Popular is the largest financial institution in Puerto Rico, operating primarily through its banking subsidiary, Banco Popular de Puerto Rico (BPPR), which holds the dominant retail banking franchise on the island. Popular also operates Popular Bank, a U.S. subsidiary with branches in New York, New Jersey, and Florida, focused on commercial banking in the New York/New Jersey and greater Miami metro markets. Popular's business is heavily anchored in Puerto Rico, where BPPR accounts for roughly 70% of total loans. Popular's ~$39B loan portfolio spans commercial and industrial, residential mortgage, commercial real estate, auto loans and leases, and consumer lending. Popular earns revenue primarily through net interest income, with fees from cards, insurance, and broker-dealer services as a secondary source. A structurally distinctive feature of Popular's funding base is its large Puerto Rico government deposits, which provide a low-cost and relatively stable source of funding. Popular also benefits from Puerto Rico's tax regime, which drove an effective tax rate of 17% in 2025. Growth priorities include expanding commercial and mortgage lending in Puerto Rico, building commercial banking relationships at Popular Bank in the U.S., and executing a multi-year technology transformation program covering digital channels, core banking platforms, and data analytics. Popular runs a well-capitalized balance sheet with a CET1 ratio of 15.7% and is actively returning capital through share buybacks and dividends while targeting a 14% ROTCE over the medium term.