$BPOPM

POPULAR, INC.

CIK:0000763901|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans	$ 714,266,000	$ 684,587,000	$ 1,416,415,000	$ 1,351,260,000
Money market investments	47,021,000	69,532,000	91,261,000	139,698,000
Investment securities	220,352,000	189,753,000	421,179,000	369,912,000
Total interest income	981,639,000	943,872,000	1,928,855,000	1,860,870,000
Interest expense:
Deposits	271,254,000	295,058,000	530,672,000	592,921,000
Short-term borrowings	5,172,000	5,300,000	10,875,000	6,726,000
Long-term debt	11,794,000	11,965,000	23,709,000	24,077,000
Total interest expense	288,220,000	312,323,000	565,256,000	623,724,000
Net interest income	693,419,000	631,549,000	1,363,599,000	1,237,146,000
Provision for credit losses	65,873,000	48,941,000	141,759,000	113,022,000
Net interest income after provision for credit losses	627,546,000	582,608,000	1,221,840,000	1,124,124,000
Non-interest income:
Mortgage banking activities	6,267,000	4,872,000	10,480,000	8,561,000
Net loss, including impairment on debt securities	(595,000)	0	(595,000)	0
Net gain, including impairment on equity securities	2,327,000	1,862,000	3,356,000	1,448,000
Net gain on trading account debt securities	214,000	538,000	475,000	1,058,000
Adjustments to indemnity reserves on loans sold	394,000	120,000	429,000	293,000
Other operating income	24,109,000	21,737,000	42,510,000	36,268,000
Total non-interest income	180,545,000	168,477,000	346,171,000	320,538,000
Operating expenses:
Personnel costs	229,031,000	229,355,000	445,100,000	442,068,000
Net occupancy expenses	27,764,000	29,140,000	55,063,000	56,358,000
Equipment expenses	5,879,000	5,789,000	11,108,000	11,091,000
Other taxes	17,707,000	18,632,000	35,384,000	37,357,000
Professional fees	24,484,000	28,108,000	50,037,000	54,933,000
Technology and software expenses	90,971,000	84,696,000	180,110,000	168,364,000
Processing and transactional services	37,266,000	37,861,000	76,353,000	75,642,000
Communications	4,261,000	5,010,000	8,770,000	9,914,000
Business promotion	27,900,000	26,385,000	50,760,000	50,060,000
Deposit insurance	9,977,000	9,407,000	19,894,000	19,442,000
Other real estate owned (OREO) income	(3,238,000)	(4,124,000)	(7,856,000)	(7,454,000)
Other operating expenses	11,744,000	22,117,000	25,949,000	45,016,000
Amortization of intangibles	384,000	385,000	768,000	982,000
Total operating expenses	484,130,000	492,761,000	951,440,000	963,773,000
Income before income tax	323,961,000	258,324,000	616,571,000	480,889,000
Income tax expense	45,747,000	47,884,000	92,683,000	92,947,000
Net Income	278,214,000	210,440,000	523,888,000	387,942,000
Net Income Applicable to Common Stock	$ 277,861,000	$ 210,087,000	$ 523,182,000	$ 387,236,000
Net Income per Common Share - Basic (in dollars per share)	$ 4.35	$ 3.09	$ 8.13	$ 5.64
Net Income per Common Share - Diluted (in dollars per share)	$ 4.35	$ 3.09	$ 8.13	$ 5.64
Service charges on deposit accounts
Non-interest income:
Service charges on deposit accounts	$ 39,037,000	$ 38,826,000	$ 77,803,000	$ 77,880,000
Other service fees
Non-interest income:
Service charges on deposit accounts	$ 108,792,000	$ 100,522,000	$ 211,713,000	$ 195,030,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 523,888,000	$ 387,942,000
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	141,759,000	113,022,000
Amortization of intangibles	768,000	982,000
Depreciation and amortization of premises and equipment	27,946,000	25,319,000
Net accretion of discounts and amortization of premiums and deferred fees	(129,129,000)	(136,208,000)
Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives	(2,746,000)	(2,822,000)
Share-based compensation	22,803,000	21,930,000
Net loss, including impairment on debt securities	595,000	0
Fair value adjustments on mortgage servicing rights	2,871,000	5,523,000
Adjustments to indemnity reserves on loans sold	(429,000)	(293,000)
Earnings from investments under the equity method, net of dividends or distributions	(10,099,000)	152,000
Deferred income tax expense	17,643,000	20,832,000
Gain on:
Disposition of premises and equipment and other productive assets	(171,000)	(91,000)
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities	(477,000)	(156,000)
Sale of equity method investment	0	(1,226,000)
Sale of foreclosed assets, including write-downs	(6,210,000)	(5,076,000)
Acquisitions of loans held-for-sale	(6,603,000)	(2,332,000)
Proceeds from sale of loans held-for-sale	23,081,000	15,584,000
Net originations on loans held-for-sale	(23,540,000)	(12,137,000)
Net decrease (increase) in:
Trading debt securities	26,802,000	10,040,000
Equity securities	(5,696,000)	(1,411,000)
Accrued income receivable	(6,496,000)	(11,419,000)
Other assets	(5,018,000)	(19,371,000)
Net increase (decrease) in:
Interest payable	4,240,000	2,584,000
Pension and other postretirement benefits obligation	589,000	2,191,000
Other liabilities	(57,608,000)	1,434,000
Total adjustments	14,875,000	27,051,000
Net cash provided by operating activities	538,763,000	414,993,000
Cash flows from investing activities:
Net decrease in money market investments	70,764,000	40,765,000
Purchases of investment securities:
Available-for-sale	(22,651,691,000)	(18,905,199,000)
Equity	(29,545,000)	(25,811,000)
Proceeds from calls, paydowns, maturities and redemptions of investment securities:
Available-for-sale	17,883,623,000	17,145,332,000
Held-to-maturity	1,209,735,000	303,212,000
Proceeds from sale of investment securities:
Equity	28,415,000	14,497,000
Net disbursements on loans	(585,608,000)	(912,037,000)
Proceeds from sale of loans	184,640,000	40,983,000
Acquisition of loan portfolios	(294,609,000)	(319,297,000)
Return of capital from equity method investments	1,000	0
Net proceeds from sale of equity method investment	0	1,226,000
Payments to acquire equity method investments	(1,379,000)	0
Acquisition of premises and equipment and other productive assets	(93,787,000)	(96,200,000)
Proceeds from sale of:
Premises and equipment and other productive assets	756,000	344,000
Foreclosed assets	35,517,000	47,590,000
Net cash used in investing activities	(4,243,168,000)	(2,664,595,000)
Net increase in:
Deposits	4,043,188,000	2,334,656,000
Assets sold under agreements to repurchase	38,520,000	1,210,000
Other short-term borrowings	25,000,000	325,000,000
Payments of notes payable	(50,000,000)	(88,522,000)
Principal payments of finance leases	(2,800,000)	(1,829,000)
Proceeds from issuances of common stock	3,627,000	3,530,000
Dividends paid	(98,967,000)	(98,661,000)
Net payments for repurchase of common stock	(283,100,000)	(236,203,000)
Payments related to tax withholding for share-based compensation	(9,058,000)	(7,983,000)
Net cash provided by financing activities	3,666,410,000	2,231,198,000
Net decrease in cash and due from banks, and restricted cash	(37,995,000)	(18,404,000)
Cash and due from banks, and restricted cash at beginning of period	412,989,000	429,406,000
Cash and due from banks, and restricted cash at the end of the period	$ 374,994,000	$ 411,002,000

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and due from banks	$ 365,013	$ 402,755
Money market investments:
Time deposits with other banks	4,555,489	4,626,506
Total money market investments	4,555,489	4,626,506
Trading account debt securities, at fair value	31,170	36,569
Debt securities available-for-sale, at fair value:
Pledged securities with creditors’ right to repledge	79,454	30,687
Other debt securities available-for-sale	24,713,380	20,544,285
Debt securities available-for-sale	24,792,834	20,574,972
Debt securities held-to-maturity, at amortized cost:
Pledged securities with creditors’ right to repledge	0	9,298
Other debt securities held-to-maturity	6,204,020	7,318,231
Debt securities held-to-maturity (fair value 2026 - $6,176,976; 2025 - $7,363,587)	6,204,020	7,327,529
Less -Allowance for credit losses	6,230	5,812
Debt securities held-to-maturity, net	6,197,790	7,321,717
Equity securities (realizable value 2026 - $236,711; 2025 - $230,388)	236,674	229,848
Loans held-for-sale, at fair value	88,579	9,998
Loans held-in-portfolio	40,156,582	39,749,142
Less - Unearned income	406,720	421,624
Allowance for credit losses	784,832	808,056
Total loans held-in-portfolio, net	38,965,030	38,519,462
Premises and equipment, net	731,945	685,820
Other real estate	49,557	42,433
Accrued income receivable	307,251	300,824
Mortgage servicing assets, at fair value	94,485	96,356
Other assets	1,762,221	1,705,977
Goodwill	789,954	789,954
Other intangible assets	4,308	5,076
Total assets	78,972,300	75,348,267
Deposits:
Non-interest bearing	15,096,293	15,304,209
Interest bearing	55,136,822	50,885,884
Total deposits	70,233,115	66,190,093
Assets sold under agreements to repurchase	77,521	39,001
Other short-term borrowings	675,000	650,000
Notes payable	710,310	759,577
Other liabilities	843,349	1,460,517
Total liabilities	72,539,295	69,099,188
Commitments and contingencies (Refer to Note 16)
Stockholders’ equity:
Preferred stock, 30,000,000 shares authorized; 885,726 shares issued and outstanding (2025 - 885,726)	22,143	22,143
Common stock, $0.01 par value; 170,000,000 shares authorized; 104,950,834 shares issued (2025 - 104,921,229) and 63,866,681 shares outstanding (2025 - 65,719,385)	1,050	1,049
Surplus	4,937,091	4,924,296
Retained earnings	5,632,866	5,206,497
Treasury stock - at cost, 41,084,153 shares (2025-39,201,844)	(3,000,759)	(2,722,819)
Accumulated other comprehensive loss, net of tax	(1,159,386)	(1,182,087)
Total stockholders’ equity	6,433,005	6,249,079
Total liabilities and stockholders’ equity	$ 78,972,300	$ 75,348,267