POPULAR, INC.BPOP
POPULAR, INC. Segments Disclosure
Note 36 – Segment reporting
The Corporation’s corporate structure consists of
two
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.
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:
For the year ended December 31, 2025
Intersegment
(In thousands)
BPPR
Popular U.S.
Eliminations
Interest income
$
2,995,591
$
787,775
$
(3,145)
Interest expense
829,974
375,876
(3,145)
Net interest income
2,165,617
411,899
-
Provision for credit losses
241,032
19,280
-
Non-interest income
584,442
26,679
-
Personnel costs
655,433
109,053
-
Professional fees
52,088
10,978
-
Technology and software expenses
262,540
39,583
-
Processing and transactional services
149,998
2,370
-
Amortization of intangibles
1,062
688
-
Goodwill impairment charge
-
13,000
-
Depreciation expense
42,664
8,979
-
Other operating expenses
[1]
483,255
103,437
-
Total operating expenses
1,647,040
288,088
-
Income before income tax
861,987
131,210
-
Income tax expense
132,434
43,449
-
Net income
$
729,553
$
87,761
$
-
Segment assets
$
59,934,092
$
15,062,430
$
(66,857)
For the year ended December 31, 2025
Reportable
Total
(In thousands)
Corporate
Eliminations
Popular, Inc.
Interest income
$
3,780,221
$
6,654
$
(3,866)
$
3,783,009
Interest expense
1,202,705
42,967
(3,866)
1,241,806
Net interest income (expense)
2,577,516
(36,313)
-
2,541,203
Provision for credit losses (benefit)
260,312
(149)
-
260,163
Non-interest income
611,121
50,902
(4,004)
658,019
Personnel costs
764,486
140,728
-
905,214
Professional fees
63,066
48,145
(1,113)
110,098
Technology and software expenses
302,123
39,482
-
341,605
Processing and transactional services
152,368
18
-
152,386
Amortization of intangibles
1,750
-
-
1,750
Goodwill impairment charge
13,000
-
-
13,000
Depreciation expense
51,643
1,587
-
53,230
Other operating expenses
[1]
586,692
(228,292)
(3,417)
354,983
Total operating expenses
1,935,128
1,668
(4,530)
1,932,266
Income before income tax
993,197
13,070
526
1,006,793
Income tax expense
175,883
(2,554)
305
173,634
Net income
$
817,314
$
15,624
$
221
$
833,159
Segment assets
$
74,929,665
$
5,820,869
$
(5,402,267)
$
75,348,267
[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 year ended December 31, 2024
Intersegment
(In thousands)
BPPR
Popular U.S.
Interest income
$
2,926,996
$
753,912
$
(10,600)
Interest expense
970,430
397,910
(10,600)
Net interest income
1,956,566
356,002
-
Provision for credit losses
254,843
1,369
-
Non-interest income
596,262
26,247
(56)
Personnel costs
601,652
104,948
-
Professional fees
58,687
12,562
(56)
Technology and software expenses
254,584
37,884
-
Processing and transactional services
140,293
2,362
-
Amortization of intangibles
1,696
1,242
-
Depreciation expense
47,019
8,499
-
Other operating expenses
[1]
510,108
102,207
-
Total operating expenses
1,614,039
269,704
(56)
Income before income tax
683,946
111,176
-
Income tax expense
128,207
33,549
-
Net income
$
555,739
$
77,627
$
-
Segment assets
$
58,601,802
$
14,333,292
$
(264,885)
For the year ended December 31, 2024
Reportable
Total
(In thousands)
Corporate
Eliminations
Popular, Inc.
Interest income
$
3,670,308
$
12,589
$
(9,634)
$
3,673,263
Interest expense
1,357,740
42,869
(9,634)
1,390,975
Net interest income (expense)
2,312,568
(30,280)
-
2,282,288
Provision for credit losses (benefit)
256,212
730
-
256,942
Non-interest income
622,453
41,046
(4,590)
658,909
Personnel costs
706,600
113,851
-
820,451
Professional fees
71,193
55,608
(979)
125,822
Technology and software expenses
292,468
36,593
-
329,061
Processing and transactional services
142,655
22
-
142,677
Amortization of intangibles
2,938
-
-
2,938
Depreciation expense
55,518
1,560
-
57,078
Other operating expenses
[1]
612,315
(199,165)
(3,540)
409,610
Total operating expenses
1,883,687
8,469
(4,519)
1,887,637
Income before income tax
795,122
1,567
(71)
796,618
Income tax expense (benefit)
161,756
20,609
41
182,406
Net income
$
633,366
$
(19,042)
$
(112)
$
614,212
Segment assets
$
72,670,209
$
5,895,389
$
(5,520,215)
$
73,045,383
[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.
December 31, 2023
Intersegment
(In thousands)
BPPR
Popular U.S.
Interest income
$
2,631,407
$
627,600
$
(16,432)
Interest expense
819,752
276,955
(16,434)
Net interest income
1,811,655
350,645
2
Provision for credit losses
194,325
14,584
-
Non-interest income
586,677
24,868
(404)
Personnel costs
571,516
102,994
-
Professional fees
79,108
17,410
(401)
Technology and software expenses
232,652
31,890
-
Processing and transactional services
135,528
2,521
-
Amortization of intangibles
1,937
1,243
-
Goodwill impairment charge
-
23,000
-
Depreciation expense
49,135
7,888
-
Other operating expenses
[1]
544,767
99,438
(3)
Total operating expenses
1,614,643
286,384
(404)
Income before income tax
589,364
74,545
2
Income tax expense (benefit)
117,412
18,198
-
Net income
$
471,952
$
56,347
$
2
Segment assets
$
57,023,071
$
13,812,158
$
(426,058)
Reportable
Total
(In thousands)
Corporate
Eliminations
Popular, Inc.
Interest income
$
3,242,575
$
18,141
$
(15,409)
$
3,245,307
Interest expense
1,080,273
48,919
(15,409)
1,113,783
Net interest income (expense)
2,162,302
(30,778)
-
2,131,524
Provision for credit losses
(benefit)
208,909
(300)
-
208,609
Non-interest income
611,141
44,410
(4,827)
650,724
Personnel costs
674,510
103,535
-
778,045
Professional fees
96,117
65,713
(688)
161,142
Technology and software expenses
264,542
26,073
-
290,615
Processing and transactional services
138,049
21
-
138,070
Amortization of intangibles
3,180
-
-
3,180
Goodwill impairment charge
23,000
-
-
23,000
Depreciation expense
57,023
1,484
-
58,507
Other operating expenses (benefit)
[1]
644,202
(194,824)
(3,837)
445,541
Total operating expenses
1,900,623
2,002
(4,525)
1,898,100
Income before income tax
663,911
11,930
(302)
675,539
Income tax expense
135,610
(1,333)
(80)
134,197
Net income
$
528,301
$
13,263
$
(222)
$
541,342
Segment assets
$
70,409,171
$
5,607,833
$
(5,258,849)
$
70,758,155
[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 year ended December 31, 2025, BPPR participated in loans originated by PB totaling $
29
no
t
participate, 2023 - $
81
1.4
billion (December 31, 2024 - $
1.6
102
104
435
million in commercial real estate loans (December 31, 2024 - $
588
714
685
million), and $
41
113
2025, the BPPR segment generated $
98.4
124.2
117.7
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 $
1.0
billion (December 31, 2024 - $
1.0
52.1
31, 2025 (2024 - $
43.4
45.0
(In thousands)
2025
2024
2023
Revenues:
[1]
Puerto Rico
$
2,558,396
$
2,334,721
$
2,175,938
United States
542,287
520,534
518,805
Other
98,539
85,942
87,505
Total consolidated revenues
$
3,199,222
$
2,941,197
$
2,782,248
[1]
Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net (loss) gain,
including impairment on equity securities, net (loss) gain on trading account debt securities, net gain (loss) on sale of loans, including valuation
adjustments on loans held-for-sale, adjustments to indemnity reserves on loans sold, and other operating income.
Selected Balance Sheet Information
(In thousands)
2025
2024
2023
Puerto Rico
Total assets
$
57,955,465
$
55,888,211
$
54,181,300
Loans
25,853,231
24,154,610
22,519,961
Deposits
52,451,498
52,099,309
51,282,007
United States
Total assets
$
16,101,705
$
15,890,339
$
15,343,156
Loans
12,966,468
12,431,859
12,006,012
Deposits
11,987,581
11,030,879
10,643,602
Other
Total assets
$
1,291,097
$
1,266,833
$
1,233,699
Loans
517,817
526,606
543,299
Deposits
[1]
1,751,014
1,754,157
1,692,634
[1]
Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.