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olivLaw · US equity research

Popular, Inc. BPOP

State Commercial Banks · SIC 6022 · Vertical: State Commercial Banks (SIC 6022)

158.72USD+1.24% · 1 dayClose 04 Nov 2026

Popular, Inc. is the largest financial institution based in Puerto Rico, also active in New York and Florida through its mainland bank, with consolidated assets of 75.3 billion dollars at December 31, 2025. For investors the question now is whether its technology transformation and net interest margin can support its long-term tangible return target, while the Puerto Rico economy keeps recovering.

At the close of 04 Nov 2026, Popular, Inc. (BPOP) stock was 158.72 USD (+1.24% on the day), with market capitalisation 10.1 bn USD, P/E 10.7 on diluted EPS of 14.81 USD over the last 12 months, dividend yield 1.89%, beta 0.87, 52-week range 110.14–177.87 USD. Latest reported quarter (Q2 2026): net income of 278.2 m USD (+32.2% YoY), diluted EPS 4.35 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
10.1 bn USD
shares as of 05 Aug 2026
P/E (TTM)
10.7
Diluted EPS TTM 14.81 · TTM to 30 Jun 2026
E/P (TTM)
9.33%
TTM to 30 Jun 2026
Dividend yield
1.89%
DPS 12m 3.00
Beta (2y)
0.87
Volatility (1y) 23%
52-week range
110.14177.87

Price history

Loading chart…

Technical reading

RSI (14)
49.2
neutral
Bollinger (20, 2)
154.62 – 161.58
in the upper half of the band · %B 0.59 · band width 4.4%
SMA 50 / 200
161.08 / 153.64
mixed trend
MACD (12, 26, 9)
-0.66 / -0.84
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.1%−1.1%+1.0 pp—
3 months−10.6%−0.5%−10.1 pp—
6 months+5.8%+4.4%+1.4 pp—
Year to date+27.5%+12.3%+15.1 pp—
1 year+41.3%+13.5%+27.7 pp+25.6%
3 years+128.3%+76.4%+51.9 pp+69.3%
5 years+91.5%+63.7%+27.8 pp—
Max drawdown (1y)
−12.7%
20 Feb 2026 → 11 Mar 2026
Max drawdown (5y)
−48.4%
14 Jan 2022 → 17 Mar 2023
Compound annual growth (5y)
+13.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
unavailable USD
unavailable YoY
Net income
278.2 m USD
+32.2% YoY
Diluted EPS
4.35
+40.8% YoY
net / operating
unavailable / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue——39.1 m———38.8 m—
Interest expense365.0 m329.0 m311.4 m312.3 m320.1 m297.9 m277.0 m288.2 m
Pre-tax income197.8 m221.7 m222.6 m258.3 m247.3 m278.6 m292.6 m324.0 m
Income tax42.5 m43.9 m45.1 m47.9 m36.0 m44.7 m46.9 m45.7 m
Net income155.3 m177.8 m177.5 m210.4 m211.3 m233.9 m245.7 m278.2 m
Diluted EPS2.162.51 ≈2.563.093.143.54 ≈3.784.35
Operating cash flow233.2 m ≈199.5 m172.1 m242.9 m ≈195.0 m ≈268.5 m191.6 m347.1 m ≈
Capex57.7 m ≈60.3 m51.5 m44.7 m ≈53.9 m ≈47.4 m36.7 m57.1 m ≈
Dividends paid45.3 m ≈45.0 m49.9 m48.8 m ≈48.2 m ≈50.7 m49.9 m49.0 m ≈
Share repurchases-59.1 m283.2 m——-119.7 m———

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 62 percentile of its own 39-quarter history (min 4.0, median 9.5, max 41.0; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Net income618.2 m671.1 m506.6 m934.9 m1.1 bn541.3 m614.2 m833.2 m
Net income YoY+474.1%+8.6%−24.5%+84.5%+17.9%−50.9%+13.5%+35.6%
Diluted EPS6.066.885.8711.4614.637.528.5612.30
Diluted EPS YoY+494.1%+13.5%−14.7%+95.2%+27.7%−48.6%+13.8%+43.7%
net %unavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Free cash flow767.0 m629.7 m618.7 m932.4 m910.7 m478.6 m461.3 m681.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
413.0 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
6.2 bn USD
Total assets
75.3 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
14.0%
ROA
1.1%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Net interest income
2023
2.1 bn
2024
2.3 bn
2025
2.5 bn

SEC (XBRL)· 02 Mar 2026verified

Net fee income
2023
650.7 m
2024
658.9 m
2025
658.0 m

SEC (XBRL)· 02 Mar 2026verified

Non-interest expense
2023
1.9 bn
2024
1.9 bn
2025
1.9 bn

SEC (XBRL)· 02 Mar 2026verified

Pre-tax income
2023
675.5 m
2024
796.6 m
2025
1.0 bn

SEC (XBRL)· 02 Mar 2026verified

Net income
2023
541.3 m
2024
614.2 m
2025
833.2 m

SEC (XBRL)· 02 Mar 2026verified

Diluted EPS
2023
7.52
2024
8.56
2025
12.30

SEC (XBRL)· 02 Mar 2026verified

Dividend per share
2023
2.27
2024
2.56
2025
2.90

SEC (XBRL)· 02 Mar 2026verified

Balance sheet · USD

Cash
2023
427.6 m
2024
429.4 m
2025
413.0 m

SEC (XBRL)· 02 Mar 2026verified

Loans
2023
34.3 bn
2024
36.4 bn
2025
38.5 bn

SEC (XBRL)· 02 Mar 2026verified

Total assets
2023
70.8 bn
2024
73.0 bn
2025
75.3 bn

SEC (XBRL)· 02 Mar 2026verified

Deposits
2023
63.6 bn
2024
64.9 bn
2025
66.2 bn

SEC (XBRL)· 02 Mar 2026verified

Total liabilities
2023
65.6 bn
2024
67.4 bn
2025
69.1 bn

SEC (XBRL)· 02 Mar 2026verified

Equity
2023
5.1 bn †
2024
5.6 bn †
2025
6.2 bn †

SEC (XBRL)· 02 Mar 2026verified

Cash flow · USD

Dividends paid
2023
159.9 m
2024
180.5 m
2025
197.6 m

SEC (XBRL)· 02 Mar 2026verified

Share repurchases
2023
—
2024
217.3 m
2025
—

SEC (XBRL)· 03 Mar 2025verified

Computed indicators

Growth

Revenue growth (YoY)
16.0%
computed by olivLawFY 2012
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
Net income growth (YoY)
62.1%
computed by olivLawFY 2012
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
63.2%
computed by olivLawFY 2012
EPS CAGR 3Y
113.9%
computed by olivLawFY 2009 → FY 2012
EPS CAGR 5Y
unavailable
input data missing

Profitability

Net margin
unavailable
input data missing

Returns

ROE
15.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
1.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
20.3%
computed by olivLawTTM to 30 Jun 2026

Market and valuation

Market capitalisation
10.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
10.4x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
10.7x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
9.3%
computed by olivLawTTM to 30 Jun 2026
P/B
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
unavailable
input data missing
Dividend yield
1.9%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
2.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Banking

Net interest margin
3.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cost-to-income
57.3%
computed by olivLawTTM to 30 Jun 2026
Loan-to-deposit
55.5%
computed by olivLawbalance sheet at 30 Jun 2026
NPL ratio
unavailable
input data missing
CET1 ratio
unavailable
input data missing
Cost of risk
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 64 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

158.72 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 10.1 bn USD

Key indicators

Market capitalisation
10.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
10.7x
computed by olivLawTTM to 30 Jun 2026
P/B
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
ROE
15.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
unavailable
input data missing
Revenue growth (YoY)
16.0%
computed by olivLawFY 2012
Dividend yield
1.9%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

15/20 reporting lines present
Latest full fiscal year: 2012
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 05 Aug 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 2291derived 197

Score by group

  • Valuation50
  • Returns24
  • Quality68
  • Balance sheet100
  • Growth100

Estimated value range

Low
138.40
USD per share
Mid
156.72
USD per share
High
172.51
USD per share
Price: 158.72 USD
The price is within the range
Potential to the central value: -1.3% (value / price − 1)
Margin of safety: -1.3% (1 − price / value)
Agreement between methods: high · 4 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 113.27 – 228.63 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income113.27 – 118.52 (Mid 115.85)
  • Justified P/B170.01 – 228.63 (Mid 195.01)
  • Dividend discount (DDM)outside the aggregate38.11 – 51.25 (Mid 43.71)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
  • Peers: P/E162.80 – 193.80 (Mid 182.32)
    31 companies used · median multiple 12.3x · quartiles 11.0x – 13.1x
    ALLY, AUBN, BFST, BNY, BOH, BSRR, BWFG, CFFI, CFG, CIVB, COLB, COSO, EWBC, FXNC, IBCP, INBK, ISBA, JMSB, LKFN, MCHB, MTB, NTRS, OFG, OPBK, ORRF, PEBK, PEBO, RBB, STT, TCBK, UBCP
  • Peers: P/B113.99 – 151.23 (Mid 131.12)
    32 companies used · median multiple 1.3x · quartiles 1.1x – 1.5x
    ALLY, AUBN, AVBH, BFST, BOH, BRBS, BSRR, BWFG, CFFI, CFG, CIVB, COLB, COSO, EWBC, FITB, FXNC, GBCI, IBCP, INBK, ISBA, JMSB, LKFN, MTB, OFG, OPBK, ORRF, PEBK, PEBO, RBB, STT, TCBK, UBCP
Multiple comparisons use the SIC vertical: State Commercial Banks (SIC 6022)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 64/100

FactorValueScoreWeight used
ROE · Quality15.6%89 (vs peers)21%
ROA · Quality1.3%61 (on a fixed band)8%
Cost-to-income · Quality57.3%31 (on a fixed band)13%
Net interest margin · Quality3.4%78 (on a fixed band)8%
EPS CAGR 3Y · Growth113.9%100 (on a fixed band)10%
Revenue CAGR 3Y · Growthunavailableunavailable—
NPL ratio · Balance sheetunavailableunavailable—
Cost of risk · Balance sheetunavailableunavailable—
Loan-to-deposit · Balance sheet55.5%100 (on a fixed band)5%
P/B · Valuation1.6x17 (vs peers)13%
P/E (TTM) · Valuation10.7x83 (vs peers)13%
Dividend yield · Returns1.9%24 (vs peers)10%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality68/100 · 4/4 factors with a value
  • Returns24/100 · 1/1 factors with a value
  • Valuation50/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

POPULAR, INC. (BPOP). Latest full fiscal year: 2012; data up to 2026-06-30.

Figures computed from the financial statements: net interest income 2.5 bn USD in 2025; YoY growth 16.0%; ROE 15.6%.

The estimated value range is 138.40–172.51 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 156.72 USD, the price of 158.72 USD leaves a potential of -1.3% (value / price − 1) and a margin of safety of -1.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROE: 15.6%
  • Net interest margin: 3.4%
  • EPS CAGR 3Y: 113.9%
  • Loan-to-deposit: 55.5%
  • P/E (TTM): 10.7x

What contradicts it

  • P/B: 1.6x
  • Dividend yield: 1.9%

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, NPL ratio, Cost of risk.

Versus the vertical median

State Commercial Banks (SIC 6022) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
10.7x
vertical median 12.5x
below median (−14.1%)
EV/EBITDA
—
vertical median —
P/S
—
vertical median 24.0x
P/B
1.6x
vertical median 1.3x
above median (+21.0%)
ROE
15.6%
vertical median 11.2%
above median (+39.6%)
Net margin
—
vertical median 218.4%
EBIT margin
—
vertical median —
Revenue YoY
16.0%
vertical median 4.1%
above median (+288.4%)
Net debt/EBITDA
—
vertical median —
Dividend yield
1.9%
vertical median 2.7%
below median (−29.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BNYThe Bank Of New York Mellon Corporation102.8 bn16.815.0%32.6%+7.8%+36% / +216%
FITBFifth Third Bancorp49.4 bn18.49.4%—−2.0%+26% / +89%
STTState Street Corporation47.2 bn13.913.1%23.8%+7.3%+46% / +138%
MTBM&T Bank Corp32.4 bn11.710.7%178.1%+7.5%+18% / +75%
NTRSNorthern Trust Corporation32.2 bn13.718.4%28.8%−2.5%+36% / +125%
CFGCitizens Financial Group Inc27.6 bn13.08.9%25.4%+5.6%+22% / +142%
EWBCEast West Bancorp, Inc.18.4 bn12.916.6%—+4.4%+26% / +113%
ALLYAlly Financial Inc.11.8 bn8.89.9%16.8%−3.3%−5% / +35%
BPOPPopular, Inc.10.1 bn10.715.6%—unavailable+41% / +128%
COLBColumbia Banking System, Inc.8.9 bn12.511.0%401.7%+18.8%+13% / +40%
GBCIGlacier Bancorp, Inc.6.5 bn18.68.8%308.8%+7.5%+17% / +48%
BOHBank Of Hawaii Corporation2.8 bn12.313.6%202.1%−0.1%+9% / +23%
OFGOFG Bancorp2.2 bn10.116.1%—unavailable+30% / +53%
TCBKTriCo Bancshares1.7 bn12.910.4%249.7%+4.1%+12% / +57%
LKFNLakeland Financial Corporation1.6 bn14.115.4%—−2.1%+8% / +13%
PEBOPeoples Bancorp Inc.1.4 bn11.710.1%136.3%+2.3%+34% / +35%
BFSTBusiness First Bancshares, Inc.1.1 bn11.610.1%768.0%+1.2%+27% / +63%
ORRFOrrstown Financial Services, Inc.890.4 m10.214.8%232.4%+36.0%+27% / +89%
IBCPIndependent Bank Corporation822.4 m11.013.5%218.4%+0.3%+14% / +72%
CUBBCustomers Bancorp, Inc.701.4 m2.514.3%—−14.0%−3% / +9%
CIVBCivista Bancshares, Inc.599.1 m11.011.2%276.9%−0.5%+27% / +84%
BWFGBankwell Financial Group, Inc.584.1 m12.914.5%1,437.5%+44.0%+60% / +172%
BSRRSierra Bancorp555.6 m11.114.0%—unavailable+38% / +129%
RBBRBB Bancorp443.9 m10.87.9%720.3%−2.4%+32% / +72%
AVBHAvidbank Holdings, Inc.383.5 m—-5.6%—unavailable+34% / +69%

1- and 3-year price returns: for BPOP from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Popular, Inc. is the largest financial institution based in Puerto Rico, also active in New York and Florida through its mainland bank, with consolidated assets of 75.3 billion dollars at December 31, 2025. For investors the question now is whether its technology transformation and net interest margin can support its long-term tangible return target, while the Puerto Rico economy keeps recovering.

SWOT

Strengths

  • Popular is the largest financial institution in Puerto Rico, with a stable deposit base and strong capital that allows it to return capital to shareholders 12.
  • The company keeps a high Common Equity Tier 1 ratio and its principal bank is well capitalized, as its quarterly reports confirm 23.
  • Local brand recognition and an extensive branch network in Puerto Rico help it attract public and private deposits 12.

Weaknesses

  • Activity is heavily concentrated in Puerto Rico, which exposes the company to island economic risks more than banks with a broader geographic base 1.
  • The cost of deposits has risen in recent quarters, and part of the public deposit base is rate-sensitive, which pressures margins 23.
  • In the U.S. market Popular holds a small share in a dense competitive setting against larger and better-resourced banks 1.

Opportunities

  • If digital transformation lowers costs and improves customer experience, the company could raise efficiency and profitability 13.
  • Growth in commercial lending and corporate credit cards offers room to expand fee income 23.
  • Placing liquidity in Treasury securities at better yields could support net interest income if conditions stay favorable 2.

Threats

  • A slowdown in the Puerto Rico economy or cuts to federal funding could lead to more missed payments and higher credit losses 1.
  • Competition from fintech and nonbank firms could compress margins and market share, especially in deposits 1.
  • If interest rates rise rapidly again, unrealized losses on the securities portfolio could weigh on tangible capital 1.

Risks

  • Geographic concentration in Puerto Ricohigh

    Most assets and revenue come from Puerto Rico, so a deterioration of the island's economy would affect results directly 1.

  • Exposure to real estate lendinghigh

    A significant part of the loan book is secured by real estate, and a fall in property values could require higher loss reserves 1.

  • Interest rate sensitivity and unrealized lossesmedium

    If rates rise quickly or stay high for long, unrealized losses on available-for-sale securities could grow and limit shareholder distributions 1.

  • Cost and stability of depositsmedium

    Deposits are the main funding source; if they decline or become more expensive, net interest income could be affected 13.

  • Credit quality of new relationshipsmedium

    A rise in problem loans to certain corporate clients led to extra reserves in 2026, showing that loss peaks can appear quickly 2.

Investment thesis

What would need to be true (bull case)

  • If the Puerto Rico economy stays solid and the margin holds, net interest income could keep supporting tangible returns 23.
  • Strong capital and a repurchase program of up to one billion dollars show management can return capital without weakening the balance sheet 2.
  • Digital transformation and growth in corporate card income could improve operating efficiency over the long term 13.

What would break the thesis

  • Dependence on Puerto Rico means a local economic shock or lower federal funding could hit all segments at once 1.
  • Rising deposit costs and reliance on public deposits could compress the margin if competition intensifies 23.
  • A jump in reserves for problem loans within one quarter shows losses can appear suddenly and could reduce profit 2.

What to watch

  • Trend of net interest margin and deposit costs, especially Puerto Rico public depositsQ4 2026
  • Level of credit loss reserves and non-performing loansQ4 2026
  • Progress toward the 14 percent long-term tangible return target2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Popular is a diversified financial holding company supervised by the Federal Reserve Board, operating through Banco Popular de Puerto Rico, its main bank, and Popular Bank, a New York-chartered bank with branches in New York, New Jersey and Florida 1. Interest income from its loan portfolio is the principal source of revenue, while deposits form the low-cost, stable funding base 1. The company launched a multi-year technology transformation in 2022 and exited its U.S. mortgage business 12.

Segments

Popular Bank (PB)

Popular Bank serves commercial and retail clients in the New York/New Jersey and Miami metropolitan areas, where competition is intense 1. Its net interest income rose 3 percent in the third quarter of 2026 versus the prior quarter, mainly from commercial loans carrying higher yields 3.

Market context

The company's activity is concentrated in Puerto Rico, whose economy is closely tied to U.S. federal policy and funding, and whose banking market is dominated by local banks and credit unions 1. The U.S. market, where Popular is present through its New York bank, is far more competitive, with many community, regional and national banks 1. Growth in Puerto Rico public deposits and pressure on deposit costs have shifted margin dynamics in 2026 23.

Trends

  • Recovery of the Puerto Rico economytailwind

    The island's economy has gradually recovered since its fiscal crisis and the government's exit from bankruptcy in 2022, and a strong labor market supports loan demand and asset quality 13. If the recovery continues, demand for mortgage and consumer credit could stay strong.

  • Higher yields on Treasury securitiesmixed

    Reinvesting maturities into U.S. Treasury securities at higher yields supported net interest income and margin in 2026, but this benefit remains sensitive to rate movements 23.

  • Digital transformation and operating efficiencymixed

    The multi-year modernization program, including a cloud-based ERP platform implemented in January 2026, could lower costs over time, although technology expenses rose in 2026 13.

Competitive position

The main competition comes from other Puerto Rico banks, but Popular faces growing pressure from institutions outside the island, fintech firms and credit unions, which have lower costs and lighter regulation 1. In the U.S., the New York and Miami markets are crowded with banks that generally have more resources than Popular 1.

  • Local Puerto Rico banks

    Principal direct competitors for loans, deposits and banking services in Puerto Rico, according to the company's filing.

  • U.S. and foreign banks with Puerto Rico operations

    A few large U.S. and foreign banks operating in Puerto Rico that compete in corporate and retail segments.

  • Credit unions

    Offer basic consumer financial services at lower cost and under lighter regulation, and hold a significant share of the market.

  • Nonbank and fintech firms

    Providers of electronic and online services, including card and consumer finance companies, that are not subject to the same regulation.

News & filings

In the press

SEC filings

  • Current report23 Oct 2026
    Other events · Financial statements and exhibits
  • Current report22 Oct 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report20 Aug 2026
    Departure or appointment of officers · Financial statements and exhibits
  • Current report20 Aug 2026
    Other events · Financial statements and exhibits
  • Quarterly report07 Aug 2026
  • Current report23 Jul 2026
    Other events · Financial statements and exhibits
  • Current report23 Jul 2026
    Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Current report23 Jul 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report09 Jun 2026
    Other events
  • Current report11 May 2026
    Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Popular, Inc. · 02 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Popular, Inc. · 07 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Popular, Inc. · 22 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.