XML 53 R38.htm IDEA: XBRL DOCUMENT v3.25.3
Segment reporting
 9 Months Ended
Sep. 30, 2025
Segment reporting disclosure  
Segment Reporting
Note 28 – 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 September 30, 2025
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
765,204
$
201,327
$
(423)
Interest expense
214,489
96,124
(423)
Net interest income
550,715
105,203
-
Provision for credit losses
73,326
1,833
-
Non-interest income
 
150,619
6,888
-
Personnel costs
170,524
28,451
-
Professional fees
12,764
2,643
-
Technology and
 
software expenses
67,146
9,977
-
Processing and transactional services
37,794
607
-
Amortization of intangibles
240
144
-
Goodwill impairment charge
-
13,000
-
Depreciation expense
10,759
2,439
-
Other operating expenses
[1]
113,649
26,463
-
Total operating
 
expenses
412,876
83,724
-
Income before income tax
215,132
26,534
-
Income tax expense
26,104
8,732
-
Net income
$
189,028
$
17,802
$
-
Segment assets
$
59,771,004
$
14,940,858
$
(50,833)
For the quarter ended September 30, 2025
Reportable
 
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
 
Inc.
Interest income
$
966,108
$
1,373
$
(832)
$
966,649
Interest expense
310,190
10,786
(832)
320,144
Net interest income (expense)
655,918
(9,413)
-
646,505
Provision for credit losses (benefit)
75,159
(34)
-
75,125
Non-interest income
157,507
15,330
(1,642)
171,195
Personnel costs
198,975
34,013
-
232,988
Professional fees
15,407
10,682
(281)
25,808
Technology and
 
software expenses
77,123
9,994
-
87,117
Processing and transactional services
38,401
7
-
38,408
Amortization of intangibles
384
-
-
384
 
Goodwill impairment charge
13,000
-
-
13,000
Depreciation expense
13,198
384
-
13,582
Other operating expenses
[1]
140,112
(54,815)
(1,297)
84,000
Total operating
 
expenses
496,600
265
(1,578)
495,287
Income before income tax
241,666
5,686
(64)
247,288
Income tax expense
34,836
1,120
15
35,971
Net income
$
206,830
$
4,566
$
(79)
$
211,317
Segment assets
$
74,661,029
$
5,772,344
$
(5,367,575)
$
75,065,798
[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 nine months ended September 30, 2025
Intersegment
 
(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
2,245,804
$
583,387
$
(3,145)
Interest expense
634,722
283,048
(3,145)
Net interest income
1,611,082
300,339
-
Provision for credit losses
169,290
18,975
-
Non-interest income
 
433,809
20,452
-
Personnel costs
486,602
81,280
-
Professional fees
38,848
7,832
-
Technology and
 
software expenses
195,523
30,410
-
Processing and transactional services
112,249
1,786
-
Amortization of intangibles
822
544
-
Goodwill impairment charge
-
13,000
-
Depreciation expense
30,797
6,902
-
Other operating expenses
[1]
374,407
80,103
-
Total operating
 
expenses
1,239,248
221,857
-
Income before income tax
636,353
79,959
-
Income tax expense
96,803
24,734
-
Net income
$
539,550
$
55,225
$
-
Segment assets
$
59,771,004
$
14,940,858
$
(50,833)
For the nine months ended September 30, 2025
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
2,826,046
$
4,487
$
(3,014)
$
2,827,519
Interest expense
914,625
32,257
(3,014)
943,868
Net interest income (expense)
1,911,421
(27,770)
-
1,883,651
Provision for credit losses (benefit)
188,265
(118)
-
188,147
Non-interest income
454,261
40,466
(2,994)
491,733
Personnel costs
567,882
107,174
-
675,056
Professional fees
46,680
34,926
(865)
80,741
Technology and
 
software expenses
225,933
29,548
-
255,481
Processing and transactional services
114,035
15
-
114,050
Amortization of intangibles
1,366
-
-
1,366
Goodwill impairment charge
13,000
-
-
13,000
Depreciation expense
37,699
1,202
-
38,901
Other operating expenses
[1]
454,510
(171,398)
(2,647)
280,465
Total operating
 
expenses
1,461,105
1,467
(3,512)
1,459,060
Income before income tax
716,312
11,347
518
728,177
Income tax expense
121,537
7,072
309
128,918
Net income
$
594,775
$
4,275
$
209
$
599,259
Segment assets
$
74,661,029
$
5,772,344
$
(5,367,575)
$
75,065,798
[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 September 30, 2024
Intersegment
 
(In thousands)
BPPR
 
Popular U.S.
Eliminations
Interest income
$
743,936
$
195,102
$
(2,345)
Interest expense
255,928
101,974
(2,345)
Net interest income
488,008
93,128
-
Provision for credit losses (benefit)
77,514
(6,066)
-
Non-interest income
 
149,050
6,789
-
Personnel costs
149,563
26,372
-
Professional fees
14,490
2,821
-
Technology and
 
software expenses
67,778
9,959
-
Processing and transactional services
33,775
542
-
Amortization of intangibles
394
310
-
Depreciation expense
13,023
2,063
-
Other operating expenses
[1]
124,621
22,662
-
Total operating
 
expenses
403,644
64,729
-
Income before income tax
155,900
41,254
-
Income tax expense
30,064
12,472
-
Net income
$
125,836
$
28,782
$
-
Segment assets
$
56,906,693
$
14,306,045
$
(260,464)
For the quarter ended September 30, 2024
Reportable
 
(In thousands)
Segments
Corporate
Eliminations
Total Popular,
 
Inc.
Interest income
936,693
2,098
(1,343)
937,448
Interest expense
355,557
10,761
(1,343)
364,975
Net interest income (expense)
$
581,136
$
(8,663)
$
-
$
572,473
Provision for credit losses (benefit)
71,448
-
-
71,448
Non-interest income
 
155,839
8,876
(633)
164,082
Personnel costs
175,935
25,921
-
201,856
Professional fees
17,311
9,584
(187)
26,708
Technology and
 
software expenses
77,737
10,715
-
88,452
Processing and transactional services
34,317
3
-
34,320
Amortization of intangibles
704
-
-
704
Depreciation expense
15,086
385
-
15,471
Other operating expenses
[1]
147,283
(46,614)
(859)
99,810
Total operating
 
expenses
468,373
(6)
(1,046)
467,321
Income before income tax
197,154
219
413
197,786
Income tax expense (benefit)
42,536
(279)
206
42,463
Net income
$
154,618
$
498
$
207
$
155,323
Segment assets
$
70,952,274
$
5,887,340
$
(5,516,540)
$
71,323,074
[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 nine months ended September 30, 2024
Intersegment
(In thousands)
BPPR
Popular U.S.
 
Eliminations
Interest income
$
2,195,266
$
564,580
$
(8,254)
Interest expense
745,672
300,748
(8,254)
Net interest income
1,449,594
263,832
-
Provision for credit losses
188,576
1,806
-
Non-interest income
 
447,073
19,909
(56)
Personnel costs
448,253
79,578
-
Professional fees
41,426
9,454
(56)
Technology and
 
software expenses
191,218
28,643
-
Processing and transactional services
105,866
1,730
-
Amortization of intangibles
1,302
931
-
Depreciation expense
39,349
6,210
-
Other operating expenses
[1]
383,500
77,902
-
Total operating
 
expenses
1,210,914
204,448
(56)
Income before income tax
497,177
77,487
-
Income tax expense
92,810
23,917
-
Net income
$
404,367
$
53,570
$
-
Segment assets
$
56,906,693
$
14,306,045
$
(260,464)
For the nine months ended September 30, 2024
Reportable
Total
(In thousands)
 
Segments
Corporate
Eliminations
Popular, Inc.
Interest income
$
2,751,592
$
10,287
$
(8,383)
$
2,753,496
Interest expense
1,038,166
32,184
(8,383)
1,061,967
Net interest income (expense)
1,713,426
(21,897)
-
1,691,529
Provision for credit losses (benefit)
190,382
458
-
190,840
Non-interest income
466,926
31,314
(4,034)
494,206
Personnel costs
527,831
86,826
-
614,657
Professional fees
50,824
43,312
(766)
93,370
Technology and
 
software expenses
219,861
27,805
-
247,666
Processing and transactional services
107,596
14
-
107,610
Amortization of intangibles
2,233
-
-
2,233
Depreciation expense
45,559
1,161
-
46,720
Other operating expenses
[1]
461,402
(150,953)
(2,695)
307,754
Total operating
 
expenses
1,415,306
8,165
(3,461)
1,420,010
Income before income tax
574,664
794
(573)
574,885
Income tax expense (benefit)
116,727
21,921
(158)
138,490
Net income
$
457,937
$
(21,127)
$
(415)
$
436,395
Segment assets
$
70,952,274
$
5,887,340
$
(5,516,540)
$
71,323,074
[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 nine months ended September 30, 2025, BPPR participated in loans originated by PB totaling $
29
 
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 $
103
 
million in
 
multifamily loans (December
 
31, 2024
 
- $
104
 
million), $
421
 
million in commercial
real estate loans (December 31, 2024 - $
588
 
million), $
707
 
million in C&I loans (December 31, 2024 - $
685
 
million), and $
54
 
million
in unsecured
 
personal loans
 
(December 31,
 
2024 -
 
$
113
 
million). During
 
the nine
 
months ended
 
September 30,
 
2025, the
 
BPPR
segment generated $
75.6
 
million (September 30,
 
2024 - $
91.2
 
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 $
38.7
 
million in
 
revenues during
 
the nine
 
months ended
 
September 30,
 
2025
(September 30, 2024 - $
32.3
 
million) from its operations in the U.S. and
 
British Virgin Islands.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Geographic Information
Quarter ended
Nine months ended
(In thousands)
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Revenues:
[1]
 
Puerto Rico
 
$
654,274
$
582,953
$
1,900,467
$
1,735,035
 
United States
135,852
133,067
402,342
386,819
 
Other
27,574
20,535
72,575
63,881
Total consolidated
 
revenues
 
$
817,700
$
736,555
$
2,375,384
$
2,185,735
[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)
September 30, 2025
December 31, 2024
Puerto Rico
 
Total assets
$
57,492,551
$
55,888,211
 
Loans
25,362,400
24,154,610
 
Deposits
52,929,118
52,099,309
United States
 
Total assets
$
16,279,331
$
15,890,339
 
Loans
12,815,827
12,431,859
 
Deposits
11,861,212
11,030,879
Other
 
Total assets
$
1,293,916
$
1,266,833
 
Loans
516,714
526,606
 
Deposits
[1]
1,723,074
1,754,157
[1]
Represents deposits from BPPR operations located in the
 
U.S. and British Virgin Islands.