Popular, Inc. (BPOP)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.4B

Revenue growth

9.9%

Net income, last twelve months

$969.1M

Earnings per share

$14.80

Net margin

28.9%

Free cash flow

$807.2M

Return on equity

15.1%

Market value

$10.1B

Price to earnings

10.7x

Dividend yield

1.9%

Cash

$375.0M

Debt

$1.5B

Debt to equity

0.23

Shares outstanding

63.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 22 October 2026.

• Diluted EPS of $4.21. Diluted EPS was $4.21, down $0.14 from the second quarter and up $1.07 from the third quarter of 2025. Net income was $266 million.
• Net interest income rose on securities. Net interest income was $699 million, up $6 million, with one additional day in the quarter contributing $6 million.
• Higher costs offset income gains. Management attributed the quarter to higher net interest income, stable credit trends and capital return, partly offset by higher operating expenses and lower non-interest income.
• Tax rate held near 14%. Income tax expense was $44 million, with an effective tax rate of 14.2%, versus 14.1% in the second quarter.
• Margin narrowed three basis points. Net interest margin was 3.63%, down 3 basis points, while total deposit costs rose 7 basis points to 1.64%.
• Securities yields rose on reinvestment. Money market and investment securities yield on a taxable equivalent basis rose 13 basis points, from reinvestment into higher-yielding U.S. Treasury securities.
• Public deposit costs drove increase. Excluding P.R. public deposits, deposit costs were 1.13%, up 3 basis points from the second quarter.
• Earning assets and deposits grew. Average earning assets rose $677 million on Treasury balances and commercial loans. Average deposits rose $502 million, driven by $1.1 billion more in P.R. public deposits.
• BPPR margin fell four basis points. BPPR net interest income was $592 million, up $2 million, while its margin fell to 3.81% as P.R. public deposit rates rose.
• Popular Bank income rose 3%. Popular Bank net interest income was $117 million, up $4 million, mainly on higher commercial loan income.
• Popular Bank deposit costs edged up. Popular Bank deposit costs rose one basis point, while BPPR deposit costs rose 9 basis points to 1.41%.
• Banking fees fell on new deposit product. Non-interest income fell $5 million to $176 million, with banking fees down $2 million on a new August deposit product with $0 service fees.
• Other operating income declined. Other operating income fell $3 million to $23 million, mainly on a second-quarter unrealized gain and a $2 million equity investment impairment.
• Personnel costs rose $16 million. Total operating expenses rose $21 million to $506 million, with personnel costs up $16 million on merit increases and higher incentives, including $5 million of profit sharing.

Company events

The newest 8-K filings of 376 held.

Every filing

The newest filings with the SEC of 901 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

520 funds held it at 30 Jun 2026: 220 added and 167 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Bank of Nova Scotia (BNS): revenue $27.0B, market value $116.9B
• Bank of New York Mellon Corp. (BNY): revenue $21.4B, market value $100.9B
• Itaú Unibanco Holding S.A. (ITUB): revenue $30.1B, market value $81.6B
• Fifth Third Bancorp (FITB): revenue $10.7B, market value $48.5B
• State Street Corp. (STT): revenue $15.5B, market value $47.4B
• M&T Bank Corp. (MTB): revenue $10.0B, market value $31.8B
• Northern Trust Corp. (NTRS): revenue $9.1B, market value $31.4B
• Banco Bradesco S.A. (BBD): revenue –, market value $28.9B
• Citizens Financial Group Inc. (CFG): revenue $8.9B, market value $27.5B
• First Citizens Bancshares Inc. (FCNCA): revenue $9.6B, market value $26.9B

What the company does

Popular is a diversified, publicly owned financial holding company registered under the Bank Holding Company Act of 1956 and supervised by the Board of Governors of the Federal Reserve System. It was incorporated in 1984 under the laws of the Commonwealth of Puerto Rico and is the largest financial institution based in Puerto Rico. At 31 December 2025 it ranked among the 50 largest United States bank holding companies by total assets, according to information gathered by the Federal Reserve Board. It operates in Puerto Rico, the United States mainland and the United States and British Virgin Islands, and its shares trade on the Nasdaq Global Select Market under the symbol BPOP.

How the business is organised

Popular reports two principal markets. In Puerto Rico, its main banking subsidiary is Banco Popular de Puerto Rico ("BPPR"). BPPR provides retail, mortgage and commercial banking, plus auto and equipment leasing and financing. Specialised subsidiaries provide broker-dealer and insurance services. The filing says BPPR has the largest retail banking franchise in Puerto Rico.

On the mainland, Popular Bank ("PB") is a New York-chartered bank with branches in New York, New Jersey and Florida. It offers retail and commercial banking and equipment leasing and financing. BPPR also operates in the United States Virgin Islands, the British Virgin Islands and New York. Nationally it holds personal loans previously originated under the E-Loan brand, purchased personal loans originated by third parties, and insured institutional deposits gathered through online platforms.

The company describes a multi-year technology and business process transformation launched in 2022. It has rolled out a commercial cash management solution and a new consumer credit origination platform in Puerto Rico and the Virgin Islands. It has also exited its mortgage business on the mainland and moved its Enterprise Resource Planning system to a cloud platform, implemented in January 2026.

What it lends

The filing states that interest from its loan portfolios is its principal source of revenue. Popular groups its lending into commercial, mortgage, consumer, construction and lease financings. Commercial loans cover commercial and industrial loans and leases, commercial real estate loans and multifamily loans. Mortgage loans are residential loans to consumers. Consumer loans are mainly unsecured personal loans, credit cards and auto loans. Lease financings are primarily automobile loans and leases made through dealerships.

By loan category at 31 December 2025, commercial and industrial loans and mortgage loans were each 22% of the portfolio. Non-owner occupied commercial real estate was 14%, auto 10%, owner occupied commercial real estate 8%, multifamily 6%, leasing 5%, personal loans 5% and construction 4%. Credit cards were 3%.

At BPPR, mortgage loans were 27% of its loans, commercial and industrial 22% and auto 14%. At PB, commercial and industrial loans were 23%, while multifamily and non-owner occupied commercial real estate were each 18%.

Popular also earns fees from debit and credit cards, investment management, insurance and deposit accounts. It originates most of its loans itself and occasionally buys or participates in loans from other institutions, which must meet its underwriting standards. Evertec provides its core financial transaction processing and information technology services.

Where its risk is concentrated

The filing says its business is concentrated primarily in Puerto Rico. Results therefore depend on the Puerto Rico economy and on its residential and commercial real estate markets. It says this exposes the company to greater risk than banking companies with a wider geographic base. Apart from its exposure to the Puerto Rico and United States governments, no single borrower or group of related accounts is material to its assets, deposits or overall business.

Who it competes with

Competitors include locally based commercial banks, a few large United States and foreign banks, brokerage firms, mortgage companies, insurance companies, finance companies and credit card companies. On the mainland, the footprint sits in the New York City and Northern New Jersey area and the greater Miami area. There are a large number of banks in both, most with more resources than Popular. The filing names pricing, branch convenience, range of products and level of service as the main factors in competing for business.

How it is regulated

Popular and its subsidiary Popular North America are bank holding companies that have elected to be treated as financial holding companies. BPPR is supervised by the Federal Reserve Board and the Office of the Commissioner of Financial Institutions of Puerto Rico. PB is supervised by the Federal Reserve Board and the New York State Department of Financial Services. Deposits at both banks are insured by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation. Popular Securities, LLC, its broker-dealer, is regulated by the SEC and FINRA. Both banks met the quantitative requirements for "well capitalized" status at 31 December 2025.

Its people

Popular employed 9,427 people at 31 December 2025, none of them represented by a collective bargaining group. Employee turnover was 8.5% at the end of 2025, and 47% was the internal mobility rate. A 401(k) plan has 98% participation, and a hybrid work model is available to approximately half of the workforce. Popular covers up to 78% of health insurance premiums. Training runs through a 40,000 square foot development center in San Juan, with satellite facilities in New York, South Florida and the Virgin Islands.

*From Popular's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/763901/000119312526085756/d17859d10k.htm)*

From the company's 10-K.