Exhibit 99.1

Popular, Inc. Announces Third Quarter 2023 Financial Results

• Net income of $136.6 million in Q3 2023, including an after-tax goodwill impairment charge in our U.S. based equipment leasing subsidiary of $16.4 million, compared to net income of $151.2 million in Q2 2023.

• Net interest income amounted to $534.0 million, an increase of $2.4 million compared to Q2 2023.

• Net interest margin of 3.07% in Q3 2023, compared to 3.14% in Q2 2023; net interest margin on a taxable equivalent basis of 3.24% in Q3 2023, compared to 3.29% in Q2 2023.

• Non-interest income of $159.5 million, or $1.0 million lower than in Q2 2023.

• Operating expenses amounted to $466.0 million, an increase of $5.7 million compared to Q2 2023, including a non-cash goodwill impairment of $23.0 million.

• Credit Quality:

• Non-performing loans held-in-portfolio (“NPLs”) decreased by $24.0 million from Q2 2023; NPLs to loans ratio at 1.1% vs. 1.2% in Q2 2023;

• Net charge-offs (“NCOs”) increased by $8.7 million from Q2 2023; annualized NCOs at 0.39% of average loans held-in-portfolio vs. 0.29% in Q2 2023;

• Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.09% vs. 2.12% in Q2 2023; and

• ACL to NPLs at 196.7% vs. 181.6% in Q2 2023.

• Loans increased by $998.4 million and by $764.4 million in average quarterly balances, from Q2 2023.

• Ending deposit balances decreased by $667.2 million while average quarterly balances increased by $1.4 billion, from Q2 2023.

• Common Equity Tier 1 ratio of 16.81%, Common Equity per Share of $61.49 and Tangible Book Value per Share of $50.20 at September 30, 2023.

SAN JUAN, Puerto Rico – (BUSINESS WIRE) – Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $136.6 million for the quarter ended September 30, 2023, including an after-tax goodwill impairment charge in our U.S. based equipment leasing subsidiary of $16.4 million, compared to net income of $151.2 million for the quarter ended June 30, 2023.

Ignacio Alvarez, President and Chief Executive Officer, said: “We are pleased to report another strong quarter. Net income totaled $137 million, which includes a $16 million after-tax goodwill impairment in our U.S. based equipment leasing subsidiary. Excluding this impact, net income would have been $153 million, $2 million higher than the previous quarter.

Our positive results were driven by higher revenues and lower operating expenses, excluding the non-cash goodwill impairment, partially offset by a higher provision for loan losses. We grew our loan portfolio by $1 billion, which contributed to an increase in net interest income despite higher deposit costs. Approximately $600 million of the increase took place in Puerto Rico, reflecting strong economic activity. During the quarter, we crossed a significant milestone, reaching more than 2 million unique customers in Puerto Rico.

Our achievements are made possible by a dedicated team of more than 9,000 colleagues and further strengthen our commitment to our customers, communities and shareholders. Earlier this month we celebrated our 130th anniversary and our team’s energy was palpable. We are proud of our history, which has made us a strong organization with deep-rooted values, and are excited about the opportunities that lie ahead.”

1

Earnings Highlights 

(Unaudited)	Quarters ended						Nine months ended
(Dollars in thousands, except per share information)	30-Sep-23		30-Jun-23		30-Sep-22		30-Sep-23		30-Sep-22
Net interest income	$	534,020	$	531,668	$	579,619	$	1,597,344	$	1,607,793
Provision for credit losses		45,117		37,192		39,637		129,946		33,499
Net interest income after provision for credit losses		488,903		494,476		539,982		1,467,398		1,574,294
Other non-interest income		159,549		160,471		426,494		481,981		738,597
Operating expenses		465,984		460,284		476,095		1,366,955		1,284,712
Income before income tax		182,468		194,663		490,381		582,424		1,028,179
Income tax expense		45,859		43,503		67,986		135,676		182,677
Net income	$	136,609	$	151,160	$	422,395	$	446,748	$	845,502
Net income applicable to common stock	$	136,256	$	150,807	$	422,042	$	445,689	$	844,443
Net income per common share-basic	$	1.90	$	2.10	$	5.71	$	6.22	$	11.09
Net income per common share-diluted	$	1.90	$	2.10	$	5.70	$	6.21	$	11.07

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 September 30, 2023 and Table F for the nine-month periods ended September 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 September 30, 2023 was $534.0 million, an increase of $2.4 million when compared to the previous quarter. Net interest income on a taxable equivalent basis for the third quarter of 2023 was $563.7 million, compared to $558.4 million in the previous quarter, an increase of $5.3 million. The increase in taxable equivalent net interest income results from a higher volume of exempt investments, partially offset by a higher disallowed interest expense in the Puerto Rico tax computation driven by the increase in deposit volume and cost. Refer to the income taxes discussion for further information.

Net interest margin decreased seven basis points to 3.07%. On a taxable equivalent basis, net interest margin for the third quarter of 2023 was 3.24%, compared to 3.29% for the prior quarter, or a five basis points decrease. The lower reduction in the taxable equivalent rate results from a higher benefit of a higher volume of exempt investment securities in Puerto Rico. The main variances in net interest income on a taxable equivalent basis were:

• Higher interest income from investment securities, trading and money market investments by $27.4 million driven mainly by higher volume of U.S. Treasury bills, partially offset by a lower volume of money market investments. Both asset classes reflect the effect of the two 25 basis points increases in market rates that occurred at the end of July and at the beginning of May;

• Higher interest income from loans by $26.3 million resulting from an increase in average loans by $770 million, reflecting increases in Banco Popular de Puerto Rico (“BPPR”) by $427 million and an increase in Popular Bank (“PB”) by $343 million. All major loan segments increased in BPPR while at PB the increase was mainly in the commercial and construction portfolios. Loan originations in a higher interest rate environment and the repricing of adjustable-rate loans resulted in a higher yield on loans by nine basis points; most of the categories resulted in a higher yield quarter over quarter; and

• Lower interest expense on other debt upon the previously announced redemption, during the quarter of the $300 million Senior Notes due September 2023;

partially offset by:

• Higher interest expense on deposits by $34.4 million, mainly from the increase in volume and cost of Puerto Rico government deposits and a higher cost in most deposit categories in both BPPR and PB, reflective of the increase in rates.

2

Net interest income for the BPPR segment amounted to $453.9 million for the third quarter of 2023, flat when compared to $453.1 million in net interest income during the second quarter of 2023. Net interest margin for the BPPR segment decreased by seven basis points to 3.14%. The decrease in net interest margin is related to a higher average volume of deposits, mainly higher cost Puerto Rico government deposits. Earning assets yield improved 17 basis points from the prior quarter to 4.74%. The average volume of earning assets increased by $861 million, while average total deposits increased by $904 million, mainly in P.R. government deposits, which were $1.4 billion higher on average than during Q2 2023, partially offset by a decrease in non-interest-bearing deposits. The cost of interest-bearing deposits increased by 30 basis points to 2.25% from 1.95% the previous quarter. The increase in the cost of deposits mainly resulted from the repricing of public funds and management actions to increase deposit interest rates for certain corporate clients. Total deposit cost in the third quarter of 2023 was 1.68%, compared to 1.44% in the quarter ended June 30, 2023.

Net interest income for PB was $87.4 million for the quarter ended September 30, 2023, unchanged when compared to $87.5 million in net interest income during the previous quarter. Net interest margin decreased by 11 basis points in the quarter to 2.90%, compared to 3.01% in the second 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 in the current interest rates environment. The cost of interest-bearing deposits was 3.31%, compared to 3.02% for the second quarter, or an increase of 29 basis points, while total deposit cost was 2.84% compared to 2.55% in the previous quarter.

Non-interest income

Non-interest income amounted to $159.5 million for the quarter ended September 30, 2023, a decrease of $1.0 million when compared to $160.5 million for the quarter ended June 30, 2023. Fee and transactional-based revenues were slightly lower quarter-over-quarter with the overall results impacted by an unfavorable variance in profit (losses) from equity securities by $2.7 million, mainly related to the fair value of securities held for deferred benefit plans, which have an offsetting effect in personnel costs. The lower fee and transactional-based revenues were partially offset by higher income from mortgage banking activities by $3.1 million, mainly due to a favorable variance of $3.4 million related to the fair value adjustments of mortgage servicing rights (“MSRs”).

Refer to Table B for further details.

Operating expenses

Operating expenses for the third quarter of 2023 totaled $466.0 million, an increase of $5.7 million when compared to the second quarter of 2023. The variance in operating expenses was driven primarily by:

• higher personnel cost by $1.7 million mainly due to higher salaries by $2.9 million as a result of the annual merit increase effective during the third quarter of 2023; partially offset by a decrease in other personnel costs by $1.2 million;

• higher credit card processing expenses by $2.2 million mainly due to a volume growth incentive received during the second quarter of 2023 which was recorded as a reduction of expenses;

• higher FDIC deposit insurance expense by $2.1 million mainly due to an accrual adjustment recorded during the second quarter of 2023 related to a decrease in the assessment rate; and

• a non-cash goodwill impairment of $23.0 million in our U.S. based equipment leasing subsidiary due to lower forecasted cash flows and an increase in the rate used to discount cash flows.

partially offset by:

• lower other taxes expense by $7.8 million mainly due to the reversal of an accrual related to regulatory examination fees in BPPR by $8.2 million;

3

• lower professional fees by $11.6 million mainly due to lower advisory expenses by $7.1 million arising from corporate initiatives related to regulatory and compliance efforts, as well as those related to the Corporation’s transformation initiative, incurred during the second quarter of 2023;

• lower business promotion expense by $2.0 million mainly due to lower advertising and credit cards rewards expenses; and

• higher other real estate owned (“OREO”) benefit by $1.9 million mainly due to an increase in the fair value of mortgage properties transferred to OREO.

Full-time equivalent employees were 9,063 as of September 30, 2023, compared to 9,124 as of June 30, 2023.

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

Income taxes

For the quarter ended September 30, 2023, the Corporation recorded an income tax expense of $45.9 million compared to $43.5 million for the previous quarter. The increase in income tax expense was mainly attributable to certain tax benefits recorded in the second quarter, partially offset by lower income before tax. The effective tax rate (“ETR”) for the third quarter of 2023 was 25.1% while the ETR for the second quarter was 22.4%.

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%.

Credit Quality

During the third quarter of 2023, the Corporation continued to reflect stable credit quality metrics. Non-performing loans (“NPLs”) and net charge offs (“NCOs”) continued below historical pre-pandemic averages. Consumer portfolios, however, reflected increased delinquencies and NCOs for the quarter primarily due to the expected continued credit normalization. We continue to closely monitor changes in the macroeconomic environment and on borrower performance, especially our unsecured consumer loans, given higher interest rates and inflationary pressures. However, management believes that the improvements over recent years in risk management practices and 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 third quarter of 2023:

• At September 30, 2023, total NPLs held-in-portfolio decreased by $24.0 million from June 30, 2023. BPPR’s NPLs decreased by $18.5 million, mostly driven by lower commercial and mortgage NPLs by $16.5 million and $6.8 million, respectively, in part offset by higher consumer NPLs by $5.4 million. The commercial NPLs decrease was mostly driven by loan payoffs. PB’s NPLs decreased by $5.5 million quarter-over-quarter, due to lower commercial and mortgage NPLs by $3.0 million and $2.6 million, respectively. At September 30, 2023, the ratio of NPLs to total loans held-in-portfolio was 1.1%, compared to 1.2% in the second quarter of 2023.

• Inflows of NPLs held-in-portfolio, excluding consumer loans, decreased by $5.9 million quarter-over-quarter. In BPPR, total inflows decreased by $2.6 million due to lower construction inflows by $9.3 million due to a single relationship that entered non-accrual during the second quarter, in part offset by higher mortgage inflows by $7.1 million. PB inflows decreased by $3.3 million, driven by lower commercial inflows.

• NCOs amounted to $32.7 million, increasing by $8.7 million when compared to the second quarter of 2023. BPPR’s NCOs increased by $6.9 million quarter-over-quarter, mainly driven by higher consumer NCOs by $14.1 million, of which $7.2 million and $4.7 million are related to the auto and personal loans portfolios, respectively. This increase was in part offset by a $10.8 million recovery from a commercial loan pay-off, as mentioned above. PB’s NCOs increased by $1.8 million quarter-over-quarter, mainly driven by higher consumer NCOs. During the third quarter of 2023, the Corporation’s ratio of annualized NCOs to average loans held-in-portfolio was 0.39%, compared to 0.29% in the second quarter of 2023. Refer to Table N for further information on NCOs and related ratios.

4

• At September 30, 2023, the allowance for credit losses (“ACL”) increased by $10.9 million from the second quarter of 2023 to $711.1 million. In BPPR, the ACL increased by $28.4 million, primarily driven by higher reserves for the auto and personal loans portfolios attributable to credit normalization, changes in macroeconomic scenarios and loan growth. In PB, the ACL decreased by $17.6 million due to the implementation of a new model for the U.S. commercial real estate portfolio. The new model is based on more granular regional information for the Corporation’s portfolio and accounted for $15 million of PB’s reduction in ACL.

• 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. 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 improved to 1.7% and 2.0% for Puerto Rico and the United States, respectively, compared to 1.5% and 1.6% in the previous quarter. The 2023 forecasted average unemployment rate for Puerto Rico improved to 6.1% from 6.3% in the previous forecast, while in the United States unemployment levels remained at 3.6%, stable when compared to the previous forecast.

• GDP growth is expected to slow down during 2024 for both regions, when compared to 2023, as a result of the Fed’s monetary policy. The 2024 GDP growth is expected to be 0.90% for Puerto Rico and 1.25% for the United States. The average 2024 unemployment rate is expected to increase to 6.80% in Puerto Rico and 4.03% in the United States.

• The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.09% in the third quarter of 2023, compared to 2.12% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio stood at 196.7%, compared to 181.6% in the previous quarter.

• The provision for credit losses for the loan portfolios for the third quarter of 2023 was $43.5 million, compared to $35.7 million in the previous quarter, reflecting the previously mentioned changes in the allowance for credit losses. The provision for the BPPR segment was $54.0 million, compared to $28.4 million in the previous quarter, while the provision for PB was a benefit of $10.5 million, compared to an expense of $7.3 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 Consolidated Statement of Operations. For the third quarter, these combined concepts resulted in a provision expense of $45.1 million, compared to $37.2 million last quarter.

Non-Performing Assets

(Unaudited)
(In thousands)	30-Sep-23			30-Jun-23			30-Sep-22
Non-performing loans held-in-portfolio	$	361,523		$	385,504		$	453,419
Other real estate owned (“OREO”)		82,322			86,216			93,239
Total non-performing assets	$	443,845		$	471,720		$	546,658
Net charge-offs (recoveries) for the quarter	$	32,655		$	23,990		$	18,232
Ratios:
Loans held-in-portfolio	$	34,029,313		$	33,030,922		$	31,523,188
Non-performing loans held-in-portfolio to loans held-in-portfolio		1.06	%		1.17	%		1.44	%
Allowance for credit losses to loans held-in-portfolio		2.09			2.12			2.23
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		196.69			181.63			155.07

Refer to Table L for additional information.

5

Provision for Credit Losses (Benefit) - Loan Portfolios 

(Unaudited)	Quarters ended							Nine months ended
(In thousands)	30-Sep-23			30-Jun-23		30-Sep-22		30-Sep-23			30-Sep-22
Provision for credit losses (benefit) - loan portfolios:
BPPR	$	54,017		$	28,379	$	28,694	$	127,599		$	25,161
Popular U.S.		(10,503	)		7,282		10,825		(1,278	)		9,814
Total provision for credit losses (benefit) - loan portfolios	$	43,514		$	35,661	$	39,519	$	126,321		$	34,975

Credit Quality by Segment

(Unaudited)
(In thousands)	Quarters ended
BPPR	30-Sep-23			30-Jun-23			30-Sep-22
Provision for credit losses - loan portfolios	$	54,017		$	28,379		$	28,694
Net charge-offs		25,600			18,687			18,396
Total non-performing loans held-in-portfolio		333,825			352,339			410,215
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.44	%		0.33	%		0.34	%
Allowance / loans held-in-portfolio		2.63	%		2.58	%		2.65	%
Allowance / non-performing loans held-in-portfolio		187.08	%		169.19	%		144.05	%
	Quarters ended
Popular U.S.	30-Sep-23			30-Jun-23			30-Sep-22
Provision for credit losses - loan portfolios	$	(10,503	)	$	7,282		$	10,825
Net charge-offs		7,055			5,303			(164	)
Total non-performing loans held-in-portfolio		27,698			33,165			43,204
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.28	%		0.22	%		(0.01	)
Allowance / loans held-in-portfolio		0.84	%		1.05	%		1.21	%
Allowance / non-performing loans held-in-portfolio		312.42	%		313.86	%		259.61	%

Financial Condition Highlights 

(Unaudited)
(In thousands)	30-Sep-23		30-Jun-23		30-Sep-22
Cash and money market investments	$	6,924,772	$	9,070,118	$	5,992,360
Investment securities		25,653,616		25,874,316		30,434,052
Loans		34,029,313		33,030,922		31,523,188
Total assets		69,736,936		70,838,266		70,729,675
Deposits		63,337,600		64,004,818		64,819,327
Borrowings		1,097,720		1,427,254		1,300,984
Total liabilities		65,279,328		66,273,257		67,054,837
Stockholders’ equity		4,457,608		4,565,009		3,674,838

6

Total assets amounted to $69.7 billion at September 30, 2023, a decrease of $1.1 billion from the second quarter of 2023, driven by:

• a decrease in money market investments of $2.2 billion due to lower deposits and increased loan balances as discussed below;

• a decrease in securities available-for-sale (“AFS”) of $112.4 million, mainly due to repayments, maturities and unfavorable changes in fair value, offset in part by the purchase of U.S. Treasury securities; and

• a decrease in securities held-to-maturity (“HTM”) of $108.4 million driven by a decrease in U.S. Treasury securities mainly as a result of maturities;

partially offset by:

• an increase in loans held-in-portfolio of $998.4 million reflected across all portfolios in BPPR, except the construction portfolio, and an increase in commercial and construction loans at PB; and

• an increase in other assets of $328.9 million driven by unsettled trade receivables related to proceeds from maturities of U.S. Treasury Notes and interest payments which were received in the fourth quarter.

Total liabilities decreased by $993.9 million from the second quarter of 2023, driven by:

• a decrease of $667.2 million in deposits, mainly in Puerto Rico public sector accounts partially offset by an increase in time deposits and savings accounts at PB; and

• a decrease of $299.4 million in notes payable due to the redemption of $300.0 million in aggregate principal amount of the Senior Notes due September 2023.

Stockholders’ equity decreased by $107.4 million from the second quarter of 2023, principally due to the after-tax impact of the increase in net unrealized losses in the portfolio of AFS securities of $242.6 million and to common and preferred dividends declared during the quarter, partially offset by the net income for the quarter of $136.6 million and the amortization of unrealized losses from securities previously reclassified to HTM of $35.0 million.

The Corporation is in the process of completing its annual goodwill impairment test, using July 31, 2023 as the evaluation date. During the third quarter, an impairment charge of $23.0 million related to our U.S. based equipment leasing subsidiary was recognized. The Corporation expects to finalize its evaluation prior to the filing of its Form 10-Q for the quarter ended September 30, 2023 with the Securities and Exchange Commission. Any further impairment of goodwill would result in a non-cash expense, net of tax impact. A charge to earnings related to a goodwill impairment would not materially impact regulatory capital and tangible capital calculations.

Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.81%, $61.49 and $50.20, respectively, at September 30, 2023, compared to 16.87%, $63.00 and $51.37, respectively, at June 30, 2023. Refer to Table A for capital ratios.

7

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 quarters ended March 31, 2023 and June 30, 2023, and in our Form 10-Q for the quarter ended September 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, Thursday, October 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 260746.

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 Monday, November 27, 2023. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 546020.

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

8

Popular, Inc.

Financial Supplement to Third 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 - Loan Delinquency - BPPR Operations

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

Table K - Loan Delinquency - Consolidated

Table L - Non-Performing Assets

Table M - Activity in Non-Performing Loans

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

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

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

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

Table R - Reconciliation to GAAP Financial Measures

9

POPULAR, INC.

Financial Supplement to Third Quarter 2023 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

	Quarters ended									Nine months ended
	30-Sep-23			30-Jun-23			30-Sep-22			30-Sep-23			30-Sep-22
Basic EPS	$	1.90		$	2.10		$	5.71		$	6.22		$	11.09
Diluted EPS	$	1.90		$	2.10		$	5.70		$	6.21		$	11.07
Average common shares outstanding		71,794,934			71,690,396			73,955,184			71,676,630			76,173,783
Average common shares outstanding - assuming dilution		71,818,102			71,709,203			74,057,332			71,736,514			76,304,219
Common shares outstanding at end of period		72,127,595			72,103,969			72,673,344			72,127,595			72,673,344
Market value per common share	$	63.01		$	60.52		$	72.06		$	63.01		$	72.06
Market capitalization - (In millions)	$	4,545		$	4,364		$	5,237		$	4,545		$	5,237
Return on average assets		0.75	%		0.85	%		2.31	%		0.84	%		1.54	%
Return on average common equity		8.17	%		9.26	%		27.72	%		9.13	%		19.02	%
Net interest margin (non-taxable equivalent basis)		3.07	%		3.14	%		3.32	%		3.14	%		3.05	%
Net interest margin (taxable equivalent basis) -non-GAAP		3.24	%		3.29	%		3.71	%		3.32	%		3.39	%
Common equity per share	$	61.49		$	63.00		$	50.26		$	61.49		$	50.26
Tangible common book value per common share (non-GAAP) [1]	$	50.20		$	51.37		$	38.69		$	50.20		$	38.69
Tangible common equity to tangible assets (non-GAAP) [1]		5.25	%		5.29	%		4.02	%		5.25	%		4.02	%
Return on average tangible common equity [1]		9.36	%		10.63	%		31.86	%		10.48	%		21.78	%
Tier 1 capital		16.88	%		16.93	%		16.10	%		16.88	%		16.10	%
Total capital		18.67	%		18.74	%		17.92	%		18.67	%		17.92	%
Tier 1 leverage		8.41	%		8.40	%		7.65	%		8.41	%		7.65	%
Common Equity Tier 1 capital		16.81	%		16.87	%		16.04	%		16.81	%		16.04	%

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

10

POPULAR, INC.

Financial Supplement to Third Quarter 2023 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

	Quarters ended						Variance			Quarter ended			Variance			Nine months ended
							Q3 2023						Q3 2023
(In thousands, except per share information)	30-Sep-23			30-Jun-23			vs. Q2 2023			30-Sep-22			vs. Q3 2022			30-Sep-23			30-Sep-22
Interest income:
Loans	$	596,886		$	570,120		$	26,766		$	481,088		$	115,798		$	1,708,216		$	1,354,124
Money market investments		99,286			100,775			(1,489	)		36,966			62,320			265,785			67,172
Investment securities		148,614			123,112			25,502			133,181			15,433			403,814			331,421
Total interest income		844,786			794,007			50,779			651,235			193,551			2,377,815			1,752,717
Interest expense:
Deposits		294,121			243,488			50,633			60,897			233,224			730,824			113,507
Short-term borrowings		1,478			1,624			(146	)		921			557			5,987			1,249
Long-term debt		15,167			17,227			(2,060	)		9,798			5,369			43,660			30,168
Total interest expense		310,766			262,339			48,427			71,616			239,150			780,471			144,924
Net interest income		534,020			531,668			2,352			579,619			(45,599	)		1,597,344			1,607,793
Provision for credit losses		45,117			37,192			7,925			39,637			5,480			129,946			33,499
Net interest income after provision for credit losses		488,903			494,476			(5,573	)		539,982			(51,079	)		1,467,398			1,574,294
Service charges on deposit accounts		37,318			37,781			(463	)		40,006			(2,688	)		109,777			122,528
Other service fees		93,407			94,265			(858	)		86,402			7,005			277,748			244,987
Mortgage banking activities		5,393			2,316			3,077			9,448			(4,055	)		15,109			35,888
Net (loss) gain, including impairment, on equity securities		(1,319	)		1,384			(2,703	)		(1,448	)		129			1,165			(7,651	)
Net gain (loss) on trading account debt securities		219			35			184			(274	)		493			632			(946	)
Net loss on sale of loans, including valuation adjustments on loans held-for-sale		(44	)		—			(44	)		—			(44	)		(44	)		—
Adjustments to indemnity reserves on loans sold		(187	)		(456	)		269			1,715			(1,902	)		(31	)		1,140
Other operating income		24,762			25,146			(384	)		290,645			(265,883	)		77,625			342,651
Total non-interest income		159,549			160,471			(922	)		426,494			(266,945	)		481,981			738,597
Operating expenses:
Personnel costs
Salaries		127,832			124,901			2,931			115,887			11,945			378,126			316,407
Commissions, incentives and other bonuses		27,670			27,193			477			42,209			(14,539	)		86,025			116,319
Pension, postretirement and medical insurance		16,985			17,508			(523	)		17,120			(135	)		49,871			43,633
Other personnel costs, including payroll taxes		20,665			21,866			(1,201	)		18,627			2,038			69,358			53,268
Total personnel costs		193,152			191,468			1,684			193,843			(691	)		583,380			529,627
Net occupancy expenses		28,100			27,165			935			27,420			680			81,304			78,357
Equipment expenses		8,905			9,561			(656	)		8,735			170			26,878			25,798
Other taxes		8,590			16,409			(7,819	)		15,966			(7,376	)		41,290			47,461
Professional fees		38,514			50,132			(11,618	)		47,662			(9,148	)		122,077			122,884
Technology and software expenses		72,930			72,354			576			68,341			4,589			213,843			213,638
Processing and transactional services
Credit and debit cards		13,762			11,584			2,178			13,531			231			37,896			35,177
Other processing and transactional services		24,137			25,217			(1,080	)		18,837			5,300			70,713			59,181
Total processing and transactional services		37,899			36,801			1,098			32,368			5,531			108,609			94,358
Communications		4,220			4,175			45			3,858			362			12,483			11,028
Business promotion
Rewards and customer loyalty programs		15,988			16,626			(638	)		14,344			1,644			44,962			38,294
Other business promotion		7,087			8,457			(1,370	)		10,004			(2,917	)		22,067			22,490
Total business promotion		23,075			25,083			(2,008	)		24,348			(1,273	)		67,029			60,784
FDIC deposit insurance		8,932			6,803			2,129			6,610			2,322			24,600			20,445
Other real estate owned (OREO) income		(5,189	)		(3,314	)		(1,875	)		(2,444	)		(2,745	)		(10,197	)		(12,963	)
Other operating expenses

11

Operational losses		5,504		4,280		1,224			7,145		(1,641	)		16,584		23,031
All other		17,557		18,572		(1,015	)		32,448		(14,891	)		53,690		58,783
Total other operating expenses		23,061		22,852		209			39,593		(16,532	)		70,274		81,814
Amortization of intangibles		795		795		—			795		—			2,385		2,481
Goodwill impairment charge		23,000		—		23,000			9,000		14,000			23,000		9,000
Total operating expenses		465,984		460,284		5,700			476,095		(10,111	)		1,366,955		1,284,712
Income before income tax		182,468		194,663		(12,195	)		490,381		(307,913	)		582,424		1,028,179
Income tax expense		45,859		43,503		2,356			67,986		(22,127	)		135,676		182,677
Net income	$	136,609	$	151,160	$	(14,551	)	$	422,395	$	(285,786	)	$	446,748	$	845,502
Net income applicable to common stock	$	136,256	$	150,807	$	(14,551	)	$	422,042	$	(285,786	)	$	445,689	$	844,443
Net income per common share - basic	$	1.90	$	2.10	$	(0.20	)	$	5.71	$	(3.81	)	$	6.22	$	11.09
Net income per common share - diluted	$	1.90	$	2.10	$	(0.20	)	$	5.70	$	(3.80	)	$	6.21	$	11.07
Dividends Declared per Common Share	$	0.55	$	0.55	$	—		$	0.55	$	—		$	1.65	$	1.65

12

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

(In thousands)	30-Sep-23			30-Jun-23			30-Sep-22			Variance Q3 2023 vs. Q2 2023
Assets:
Cash and due from banks	$	535,335		$	476,642		$	2,017,312		$	58,693
Money market investments		6,389,437			8,593,476			3,975,048			(2,204,039	)
Trading account debt securities, at fair value		30,988			29,160			30,271			1,828
Debt securities available-for-sale, at fair value		17,129,858			17,242,217			28,264,148			(112,359	)
Debt securities held-to-maturity, at amortized cost		8,302,082			8,410,566			1,953,710			(108,484	)
Less: Allowance for credit losses		6,057			6,145			7,210			(88	)
Total debt securities held-to-maturity, net		8,296,025			8,404,421			1,946,500			(108,396	)
Equity securities		190,688			192,373			185,923			(1,685	)
Loans held-for-sale, at lower of cost or fair value		5,239			55,421			8,065			(50,182	)
Loans held-in-portfolio		34,369,775			33,354,999			31,805,921			1,014,776
Less: Unearned income		340,462			324,077			282,733			16,385
Allowance for credit losses		711,068			700,200			703,096			10,868
Total loans held-in-portfolio, net		33,318,245			32,330,722			30,820,092			987,523
Premises and equipment, net		534,384			523,927			492,685			10,457
Other real estate		82,322			86,216			93,239			(3,894	)
Accrued income receivable		257,833			239,998			224,307			17,835
Mortgage servicing rights, at fair value		119,030			121,249			130,541			(2,219	)
Other assets		2,032,565			1,703,662			1,700,378			328,903
Goodwill		804,428			827,428			827,428			(23,000	)
Other intangible assets		10,559			11,354			13,738			(795	)
Total assets	$	69,736,936		$	70,838,266		$	70,729,675		$	(1,101,330	)
Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing	$	15,201,374		$	15,316,552		$	17,605,339		$	(115,178	)
Interest bearing		48,136,226			48,688,266			47,213,988			(552,040	)
Total deposits		63,337,600			64,004,818			64,819,327			(667,218	)
Assets sold under agreements to repurchase		93,071			123,205			162,450			(30,134	)
Other short-term borrowings		—			—			250,000			—
Notes payable		1,004,649			1,304,049			888,534			(299,400	)
Other liabilities		844,008			841,185			934,526			2,823
Total liabilities		65,279,328			66,273,257			67,054,837			(993,929	)
Stockholders’ equity:
Preferred stock		22,143			22,143			22,143			—
Common stock		1,048			1,047			1,046			1
Surplus		4,797,364			4,795,581			4,652,508			1,783
Retained earnings		4,189,865			4,093,284			3,694,020			96,581
Treasury stock		(2,018,870	)		(2,018,611	)		(1,970,548	)		(259	)
Accumulated other comprehensive loss, net of tax		(2,533,942	)		(2,328,435	)		(2,724,331	)		(205,507	)
Total stockholders’ equity		4,457,608			4,565,009			3,674,838			(107,401	)
Total liabilities and stockholders’ equity	$	69,736,936		$	70,838,266		$	70,729,675		$	(1,101,330	)

13

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

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

(Unaudited)

Average Volume							Average Yields / Costs										Interest							Variance Attributable to
30-Sep-23		30-Jun-23		Variance			30-Sep-23			30-Jun-23			Variance				30-Sep-23		30-Jun-23		Variance			Rate			Volume
(In millions)																	(In thousands)
$	7,292	$	7,851	$	(559	)		5.40	%		5.15	%		0.25	%	Money market investments	$	99,285	$	100,776	$	(1,491	)	$	5,912		$	(7,403	)
	28,396		27,362		1,034			2.31			2.00			0.31		Investment securities [1]		165,319		136,408		28,911			23,826			5,085
	34		32		2			4.43			4.65			(0.22	)	Trading securities		375		370		5			(14	)		19
	35,722		35,245		477			2.95			2.70			0.25		Total money market, investment and trading securities		264,979		237,554		27,425			29,724			(2,299	)
																Loans:
	16,611		16,237		374			6.64			6.52			0.12		Commercial		277,977		263,934		14,043			7,951			6,092
	865		737		128			8.99			8.95			0.04		Construction		19,580		16,442		3,138			244			2,894
	1,669		1,632		37			6.50			6.30			0.20		Leasing		27,142		25,711		1,431			829			602
	7,504		7,409		95			5.42			5.47			(0.05	)	Mortgage		101,700		101,304		396			(898	)		1,294
	3,147		3,075		72			13.39			13.21			0.18		Consumer		105,042		101,295		3,747			1,540			2,207
	3,657		3,593		64			8.47			8.31			0.16		Auto		78,055		74,467		3,588			2,252			1,336
	33,453		32,683		770			7.24			7.15			0.09		Total loans		609,496		583,153		26,343			11,918			14,425
$	69,175	$	67,928	$	1,247			5.02	%		4.84	%		0.18	%	Total earning assets	$	874,475	$	820,707	$	53,768		$	41,642		$	12,126
																Interest bearing deposits:
$	25,652	$	24,230	$	1,422			3.31	%		2.91	%		0.40	%	NOW and money market [2]	$	213,957	$	175,640	$	38,317		$	25,174		$	13,143
	14,875		14,763		112			0.73			0.66			0.07		Savings		27,373		24,446		2,927			2,333			594
	7,986		7,715		271			2.62			2.26			0.36		Time deposits		52,791		43,402		9,389			6,926			2,463
	48,513		46,708		1,805			2.41			2.09			0.32		Total interest bearing deposits		294,121		243,488		50,633			34,433			16,200
	15,038		15,480		(442	)										Non-interest bearing demand deposits
	63,551		62,188		1,363			1.84			1.57			0.27		Total deposits		294,121		243,488		50,633			34,433			16,200
	108		125		(17	)		5.45			5.19			0.26		Short-term borrowings		1,478		1,624		(146	)		91			(237	)
	1,172		1,299		(127	)		5.20			5.33			(0.13	)	Other medium and long-term debt		15,167		17,227		(2,060	)		740			(2,800	)
	49,793		48,132		1,661			2.48			2.19			0.29		Total interest bearing liabilities (excluding demand deposits)		310,766		262,339		48,427			35,264			13,163
	4,344		4,316		28											Other sources of funds
$	69,175	$	67,928	$	1,247			1.78	%		1.55	%		0.23	%	Total source of funds		310,766		262,339		48,427			35,264			13,163
								3.24	%		3.29	%		(0.05	)%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		563,709		558,368		5,341		$	6,378		$	(1,037	)
								2.54	%		2.65	%		(0.11	)%	Net interest spread
																Taxable equivalent adjustment		29,689		26,700		2,989
								3.07	%		3.14	%		(0.07	)%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	534,020	$	531,668	$	2,352

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.

14

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

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

(Unaudited)

Average Volume							Average Yields / Costs										Interest							Variance Attributable to
30-Sep-23		30-Sep-22		Variance			30-Sep-23			30-Sep-22			Variance				30-Sep-23		30-Sep-22		Variance			Rate			Volume
(In millions)																	(In thousands)
$	7,292	$	6,721	$	571			5.40	%		2.18	%		3.22	%	Money market investments	$	99,285	$	36,966	$	62,319		$	58,920		$	3,399
	28,396		31,859		(3,463	)		2.31			2.33			(0.02	)	Investment securities [1]		165,319		186,847		(21,528	)		(1,510	)		(20,018	)
	34		40		(6	)		4.43			6.09			(1.66	)	Trading securities		375		617		(242	)		(150	)		(92	)
	35,722		38,620		(2,898	)		2.95			2.31			0.64		Total money market, investment and trading securities		264,979		224,430		40,549			57,260			(16,711	)
																Loans:
	16,611		14,750		1,861			6.64			5.52			1.12		Commercial		277,977		205,237		72,740			44,889			27,851
	865		835		30			8.99			6.38			2.61		Construction		19,580		13,431		6,149			5,667			482
	1,669		1,503		166			6.50			5.90			0.60		Leasing		27,142		22,154		4,988			2,405			2,583
	7,504		7,264		240			5.42			5.42			—		Mortgage		101,700		98,348		3,352			93			3,259
	3,147		2,818		329			13.39			11.74			1.65		Consumer		105,042		83,407		21,635			11,164			10,471
	3,657		3,562		95			8.47			7.93			0.54		Auto		78,055		71,226		6,829			4,889			1,940
	33,453		30,732		2,721			7.24			6.39			0.85		Total loans		609,496		493,803		115,693			69,107			46,586
$	69,175	$	69,352	$	(177	)		5.02	%		4.12	%		0.90	%	Total earning assets	$	874,475	$	718,233	$	156,242		$	126,367		$	29,875
																Interest bearing deposits:
$	25,652	$	25,993	$	(341	)		3.31	%		0.56	%		2.75	%	NOW and money market [2]	$	213,957	$	36,448	$	177,509		$	178,787		$	(1,278	)
	14,875		15,514		(639	)		0.73			0.20			0.53		Savings		27,373		7,966		19,407			20,380			(973	)
	7,986		6,957		1,029			2.62			0.94			1.68		Time deposits		52,791		16,484		36,307			29,147			7,160
	48,513		48,464		49			2.41			0.50			1.91		Total interest bearing deposits		294,121		60,898		233,223			228,314			4,909
	15,038		15,872		(834	)										Non-interest bearing demand deposits
	63,551		64,336		(785	)		1.84			0.38			1.46		Total deposits		294,121		60,898		233,223			228,314			4,909
	108		155		(47	)		5.45			2.36			3.09		Short-term borrowings		1,478		921		557			976			(419	)
	1,172		913		259			5.20			4.29			0.91		Other medium and long-term debt		15,167		9,798		5,369			1,050			4,319
	49,793		49,532		261			2.48			0.57			1.91		Total interest bearing liabilities (excluding demand deposits)		310,766		71,617		239,149			230,340			8,809
	4,344		3,948		396											Other sources of funds
$	69,175	$	69,352	$	(177	)		1.78	%		0.41	%		1.37	%	Total source of funds		310,766		71,617		239,149			230,340			8,809
								3.24	%		3.71	%		(0.47	)%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		563,709		646,616		(82,907	)	$	(103,973	)	$	21,066
								2.54	%		3.55	%		(1.01	)%	Net interest spread
																Taxable equivalent adjustment		29,689		66,997		(37,308	)
								3.07	%		3.32	%		(0.25	)%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	534,020	$	579,619	$	(45,599	)

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 Third 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-Sep-23		30-Sep-22		Variance			30-Sep-23			30-Sep-22			Variance				30-Sep-23		30-Sep-22		Variance			Rate			Volume
(In millions)																	(In thousands)
$	6,966	$	10,969	$	(4,003	)		5.10	%		0.82	%		4.28	%	Money market investments	$	265,785	$	67,172	$	198,613		$	231,496		$	(32,883	)
	28,205		29,371		(1,166	)		2.18			2.16			0.02		Investment securities [1]		460,641		475,088		(14,447	)		4,862			(19,309	)
	32		59		(27	)		4.52			6.23			(1.71	)	Trading securities		1,084		2,725		(1,641	)		(621	)		(1,020	)
	35,203		40,399		(5,196	)		2.76			1.80			0.96		Total money market, investment and trading securities		727,510		544,985		182,525			235,737			(53,212	)
																Loans:
	16,206		14,245		1,961			6.50			5.26			1.24		Commercial		787,381		560,408		226,973			143,107			83,866
	778		781		(3	)		8.79			5.87			2.92		Construction		51,178		34,305		16,873			17,017			(144	)
	1,630		1,447		183			6.31			5.92			0.39		Leasing		77,135		64,225		12,910			4,440			8,470
	7,434		7,315		119			5.45			5.33			0.12		Mortgage		303,777		292,253		11,524			6,712			4,812
	3,082		2,670		412			13.10			11.44			1.66		Consumer		302,050		228,401		73,649			35,342			38,307
	3,603		3,507		96			8.31			8.03			0.28		Auto		223,929		210,623		13,306			7,455			5,851
	32,733		29,965		2,768			7.13			6.20			0.93		Total loans		1,745,450		1,390,215		355,235			214,073			141,162
$	67,936	$	70,364	$	(2,428	)		4.86	%		3.67	%		1.19	%	Total earning assets	$	2,472,960	$	1,935,200	$	537,760		$	449,810		$	87,950
																Interest bearing deposits:
$	24,407	$	26,385	$	(1,978	)		2.93	%		0.26	%		2.67	%	NOW and money market [2]	$	534,567	$	52,072	$	482,495		$	488,704		$	(6,209	)
	14,889		16,100		(1,211	)		0.62			0.18			0.44		Savings		69,262		21,430		47,832			52,158			(4,326	)
	7,603		6,913		690			2.23			0.77			1.46		Time deposits		126,995		40,005		86,990			71,425			15,565
	46,899		49,398		(2,499	)		2.08			0.31			1.77		Total interest bearing deposits		730,824		113,507		617,317			612,287			5,030
	15,405		16,088		(683	)										Non-interest bearing demand deposits
	62,304		65,486		(3,182	)		1.57			0.23			1.34		Total deposits		730,824		113,507		617,317			612,287			5,030
	160		124		36			5.02			1.34			3.68		Short-term borrowings		5,987		1,249		4,738			4,298			440
	1,140		948		192			5.12			4.25			0.87		Other medium and long-term debt		43,660		30,168		13,492			7,506			5,986
	48,199		50,470		(2,271	)		2.16			0.38			1.78		Total interest bearing liabilities (excluding demand deposits)		780,471		144,924		635,547			624,091			11,456
	4,332		3,806		526											Other sources of funds
$	67,936	$	70,364	$	(2,428	)		1.54	%		0.28	%		1.26	%	Total source of funds		780,471		144,924		635,547			624,091			11,456
								3.32	%		3.39	%		(0.07	)%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		1,692,489		1,790,276		(97,787	)	$	(174,281	)	$	76,494
								2.70	%		3.29	%		(0.59	)%	Net interest spread
																Taxable equivalent adjustment		95,145		182,483		(87,338	)
								3.14	%		3.05	%		0.09	%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	1,597,344	$	1,607,793	$	(10,449	)

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 Third Quarter 2023 Earnings Release

Table G Mortgage Banking Activities and Other Service Fees

(Unaudited)

Mortgage Banking Activities

	Quarters ended									Variance						Nine months ended						Variance
(In thousands)	30-Sep-23			30-Jun-23			30-Sep-22			Q3 2023 vs.Q2 2023			Q3 2023 vs.Q3 2022			30-Sep-23			30-Sep-22			2023 vs. 2022
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees	$	8,025		$	8,369		$	9,126		$	(344	)	$	(1,101	)	$	25,083		$	27,635		$	(2,552	)
Mortgage servicing rights fair value adjustments		(2,793	)		(6,216	)		(499	)		3,423			(2,294	)		(10,385	)		2,846			(13,231	)
Total mortgage servicing fees, net of fair value adjustments		5,232			2,153			8,627			3,079			(3,395	)		14,698			30,481			(15,783	)
Net (loss) gain on sale of loans, including valuation on loans held-for-sale		(335	)		(61	)		1,124			(274	)		(1,459	)		(133	)		(374	)		241
Trading account profit (loss):
Unrealized gains on outstanding derivative positions		45			246			—			(201	)		45			160			—			160
Realized gains (losses) on closed derivative positions		494			111			(240	)		383			734			661			6,325			(5,664	)
Total trading account profit (loss)		539			357			(240	)		182			779			821			6,325			(5,504	)
Losses on repurchased loans, including interest advances		(43	)		(133	)		(63	)		90			20			(277	)		(544	)		267
Total mortgage banking activities	$	5,393		$	2,316		$	9,448		$	3,077		$	(4,055	)	$	15,109		$	35,888		$	(20,779	)

Other Service Fees 

	Quarters ended						Variance						Nine months ended				Variance
(In thousands)	30-Sep-23		30-Jun-23		30-Sep-22		Q3 2023 vs.Q2 2023			Q3 2023 vs.Q3 2022			30-Sep-23		30-Sep-22		2023 vs. 2022
Other service fees:
Debit card fees	$	13,577	$	13,600	$	12,133	$	(23	)	$	1,444		$	40,343	$	36,794	$	3,549
Insurance fees		14,983		14,625		15,697		358			(714	)		43,481		41,870		1,611
Credit card fees		40,804		42,644		37,829		(1,840	)		2,975			123,946		109,626		14,320
Sale and administration of investment products		6,820		6,076		5,952		744			868			19,454		17,760		1,694
Trust fees		6,381		6,600		5,506		(219	)		875			18,756		17,576		1,180
Other fees		10,842		10,720		9,285		122			1,557			31,768		21,361		10,407
Total other service fees	$	93,407	$	94,265	$	86,402	$	(858	)	$	7,005		$	277,748	$	244,987	$	32,761

17

Popular, Inc. 

Financial Supplement to Third Quarter 2023 Earnings Release

Table H - Loans and Deposits 

(Unaudited) 

Loans - Ending Balances 

							Variance
(In thousands)	30-Sep-23		30-Jun-23		30-Sep-22		Q3 2023 vs.Q2 2023			Q3 2023 vs.Q3 2022
Loans held-in-portfolio:
Commercial
Commercial multi-family	$	2,328,433	$	2,331,499	$	2,204,109		(3,066	)		124,324
Commercial real estate non-owner occupied		5,035,130		4,744,256		4,517,475		290,874			517,655
Commercial real estate owner occupied		3,044,905		3,041,398		3,066,548		3,507			(21,643	)
Commercial and industrial		6,527,082		6,251,147		5,578,727		275,935			948,355
Total Commercial		16,935,550		16,368,300		15,366,859		567,250			1,568,691
Construction		922,112		819,903		816,290		102,209			105,822
Leasing		1,698,114		1,661,523		1,538,504		36,591			159,610
Mortgage		7,585,111		7,449,078		7,311,713		136,033			273,398
Consumer
Credit cards		1,077,428		1,057,389		988,550		20,039			88,878
Home equity lines of credit		67,499		68,440		72,796		(941	)		(5,297	)
Personal		1,952,168		1,896,594		1,756,021		55,574			196,147
Auto		3,633,196		3,565,533		3,528,904		67,663			104,292
Other		158,135		144,162		143,551		13,973			14,584
Total Consumer		6,888,426		6,732,118		6,489,822		156,308			398,604
Total loans held-in-portfolio	$	34,029,313	$	33,030,922	$	31,523,188	$	998,391		$	2,506,125
Loans held-for-sale:
Mortgage	$	5,239	$	9,509	$	8,065	$	(4,270	)	$	(2,826	)
Credit cards		—		45,912		—		(45,912	)		—
Total loans held-for-sale	$	5,239	$	55,421	$	8,065	$	(50,182	)	$	(2,826	)
Total loans	$	34,034,552	$	33,086,343	$	31,531,253	$	948,209		$	2,503,299

Deposits - Ending Balances

							Variance
(In thousands)	30-Sep-23		30-Jun-23		30-Sep-22		Q3 2023 vs. Q2 2023			Q3 2023 vs.Q3 2022
Demand deposits [1]	$	27,942,782	$	27,690,840	$	28,773,328	$	251,942		$	(830,546	)
Savings, NOW and money market deposits (non-brokered)		26,452,382		27,539,343		28,388,057		(1,086,961	)		(1,935,675	)
Savings, NOW and money market deposits (brokered)		734,479		772,783		728,651		(38,304	)		5,828
Time deposits (non-brokered)		7,264,156		7,231,840		6,731,588		32,316			532,568
Time deposits (brokered CDs)		943,801		770,012		197,703		173,789			746,098
Total deposits	$	63,337,600	$	64,004,818	$	64,819,327	$	(667,218	)	$	(1,481,727	)

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

18

Popular, Inc. 

Financial Supplement to Third Quarter 2023 Earnings Release 

Table I - Loan Delinquency - BPPR Operations 

(Unaudited) 

30-Sep-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	$	4,407	$	176	$	184	$	4,767	$	290,047	$	294,814	$	184	$	—
Commercial real estate:
Non-owner occupied		1,274		—		15,330		16,604		2,932,277		2,948,881		15,330		—
Owner occupied		817		827		35,089		36,733		1,370,820		1,407,553		35,089		—
Commercial and industrial		4,022		1,728		24,733		30,483		4,299,335		4,329,818		21,624		3,109
Construction		—		—		6,578		6,578		163,929		170,507		6,578		—
Mortgage		241,962		100,679		430,430		773,071		5,516,197		6,289,268		187,443		242,987
Leasing		17,915		4,574		6,842		29,331		1,668,783		1,698,114		6,842		—
Consumer:
Credit cards		11,218		8,133		17,719		37,070		1,040,341		1,077,411		—		17,719
Home equity lines of credit		26		—		—		26		2,448		2,474		—		—
Personal		19,586		12,476		18,582		50,644		1,712,358		1,763,002		18,582		—
Auto		89,453		23,019		40,268		152,740		3,480,456		3,633,196		40,268		—
Other		567		388		2,152		3,107		144,425		147,532		1,885		267
Total	$	391,247	$	152,000	$	597,907	$	1,141,154	$	22,621,416	$	23,762,570	$	333,825	$	264,082

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

19

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	$	629		$	(3	)	$	—		$	626		$	(2,689	)	$	(2,063	)	$	—		$	—
Commercial real estate:
Non-owner occupied		1,097			(512	)		(7,612	)		(7,027	)		49,661			42,634			(7,612	)		—
Owner occupied		(424	)		127			(743	)		(1,040	)		(19,465	)		(20,505	)		(743	)		—
Commercial and industrial		1,425			1,000			(8,113	)		(5,688	)		296,683			290,995			(8,134	)		21
Construction		—			(970	)		(2,706	)		(3,676	)		448			(3,228	)		(2,706	)		—
Mortgage		20,775			11,724			(19,500	)		12,999			107,981			120,980			(6,776	)		(12,724	)
Leasing		4,755			763			2,099			7,617			28,974			36,591			2,099			—
Consumer:
Credit cards		1,712			1,822			3,534			7,068			12,971			20,039			—			3,534
Home equity lines of credit		26			—			—			26			(122	)		(96	)		—			—
Personal		4,721			816			1,144			6,681			70,355			77,036			1,144			—
Auto		13,574			4,597			4,064			22,235			45,428			67,663			4,064			—
Other		55			114			251			420			11,820			12,240			150			101
Total	$	48,345		$	19,478		$	(27,582	)	$	40,241		$	602,045		$	642,286		$	(18,514	)	$	(9,068	)

20

Popular, Inc. 

Financial Supplement to Third Quarter 2023 Earnings Release 

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

(Unaudited) 

30-Sep-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	$	1,332	$	—	$	404	$	1,736	$	2,031,883	$	2,033,619	$	404	$	—
Commercial real estate:
Non-owner occupied		2,628		—		734		3,362		2,082,887		2,086,249		734		—
Owner occupied		1,110		923		3,877		5,910		1,631,442		1,637,352		3,877		—
Commercial and industrial		3,000		464		3,709		7,173		2,190,091		2,197,264		3,579		130
Construction		—		—		—		—		751,605		751,605		—		—
Mortgage		946		22,313		11,980		35,239		1,260,604		1,295,843		11,980		—
Consumer:
Credit cards		—		—		—		—		17		17		—		—
Home equity lines of credit		1,045		335		4,085		5,465		59,560		65,025		4,085		—
Personal		2,581		1,716		2,637		6,934		182,232		189,166		2,637		—
Other		113		—		402		515		10,088		10,603		402		—
Total	$	12,755	$	25,751	$	27,828	$	66,334	$	10,200,409	$	10,266,743	$	27,698	$	130

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

21

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	$	(1,805	)	$	—		$	(14	)	$	(1,819	)	$	816		$	(1,003	)	$	(14	)	$	—
Commercial real estate:
Non-owner occupied		1,996			—			615			2,611			245,629			248,240			615			—
Owner occupied		(696	)		923			(1,218	)		(991	)		25,003			24,012			(1,218	)		—
Commercial and industrial		536			(1,274	)		(2,446	)		(3,184	)		(11,876	)		(15,060	)		(2,399	)		(47	)
Construction		—			—			—			—			105,437			105,437			—			—
Mortgage		(155	)		16,878			(2,597	)		14,126			927			15,053			(2,597	)		—
Consumer:
Credit cards		—			—			—			—			—			—			—			—
Home equity lines of credit		581			286			(167	)		700			(1,545	)		(845	)		(167	)		—
Personal		(185	)		(9	)		(89	)		(283	)		(21,179	)		(21,462	)		(89	)		—
Other		113			(154	)		402			361			1,372			1,733			402			—
Total	$	385		$	16,650		$	(5,514	)	$	11,521		$	344,584		$	356,105		$	(5,467	)	$	(47	)

22

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table K - Loan Delinquency - Consolidated

(Unaudited)

30-Sep-23
Popular, Inc.
	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	$	5,739	$	176	$	588	$	6,503	$	2,321,930	$	2,328,433	$	588	$	—
Commercial real estate:
Non-owner occupied		3,902		—		16,064		19,966		5,015,164		5,035,130		16,064		—
Owner occupied		1,927		1,750		38,966		42,643		3,002,262		3,044,905		38,966		—
Commercial and industrial		7,022		2,192		28,442		37,656		6,489,426		6,527,082		25,203		3,239
Construction		—		—		6,578		6,578		915,534		922,112		6,578		—
Mortgage		242,908		122,992		442,410		808,310		6,776,801		7,585,111		199,423		242,987
Leasing		17,915		4,574		6,842		29,331		1,668,783		1,698,114		6,842		—
Consumer:
Credit cards		11,218		8,133		17,719		37,070		1,040,358		1,077,428		—		17,719
Home equity lines of credit		1,071		335		4,085		5,491		62,008		67,499		4,085		—
Personal		22,167		14,192		21,219		57,578		1,894,590		1,952,168		21,219		—
Auto		89,453		23,019		40,268		152,740		3,480,456		3,633,196		40,268		—
Other		680		388		2,554		3,622		154,513		158,135		2,287		267
Total	$	404,002	$	177,751	$	625,735	$	1,207,488	$	32,821,825	$	34,029,313	$	361,523	$	264,212

30-Jun-23
Popular, Inc.
	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	$	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

23

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	$	(1,176	)	$	(3	)	$	(14	)	$	(1,193	)	$	(1,873	)	$	(3,066	)	$	(14	)	$	—
Commercial real estate:
Non-owner occupied		3,093			(512	)		(6,997	)		(4,416	)		295,290			290,874			(6,997	)		—
Owner occupied		(1,120	)		1,050			(1,961	)		(2,031	)		5,538			3,507			(1,961	)		—
Commercial and industrial		1,961			(274	)		(10,559	)		(8,872	)		284,807			275,935			(10,533	)		(26	)
Construction		—			(970	)		(2,706	)		(3,676	)		105,885			102,209			(2,706	)		—
Mortgage		20,620			28,602			(22,097	)		27,125			108,908			136,033			(9,373	)		(12,724	)
Leasing		4,755			763			2,099			7,617			28,974			36,591			2,099			—
Consumer:
Credit cards		1,712			1,822			3,534			7,068			12,971			20,039			—			3,534
Home equity lines of credit		607			286			(167	)		726			(1,667	)		(941	)		(167	)		—
Personal		4,536			807			1,055			6,398			49,176			55,574			1,055			—
Auto		13,574			4,597			4,064			22,235			45,428			67,663			4,064			—
Other		168			(40	)		653			781			13,192			13,973			552			101
Total	$	48,730		$	36,128		$	(33,096	)	$	51,762		$	946,629		$	998,391		$	(23,981	)	$	(9,115	)

24

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table L - Non-Performing Assets

(Unaudited)

																			Variance
(In thousands)	30-Sep-23			As a % of loans HIP by category			30-Jun-23			As a % of loans HIP by category			30-Sep-22			As a % of loans HIP by category			Q3 2023 vs. Q2 2023			Q3 2023 vs. Q3 2022
Non-accrual loans:
Commercial
Commercial multi-family	$	588			—	%	$	602			—	%	$	251			—	%	$	(14	)	$	337
Commercial real estate non-owner occupied		16,064			0.3			23,061			0.5			32,074			0.7			(6,997	)		(16,010	)
Commercial real estate owner occupied		38,966			1.3			40,927			1.3			28,985			0.9			(1,961	)		9,981
Commercial and industrial		25,203			0.4			35,736			0.6			42,566			0.8			(10,533	)		(17,363	)
Total Commercial		80,821			0.5			100,326			0.6			103,876			0.7			(19,505	)		(23,055	)
Construction		6,578			0.7			9,284			1.1			—			—			(2,706	)		6,578
Leasing		6,842			0.4			4,743			0.3			5,697			0.4			2,099			1,145
Mortgage		199,423			2.6			208,796			2.8			274,306			3.8			(9,373	)		(74,883	)
Consumer
Home equity lines of credit		4,085			6.1			4,252			6.2			3,970			5.5			(167	)		115
Personal		21,219			1.1			20,164			1.1			19,378			1.1			1,055			1,841
Auto		40,268			1.1			36,204			1.0			34,432			1.0			4,064			5,836
Other Consumer		2,287			1.4			1,735			1.2			11,760			8.2			552			(9,473	)
Total Consumer		67,859			1.0			62,355			0.9			69,540			1.1			5,504			(1,681	)
Total non-performing loans held-in-portfolio		361,523			1.1	%		385,504			1.2	%		453,419			1.4	%		(23,981	)		(91,896	)
Other real estate owned (“OREO”)		82,322						86,216						93,239						(3,894	)		(10,917	)
Total non-performing assets [1]	$	443,845					$	471,720					$	546,658					$	(27,875	)	$	(102,813	)
Accruing loans past due 90 days or more [2]	$	264,212					$	273,327					$	340,503					$	(9,115	)	$	(76,291	)
Ratios:
Non-performing assets to total assets		0.64	%					0.67	%					0.77	%
Non-performing loans held-in-portfolio to loans held-in-portfolio		1.06						1.17						1.44
Allowance for credit losses to loans held-in-portfolio		2.09						2.12						2.23
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		196.69						181.63						155.07

[1] There were no non-performing loans held-for-sale as of September 30, 2023, June 30, 2023 and September 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 $8 million at September 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 (June 30, 2023 - $7 million; September 30, 2022 - $9 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 $115 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of September 30, 2023 (June 30, 2023 - $133 million; September 30, 2022 - $198 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 (June 30, 2023- $39 million; September 30, 2022 - $42 million).

25

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table M - Activity in Non-Performing Loans

(Unaudited)

Commercial loans held-in-portfolio:
	Quarter ended									Quarter ended
	30-Sep-23									30-Jun-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	88,716		$	11,610		$	100,326		$	90,952		$	11,048		$	102,000
Plus:
New non-performing loans		2,736			1,324			4,060			3,203			4,631			7,834
Advances on existing non-performing loans		—			7			7			—			2			2
Less:
Non-performing loans transferred to OREO		(138	)		—			(138	)		(21	)		—			(21	)
Non-performing loans charged-off		(969	)		(2,446	)		(3,415	)		(595	)		(2,175	)		(2,770	)
Loans returned to accrual status / loan collections		(18,118	)		(1,901	)		(20,019	)		(4,823	)		(1,896	)		(6,719	)
Ending balance NPLs	$	72,227		$	8,594		$	80,821		$	88,716		$	11,610		$	100,326

Construction loans held-in-portfolio:
	Quarter ended								Quarter ended
	30-Sep-23								30-Jun-23
(In thousands)	BPPR			Popular U.S.		Popular, Inc.			BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs	$	9,284		$	—	$	9,284		$	—	$	—	$	—
Plus:
New non-performing loans		—			—		—			9,284		—		9,284
Less:
Non-performing loans charged-off		(2,537	)		—		(2,537	)		—		—		—
Loans returned to accrual status / loan collections		(169	)		—		(169	)		—		—		—
Ending balance NPLs	$	6,578		$	—	$	6,578		$	9,284	$	—	$	9,284

Mortgage loans held-in-portfolio:
	Quarter ended									Quarter ended
	30-Sep-23									30-Jun-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	194,219		$	14,577		$	208,796		$	224,075		$	14,719		$	238,794
Plus:
New non-performing loans		34,657			4,503			39,160			27,518			4,457			31,975
Advances on existing non-performing loans		—			5			5			—			76			76
Less:
Non-performing loans transferred to OREO		(5,519	)		—			(5,519	)		(9,226	)		—			(9,226	)
Non-performing loans charged-off		152			—			152			271			—			271
Loans returned to accrual status / loan collections		(36,066	)		(7,105	)		(43,171	)		(48,419	)		(4,675	)		(53,094	)
Ending balance NPLs	$	187,443		$	11,980		$	199,423		$	194,219		$	14,577		$	208,796

26

Total non-performing loans held-in-portfolio (excluding consumer):
	Quarter ended									Quarter ended
	30-Sep-23									30-Jun-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	292,219		$	26,187		$	318,406		$	315,027		$	25,767		$	340,794
Plus:
New non-performing loans		37,393			5,827			43,220			40,005			9,088			49,093
Advances on existing non-performing loans		—			12			12			—			78			78
Less:
Non-performing loans transferred to OREO		(5,657	)		—			(5,657	)		(9,247	)		—			(9,247	)
Non-performing loans charged-off		(3,354	)		(2,446	)		(5,800	)		(324	)		(2,175	)		(2,499	)
Loans returned to accrual status / loan collections		(54,353	)		(9,006	)		(63,359	)		(53,242	)		(6,571	)		(59,813	)
Ending balance NPLs	$	266,248		$	20,574		$	286,822		$	292,219		$	26,187		$	318,406

27

Popular, Inc. 

Financial Supplement to Third Quarter 2023 Earnings Release 

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

(Unaudited) 

	Quarters ended
(In thousands)	30-Sep-23			30-Jun-23			30-Sep-22
Balance at beginning of period - loans held-in-portfolio	$	700,200		$	689,120		$	681,750
Provision for credit losses (benefit)		43,514			35,661			39,519
Initial allowance for credit losses - PCD Loans		9			10			59
		743,723			724,791			721,328
Net loans charge-off (recovered)- BPPR
Commercial:
Commercial multi-family		—			(1	)		—
Commercial real estate non-owner occupied		(168	)		430			(368	)
Commercial real estate owner occupied		166			(329	)		(2,395	)
Commercial and industrial		(10,547	)		(1,431	)		1,613
Total Commercial		(10,549	)		(1,331	)		(1,150	)
Construction		2,611			—			—
Leasing		1,442			1,593			1,338
Mortgage		(3,800	)		(3,384	)		(2,165	)
Consumer:
Credit cards		8,631			6,502			4,483
Home equity lines of credit		(30	)		(25	)		(129	)
Personal		17,303			12,641			8,227
Auto		9,691			2,491			7,375
Other Consumer		301			200			417
Total Consumer		35,896			21,809			20,373
Total net charged-off (recovered) BPPR	$	25,600		$	18,687		$	18,396
Net loans charge-off (recovered) - Popular U.S.
Commercial:
Commercial multi-family		(1	)		(1	)		(8	)
Commercial real estate non-owner occupied		(66	)		(66	)		(2	)
Commercial real estate owner occupied		1,202			156			(26	)
Commercial and industrial		899			1,734			(475	)
Total Commercial		2,034			1,823			(511	)
Mortgage		(62	)		(109	)		(23	)
Consumer:
Home equity lines of credit		12			(166	)		(907	)
Personal		5,032			3,708			1,237
Other Consumer		39			47			40
Total Consumer		5,083			3,589			370
Total net charged-off (recovered) Popular U.S.	$	7,055		$	5,303		$	(164	)
Total loans charged-off (recovered) - Popular, Inc.	$	32,655		$	23,990		$	18,232
Net write- downs [1]	$	—		$	601		$	—
Balance at end of period - loans held-in-portfolio	$	711,068		$	700,200		$	703,096
Balance at beginning of period - unfunded commitments	$	11,593		$	9,415		$	6,904
Provision for credit losses (benefit)		1,691			2,178			403
Balance at end of period - unfunded commitments [2]	$	13,284		$	11,593		$	7,307

28

POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.39	%	0.29	%	0.24	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	133.25	%	148.65	%	216.76	%
BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.44	%	0.33	%	0.34	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	211.00	%	151.86	%	155.98	%
Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.28	%	0.22	%	(0.01	)%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	(148.87	)%	137.32	%	N.M.	%

N.M. - Not meaningful.

[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.

29

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

(Unaudited)

30-Sep-23
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	15,223	$	2,328,433		0.65	%
Commercial real estate - non-owner occupied		67,149		5,035,130		1.33	%
Commercial real estate - owner occupied		48,109		3,044,905		1.58	%
Commercial and industrial		103,585		6,527,082		1.59	%
Total commercial	$	234,066	$	16,935,550		1.38	%
Construction		10,971		922,112		1.19	%
Mortgage		91,904		7,585,111		1.21	%
Leasing		10,198		1,698,114		0.60	%
Consumer:
Credit cards		72,550		1,077,428		6.73	%
Home equity lines of credit		2,387		67,499		3.54	%
Personal		126,116		1,952,168		6.46	%
Auto		155,436		3,633,196		4.28	%
Other consumer		7,440		158,135		4.70	%
Total consumer	$	363,929	$	6,888,426		5.28	%
Total	$	711,068	$	34,029,313		2.09	%

30

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	%

Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	(10,956	)	$	(3,066	)		(0.47	)%
Commercial real estate - non-owner occupied		(4,567	)		290,874			(0.18	)%
Commercial real estate - owner occupied		(3,298	)		3,507			(0.11	)%
Commercial and industrial		3,934			275,935			—	%
Total commercial	$	(14,887	)	$	567,250			(0.14	)%
Construction		(361	)		102,209			(0.19	)%
Mortgage		(4,189	)		136,033			(0.08	)%
Leasing		(3,729	)		36,591			(0.24	)%
Consumer:
Credit cards		1,142			20,039			(0.02	)%
Home equity lines of credit		217			(941	)		0.37	%
Personal		10,288			55,574			0.35	%
Auto		21,189			67,663			0.51	%
Other consumer		1,198			13,973			0.37	%
Total consumer	$	34,034		$	156,308			0.38	%
Total	$	10,868		$	998,391			(0.03	)%

31

Popular, Inc. 

Financial Supplement to Third Quarter 2023 Earnings Release 

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

(Unaudited) 

30-Sep-23
BPPR
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	3,481	$	294,814		1.18	%
Commercial real estate - non-owner occupied		53,208		2,948,881		1.80	%
Commercial real estate - owner occupied		41,493		1,407,553		2.95	%
Commercial and industrial		87,579		4,329,818		2.02	%
Total commercial	$	185,761	$	8,981,066		2.07	%
Construction		5,457		170,507		3.20	%
Mortgage		79,900		6,289,268		1.27	%
Leasing		10,198		1,698,114		0.60	%
Consumer:
Credit cards		72,550		1,077,411		6.73	%
Home equity lines of credit		87		2,474		3.52	%
Personal		107,707		1,763,002		6.11	%
Auto		155,436		3,633,196		4.28	%
Other consumer		7,438		147,532		5.04	%
Total consumer	$	343,218	$	6,623,615		5.18	%
Total	$	624,534	$	23,762,570		2.63	%

32

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	%

Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family		(1,306	)		(2,063	)		(0.43	)%
Commercial real estate - non-owner occupied		(158	)		42,634			(0.04	)%
Commercial real estate - owner occupied		(408	)		(20,505	)		0.02	%
Commercial and industrial		5,942			290,995			—	%
Total commercial	$	4,070		$	311,061			(0.03	)%
Construction		(4,097	)		(3,228	)		(2.30	)%
Mortgage		(2,999	)		120,980			(0.07	)%
Leasing		(3,729	)		36,591			(0.24	)%
Consumer:
Credit cards		1,142			20,039			(0.02	)%
Home equity lines of credit		(9	)		(96	)		(0.22	)%
Personal		11,661			77,036			0.41	%
Auto		21,189			67,663			0.51	%
Other consumer		1,198			12,240			0.43	%
Total consumer	$	35,181		$	176,882			0.40	%
Total	$	28,426		$	642,286			0.05	%

33

Popular, Inc. 

Financial Supplement to Third Quarter 2023 Earnings Release 

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

(Unaudited) 

30-Sep-23
Popular U.S.
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	11,742	$	2,033,619		0.58	%
Commercial real estate - non-owner occupied		13,941		2,086,249		0.67	%
Commercial real estate - owner occupied		6,616		1,637,352		0.40	%
Commercial and industrial		16,006		2,197,264		0.73	%
Total commercial	$	48,305	$	7,954,484		0.61	%
Construction		5,514		751,605		0.73	%
Mortgage		12,004		1,295,843		0.93	%
Consumer:
Credit cards		—		17		—	%
Home equity lines of credit		2,300		65,025		3.54	%
Personal		18,409		189,166		9.73	%
Other consumer		2		10,603		0.02	%
Total consumer	$	20,711	$	264,811		7.82	%
Total	$	86,534	$	10,266,743		0.84	%

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	%

34

Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	(9,650	)	$	(1,003	)		(0.47	)%
Commercial real estate - non-owner occupied		(4,409	)		248,240			(0.33	)%
Commercial real estate - owner occupied		(2,890	)		24,012			(0.19	)%
Commercial and industrial		(2,008	)		(15,060	)		(0.08	)%
Total commercial	$	(18,957	)	$	256,189			(0.26	)%
Construction		3,736			105,437			0.45	%
Mortgage		(1,190	)		15,053			(0.10	)%
Consumer:
Credit cards		—			—			—	%
Home equity lines of credit		226			(845	)		0.39	%
Personal		(1,373	)		(21,462	)		0.34	%
Other consumer		—			1,733			—	%
Total consumer	$	(1,147	)	$	(20,574	)		0.16	%
Total	$	(17,558	)	$	356,105			(0.21	)%

35

Popular, Inc. 

Financial Supplement to Third Quarter 2023 Earnings Release

Table R - Reconciliation to GAAP Financial Measures

(Unaudited)

(In thousands, except share or per share information)	30-Sep-23			30-Jun-23			30-Sep-22
Total stockholders’ equity	$	4,457,608		$	4,565,009		$	3,674,838
Less: Preferred stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(804,428	)		(827,428	)		(827,428	)
Less: Other intangibles		(10,559	)		(11,354	)		(13,738	)
Total tangible common equity	$	3,620,478		$	3,704,084		$	2,811,529
Total assets	$	69,736,936		$	70,838,266		$	70,729,675
Less: Goodwill		(804,428	)		(827,428	)		(827,428	)
Less: Other intangibles		(10,559	)		(11,354	)		(13,738	)
Total tangible assets	$	68,921,949		$	69,999,484		$	69,888,509
Tangible common equity to tangible assets		5.25	%		5.29	%		4.02	%
Common shares outstanding at end of period		72,127,595			72,103,969			72,673,344
Tangible book value per common share	$	50.20		$	51.37		$	38.69

	Quarterly average
Total stockholders’ equity [1]	$	6,636,364		$	6,553,488		$	6,061,748
Less: Preferred Stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(827,177	)		(827,427	)		(759,318	)
Less: Other intangibles		(11,083	)		(11,875	)		(24,039	)
Total tangible equity	$	5,775,961		$	5,692,043		$	5,256,248
Return on average tangible common equity		9.36	%		10.63	%		31.86	%

[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

36