POPULAR, INC.BPOP
POPULAR, INC. Debt Disclosure
Note 16 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted to $
39
55
The Corporation’s repurchase transactions are overcollateralized with the securities detailed in the table below. The Corporation’s
repurchase agreements have a right of set-off with the respective counterparty under the supplemental terms of the master
repurchase agreements. In an event of default, each party has a right of set-off against the other party for amounts owed in the
related agreement and any other amount or obligation owed in respect of any other agreement or transaction between them.
Pursuant to the Corporation’s accounting policy, the repurchase agreements are not offset with other repurchase agreements held
with the same counterparty.
The following table presents information related to the Corporation’s repurchase transactions accounted for as secured borrowings
that are collateralized with debt securities available-for-sale, debt securities held-to-maturity, and other assets held-for-trading
purposes or which have been obtained under agreements to resell. It is the Corporation’s policy to maintain effective control over
assets sold under agreements to repurchase; accordingly, such securities continue to be carried on the Consolidated Statements of
Financial Condition.
Repurchase agreements accounted for as secured borrowings
December 31, 2025
December 31, 2024
Repurchase liability
Repurchase liability
Repurchase
Repurchase
(Dollars in thousands)
interest rate
interest rate
U.S. Treasury securities
$
29,356
4.11
%
$
22,591
5.04
%
9,645
4.15
13,813
4.71
Total U.S. Treasury securities
39,001
4.12
36,404
4.92
Mortgage-backed securities
-
-
4,924
4.90
-
-
13,505
4.88
Total mortgage-backed securities
-
-
18,429
4.89
Total
$
39,001
4.12
%
$
54,833
4.91
%
Repurchase agreements in this portfolio are generally short-term, often overnight. As such, our risk is very limited. We manage the
liquidity risks arising from secured funding by sourcing funding globally from a diverse group of counterparties, providing a range of
securities collateral and pursuing longer durations, when appropriate.
(Dollars in thousands)
2025
2024
Maximum aggregate balance outstanding at any month-end
$
107,572
$
105,684
Average monthly aggregate balance outstanding
$
50,401
$
76,156
Weighted average interest rate:
For the year
4.27
%
5.54
%
At December 31
4.16
%
4.99
%
Other short-term borrowings
At December 31, 2025, other short-term borrowings consisted of $
650
225
Advances at December 31, 2024.
The following table presents additional information related to the Corporation’s other short-term
borrowings at December 31, 2025 and December 31, 2024.
(Dollars in thousands)
2025
2024
Maximum aggregate balance outstanding at any month-end
$
650,000
$
225,000
Average monthly aggregate balance outstanding
$
374,728
$
8,402
Weighted average interest rate:
For the year
4.16
%
5.40
%
At December 31
3.98
%
4.67
%
Notes Payable
The following table presents the composition of notes payable at December 31, 2025 and December 31, 2024.
(In thousands)
December 31, 2025
December 31, 2024
Advances with the FHLB with maturities ranging from
2026
2029
fixed rates ranging from
0.69
% to
4.17
% (2024 -
0.54
% to
5.26
%)
$
164,620
$
302,722
Unsecured senior debt securities maturing on
2028
semiannually
7.25
% (2024-
7.25
%), net of debt issuance costs of $
3,442
4,082
)
[1]
396,558
395,198
Junior subordinated deferrable interest debentures (related to trust preferred securities) maturing on
2034
6.125
% to
6.564
% (2024 -
6.125
% to
6.564
%), net of debt
issuance costs of $
234
261
)
198,399
198,373
Total notes payable
$
759,577
$
896,293
[1] On March 13, 2023, the Corporation issued $
400
7.25
% Senior Notes due
2028
underwritten public offering. The Corporation used a portion of the net proceeds of the 2028 Notes offering to redeem, on August 14, 2023, the
outstanding $
300
6.125
% Senior Notes which were due on September
2023
. The redemption price was
equal to
100
% of the principal amount plus accrued and unpaid interest through the redemption date.
A breakdown of borrowings by contractual maturities at December 31, 2025 is included in the table below.
Assets sold under
Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2026
$
39,001
650,000
74,500
763,501
2027
-
-
6,112
6,112
2028
-
-
440,908
440,908
2029
-
-
39,657
39,657
Later years
-
-
198,400
198,400
Total borrowings
$
39,001
$
650,000
$
759,577
$
1,448,578
At December 31, 2025 and December 31, 2024, the Corporation had FHLB borrowing facilities whereby the Corporation could
borrow up to $
4.8
4.7
0.8
0.5
December 31, 2024, the Corporation had placed $
0.3
credit to secure deposits. The FHLB borrowing facilities are collateralized with securities and loans held-in-portfolio, and do not have
restrictive covenants or callable features.
Also, at December 31, 2025, the Corporation had borrowing facilities at the discount window of the Federal Reserve Bank of New
York amounting to $
12.1
7.0
31, 2024. The facilities are a collateralized source of credit that is highly dependable even under difficult market conditions.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.