8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 26, 2023

POPULAR, INC.

(Exact name of registrant as specified in its charter)

Puerto Rico	001-34084	66-0667416
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

209 Muñoz Rivera Avenue Hato Rey, Puerto Rico	00918
(Address of principal executive offices)	(Zip code)

(787) 765-9800

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($0.01 par value)	BPOP	The NASDAQ Stock Market
6.125% Cumulative Monthly Income Trust Preferred Securities	BPOPM	The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 26, 2023, Popular, Inc. (the “Corporation”) issued a press release announcing its unaudited financial results for the quarter ended June 30, 2023, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Corporation’s filings under the Securities Act of 1933, as amended, unless otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

The Corporation is furnishing information regarding its conference call to discuss its financial results for the quarter ended June 30, 2023. A copy of the presentation to be used by the Corporation on the conference call is attached hereto as Exhibit 99.2.

The information furnished pursuant to this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Corporation’s filings under the Securities Act of 1933, as amended, unless otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

Exhibits 99.1 and 99.2 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.

99.1	Press Release dated July 26, 2023 – Second Quarter 2023 Financial Results.
99.2	Popular, Inc. Conference Call Presentation – Second Quarter 2023 Financial Results.
101	Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	POPULAR, INC. (Registrant)
Date: July 26, 2023	By:	/s/ Jorge J. García
		Jorge J. García
		Senior Vice President and Corporate Comptroller

EX-99.1

Exhibit 99.1

Popular, Inc. Announces Second Quarter 2023 Financial Results

• Net income of $151.2 million in Q2 2023, compared to net income of $159.0 million in Q1 2023.

• Net interest margin of 3.14% in Q2 2023, compared to 3.22% in Q1 2023; net interest margin on a taxable equivalent basis of 3.29% in Q2 2023, compared to 3.46% in Q1 2023.

• Credit Quality:

• Non-performing loans held-in-portfolio (“NPLs”) decreased by $26.9 million from Q1 2023; NPLs to loans ratio at 1.2% vs. 1.3% in Q1 2023;

• Net charge-offs (“NCOs”) decreased by $8.8 million from Q1 2023; annualized NCOs at 0.29% of average loans held-in-portfolio vs. 0.41% in Q1 2023;

• Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.12% vs. 2.13% in Q1 2023; and

• ACL to NPLs at 181.6% vs. 167.1% in Q1 2023.

• Loans increased by $692.5 million and by $630.4 million in average quarterly balances, from Q1 2023.

• Ending deposit balances increased by $3.1 billion and average quarterly balances increased by $1.0 billion, from Q1 2023.

• Total borrowings at Q2 2023 were $1.4 billion, flat compared to Q1 2023.

• Common Equity Tier 1 ratio of 16.87%, Common Equity per Share of $63.00 and Tangible Book Value per Share of $51.37 at June 30, 2023.

SAN JUAN, Puerto Rico – (BUSINESS WIRE) – Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $151.2 million for the quarter ended June 30, 2023, compared to net income of $159.0 million for the quarter ended March 31, 2023.

Ignacio Alvarez, President and Chief Executive Officer, said: “Popular achieved another strong quarter, with net income of $151 million. We are particularly pleased by the growth in our loan portfolios, both in Puerto Rico and the United States, which allowed us to maintain our net interest income stable despite higher deposit costs. Our deposit base remained strong and well-diversified. Our results were further bolstered by positive credit quality trends and healthy non-interest income. We continued investing in areas such as people, regulatory compliance and technology, confident that they will contribute to our long-term success. We are encouraged by the resiliency of the U.S. economy and sustained economic activity in Puerto Rico. Our strong levels of capital and liquidity position us well to support such activity and serve the evolving needs of our growing customer base.”

1

Significant Events

Redemption of Senior Notes

On March 13, 2023, the Corporation issued $400 million aggregate principal amount of 7.25% Senior Notes due 2028 (the “2028 Notes”) in an underwritten public offering. On July 14, 2023, the Corporation announced that it will use a portion of the net proceeds of the 2028 Notes offering to redeem, on August 14, 2023, the outstanding $300 million aggregate principal amount of its 6.125% Senior Notes due September 2023. The redemption price will be equal to 100% of the principal amount plus accrued and unpaid interest through the redemption date.

Refer to Table I for further details of liquidity sources.

Earnings Highlights

(Unaudited)	Quarters ended						Six months ended
(Dollars in thousands, except per share information)	30-Jun-23		31-Mar-23		30-Jun-22		30-Jun-23		30-Jun-22
Net interest income	$	531,668	$	531,656	$	533,862	$	1,063,324	$	1,028,174
Provision for credit losses (benefit)		37,192		47,637		9,362		84,829		(6,138	)
Net interest income after provision for credit losses		494,476		484,019		524,500		978,495		1,034,312
Other non-interest income		160,471		161,961		157,411		322,432		312,103
Operating expenses		460,284		440,687		406,278		900,971		808,617
Income before income tax		194,663		205,293		275,633		399,956		537,798
Income tax expense		43,503		46,314		64,212		89,817		114,691
Net income	$	151,160	$	158,979	$	211,421	$	310,139	$	423,107
Net income applicable to common stock	$	150,807	$	158,626	$	211,068	$	309,433	$	422,401
Net income per common share-basic	$	2.10	$	2.22	$	2.77	$	4.32	$	5.46
Net income per common share-diluted	$	2.10	$	2.22	$	2.77	$	4.32	$	5.46

Net interest income on a taxable equivalent basis – Non-GAAP financial measure

Net interest income, on a taxable equivalent basis, is presented with its different components in Tables D and E for the quarter ended June 30, 2023 and Table F for the six-month periods ended June 30, 2023 and 2022. Net interest income on a taxable equivalent basis is a non-GAAP financial measure. Management believes that this presentation provides meaningful information since it facilitates the comparison of revenues arising from taxable and tax-exempt sources.

Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

Net interest income for the quarter ended June 30, 2023 was $531.7 million, flat over the previous quarter. Net interest income on a taxable equivalent basis for the second quarter of 2023 was $558.4 million compared to $570.4 million in the previous quarter, a decrease of $12.0 million. The decrease in the taxable equivalent net interest income is related to a lower volume of exempt investments and higher disallowed interest expense in the Puerto Rico tax computation. The latter results from the increase in the Corporation’s cost of deposits that is attributable to the tax-exempt income. Refer to the income taxes discussion for further information.

Net interest margin for the quarter was 3.14%, compared to 3.22% in the first quarter of 2023, a decrease of eight basis points. On a taxable equivalent basis, net interest margin for the second quarter of 2023 was 3.29%, compared to 3.46% for the prior quarter. The main variances in net interest income on a taxable equivalent basis were:

• higher interest expense on deposits by $50.3 million due to the increase in rates, mainly from the increase in volume and cost of Puerto Rico government deposits, and a higher cost in most deposit categories in both Banco Popular de Puerto Rico (“BPPR”) and Popular Bank (“PB” or “Popular U.S. Operations”);

2

partially offset by:

• higher interest income from loans by $30.4 million resulting from an increase in average loans by $635 million, reflecting increases in both BPPR and PB and across all major lending segments. Loan origination in a higher interest rate environment and the repricing of adjustable-rate loans resulted in a higher yield on loans by 18 basis points. The categories with the highest impact were commercial loans, which increased by $18.5 million in interest income, or 20 basis points, and consumer loans which increased by $5.6 million, or 36 basis points; and

• higher interest income from investment securities, trading and money market investments by $12.6 million driven mainly by a higher volume of money market investments, which reflects a 50 basis points increase in yield related to the increase in the Federal funds rate, partially offset by a lower volume of investment securities.

Net interest income for the BPPR segment amounted to $453.1 million for the second quarter of 2023, $3.3 million higher than the first quarter of 2023. Net interest margin decreased three basis points to 3.21% compared to 3.24% in the first quarter of 2023. The decrease in net interest margin was due to a higher volume of deposits and to a shift in the mix of BPPR deposits towards higher yielding Puerto Rico government deposits. The increase in net interest income at the BPPR segment can be attributed to a higher volume of loans and overnight Fed funds reserves. Earning assets yield at the BPPR segment improved to 4.57%, an increase of 22 basis points from the prior quarter. The average volume of earning assets at the BPPR segment increased $521 million while the average volume of total deposits increased by $539 million, mainly P.R. public sector deposits. Public sector deposits were $1.2 billion higher on average than during Q1 2023 and were partially offset by decreases in commercial interest-bearing deposits. The cost of interest-bearing deposits at BPPR increased 34 basis points to 1.95% from 1.61% the previous quarter. The increase in the cost of deposits at BPPR was mainly impacted by the repricing of public funds. Total deposit costs in the second quarter of 2023 were 1.44%, compared to 1.18% in the quarter ended March 31, 2023, an increase of 26 basis points. Excluding the increase in public deposit costs, total commercial and retail deposits at BPPR increased by 14 basis points during the quarter.

Net interest income for PB was $87.5 million for the quarter ended June 30, 2023, compared to $90.1 million during the previous quarter, a decrease of $2.6 million. Net interest margin decreased by 33 basis points in the quarter to 3.01%, compared to 3.34% in the first quarter of 2023. The decrease in net interest margin was mostly driven by a higher cost of deposits, partially offset by a higher volume of loans and the repricing of adjustable-rate loans. The cost of interest-bearing deposits was 3.02%, compared to 2.47% during the first quarter of 2023, or an increase of 55 basis points, while total deposit cost was 2.55% compared to 2.01% in the previous quarter.

Non-interest income

Non-interest income amounted to $160.5 million for the quarter ended June 30, 2023, a decrease of $1.5 million when compared to $162.0 million for the quarter ended March 31, 2023. The main factors that contributed to the variance in non-interest income were:

• lower income from mortgage banking activities by $5.1 million, mainly related to an unfavorable variance of $4.8 million related to the fair value adjustments of mortgage servicing rights (“MSRs”), including the impact of portfolio runoff; and

• lower other operating income by $2.6 million mainly due to $7.0 million recognized in income during the first quarter of 2023 from successful insurance claim reimbursements related to prior period legal matters, partially offset by higher earnings from the portfolio of equity method investments;

partially offset by:

• higher service charges on deposit accounts by $3.1 million, mainly due to $2.9 million in non-balance compensation fees related to cash management services on commercial customer accounts; and

• higher other service fees by $4.2 million, mainly due to higher credit card and debit card fees due to higher volume of transactions and higher merchant acquiring fees from the revenue sharing agreement with Evertec Inc.

3

Refer to Table B for further details.

Operating expenses

Operating expenses for the second quarter of 2023 totaled $460.3 million, an increase of $19.6 million when compared to the first quarter of 2023. The variance in operating expenses was driven primarily by:

• higher professional fees by $16.7 million mainly due to higher advisory services by $12.9 million related to corporate initiatives focused on regulatory, compliance and cyber security efforts, the impact of the grant in May 2023 of $1.9 million in directors’ share based payment, and an increase in audit fees by $1.1 million;

• higher technology and software expenses by $3.8 million mainly due to an increase in information technology professional and consulting fees by $2.1 million and higher software amortization expense by $1.1 million;

• higher processing and transactional services expenses by $3.9 million mainly due to broad based retail customers’ debit card replacement costs incurred during the second quarter of 2023 of $3.4 million; and

• higher business promotion expenses by $6.2 million mainly due to higher customer reward program expenses in our credit card business by $4.3 million and higher advertising and sponsorship expense by $1.8 million;

partially offset by:

• lower personnel costs by $7.3 million, mainly due to a decrease in performance shares and restricted stock expenses by $4.8 million, and lower other compensation expenses by $5.0 million due to the impact of the minimum salary increase on vacations accruals and incentive payments adjustments, both recorded in the first quarter, and payroll taxes that are traditionally higher in the first quarter of the year; partially offset by an increase in health insurance costs by $2.3 million; and

• lower FDIC deposit insurance expense by $2.1 million due to a decrease in the assessment rate driven by the adoption of the Financial Accounting Standards Board (‘’FASB’’) issued Accounting Standards Update (‘’ASU’’) 2022-02 during the first quarter of 2023, which eliminated the accounting guidance for trouble debt restructures (‘’TDRs’’).

Full-time equivalent employees were 9,124 as of June 30, 2023, compared to 8,975 as of March 31, 2023.

For a breakdown of operating expenses by category refer to Table B.

Income taxes

For the quarter ended June 30, 2023, the Corporation recorded an income tax expense of $43.5 million compared to an income tax expense of $46.3 million for the previous quarter. The favorable variance in income tax expense was mainly attributable to lower income before tax. The effective tax rate (“ETR”) for the second quarter of 2023 was 22.4% while the ETR for the first quarter was 22.6%.

The ETR of the Corporation is impacted by the composition and source of its taxable income. The Corporation expects the ETR for the year 2023 to be within a range from 22% to 25%.

4

Credit Quality

During the second quarter of 2023, the Corporation continued to reflect strong credit quality metrics with low levels of net charge offs (“NCOs”) and decreasing non-performing loans (“NPLs”). We continue to closely monitor changes in the macroeconomic environment and on borrower performance, given inflationary pressures and geopolitical risks. However, management believes that the improvement over recent years in the risk profile of the Corporation’s loan portfolios positions Popular to continue to operate successfully under the current environment.

The following presents credit quality results for the second quarter of 2023:

• At June 30, 2023, total non-performing loans held-in-portfolio decreased by $26.9 million from March 31, 2023. BPPR’s NPLs decreased by $26.6 million, mostly driven by lower mortgage NPLs by $29.9 million, in part offset by higher construction NPLs due to a single $9.3 million relationship. PB’s NPLs remained flat quarter-over-quarter. At June 30, 2023, the ratio of NPLs to total loans held-in-portfolio was 1.2%, compared to 1.3% in the first quarter of 2023.

• Inflows of NPLs held-in-portfolio, excluding consumer loans, decreased by $10.0 million quarter-over-quarter. In BPPR, total inflows decreased by $10.6 million, mainly driven by lower commercial and mortgage NPLs by $13.4 million and $6.5 million, respectively, in part offset by the abovementioned construction relationship inflow. PB inflows remained flat quarter-over-quarter.

• NCOs amounted to $24.0 million, decreasing by $8.8 million when compared to the first quarter of 2023. BPPR’s NCOs decreased by $12.8 million quarter-over-quarter, mainly driven by lower consumer NCOs by $14.5 million, due to a $10.5 million line of credit charge-off in the prior quarter, coupled with lower auto loan NCOs by $4.7 million during the quarter. PB’s NCOs increased by $4.0 million due to a fully reserved commercial loan charged-off during the quarter. During the second quarter of 2023, the Corporation’s ratio of annualized NCOs to average loans held-in-portfolio was 0.29%, compared to 0.41% in the first quarter of 2023. Refer to Table O for further information on NCOs and related ratios.

• At June 30, 2023, the allowance for credit losses (“ACL”) increased by $11.1 million from the first quarter of 2023 to $700.2 million. In BPPR and PB, the ACL increased by $9.1 million and $2.0 million, respectively. These increases were mostly driven by specific reserves for collateral dependent U.S. commercial and P.R. construction loans, changes in macroeconomic scenarios, higher loan volumes and migration of P.R. consumer credit scores, partially offset by changes in the assignments of probability weights to macroeconomic scenarios, as discussed below, and reductions in qualitative reserves.

• The ACL incorporated updated macroeconomic scenarios for Puerto Rico and the United States. Given that any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to estimate its ACL. During the second quarter 2023, due to positive trends the Corporation lowered the probability weights assigned to the pessimistic scenario and increased the probability weight assigned to the baseline scenario, prompting a reserve release of $5.8 million. The baseline scenario continues to be assigned the highest probability, followed by the pessimistic scenario, and then the optimistic scenario.

• The 2023 annualized GDP growth in the baseline scenario stands at 1.5% and 1.6% for Puerto Rico and the United States, respectively, compared to 2.1% and 1.3% in the previous quarter. The 2023 forecasted average unemployment rate for Puerto Rico improved to 6.3% from 6.9% in the previous forecast, while in the United States unemployment levels remained stable at 3.6%, compared to 3.5% in the previous forecast.

• The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.12% in the second quarter of 2023, compared to 2.13% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio stood at 181.6%, compared to 167.1% in the previous quarter.

• The provision for credit losses for the loan portfolios for the second quarter of 2023 was an expense of $35.7 million, compared to an expense of $47.1 million in the previous quarter, reflecting the previously mentioned changes in the allowance for credit losses. The provision for the BPPR segment was an expense of $28.4 million, compared to an expense of $45.2 million in the previous quarter, while the provision for PB was an expense of $7.3 million, compared to an expense of $1.9 million in the previous quarter.

• The provision for unfunded loan commitments, provision for credit losses on our loan and lease portfolios and provision for credit losses on our investment portfolio are aggregated and presented in the provision for credit losses caption in our Statement of Operations.

5

Non-Performing Assets

(Unaudited)
(In thousands)	30-Jun-23			31-Mar-23			30-Jun-22
Non-performing loans held-in-portfolio	$	385,504		$	412,383		$	477,924
Other real estate owned (“OREO”)		86,216			91,721			92,137
Total non-performing assets	$	471,720		$	504,104		$	570,061
Net charge-offs (recoveries) for the quarter	$	23,990		$	32,813		$	6,073
Ratios:
Loans held-in-portfolio	$	33,030,922		$	32,338,373		$	30,370,936
Non-performing loans held-in-portfolio to loans held-in-portfolio		1.17	%		1.28	%		1.57	%
Allowance for credit losses to loans held-in-portfolio		2.12			2.13			2.24
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		181.63			167.11			142.65

Refer to Table M for additional information.

Provision for Credit Losses (Benefit) - Loan Portfolios

(Unaudited)	Quarters ended						Six months ended
(In thousands)	30-Jun-23		31-Mar-23		30-Jun-22		30-Jun-23		30-Jun-22
Provision for credit losses (benefit) - loan portfolios:
BPPR	$	28,379	$	45,203	$	9,128	$	73,582	$	(3,533	)
Popular U.S.		7,282		1,943		733		9,225		(1,011	)
Total provision for credit losses (benefit) - loan portfolios	$	35,661	$	47,146	$	9,861	$	82,807	$	(4,544	)

6

Credit Quality by Segment

(Unaudited)
(In thousands)	Quarters ended
BPPR	30-Jun-23			31-Mar-23			30-Jun-22
Provision for credit losses - loan portfolios	$	28,379		$	45,203		$	9,128
Net charge-offs		18,687			31,464			5,332
Total non-performing loans held-in-portfolio		352,339			378,979			444,831
Allowance / loans held-in-portfolio		2.58	%		2.57	%		2.70	%
Allowance / non-performing loans held-in-portfolio		169.19	%		154.89	%		130.52	%
	Quarters ended
Popular U.S.	30-Jun-23			31-Mar-23			30-Jun-22
Provision for credit losses - loan portfolios	$	7,282		$	1,943		$	733
Net charge-offs		5,303			1,349			741
Total non-performing loans held-in-portfolio		33,165			33,404			33,093
Allowance / loans held-in-portfolio		1.05	%		1.07	%		1.14	%
Allowance / non-performing loans held-in-portfolio		313.86	%		305.69	%		305.72	%

Financial Condition Highlights

(Unaudited)
(In thousands)	30-Jun-23		31-Mar-23		30-Jun-22
Cash and money market investments	$	9,070,118	$	6,560,301	$	10,215,946
Investment securities		25,874,316		25,951,936		28,138,453
Loans		33,030,922		32,338,373		30,370,936
Total assets		70,838,266		67,675,759		71,501,931
Deposits		64,004,818		60,953,888		65,327,664
Borrowings		1,427,254		1,402,626		959,135
Total liabilities		66,273,257		63,205,034		67,208,582
Stockholders’ equity		4,565,009		4,470,725		4,293,349

7

Total assets amounted to $70.8 billion at June 30, 2023, an increase of $3.2 billion from the first quarter of 2023, driven by:

• an increase in overnight FED fund balances of $2.5 billion, mainly due to higher deposits as discussed below;

• an increase in securities available-for-sale (“AFS”) of $69.1 million, mainly due to a net increase of $333.2 million in U.S. Treasury Securities balances, offset by repayment and maturities of mortgage-backed securities and collateralized mortgage obligations and higher unrealized losses in the portfolio; and

• an increase in loans held-in-portfolio of $692.5 million reflected across all portfolios in BPPR, net of a transfer to held for sale of a $45.9 million private label credit card portfolio, and an increase in commercial and construction loans at PB, offset in part by a decrease in its mortgage and consumer loans portfolio;

partially offset by:

• a decrease in securities held-to-maturity (“HTM”) of $151.8 million driven by a decrease of $200.0 million in U.S. Treasury securities as a result of maturities, partially offset by the amortization of $42.9 million of the discount related to U.S. Treasury securities previously reclassified from the available-for-sale to HTM, which has an offsetting unrealized loss included within other comprehensive income that is also being accreted, resulting in a neutral effect to earnings.

Total liabilities increased by $3.1 billion from the first quarter of 2023, driven by:

• an increase of $3.1 billion in deposits, mainly in Puerto Rico public sector accounts and time deposits and savings accounts at PB, partially offset by a decrease in non-interest bearing deposits.

Stockholders’ equity increased by $94.3 million from the first quarter of 2023, principally due to net income for the quarter of $151.2 million and the amortization of the unrealized losses from the securities reclassified to HTM of $34.3 million, partially offset by the after-tax impact of the increase in net unrealized losses in the portfolio of AFS securities of $69.9 million and dividends to common stockholders during the quarter.

Common Equity Tier - 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.87%, $63.00 and $51.37, respectively, at June 30, 2023, compared to 16.73%, $61.82 and $50.15 at March 31, 2023. Refer to Table A for capital ratios.

During the second quarter of 2023, the Corporation’s available liquidity increased to $20.1 billion from $18.3 billion on March 31, 2023. Refer to Table I for additional information on the Corporation’s liquidity sources.

8

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those regarding Popular’s business, financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future performance, are based on management’s current expectations and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include, without limitation, the effect of competitive and economic factors, and our reaction to those factors, the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate changes, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings, new accounting standards on the Corporation’s financial condition and results of operations, the scope and duration of the COVID-19 pandemic (including the appearance of new strains of the virus), actions taken by governmental authorities in response thereto, and the direct and indirect impact of the pandemic on Popular, our customers, service providers and third parties. Other potential factors include Popular’s ability to successfully execute its transformation initiative, including, but not limited to, achieving projected earnings, efficiencies and return on tangible common equity and accurately anticipating costs and expenses associated therewith, imposition of FDIC special assessments, changes to regulatory capital, liquidity and resolution-related requirements applicable to financial institutions in response to recent developments affecting the banking sector and the impact of bank failures or adverse developments at other banks and related negative media coverage of the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks. All statements contained herein that are not clearly historical in nature, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions, and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, are generally intended to identify forward-looking statements.

More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Form 10-K for the year ended December 31, 2022, in our Form 10-Q for the quarter ended March 31, 2023 and in our Form 10-Q for the quarter ended June 30, 2023 to be filed with the Securities and Exchange Commission. Our filings are available on the Corporation’s website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). The Corporation assumes no obligation to update or revise any forward-looking statements or information which speak as of their respective dates.

About Popular, Inc.

Popular, Inc. (NASDAQ: BPOP) is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.

Conference Call

Popular will hold a conference call to discuss its financial results today, Wednesday, July 26, 2023 at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed through the Investor Relations section of the Corporation’s website: www.popular.com.

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local). The dial-in access code is 974981.

A replay of the webcast will be archived in Popular’s website. A telephone replay will be available one hour after the end of the conference call through Friday, August 25, 2023. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 254603.

An electronic version of this press release can be found at the Corporation’s website: www.popular.com.

9

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table A - Selected Ratios and Other Information

Table B - Consolidated Statement of Operations

Table C - Consolidated Statement of Financial Condition

Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - QUARTER

Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - QUARTER

Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE

Table G - Mortgage Banking Activities and Other Service Fees

Table H - Loans and Deposits

Table I - Liquidity Sources, Deposits and Borrowings

Table J - Loan Delinquency - BPPR Operations

Table K - Loan Delinquency - Popular U.S. Operations

Table L - Loan Delinquency - Consolidated

Table M - Non-Performing Assets

Table N - Activity in Non-Performing Loans

Table O - Allowance for Credit Losses, Net Charge-offs and Related Ratios

Table P - Allowance for Credit Losses ‘‘ACL’’ - Loan Portfolios - Consolidated

Table Q - Allowance for Credit Losses ‘‘ACL’’ - Loan Portfolios - BPPR Operations

Table R - Allowance for Credit Losses ‘‘ACL’’ - Loan Portfolios - Popular U.S. Operations

Table S - Reconciliation to GAAP Financial Measures

10

POPULAR, INC.

Financial Supplement to Second Quarter 2023 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

	Quarters ended									Six months ended
	30-Jun-23			31-Mar-23			30-Jun-22			30-Jun-23			30-Jun-22
Basic EPS	$	2.10		$	2.22		$	2.77		$	4.32		$	5.46
Diluted EPS	$	2.10		$	2.22		$	2.77		$	4.32		$	5.46
Average common shares outstanding		71,690,396			71,541,778			76,171,784			71,616,498			77,301,469
Average common shares outstanding—assuming dilution		71,709,203			71,606,196			76,286,883			71,664,303			77,426,274
Common shares outstanding at end of period		72,103,969			71,965,984			76,576,397			72,103,969			76,576,397
Market value per common share	$	60.52		$	57.41		$	76.93		$	60.52		$	76.93
Market capitalization—(In millions)	$	4,364		$	4,132		$	5,891		$	4,364		$	5,891
Return on average assets		0.85	%		0.93	%		1.17	%		0.89	%		1.15	%
Return on average common equity		9.26	%		10.00	%		14.58	%		9.63	%		14.48	%
Net interest margin (non-taxable equivalent basis)		3.14	%		3.22	%		3.09	%		3.18	%		2.92	%
Net interest margin (taxable equivalent basis) -non-GAAP		3.29	%		3.46	%		3.45	%		3.37	%		3.24	%
Common equity per share	$	63.00		$	61.82		$	55.78		$	63.00		$	55.78
Tangible common book value per common share (non-GAAP) [1]	$	51.37		$	50.15		$	46.18		$	51.37		$	46.18
Tangible common equity to tangible assets (non-GAAP) [1]		5.29	%		5.40	%		5.00	%		5.29	%		5.00	%
Return on average tangible common equity [1]		10.63	%		11.51	%		16.70	%		11.06	%		16.55	%
Tier 1 capital		16.93	%		16.79	%		16.46	%		16.93	%		16.46	%
Total capital		18.74	%		18.61	%		18.29	%		18.74	%		18.29	%
Tier 1 leverage		8.40	%		8.37	%		7.56	%		8.40	%		7.56	%
Common Equity Tier 1 capital		16.87	%		16.73	%		16.39	%		16.87	%		16.39	%

[1] Refer to Table S for reconciliation to GAAP financial measures.

11

POPULAR, INC.

Financial Supplement to Second Quarter 2023 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

	Quarters ended						Variance			Quarter ended			Variance			Six months ended
							Q2 2023						Q2 2023
(In thousands, except per share information)	30-Jun-23			31-Mar-23			vs. Q1 2023			30-Jun-22			vs. Q2 2022			30-Jun-23			30-Jun-22
Interest income:
Loans	$	570,120		$	541,210		$	28,910		$	446,245		$	123,875		$	1,111,330		$	873,036
Money market investments		100,775			65,724			35,051			23,742			77,033			166,499			30,206
Investment securities		123,112			132,088			(8,976	)		101,774			21,338			255,200			198,240
Total interest income		794,007			739,022			54,985			571,761			222,246			1,533,029			1,101,482
Interest expense:
Deposits		243,488			193,215			50,273			27,827			215,661			436,703			52,610
Short-term borrowings		1,624			2,885			(1,261	)		248			1,376			4,509			328
Long-term debt		17,227			11,266			5,961			9,824			7,403			28,493			20,370
Total interest expense		262,339			207,366			54,973			37,899			224,440			469,705			73,308
Net interest income		531,668			531,656			12			533,862			(2,194	)		1,063,324			1,028,174
Provision for credit losses (benefit)		37,192			47,637			(10,445	)		9,362			27,830			84,829			(6,138	)
Net interest income after provision for credit losses (benefit)		494,476			484,019			10,457			524,500			(30,024	)		978,495			1,034,312
Service charges on deposit accounts		37,781			34,678			3,103			41,809			(4,028	)		72,459			82,522
Other service fees		94,265			90,076			4,189			81,451			12,814			184,341			158,585
Mortgage banking activities		2,316			7,400			(5,084	)		13,575			(11,259	)		9,716			26,440
Net gain (loss), including impairment, on equity securities		1,384			1,100			284			(4,109	)		5,493			2,484			(6,203	)
Net gain (loss) on trading account debt securities		35			378			(343	)		51			(16	)		413			(672	)
Adjustments to indemnity reserves on loans sold		(456	)		612			(1,068	)		170			(626	)		156			(575	)
Other operating income		25,146			27,717			(2,571	)		24,464			682			52,863			52,006
Total non-interest income		160,471			161,961			(1,490	)		157,411			3,060			322,432			312,103
Operating expenses:
Personnel costs
Salaries		124,901			125,393			(492	)		101,847			23,054			250,294			200,520
Commissions, incentives and other bonuses		27,193			31,162			(3,969	)		38,589			(11,396	)		58,355			74,110
Pension, postretirement and medical insurance		17,508			15,378			2,130			13,730			3,778			32,886			26,513
Other personnel costs, including payroll taxes		21,866			26,827			(4,961	)		14,622			7,244			48,693			34,641
Total personnel costs		191,468			198,760			(7,292	)		168,788			22,680			390,228			335,784
Net occupancy expenses		27,165			26,039			1,126			26,214			951			53,204			50,937
Equipment expenses		9,561			8,412			1,149			8,674			887			17,973			17,063
Other taxes		16,409			16,291			118			15,780			629			32,700			31,495
Professional fees		50,132			33,431			16,701			38,430			11,702			83,563			75,222
Technology and software expenses		72,354			68,559			3,795			74,761			(2,407	)		140,913			145,296
Processing and transactional services
Credit and debit cards		11,584			12,550			(966	)		10,173			1,411			24,134			21,645
Other processing and transactional services		25,217			21,359			3,858			20,864			4,353			46,576			40,345
Total processing and transactional services		36,801			33,909			2,892			31,037			5,764			70,710			61,990
Communications		4,175			4,088			87			3,497			678			8,263			7,170
Business promotion
Rewards and customer loyalty programs		16,626			12,348			4,278			13,929			2,697			28,974			23,950
Other business promotion		8,457			6,523			1,934			7,424			1,033			14,980			12,486
Total business promotion		25,083			18,871			6,212			21,353			3,730			43,954			36,436
FDIC deposit insurance		6,803			8,865			(2,062	)		6,463			340			15,668			13,835
Other real estate owned (OREO) income		(3,314	)		(1,694	)		(1,620	)		(7,806	)		4,492			(5,008	)		(10,519	)
Other operating expenses
Operational losses		4,280			6,800			(2,520	)		4,061			219			11,080			15,886
All other		18,572			17,561			1,011			14,231			4,341			36,133			26,336

12

Total other operating expenses		22,852		24,361		(1,509	)		18,292		4,560			47,213		42,222
Amortization of intangibles		795		795		—			795		—			1,590		1,686
Total operating expenses		460,284		440,687		19,597			406,278		54,006			900,971		808,617
Income before income tax		194,663		205,293		(10,630	)		275,633		(80,970	)		399,956		537,798
Income tax expense		43,503		46,314		(2,811	)		64,212		(20,709	)		89,817		114,691
Net income	$	151,160	$	158,979	$	(7,819	)	$	211,421	$	(60,261	)	$	310,139	$	423,107
Net income applicable to common stock	$	150,807	$	158,626	$	(7,819	)	$	211,068	$	(60,261	)	$	309,433	$	422,401
Net income per common share - basic	$	2.10	$	2.22	$	(0.12	)	$	2.77	$	(0.67	)	$	4.32	$	5.46
Net income per common share - diluted	$	2.10	$	2.22	$	(0.12	)	$	2.77	$	(0.67	)	$	4.32	$	5.46
Dividends Declared per Common Share	$	0.55	$	0.55	$	—		$	0.55	$	—		$	1.10	$	1.10

13

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

										Variance
										Q2 2023 vs.
(In thousands)	30-Jun-23			31-Mar-23			30-Jun-22			Q1 2023
Assets:
Cash and due from banks	$	476,642		$	462,013		$	528,590		$	14,629
Money market investments		8,593,476			6,098,288			9,687,356			2,495,188
Trading account debt securities, at fair value		29,160			29,839			32,317			(679	)
Debt securities available-for-sale, at fair value		17,242,217			17,173,128			26,266,251			69,089
Debt securities held-to-maturity, at amortized cost		8,410,566			8,563,052			1,664,015			(152,486	)
Less: Allowance for credit losses		6,145			6,792			7,495			(647	)
Total debt securities held-to-maturity, net		8,404,421			8,556,260			1,656,520			(151,839	)
Equity securities		192,373			185,917			175,870			6,456
Loans held-for-sale, at lower of cost or fair value		55,421			11,181			28,546			44,240
Loans held-in-portfolio		33,354,999			32,645,023			30,643,443			709,976
Less: Unearned income		324,077			306,650			272,507			17,427
Allowance for credit losses		700,200			689,120			681,750			11,080
Total loans held-in-portfolio, net		32,330,722			31,649,253			29,689,186			681,469
Premises and equipment, net		523,927			508,007			490,152			15,920
Other real estate		86,216			91,721			92,137			(5,505	)
Accrued income receivable		239,998			239,815			216,780			183
Mortgage servicing rights, at fair value		121,249			127,475			129,877			(6,226	)
Other assets		1,703,662			1,703,285			1,773,523			377
Goodwill		827,428			827,428			720,293			—
Other intangible assets		11,354			12,149			14,533			(795	)
Total assets	$	70,838,266		$	67,675,759		$	71,501,931		$	3,162,507
Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing	$	15,316,552		$	15,940,850		$	16,663,259		$	(624,298	)
Interest bearing		48,688,266			45,013,038			48,664,405			3,675,228
Total deposits		64,004,818			60,953,888			65,327,664			3,050,930
Assets sold under agreements to repurchase		123,205			123,499			70,925			(294	)
Notes payable		1,304,049			1,279,127			888,210			24,922
Other liabilities		841,185			848,520			921,783			(7,335	)
Total liabilities		66,273,257			63,205,034			67,208,582			3,068,223
Stockholders’ equity:
Preferred stock		22,143			22,143			22,143			—
Common stock		1,047			1,047			1,046			—
Surplus		4,795,581			4,792,619			4,576,478			2,962
Retained earnings		4,093,284			3,982,140			3,311,951			111,144
Treasury stock		(2,018,611	)		(2,025,399	)		(1,665,253	)		6,788
Accumulated other comprehensive loss, net of tax		(2,328,435	)		(2,301,825	)		(1,953,016	)		(26,610	)
Total stockholders’ equity		4,565,009			4,470,725			4,293,349			94,284
Total liabilities and stockholders’ equity	$	70,838,266		$	67,675,759		$	71,501,931		$	3,162,507

14

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)

For the quarters ended June 30, 2023 and March 31, 2023

(Unaudited)

Average Volume							Average Yields / Costs										Interest							Variance Attributable to
30-Jun-23		31-Mar-23		Variance			30-Jun-23			31-Mar-23			Variance				30-Jun-23		31-Mar-23		Variance			Rate			Volume
(In millions)																	(In thousands)
$	7,851	$	5,736	$	2,115			5.15	%		4.65	%		0.50	%	Money market investments	$	100,776	$	65,724	$	35,052		$	8,626		$	26,426
	27,362		28,862		(1,500	)		2.00			2.22			(0.22	)	Investment securities [1]		136,408		158,914		(22,506	)		(14,842	)		(7,664	)
	32		31		1			4.65			4.47			0.18		Trading securities		370		338		32			18			14
	35,245		34,629		616			2.70			2.63			0.07		Total money market, investment and trading securities		237,554		224,976		12,578			(6,198	)		18,776
																Loans:
	16,237		15,761		476			6.52			6.32			0.20		Commercial		263,934		245,469		18,465			10,915			7,550
	737		732		5			8.95			8.40			0.55		Construction		16,442		15,155		1,287			1,187			100
	1,632		1,588		44			6.30			6.12			0.18		Leasing		25,711		24,282		1,429			756			673
	7,409		7,388		21			5.47			5.46			0.01		Mortgage		101,304		100,773		531			243			288
	3,075		3,020		55			13.21			12.85			0.36		Consumer		101,295		95,715		5,580			3,684			1,896
	3,593		3,559		34			8.31			8.14			0.17		Auto		74,467		71,407		3,060			2,378			682
	32,683		32,048		635			7.15			6.97			0.18		Total loans		583,153		552,801		30,352			19,163			11,189
$	67,928	$	66,677	$	1,251			4.84	%		4.72	%		0.12	%	Total earning assets	$	820,707	$	777,777	$	42,930		$	12,965		$	29,965
																Interest bearing deposits:
$	24,230	$	23,313	$	917			2.91	%		2.52	%		0.39	%	NOW and money market [2]	$	175,640	$	144,970	$	30,670		$	22,412		$	8,258
	14,763		15,029		(266	)		0.66			0.47			0.19		Savings		24,446		17,443		7,003			7,461			(458	)
	7,715		7,099		616			2.26			1.76			0.50		Time deposits		43,402		30,802		12,600			8,255			4,345
	46,708		45,441		1,267			2.09			1.72			0.37		Total interest bearing deposits		243,488		193,215		50,273			38,128			12,145
	15,480		15,704		(224	)										Non-interest bearing demand deposits
	62,188		61,145		1,043			1.57			1.28			0.29		Total deposits		243,488		193,215		50,273			38,128			12,145
	125		247		(122	)		5.19			4.74			0.45		Short-term borrowings		1,624		2,885		(1,261	)		341			(1,602	)
	1,299		947		352			5.33			4.78			0.55		Other medium and long-term debt		17,227		11,266		5,961			(372	)		6,333
	48,132		46,635		1,497			2.19			1.80			0.39		Total interest bearing liabilities (excluding demand deposits)		262,339		207,366		54,973			38,097			16,876
	4,316		4,338		(22	)										Other sources of funds
$	67,928	$	66,677	$	1,251			1.55	%		1.26	%		0.29	%	Total source of funds		262,339		207,366		54,973			38,097			16,876
								3.29	%		3.46	%		(0.17	)%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		558,368		570,411		(12,043	)	$	(25,132	)	$	13,089
								2.65	%		2.92	%		(0.27	)%	Net interest spread
																Taxable equivalent adjustment		26,700		38,755		(12,055	)
								3.14	%		3.22	%		(0.08	)%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	531,668	$	531,656	$	12

Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

15

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)

For the quarters ended June 30, 2023 and June 30, 2022

(Unaudited)

Average Volume							Average Yields / Costs										Interest							Variance Attributable to
30-Jun-23		30-Jun-22		Variance			30-Jun-23			30-Jun-22			Variance				30-Jun-23		30-Jun-22		Variance			Rate			Volume
(In millions)																	(In thousands)
$	7,851	$	11,513	$	(3,662	)		5.15	%		0.83	%		4.32	%	Money market investments	$	100,776	$	23,742	$	77,034		$	86,849		$	(9,815	)
	27,362		27,748		(386	)		2.00			2.18			(0.18	)	Investment securities [1]		136,408		150,890		(14,482	)		(12,105	)		(2,377	)
	32		65		(33	)		4.65			6.66			(2.01	)	Trading securities		370		1,089		(719	)		(266	)		(453	)
	35,245		39,326		(4,081	)		2.70			1.79			0.91		Total money market, investment and trading securities		237,554		175,721		61,833			74,478			(12,645	)
																Loans:
	16,237		14,227		2,010			6.52			5.16			1.36		Commercial		263,934		183,042		80,892			52,659			28,233
	737		781		(44	)		8.95			5.71			3.24		Construction		16,442		11,116		5,326			5,997			(671	)
	1,632		1,445		187			6.30			5.91			0.39		Leasing		25,711		21,352		4,359			1,473			2,886
	7,409		7,294		115			5.47			5.33			0.14		Mortgage		101,304		97,137		4,167			2,621			1,546
	3,075		2,654		421			13.21			11.33			1.88		Consumer		101,295		74,932		26,363			13,174			13,189
	3,593		3,499		94			8.31			8.04			0.27		Auto		74,467		70,145		4,322			2,414			1,908
	32,683		29,900		2,783			7.15			6.14			1.01		Total loans		583,153		457,724		125,429			78,338			47,091
$	67,928	$	69,226	$	(1,298	)		4.84	%		3.67	%		1.17	%	Total earning assets	$	820,707	$	633,445	$	187,262		$	152,816		$	34,446
																Interest bearing deposits:
	$24,230	$	24,897	$	(667	)		2.91	%		0.13	%		2.78	%	NOW and money market [2]	$	175,640	$	8,301	$	167,339		$	168,466		$	(1,127	)
	14,763		16,363		(1,600	)		0.66			0.17			0.49		Savings		24,446		6,901		17,545			19,301			(1,756	)
	7,715		7,044		671			2.26			0.72			1.54		Time deposits		43,402		12,625		30,777			25,715			5,062
	46,708		48,304		(1,596	)		2.09			0.23			1.86		Total interest bearing deposits		243,488		27,827		215,661			213,482			2,179
	15,480		16,254		(774	)										Non-interest bearing demand deposits
	62,188		64,558		(2,370	)		1.57			0.17			1.40		Total deposits		243,488		27,827		215,661			213,482			2,179
	125		126		(1	)		5.19			0.79			4.40		Short-term borrowings		1,624		248		1,376			1,420			(44	)
	1,299		917		382			5.33			4.30			1.03		Other medium and long-term debt		17,227		9,824		7,403			513			6,890
	48,132		49,347		(1,215	)		2.19			0.31			1.88		Total interest bearing liabilities (excluding demand deposits)		262,339		37,899		224,440			215,415			9,025
	4,316		3,625		691											Other sources of funds
	$67,928	$	69,226	$	(1,298	)		1.55	%		0.22	%		1.33	%	Total source of funds		262,339		37,899		224,440			215,415			9,025
								3.29	%		3.45	%		(0.16	) %	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		558,368		595,546		(37,178	)	$	(62,599	)	$	25,421
								2.65	%		3.36	%		(0.71	)  %	Net interest spread
																Taxable equivalent adjustment		26,700		61,684		(34,984	)
								3.14	%		3.09	%		0.05	%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	531,668	$	533,862	$	(2,194	)

Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

16

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE

(Unaudited)

Average Volume							Average Yields / Costs										Interest							Variance Attributable to
30-Jun-23		30-Jun-22		Variance			30-Jun-23			30-Jun-22			Variance				30-Jun-23		30-Jun-22		Variance			Rate			Volume
(In millions)																	(In thousands)
$	6,800	$	13,129	$	(6,329	)		4.94	%		0.46	%		4.48	%	Money market investments	$	166,500	$	30,206	$	136,294		$	157,542		$	(21,248	)
	28,108		28,107		1			2.11			2.06			0.05		Investment securities [1]		295,322		288,241		7,081			8,948			(1,867	)
	31		68		(37	)		4.56			6.27			(1.71	)	Trading securities		708		2,107		(1,399	)		(470	)		(929	)
	34,939		41,304		(6,365	)		2.67			1.56			1.11		Total money market, investment and trading securities		462,530		320,554		141,976			166,020			(24,044	)
																Loans:
	16,000		13,986		2,014			6.42			5.12			1.30		Commercial		509,403		355,171		154,232			98,409			55,823
	734		754		(20	)		8.68			5.58			3.10		Construction		31,598		20,874		10,724			11,283			(559	)
	1,610		1,419		191			6.21			5.93			0.28		Leasing		49,993		42,071		7,922			2,051			5,871
	7,398		7,341		57			5.46			5.28			0.18		Mortgage		202,076		193,905		8,171			6,637			1,534
	3,049		2,595		454			13.03			11.27			1.76		Consumer		197,010		144,994		52,016			24,268			27,748
	3,576		3,480		96			8.23			8.08			0.15		Auto		145,874		139,397		6,477			2,574			3,903
	32,367		29,575		2,792			7.06			6.10			0.96		Total loans		1,135,954		896,412		239,542			145,222			94,320
$	67,306	$	70,879	$	(3,573	)		4.78	%		3.45	%		1.33	%	Total earning assets	$	1,598,484	$	1,216,966	$	381,518		$	311,242		$	70,276
																Interest bearing deposits:
$	23,774	$	26,584	$	(2,810	)		2.72	%		0.12	%		2.60	%	NOW and money market [2]	$	320,610	$	15,624	$	304,986		$	307,891		$	(2,905	)
	14,895		16,398		(1,503	)		0.57			0.17			0.40		Savings		41,889		13,464		28,425			31,595			(3,170	)
	7,409		6,891		518			2.02			0.69			1.33		Time deposits		74,204		23,522		50,682			42,149			8,533
	46,078		49,873		(3,795	)		1.91			0.21			1.70		Total interest bearing deposits		436,703		52,610		384,093			381,635			2,458
	15,592		16,198		(606	)										Non-interest bearing demand deposits
	61,670		66,071		(4,401	)		1.43			0.16			1.27		Total deposits		436,703		52,610		384,093			381,635			2,458
	186		109		77			4.89			0.61			4.28		Short-term borrowings		4,509		328		4,181			3,797			384
	1,124		965		159			5.10			4.25			0.85		Other medium and long-term debt		28,493		20,370		8,123			4,895			3,228
	47,388		50,947		(3,559	)		2.00			0.29			1.71		Total interest bearing liabilities (excluding demand deposits)		469,705		73,308		396,397			390,327			6,070
	4,326		3,734		592											Other sources of funds
$	67,306	$	70,879	$	(3,573	)		1.41	%		0.21	%		1.20	%	Total source of funds		469,705		73,308		396,397			390,327			6,070
								3.37	%		3.24	%		0.13	%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		1,128,779		1,143,658		(14,879	)	$	(79,085	)	$	64,206
								2.78	%		3.16	%		(0.38	)%	Net interest spread
																Taxable equivalent adjustment		65,455		115,484		(50,029	)
								3.18	%		2.92	%		0.26	%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	1,063,324	$	1,028,174	$	35,150

Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

17

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table G - Mortgage Banking Activities and Other Service Fees

(Unaudited)

Mortgage Banking Activities

	Quarters ended									Variance						Six months ended						Variance
(In thousands)	30-Jun-23			31-Mar-23			30-Jun-22			Q2 2023 vs.Q1 2023			Q2 2023 vs.Q2 2022			30-Jun-23			30-Jun-22			2023 vs. 2022
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees	$	8,369		$	8,689		$	9,186		$	(320	)	$	(817	)	$	17,058		$	18,509		$	(1,451	)
Mortgage servicing rights fair value adjustments		(6,216	)		(1,376	)		2,257			(4,840	)		(8,473	)		(7,592	)		3,345			(10,937	)
Total mortgage servicing fees, net of fair value adjustments		2,153			7,313			11,443			(5,160	)		(9,290	)		9,466			21,854			(12,388	)
Net (loss) gain on sale of loans, including valuation on loans held-for-sale		(61	)		263			36			(324	)		(97	)		202			(1,498	)		1,700
Trading account profit (loss):
Unrealized gains (loss) on outstanding derivative positions		246			(131	)		(2	)		377			248			115			—			115
Realized gains on closed derivative positions		111			56			2,430			55			(2,319	)		167			6,565			(6,398	)
Total trading account profit (loss)		357			(75	)		2,428			432			(2,071	)		282			6,565			(6,283	)
Losses on repurchased loans, including interest advances		(133	)		(101	)		(332	)		(32	)		199			(234	)		(481	)		247
Total mortgage banking activities	$	2,316		$	7,400		$	13,575		$	(5,084	)	$	(11,259	)	$	9,716		$	26,440		$	(16,724	)

Other Service Fees

	Quarters ended						Variance					Six months ended				Variance
(In thousands)	30-Jun-23		31-Mar-23		30-Jun-22		Q2 2023 vs.Q1 2023			Q2 2023 vs.Q2 2022		30-Jun-23		30-Jun-22		2023 vs. 2022
Other service fees:
Debit card fees	$	13,600	$	13,166	$	12,882	$	434		$	718	$	26,766	$	24,661	$	2,105
Insurance fees		14,625		13,873		12,017		752			2,608		28,498		26,173		2,325
Credit card fees		42,644		40,498		38,155		2,146			4,489		83,142		71,797		11,345
Sale and administration of investment products		6,076		6,558		6,017		(482	)		59		12,634		11,808		826
Trust fees		6,600		5,775		6,143		825			457		12,375		12,070		305
Other fees		10,720		10,206		6,237		514			4,483		20,926		12,076		8,850
Total other service fees	$	94,265	$	90,076	$	81,451	$	4,189		$	12,814	$	184,341	$	158,585	$	25,756

18

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table H - Loans and Deposits

(Unaudited)

Loans - Ending Balances

							Variance
(In thousands)	30-Jun-23		31-Mar-23		30-Jun-22		Q2 2023 vs. Q1 2023			Q2 2023 vs. Q2 2022
Loans held-in-portfolio:
Commercial	$	16,368,300	$	16,005,261	$	14,545,301	$	363,039		$	1,822,999
Construction		819,903		698,996		790,920		120,907			28,983
Leasing		1,661,523		1,614,344		1,480,222		47,179			181,301
Mortgage		7,449,078		7,405,907		7,261,955		43,171			187,123
Auto		3,565,533		3,517,940		3,489,976		47,593			75,557
Consumer		3,166,585		3,095,925		2,802,562		70,660			364,023
Total loans held-in-portfolio	$	33,030,922	$	32,338,373	$	30,370,936	$	692,549		$	2,659,986
Loans held-for-sale:
Mortgage	$	9,509	$	11,181	$	28,546	$	(1,672	)	$	(19,037	)
Consumer		45,912		—		—		45,912			45,912
Total loans held-for-sale	$	55,421	$	11,181	$	28,546	$	44,240		$	26,875
Total loans	$	33,086,343	$	32,349,554	$	30,399,482	$	736,789		$	2,686,861

Deposits - Ending Balances

							Variance
(In thousands)	30-Jun-23		31-Mar-23		30-Jun-22		Q2 2023 vs. Q1 2023		Q2 2023 vs. Q2 2022
Demand deposits [1]	$	27,690,840	$	26,191,672	$	27,798,243	$	1,499,168	$	(107,403	)
Savings, NOW and money market deposits (non-brokered)		27,539,343		26,622,020		29,672,655		917,323		(2,133,312	)
Savings, NOW and money market deposits (brokered)		772,783		734,069		761,244		38,714		11,539
Time deposits (non-brokered)		7,231,840		6,891,051		6,896,786		340,789		335,054
Time deposits (brokered CDs)		770,012		515,076		198,736		254,936		571,276
Total deposits	$	64,004,818	$	60,953,888	$	65,327,664	$	3,050,930	$	(1,322,846	)

[1] Includes interest and non-interest bearing demand deposits.

19

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table I - Liquidity Sources, Deposits and Borrowings

(Unaudited)

Liquidity Sources	30-Jun-23						31-Mar-23
(In thousands)	BPPR		Popular U.S.		Total		BPPR		Popular U.S.		Total
Unpledged securities and unused funding sources:
Money market (excess funds at the Federal Reserve Bank)	$	7,664,753	$	922,564	$	8,587,317	$	5,181,531	$	909,613	$	6,091,144
Unpledged securities		4,743,373		259,038		5,002,411		7,690,887		273,980		7,964,867
FHLB borrowing capacity		2,044,073		1,376,597		3,420,670		1,623,246		1,127,316		2,750,562
Discount window of the Federal Reserve Bank borrowing capacity		1,438,473		1,688,795		3,127,268		1,132,411		331,753		1,464,164
Total available liquidity	$	15,890,672	$	4,246,994	$	20,137,666	$	15,628,075	$	2,642,662	$	18,270,737

Deposits

	30-Jun-23
(In thousands)	BPPR		% of Total			Popular U.S.		% of Total			Popular, Inc. (Consolidated)		% of Total
Deposits:
Deposits balances under $250,000 [1]	$	24,393,322		44	%	$	6,454,716		64	%	$	30,848,038		48	%
Transactional deposits balances over $250,000		9,263,514		17	%		2,068,584		21	%		11,332,098		18	%
Time deposits balances over $250,000		2,089,714		4	%		276,822		3	%		2,366,536		4	%
Foreign deposits		457,218		1	%		—		—	%		457,218		1
Collateralized public funds		18,716,276		34	%		284,652		3	%		19,000,928		30	%
Intercompany deposits		157,213		—	%		932,834		9	%		—		—	%
Total deposits	$	55,077,257		100	%	$	10,017,608		100	%	$	64,004,818		100	%

[1] Includes the first $250,000 in balances of transactional and time deposit accounts with balances in excess of $250,000.

	31-Mar-23
(In thousands)	BPPR		% of Total			Popular U.S.		% of Total			Popular, Inc. (Consolidated)		% of Total
Deposits
Deposits balances under $250,000 [1]	$	24,823,608		47	%	$	5,979,010		62	%	$	30,802,618		51	%
Transactional deposits balances over $250,000		9,503,832		18	%		2,151,732		22	%		11,655,564		19	%
Time deposits balances over $250,000		1,869,810		4	%		255,322		3	%		2,125,132		3	%
Foreign deposits		412,444		1	%				—	%		412,444		1	%
Collateralized public funds		15,712,622		30	%		245,508		3	%		15,958,130		26	%
Intercompany deposits		134,110		—	%		986,943		10	%		—		—	%
Total deposits	$	52,456,426		100	%	$	9,618,515		100	%	$	60,953,888		100	%

[1] Includes the first $250,000 in balances of transactional and time deposit accounts with balances in excess of $250,000.

20

Borrowings	30-Jun-23								31-Mar-23
(In thousands)	BPPR		Popular U.S.		All other entities		Total		BPPR		Popular U.S.		All other entities		Total
Assets sold under agreements to repurchase	$	25,538	$	97,667	$	—	$	123,205	$	25,158	$	98,341	$	—	$	123,499
FHLB borrowings		82,292		330,340		—		412,632		82,292		305,990		—		388,282
Federal discount window / bank term funding program (BTFP)		—		—		—		—		—		—		—		—
Notes payable
Unsecured senior debt securities maturing on September 2023		—		—		299,743		299,743		—		—		299,426		299,426
Unsecured senior debt securities maturing on March 2028		—		—		393,342		393,342		—		—		393,093		393,093
Junior subordinated deferrable interest debentures		—		—		198,332		198,332		—		—		198,326		198,326
Total borrowings	$	107,830	$	428,007	$	891,417	$	1,427,254	$	107,450	$	404,331	$	890,845	$	1,402,626

21

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table J - Loan Delinquency -BPPR Operations

(Unaudited)

30-Jun-23
BPPR
	Past due												Past due 90 days or more
(In thousands)	30-59 days		60-89 days		90 days or more		Total past due		Current		Loans HIP		Non-accrual loans		Accruing loans
Commercial multi-family	$	3,778	$	179	$	184	$	4,141	$	292,736	$	296,877	$	184	$	—
Commercial real estate:
Non-owner occupied		177		512		22,942		23,631		2,882,616		2,906,247		22,942		—
Owner occupied		1,241		700		35,832		37,773		1,390,285		1,428,058		35,832		—
Commercial and industrial		2,597		728		32,846		36,171		4,002,652		4,038,823		29,758		3,088
Construction		—		970		9,284		10,254		163,481		173,735		9,284		—
Mortgage		221,187		88,955		449,930		760,072		5,408,216		6,168,288		194,219		255,711
Leasing		13,160		3,811		4,743		21,714		1,639,809		1,661,523		4,743		—
Consumer:
Credit cards		9,506		6,311		14,185		30,002		1,027,370		1,057,372		—		14,185
Home equity lines of credit		—		—		—		—		2,570		2,570		—		—
Personal		14,865		11,660		17,438		43,963		1,642,003		1,685,966		17,438		—
Auto		75,879		18,422		36,204		130,505		3,435,028		3,565,533		36,204		—
Other		512		274		1,901		2,687		132,605		135,292		1,735		166
Total	$	342,902	$	132,522	$	625,489	$	1,100,913	$	22,019,371	$	23,120,284	$	352,339	$	273,150

31-Mar-23
BPPR
	Past due												Past due 90 days or more
(In thousands)	30-59 days		60-89 days		90 days or more		Total past due		Current		Loans HIP		Non-accrual loans		Accruing loans
Commercial multi-family	$	650	$	—	$	185	$	835	$	291,971	$	292,806	$	185	$	—
Commercial real estate:
Non-owner occupied		2,739		1,584		22,856		27,179		2,858,304		2,885,483		22,856		—
Owner occupied		21,496		—		37,779		59,275		1,438,228		1,497,503		37,779		—
Commercial and industrial		17,934		793		31,847		50,574		3,883,859		3,934,433		30,132		1,715
Construction		8,081		—		—		8,081		147,268		155,349		—		—
Mortgage		183,187		81,729		515,752		780,668		5,336,016		6,116,684		224,075		291,677
Leasing		12,301		2,605		6,103		21,009		1,593,335		1,614,344		6,103		—
Consumer:
Credit cards		7,162		5,823		12,061		25,046		1,021,129		1,046,175		—		12,061
Home equity lines of credit		—		—		—		—		2,865		2,865		—		—
Personal		14,131		8,990		17,427		40,548		1,572,370		1,612,918		17,412		15
Auto		60,324		12,684		39,516		112,524		3,405,416		3,517,940		39,516		—
Other		1,264		49		1,091		2,404		127,608		130,012		921		170
Total	$	329,269	$	114,257	$	684,617	$	1,128,143	$	21,678,369	$	22,806,512	$	378,979	$	305,638

22

Variance
	Past due																		Past due 90 days or more
(In thousands)	30-59 days			60-89 days			90 days or more			Total past due			Current			Loans HIP			Non-accrual loans			Accruing loans
Commercial multi-family	$	3,128		$	179		$	(1	)	$	3,306		$	765		$	4,071		$	(1	)	$	—
Commercial real estate:
Non-owner occupied		(2,562	)		(1,072	)		86			(3,548	)		24,312			20,764			86			—
Owner occupied		(20,255	)		700			(1,947	)		(21,502	)		(47,943	)		(69,445	)		(1,947	)		—
Commercial and industrial		(15,337	)		(65	)		999			(14,403	)		118,793			104,390			(374	)		1,373
Construction		(8,081	)		970			9,284			2,173			16,213			18,386			9,284			—
Mortgage		38,000			7,226			(65,822	)		(20,596	)		72,200			51,604			(29,856	)		(35,966	)
Leasing		859			1,206			(1,360	)		705			46,474			47,179			(1,360	)		—
Consumer:
Credit cards		2,344			488			2,124			4,956			6,241			11,197			—			2,124
Home equity lines of credit		—			—			—			—			(295	)		(295	)		—			—
Personal		734			2,670			11			3,415			69,633			73,048			26			(15	)
Auto		15,555			5,738			(3,312	)		17,981			29,612			47,593			(3,312	)		—
Other		(752	)		225			810			283			4,997			5,280			814			(4	)
Total	$	13,633		$	18,265		$	(59,128	)	$	(27,230	)	$	341,002		$	313,772		$	(26,640	)	$	(32,488	)

23

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table K - Loan Delinquency - Popular U.S. Operations

(Unaudited)

30-Jun-23
Popular U.S.
	Past due												Past due 90 days or more
(In thousands)	30-59 days		60-89 days		90 days or more		Total past due		Current		Loans HIP		Non-accrual loans		Accruing loans
Commercial multi-family	$	3,137	$	—	$	418	$	3,555	$	2,031,067	$	2,034,622	$	418	$	—
Commercial real estate:
Non-owner occupied		632		—		119		751		1,837,258		1,838,009		119		—
Owner occupied		1,806		—		5,095		6,901		1,606,439		1,613,340		5,095		—
Commercial and industrial		2,464		1,738		6,155		10,357		2,201,967		2,212,324		5,978		177
Construction		—		—		—		—		646,168		646,168		—		—
Mortgage		1,101		5,435		14,577		21,113		1,259,677		1,280,790		14,577		—
Consumer:
Credit cards		—		—		—		—		17		17		—		—
Home equity lines of credit		464		49		4,252		4,765		61,105		65,870		4,252		—
Personal		2,766		1,725		2,726		7,217		203,411		210,628		2,726		—
Other		—		154		—		154		8,716		8,870		—		—
Total	$	12,370	$	9,101	$	33,342	$	54,813	$	9,855,825	$	9,910,638	$	33,165	$	177

31-Mar-23
Popular U.S.
	Past due												Past due 90 days or more
(In thousands)	30-59 days		60-89 days		90 days or more		Total past due		Current		Loans HIP		Non-accrual loans		Accruing loans
Commercial multi-family	$	—	$	—	$	421	$	421	$	2,043,130	$	2,043,551	$	421	$	—
Commercial real estate:
Non-owner occupied		16,033		—		207		16,240		1,748,952		1,765,192		207		—
Owner occupied		18,042		—		5,095		23,137		1,497,947		1,521,084		5,095		—
Commercial and industrial		13,779		3		5,570		19,352		2,045,857		2,065,209		5,325		245
Construction		7,165		—		—		7,165		536,482		543,647		—		—
Mortgage		22,041		1,499		14,719		38,259		1,250,964		1,289,223		14,719		—
Consumer:
Credit cards		—		—		—		—		21		21		—		—
Home equity lines of credit		496		70		4,618		5,184		61,838		67,022		4,618		—
Personal		1,900		1,259		2,505		5,664		222,487		228,151		2,505		—
Other		2		—		514		516		8,245		8,761		514		—
Total	$	79,458	$	2,831	$	33,649	$	115,938	$	9,415,923	$	9,531,861	$	33,404	$	245

24

Variance
	Past due																		Past due 90 days or more
(In thousands)	30-59 days			60-89 days			90 days or more			Total past due			Current			Loans HIP			Non-accrual loans			Accruing loans
Commercial multi-family	$	3,137		$	—		$	(3	)	$	3,134		$	(12,063	)	$	(8,929	)	$	(3	)	$	—
Commercial real estate:
Non-owner occupied		(15,401	)		—			(88	)		(15,489	)		88,306			72,817			(88	)		—
Owner occupied		(16,236	)		—			—			(16,236	)		108,492			92,256			—			—
Commercial and industrial		(11,315	)		1,735			585			(8,995	)		156,110			147,115			653			(68	)
Construction		(7,165	)		—			—			(7,165	)		109,686			102,521			—			—
Mortgage		(20,940	)		3,936			(142	)		(17,146	)		8,713			(8,433	)		(142	)		—
Consumer:
Credit cards		—			—			—			—			(4	)		(4	)		—			—
Home equity lines of credit		(32	)		(21	)		(366	)		(419	)		(733	)		(1,152	)		(366	)		—
Personal		866			466			221			1,553			(19,076	)		(17,523	)		221			—
Other		(2	)		154			(514	)		(362	)		471			109			(514	)		—
Total	$	(67,088	)	$	6,270		$	(307	)	$	(61,125	)	$	439,902		$	378,777		$	(239	)	$	(68	)

25

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table L - Loan Delinquency - Consolidated

(Unaudited)

30-Jun-23
Popular, Inc.
	Past due												Past due 90 days or more
	30-59		60-89		90 days		Total						Non-accrual		Accruing
(In thousands)	days		days		or more		past due		Current		Loans HIP		loans		loans
Commercial multi-family	$	6,915	$	179	$	602	$	7,696	$	2,323,803	$	2,331,499	$	602	$	—
Commercial real estate:
Non-owner occupied		809		512		23,061		24,382		4,719,874		4,744,256		23,061		—
Owner occupied		3,047		700		40,927		44,674		2,996,724		3,041,398		40,927		—
Commercial and industrial		5,061		2,466		39,001		46,528		6,204,619		6,251,147		35,736		3,265
Construction		—		970		9,284		10,254		809,649		819,903		9,284		—
Mortgage		222,288		94,390		464,507		781,185		6,667,893		7,449,078		208,796		255,711
Leasing		13,160		3,811		4,743		21,714		1,639,809		1,661,523		4,743		—
Consumer:
Credit cards		9,506		6,311		14,185		30,002		1,027,387		1,057,389		—		14,185
Home equity lines of credit		464		49		4,252		4,765		63,675		68,440		4,252		—
Personal		17,631		13,385		20,164		51,180		1,845,414		1,896,594		20,164		—
Auto		75,879		18,422		36,204		130,505		3,435,028		3,565,533		36,204		—
Other		512		428		1,901		2,841		141,321		144,162		1,735		166
Total	$	355,272	$	141,623	$	658,831	$	1,155,726	$	31,875,196	$	33,030,922	$	385,504	$	273,327
31-Mar-23
Popular, Inc.
	Past due												Past due 90 days or more
	30-59		60-89		90 days		Total						Non-accrual		Accruing
(In thousands)	days		days		or more		past due		Current		Loans HIP		loans		loans
Commercial multi-family	$	650	$	—	$	606	$	1,256	$	2,335,101	$	2,336,357	$	606	$	—
Commercial real estate:
Non-owner occupied		18,772		1,584		23,063		43,419		4,607,256		4,650,675		23,063		—
Owner occupied		39,538		—		42,874		82,412		2,936,175		3,018,587		42,874		—
Commercial and industrial		31,713		796		37,417		69,926		5,929,716		5,999,642		35,457		1,960
Construction		15,246		—		—		15,246		683,750		698,996		—		—
Mortgage		205,228		83,228		530,471		818,927		6,586,980		7,405,907		238,794		291,677
Leasing		12,301		2,605		6,103		21,009		1,593,335		1,614,344		6,103		—
Consumer:
Credit cards		7,162		5,823		12,061		25,046		1,021,150		1,046,196		—		12,061
Home equity lines of credit		496		70		4,618		5,184		64,703		69,887		4,618		—
Personal		16,031		10,249		19,932		46,212		1,794,857		1,841,069		19,917		15
Auto		60,324		12,684		39,516		112,524		3,405,416		3,517,940		39,516		—
Other		1,266		49		1,605		2,920		135,853		138,773		1,435		170
Total	$	408,727	$	117,088	$	718,266	$	1,244,081	$	31,094,292	$	32,338,373	$	412,383	$	305,883

26

Variance
	Past due																		Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual			Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	6,265		$	179		$	(4	)	$	6,440		$	(11,298	)	$	(4,858	)	$	(4	)	$	—
Commercial real estate:
Non-owner occupied		(17,963	)		(1,072	)		(2	)		(19,037	)		112,618			93,581			(2	)		—
Owner occupied		(36,491	)		700			(1,947	)		(37,738	)		60,549			22,811			(1,947	)		—
Commercial and industrial		(26,652	)		1,670			1,584			(23,398	)		274,903			251,505			279			1,305
Construction		(15,246	)		970			9,284			(4,992	)		125,899			120,907			9,284			—
Mortgage		17,060			11,162			(65,964	)		(37,742	)		80,913			43,171			(29,998	)		(35,966	)
Leasing		859			1,206			(1,360	)		705			46,474			47,179			(1,360	)		—
Consumer:
Credit cards		2,344			488			2,124			4,956			6,237			11,193			—			2,124
Home equity lines of credit		(32	)		(21	)		(366	)		(419	)		(1,028	)		(1,447	)		(366	)		—
Personal		1,600			3,136			232			4,968			50,557			55,525			247			(15	)
Auto		15,555			5,738			(3,312	)		17,981			29,612			47,593			(3,312	)		—
Other		(754	)		379			296			(79	)		5,468			5,389			300			(4	)
Total	$	(53,455	)	$	24,535		$	(59,435	)	$	(88,355	)	$	780,904		$	692,549		$	(26,879	)	$	(32,556	)

27

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table M - Non-Performing Assets

(Unaudited)

																			Variance
(In thousands)	30-Jun-23			As a % of loans HIP by category			31-Mar-23			As a % of loans HIP by category			30-Jun-22			As a % of loans HIP by category			Q2 2023 vs. Q1 2023			Q2 2023 vs. Q2 2022
Non-accrual loans:
Commercial	$	100,326			0.6	%	$	102,000			0.6	%	$	103,939			0.7	%	$	(1,674	)	$	(3,613	)
Construction		9,284			1.1			—			—			—			—			9,284			9,284
Leasing		4,743			0.3			6,103			0.4			4,665			0.3			(1,360	)		78
Mortgage		208,796			2.8			238,794			3.2			304,862			4.2			(29,998	)		(96,066	)
Auto		36,204			1.0			39,516			1.1			28,045			0.8			(3,312	)		8,159
Consumer		26,151			0.8			25,970			0.8			36,413			1.3			181			(10,262	)
Total non-performing loans held-in-portfolio		385,504			1.2	%		412,383			1.3	%		477,924			1.6	%		(26,879	)		(92,420	)
Other real estate owned (“OREO”)		86,216						91,721						92,137						(5,505	)		(5,921	)
Total non-performing assets [1]	$	471,720					$	504,104					$	570,061					$	(32,384	)	$	(98,341	)
Accruing loans past due 90 days or more [2]	$	273,327					$	305,883					$	407,298					$	(32,556	)	$	(133,971	)
Ratios:
Non-performing assets to total assets		0.67	%					0.74	%					0.80	%
Non-performing loans held-in-portfolio to loans held-in-portfolio		1.17						1.28						1.57
Allowance for credit losses to loans held-in-portfolio		2.12						2.13						2.24
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		181.63						167.11						142.65

[1] There were no non-performing loans held-for-sale as of June 30, 2023, March 31, 2023 and June 30, 2022.

[2] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due 90 days or more as opposed to non-performing since the principal repayment is insured. The balance of these loans includes $7 million at June 30, 2023, related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below (March 31, 2023 - $7 million; June 30, 2022 - $11 million). Under the GNMA program, issuers such as BPPR have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected (rebooked) on the financial statements of BPPR with an offsetting liability. These balances include $133 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of June 30, 2023 (March 31, 2023 - $167 million; June 30, 2022 - $237 million). Furthermore, the Corporation has approximately $39 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-performing assets (March 31, 2023 - $40 million; June 30, 2022 - $43 million).

28

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table N - Activity in Non-Performing Loans

(Unaudited)

Commercial loans held-in-portfolio:
	Quarter ended									Quarter ended
	30-Jun-23									31-Mar-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	90,952		$	11,048		$	102,000		$	82,171		$	10,868		$	93,039
Plus:
New non-performing loans		3,203			4,631			7,834			16,594			5,719			22,313
Advances on existing non-performing loans		—			2			2			—			26			26
Less:
Non-performing loans transferred to OREO		(21	)		—			(21	)		(287	)		—			(287	)
Non-performing loans charged-off		(595	)		(2,175	)		(2,770	)		(673	)		(216	)		(889	)
Loans returned to accrual status / loan collections		(4,823	)		(1,896	)		(6,719	)		(6,853	)		(5,349	)		(12,202	)
Ending balance NPLs	$	88,716		$	11,610		$	100,326		$	90,952		$	11,048		$	102,000
Construction loans held-in-portfolio:
	Quarter ended									Quarter ended
	30-Jun-23									31-Mar-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	—		$	—		$	—		$	—		$	—		$	—
Plus:
New non-performing loans		9,284			—			9,284			—			—			—
Ending balance NPLs	$	9,284		$	—		$	9,284		$	—		$	—		$	—
Mortgage loans held-in-portfolio:
	Quarter ended									Quarter ended
	30-Jun-23									31-Mar-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	224,075		$	14,719		$	238,794		$	242,391		$	20,488		$	262,879
Plus:
New non-performing loans		27,518			4,457			31,975			34,019			2,812			36,831
Advances on existing non-performing loans		—			76			76			—			39			39
Less:
Non-performing loans transferred to OREO		(9,226	)		—			(9,226	)		(10,586	)		(58	)		(10,644	)
Non-performing loans charged-off		271			—			271			(503	)		—			(503	)
Loans returned to accrual status / loan collections		(48,419	)		(4,675	)		(53,094	)		(41,246	)		(8,562	)		(49,808	)
Ending balance NPLs	$	194,219		$	14,577		$	208,796		$	224,075		$	14,719		$	238,794

29

Total non-performing loans held-in-portfolio (excluding consumer):
	Quarter ended									Quarter ended
	30-Jun-23									31-Mar-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	315,027		$	25,767		$	340,794		$	324,562		$	31,356		$	355,918
Plus:
New non-performing loans		40,005			9,088			49,093			50,613			8,531			59,144
Advances on existing non-performing loans		—			78			78			—			65			65
Less:
Non-performing loans transferred to OREO		(9,247	)		—			(9,247	)		(10,873	)		(58	)		(10,931	)
Non-performing loans charged-off		(324	)		(2,175	)		(2,499	)		(1,176	)		(216	)		(1,392	)
Loans returned to accrual status / loan collections		(53,242	)		(6,571	)		(59,813	)		(48,099	)		(13,911	)		(62,010	)
Ending balance NPLs	$	292,219		$	26,187		$	318,406		$	315,027		$	25,767		$	340,794

30

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table O - Allowance for Credit Losses, Net Charge-offs and Related Ratios

(Unaudited)

	Quarters ended
( In thousands)	30-Jun-23			31-Mar-23			30-Jun-22
Balance at beginning of period - loans held-in-portfolio	$	689,120		$	720,302		$	677,792
Impact of adopting ASU-2022-02		—			(45,583	)		—
Provision for credit losses (benefit)		35,661			47,146			9,861
Initial allowance for credit losses - PCD Loans		10			68			170
		724,791			721,933			687,823
Net loans charge-off (recovered)- BPPR
Commercial:
Commercial multi-family		(1	)		—			—
Commercial real estate non-owner occupied		430			(135	)		(663	)
Commercial real estate owner occupied		(329	)		(1,507	)		(823	)
Commercial and industrial		(1,431	)		442			(1,926	)
Total Commercial		(1,331	)		(1,200	)		(3,412	)
Construction		—			—			(395	)
Leasing		1,593			327			667
Mortgage		(3,384	)		(3,954	)		(4,451	)
Consumer:
Credit Cards		6,502			6,287			4,077
HELOCs		(25	)		(36	)		(73	)
Personal		12,641			12,045			6,356
Auto		2,491			7,204			2,392
Other Consumer		200			10,791			171
Total Consumer		21,809			36,291			12,923
Total net charged-off (recovered) BPPR	$	18,687		$	31,464		$	5,332
Net loans charge-off (recovered) - Popular U.S.
Commercial:
Commercial multi-family		(1	)		(2	)		(5	)
Commercial real estate non-owner occupied		(66	)		(1,852	)		(14	)
Commercial real estate owner occupied		156			(24	)		(110	)
Commercial and industrial		1,734			(469	)		266
Total Commercial		1,823			(2,347	)		137
Construction		—			—			(4	)
Mortgage		(109	)		(14	)		63
Consumer:
Credit Cards		—			1			(1	)
HELOCs		(166	)		(126	)		(472	)
Personal		3,708			3,787			978
Other Consumer		47			48			40
Total Consumer		3,589			3,710			545
Total net charged-off (recovered) Popular U.S.	$	5,303		$	1,349		$	741
Total loans charged-off (recovered) - Popular, Inc.	$	23,990		$	32,813		$	6,073
Net write- downs [1]	$	601		$	—		$	—
Balance at end of period - loans held-in-portfolio	$	700,200		$	689,120		$	681,750
Balance at beginning of period - unfunded commitments	$	9,415		$	8,805		$	7,054
Provision for credit losses (benefit)		2,178			610			(150	)
Balance at end of period - unfunded commitments [2]	$	11,593		$	9,415		$	6,904

31

POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.29	%	0.41	%	0.08	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	148.65	%	143.68	%	162.37	%
BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.33	%	0.56	%	0.10	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	151.86	%	143.67	%	171.19	%
Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.22	%	0.06	%	0.03	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	137.32	%	144.03	%	98.92	%

[1] Net write-downs for the quarter ended June 30, 2023 are related to credit cards loans reclassified to held-for-sale.

[2] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

32

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table P - Allowance for Credit Losses “ACL”- Loan Portfolios - Consolidated

(Unaudited)

30-Jun-23
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	26,179	$	2,331,499		1.12	%
Commercial real estate - non-owner occupied		71,716		4,744,256		1.51	%
Commercial real estate - owner occupied		51,407		3,041,398		1.69	%
Commercial and industrial		99,651		6,251,147		1.59	%
Total commercial	$	248,953	$	16,368,300		1.52	%
Construction		11,332		819,903		1.38	%
Mortgage		96,093		7,449,078		1.29	%
Leasing		13,927		1,661,523		0.84	%
Consumer:
Credit cards		71,408		1,057,389		6.75	%
Home equity lines of credit		2,170		68,440		3.17	%
Personal		115,828		1,896,594		6.11	%
Auto		134,247		3,565,533		3.77	%
Other consumer		6,242		144,162		4.33	%
Total consumer	$	329,895	$	6,732,118		4.90	%
Total	$	700,200	$	33,030,922		2.12	%

33

31-Mar-23
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	25,366	$	2,336,357		1.09	%
Commercial real estate - non-owner occupied		71,850		4,650,675		1.54	%
Commercial real estate - owner occupied		54,497		3,018,587		1.81	%
Commercial and industrial		92,266		5,999,642		1.54	%
Total commercial	$	243,979	$	16,005,261		1.52	%
Construction		4,330		698,996		0.62	%
Mortgage		104,477		7,405,907		1.41	%
Leasing		20,990		1,614,344		1.30	%
Consumer:
Credit cards		67,953		1,046,196		6.50	%
Home equity lines of credit		1,953		69,887		2.79	%
Personal		109,729		1,841,069		5.96	%
Auto		130,829		3,517,940		3.72	%
Other consumer		4,880		138,773		3.52	%
Total consumer	$	315,344	$	6,613,865		4.77	%
Total	$	689,120	$	32,338,373		2.13	%

Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	813		$	(4,858	)		0.03	%
Commercial real estate - non-owner occupied		(134	)		93,581			(0.03	)%
Commercial real estate - owner occupied		(3,090	)		22,811			(0.12	)%
Commercial and industrial		7,385			251,505			0.05	%
Total commercial	$	4,974		$	363,039			—	%
Construction		7,002			120,907			0.76	%
Mortgage		(8,384	)		43,171			(0.12	)%
Leasing		(7,063	)		47,179			(0.46	)%
Consumer:
Credit cards		3,455			11,193			0.25	%
Home equity lines of credit		217			(1,447	)		0.38	%
Personal		6,099			55,525			0.15	%
Auto		3,418			47,593			0.05	%
Other consumer		1,362			5,389			0.81	%
Total consumer	$	14,551		$	118,253			0.13	%
Total	$	11,080		$	692,549			(0.01	)%

34

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table Q - Allowance for Credit Losses “ACL”- Loan Portfolios - BPPR Operations

(Unaudited)

30-Jun-23
BPPR
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	4,787	$	296,877		1.61	%
Commercial real estate - non-owner occupied		53,366		2,906,247		1.84	%
Commercial real estate - owner occupied		41,901		1,428,058		2.93	%
Commercial and industrial		81,637		4,038,823		2.02	%
Total commercial	$	181,691	$	8,670,005		2.10	%
Construction		9,554		173,735		5.50	%
Mortgage		82,899		6,168,288		1.34	%
Leasing		13,927		1,661,523		0.84	%
Consumer:
Credit cards		71,408		1,057,372		6.75	%
Home equity lines of credit		96		2,570		3.74	%
Personal		96,046		1,685,966		5.70	%
Auto		134,247		3,565,533		3.77	%
Other consumer		6,240		135,292		4.61	%
Total consumer	$	308,037	$	6,446,733		4.78	%
Total	$	596,108	$	23,120,284		2.58	%

35

31-Mar-23
BPPR
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	4,756	$	292,806		1.62	%
Commercial real estate - non-owner occupied		53,894		2,885,483		1.87	%
Commercial real estate - owner occupied		46,009		1,497,503		3.07	%
Commercial and industrial		77,042		3,934,433		1.96	%
Total commercial	$	181,701	$	8,610,225		2.11	%
Construction		3,072		155,349		1.98	%
Mortgage		89,077		6,116,684		1.46	%
Leasing		20,990		1,614,344		1.30	%
Consumer:
Credit cards		67,953		1,046,175		6.50	%
Home equity lines of credit		100		2,865		3.49	%
Personal		88,408		1,612,918		5.48	%
Auto		130,829		3,517,940		3.72	%
Other consumer		4,877		130,012		3.75	%
Total consumer	$	292,167	$	6,309,910		4.63	%
Total	$	587,007	$	22,806,512		2.57	%

Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family		31			4,071			(0.01	)%
Commercial real estate - non-owner occupied		(528	)		20,764			(0.03	)%
Commercial real estate - owner occupied		(4,108	)		(69,445	)		(0.14	)%
Commercial and industrial		4,595			104,390			0.06	%
Total commercial	$	(10	)	$	59,780			(0.01	)%
Construction		6,482			18,386			3.52	%
Mortgage		(6,178	)		51,604			(0.12	)%
Leasing		(7,063	)		47,179			(0.46	)%
Consumer:
Credit cards		3,455			11,197			0.25	%
Home equity lines of credit		(4	)		(295	)		0.25	%
Personal		7,638			73,048			0.22	%
Auto		3,418			47,593			0.05	%
Other consumer		1,363			5,280			0.86	%
Total consumer	$	15,870		$	136,823			0.15	%
Total	$	9,101		$	313,772			0.01	%

36

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table R - Allowance for Credit Losses “ACL”- Loan Portfolios - POPULAR U.S. Operations

(Unaudited)

30-Jun-23
Popular U.S.
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	21,392	$	2,034,622		1.05	%
Commercial real estate - non-owner occupied		18,350		1,838,009		1.00	%
Commercial real estate - owner occupied		9,506		1,613,340		0.59	%
Commercial and industrial		18,014		2,212,324		0.81	%
Total commercial	$	67,262	$	7,698,295		0.87	%
Construction		1,778		646,168		0.28	%
Mortgage		13,194		1,280,790		1.03	%
Consumer:
Credit cards		—		17		—	%
Home equity lines of credit		2,074		65,870		3.15	%
Personal		19,782		210,628		9.39	%
Other consumer		2		8,870		0.02	%
Total consumer	$	21,858	$	285,385		7.66	%
Total	$	104,092	$	9,910,638		1.05	%

31-Mar-23
Popular U.S.
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	20,610	$	2,043,551		1.01	%
Commercial real estate - non-owner occupied		17,956		1,765,192		1.02	%
Commercial real estate - owner occupied		8,488		1,521,084		0.56	%
Commercial and industrial		15,224		2,065,209		0.74	%
Total commercial	$	62,278	$	7,395,036		0.84	%
Construction		1,258		543,647		0.23	%
Mortgage		15,400		1,289,223		1.19	%
Consumer:
Credit cards		—		21		—	%
Home equity lines of credit		1,853		67,022		2.76	%
Personal		21,321		228,151		9.35	%
Other consumer		3		8,761		0.03	%
Total consumer	$	23,177	$	303,955		7.63	%
Total	$	102,113	$	9,531,861		1.07	%

37

Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	782		$	(8,929	)		0.04	%
Commercial real estate - non-owner occupied		394			72,817			(0.02	)%
Commercial real estate - owner occupied		1,018			92,256			0.03	%
Commercial and industrial		2,790			147,115			0.07	%
Total commercial	$	4,984		$	303,259			0.03	%
Construction		520			102,521			0.05	%
Mortgage		(2,206	)		(8,433	)		(0.16	)%
Consumer:
Credit cards		—			(4	)		—	%
Home equity lines of credit		221			(1,152	)		0.39	%
Personal		(1,539	)		(17,523	)		0.04	%
Other consumer		(1	)		109			(0.01	)%
Total consumer	$	(1,319	)	$	(18,570	)		0.03	%
Total	$	1,979		$	378,777			(0.02	)%

38

Popular, Inc.

Financial Supplement to Second Quarter 2023 Earnings Release

Table S - Reconciliation to GAAP Financial Measures

(Unaudited)

(In thousands, except share or per share information)	30-Jun-23			31-Mar-23			30-Jun-22
Total stockholders’ equity	$	4,565,009		$	4,470,725		$	4,293,349
Less: Preferred stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(827,428	)		(827,428	)		(720,293	)
Less: Other intangibles		(11,354	)		(12,149	)		(14,533	)
Total tangible common equity	$	3,704,084		$	3,609,005		$	3,536,380
Total assets	$	70,838,266		$	67,675,759		$	71,501,931
Less: Goodwill		(827,428	)		(827,428	)		(720,293	)
Less: Other intangibles		(11,354	)		(12,149	)		(14,533	)
Total tangible assets	$	69,999,484		$	66,836,182		$	70,767,105
Tangible common equity to tangible assets		5.29	%		5.40	%		5.00	%
Common shares outstanding at end of period		72,103,969			71,965,984			76,576,397
Tangible book value per common share	$	51.37		$	50.15		$	46.18
	Quarterly average
Total stockholders’ equity [1]	$	6,553,488		$	6,452,889		$	5,827,666
Less: Preferred Stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(827,427	)		(827,427	)		(720,292	)
Less: Other intangibles		(11,875	)		(12,678	)		(15,043	)
Total tangible equity	$	5,692,043		$	5,590,641		$	5,070,188
Return on average tangible common equity		10.63	%		11.51	%		16.70	%

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

CONTACTS:

Popular, Inc.

Investor Relations:

Paul J. Cardillo, 212-417-6721

Senior Vice President and Investor Relations Officer

pcardillo@popular.com

or

Media Relations:

MC González Noguera, 917-804-5253

Executive Vice President and Chief Communications & Public Affairs Officer

mc.gonzalez@popular.com

39

EX-99.2

INVESTOR PRESENTATION Second Quarter 2023 Exhibit 99.2

This presentation contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are based on the current expectations of Popular, Inc.’s (the “Corporation”) management and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Form 10-K for the year ended December 31, 2022, our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 to be filed with the Securities and Exchange Commission. Our filings are available on the Corporation’s website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). The Corporation assumes no obligation to update or revise any forward-looking statements which speak as of their respective dates. Cautionary Note Regarding Forward-Looking Statements

Q2 2023 Highlights Financial Highlights Highlights: Loans increased $693 million QoQ, net of $46 million transferred to loans held for sale Non-performing loans decreased $26 million; NPL to loans ratio down to 1.17% from 1.28% in Q1 2023 Deposits increased $3.1 billion, mainly P.R. Government deposits Total borrowings remained flat Available liquidity sources increased $1.9 billion in Q2 2023 Common Equity Tier 1 capital ratio increased 14 basis points to 16.87% Tangible book value per share increased $1.22 to $51.37 driven by quarterly earnings On March 13, 2023, issued $400 million aggregate principal amount of 7.25% Senior Notes due 2028. On August 14, 2023, a portion of the net proceeds of this issuance will be used to redeem, at par value, all outstanding $300 million aggregate principal amount of its 6.125% Senior Notes due September 2023 1 FTE net interest margin represents a non-GAAP financial measure. See the Corporation's earnings press release, Form 10-Q and Form 10-K filed with the U.S. Securities and Exchange Commission for the applicable periods for a GAAP to non-GAAP reconciliation. FTE stands for fully taxable-equivalent basis Quarter Highlights Redemption of Senior Notes:

Business Highlights Business Metrics Earnings 1 Customers who have logged on to Popular’s web and/or mobile platform in the past 30 days BPPR Customer Engagement Popular Bank BPPR BPPR: Loans increased by $314 million across all business segments Continued strong origination activity in consumer loans: Auto and lease financing increased 29% QoQ Personal loans increased 18% QoQ Mortgage loans were 20% higher than Q2 2022 Deposits, excluding P.R. government deposits, decreased by $388 million from Q1 2023, mainly non-interest-bearing retail and commercial accounts Total cost of deposits increased 26bps QoQ; 14bps excluding P.R. Government deposits Total customers increased 9,500 from Q1 2023 and 37,400 from Q2 2022 Credit and debit card sales (in dollars) were 3% higher than Q2 2022 Loans increased $379 million; mainly commercial and construction loans Deposits grew $399 million and total deposit cost increased 54bps driven by an increase in brokered deposits and deposits gathered through the Popular Direct online channel Popular Bank:

Financial Summary

Net Interest Margin Dynamics Net interest margin of 3.14%; FTE net interest margin of 3.29%, a decrease of 17 basis points Money market and investment securities are 51% of earning assets FTE loan yield increased 18 basis points QoQ to 7.15% Total deposit cost increased 29 basis points QoQ to 1.57% Total Loans and Deposits ($ in billions)1 Loan Yields, Deposit Cost and NIM (FTE) Money Market and Investment Securities ($ in billions)1 ¹ Balances are as of end of period 51%

Deposit Mix and Historical Betas Total cumulative deposit beta of 31% at period end; total deposit beta at BPPR and PB of 28% and 47%, respectively High beta public sector deposits now account for 29% of total deposits. P.R. public sector deposit betas are 100% with a quarter lag; expect costs to increase while short-term rates continue to rise Retail and commercial deposit betas have historically been low, but are now above the prior cycle

2 The book value includes $746 million of net unrealized loss which remains in Accumulated Other Comprehensive Income (AOCI) related to the securities transferred from available-for-sale securities portfolio to the held-to-maturity securities portfolio. At the time of transfer, the securities had an unrealized loss of $873 million, which will be amortized (back into capital) throughout their remaining life at a rate of approximately 5% per quarter through 2026. Differences due to rounding Investment Portfolio 1 Maturity expressed in years; In the case of mortgage-backed securities and CMO’s, it represents the weighted average life of the bonds assuming market consensus prepayment speeds Earnings Conservative investment portfolio, with the majority invested in short to intermediate U.S. Treasuries, which are tax exempt for P.R. corporations. The portfolio duration, including cash, is 2.3 years The rapid rise in interest rates during 2022 increased unrealized losses; expect to fully recover these unrealized losses as the securities mature The U.S. Treasury portfolio classified as HTM had a market value of $8.2 billion at the end of Q2 2023, which is $130 million lower than the current book value 1 2

Capital Robust regulatory capital levels Common Equity Tier 1 of 16.9% Leverage ratio of 8.4% impacted by the high proportion of zero-risk weighted assets on the balance sheet, which represented 41% of total assets TCE ratio1 at 5.3% compared to 5.4% in Q1 2023; BPPR at 3.5% compared to 3.6% due to asset growth during the quarter Tangible book value per share increased by $1.22 to $51.37 compared to $50.15 in Q1 2023 driven by quarterly earnings Note: Current period ratios are estimated 1 TCE ratio is defined as the ratio of tangible common equity to tangible assets

Non – Performing Assets Non-Performing Assets Dollars in millions Differences due to rounding Total NPL Inflows Q2 2023 vs Q1 2023 variances: NPAs and NPLs decreased by $32 million and $26 million QoQ, respectively NPL inflows decreased by $10 million QoQ P.R. NPLs at $352 million, or 1.5% of loans, down by $27 million, mainly driven by lower mortgage NPLs by $30 million, offset in part by higher construction NPLs by $9 million U.S. NPLs at $33 million, or 0.3% of loans, flat QoQ OREOs decreased by $6 million QoQ Non-Performing Loans

NCOs and Allowance for Credit Losses Dollars in millions Differences due to rounding Earnings Q2 2023 vs Q1 2023 variances: NCOs amounted to $24 million, decreasing by $9 million QoQ BPPR’s NCOs at $19 million, decreasing by $13 million QoQ, mainly due to lower consumer NCOs by $14 million, as the prior quarter included a $10 million line of credit charge-off Popular U.S. NCOs at $5 million, increasing by $4 million QoQ NCO ratio at 0.29% vs. 0.41% in Q1 2023 ACL at $700 million, increasing by $11 million from the previous quarter ACL-to-Loans ratio at 2.12% vs. 2.13% in Q1 2023 ACL-to-NPLs at 182% vs. 167% in Q1 2023 NCOs and NCO-to-Loan Ratio ($ in millions)

Differences due to rounding ACL Movement: Moody’s May 2023 baseline scenario continues to show an economy with a resilient labor market that manages to avoid a recession Impact of economic scenarios is driven by the U.S. CRE and P.R. personal loan portfolios, partially offset by changes in the probability weights assigned to the scenarios due to lower risk of recession Lower qualitative reserves mainly due to stable performance within the lease financing portfolio Portfolio changes are mainly driven by specific reserves in commercial and construction loans, higher loan volumes, and migrations of consumer credit scores Economic Scenario: Baseline scenario is assigned the highest probability, followed by the S3 (pessimistic) scenario Reduction in the 2023 forecasted GDP growth for P.R. due to revision of the P.R. Government Economic Activity Index Reductions in unemployment rate for P.R. reflect better-than-expected employment levels U.S. forecast for GDP growth and unemployment rate for 2023 remained consistent with the previous quarter. The reduction in 2024 U.S. GDP growth reflects forecasted weakening in the labor market and the impact of elevated interest rates Allowance for Credit Losses – Q2 2023 Movement

Driving Value Franchise Market leader in Puerto Rico Substantial liquidity with diversified deposit base Well-positioned to take advantage of ongoing economic growth Focus on customer service supported by broad branch network Differentiated digital offering Diversified fee income driven by unmatched product breadth Strong risk-adjusted loan margins driven by a well-diversified portfolio Mainland U.S. banking operation provides geographic diversification Commercial led strategy directed at small and medium sized businesses National niche banking focused on homeowners’ associations, healthcare and non-profit organizations Branch footprint in South Florida and New York Metro Transformation Broad-based multi-year, digital, technological and business process transformation Implement more agile and efficient business processes across the entire company Unlock opportunity for growth in our primary market and within our existing customer base ESG In June, we released our corporate sustainability report, available on our website.  We continue to focus on providing opportunity for progress, protecting the environment, and promoting leadership We are mindful of the responsibility we have to Puerto Rico as the leading banking institution and to all the communities that we serve

INVESTOR PRESENTATION Second Quarter 2023 Appendix

Corporate Structure Earnings Summary Corporate Structure Franchise Earnings Assets = $58 billion Assets = $13 billion Puerto Rico Operations United States Operations Assets = $71 billion Information as of June 30, 2023 ¹ Doing business as Popular Selected equity investments: Banco BHD León under Corporate segment Dominican Republic bank 15.84% stake 2022 net income of $175 million Industry Financial services Headquarters San Juan, Puerto Rico Assets $71 billion (among top 50 BHCs in the U.S.) Loans $33 billion Deposits $64 billion Banking branches 158 in Puerto Rico, 39 in the U.S. (28 in New York and New Jersey and 11 in Florida) and 10 in the U.S. and British Virgin Islands NASDAQ ticker symbol BPOP Market Cap $4.4 billion

Q2 2023 vs. Q1 2023 Business Segments

P.R. Public Sector Exposure Obligations of municipalities are backed by real and personal property taxes, municipal excise taxes, and/or a percentage of the sales and use tax Indirect exposure includes loans or securities that are payable by non-governmental entities, but which carry a government guarantee to cover any shortfall in collateral in the event of borrower default. Majority are single-family mortgage related The Corporation does not own any loans issued by the P.R. central government or its public corporations. As of June 30, 2023, our direct exposure to P.R. municipalities was $351 million, up by $28 million QoQ, mostly driven by a $23 million increase in a single municipality Municipalities Indirect Exposure On July 1, 2023 we received $34 million in principal payments Activity Since June 2023

Liquidity Sources Liquidity Sources Borrowings Available liquidity increased by $1.9 billion in Q2 2023 On March 13, 2023, issued $400 million aggregate principal amount of 7.25% Senior Notes due 2028. On August 14, 2023, a portion of the net proceeds of the issuance will be used to redeem, at par value, all outstanding $300 million aggregate principal amount of its 6.125% Senior Notes due September 2023 Differences due to rounding

Deposit Composition 1 Includes the first $250,000 in balances of transactional and time deposit accounts with balances in excess of $250,000. 2 Includes public deposits from P.R., U.S.V.I., and U.S. states and municipalities based on such jurisdictions’ applicable collateral requirements On June 30, 2023, deposits with balances in excess of $250,000, excluding foreign deposits, intercompany deposits and collateralized public funds, were $11.4 billion or 21% at BPPR and $2.3 billion or 23% at Popular U.S. compared to available liquidity sources of $15.9 billion at BPPR and $4.2 billion at Popular U.S. as of June 30, 2023 Non-interest bearing demand deposit balances continue to be stable and represented 24% of the total deposit portfolio Deposits by Category QoQ Detail Differences due to rounding

20 Non-Owner Occupied CRE $ in millions Highlights: Non-Owner Occupied CRE (CRE NOO) properties concentrated in retail, hotels and office space Office exposure is limited, representing only 1.8% of total loan portfolio and 13% of CRE NOO Office space primarily comprised of mid-rise properties with diversified tenants across both regions. Average loan size of $2.0 million Strong loan growth in both regions following prudent lending standards P.R. loan balances increased $254 million YoY U.S. loan balances increased by $370 million YoY Favorable credit risk profile with low level of NCOs and NPLs, and decreasing criticized and classified loans Non-performing loans held-in-portfolio stable at $23 million in Q2 2023; NPLs to loans ratio at 0.5% in Q2 2023 Allowance for credit losses to loans held-in-portfolio at 1.51% in Q2 2023 vs. 1.54% in Q1 2023 ACL to NPLs steady at 311% in Q2 2023 Differences due to rounding Non-Owner Occupied CRE CRE NOO Balance by property type

Pre-pandemic Differences due to rounding Auto Portfolio NCOs and NCO-to-Loan Ratio ($ in millions) FICO Mix of Originations (% of Approved Amount) Delinquency ($ in millions) Auto balances increased during the pandemic, but growth has moderated during recent quarters Delinquency flattening in the most recent four quarters at a level below pre-pandemic NCOs at levels significantly below pre-pandemic The FICO mix of originations has remained robust, with weighted-average FICO scores of approximately 730 Current year originations were approximately 65%/35% split between new/used auto loans Highlights:

Pre-pandemic Differences due to rounding Leases Portfolio NCOs and NCO-to-Loan Ratio ($ in millions) FICO Mix of Originations (% of Approved Amount) Delinquency ($ in millions) Auto lease balances have continued to increase since the pandemic Delinquency steady at below pre-pandemic levels NCOs at levels significantly below pre-pandemic The FICO mix of originations has remained robust, with weighted-average FICO scores of approximately 740 Highlights:

Pre-pandemic Differences due to rounding Credit Card Portfolio NCOs and NCO-to-Loan Ratio ($ in millions) Delinquency ($ in millions) Highlights: Balances have been gradually increasing due to higher originations and increased usage post pandemic Delinquency and NCOs have been gradually increasing in recent quarters, but both remain below pre-pandemic level as of Q2 2023 The FICO mix of originations has remained robust, with weighted-average FICO scores of approximately 750 FICO Mix of Originations (% of Approved Amount)

FICO Mix of Consumer Originations

Popular, Inc. Credit Ratings Senior Unsecured Ratings Fitch BBB- Stable Outlook S&P BB+ Stable Outlook Moody’s Ba1 Stable Outlook 2018 May Fitch revised outlook to Positive 2019 April Moody's upgrades to B1 from B2 S&P revised outlook to Positive May Fitch upgrades to BB from BB- 2020 March S&P lowers outlook to Stable 2021 March Moody’s revised outlook to Positive April Moody’s upgrades to Ba3 from B1 Fitch and S&P revised outlook to Positive June Fitch upgrades to BBB- from BB, revised outlook to Stable 2022 April S&P upgrades to BB+ from BB-, revised outlook to Stable September Moody’s upgrades to Ba1 from Ba3, revised outlook to Stable Senior Unsecured Ratings

INVESTOR PRESENTATION Second Quarter 2023

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Document and Entity Information	Jul. 26, 2023
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0000763901
Document Type	8-K
Document Period End Date	Jul. 26, 2023
Entity Registrant Name	POPULAR, INC.
Entity Incorporation State Country Code	PR
Entity File Number	001-34084
Entity Tax Identification Number	66-0667416
Entity Address, Address Line One	209 Muñoz Rivera Avenue
Entity Address, City or Town	Hato Rey
Entity Address, Country	PR
Entity Address, Postal Zip Code	00918
City Area Code	(787)
Local Phone Number	765-9800
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Pre Commencement Issuer Tender Offer	false
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Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock ($0.01 par value)
Trading Symbol	BPOP
Security Exchange Name	NASDAQ
Cumulative Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	6.125% Cumulative Monthly Income Trust Preferred Securities
Trading Symbol	BPOPM
Security Exchange Name	NASDAQ