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

Company: POPULAR, INC.
Filing Date: 2025-06-25
Form: 11-K
Chunk 11
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,754 |     | $     | 131,760,187 |

4. Investment Contract with Principal Life Insurance Company (“PLIC”) The Plan invests in a single group annuity contract with a fixed rate of interest. In accordance with ASC Subtopic 820-10,this investment is presented in the financial statements at its contract value. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributed to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Plan offers the Principal Fixed Income Guaranteed Option (“PFIGO”), which is a benefit- responsive group annuity contract issued by PLIC. 10

Popular, Inc. U.S.A. 401(k) Savings and Investment Plan Notes to Financial Statements December 31, 2024 and 2023 Under the terms of the contract, the crediting rate is reset on a semiannual basis. There was no minimum crediting rate. The PFIGO is a single group annuity contract with a fixed rate of interest. It is not a portfolio of contracts whose yields are based on changes in fair value of underlying assets as would be found in a stable value fund. As a result, the average yield earned by the Plan is the yield earned (i.e., interest credited) on the group annuity contracts. The interest rate history for the contracts is as follows: PFIGO

| Time Period                                                                        |     | 2024 |      |   |     | 2023 |      |   |
| January 1 - May 31                                                                 |     |      | 6.05 | % |     |      | 4.05 | % |
| June 1 - November 30                                                               |     |      | 5.15 | % |     |      | 4.35 | % |
| December 1 - December 31                                                           |     |      | 4.85 | % |     |      | 4.65 | % |
| The PFIGO investment option crediting rate resets semiannually at December 1st and 
 June 1st.                                                                          |     |      |      |   |     |      |      |   |

By definition, a group annuity contract is an insurance contract. As a result, the Plan may transact according to the terms defined in the contract at any time. Interest is credited to the Guaranteed Interest Fund on a daily