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Fair value of financial instruments | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures |
Fair Value of Financial Instruments | Note 22 – Fair value of financial instruments The fair value of financial instruments is the amount at which an asset or obligation could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. For those financial instruments with no quoted market prices available, fair values have been estimated using present value calculations or other valuation techniques, as well as management’s best judgment with respect to current economic conditions, including discount rates, estimates of future cash flows, and prepayment assumptions. Many of these estimates involve various assumptions and may vary significantly from amounts that could be realized in actual transactions. The fair values reflected herein have been determined based on the prevailing rate environment at September 30, 2025 and December 31, 2024, as applicable. In different interest rate environments, fair value estimates can differ significantly, especially for certain fixed rate financial instruments. In addition, the fair values presented do not attempt to estimate the value of the Corporation’s fee generating businesses and anticipated future business activities, that is, they do not represent the Corporation’s value as a going concern. There have been no changes in the Corporation’s valuation methodologies and inputs used to estimate the fair values for each class of financial assets and liabilities not measured at fair value. The following tables present the carrying amount and estimated fair values of financial instruments with their corresponding level in the fair value hierarchy. The aggregate fair value amounts of the financial instruments disclosed do not represent management’s estimate of the underlying value of the Corporation. September 30, 2025 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 377,079 $ 377,079 $ - $ - $ - $ 377,079 Money market investments 4,754,391 4,744,211 10,180 - - 4,754,391 Trading account debt securities, excluding derivatives [1] 33,106 8,026 24,878 202 - 33,106 Debt securities available-for-sale [1] 20,686,423 6,423,246 14,261,996 1,181 - 20,686,423 Debt securities held-to-maturity: U.S. Treasury securities $ 7,374,072 $ - $ 7,405,080 $ - $ - $ 7,405,080 Obligations of Puerto Rico, States and political subdivisions 45,760 - 6,799 40,334 - 47,133 Collateralized mortgage obligation-federal agency 1,506 - 1,315 - - 1,315 Securities in wholly owned statutory business trusts 5,960 - 5,960 - - 5,960 Total debt securities held-to-maturity $ 7,427,298 $ - $ 7,419,154 $ 40,334 $ - $ 7,459,488 Equity securities: FHLB stock $ 58,552 $ - $ 58,552 $ - $ - $ 58,552 FRB stock 102,038 - 102,038 - - 102,038 Other investments 58,403 - 50,047 8,137 825 59,009 Total equity securities $ 218,993 $ - $ 210,637 $ 8,137 $ 825 $ 219,599 Loans held-for-sale $ 7,783 $ - $ 7,783 $ - $ - $ 7,783 Loans held-in-portfolio 37,900,938 - - 37,105,428 - 37,105,428 Mortgage servicing rights 99,523 - - 99,523 - 99,523 Derivatives 27,716 - 27,716 - - 27,716 September 30, 2025 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 56,892,010 $ - $ 56,892,010 $ - $ - $ 56,892,010 Time deposits 9,621,394 - 9,419,413 - - 9,419,413 Total deposits $ 66,513,404 $ - $ 66,311,423 $ - $ - $ 66,311,423 Assets sold under agreements to repurchase $ 56,853 $ - $ 56,859 $ - $ - $ 56,859 Other short-term borrowings [2] 400,000 - 400,000 - - 400,000 Notes payable: FHLB advances $ 195,312 $ - $ 193,131 $ - $ - $ 193,131 Unsecured senior debt securities 396,249 - 420,152 - - 420,152 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,393 - 188,081 - - 188,081 Total notes payable $ 789,954 $ - $ 801,364 $ - $ - $ 801,364 Derivatives $ 26,157 $ - $ 26,157 $ - $ - $ 26,157 [1] Refer to Note 21 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level. [2] Refer to Note 13 to the Consolidated Financial Statements for the composition of other short-term borrowings. December 31, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Assets: Cash and due from banks $ 419,638 $ 419,638 $ - $ - $ - $ 419,638 Money market investments 6,380,948 6,371,180 9,768 - - 6,380,948 Trading account debt securities, excluding derivatives [1] 32,783 2,814 29,752 217 - 32,783 Debt securities available-for-sale [1] 18,245,903 7,512,171 10,730,998 2,734 - 18,245,903 Debt securities held-to-maturity: U.S. Treasury securities $ 7,693,418 $ - $ 7,623,824 $ - $ - $ 7,623,824 Obligations of Puerto Rico, States and political subdivisions 51,865 - 6,866 44,711 - 51,577 Collateralized mortgage obligation-federal agency 1,518 - 1,304 - - 1,304 Securities in wholly owned statutory business trusts 5,959 - 5,959 - - 5,959 Total debt securities held-to-maturity $ 7,752,760 $ - $ 7,637,953 $ 44,711 $ - $ 7,682,664 Equity securities: FHLB stock $ 55,786 $ - $ 55,786 $ - $ - $ 55,786 FRB stock 100,304 - 100,304 - - 100,304 Other investments 52,076 - 45,664 6,528 381 52,573 Total equity securities $ 208,166 $ - $ 201,754 $ 6,528 $ 381 $ 208,663 Loans held-for-sale $ 5,423 $ - $ 5,423 $ - $ - $ 5,423 Loans held-in-portfolio 36,361,628 - - 35,652,539 - 35,652,539 Mortgage servicing rights 108,103 - - 108,103 - 108,103 Derivatives 26,023 - 26,023 - - 26,023 December 31, 2024 Carrying Measured (In thousands) amount Level 1 Level 2 Level 3 at NAV Fair value Financial Liabilities: Deposits: Demand deposits $ 55,871,463 $ - $ 55,871,463 $ - $ - $ 55,871,463 Time deposits 9,012,882 - 8,795,803 - - 8,795,803 Total deposits $ 64,884,345 $ - $ 64,667,266 $ - $ - $ 64,667,266 Assets sold under agreements to repurchase $ 54,833 $ - $ 54,845 $ - $ - $ 54,845 Other short-term borrowings [2] 225,000 - 225,000 - - 225,000 Notes payable: FHLB advances $ 302,722 $ - $ 295,023 $ - $ - $ 295,023 Unsecured senior debt securities 395,198 - 415,148 - - 415,148 Junior subordinated deferrable interest debentures (related to trust preferred securities) 198,373 - 189,758 - - 189,758 Total notes payable $ 896,293 $ - $ 899,929 $ - $ - $ 899,929 Derivatives $ 22,832 $ - $ 22,832 $ - $ - $ 22,832 [1] Refer to Note 21 to the Consolidated Financial Statements for the fair value by class of financial asset and its hierarchy level. [2] Refer to Note 13 to the Consolidated Financial Statements for the composition of other short-term borrowings. Refer to Note 18 to the Consolidated Financial Statements for the notional amount of commitments to extend credit, which represents the unused portion of credit facilities granted to customers, and letters of credit, which represent the contractual amount that is required to be paid in the event of nonperformance, at September 30, 2025 and December 31, 2024. The fair value of commitments to extend credit and letters of credit, which are based on the fees charged to enter into those agreements, are not material to Popular’s financial statements.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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