v3.26.1
Segment reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment reporting Segment reporting
The Corporation’s corporate structure consists of two reportable segments – 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. The segments were determined based on the organizational structure, which focuses primarily on the 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:
2026
For the quarter ended June 30, 2026
(In thousands)
BPPR
Popular U.S.
Intersegment
Eliminations
Interest income
$779,759
$201,358
$-
Interest expense
189,836
88,282
-
Net interest income
589,923
113,076
-
Provision for credit losses
63,156
2,752
-
Non-interest income
155,700
7,296
(22)
Personnel costs
165,537
27,461
(22)
Professional fees
14,075
1,751
-
Technology and software expenses
67,349
11,008
-
Processing and transactional services
36,695
533
-
Amortization of intangibles
239
145
-
Depreciation expense
11,886
2,146
-
Other operating expenses [1]
122,034
23,697
-
Total operating expenses
417,815
66,741
(22)
Income before income tax
264,652
50,879
-
Income tax expense
31,748
14,293
-
Net income
$232,904
$36,586
$-
Segment assets
$63,517,017
$15,032,815
$(38,964)
[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 quarter ended June 30, 2026
(In thousands)
Reportable
Segments
Corporate
Eliminations
Total Popular, Inc.
Interest income
$981,117
$1,144
$(622)
$981,639
Interest expense
278,118
10,724
(622)
288,220
Net interest income (expense)
702,999
(9,580)
-
693,419
Provision for credit losses (benefit)
65,908
(35)
-
65,873
Non-interest income
162,974
18,354
(783)
180,545
Personnel costs
192,976
36,084
(29)
229,031
Professional fees
15,826
8,977
(319)
24,484
Technology and software expenses
78,357
12,614
-
90,971
Processing and transactional services
37,228
38
-
37,266
Amortization of intangibles
384
-
-
384
Depreciation expense
14,032
376
-
14,408
Other operating expenses [1]
145,731
(57,802)
(343)
87,586
Total operating expenses
484,534
287
(691)
484,130
Income before income tax
315,531
8,522
(92)
323,961
Income tax expense
46,041
(294)
-
45,747
Net income
$269,490
$8,816
$(92)
$278,214
Segment assets
$78,510,868
$5,690,030
$(5,228,598)
$78,972,300
[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 six months ended June 30, 2026
(In thousands)
BPPR
Popular U.S.
Intersegment
Eliminations
Interest income
$1,528,260
$399,606
$-
Interest expense
370,391
174,823
-
Net interest income
1,157,869
224,783
-
Provision for credit losses
136,689
5,135
-
Non-interest income
300,477
15,248
(43)
Personnel costs
318,171
52,608
(43)
Professional fees
26,041
4,400
-
Technology and software expenses
133,070
20,542
-
Processing and transactional services
75,152
1,140
-
Amortization of intangibles
479
289
-
Depreciation expense
22,852
4,335
-
Other operating expenses [1]
244,359
48,986
-
Total operating expenses
820,124
132,300
(43)
Income before income tax
501,533
102,596
-
Income tax expense
64,259
29,045
-
Net income
$437,274
$73,551
$-
Segment assets
$63,517,017
$15,032,815
$(38,964)
For the six months ended June 30, 2026
(In thousands)
Reportable
Segments
Corporate
Eliminations
Total
Popular, Inc.
Interest income
$1,927,866
$2,470
$(1,481)
$1,928,855
Interest expense
545,214
21,523
(1,481)
565,256
Net interest income (expense)
1,382,652
(19,053)
-
1,363,599
Provision for credit losses (benefit)
141,824
(65)
-
141,759
Non-interest income
315,682
32,198
(1,709)
346,171
Personnel costs
370,736
74,422
(58)
445,100
Professional fees
30,441
20,324
(728)
50,037
Technology and software expenses
153,612
26,498
-
180,110
Processing and transactional services
76,292
61
-
76,353
Amortization of intangibles
768
-
-
768
Depreciation expense
27,187
759
-
27,946
Operating expenses [1]
293,345
(121,464)
(755)
171,126
Total operating expenses
952,381
600
(1,541)
951,440
Income before income tax
604,129
12,610
(168)
616,571
Income tax expense
93,304
(621)
-
92,683
Net income (loss)
$510,825
$13,231
$(168)
$523,888
Segment assets
$78,510,868
$5,690,030
$(5,228,598)
$78,972,300
[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.
.
2025
For the quarter ended June 30, 2025
(In thousands)
BPPR
Popular U.S.
Intersegment
Eliminations
Interest income
$748,712
$195,668
$(1,041)
Interest expense
210,237
93,474
(1,041)
Net interest income
538,475
102,194
-
Provision for credit losses (benefit)
42,452
6,532
-
Non-interest income
145,685
7,421
-
Personnel costs
164,794
27,387
-
Professional fees
13,025
2,450
-
Technology and software expenses
64,226
10,345
-
Processing and transactional services
37,276
582
-
Amortization of intangibles
240
145
-
Depreciation expense
10,344
2,266
-
Other operating expenses[1]
132,004
28,021
-
Total operating expenses
421,909
71,196
-
Income before income tax
219,799
31,887
-
Income tax expense
35,256
9,280
-
Net income
$184,543
$22,607
$-
Segment assets
$60,926,458
$14,865,364
$(120,633)
For the quarter ended June 30, 2025
(In thousands)
Reportable
Segments
Corporate
Eliminations
Total Popular, Inc.
Interest income
943,339
1,578
(1,045)
943,872
Interest expense
302,670
10,698
(1,045)
312,323
Net interest income (expense)
$640,669
$(9,120)
$-
$631,549
Provision for credit losses (benefit)
48,984
(43)
-
48,941
Non-interest income
153,106
16,107
(736)
168,477
Personnel costs
192,181
37,174
-
229,355
Professional fees
15,475
12,887
(254)
28,108
Technology and software expenses
74,571
10,125
-
84,696
Processing and transactional services
37,858
3
-
37,861
Amortization of intangibles
385
-
-
385
Depreciation expense
12,610
429
-
13,039
Other operating expenses[1]
160,025
(60,181)
(527)
99,317
Total operating expenses
493,105
437
(781)
492,761
Income before income tax
251,686
6,593
45
258,324
Income tax expense (benefit)
44,536
3,277
71
47,884
Net income
$207,150
$3,316
$(26)
$210,440
Segment assets
$75,671,189
$5,786,893
$(5,392,992)
$76,065,090
[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 six months ended June 30, 2025
(In thousands)
BPPR
Popular U.S.
Intersegment
Eliminations
Interest income
$1,480,600
$382,060
$(2,722)
Interest expense
420,233
186,924
(2,722)
Net interest income
1,060,367
195,136
-
Provision for credit losses
95,964
17,142
-
Non-interest income
283,190
13,564
-
Personnel costs
316,078
52,829
-
Professional fees
26,084
5,189
-
Technology and software expenses
128,377
20,433
-
Processing and transactional services
74,455
1,179
-
Amortization of intangibles
582
400
-
Depreciation expense
20,038
4,463
-
Other operating expenses [1]
260,758
53,640
-
Total operating expenses
826,372
138,133
-
Income before income tax
421,221
53,425
-
Income tax expense
70,699
16,002
-
Net income
$350,522
$37,423
$-
Segment assets
$60,926,458
$14,865,364
$(120,633)
For the six months ended June 30, 2025
(In thousands)
Reportable
Segments
Corporate
Eliminations
Total Popular, Inc.
Interest income
$1,859,938
$3,114
$(2,182)
$1,860,870
Interest expense
604,435
21,471
(2,182)
623,724
Net interest income (expense)
1,255,503
(18,357)
-
1,237,146
Provision for credit losses (benefit)
113,106
(84)
-
113,022
Non-interest income
296,754
25,136
(1,352)
320,538
Personnel costs
368,907
73,161
-
442,068
Professional fees
31,273
24,244
(584)
54,933
Technology and software expenses
148,810
19,554
-
168,364
Processing and transactional services
75,634
8
-
75,642
Amortization of intangibles
982
-
-
982
Depreciation expense
24,501
818
-
25,319
Other operating expenses [1]
314,398
(116,583)
(1,350)
196,465
Total operating expenses
964,505
1,202
(1,934)
963,773
Income before income tax
474,646
5,661
582
480,889
Income tax expense (benefit)
86,701
5,952
294
92,947
Net income
$387,945
$(291)
$288
$387,942
Segment assets
$75,671,189
$5,786,893
$(5,392,992)
$76,065,090
[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 six months ended June 30,
2026, BPPR did not participate in loans originated by PB (2025 - $29.0 million). Total assets for the BPPR segment related to its operations
in the United States amounted to $1.2 billion (December 31, 2025 - $1.4 billion), including $101.0 million in multifamily loans (December 31,
2025 - $102.0 million), $378.0 million in commercial real estate loans (December 31, 2025 - $435.0 million), $674.0 million in C&I loans
(December 31, 2025 - $714.0 million), and $23.0 million in unsecured personal loans (December 31, 2025 - $41.0 million). During the six
months ended June 30, 2026, the BPPR segment generated $42.0 million (June 30, 2025 - $51.4 million) in revenues from its operations in
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 $1.1 billion
(December 31, 2025 -$1.0 billion). The BPPR segment generated $27.7 million in revenues during the six months ended June 30, 2026
(June 30, 2025 - $25.0 million) from its operations in the U.S. and British Virgin Islands.
Geographic Information
Quarter ended
Six months ended
(In thousands)
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Revenues: [1]
Puerto Rico
$701,488
$636,232
$1,369,559
$1,246,193
United States
139,422
139,274
279,085
266,490
Other
33,054
24,520
61,126
45,001
Total consolidated revenues
$873,964
$800,026
$1,709,770
$1,557,684
[1]Total revenues include net interest income, service charges on deposit accounts, other service fees, mortgage banking activities, net gain (loss),including
impairment, on equity securities, net gain on trading account debt securities, adjustments to indemnity reserves on loans sold, and other operating income.
Selected Balance Sheet Information:
(In thousands)
June 30, 2026
December 31,
2025
Puerto Rico
Total assets
$61,313,912
$57,955,465
Loans
26,370,150
25,853,231
Deposits
56,416,936
52,451,498
United States
Total assets
$16,255,576
$16,101,705
Loans
12,949,579
12,966,468
Deposits
11,891,146
11,987,581
Other
Total assets
$1,402,812
$1,291,097
Loans
518,712
517,817
Deposits [1]
1,925,033
1,751,014
[1]Represents deposits from BPPR operations located in the U.S. and British Virgin Islands.