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.