Risk Sleuth
BPOP · 10-K filed 2 Mar 2026 · year to 31 Dec 2025

Popular

21 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Government of Puerto Rico

earns from · $19.4 billion, or 29% of our total depositsnamed as a risk
We have a significant amount of deposits from the Puerto Rico government, its instrumentalities and municipalities ($19.4 billion, or 29% of our total deposits, as of December 31, 2025), and the amount of these deposits may fluctuate depending on the financial condition and liquidity of these entities, as well as on our ability to maintain these customer relationships.Risk factors (Item 1A)

Puerto Rico municipalities

insures or lends to · $391 million in direct lending exposurenamed as a risk
At December 31, 2025, our exposure to the Puerto Rico government consisted of $391 million in direct lending exposure to Puerto Rico municipalities and $209 million in loans insured or securities issued by Puerto Rico governmental entities but for which the principal source of repayment is non-governmental.Risk factors (Item 1A)

Suppliers

Evertec

depends onnamed as a risk
We are dependent on Evertec for the provision of essential services to our business, including certain of BPPR’s core financial transaction processing and information technology and security services.Risk factors (Item 1A)

Partners and platforms

Federal Home Loan Bank of New York (FHLBNY)

depends on · up to $3.3 billion and $1.5 billionnamed as a risk
Losing access to the FHLBNY borrowing facilities could adversely impact liquidity at the banking subsidiaries.Risk factors (Item 1A)

Also named by MET

ATH Network

depends onnamed as a risk
We may also be exposed to heightened business risks in connection with our dependency on Evertec with respect to BPPR’s merchant acquiring business, which exclusivity runs until 2035, and with respect to the ATH Network, which commitment runs until 2030, in light of the pace of technology changes and competition in the payments industry.Risk factors (Item 1A)

Competitors

Puerto Rico credit unions (cooperativas)

competes withnamed as a risk
Credit unions generally provide basic consume r financial services and collectively represent a significant portion of the market with a lower cost structure and fewer regulatory constraints.Business (Item 1)

Places

Puerto Rico

concentrated in · 77% of our assets and 79% of our deposits as of December 31, 2025 and 80% of our revenuesnamed as a risk
A significant portion of our business is concentrated in Puerto Rico, which accounted for 77% of our assets and 79% of our deposits as of December 31, 2025 and 80% of our revenues for the year ended December 31, 2025.Risk factors (Item 1A)

Also named by AMGN, BMY, CCI, COO, GMED, HPE, LLY, PWR and 2 more

New York

operates innamed as a risk
We are also exposed to risks related to the state of the local economies of the other markets in which we do business, such as New York and Florida, as well as to the state of the global and U.S. economy and financial markets.Risk factors (Item 1A)

Also named by ABR, AXP, BJ, BRO, BWA, CHE, CINF, CNC and 12 more

U.S. Virgin Islands

operates innamed as a risk
Our geographic concentration in localities, including Puerto Rico, the U.S.V.I., B.V.I. and Florida, particularly susceptible to risks arising from climate change, including severe hurricanes and sea level rise, heighten the threat we face from climate change.Risk factors (Item 1A)

Hazards

Hurricanes

operates innamed as a risk
A significant portion of our operations are located in the Caribbean and Florida, a region susceptible to hurricanes, earthquakes and other similar events.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BRO, CAVA and 89 more

Commodities and inputs

U.S. Treasury securities

exposed to its price · $6.5 billion (par value of $7.4 billion)named as a risk
In October 2022, we transferred U.S. Treasury securities with a fair value of $6.5 billion (par value of $7.4 billion), and with accumulated unrealized losses of $873 million, from our available-for-sale portfolio to our held-to-maturity portfolio.Risk factors (Item 1A)

Also named by BGC, CME, GS, HBAN, ICE

Real estate loans

concentrated in · 55% of our loan portfolionamed as a risk
As of December 31, 2025, 55% of our loan portfolio consisted of loans secured by real estate collateral (comprised of 29% in commercial loans, 22% in residential mortgage loans and 4% in construction loans).Risk factors (Item 1A)

Regulators

Office of Foreign Assets Control (OFAC)

subject to · $256,000named as a risk
Popular agreed to pay $256,000 to settle the apparent violations, which had been self-disclosed to OFAC.Risk factors (Item 1A)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, CAT, CHRW and 46 more

Federal Reserve Board

subject to · $191 million
At December 31, 2025, BPPR needed to obtain prior approval of the Federal Reserve Board before declaring a dividend in excess of $191 million due to its retained income, declared dividend activity and transfers to statutory reserves over the three years ended December 31, 2025.Business (Item 1)

Also named by ALLY, AMP, C, CFG, CFR, CME, COMP, CUBI and 9 more

Office of the Commissioner of Financial Institutions of Puerto Rico

subject to · $723 million
As of December 31, 2025, the legal lending limit for BPPR under this provision was $723 million.Business (Item 1)

New York State Department of Financial Services (NYSDFS)

subject to
Pursuant to these requirements, PB may not declare or pay a dividend without the prior approval of the Federal Reserve Board and the NYSDFS.Business (Item 1)

Also named by AFL, AIG, AMP, COIN, EFX, FNF, GS, HOOD and 9 more

Laws and programs

Paycheck Protection Program

subject to · $2.3 million civil money penaltynamed as a risk
For example, on January 24, 2023, Popular Bank consented to the imposition of an order from the Federal Reserve Board requiring it to pay a $2.3 million civil money penalty to settle certain findings arising from Popular Bank’s approval of six Payment Protection Program loans.Risk factors (Item 1A)

Also named by CUBI

U.S. branch profits tax

subject to · 30%
Accordingly, to the extent BPPR’s U.S. operations generate effectively connected earnings and profits that are not reinvested in such U.S. operations (and that are not otherwise adjusted as provided by U.S. federal income tax law), such effectively connected earnings and profits will generally be subject to a branch profits tax of 30%.Business (Item 1)

FDIC special assessment

subject tonamed as a risk
Any future additional increases in FDIC premiums, assessment rates or special assessments may materially adversely affect our results of operations.Risk factors (Item 1A)

Also named by CFG, CFR, CUBI, EFSC, EWBC, FCNCA, GBCI, HBAN and 10 more

Technology

MOVEit

depends onnamed as a risk
During 2023, personal information of Popular customers’ data was compromised in a data breach incident that impacted MOVEit, the third-party file transfer platform used by one of our service providers.Risk factors (Item 1A)

Also named by MTB

Fortinet

depends onnamed as a risk
Furthermore, during 2024, threat actors exploited a zero-day vulnerability in the Fortinet enterprise management server software used by Evertec, which migrated to one of Popular's domain controllers due to a shared network environment.Risk factors (Item 1A)