# POPULAR, INC. (BPOP)

Informational only - not investment advice.

CIK: 0000763901
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-03-02
SEC page: https://www.sec.gov/edgar/browse/?CIK=763901
Filing source: https://www.sec.gov/Archives/edgar/data/763901/000119312526085756/d17859d10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-02 · accession 0001193125-26-085756 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000763901.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,783,009,000 USD | 2025 | verified |
| Net income | 833,159,000 USD | 2025 | verified |
| Assets | 75,348,267,000 USD | 2025 | verified |
| Free cash flow | 680,987,000 USD | 2025 | computed |
| Net margin | 22.02% | 2025 | computed |
| Revenue YoY | +2.99% | 2025 | computed |
| ROE | 13.33% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | BPOP | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 22.0% | 21.9% | 51 | 149 |
| Revenue growth | 3.0% | 6.0% | 37 | 148 |
| FCF margin | 18.0% | 23.8% | 24 | 133 |
| ROE | 13.3% | 9.6% | 88 | 149 |
| ROA | 1.1% | 1.1% | 53 | 149 |
| Liabilities / equity | 11.06 | 8.04 | 90 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 3783009000 | USD | 2025 | 2026-03-02 |
| Net income | 833159000 | USD | 2025 | 2026-03-02 |
| Assets | 75348267000 | USD | 2025 | 2026-03-02 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000763901.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2008 | 2009 | 2010 | 2011 | 2012 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  | 1,634,573,000 | 1,725,944,000 | 2,021,848,000 | 2,260,793,000 | 2,091,551,000 | 2,122,637,000 | 2,465,911,000 | 3,245,307,000 | 3,673,263,000 | 3,783,009,000 |
| Net income |  |  |  |  |  | 216,691,000 | 107,681,000 | 618,158,000 | 671,135,000 | 506,622,000 | 934,889,000 | 1,102,641,000 | 541,342,000 | 614,212,000 | 833,159,000 |
| Diluted EPS |  |  |  |  |  | 2.06 | 1.02 | 6.06 | 6.88 | 5.87 | 11.46 | 14.63 | 7.52 | 8.56 | 12.30 |
| Operating cash flow |  |  |  |  |  | 596,573,000 | 636,484,000 | 847,503,000 | 705,367,000 | 678,772,000 | 1,005,158,000 | 1,014,538,000 | 686,612,000 | 674,722,000 | 878,447,000 |
| Capital expenditures |  |  |  |  |  | 100,320,000 | 62,697,000 | 80,549,000 | 75,665,000 | 60,073,000 | 72,781,000 | 103,789,000 | 208,044,000 | 213,412,000 | 197,460,000 |
| Dividends paid |  |  |  |  |  | 65,932,000 | 95,910,000 | 105,441,000 | 115,810,000 | 133,645,000 | 141,466,000 | 161,516,000 | 159,860,000 | 180,461,000 | 197,568,000 |
| Share buybacks | 361,000 | 17,000 | 559,000 | 483,000 | 450,000 |  |  |  |  |  |  |  |  | 217,300,000 |  |
| Assets |  |  |  |  |  | 38,661,609,000 | 44,277,337,000 | 47,604,577,000 | 52,115,324,000 | 65,926,000,000 | 75,097,899,000 | 67,637,917,000 | 70,758,155,000 | 73,045,383,000 | 75,348,267,000 |
| Liabilities |  |  |  |  |  | 33,463,652,000 | 39,173,432,000 | 42,169,520,000 | 46,098,545,000 | 59,897,313,000 | 69,128,502,000 | 63,544,492,000 | 65,611,202,000 | 67,432,317,000 | 69,099,188,000 |
| Stockholders' equity |  |  |  |  |  | 5,197,957,000 | 5,103,905,000 | 5,435,057,000 | 6,016,779,000 | 6,028,687,000 | 5,969,397,000 | 4,093,425,000 | 5,146,953,000 | 5,613,066,000 | 6,249,079,000 |
| Free cash flow |  |  |  |  |  | 496,253,000 | 573,787,000 | 766,954,000 | 629,702,000 | 618,699,000 | 932,377,000 | 910,749,000 | 478,568,000 | 461,310,000 | 680,987,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2008 | 2009 | 2010 | 2011 | 2012 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  | 13.26% | 6.24% | 30.57% | 29.69% | 24.22% | 44.04% | 44.72% | 16.68% | 16.72% | 22.02% |
| Return on equity |  |  |  |  |  | 4.17% | 2.11% | 11.37% | 11.15% | 8.40% | 15.66% | 26.94% | 10.52% | 10.94% | 13.33% |
| Return on assets |  |  |  |  |  | 0.56% | 0.24% | 1.30% | 1.29% | 0.77% | 1.24% | 1.63% | 0.77% | 0.84% | 1.11% |
| Liabilities / equity |  |  |  |  |  | 6.44 | 7.68 | 7.76 | 7.66 | 9.94 | 11.58 | 15.52 | 12.75 | 12.01 | 11.06 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/BPOP/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000763901.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 5.70 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 2.22 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 2.10 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 844,786,000 | 136,609,000 | 1.90 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 867,492,000 | 94,594,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 894,141,000 | 103,283,000 | 1.43 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 921,907,000 | 177,789,000 | 2.46 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 937,448,000 | 155,323,000 | 2.16 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 919,767,000 | 177,817,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 916,998,000 | 177,502,000 | 2.56 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 943,872,000 | 210,440,000 | 3.09 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 966,649,000 | 211,317,000 | 3.14 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 955,490,000 | 233,900,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 947,216,000 | 245,674,000 | 3.78 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 981,639,000 | 278,214,000 | 4.35 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from BPOP's latest 10-K: [/company/BPOP/business/](/company/BPOP/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from BPOP's latest 10-K: [/company/BPOP/risk-factors/](/company/BPOP/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/763901/000076390126000019/bpop-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report includes management’s discussion and analysis (“MD&A”) of the consolidated financial position and financial performance of

Popular, Inc. (the “Corporation" or “Popular"). All accompanying tables, financial statements and notes included elsewhere in this report

should be considered an integral part of this analysis.

The Corporation is a diversified, publicly owned financial holding company subject to the supervision and regulation of the Board of

Governors of the Federal Reserve System. The Corporation has operations in Puerto Rico, the United States (“U.S.") mainland and the U.S.

and British Virgin Islands. In Puerto Rico, the Corporation provides retail, mortgage, commercial banking services and auto and equipment

leasing and financing through its principal banking subsidiary, Banco Popular de Puerto Rico (“BPPR"), as well as broker-dealer and

insurance services through specialized subsidiaries. In the U.S. mainland, the Corporation provides retail, mortgage and commercial

banking services, as well as equipment leasing and financing, through its New York-chartered banking subsidiary, Popular Bank (“PB" or

“Popular U.S."), which has branches located in New York, New Jersey and Florida. Note 26 to the Consolidated Financial Statements

presents information about the Corporation’s business segments.

As a financial services company, the Corporation’s earnings are significantly affected by general business and economic conditions in the

markets which we serve. Lending and deposit activities and fee income generation are influenced by the level of business spending and

investment, consumer income, spending and savings, capital market activities, competition, customer preferences, interest rate conditions

and prevailing market rates on competing products.

The Corporation operates in a highly regulated environment and may be adversely affected by changes in federal and local laws and

regulations. Also, competition with other financial institutions, as well as with non-traditional financial service providers and technology

companies that provide electronic and internet-based financial solutions and services, could adversely affect its profitability.

The Corporation continuously monitors general business and economic conditions, industry-related indicators and trends, competition,

interest rate volatility, credit quality indicators, loan and deposit demand, operational and systems efficiencies, revenue enhancements and

changes in the regulation of financial services companies.

The description of the Corporation’s business contained in Item 1 of the 2025 Form 10-K, while not all inclusive, discusses additional

information about the business of the Corporation. Readers should also refer to “Part I - Item 1A" of the 2025 Form 10-K and “Part II - Item

1A" of this Form 10-Q for a discussion of certain risks and uncertainties to which the Corporation is subject, many beyond the Corporation’s

control that, in addition to the other information in this Form 10-Q, readers should consider.

The Corporation’s common stock is traded on the NASDAQ Global Select Market under the symbol BPOP.

SIGNIFICANT EVENTS

Capital Actions

On July 23, 2026, the Corporation announced the following capital actions:

•an increase in the Corporation’s quarterly common stock dividend from $0.75 to $0.90 per share, commencing with the dividend

payable in the fourth quarter of 2026, subject to the approval of the Corporation’s Board of Directors; and

•a new common stock repurchase authorization of up to $1 billion.

The Corporation’s planned common stock repurchases may be executed in open market transactions, privately negotiated transactions,

block trades or any other manner determined by the Corporation. The Corporation has repurchased approximately $280 million in common

stock to date in 2026 and, as of June 30, 2026, had fully utilized the $500 million common stock repurchase authorization approved in 2025.

The timing, quantity and price of the Corporation's common stock repurchases will be subject to various factors, including market conditions,

the Corporation’s capital position, liquidity and financial performance, the capital impact of strategic initiatives and tax and regulatory

considerations, including regulatory approvals for subsidiary dividends. The common stock repurchase authorization does not require the

Corporation to acquire a specific dollar amount or number of shares and may be modified, suspended or terminated at any time without prior

notice.

93

Table of Content

OVERVIEW

Financial highlights for the quarter ended June 30, 2026

The Corporation’s net income for the quarter ended June 30, 2026 amounted to $278.2 million, an increase of $67.8 million when compared

to net income of $210.4 million for the quarter ended June 30, 2025. Higher net income was mainly driven by higher net interest income,

higher non-interest income, and lower operating expenses partially offset by an increase in the provision for credit losses.

Financial highlights for the quarter ended June 30, 2026 include:

•Net interest income amounted to $693.4 million, an increase of $61.9 million when compared to the quarter ended June 30, 2025

driven by higher investments in U.S. Treasury securities at higher yields, loan growth and lower cost of deposits, mainly P.R.

public deposits, partially offset by lower money market investments. Net interest income on a taxable equivalent basis for the

second quarter of 2026 was $788.8 million, an increase of $91.6 million when compared to the same quarter for 2025. Net interest

margin expanded by 17 basis points to 3.66% when compared to the same period in 2025. On a taxable equivalent basis, net

interest margin expanded by 32 basis points to 4.17% when compared to the same period in 2025.

•The provision for credit losses amounted to $65.5 million for the quarter ended June 30, 2026, an increase of $17.1 million when

compared to the quarter ended June 30, 2025, driven by higher specific reserves in the BPPR commercial loan portfolio

associated with the unreserved portion of a $155 million nonperforming loan held-in-portfolio ("NPL") transferred to loans held-for-

sale ("LHFS") with a resulting $71 million charge-off and specific reserves related to two commercial and industrial relationships

totaling $129 million that were classified as NPLs during the quarter, partially offset by lower provisions for certain consumer loan

portfolios attributable to improved credit metrics, improved macroeconomic assumptions, net recoveries in the mortgage portfolio

and lower volumes in the auto loan portfolio. Provision for credit losses decreased at PB primarily due to the higher qualitative

reserves established during the second quarter of 2025, compared to 2026, to maintain adequate ACL coverage as well as an

overall  improvement in credit quality.

•Non-interest income amounted to $180.5 million, an increase of $12.1 million when compared to the quarter ended June 30,

2025, mainly driven by higher credit and debit card fee income driven by higher activity and purchase volumes including those of

commercial credit cards that benefited from the recent launch of new corporate-focused products.

•Operating expenses amounted to $484.1 million for the quarter, reflecting a decrease of $8.6 million when compared to the

quarter ended June 30, 2025. The decrease was mainly driven by lower operational loss reserves and lower professional services

expense, partially offset by higher technology and software expenses as a result of our continued investment in technology and

higher business promotion expenses.

•Income tax expense of $45.7 million with an effective tax rate (“ETR”) of 14.1% during the quarter ended June 30, 2026,

compared to an income tax expense of $47.9 million with an ETR of 18.5% for the quarter ended June 30, 2025 due to higher

exempt income and other tax benefits, including the vesting of stock awards, the purchase of tax credits, and income subject to

preferential tax rates.

•At June 30, 2026, the Corporation’s total assets amounted to $79.0 billion, compared to $75.3 billion at December 31, 2025. The

increase of $3.7 billion was primarily due to an increase in the available-for-sale (“AFS”) securities portfolio, driven by

reinvestment in U.S. Treasury securities, and higher loans held-in-portfolio partially offset by a decrease in held-to-maturity

(“HTM”) investment securities driven by maturities and principal paydowns.

•Deposits amounted to $70.2 billion at June 30, 2026, an increase of $4.0 billion from December 31, 2025, primarily driven by

growth at BPPR, mainly in P.R. public deposits and commercial deposits.

•Stockholders’ equity amounted to $6.4 billion at June 30, 2026, compared to $6.2 billion at December 31, 2025. The Corporation

and its banking subsidiaries continue to be well capitalized. As of June 30, 2026, the Corporation’s tangible book value per

common share was $87.94, an increase of $5.29 from December 31, 2025. The Common Equity Tier 1 Capital Ratio at June 30,

2026 was 16.08%, compared to 15.72% at December 31, 2025.

Refer to Table 1 for selected financial data for the quarters and for the six months ended June 30, 2026 and June 30, 2025.

94

Table of Content

Table 1 - Financial Highlights

[[GREPCENT_TABLE]]
[["Financial Condition Highlights"],["","Ending balances at","Average for the six months ended"],["(In thousands)","June 30, 2026","December 31, 2025","Variance","June 30, 2026","June 30, 2025","Variance"],["Money market investments","$4,555,489","$4,626,506","$(71,017)","$4,973,483","$6,314,487","$(1,341,004)"],["Investment securities","31,264,698","28,168,918","3,095,780","30,486,350","28,642,361","1,843,989"],["Loans[1]","39,838,441","39,337,516","500,925","39,423,927","37,310,383","2,113,544"],["Earning assets[2]","75,658,628","72,132,940","3,525,688","74,883,761","72,267,231","2,616,530"],["Total assets","78,972,300","75,348,267","3,624,033","76,933,119","75,391,749","1,541,370"],["Deposits","70,233,115","66,190,093","4,043,022","68,343,999","66,112,327","2,231,672"],["Borrowings","1,462,831","1,448,578","14,253","1,294,179","1,120,666","173,513"],["Total liabilities","72,539,295","69,099,188","3,440,107","70,610,924","68,224,476","2,386,448"],["Stockholders\u2019 equity[3]","6,433,005","6,249,079","183,926","6,322,196","7,167,273","(845,077)"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["Operating Highlights","Quarters ended June 30,","Six months ended June 30,"],["(In thousands, except per share information)","2026","2025","Variance","2026","2025","Variance"],["Net interest income","$693,419","$631,549","$61,870","$1,363,599","$1,237,146","$126,453"],["Provision for credit losses","65,873","48,941","16,932","141,759","113,022","28,737"],["Non-interest income","180,545","168,477","12,068","346,171","320,538","25,633"],["Operating expenses","484,130","492,761","(8,631)","951,440","963,773","(12,333)"],["Income before income tax","323,961","258,324","65,637","616,571","480,889","135,682"],["Income tax expense","45,747","47,884","(2,137)","92,683","92,947","(264)"],["Net income","$278,214","$210,440","$67,774","$523,888","$387,942","$135,946"],["Net income applicable to common stock","$277,861","$210,087","$67,774","$523,182","$387,236","$135,946"],["Net income per common share - basic","$4.35","$3.09","$1.26","$8.13","$5.64","$2.49"],["Net income per common share - diluted","$4.35","$3.09","$1.26","$8.13","$5.64","$2.49"],["Dividends declared per common share","$0.75","$0.70","$0.05","$1.50","$1.40","$0.10"]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/763901/000119312526085756/d17859d10k.htm
Complete FY 2025 MD&A: /company/BPOP/mda/fy2025/

Extracted from a later financial-section MD&A body after the formal Item 7 span was a short reference.
Confidence: high
Filing date: 2026-03-02
Report date: 2025-12-31

Management’s
 
Discussion
 
and
 
Analysis
 
included
 
in this
 
Form
 
10-K
 
for
 
information
 
on
 
recent

significant
 
events that have
 
impacted or
 
will impact
 
our current and
 
future operations.

Human Capital Management

Popular seeks
 
to embody our
 
values and
 
behaviors throughout
 
our human capital
 
management practices.
 
Attracting,
 
developing,

and retaining
 
top talent
 
in an
 
environment
 
that promotes
 
wellness, inclusion,
 
respect, continuous
 
learning,
 
and transparency
 
are

fundamental
 
pillars of
 
the Corporation’s
 
long-term strategy.
 
As of December
 
31, 2025, Popular
 
employed 9,427
 
individuals,
 
none

of whom were
 
represented
 
by a collective
 
bargaining group.

Nurturing Well
 
-Being: Employee
 
Health & Financial
 
Security

Popular
 
believes
 
that the
 
health and
 
financial
 
wellness
 
of our
 
employees
 
is fundamental
 
to delivering
 
high-quality
 
service
 
to our

customers
 
and
 
contributing
 
positively
 
to
 
the
 
communities
 
in
 
which
 
we
 
operate.
 
Accordingly,
 
the
 
Corporation
 
offers
 
a

comprehensive
 
health and
 
wellness program
 
that includes
 
medical, pharmacy,
 
vision, and
 
dental insurance,
 
as well as additional

wellness initiatives.

Our programs
 
are designed
 
to ensure that
 
healthcare is
 
both accessible
 
and affordable
 
for our employees,
 
with Popular covering

up to 78%
 
of health
 
insurance premiums,
 
a figure that
 
surpasses regional
 
benchmarks.
 
In 2025,
 
we strengthened
 
our health
 
and

wellness
 
offerings
 
by opening
 
a state-of-the-art
 
fitness center
 
in our San
 
Juan, Puerto
 
Rico campus,
 
to encourage
 
an active
 
and

balanced
 
lifestyle.
 
As of
 
December
 
2025,
 
the fitness
 
center
 
had
 
a total
 
of 2,030
 
members,
 
including
 
active
 
employees,
 
eligible

family members
 
and retirees.

Additionally,
 
the
 
Corporation
 
promotes
 
employee
 
health
 
and
 
well-being
 
by
 
encouraging
 
annual
 
physical
 
examinations
 
and

operating
 
a comprehensive
 
health and
 
wellness center
 
at its Puerto
 
Rico corporate
 
offices, staffed
 
with healthcare
 
providers and

enhanced
 
by
 
the
 
addition
 
of
 
an
 
on-site
 
psychologist
 
to
 
provide
 
mental
 
health
 
support.
 
The
 
center
 
received
 
over
 
15,000
 
visits

from employees
 
during 2025.

Popular
 
also seeks
 
to foster
 
work-life
 
balance
 
by offering
 
paid time
 
off
 
benefits
 
to our
 
employees,
 
including
 
community
 
service

leave,
 
paid
 
parental
 
leave,
 
and
 
flexible
 
work
 
arrangements.
 
Our
 
hybrid
 
work
 
model,
 
available
 
to
 
approximately
 
half
 
of
 
our

workforce,
 
is
 
designed
 
to
 
strike
 
an
 
appropriate
 
balance
 
between
 
employee
 
flexibility
 
and
 
business
 
needs,
 
reinforcing
 
our

commitment
 
to
 
a flexible
 
and
 
productive
 
work
 
environment.
 
In
 
addition,
 
we regularly
 
offer
 
activities
 
and
 
workshops
 
focused
 
on

physical fitness
 
and personal financial
 
management.

Popular
 
further
 
offers
 
a 401(k)
 
savings
 
and
 
investment
 
plan,
 
in
 
which
 
98%
 
of
 
employees
 
participate.
 
Under
 
the
 
plan,
 
Popular

11

matches
 
$0.50 for
 
every
 
dollar
 
contributed
 
by an
 
employee,
 
up to
 
8% of
 
the employee’s
 
salary.
 
Moreover,
 
Popular
 
maintains
 
a

profit-sharing
 
plan, contingent
 
upon the
 
achievement
 
of pre-established
 
financial
 
goals, to
 
further
 
align employee
 
compensation

with
 
the
 
Corporation’s
 
overall
 
performance.
 
Under
 
the
 
profit-sharing
 
plan,
 
employees
 
may
 
receive
 
up
 
to
 
8%
 
of
 
their
 
eligible

compensation
 
(capped
 
at $70,000),
 
with the
 
first
 
4% paid
 
in cash
 
and any
 
amount
 
above that
 
threshold
 
paid to
 
the employee’s

savings
 
and
 
investment
 
plan
 
account.
 
Additionally,
 
Popular
 
regularly
 
reviews
 
employees’
 
base
 
compensation
 
to
 
remain

competitive
 
with market salaries
 
for comparable
 
positions.

Empowering Growth:
 
Our Commitment
 
to Talent
 
Developmen

t

We
 
are committed
 
to fostering
 
the continuous
 
development
 
and upskilling
 
of our
 
employees
 
and
 
believe
 
this
 
is fundamental
 
to

maintaining
 
our competitive
 
advantage.
 
Towards
 
that end,
 
Popular
 
offers
 
development
 
opportunities
 
designed
 
to strengthen
 
our

employees’
 
knowledge,
 
capabilities
 
and
 
skills,
 
supporting
 
their
 
personal
 
growth
 
while
 
enhancing
 
Popular’s
 
business
 
strategies

and organizational
 
effectiveness.

Our 40,000
 
square foot
 
development
 
center in
 
San Juan,
 
Puerto Rico,
 
and our satellite
 
facilities
 
in New York,
 
South Florida,
 
and

the
 
Virgin
 
Islands,
 
offer
 
year-round
 
training
 
sessions,
 
activities
 
and
 
workshops.
 
In
 
2025,
 
there
 
were
 
approximately
 
6,700

registered
 
participations
 
in corporate
 
academy
 
voluntary
 
courses,
 
new
 
employee
 
orientations,
 
health
 
coordinator
 
certifications,

and
 
manager
 
onboarding
 
programs—an
 
increase
 
of
 
approximately
 
2,500
 
compared
 
to
 
the
 
participation
 
levels
 
in
 
2024.
 
These

courses
 
offer
 
instructor-led
 
training
 
experiences
 
for
 
employees
 
to
 
develop
 
and
 
apply
 
critical
 
core
 
and
 
technical
 
skills.
 
Our

commitment
 
to
 
continuous
 
learning
 
is
 
further
 
supported
 
through
 
employee
 
access
 
to
 
LinkedIn
 
Learning,
 
which
 
provides
 
an

extensive
 
library
 
of
 
over
 
16,000
 
e-learning
 
courses,
 
enabling
 
employees
 
to
 
pursue
 
self-directed
 
learning
 
aligned
 
with
 
both

professional
 
development goals
 
and business
 
needs.

Our
 
focus
 
on
 
training
 
and
 
development
 
has
 
provided
 
internal
 
growth
 
opportunities
 
for
 
our
 
workforce.
 
As
 
a
 
result,
 
the

Corporation’s
 
internal
 
mobility
 
rate in
 
2025 was
 
47%, reflecting
 
employees
 
who applied
 
for or
 
were selected
 
for open
 
positions,

received
 
promotions,
 
or made
 
lateral
 
moves
 
within
 
the
 
organization.
 
Additionally,
 
we continued
 
strengthening
 
key skills
 
across

accelerated
 
development
 
programs
 
focused
 
on
 
data
 
science,
 
agile
 
methodologies,
 
analytics,
 
process
 
efficiency,
 
and
 
product

management.
 
During
 
2025,
 
approximately
 
400
 
employees
 
participated
 
in these
 
programs,
 
further
 
enhancing
 
the
 
organization’s

talent.

During
 
2025,
 
Popular
 
successfully
 
implemented
 
the Executive
 
Development
 
Program,
 
engaging
 
over
 
80 executive
 
leaders
 
in a

comprehensive
 
initiative
 
focused
 
on strengthening
 
key
 
behaviors,
 
including
 
agility,
 
accountability,
 
collaboration,
 
and leadership

mindset,
 
aligned
 
with
 
our
 
company
 
values.
 
In
 
addition,
 
we
 
introduced
 
the
 
Middle
 
Management
 
Development
 
Program,
 
a two-

year
 
development
 
journey
 
for
 
over
 
1,700
 
leaders
 
designed
 
to
 
reinforce
 
alignment
 
with
 
the
 
Corporation’s
 
values
 
and
 
expected

behaviors
 
while
 
fostering
 
sustainable
 
organizational
 
transformation.
 
Furthermore,
 
we provided
 
our
 
leaders
 
with
 
advanced
 
tools

to support more
 
effective and
 
impactful performance
 
discussions.

Our
 
organizational
 
effectiveness
 
strategy
 
was
 
crucial
 
in
 
advancing
 
organizational
 
development
 
through
 
targeted
 
initiatives,

including
 
assessments,
 
team
 
integration
 
activities,
 
new
 
manager
 
integration
 
facilitations,
 
and
 
team
 
alignment
 
sessions.
 
These

efforts
 
are
 
designed
 
to
 
foster
 
a
 
cohesive,
 
agile,
 
and
 
adaptable
 
workforce
 
capable
 
of
 
supporting
 
the
 
Corporation’s
 
evolving

business objectives.

Enhancing Leadership
 
Continuity through
 
Strategic Succession
 
Planning

Popular’s
 
business
 
strategy
 
integrates
 
succession
 
planning
 
to
 
ensure
 
effective
 
and
 
orderly
 
leadership
 
transitions.
 
Succession

plans
 
for senior
 
management
 
are
 
developed
 
by the
 
Chief
 
Executive
 
Officer
 
and
 
presented
 
to the
 
Board
 
of Directors.
 
Popular’s

succession
 
planning
 
also
 
leverages
 
our
 
Executive
 
Talent
 
Management
 
Program
 
to
 
identify
 
high-potential
 
and
 
high-performing

managers,
 
providing
 
them
 
with
 
targeted
 
learning
 
opportunities
 
to
 
enhance
 
their
 
skills
 
and
 
prepare
 
them
 
for
 
future
 
senior

management positions.

Employee Experience

Popular
 
is
 
committed
 
to
 
providing
 
an
 
exceptional
 
employee
 
experience
 
that
 
inspires
 
our
 
employees
 
to
 
deliver
 
outstanding

service
 
to
 
our
 
customers
 
and
 
communities.
 
We
 
recognize
 
the
 
evolving
 
nature
 
of
 
our
 
employees’
 
needs
 
and
 
expectations
 
and

have
 
a
 
robust
 
approach
 
to
 
measuring
 
and
 
understanding
 
their
 
journey.
 
Our
 
employee
 
engagement
 
and
 
experience
 
survey

program
 
includes
 
biannual
 
pulse surveys,
 
an annual
 
enterprise-wide
 
survey,
 
and additional
 
surveys
 
that assess
 
the end
 
-to-end

employee
 
journey.
 
We believe
 
that these
 
insights
 
contributed
 
to our
 
ability
 
to maintain
 
a stable
 
employee
 
turnover
 
rate of
 
8.5%

as
 
of
 
the
 
end
 
of
 
2025.
 
Furthermore,
 
our
 
employee-experience
 
efforts
 
are
 
reflected
 
in
 
record
 
participation
 
rate
 
of
 
77%
 
and
 
a

sustained
 
employee-loyalty
 
score of
 
81%, positioning
 
us above
 
the 50th
 
percentile
 
of the Qualtrics
 
global benchmark
 
and above

the financial
 
services industry
 
average benchmark.

12

Board Oversight
 
in Human Capital

The
 
Talent
 
and
 
Compensation
 
Committee
 
of
 
the
 
Corporation’s
 
Board
 
of
 
Directors
 
has
 
oversight
 
responsibility
 
for
 
the

Corporation’s
 
human
 
capital
 
management
 
practices.
 
As
 
part
 
of
 
its
 
responsibilities,
 
the
 
Talent
 
and
 
Compensation
 
Committee

reviews
 
and
 
advises
 
management
 
on
 
the
 
Corporation’s
 
overall
 
compensation
 
philosophy,
 
programs
 
and
 
policies,
 
and
 
on
 
the

Corporation’s
 
talent
 
acquisition
 
and
 
development,
 
workforce
 
engagement,
 
succession
 
planning,
 
and
 
corporate
 
culture,
 
among

other human capital
 
matters.

We
 
encourage
 
you
 
to
 
review
 
our Corporate
 
Sustainability
 
Report
 
published
 
on www.popular.com
 
for more
 
detailed
 
information

regarding
 
the Corporation’s
 
human capital
 
management
 
programs
 
and initiatives.
 
The information
 
on the
 
Corporation’s
 
website,

including
 
the
 
Corporation’s
 
Corporate
 
Sustainability
 
Report,
 
is
 
not,
 
and
 
will
 
not
 
be
 
deemed
 
to
 
be,
 
a
 
part
 
of
 
this
 
Form
 
10-K
 
or

incorporated
 
into any of the
 
Corporation’s
 
filings with
 
the SEC.

Regulation and Supervision

Described below are the material elements of selected laws and regulations applicable to Popular, Popular North America

(“PNA”)
 
and
 
their
 
respective
 
subsidiaries.
 
Such
 
laws
 
and
 
regulations
 
are
 
continually
 
under
 
review
 
by
 
Congress
 
and
 
state

legislatures
 
and
 
federal
 
and
 
state
 
regulatory
 
agencies.
 
Any
 
change
 
in
 
the
 
laws
 
and
 
regulations
 
applicable
 
to
 
Popular
 
and
 
its

subsidiaries could have a material effect on the
 
business of Popular and its subsidiaries. We will continue to
 
assess our businesses

and risk management and compliance practices
 
to conform to developments in the regulatory
 
environment.

General

Popular and PNA are bank holding companies subject to consolidated supervision and
 
regulation by the Federal Reserve

Board under
 
the Bank
 
Holding Company Act
 
of 1956
 
(as amended, the
 
“BHC Act”). BPPR
 
and PB
 
are subject to
 
supervision and

examination by applicable
 
federal and state
 
banking agencies including,
 
in the
 
case of BPPR,
 
the Federal Reserve
 
Board and the

Office of
 
the Commissioner
 
of Financial
 
Institution

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/BPOP/mda/fy2025/
All MD&A years: /company/BPOP/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/BPOP/mda/fy2024/): filed 2025-03-03; accession 0001193125-25-043848 (https://www.sec.gov/Archives/edgar/data/763901/000119312525043848/d924089d10k.htm)
- [FY 2023 MD&A](/company/BPOP/mda/fy2023/): filed 2024-02-29; accession 0001193125-24-053017 (https://www.sec.gov/Archives/edgar/data/763901/000119312524053017/d52551d10k.htm)
- [FY 2022 MD&A](/company/BPOP/mda/fy2022/): filed 2023-03-01; accession 0001193125-23-056454 (https://www.sec.gov/Archives/edgar/data/763901/000119312523056454/d408943d10k.htm)
- [FY 2021 MD&A](/company/BPOP/mda/fy2021/): filed 2022-03-01; accession 0001193125-22-060953 (https://www.sec.gov/Archives/edgar/data/763901/000119312522060953/d192149d10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/BPOP.md · JSON record: /company/BPOP.json · verified financials: /company/BPOP/financials.json / /company/BPOP/financials.csv · machine TOC for the whole site: /llms.txt