Company: BPOPM
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0001193125-25-147021
Chunk: 6

Company: POPULAR, INC.
Filing Date: 2025-06-25
Form: 11-K
Chunk 6
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 officers of the Corporation. The Committee has overall responsibility for the operations and administration of the Plan. The named fiduciary of the Plan for purposes of investment related matters is the Popular, Inc. Corporate Investment Committee. 6

Popular, Inc. U.S.A. 401(k) Savings and Investment Plan

Notes to Financial Statements

December 31, 2024 and 2023

The Principal Financial Group (“PFG”) is the record keeper for the Plan and Principal Trust
Company, a subsidiary of PFG, is the trustee. Principal Life Insurance Company (“PLIC”), a member of PFG, manages the pooled separate accounts and the single annuity contract.

Forfeited accounts

Forfeited balances of terminated
participants’ non-vested accounts may first be used to pay administrative expenses, to reduce the earliest employer contributions made after the forfeitures are determined, or at the Corporation’s
discretion, may be redistributed among participants after a five (5) year severance period. During the severance period, if the terminated participant is re-employed by the Corporation, the dollar value
at the date of re-employment shall be restored to the participant’s account if the re-employed participant repays to the Plan an amount equal to the dollar value of
his/her vested balance distributed upon termination.

During 2024, the Plan used forfeiture accounts to pay administrative expenses in the amount of
$206,842, which included expenses accrued in prior year, and $131,529 to cover the 2023 True-Up Contribution. Forfeited non-vested accounts amounted to $68,746 and
$22,920 at December 31, 2024 and 2023, respectively.

Non-ParticipantDirected Investments

At December 31, 2024, there were no non-participant directed investments in the Plan.

2. Summary of Significant Accounting Policies

The
significant accounting policies followed by the Plan in the preparation of the financial statements are summarized below:

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

Use of estimates

The preparation of financial
statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Investment Valuation and Income Recognition