XML 63 R42.htm IDEA: XBRL DOCUMENT
v3.25.2

Segment reporting | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment reporting disclosure |
Segment Reporting | Note 32 – Segment reporting The Corporation’s corporate structure consists of two reportable segments – Banco Popular de Puerto Rico and Popular U.S. Management determined the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. The segments were determined based on the organizational structure, which focuses primarily on the markets the segments serve, as well as on the products and services offered by the segments. The chief operating decision maker (“CODM”) of the Corporation is the Chief Executive Officer (“CEO”) who utilizes net income as one of the segment profitability measures, to evaluate the performance of each reportable segment and assess where to allocate resources effectively. The CEO receives profitability reports that include net income per segment, net interest income and other income and expense categories. The CODM uses the segment’s net income and components of net income, including segment revenues and expenses to assess performance and to manage important aspects by each reportable segments, such as human capital, investment in technology, making budget allocations, as well as other strategic decisions. Banco Popular de Puerto Rico: The Banco Popular de Puerto Rico reportable segment includes commercial, consumer and retail banking operations, as well as mortgage and auto lending operations conducted at BPPR, including U.S. based activities conducted through its New York Branch. Other financial services within the BPPR segment include the trust service units of BPPR, asset management services of Popular Asset Management and the brokerage operations of Popular Securities, and the insurance agency and reinsurance businesses of Popular Insurance, Popular Risk Services, Popular Life Re, and Popular Re. Popular U.S.: Popular U.S. reportable segment consists of the banking operations of Popular Bank (PB), Popular Insurance Agency, U.S.A., and PEF. PB operates through a retail branch network in the U.S. mainland under the name of Popular, and equipment leasing and financing services through PEF. Popular Insurance Agency, U.S.A. offers investment and insurance services across the PB branch network. The Corporate group consists primarily of the holding companies Popular, Inc., Popular North America, Popular International Bank and certain of the Corporation’s investments accounted for under the equity method, including BHD. The accounting policies of the individual operating segments are the same as those of the Corporation. Transactions between reportable segments are primarily conducted at market rates, resulting in profits that are eliminated for reporting consolidated results of operations. Assets representing transactions between reportable segments or the Corporate group are also eliminated in the tables presented below. The tables that follow present the results of operations and total assets by reportable segments: 2025 For the quarter ended June 30, 2025 Intersegment (In thousands) BPPR Popular U.S. Eliminations Interest income $ 748,712 $ 195,668 $ (1,041) Interest expense 210,237 93,474 (1,041) Net interest income 538,475 102,194 - Provision for credit losses 42,452 6,532 - Non-interest income 145,685 7,421 - Personnel costs 164,794 27,387 - Professional fees 13,025 2,450 - Technology and software expenses 64,226 10,345 - Processing and transactional services 37,276 582 - Amortization of intangibles 240 145 - Depreciation expense 10,344 2,266 - Other operating expenses [1] 132,004 28,021 - Total operating expenses 421,909 71,196 - Income before income tax 219,799 31,887 - Income tax expense 35,256 9,280 - Net income $ 184,543 $ 22,607 $ - Segment assets $ 60,926,458 $ 14,865,364 $ (120,633) For the quarter ended June 30, 2025 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Interest income $ 943,339 $ 1,578 $ (1,045) $ 943,872 Interest expense 302,670 10,698 (1,045) 312,323 Net interest income (expense) 640,669 (9,120) - 631,549 Provision for credit losses (benefit) 48,984 (43) - 48,941 Non-interest income 153,106 16,107 (736) 168,477 Personnel costs 192,181 37,174 - 229,355 Professional fees 15,475 12,887 (254) 28,108 Technology and software expenses 74,571 10,125 - 84,696 Processing and transactional services 37,858 3 - 37,861 Amortization of intangibles 385 - - 385 Depreciation expense 12,610 429 - 13,039 Other operating expenses [1] 160,025 (60,181) (527) 99,317 Total operating expenses 493,105 437 (781) 492,761 Income before income tax 251,686 6,593 45 258,324 Income tax expense 44,536 3,277 71 47,884 Net income $ 207,150 $ 3,316 $ (26) $ 210,440 Segment assets $ 75,671,189 $ 5,786,893 $ (5,392,992) $ 76,065,090 [1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications expense, business promotion expenses, deposit insurance costs and OREO expenses. For the six months ended June 30, 2025 Intersegment (In thousands) BPPR Popular U.S. Eliminations Interest income $ 1,480,600 $ 382,060 $ (2,722) Interest expense 420,233 186,924 (2,722) Net interest income 1,060,367 195,136 - Provision for credit losses 95,964 17,142 - Non-interest income 283,190 13,564 - Personnel costs 316,078 52,829 - Professional fees 26,084 5,189 - Technology and software expenses 128,377 20,433 - Processing and transactional services 74,455 1,179 - Amortization of intangibles 582 400 - Depreciation expense 20,038 4,463 - Other operating expenses [1] 260,758 53,640 - Total operating expenses 826,372 138,133 - Income before income tax 421,221 53,425 - Income tax expense 70,699 16,002 - Net income $ 350,522 $ 37,423 $ - Segment assets $ 60,926,458 $ 14,865,364 $ (120,633) For the six months ended June 30, 2025 Reportable Total (In thousands) Segments Corporate Eliminations Popular, Inc. Interest income $ 1,859,938 $ 3,114 $ (2,182) $ 1,860,870 Interest expense 604,435 21,471 (2,182) 623,724 Net interest income (expense) 1,255,503 (18,357) - 1,237,146 Provision for credit losses (benefit) 113,106 (84) - 113,022 Non-interest income 296,754 25,136 (1,352) 320,538 Personnel costs 368,907 73,161 - 442,068 Professional fees 31,273 24,244 (584) 54,933 Technology and software expenses 148,810 19,554 - 168,364 Processing and transactional services 75,634 8 - 75,642 Amortization of intangibles 982 - - 982 Depreciation expense 24,501 818 - 25,319 Other operating expenses [1] 314,398 (116,583) (1,350) 196,465 Total operating expenses 964,505 1,202 (1,934) 963,773 Income before income tax 474,646 5,661 582 480,889 Income tax expense 86,701 5,952 294 92,947 Net income (loss) $ 387,945 $ (291) $ 288 $ 387,942 Segment assets $ 75,671,189 $ 5,786,893 $ (5,392,992) $ 76,065,090 [1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications expense, business promotion expenses, deposit insurance costs and OREO expenses. 2024 For the quarter ended June 30, 2024 Intersegment (In thousands) BPPR Popular U.S. Eliminations Interest income $ 737,342 $ 186,595 $ (2,622) Interest expense 248,597 100,744 (2,622) Net interest income 488,745 85,851 - Provision for credit losses (benefit) 50,382 (3,563) - Non-interest income 152,354 6,000 - Personnel costs 145,764 26,062 - Professional fees 14,568 3,154 - Technology and software expenses 60,256 9,784 - Processing and transactional services 38,537 555 - Amortization of intangibles 424 310 - Depreciation expense 13,317 2,204 - Other operating expenses [1] 127,106 27,608 - Total operating expenses 399,972 69,677 - Income before income tax 190,745 25,737 - Income tax expense 33,540 7,989 - Net income $ 157,205 $ 17,748 $ - Segment assets $ 58,464,408 $ 14,287,739 $ (264,040) For the quarter ended June 30, 2024 Reportable (In thousands) Segments Corporate Eliminations Total Popular, Inc. Interest income 921,315 4,390 (3,798) 921,907 Interest expense 346,719 10,674 (3,798) 353,595 Net interest income (expense) $ 574,596 $ (6,284) $ - $ 568,312 Provision for credit losses (benefit) 46,819 (25) - 46,794 Non-interest income 158,354 10,716 (2,764) 166,306 Personnel costs 171,826 25,598 - 197,424 Professional fees 17,722 20,324 (302) 37,744 Technology and software expenses 70,040 9,712 - 79,752 Processing and transactional services 39,092 4 - 39,096 Amortization of intangibles 734 - - 734 Depreciation expense 15,521 367 - 15,888 Other operating expenses [1] 154,714 (54,854) (922) 98,938 Total operating expenses 469,649 1,151 (1,224) 469,576 Income before income tax 216,482 3,306 (1,540) 218,248 Income tax expense (benefit) 41,529 (476) (594) 40,459 Net income $ 174,953 $ 3,782 $ (946) $ 177,789 Segment assets $ 72,488,107 $ 5,828,667 $ (5,471,702) $ 72,845,072 [1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications expense, business promotion expenses, deposit insurance costs and OREO expenses. For the six months ended June 30, 2024 Intersegment (In thousands) BPPR Popular U.S. Eliminations Interest income $ 1,451,330 $ 369,478 $ (5,909) Interest expense 489,744 198,774 (5,909) Net interest income 961,586 170,704 - Provision for credit losses 111,062 7,872 - Non-interest income 298,023 13,120 (56) Personnel costs 298,690 53,206 - Professional fees 26,936 6,633 (56) Technology and software expenses 123,440 18,684 - Processing and transactional services 72,091 1,188 - Amortization of intangibles 908 621 - Depreciation expense 26,326 4,147 - Other operating expenses [1] 258,879 55,240 - Total operating expenses 807,270 139,719 (56) Income before income tax 341,277 36,233 - Income tax expense 62,746 11,445 - Net income $ 278,531 $ 24,788 $ - Segment assets $ 58,464,408 $ 14,287,739 $ (264,040) For the six months ended June 30, 2024 Reportable Total (In thousands) Segments Corporate Eliminations Popular, Inc. Interest income $ 1,814,899 $ 8,189 $ (7,040) $ 1,816,048 Interest expense 682,609 21,423 (7,040) 696,992 Net interest income (expense) 1,132,290 (13,234) - 1,119,056 Provision for credit losses (benefit) 118,934 458 - 119,392 Non-interest income 311,087 22,438 (3,401) 330,124 Personnel costs 351,896 60,905 - 412,801 Professional fees 33,513 33,728 (579) 66,662 Technology and software expenses 142,124 17,090 - 159,214 Processing and transactional services 73,279 11 - 73,290 Amortization of intangibles 1,529 - - 1,529 Depreciation expense 30,473 776 - 31,249 Other operating expenses [1] 314,119 (104,339) (1,836) 207,944 Total operating expenses 946,933 8,171 (2,415) 952,689 Income before income tax 377,510 575 (986) 377,099 Income tax expense (benefit) 74,191 22,200 (364) 96,027 Net income $ 303,319 $ (21,625) $ (622) $ 281,072 Segment assets $ 72,488,107 $ 5,828,667 $ (5,471,702) $ 72,845,072 [1] Other operating expenses includes net occupancy expenses, equipment expense, excluding depreciation, other operating taxes, communications expense, business promotion expenses, deposit insurance costs and OREO expenses. Geographic Information The following information presents selected financial information based on the geographic location where the Corporation conducts its business. The banking operations of BPPR are primarily based in Puerto Rico, where it has the largest retail banking franchise. BPPR also conducts banking operations in the U.S. Virgin Islands, the British Virgin Islands and New York. BPPR’s banking operations in the mainland United States include commercial lending activities in addition to periodic loan participations with PB. During the six months ended June 30, 2025, BPPR participated in loans originated by PB totaling $ 2 9 million (2024 - did no t participate). Total assets for the BPPR segment related to its operations in the United States amounted to $ 1.4 billion (December 31, 2024 - $ 1.6 billion), including $ 104 million in multifamily loans (December 31, 2024 - $ 104 million), $ 435 million in commercial real estate loans (December 31, 2024 - $ 588 million), $ 689 million in C&I loans (December 31, 2024 - $ 685 million), and $ 70 million in unsecured personal loans (December 31, 2024 - $ 113 million). During the six months ended June 30, 2025, the BPPR segment generated $ 51.4 million (June 30, 2024 - $ 60.1 million) in revenues from its operations in the United States, mainly from net interest income. In the Virgin Islands, the BPPR segment offers banking products, including loans and deposits. Total assets for the BPPR segment related to its operations in the U.S. and British Virgin Islands amounted to $ 1.1 billion (December 31, 2024 - $ 1.0 billion). The BPPR segment generated $ 25.0 million in revenues during the six months ended June 30, 2025 (June 30, 2024 - $ 21.3 million) from its operations in the U.S. and British Virgin Islands. Geographic Information Quarter ended Six months ended (In thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues: [1] Puerto Rico $ 636,232 $ 586,338 $ 1,246,193 $ 1,152,082 United States 139,274 127,011 266,490 253,752 Other 24,520 21,269 45,001 43,346 Total consolidated revenues $ 800,026 $ 734,618 $ 1,557,684 $ 1,449,180 [1] Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain (loss), including impairment, on equity securities, net gain on trading account debt securities, adjustments to indemnity reserves on loans sold, and other operating income. Selected Balance Sheet Information: (In thousands) June 30, 2025 December 31, 2024 Puerto Rico Total assets $ 58,522,143 $ 55,888,211 Loans 24,979,110 24,154,610 Deposits 53,876,271 52,099,309 United States Total assets $ 16,236,670 $ 15,890,339 Loans 12,686,305 12,431,859 Deposits 11,529,189 11,030,879 Other Total assets $ 1,306,277 $ 1,266,833 Loans 522,661 526,606 Deposits [1] 1,812,031 1,754,157 [1] Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingDisclosureOfEntitysReportableSegmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration