
54,853
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.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto
Rico.
124
Provision for Credit Losses - Loans Held-in-Portfolio and Unfunded Commitments
For the
quarter ended
March 31,
2025, the
Corporation recorded
a provision
for credit
losses related
to loans
held-in-portfolio and
unfunded
commitments
of
$63.9
million,
a
decrease
of
$8.2
million,
compared
to
the
same
quarter
of
the
previous
year.
The
provision for the loan
portfolio was $65.2 million,
a decrease of $7.2 million.
For the quarter ended
March 31, 2025, the
Corporation
recorded a
provision for
credit benefit
related to
unfunded commitments
of $1.3
million, driven
by lower
unfunded commitments
at
the PB
segment. Refer
to Note
8 to
the Consolidated
Financial Statements
for details
of the
movement of
the allowance
for credit
losses.
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. In response to the current economic uncertainty,
the Corporation increased the
probability weight assigned to the pessimistic scenario. The additional reserves generated by this increase as well as the major
drivers of the changes in the provision for loan losses by business segment, when compared to the same quarter in 2024,
were as
follows:
●
In the BPPR segment, the provision for loans losses decreased by $8.3
million, to $52.7
million for the quarter ended
March 31, 2025. The increase in the probability weight assigned to the pessimistic scenario generated $11.3
million in
additional reserves. However, lower net charge-offs by
$9.5 million, mainly in commercial and consumer loans,
contributed to offsetting the impact of the increase in probability weights assigned to the pessimistic scenario.
Lower loan
volumes and improvement in credit quality for commercial and consumer loans also contributed to a lower provision
for
loan losses when compared to the first quarter of 2024.
●
In the Popular U.S. segment, the provision for loans losses increased by $1.2 million when compared to March 31, 2024,
to $12.5 million for the quarter ended March 31, 2025. The increase in the probability weight assigned to the pessimistic
scenario accounts for approximately $6.9 million of the $12.5 million provision expense. Excluding the effect
of the
increase in probability weights, the provision for loan losses for the Popular U.S. segment shows a reduction of
approximately $5.7 million when compared to the first quarter of 2024. This reduction is mainly driven by stable credit
quality in the commercial portfolio and lower net charge-offs for consumer loans.
At March
31, 2025,
the total
allowance for
credit losses
for loans
held-in-portfolio amounted
to $762.1
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 2.05% at March
31, 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
Non-interest
income
was
$152.1
million
for
the
first
quarter
of
2025,
a
decrease
of
$11.8
million
when
compared
with
the
same
quarter
of
the
previous
year.
The
variance
in
non-interest
income
was
primarily
due
to
lower
other
operating
income
by
$12.0
million, mainly
due to
lower fee
income and
to lower
daily car
rental revenue
by $4.9
million and
lower gains
from the
sale of
car
rental units
by $3.4
million, both
due to
the sale
completed by
Popular Auto
LLC, a
wholly-owned subsidiary
of Banco
Popular de
Puerto Rico, of its daily car rental business during the fourth quarter of 2024.
Operating Expenses
Operating expenses
of $471.0
million for
the quarter
ended March
31, 2025
decreased by
$12.1 million
when compared
with the
same quarter
of 2024.
Excluding the
$6.4 million
interest expense
related to
prior period
taxes and
the $14.3
million impact
of the
FDIC Special Assessment
in the first
quarter of 2024
total operating expenses
for the first
quarter of 2025
were $8.6 million
higher.
Factors that contributed to the variance in operating expenses were:
●
higher other taxes expense
by $4.4 million mainly
due to higher regulatory
examination fees and an
increase in municipal
license tax in Puerto Rico;
125
●
higher technology
and software
expenses by
$4.2 million
mainly due
to higher
software amortization
expense related
to
transformation initiatives;
●
higher other
processing
and transactional
services expenses
by $2.8
million mainly
due to
higher merchant
processing
expenses due to higher volume of transactions and higher debit and credit card issuance costs;
●
higher
business
promotion
expenses
by
$2.7
million
mainly
due
to
higher
customer
rewards
programs
expense
in
our
credit card business; and
●
lower other real estate owned (OREO) benefit by $2.0 million mainly due to lower gain on sale of mortgage properties;
partially offset by:
●
lower equipment expense
by $4.3 million,
mainly due to a
decrease in daily
rental vehicle fleet
depreciation as a
result of
the vehicles sold as part of the daily car rental business transaction;
●
lower personnel
cost by
$2.7 million
mainly due
to a
decrease in
health insurance
costs by
$2.8 million,
offset by
higher
salaries due to a higher headcount and salary increases; and
●
lower professional fees by $2.1 million mainly due to lower advisory expenses related to corporate initiatives.
126
Table 4 - Operating Expenses
Quarters ended March 31,
(In thousands)
2025
2024
Variance
Personnel costs:
Salaries
$
130,950
$
129,384
$
1,566
Commissions, incentives and other bonuses
37,986
38,611
(625)
Pension, postretirement and medical insurance
14,566
17,385
(2,819)
Other personnel costs, including payroll taxes
29,211
29,997
(786)
Total personnel costs
212,713
215,377
(2,664)
Net occupancy expenses
27,218
28,041
(823)
Equipment expenses
5,302
9,567
(4,265)
Other taxes
18,725
14,375
4,350
Professional fees
26,825
28,918
(2,093)
Technology and software expenses
83,668
79,462
4,206
Processing and transactional services:
Credit and debit cards
12,926
12,144
782
Other processing and transactional services
24,855
22,050
2,805
Total processing and transactional services
37,781
34,194
3,587
Communications
4,904
4,557
347
Business promotion:
Rewards and customer loyalty programs
16,365
14,056
2,309
Other business promotion
7,310
6,933
377
Total business promotion
23,675
20,989
2,686
Deposit insurance
10,035
23,887
(13,852)
Other real estate owned (OREO) expense (income)
(3,330)
(5,321)
1,991
Other operating expenses:
Operational losses
6,138
3,561
2,577
All other
16,761
24,711
(7,950)
Total other operating expenses
22,899
28,272
(5,373)
Amortization of intangibles
597
795
(198)
Total operating expenses
$
471,012
$
483,113
$
(12,101)
Income Taxes
For the
quarter ended
March 31,
2025, the
Corporation recorded
an income
tax expense
of $45.1
million and
an ETR
of 20.2%,
compared to $55.6
million and an
ETR of 35.0%
for the same
period of year
2024. The lower
income tax expense
of $10.5 million,
when compared
to the
same
period
of 2024,
is
due
to certain
tax
withholding
expenses
of $22.9
million
related to
intercompany
distributions for years 2014-2024,
as disclosed in Note 34
to the Consolidated Financial
Statements in the Corporation’s
2024 Form
10K. This
was
partially
offset
due
to higher
income
before
tax,
net
of higher
exempt
income,
recorded
during
the
first
quarter
of
2025.
Excluding
the
impact
of
the
withholding
tax
liabilities
and
the
additional
expense
related
to
the
FDIC
Special
Assessment
during the first quarter of 2024, the ETR would have been 24.7%.
At March 31, 2025, the Corporation
had a net deferred tax asset amounting
to $885.8 million, net of a valuation
allowance of $462.5
million. The net deferred tax asset related to the U.S. operations was $247.0 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.
127
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
loss of
$3.6 million
for the
quarter ended
March 31,2025,
compared with
a net
loss of
$25.4
million for the same quarter of the previous year. The positive
variance was attributed 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
for
the
tax
impact
of
intercompany
distributions
paid
during
that
quarter
2024.
There
were
no
intercompany
distributions
between the U.S. subsidiaries and the BHC during the first quarter of 2025.
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
$165.9
million
for
the
quarter
ended
March
31,2025, compared
with net
income of
$121.3 million
for the same
quarter of
the previous
year. The
factors that
contributed to
the
variance in the financial results included the following:
●
Higher net interest income by $49.1 million mainly due to:
●
lower
interest
expense
on
deposits
by
$30.8
million,
or
38
basis
points;
mainly
due
to
the
re-pricing
of
P.R
public
deposits,
which
decreased
by
28.7
million
or
87
basis
points,
and
the
repricing
of
demand
deposit
accounts;
●
higher interest income from
loans by $22.4 million;
mainly due to higher
average balances from mortgage,
auto
and commercial
loans; lower
yields resulting
from the
repricing of
commercial loans
were partially
offset
by a
higher yield from the auto loans and leases portfolio; and
●
higher interest
income from
investment securities
by $11.3
million, or 23
basis points,
due to higher
yields and
higher average balances due to the investment in U.S. Treasuries;
partially offset by:
●
lower interest
income from
money market
and investment
securities by
$15.9 million,
or 95
basis point;
due to
lower
average
balances
as
the
liquidity
was
deployed
to
purchase
investment
securities
and
investment
in
loans, and lower yields due to the decline in the Federal Funds rates.
The
net
interest
margin
for
the
quarter
ended
March
31,2025
was
3.63%
compared
to
3.33%
for
the
same
quarter
in
the
previous year.
The increase
in net
interest margin
is driven
by the
earnings assets
mix and
the higher
yields from
investment
securities and lower cost of deposits, partially offset by lower yields from money market investments.
●
A provision
for loan losses
of $52.7 million
in 2025, compared
to a
provision of
$61.0 million
in the quarter
ended March
31, 2024,
or a
favorable variance
of $8.3
million, due
to lower
provision
expense mainly
for commercial
and consumer
loans
driven
by
lower
NCOs
and
lower
volumes,
partially
offset
by
adjustments
to
cover
for
the
uncertainties
in
the
economic outlook;
●
A
higher provision for unfunded commitments by $0.9 million driven by the commercial portfolio;
●
Non-interest income was lower by $8.2 million mainly due to:
●
lower
other
operating
income
by
$9.6
million
mostly
due
to
a
decrease
in
daily
revenue
by
$4.9
million
and
lower gains from the
sale of car rental
units by $3.4 million,
both due to the sale
of the daily car
rental business
completed by Popular Auto LLC, during the fourth quarter of 2024; and lower service fee income by $1.3 million.
128
partially offset by:
●
higher service charges on deposit accounts by $1.4 million mainly due to non-balance compensation fees.
●
Lower operating expenses by $2.8 million mostly due to:
●
lower
deposit
insurance
expense
by
$12.4
million
mostly
due
to
FDIC
Special
Assessment
of
$12.7
million
recorded in the first quarter of 2024;
●
lower equipment expenses
by $4.2 million
mainly due to
a decrease in
daily rental vehicle
fleet depreciation as
a result of the sale of the daily car rental business; and
●
lower personnel
costs by
$1.6 million
driven by
a decrease
in health
insurance costs;
partially offset
by higher
salaries due to higher headcount and salary increases;
partially offset by
●
higher other operating taxes by $4.2 million mainly due to higher regulatory
examination fees and an increase in
municipal license tax;
●
higher
processing
and
transactional
services
expenses
by
$3.6
million
due
to
higher
merchant
processing
expenses and higher debit and credit card issuance costs;
●
higher
business
promotions
by
$2.3
million
due
to
higher
customer
rewards
expense
from
our
credit
cards
business;
●
higher other operating expenses by $2.1
million driven by the release of a
mortgage servicing related reserve in
2024;
●
lower net recoveries from OREO by $2.0 million mainly due to lower gain on sale of mortgage properties; and
●
higher technology
and software expenses
by $1.0 million
mainly due to
higher amortization
of software related
to transformation initiatives.
●
Higher income
tax expense
by $6.2
million is
mainly due
to higher
income before
tax; partially
offset
by higher
exempt
income and other tax credits recorded during the first quarter of 2025.
Popular U.S.
For the
quarter ended
March 31,
2025, the
reportable segment
of Popular
U.S. reported
a net
income of
$14.8 million,
compared
with
a
net
income
of
$7.0
million
for
the
same
quarter
of
the
previous
year.
The
factors
that
contributed
to
the
variance
in
the
financial results included the following:
●
Higher net interest income by $8.1 million due to:
●
higher interest
income from
loans by
$5.6 million,
or 2
basis points,
mainly from
growth in
the commercial
and
construction portfolios;
●
lower interest
expense
on deposits
by $4.5
million mainly
due to
lower costs
on savings
accounts and
NOW
accounts; and
129
●
higher interest income
from investment securities
by $2.0 million
mainly due to
higher average balance
of U.S.
Treasury securities;
partially offset by:
●
lower
interest
income
from
money
market
investment
by
$4.0
million
due
to
lower
yields
as
a
result
of
the
decrease in short term rates.
The net interest
margin for the
quarter ended
March 31, 2025
was 2.74% compared
to 2.59% for
the same quarter
in the previous
year driven by lower cost of deposits.
●
An
unfavorable
variance
of
$1.2
million
on
the
provision
for
loan
losses
mainly
due
to
a
adjustments
to
cover
the
uncertainty in the economic outlook, offset by credit quality metrics and lower net change offs for consumer
loans;
●
A favorable variance of $2.0 million in the provision for unfunded commitments mainly related to the construction portfolio
;
●
Lower operating expenses by $3.1 million mostly due to:
●
lower personnel costs expense by $1.7 million due to lower vacations accrual;
●
lower deposit
insurance expense
by $1.5
million mostly
due to
FDIC Special
Assessment adjustment
of $1.6
million recorded in the first quarter of 2024; and
●
lower other operating expenses by
$0.5 million due to lower operational
losses of $1.2 million; partially
offset by
charges allocated from the Corporate group by $1.0 million.
●
Higher income tax expense by $3.2 million due to higher net income before tax.
STATEMENT
OF FINANCIAL CONDITION ANALYSIS
Assets
The Corporation’s total
assets were $74.0 billion
at March 31, 2025,
compared to $73.0 billion
at December 31, 2024.
The variance
in total assets
of $1.0 billion
was driven by
an increase in
debt securities
available-for-sale (“AFS”) and
loan growth, partially
offset
by a decrease
in money market
investments and Debt
securities held-to-maturity
(“HTM”). 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 $185.9 million as of March 31, 2025, when compared to December 31,
2024, driven by the
deployment
of
funds
to
purchase
investments
in
U.S.
Treasury
securities
and
support
loan
growth.
AFS
increased
$1.2
billion,
mainly due to
investment in U.S.
Treasury Securities
and the decrease
in the unrealized
losses of AFS
securities of $169.0
million,
partially offset
by maturities
and principal
paydowns. HTM
decreased by
$109.4 million
driven by
maturities, partially
offset by
the
amortization of
$45.3 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.
130
Loans
Refer to Table
5 for a
breakdown of the
Corporation’s loan
portfolio. Also, refer
to Note 7
in the Consolidated
Financial Statements
for detailed information about the Corporation’s loan portfolio composition and loan purchases and sales.
Loans held-in-portfolio increased
by $146.4 million to
$37.3 billion at March
31, 2025,
compared to December 31,
2024, mainly due
to an increase
of $200.8
million in
the PB
segment across
most portfolios,
particularly commercial
and construction
loans, partially
offset by
a decrease
of $54.4
million in
the BPPR
segment, mainly
in the
commercial portfolio,
driven by
certain large
relationship
prepayments during the first quarter of 2025.
Despite growing uncertainty about the economic outlook, demand for credit in
BPPR remains strong. Loan growth in the quarter was
slower
after
a
very
strong
origination
activity
during
the
fourth
quarter
in
2024.
Mortgage
loan
balances
at
BPPR
increased
by
$136.1 million
in the first
quarter, driven
primarily by
home purchase
activity and
auto loan
and lease
balances increased
by $21.1
million compared to
the fourth quarter as
demand for new cars
continued to be strong
in Puerto Rico.
In PB, demand for
credit was
stable
during
the
first
quarter
as
we
continued
to
benefit
from
draws
from
ongoing
construction
projects
and
loan
growth
in
our
healthcare and community
association lending businesses.
Nonetheless, the impact
of trade and
tariff policies
on economic activity
may affect loan demand as uncertainty on the short-term economic outlook exists.
131
Table 5 - Loans Ending Balances
(In thousands)
March 31, 2025
December 31, 2024
Variance
Loans held-in-portfolio:
Commercial
Commercial multi-family
$
2,374,915
$
2,399,620
$
(24,705)
Commercial real estate non-owner occupied
5,540,603
5,363,235
177,368
Commercial real estate owner occupied
2,956,559
3,157,746
(201,187)
Commercial and industrial
7,693,523
7,741,562
(48,039)
Total Commercial
18,565,600
18,662,163
(96,563)
Construction
1,358,979
1,263,792
95,187
Leasing
1,949,705
1,925,405
24,300
Mortgage
8,273,753
8,114,183
159,570
Consumer
Credit cards
1,187,777
1,218,079
(30,302)
Home equity lines of credit
77,109
73,571
3,538
Personal
1,850,023
1,855,244
(5,221)
Auto
3,820,242
3,823,437
(3,195)
Other
170,844
171,778
(934)
Total Consumer
7,105,995
7,142,109
(36,114)
Total loans held-in-portfolio
$
37,254,032
$
37,107,652
$
146,380
Loans held-for-sale:
Mortgage
$
5,077
$
5,423
$
(346)
Total loans held-for-sale
$
5,077
$
5,423
$
(346)
Total loans
$
37,259,109
$
37,113,075
$
146,034
132
Other assets
Other assets
amounted to
$1.7 billion
at March
31, 2025,
a decrease
of $55.2
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
approximately $38.9
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,
and lower prepaid taxes
by $8.1 million, partially
offset by an increase
in capitalized software
costs
of
approximately
$22.6
million
mainly
related
to
transformation
initiatives.
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 March 31, 2025 and December 31, 2024.
Liabilities
The Corporation’s
total liabilities were
$68.2 billion at
March 31, 2025,
an increase of
$806.6 million, 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 $65.8
billion as of
March 31, 2025,
compared to
$64.9 billion as
of December 31,
2024. Ending
deposit balances increased by $934.9 million, while
average balances grew by $1.6 billion. Average
deposit balance, excluding P.R.
public deposits,
increased by
$663.7 million.
At the
end of
the first
quarter of
2025, Puerto
Rico public
deposits were
$19.6 billion,
an
increase
of
approximately
$159.2
million
when
compared
to
the
previous
quarter.
P.R
public
deposits
represent
30%
of
total
deposits and
are expected
to continue
to range
in the
short term
between $18
billion and
$20 billion.
However,
the rate
at which
public deposit
balances may
change is
uncertain and
difficult to
predict. The
amount and
timing of
any such
change is
likely to
be
impacted
by,
for
example,
the
level
of
federal
assistance
and
speed
at
which
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 and average
deposits each grew
by approximately $400
million and at PB,
ending
deposit
balances
increased
by
approximately
$250
million,
net
of
intercompany
activity.
Total
deposits
continue
to
be
on
average higher than pre-pandemic balances by approximately 35%.
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 6
for a breakdown of the Corporation’s deposits at March 31, 2025 and December 31, 2024.
133
Table 6 - Deposits Ending Balances
(In thousands)
March 31, 2025
December 31, 2024
Variance
Deposits excluding P.R. public deposits:
Demand deposits
$
15,160,801
$
15,139,555
$
21,246
Savings, NOW and money market deposits (non-brokered)
21,855,151
21,177,506
677,645
Savings, NOW and money market deposits (brokered)
822,065
736,225
85,840
Time deposits (non-brokered)
7,545,252
7,476,924
68,328
Time deposits (brokered CDs)
813,326
890,704
(77,378)
Sub-total deposits excluding P.R. public deposits
46,196,595
45,420,914
775,681
P.R. public deposits:
Demand deposits
[1]
11,157,254
11,730,273
(573,019)
Savings, NOW and money market deposits (non-brokered)
7,655,847
7,087,904
567,943
Time deposits (non-brokered)
809,559
645,254
164,305
Sub-total P.R. public deposits
19,622,660
19,463,431
159,229
Total deposits
$
65,819,255
$
64,884,345
$
934,910
[1] Includes interest bearing demand deposits.
Borrowings
The Corporation’s
borrowings totaled
$1.1 billion at
March 31,
2025 compared
to $1.2 billion
at December 31,
2024. 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 $5.8
billion at
March 31,
2025, an
increase of
$186.6 million
when compared
to December
31, 2024.
The increase was
principally due to
net income for
the quarter ended
March 31, 2025
of $177.5 million,
coupled with a
decrease in
net unrealized
losses in
the portfolio
of AFS
securities of
$140.2 million
and the
amortization of
unrealized losses
from securities
previously
reclassified
to
HTM
of
$36.2
million,
net
of
taxes,
partially
offset
by
an
increase
in
Treasury
Stock
of
$117.6,
million,
mainly
due
to
the
repurchase
of
1.3
million
shares
of
common
stock
for
$122.3
million
during
the
first
quarter
of
2025,
and
the
common and
preferred dividends
declared during
the quarter
of $48.8
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 March 31, 2025 and December 31, 2024
is included in Table
7.
134
Table 7 - Financing to Total Assets
March 31,
December 31,
% (decrease) increase
% of total assets
(Dollars in millions)
2025
2024
from 2023 to 2024
2025
2024
Non-interest bearing core deposits
$
15,161
$
15,139
0.1
%
20.5
%
20.7
%
Interest-bearing core deposits
45,386
44,622
1.7
61.3
61.1
Interest-bearing other deposits
5,272
5,123
2.9
7.1
7.0
Repurchase agreements
57
55
3.6
0.1
0.1
Other short-term borrowings
200
225
(11.1)
0.3
0.3
Notes payable
833
896
(7.0)
1.1
1.2
Other liabilities
1,330
1,372
(3.1)
1.8
1.9
Stockholders’ equity
5,800
5,613
3.3
7.8
7.7
135
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 March 31, 2025, the
Corporation’s, BPPR’s and
PB’s capital ratios continue
to exceed the minimum requirements
for being “well-
capitalized” under the Basel III capital rules.
The
risk-based
capital
ratios
presented
in
Table
8,
which
include
common
equity
tier
1,
Tier
1
capital,
total
capital
and
leverage
capital as of March 31, 2025 and December 31, 2024.
Table 8 - Capital Adequacy Data
(Dollars in thousands)
March 31, 2025
December 31, 2024
Common equity tier 1 capital:
Common stockholders equity - GAAP basis
$
5,777,552
$
5,590,923
CECL transitional amount
[1]
-
42,375
AOCI related adjustments due to opt-out election
1,411,976
1,589,875
Goodwill, net of associated deferred tax liability (DTL)
(655,427)
(657,181)
Intangible assets, net of associated DTLs
(6,229)
(6,826)
Deferred tax assets and other deductions
(232,043)
(296,374)
Common equity tier 1 capital
$
6,295,829
$
6,262,792
Additional tier 1 capital:
Preferred stock
22,143
22,143
Additional tier 1 capital
$
22,143
$
22,143
Tier 1 capital
$
6,317,972
$
6,284,935
Tier 2 capital:
Trust preferred securities subject to phase in as tier 2
192,674
192,674
Other inclusions (deductions), net
491,840
490,594
Tier 2 capital
$
684,514
$
683,268
Total risk-based capital
$
7,002,486
$
6,968,203
Minimum total capital requirement to be well capitalized
$
3,907,746
$
3,907,346
Excess total capital over minimum well capitalized
$
3,094,740
$
3,060,857
Total risk-weighted assets
$
39,077,458
$
39,073,462
Total assets for leverage ratio
$
74,291,505
$
72,593,464
Risk-based capital ratios:
Common equity tier 1 capital
16.11
%
16.03
%
Tier 1 capital
16.17
16.08
Total capital
17.92
17.83
Tier 1 leverage
8.50
8.66
[1] The CECL transitional amount includes the impact of Popular's adoption of the new CECL accounting
standard on January 1, 2020.
136
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 March
31, 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.
In the
first quarter
of 2025,
the
Corporation had phased-in all the cumulative CECL deferral over the three-year transition period.
The increase in the common equity Tier I
capital ratio, Tier I capital ratio, and total capital
ratio as of March 31, 2025 as compared to
December
31,
2024
was
mainly
due
to
the
three
months
period
earnings,
partially
offset
by
the
repurchase
of
shares
under
the
common stock authorization plan
and common stock dividends.
The decrease in the leverage
capital ratio was mainly
due to higher
average assets, which mostly did not have a significant impact on the risk-weighted assets,
partially offset by the period earnings.
Reconciliation to Tangible Common Equity
and Tangible Assets
Table
9 provides
a reconciliation
of total
stockholders’ equity
to tangible
common equity
and total
assets to
tangible assets
as of
March 31, 2025, and December 31, 2024.
137
Table 9 - Reconciliation of Tangible Common Equity and Tangible Assets
(In thousands, except share or per share information)
March 31, 2025
December 31, 2024
Total stockholders’ equity
$
5,799,695
$
5,613,066
Less: Preferred stock
(22,143)
(22,143)
Less: Goodwill
(802,954)
(802,954)
Less: Other intangibles
(6,229)
(6,826)
Total tangible common equity
$
4,968,369
$
4,781,143
Total assets
$
74,038,606
$
73,045,383
Less: Goodwill
(802,954)
(802,954)
Less: Other intangibles
(6,229)
(6,826)
Total tangible assets
$
73,229,423
$
72,235,603
Tangible common equity to tangible assets
6.78
%
6.62
%
Common shares outstanding at end of period
68,984,148
70,141,291
Tangible book value per common share
$
72.02
$
68.16
Quarterly average
Total stockholders’ equity [1]
$
6,785,208
$
6,620,766
Average unrealized (gains) losses on AFS securities transferred to HTM
370,695
505,791
Adjusted total stockholder's equity
7,155,903
7,126,557
Less: Preferred Stock
(22,143)
(22,143)
Less: Goodwill
(802,953)
(804,411)
Less: Other intangibles
(6,585)
(7,288)
Total tangible common equity
$
6,324,222
$
6,292,715
Return on average tangible common equity
11.36
%
11.22
%
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.
138
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
$19.5
billion
and
$7.6
billion,
respectively,
as of
March 31,
2025. Other
assets subject
to market
risk include
loans held-for-sale,
which amounted
to $5
million,
mortgage servicing
rights (“MSRs”)
which amounted
to $105
million, and
securities classified
as “trading”,
which amounted
to $28
million, each as of March 31, 2025.
Interest Rate Risk (“IRR”)
The Corporation’s net
interest income is subject
to various categories of
interest rate risk, including
repricing, basis, yield curve
and
option risks.
In managing
interest rate
risk, management
may alter
the mix
of floating
and fixed
rate assets
and liabilities,
change
pricing
schedules,
adjust
maturities
through
sales
and
purchases
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 March 31, 2025 and
December 31, 2024, assuming a static balance sheet and parallel changes over flat spot rates over a one-year time horizon:
139
Table 10 - Net Interest Income Sensitivity (One Year Projection)
March 31, 2025
December 31, 2024
(Dollars in thousands)
Amount Change
Percent Change
Amount Change
Percent Change
Change in interest rate
+200 basis points
49,759
1.94
44,747
1.78
+100 basis points
24,206
0.94
22,917
0.91
-100 basis points
(26,216)
(1.02)
9,157
0.36
-200 basis points
(46,432)
(1.81)
588
0.02
As of March 31, 2025, NII simulations show the Corporation maintains an asset sensitive position that is fairly
symmetric in the rising
declining
and
rates
scenarios.
Sensitivity
variation
and
the
resulting
sensitivity
profile
are
mainly
driven
by
updated
deposit
beta
model assumptions that reflect lower elasticity in
declining rate scenarios, combined with changes in
balance sheet composition that
primarily
include
a
rise
in
short-term
U.S
Treasury
Bills
(“T-
Bills”)
and
growth
in
low-cost
retail
and
commercial
deposits,
while
market-linked
Puerto
Rico
public
sector
deposits
remained
relatively
unchanged.
In
more
severe
declining
rate
scenarios,
the
reduction in net interest income
is driven by the updated
deposit beta assumptions that
generate higher interest expense
estimates,
combined with a decline in
interest income due to the
repricing of short-term assets
and variable rate loans. In
rising rate scenarios,
Popular’s net interest
income would
also be
impacted due
to its
large proportion
of Puerto
Rico public
sector deposit,
however the
repricing of assets as they either reset or mature would lead to an increase in net interest income.
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 March 31,
2025,
the Corporation held
trading securities
with a fair
value of $28
million, representing approximately
0.04% of the
Corporation’s total
assets, compared
with $33
million and
0.05%, respectively,
at December
31, 2024.
As shown
in Table
11,
the
trading portfolio
consists principally
of mortgage-backed
securities and
U.S. Treasuries,
which at
March 31,
2025 were
investment
grade securities.
140
Table 11 - Trading
Portfolio
March 31, 2025
December 31, 2024
(Dollars in thousands)
Amount
Weighted
Average Yield
[1]
Amount
Weighted
Average Yield
[1]
Mortgage-backed securities
$
19,127
5.36
%
$
29,116
5.54
%
U.S. Treasury securities
8,534
3.30
2,824
3.28
Collateralized mortgage obligations
636
5.20
655
5.20
Puerto Rico government obligations
53
4.69
55
0.57
Interest-only strips
127
12.00
133
12.00
Other (includes related trading derivatives)
-
-
48
5.95
Total
$
28,477
4.77
%
$
32,831
5.36
%
[1] Not on a taxable equivalent basis.
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 approximately
$0.3 million
for the
last week
in March
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.
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
liquidity
risk
management.
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
of
its
financial
obligations,
finance
expected
future
growth,
fund
planned
capital
distributions
and
maintain a reasonable safety margin for cash needs under both normal and stressed market conditions.
Sources of Liquidity
Deposits, including
customer deposits,
brokered deposits
and public
funds deposits,
continue to
be the
most significant
source of
funds for the Corporation, representing
89% of funding of the Corporation’s total assets
at March 31, 2025 and December 31, 2024.
The ratio of total
ending loans to deposits
was
57% at March 31,
2025 and December 31,
2024.
In addition to traditional
deposits,
the Corporation maintains borrowing
arrangements, which amounted
to approximately $1.1 billion
in outstanding balances at
March
31, 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
141
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 first quarter of 2025 the Corporation
had no material incremental use of its
available liquidity sources. At March 31, 2025,
the Corporation’s
available liquidity increased
to $22.6 billion
from $21.6 billion
on December 31,
2024. The liquidity
sources of the
Corporation at March 31, 2025 are presented in Table
12 below:
Table 12 - Liquidity Sources
March 31, 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)
$
4,705,481
$
1,479,111
$
6,184,592
$
4,882,358
$
1,488,857
$
6,371,215
Unpledged securities
4,601,493
524,402
5,125,895
3,806,066
522,869
4,328,935
FHLB borrowing capacity
3,024,223
1,037,321
4,061,544
2,777,090
1,058,921
3,836,011
Discount window of the Federal Reserve
Bank borrowing capacity
4,855,525
2,391,741
7,247,266
4,839,388
2,178,646
7,018,034
Total available liquidity
$
17,186,722
$
5,432,575
$
22,619,297
$
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
6 for
a breakdown
of deposits
by major
types. Core
deposits are
generated
from a large base of consumer, corporate and public
sector customers. Core deposits include certificates of deposit under $250,000,
all
interest-bearing
transactional
deposit
accounts,
non-interest-bearing
deposits,
and
savings
deposits.
Core
deposits
exclude
brokered
deposits
and
certificates
of
deposit
over
$250,000.
Core
deposits,
excluding
P.R.
public
funds,
which
are
fully
collateralized,
have historically
provided the
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
March 31,
2025, total Puerto Rico public sector deposits were $19.6 billion, compared to $19.5 billion at December 31, 2024.
Core deposits
continue to
represent 92%
of total
deposits at
$60.7 billion,
as of
March 31,
2025, and
compared to
December 31,
2024. Core deposits financed 85% of the Corporation’s earning assets at March 31, 2025, compared
to 86% at December 31, 2024.
The distribution by maturity of certificates
of deposit with denominations of $250,000
and over at March 31, 2025
is presented in the
table that follows:
142
Table 13 - Distribution by Maturity of Certificates of Deposit of $250,000 and Over
(In thousands)
3 months or less
$
2,437,407
Over 3 to 12 months
898,268
Over 1 year to 3 years
276,605
Over 3 years
154,638
Total
$
3,766,918
The
Corporation
had
$1.6
billion
in
brokered
deposits
at
March
31,
2025,
which
financed
approximately
2%
of
its
total
assets
(December 31, 2024 - $1.6 billion and 2%, respectively).
As of
March 31, 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.
143
Table 14 - Deposits
31-Mar-25
Popular, Inc.
(Dollars in thousands)
BPPR
% of Total
Popular U.S.
% of Total
(Consolidated)
% of Total
Deposits:
Deposits balances under $250,000 [1]
$
24,096,241
44
%
$
8,180,029
68
%
$
32,276,270
49
%
Transactional deposits balances over
$250,000
7,863,086
14
%
2,092,444
17
%
9,955,530
15
%
Time deposits balances over $250,000
2,114,253
4
%
802,942
7
%
2,917,195
4
%
Uninsured foreign deposits
420,847
1
%
-
-
%
420,847
1
%
Collateralized public funds
19,931,533
37
%
317,880
3
%
20,249,413
31
%
Intercompany deposits
220,679
-
%
559,590
5
%
-
-
%
Total deposits
$
54,646,639
100
%
$
11,952,885
100
%
$
65,819,255
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 March 31, 2025 and December 31,
2024.
The contractual maturities of the BHCs notes payable at March 31, 2025 are presented in Table
15.
Table 15
- Distribution of BHC's Notes Payable by Contractual Maturity
Year
(In thousands)
2028
$
395,570
Later years
198,380
Total
$
593,950
144
As of
March 31,
2025, the
BHCs had
cash and
money markets
investments totaling
$635 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 quarter ended
March 31, 2025,
the Corporation declared
cash dividends of
$0.70 per common share
outstanding ($48.4
million in the aggregate). The dividends for the Corporation’s Series A preferred stock amounted to $0.4
million.
During the quarter ended March 31,
2025, the BHCs received dividends and
distributions amounting to $200 million
from BPPR and
$6 million from its other non-banking subsidiaries. Dividends from BPPR constitute Popular,
Inc.’s primary source of liquidity.
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.
During
the
period
ended March 31,2025,
BPPR declared cash
dividends of $200
million to PIHC
and could declare
a dividend of
up to approximately
$39 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 $6.2
billion at
March 31,
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
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
145
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, asset
sales and proceeds from the issuance of debt and equity.
As
further described
below,
in
the
Risk
to Liquidity
section,
various
statutory
provisions
limit the
dividends
an insured
depository
institution may pay to its holding company without regulatory approval.
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
March 31,
2025, and
December 31,
2024, and
the results
of their
operations for
the quarters
ended March
31, 2025
and March
31, 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.
146
Table 16 - Summarized Statement of Condition
(In thousands)
March 31, 2025
December 31, 2024
Assets
Cash and money market investments
$
634,887
$
634,809
Investment securities
36,058
35,150
Accounts receivables from non-obligor subsidiaries
17,965
14,602
Other loans (net of allowance for credit losses of $240 (2024 - $281))
25,083
25,381
Investment in equity method investees
5,279
5,279
Other assets
73,288
65,483
Total assets
$
792,560
$
780,704
Liabilities and Stockholders' equity
Accounts payable to non-obligor subsidiaries
$
8,898
$
12,163
Notes payable
593,950
593,571
Other liabilities
109,919
126,718
Stockholders' equity
79,793
48,252
Total liabilities and stockholders' equity
$
792,560
$
780,704
Table 17 - Summarized Statement of Operations
For the quarters ended
(In thousands)
March 31, 2025
March 31, 2024
Income:
Dividends from non-obligor subsidiaries
$
206,000
$
163,000
Interest income from non-obligor subsidiaries and affiliates
1,181
3,289
Earnings from investments in equity method investees
-
2
Other operating income
838
1,787
Total income
$
208,019
$
168,078
Expenses:
Services provided by non-obligor subsidiaries and affiliates (net of
reimbursement by subsidiaries for services provided by parent of
$61,777 (2024 - $60,996))
$
3,903
$
3,204
Other expenses
7,339
14,330
Income tax expense
[1]
2,679
22,680
Total expenses
$
13,921
$
40,214
Net income
$
194,098
$
127,864
[1] The net income for the
quarter ended March 31, 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 quarter ended March 31,
2024,
the
obligor
group
recorded
a
$50.0
million
of
dividend
distributions
from
non-obligor
subsidiary
which
was
in
an
accumulated loss position and accordingly was recorded as a reduction to the investment.
147
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.
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
Puerto Rico's economy is closely linked to the United States economy,
as most of the external factors that influence it are shaped by
U.S. policies
and economic
performance, including
federal transfer
payments, tax
policies, interest
rates, inflation,
trade and
tariff
policies, and geopolitical developments.
Puerto Rico’s
economy historically
followed the
economic trends
of the U.S.
economy.
However, from
2007 to 2017,
Puerto Rico’s
economy suffered
a severe
recession, with
real gross
national product
(“GNP”) contracting
approximately 15%
during this
period.
The recession was
exacerbated by the
damage caused by
Hurricane María in
2017. Since 2018,
Puerto Rico’s economy
has been
gradually recovering,
with a
temporary interruption
in 2020
due to
the COVID-19
pandemic,
in part
aided by
the large
amount of
federal
disaster
relief
and
recovery
assistance
funds
received
in
connection
with
recent
natural
disasters
and
the
COVID-19
pandemic.
Future
growth
depends
on
multiple
factors,
including
the
level
of
ongoing
federal
assistance
and
the
timetable
for
its
deployment. Estimates
from the
Puerto Rico
Planning Board
indicated
that real
GNP grew
by 2.8%
during fiscal
year 2024
(July
2023-June
2024)
and
is
projected
to
grow
by
1.4%
in
fiscal
year
2025
(July
2024-June
2025).
However,
the
latest
Puerto
Rico
Economic Activity Index showed a 1.1% year-over-year decline and a 0.1% month-over-month decline
in November 2024. While this
index is not a direct measure of real GNP,
it is 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
March 2025,
the U.S. Consumer
Price Index
showed a
2.4% year-over-year
increase, which
is significantly
lower than
peak 2022
inflation levels
but still
above the
Federal Reserve’s
2% target.
In Puerto
Rico, the
Consumer Price
Index increased
by 1.8%
over the
12 months
ending in
January
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”).
The
Oversight
Board
will
remain
in
place
until
market
access
is
restored
and
balanced
148
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 March 31, 2025, the
Corporation’s direct exposure to
PR Government Entities totaled $362
million, all of which were
outstanding,
compared to $336 million,
at December 31, 2024 all of which were outstanding. Substantially
all of the Corporation’s direct exposure
outstanding
at
March
31,
2025
were
obligations
from
various
Puerto
Rico
municipalities.
In
most
cases,
these
were
“general
obligations” of
a municipality,
to which
the applicable
municipality has
pledged its
good faith,
credit and
unlimited taxing
power,
or
“special obligations” of
a municipality,
to which the applicable
municipality has pledged
basic property tax
or sales tax
revenues.
At
March 31, 2025, 81%
of the Corporation’s
exposure to municipal loans
and securities was concentrated
in the municipalities of
San
Juan,
Guaynabo,
Carolina
and
Caguas.
In
July
2024,
the
Corporation
received
scheduled
principal
payments
amounting
to
$40
million from various obligations from
Puerto Rico municipalities. 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 March
31, 2025, the
Corporation had $216
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
$172
million
in
residential
mortgage
loans
insured
by
the
Puerto
Rico
Housing
Finance
Authority
(“HFA”),
a
Puerto
Rico
Government
Entity (December 31, 2024
- $176 million). The
Corporation also had, at
March 31, 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).
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 March 31, 2025, BPPR had
$19.6 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
149
reduction is likely
to be impacted
by,
for example, the
level of federal
assistance, the speed
at which such
assistance is distributed
and the financial
condition, liquidity
and cash
management practices
of such
entities, as
well as
on 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.
To
the extent that
the fiscal condition
of the USVI
continues to deteriorate,
the U.S. Congress
or the Government
of the USVI
may
enact legislation allowing for
the restructuring of the
financial obligations of USVI
government entities or imposing
a stay on creditor
remedies, including by making PROMESA applicable to the USVI.
At March
31, 2025,
the Corporation
had approximately
$28 million
in direct
exposure to
USVI government
entities (December
31,
2024 - $28 million).
British Virgin Islands
The
Corporation
has
operations
in
the
British
Virgin
Islands
(“BVI”),
which
was
negatively
affected
by
the
COVID-19
pandemic,
particularly as
a reduction
in the
tourism activity
which accounts
for a
significant portion
of its
economy.
Although the
Corporation
has no
significant exposure
to a
single borrower
in the
BVI, at
March 31,
2025, it
has a
loan portfolio
amounting to
approximately
$196 million comprised of various retail and commercial clients, compared to a loan portfolio of $196 million at December 31, 2024.
U.S. Government
As further detailed
in Notes 5 and
6 to the Consolidated
Financial Statements, a
substantial portion of
the Corporation’s investment
securities
represented
exposure
to
the
U.S.
Government
in
the
form
of
U.S.
Government
sponsored
entities,
as
well
as
agency
mortgage-backed and U.S. Treasury
securities. In addition, $2.2
billion of residential mortgages
and $86.5 million commercial
loans
were insured or
guaranteed by the
U.S. Government or
its agencies at
March 31, 2025
(compared to $2.1
billion and $87.4
million,
respectively, at December 31, 2024).
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
19.
The Corporation’s
credit quality metrics
showed favorable trends
in the first
quarter of 2025
compared to the
previous quarter,
with
improvements
in
NPLs
and
NCOs.
The
Corporation
continues
to
closely
monitor
the
macroeconomic
landscape
and
borrower
performance, given the uncertainty
in the economic outlook. The
performance of our most recent
consumer vintages is encouraging
as well
as improvement
on credit
metrics in
the consumer
portfolios which
reflect lower
delinquencies, NPLs
and NCOs
driven by
the
auto
and
personal
loan
portfolios.
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
as of
March 31,
2025 decreased
by $41.9
million when
compared with
December 31,
2024. Total
NPLs decreased
by
$36.7
million
from
December
31,
2024.
BPPR’s
NPLs
decreased
by
$30.1
million,
mainly
driven
by
lower
auto
NPLs
by
$10.0
million,
lower
mortgage
NPLs
by
$9.9
million
and
lower
commercial
NPLs
by
$8.5
million.
The
commercial
NPL
decrease
was
mostly due
to a $9.0
million loan
pay-off. Popular
U.S. NPLs
decreased by
$6.6 million,
mostly driven
by the
sale of
a $3.9
million
loan in the commercial portfolio.
150
On March 31,
2025, the ratio
of NPLs to
total loans held-in-portfolio
was 0.84%, compared
to 0.95% on
December 31, 2024.
Other
real estate owned
loans (“OREOs”) decreased
by $5.2 million
from December 31,
2024. The decrease
in OREO was
mainly driven
by the combination of sales and lower
residential property foreclosures. On March
31, 2025, NPLs secured by real
estate amounted
to
$191
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
$10.9 billion
on March 31,
2025, of which
$3.0 billion was secured with owner occupied properties (December 31, 2024 - $10.9 billion and $3.2 billion, respectively).
The non-owner occupied
CRE portfolio was
$5.5 billion, which
is comprised of
$3.3 billion in
BPPR and $2.2
billion in Popular
U.S.
and is
well diversified
across a
number of
tenants in
different industries
and segments
with exposure
to retail
(33%), hotels
(19%)
and office space (13%) accounting for two thirds of the total exposure to non-owner occupied
CRE. Office space leasing exposure in
our non-owner occupied CRE portfolio is
limited, representing only 1.9% or $722.4
million of our total loan portfolio. The
exposure is
mainly comprised of low- to mid- rise properties with an average loan size of $2.5 million and is well diversified across tenant type.
Within
the
commercial
portfolio
secured
by
real
estate,
the
Corporation’s
$2.4
billion
commercial
multi-family
portfolio
represents
approximately 6%
of total
loans and is
concentrated in
New York
Metro ($1.5 billion),
South Florida
($665 million)
and Puerto Rico
($214 million). In
the New York
Metro region, the
Corporation has no
exposure to rent
controlled buildings. The
rent stabilized units
represent less than 40% of the total units in the loan portfolio with the majority originated after 2019.
CRE NPLs amounted to $50.1 million
on March 31, 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
0.28%,
respectively,
on
March
31,
2025,
compared
with
0.64%
and
0.37%, respectively, on December 31, 2024.
In addition
to the
NPLs included
in Table
19, on
March 31,
2025, there
were $495
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 March 31, 2025 and December 31, 2024:
151
Table 18 - Non-Performing Assets
March 31, 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
$
73
$
8,700
$
8,773
0.4
%
$
79
$
8,700
$
8,779
0.4
%
Commercial real estate non-owner
occupied
6,306
7,886
14,192
0.3
6,429
8,015
14,444
0.3
Commercial real estate owner
occupied
26,891
231
27,122
0.9
25,258
5,191
30,449
1.0
Commercial and industrial
9,327
690
10,017
0.1
19,335
1,748
21,083
0.3
Total Commercial
42,597
17,507
60,104
0.3
51,101
23,654
74,755
0.4
Leasing
8,895
-
8,895
0.5
9,588
-
9,588
0.5
Mortgage
148,506
29,087
177,593
2.1
158,442
29,890
188,332
2.3
Consumer
Home equity lines of credit
-
3,430
3,430
4.4
-
3,393
3,393
4.6
Personal
18,251
2,034
20,285
1.1
20,269
1,741
22,010
1.2
Auto
41,784
-
41,784
1.1
51,792
-
51,792
1.4
Other
1,973
5
1,978
1.2
899
11
910
0.5
Total Consumer
62,008
5,469
67,477
0.9
72,960
5,145
78,105
1.1
Total non-performing loans held-in-
portfolio
262,006
52,063
314,069
0.8
%
292,091
58,689
350,780
0.9
%
Other real estate owned (“OREO”)
52,043
71
52,114
57,197
71
57,268
Total non-performing assets
[1]
$
314,049
$
52,134
$
366,183
$
349,288
$
58,760
$
408,048
Accruing loans past due 90 days or
more
[2]
$
219,671
$
189
$
219,860
$
242,250
$
190
$
242,440
Ratios:
Non-performing assets to total assets
0.54
%
0.33
%
0.49
%
0.61
%
0.37
%
0.56
%
Non-performing loans held-in-portfolio
to loans held-in-portfolio
1.00
0.47
0.84
1.12
0.54
0.95
Allowance for credit losses to loans
held-in-portfolio
2.59
0.77
2.05
2.56
0.69
2.01
Allowance for credit losses to non-
performing loans, excluding held-for-
sale
258.11
164.96
242.67
229.61
128.40
212.68
[1] There were no non-performing loans held-for-sale as of March 31, 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 $57
million of
residential mortgage
loans
insured
by
FHA
or
guaranteed
by
the
VA
that
are
no
longer
accruing
interest
as
of
March
31,
2025
(December
31,
2024
-
$65
million).
Furthermore, the
Corporation has
approximately $30
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
March
31,
2025,
total
inflows
of
NPLs
held-in-portfolio,
excluding
consumer
loans,
decreased
by
$23.7
million, when compared to the inflows
for the same period in 2024. Inflows
of NPLs held-in-portfolio at the BPPR segment
increased
by $3.5
million, compared
to the
same period
in 2024.
Inflows of
NPLs held-in-portfolio
at the Popular
U.S. segment
decreased by
$27.2 million from the same period in 2024, driven by
lower mortgage and commercial NPL inflows by $17.6 million
and $9.6 million,
respectively.
Tables 19 to 25
present the Corporation’s inflows to NPLs for the quarters ended March 31, 2025 and 2024.
152
Table 19 - Activity in Non-Performing Loans Held-in-Portfolio (Excluding Consumer Loans)
For the quarter ended March 31, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
209,543
$
53,544
$
263,087
Plus:
New non-performing loans
37,023
8,158
45,181
Advances on existing non-performing loans
-
18
18
Less:
Non-performing loans transferred to OREO
(2,555)
-
(2,555)
Non-performing loans charged-off
(927)
(1,130)
(2,057)
Loans returned to accrual status / loan collections
(51,981)
(13,996)
(65,977)
Ending balance -
NPLs
$
191,103
$
46,594
$
237,697
Table 20 - Activity in Non-Performing Loans Held-in-Portfolio (Excluding Consumer Loans)
For the quarter ended March 31, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
254,476
$
22,354
$
276,830
Plus:
New non-performing loans
33,503
35,373
68,876
Advances on existing non-performing loans
-
22
22
Less:
Non-performing loans transferred to OREO
(4,109)
-
(4,109)
Non-performing loans charged-off
(8,309)
(950)
(9,259)
Loans returned to accrual status / loan collections
(45,765)
(7,321)
(53,086)
Ending balance -
NPLs
$
229,796
$
49,478
$
279,274
Table 21 - Activity in Non-Performing Commercial Loans Held-In-Portfolio
For the quarter ended March 31, 2025
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
51,101
$
23,654
$
74,755
Plus:
New non-performing loans
5,781
5,413
11,194
Advances on existing non-performing loans
-
17
17
Less:
Non-performing loans transferred to OREO
(120)
-
(120)
Non-performing loans charged-off
(739)
(1,130)
(1,869)
Loans returned to accrual status / loan collections
(13,426)
(10,447)
(23,873)
Ending balance - NPLs
$
42,597
$
17,507
$
60,104
153
Table 22 - Activity in Non-Performing Commercial Loans Held-In-Portfolio
For the quarter ended March 31, 2024
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
72,992
$
11,163
$
84,155
Plus:
New non-performing loans
4,343
15,039
19,382
Advances on existing non-performing loans
-
20
20
Less:
Non-performing loans charged-off
(7,999)
(950)
(8,949)
Loans returned to accrual status / loan collections
(6,013)
(3,865)
(9,878)
Ending balance - NPLs
$
63,323
$
21,407
$
84,730
Table 23 - Activity in Non-Performing Construction Loans Held-In-Portfolio
For the quarter ended March 31, 2024
(In thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
6,378
$
-
$
6,378
Less:
-
-
Loans returned to accrual status / loan collections
(6,378)
-
(6,378)
Ending balance - NPLs
$
-
$
-
$
-
Table 24 - Activity in Non-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended March 31, 2025
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
158,442
$
29,890
$
188,332
Plus:
New non-performing loans
31,242
2,745
33,987
Advances on existing non-performing loans
-
1
1
Less:
Non-performing loans transferred to OREO
(2,435)
-
(2,435)
Non-performing loans charged-off
(188)
-
(188)
Loans returned to accrual status / loan collections
(38,555)
(3,549)
(42,104)
Ending balance - NPLs
$
148,506
$
29,087
$
177,593
Table 25 - Activity in Non-Performing Mortgage Loans Held-in-Portfolio
For the quarter ended March 31, 2024
(Dollars in thousands)
BPPR
Popular U.S.
Popular, Inc.
Beginning balance - NPLs
$
175,106
$
11,191
$
186,297
Plus:
New non-performing loans
29,160
20,334
49,494
Advances on existing non-performing loans
-
2
2
Less:
Non-performing loans transferred to OREO
(4,109)
-
(4,109)
Non-performing loans charged-off
(310)
-
(310)
Loans returned to accrual status / loan collections
(33,374)
(3,456)
(36,830)
Ending balance - NPLs
$
166,473
$
28,071
$
194,544
154
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 March 31, 2025 and December 31, 2024, are presented below.
Table 26 - Loan Delinquencies
(Dollars in thousands)
March 31, 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
$
14,130
$
2,374,915
0.59
%
$
15,826
$
2,399,620
0.66
%
Commercial real estate
non-owner occupied
18,079
5,540,603
0.33
24,925
5,363,235
0.46
Commercial real estate
owner occupied
34,775
2,956,559
1.18
42,311
3,157,746
1.34
Commercial and industrial
29,933
7,693,523
0.39
49,942
7,741,562
0.65
Total Commercial
96,917
18,565,600
0.52
133,004
18,662,163
0.71
Construction
6,498
1,358,979
0.48
1,039
1,263,792
0.08
Leasing
33,265
1,949,705
1.71
39,641
1,925,405
2.06
Mortgage
[1]
749,070
8,273,753
9.05
798,130
8,114,183
9.84
Consumer
Credit cards
54,426
1,187,777
4.58
59,078
1,218,079
4.85
Home equity lines of credit
6,272
77,109
8.13
5,054
73,571
6.87
Personal
52,867
1,850,023
2.86
57,835
1,855,244
3.12
Auto
136,420
3,820,242
3.57
191,008
3,823,437
5.00
Other
5,143
170,844
3.01
3,930
171,778
2.29
Total Consumer
255,128
7,105,995
3.59
316,905
7,142,109
4.44
Loans held-for-sale
-
5,077
-
-
5,423
-
Total
$
1,140,878
$
37,259,109
3.06
%
$
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 March 31,
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. The
Corporation’s management
evaluates the
adequacy of
the ACL on
a quarterly
basis. In
this evaluation,
management
considers current
conditions, macroeconomic
economic expectations
through a
reasonable and
supportable period,
historical loss
experience,
portfolio
composition
by
loan
type
and
risk
characteristics,
results
of
periodic
credit
reviews
of
individual
loans,
and
regulatory requirements, amongst other factors.
The Corporation must
rely on estimates
and exercise judgment
regarding matters where
the ultimate outcome
is unknown, such
as
economic developments
affecting specific
customers, industries, or
markets. Other
factors that can
affect management’s
estimates
are
recalibration
of
statistical
models
used
to
calculate
lifetime
expected
losses,
changes
in
underwriting
standards,
financial
accounting standards and loan impairment measurements, among others. Changes in the financial condition
of individual borrowers,
in economic
conditions,
and in
the condition
of the
various markets
in which
collateral may
be sold,
may also
affect
the required
level of
the allowance
for credit
losses. Consequently,
the business
financial condition,
liquidity,
capital, and
results of
operations
could also be affected.
155
On March 31, 2025, the ACL
increased by $16.1 million from
December 31, 2024 to $762.1 million.
The increase in ACL was driven
by changes
in the
economic scenario
probability weights
coupled with
increases in
qualitative reserves,
in response
to the
current
economic environment
uncertainty,
offset in
part by
improvements in
credit quality.
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.
The weightings
applied are subject
to evaluation on a
quarterly basis as
part of the ACL’s
governance process. The
Corporation evaluates, at
least
on an annual basis, the
assumptions tied to the CECL
accounting framework. These include
the reasonable and supportable period
as well as the reversion period.
The ACL
for
BPPR
increased
by $5.6
million,
driven
by an
increase
in the
weight
of the
pessimistic
scenario
that resulted
in an
$11.3
million ACL
increase, partially
offset by
improved credit
quality in
the commercial
portfolios and
reduced overall
reserves for
both the
commercial
and consumer
portfolios,
mainly
driven by
lower volumes.
In PB,
the ACL
increased
by $10.5
million,
when
compared to
December
31, 2024,
driven
by an
increase in
probability
weights
to the
pessimistic
scenario
that resulted
in a
$6.9
million increase, mainly within
the commercial portfolio, coupled
with higher qualitative reserves
for the CRE portfolio in
response to
current market volatility and economic uncertainty.
The Corporation’s ratio of the allowance for credit losses
to loans held-in-portfolio
was 2.05% on
March 31, 2025,
compared to 2.01%
on December 31,
2024. The ratio
of the ACL
to NPLs held-in-portfolio
stood at
242.7%, compared to 212.7% on December 31, 2024.
The
provision
for
credit
losses
related
to
the
loans
held-in-portfolio
for
the
quarter
ended
March
31,
2025,
was
$65.2
million,
compared to
$72.4 million
for the
quarter ended
March 31,
2024. The
provision decrease
was mainly
driven by
lower reserves
in
BPPR due to lower NCOs.
Refer to Note 8 to
the Consolidated Financial Statements,
and to the Provision
for Credit Losses section
of this MD&A for additional information.
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.
156
Table 27 - Allowance for Credit Losses - Loan Portfolios
March 31, 2025
(Dollars in thousands)
Total ACL
Total loans held-
in-portfolio
ACL to loans held-
in-portfolio
Total non-
performing loans
held-in-portfolio
ACL to non-
performing loans
held-in-portfolio
Commercial
Commercial multi-family
$
13,501
$
2,374,915
0.57
%
$
8,773
153.89
%
Commercial real estate non-owner occupied
58,301
5,540,603
1.05
%
14,192
410.80
%
Commercial real estate owner occupied
50,212
2,956,559
1.70
%
27,122
185.13
%
Commercial and industrial
147,829
7,693,523
1.92
%
10,017
N.M.
Total Commercial
$
269,843
$
18,565,600
1.45
%
$
60,104
448.96
%
Construction
9,512
1,358,979
0.70
%
-
N.M.
Leasing
20,206
1,949,705
1.04
%
8,895
227.16
%
Mortgage
84,029
8,273,753
1.02
%
177,593
47.32
%
Consumer
Credit cards
96,523
1,187,777
8.13
%
-
N.M.
Home equity lines of credit
1,610
77,109
2.09
%
3,430
46.94
%
Personal
101,437
1,850,023
5.48
%
20,285
500.06
%
Auto
171,979
3,820,242
4.50
%
41,784
411.59
%
Other
7,009
170,844
4.10
%
1,978
354.35
%
Total Consumer
$
378,558
$
7,105,995
5.33
%
$
67,477
561.02
%
Total
$
762,148
$
37,254,032
2.05
%
$
314,069
242.67
%
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
%
-
N.M.
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
%
-
N.M.
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
%
N.M. - Not meaningful.
157
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 ended March 31, 2025 and 2024.
Table 29
- Annualized Net Charge-offs (Recoveries) to Average Loans Held-in-Portfolio
Quarter ended March 31, 2025
Quarter ended March 31, 2024
BPPR
Popular U.S.
Popular, Inc.
BPPR
Popular U.S.
Popular, Inc.
Commercial
(0.10)
%
0.02
%
(0.05)
%
0.30
%
0.04
%
0.18
%
Mortgage
(0.15)
(0.06)
(0.13)
(0.28)
(0.01)
(0.23)
Leasing
0.68
―
0.68
0.85
―
0.85
Consumer
2.82
3.90
2.85
2.98
8.43
3.16
Total annualized net charge-offs to
average loans held-in-portfolio
0.72
%
0.07
%
0.53
%
0.92
%
0.21
%
0.71
%
NCOs for the quarter ended March 31, 2025, amounted to $49.1 million, decreasing by $13.1 million when compared to the same
period in 2024. The BPPR segment decreased by $9.5 million, mainly driven by a decrease of $9.6 million in commercial
NCOs to
net recoveries of $2.5 million during the current quarter, in part due to
a $3.8 million recovery related to the resolution of a $9.0
million non-performing loan. The PB segment NCOs decreased by $3.6 million, mainly driven by lower consumer NCOs
by $3.1
million.
Loan Modifications
For the
quarter
ended
March
31,
2025,
modified
loans
to
borrowers
with
financial
difficulty
amounted to
$159.2
million,
of
which
$153.2 million were
in accruing status.
The BPPR segment’s
modifications to borrowers
with financial difficulty
amounted to $159.2
million, mainly comprised of
commercial and mortgage loans
of $138.4 million and
$13.1 million, respectively.
A total of $8.6
million
of the mortgage modifications were related to government guaranteed loans.
Refer
to
Note
8
to
the
Consolidated
Financial
Statements
for
additional
information
on
modifications
made
to
borrowers
experiencing financial difficulties.
ADOPTION OF NEW ACCOUNTING STANDARDS
AND ISSUED BUT NOT YET EFFECTIVE ACCOUNTING STANDARDS
Refer to Note 3, “New Accounting Pronouncements” to the Consolidated Financial Statements.
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
158
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 March 31,
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.
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 March 31, 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 March 31, 2025:
Issuer Purchases of Equity Securities
Not in thousands
Period
Total Number of
Shares Purchased [1]
Average Price Paid per
Share
Total Number of
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]
January 1 - January 31
285,989
$
98.11
285,330
$254,662,519
February 1 -February 29
365,516
102.56
365,098
217,219,547
March 1 - March 31
655,488
92.13
620,141
160,382,271
Total
1,306,993
$
96.35
1,270,569
$160,382,271
[1] Includes
659, 418
and 35,347
shares of
the Corporation’s
common stock
acquired by
the Corporation
during January,
February and
March 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.
159
[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
March 31,
2025, the
Corporation repurchased
3,526,989 shares
of common
stock for
$339.6 million
at an
average price
of
$96.29 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).
160
Item 6.
Exhibits
Exhibit Index
Exhibit No
Exhibit Description
10.1
Form of Popular, Inc. 2025 Long-Term Equity Incentive Award and Agreement
(1)*
10.2
Equity Award Agreement, dated as of February 25, 2025, by and between Ignacio Alvarez and Popular,
Inc.
(1) *
10.3
Services Agreement, dated as of February 25, 2025, by and between Ignacio Alvarez and Popular, Inc.
(1) *
22.1
Issuers of Guaranteed Securities (Incorporated by reference to Exhibit 22.1 of Popular, Inc.’s Annual
Report on Form 10-K for the year ended December 31, 2024)
31.1
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(1)
31.2
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(1)
32.1
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002
(1)
32.2
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002
(1)
101. INS
XBRL Instance Document – the instance document does not appear in the Interactive Data File because
its XBRL tags are embedded within the Inline Document.
101.SCH
Inline Taxonomy
Extension Schema Document
(1)
101.CAL
Inline XBRL Taxonomy
Extension Calculation Linkbase Document
(1)
101.DEF
Inline XBRL Taxonomy
Extension Definitions Linkbase Document
(1)
101.LAB
Inline XBRL Taxonomy
Extension Label Linkbase Document
(1)
101.PRE
Inline XBRL Taxonomy
Extension Presentation Linkbase Document
(1)
104
The cover page of Popular, Inc. Quarterly Report on Form 10-Q
for the quarter ended March 31, 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.
161
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: May 12, 2025
By: /s/ Jorge J. García
Jorge J. García
Executive Vice President &
Chief Financial Officer
Date: May 12, 2025
By: /s/ Denissa M. Rodríguez
Denissa M. Rodríguez
Senior Vice President & Corporate Comptroller