POPULAR, INC.

Listed Company

BPOPCIK 0000763901NasdaqLarge AcceleratedState Commercial BanksPRFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$833.16M

Total Assets

$75.35B

Equity

$6.25B

Shares Out

65.10M

Op. Cash Flow

$878.45M

Business

POPULAR, INC. is a diversified publicly owned financial holding company that provides banking and financial services through its subsidiaries. It offers retail, mortgage and commercial banking, consumer loans, credit cards, auto and equipment leasing and financing, broker‑dealer and investment advisory services, insurance products, and deposit gathering. Its key business units include Banco Popular de Puerto Rico, Popular Bank (Popular U.S.), and specialized subsidiaries for leasing, securities, asset management and insurance. Popular distributes services through branch networks, digital channels, online deposit platforms and institutional lending in Puerto Rico, the U.S. mainland and the U.S. and British Virgin Islands.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans	2,763	2,626	2,332	1,876	1,748
Money market investments	255	352	367	118	21
Investment securities	765	695	547	472	354
Total interest income	3,783	3,673	3,245	2,466	2,123
Deposits	1,178	1,336	1,050	253	112
Short-term borrowings	16	5	7	6	319,000
Long-term debt	48	50	56	40	53
Total interest expense	1,242	1,391	1,114	299	165
Net interest income	2,541	2,282	2,132	2,167	1,958
Provision for credit losses	260	257	209	83	−193
Net interest income after provision for credit losses	2,281	2,025	1,923	2,084	2,151
Mortgage banking activities	15	19	21	42	50
Net gain (loss), including impairment on equity securities	2	−2	3	−7	131,000
Net gain on trading account debt securities	2	1	1	−784,000	−389,000
Net gain (loss) on sale of loans, including valuation on loans held for sale [1]	0	440,000	−115,000	0	−73,000
Adjustments to indemnity reserves on loans sold	−174,000	1	2	919,000	4
Other operating income	81	98	100	371	114
Total non-interest income	658	659	651	897	642
Personnel costs	905	820	778	720	632
Net occupancy expenses	110	111	112	106	102
Equipment expenses	22	33	37	36	33
Other taxes	73	66	56	64	57
Professional fees	110	126	161	172	127
Technology and software expenses	342	329	291	292	278
Processing and transactional services	152	143	138	127	121
Communications	19	19	17	15	14
Business promotion	107	102	95	89	73
FDIC deposit insurance	24	55	106	27	26
Other real estate owned (OREO) income	−13	−18	−15	−22	−14
Other operating expenses	65	98	97	109	92
Amortization expense	2	3	3	3	9
Goodwill impairment	13	0	23	9	0
Total operating expenses	1,932	1,888	1,898	1,746	1,549
Income before income tax	1,007	797	676	1,235	1,244
Income tax (benefit) expense	174	182	134	132	309
Net Income	833	614	541	1,103	935
Net Income Applicable to Common Stock	832	613	540	1,101	933
Net Income per Common Share - Basic	12.31	8.56	7.53	14.65	11.49
Net Income per Common Share - Diluted	12.3	8.56	7.52	14.63	11.46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-09-30
Cash and due from banks	403	420	420	470	—
Time deposits with other banks	4,627	6,381	6,999	5,615	—
Total money market investments	4,627	6,381	6,999	5,615	—
Trading account debt securities, at fair value	37	33	32	28	—
Pledged securities with creditors' right to repledge	31	30	73	129	—
Other debt securities available-for-sale	20,544	18,215	16,656	17,675	—
Debt securities available-for-sale	20,575	18,246	16,729	—	—
Pledged securities with creditors' right to repledge	9	27	27	26	—
Other debt securities held-to-maturity	7,318	7,731	8,167	8,499	—
Debt securities held-to-maturity (fair value 2025 - $7,363,587; 2024 - $7,682,664)	7,328	7,758	8,194	8,525	—
Less - Allowance for credit losses	6	5	6	7	—
Debt securities held-to-maturity, net	7,322	7,753	8,189	8,518	—
Equity securities (realizable value 2025 - $230,388; 2024 - $208,663)	230	208	194	196	—
Loans held-for-sale, at fair value	10	5	4	5	—
Loans held-in-portfolio	39,749	37,523	35,421	32,373	—
Less - Unearned income	422	415	356	295	—
Allowance for credit losses	808	746	729	720	—
Total loans held-in-portfolio, net	38,519	36,362	34,336	31,357	—
Premises and equipment, net	686	602	565	499	—
Other real estate	42	57	80	89	—
Accrued income receivable	301	263	263	240	—
Mortgage servicing rights, at fair value	96	108	118	128	128
Other assets	1,706	1,798	2,015	1,848	—
Goodwill	790	803	804	827	827
Other intangible assets	5	7	10	13	—
Total assets	75,348	73,045	70,758	67,638	—
Non-interest bearing	15,304	15,140	15,420	15,961	—
Interest bearing	50,886	49,745	48,199	45,267	—
Total deposits	66,190	64,884	63,618	61,227	—
Assets sold under agreements to repurchase	39	55	91	149	—
Other short-term borrowings	650	225	0	365	—
Notes payable	760	896	987	887	—
Other liabilities	1,461	1,372	915	917	—
Total liabilities	69,099	67,432	65,611	63,544	—
Commitments and contingencies	—	—	—	—	—
Preferred stock, 30,000,000 shares authorized; 885,726 shares issued and outstanding (2024 - 885,726)	22	22	22	22	—
Common stock, $0.01 par value; 170,000,000 shares authorized;104,921,229 shares issued (2024 - 104,849,460) and 65,719,385 shares outstanding (2024 - 70,141,291)	1	1	1	1	—
Surplus	4,924	4,909	4,843	4,791	—
Retained earnings	5,206	4,571	4,195	3,834	—
Treasury stock - at cost, 39,201,844 shares (2024 - 34,708,169)	−2,723	−2,229	−2,019	−2,030	—
Accumulated other comprehensive loss, net of tax	−1,182	−1,661	−1,896	−2,525	—
Total stockholders' equity	6,249	5,613	5,147	4,093	—
Total liabilities and stockholders' equity	75,348	73,045	70,758	67,638	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of intangibles	2	3	3	3	9
Depreciation and amortization of premises and equipment	53	57	59	55	55
Net accretion of discounts and amortization of premiums and deferred fees	−257	−252	−45	29	−22
Interest capitalized on loans subject to the temporary payment moratorium or loss mitigation alternatives	−5	−7	−10	−12	−16
Share-based compensation	27	20	17	17	18
Impairment losses on right-of-use and long-lived assets	0	0	0	2	5
Fair value adjustments on mortgage servicing rights	13	11	12	−166,000	10
Fair value adjustment for contingent consideration	0	0	0	−9	0
Losses (earnings) from investments under the equity method, net of dividends or distributions	−26	−24	−27	−30	−51
Deferred income tax expense (benefit)	6	24	−43	−33	229
Disposition of premises and equipment and other productive assets	−187,000	−8	−13	−9	−18
Proceeds from insurance claims	0	0	−145,000	0	0
Sale of loans, including valuation adjustments on loans held-for-sale and mortgage banking activities	−608,000	−758,000	203,000	252,000	−22
Sale of equity method investment	−1	0	−152,000	−8	0
Sale of foreclosed assets, including write-downs	−12	−18	−23	−33	−30
Acquisitions of loans held-for-sale	−9	−7	−8	−122	−251
Proceeds from sale of loans held-for-sale	36	48	45	65	95
Net originations on loans held-for-sale	−34	−50	−68	−203	−528
Trading debt securities	11	14	34	353	741
Equity securities	−5	−7	−11	54,000	−2
Accrued income receivable	−37	216,000	−23	−63	6
Other assets	55	30	24	77	25
Interest payable	6	2	20	6	−5
Pension and other postretirement benefits obligation	4	8	16	−3	−4
Other liabilities	−53	−39	−41	−21	23
Total adjustments	45	61	145	−88	70
Net cash provided by operating activities	878	675	687	1,015	1,005
Net decrease (increase) in money market investments	1,755	621	−1,384	11,923	−5,896
Available-for-sale	−36,752	−34,340	−16,707	−22,232	−14,673
Held-to-maturity	0	0	−9	−1,879	0
Equity	−60	−27	−18	−49	−16
Available-for-sale	35,212	33,789	18,216	20,144	9,602
Held-to-maturity	607	660	459	10	16
Equity	45	20	32	43	3
Net disbursements on loans	−1,793	−1,637	−2,476	−2,237	469
Proceeds from sale of loans	67	42	135	141	203
Acquisition of loan portfolios	−733	−668	−770	−754	−348
Return of capital from equity method investments	3,000	279,000	249,000	681,000	6
Payments to acquire equity method investments	−687,000	−1	−2	−2	−375,000
Proceeds from sale of equity method investment	1	0	152,000	8	—
Proceeds from sale of stock in equity method investee	0	4	0	0	—
Proceeds from disposition of stock as part of the Evertec Transactions	0	0	0	220	—
Acquisition of premises and equipment	−197	−213	−208	−104	−73
Proceeds from insurance claims	0	0	145,000	0	0
Premises and equipment and other productive assets	659,000	9	9	10	21
Foreclosed assets	89	109	110	107	87
Net cash used in investing activities	−1,759	−1,632	−2,613	5,350	−10,519
Deposits	1,301	1,261	2,365	−5,770	10,139
Assets sold under agreements to repurchase	−16	−37	−57	57	−30
Other short-term borrowings	425	225	−365	290	75
Payment of notes payable	−144	−92	−343	−103	−238
Principal payments of finance leases	−4	−4	−5	−3	−3
Proceeds from issuance of notes payable	6	0	442	0	0
Proceeds from issuance of common stock	7	7	6	6	5
Dividends paid	−198	−180	−160	−162	−141
Net payments for repurchase of common stock	−505	−214	−461,000	−632	−351
Payments related to tax witholding for share-based compensation	−8	−6	−4	−6	−5
Net cash provided by (used in) financing activities	865	960	1,878	−6,323	9,451
Net (decrease) increase in cash and due from banks, and restricted cash	−16	2	−49	42	−63

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