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 24, 2024

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 24, 2024, Popular, Inc. (the “Corporation”) issued a press release announcing its unaudited financial results for the quarter ended June 30, 2024, 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, 2024. 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 8.01. Other Events.

On July 24, 2024, the Corporation issued a press release announcing plans to (i) repurchase up to $500 million of the Corporation’s common stock and (ii) increase the Corporation’s quarterly common stock dividend from $0.62 to $0.70 per share, commencing with the dividend payable in the first quarter of 2025, subject to the approval by the Corporation’s Board of Directors.

A copy of the press release is attached hereto as Exhibit 99.3 and incorporated herein by reference.

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 24, 2024 – Second Quarter 2024 Financial Results.
99.2	Popular, Inc. Conference Call Presentation – Second Quarter 2024 Financial Results.
99.3	Press Release dated July 24, 2024 – Capital Actions
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 24, 2024	By:	/s/ Denissa M. Rodríguez
		Denissa M. Rodríguez
		Senior Vice President and Corporate Comptroller

EX-99.1

Exhibit 99.1

Popular, Inc. Announces Second Quarter 2024 Financial Results

• Net income of $177.8 million in Q2 2024, compared to net income of $103.3 million in Q1 2024.

• Excluding the impact of certain transactions from the results of operations for the first quarter of 2024 (FDIC Special Assessment and prior period tax withholdings), net income in Q2 2024 increased by $42.6 million when compared to adjusted net income of $135.2 million in Q1 2024.

• Net interest income amounted to $568.3 million, an increase of $17.6 million compared to Q1 2024.

• Net interest margin of 3.22% in Q2 2024, compared to 3.16% in Q1 2024; net interest margin on a taxable equivalent basis of 3.48% in Q2 2024, compared to 3.38% in Q1 2024.

• Non-interest income of $166.3 million, compared to $163.8 million in Q1 2024.

• Operating expenses amounted to $469.6 million, down by $13.5 million compared to Q1 2024. Excluding the impact of the transactions mentioned above from the first quarter of 2024, operating expenses increased by $7.2 million or 1.5%.

• Credit quality remains stable with improved credit metrics:

• Non-performing loans held-in-portfolio (“NPLs”) decreased by $12.3 million from Q1 2024; NPLs to loans ratio remained flat at 1.0%;

• Net charge-offs (“NCOs”) decreased by $8.6 million from Q1 2024; annualized NCOs at 0.61% of average loans held-in-portfolio vs. 0.71% in Q1 2024;

• Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.05% vs. 2.11% in Q1 2024; and

• ACL to NPLs at 213.6% vs. 208.8% in Q1 2024.

• Loans ending balances, excluding loans held-for-sale, amounted to $35.6 billion, an increase of $472.9 million from Q1 2024.

• Average quarterly loan balances increased by $332.2 million.

• Ending deposit balances amounted to $65.5 billion, an increase of $1.7 billion from Q1 2024.

• Average quarterly deposit balances increased by $993.5 million.

• Common Equity Tier 1 ratio of 16.48%, Common Equity per share of $73.94 and Tangible Book Value per share of $62.71 at June 30, 2024.

SAN JUAN, Puerto Rico – (BUSINESS WIRE) – Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $177.8 million for the quarter ended June 30, 2024, compared to net income of $103.3 million for the quarter ended March 31, 2024. Net income in the first quarter of 2024 included a $9.1 million after tax expenses arising from the impact of the FDIC special assessment (the “FDIC Special Assessment”) and a $22.9 million tax expense related to prior period intercompany distributions from the Corporation’s U.S subsidiaries. Excluding the impact of these items from the results of the first quarter of 2024, net income increased by $42.6 million during the quarter ended June 30, 2024.

Ignacio Alvarez, President and Chief Executive Officer, said: “We are very pleased with our financial performance for the quarter. Our strong earnings were driven by higher net interest income and lower provision for credit losses. We also expanded our net interest margin by six basis points. Credit quality trends remained positive, with lower net charge-offs as well as lower levels and inflows of non-performing loans.

Our solid capital position allows us to continue to serve the needs of our customers, while prudently increasing our dividend and returning capital to our shareholders. Reflecting this strength, we announced a 13% increase in our quarterly common stock dividend and a $500 million common stock repurchase authorization.

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We continue to successfully execute on our Transformation to better serve our customers and drive returns over time. This includes investing in talent and technology to deepen our relationships with customers and maximize the opportunities inherent in our franchise. I am proud of the enthusiasm and commitment demonstrated by our colleagues and optimistic about the future.”

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Significant Events

Capital actions

On July 24, 2024, the Corporation announced the following capital actions:

• common stock repurchases of up to $500 million; and

• an increase in the Corporation’s quarterly common stock dividend from $0.62 to $0.70 per share, commencing with the dividend payable in the first quarter of 2025, subject to the approval by the Corporation’s Board of Directors.

The Corporation’s planned common stock repurchases may be executed in open market transactions, privately negotiated transactions, block trades or any other manner determined by the Corporation. The timing, quantity and price of such repurchases will be subject to various factors, including market conditions, the Corporation’s capital position and financial performance, the capital impact of strategic initiatives and regulatory and tax considerations. The common stock repurchase program does not require the Corporation to acquire a specific dollar amount or number of shares and may be modified, suspended or terminated at any time without prior notice.

Earnings Highlights

(Unaudited)	Quarters ended						Six months ended
(Dollars in thousands, except per share information)	30-Jun-24		31-Mar-24		30-Jun-23		30-Jun-24		30-Jun-23
Net interest income	$	568,312	$	550,744	$	531,668	$	1,119,056	$	1,063,324
Provision for credit losses		46,794		72,598		37,192		119,392		84,829
Net interest income after provision for credit losses		521,518		478,146		494,476		999,664		978,495
Other non-interest income		166,306		163,818		160,471		330,124		322,432
Operating expenses		469,576		483,113		460,284		952,689		900,971
Income before income tax		218,248		158,851		194,663		377,099		399,956
Income tax expense		40,459		55,568		43,503		96,027		89,817
Net income	$	177,789	$	103,283	$	151,160	$	281,072	$	310,139
Net income applicable to common stock	$	177,436	$	102,930	$	150,807	$	280,366	$	309,433
Net income per common share-basic	$	2.47	$	1.43	$	2.10	$	3.90	$	4.32
Net income per common share-diluted	$	2.46	$	1.43	$	2.10	$	3.90	$	4.32

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Non-GAAP Financial Measures

This press release contains financial information prepared under accounting principles generally accepted in the United States (“U.S. GAAP”) and non-GAAP financial measures. Management uses non-GAAP financial measures when it has determined that these measures provide more meaningful information about the underlying performance of the Corporation’s ongoing operations. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

Adjusted net income

In addition to analyzing the Corporation’s results on a reported basis, management monitors the “adjusted net income” of the Corporation and excludes the impact of certain transactions on the results of its operations. Management believes that the “adjusted net income” provides meaningful information about the underlying performance of the Corporation’s ongoing operations. The “adjusted net income” is a non-GAAP financial measure.

Net interest income on a taxable equivalent basis

Net interest income, on a taxable equivalent basis, is presented with its different components in Tables D, E and F. 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.

Tangible Common Equity

The tangible common equity, tangible common equity ratio, tangible assets and tangible book value per common share are non-GAAP financial measures. Tangible common equity ratio and tangible book value per common share in conjunction with more traditional bank capital ratios are commonly used by banks and analysts to compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method for mergers and acquisitions. Neither tangible common equity nor tangible assets or related measures, should be used in isolation or as a substitute for stockholders’ equity, total assets or any other measure calculated in accordance with GAAP.

Refer to Table R for a reconciliation of total stockholders’ equity to tangible common equity and total assets to tangible assets.

The following table presents the reconciliation of the net income to the adjusted net income (non-GAAP) for the quarter ended March 31, 2024. There were no adjustments to net income for the quarter ended June 30, 2024.

Adjusted Net Income for the Quarter Ended March 31, 2024 (non-GAAP)

(Unaudited)
(In thousands)	Income before income tax		Income tax expense (benefit)			Total
U.S. GAAP Net income	$	158,851	$	55,568		$	103,283
Non-GAAP Adjustments:
FDIC Special Assessment [1]		14,287		(5,234	)		9,053
Adjustments related to tax withholdings on prior period distributions from U.S. subsidiaries [2]		6,400		16,483			22,883
Adjusted net income (non-GAAP)	$	179,538	$	44,319		$	135,219

[1] Expense related to the November 16, 2023 FDIC Special Assessment to recover the losses to the deposit insurance fund used by the FDIC in connection with the receiverships of several failed banks. The special assessment amount and collection period may change as the estimated loss is periodically adjusted or if the total amount collected varies.

[2] Income tax expense and other related expenses from prior periods related to withholding taxes on certain distributions from U.S. subsidiaries.

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Net interest income and net interest income on a taxable equivalent basis (non GAAP)

Net interest income for the quarter ended June 30, 2024, was $568.3 million, an increase of $17.6 million when compared to $550.7 million for the previous quarter. Net interest margin for the second quarter of 2024 was 3.22% compared to 3.16% in the prior quarter or an increase of six basis points.

Net interest income on a taxable equivalent basis for the second quarter of 2024 was $614.8 million, compared to $589.6 million in the previous quarter, an increase of $25.2 million. Net interest margin on a taxable equivalent basis for the second quarter of 2024 was 3.48%, compared to 3.38% in the first quarter of 2024, or a 10 basis points increase.

The main variances in net interest income and net interest margin on a taxable equivalent basis were:

• interest income from investment securities increased by $25.8 million due to the reinvestment of maturities in higher yielding U.S. Treasury bills, resulting in $28.2 million of additional interest income for the period which was offset in part by lower interest income from mortgage backed securities by $2.1 million due to lower volume and yields in the portfolio; and

• higher interest income from loans by $9.7 million due to higher average loan balances and higher yields in all portfolios;

partially offset by:

• higher interest expense on deposits by $10.4 million, due to higher average volume and higher cost of interest-bearing deposits by $901 million and three basis points, respectively. In Puerto Rico, the cost of government interest-bearing demand deposits, decreased eight basis point quarter over quarter, while average balances increased by $647 million. This positive variance was in part offset by an increase in the total cost of time deposits of 28 basis points including the cost of time deposits of the P.R government. Total cost of deposits for the second quarter was 2.10% or a three basis points increase from the previous quarter.

Net Interest Income and Net Interest Margin (Banco Popular de Puerto Rico Segment)

Net interest income for the Banco Popular de Puerto Rico (“BPPR”) segment amounted to $488.7 million for the second quarter of 2024, an increase of $15.9 million when compared to $472.8 million in the previous quarter. Net interest margin in the BPPR segment increased from the first quarter of 2024 by seven basis points to 3.40%. The most significant variances quarter over quarter in net interest income and net interest margin for BPPR were:

• higher interest income from investment securities which increased in total by $17.7 million due to a 27 basis points increase in the yield from U.S. Treasury securities offset in part by lower interest income on mortgage back securities of $1.6 million due to lower volume and yields; and

• higher interest income on loans by $9.1 million. This uplift in interest income was associated with an increase of $4.2 million in interest income from the commercial loans portfolio, which average balances and yields increased by $165 million and five basis points, respectively. The remaining increase in interest income of $4.9 million is due to the net growth across all other BPPR loan portfolios.

Partially offset by:

• higher interest expense from deposits by $7.4 million. The cost of time deposits increased by $4.8 million resulting from higher cost by 32 basis points driven by the repricing and higher average balances of certain time deposit accounts of the P.R government for which BPPR’s fiduciary division acts as escrow agent. Interest expense on interest-bearing demand deposits accounts increased by $2.8 million, mainly driven by an increase in average balances, partially offset by a decrease in cost of five basis points. Total deposit cost for the BPPR segment in the second quarter of 2024 was 1.83%, compared to 1.81% in the previous quarter, an increase of two basis points; and

• lower interest income in money market investments by $3.5 million due to lower volume that corresponds to the deployment of liquidity for loan origination activity and investment in treasury bills as described above.

Net Interest Income and Net Interest Margin (Popular Bank Segment)

Net interest income and net interest margin for the Popular Bank (“PB”, or “Popular U.S.”) segment increased to $85.9 million and 2.60%, respectively, for the quarter ended June 30, 2024, compared to $84.9 million and 2.59%, respectively, during the quarter ended March 31, 2024. Interest income from money market investments increased by $2.6 million during the quarter mainly due to higher volume resulting from an increase in deposits. Total cost of funds in PB increased by $2.7 million due to higher average balance in time deposits of $443.8 million which drove the cost up by $4.7 million but that were partially offset by lower interest expense on interest-bearing demand deposits by $1.6 million. Total cost of deposits for the quarter was 3.43%, a three basis points increase from the previous quarter.

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Non-interest income

Non-interest income amounted to $166.3 million for the quarter ended June 30, 2024, an increase of $2.5 million when compared to $163.8 million for the quarter ended March 31, 2024. The variance in non-interest income was driven primarily by higher other service fees by $2.6 million due mainly to higher credit and debit card fees as a result of higher volume of customer transactions.

Refer to Table B for further details.

Operating expenses

Operating expenses for the second quarter of 2024 totaled $469.6 million, a decrease of $13.5 million when compared to the first quarter of 2024. Excluding the $6.4 million of interest accrued related to prior period tax withholdings and the $14.3 million impact of the FDIC Special Assessment, total expenses for the first quarter of 2024 were $462.4 million. The second quarter’s expenses increased by $7.2 million when compared to this adjusted expense. The main drivers of the $7.2 million variance were:

• higher professional fees by $8.8 million mainly due to higher consulting and assurance professional services expenses by $6.8 million related to corporate initiatives focused on regulatory, cyber security and other advisory efforts;

• higher operational losses by $8.3 million due to build up on reserves for operational losses;

• higher processing and transactional services expenses by $4.9 million mainly due to higher retail customers’ debit card issuance costs by $1.8 million, higher merchant processing expenses by $1.3 million and higher credit card processing fees by $1.6 million; and

• higher business promotion expenses by $4.5 million mainly due to higher customer reward program expenses in our credit card business by $2.4 million and higher advertising and strategic communications expense and donations granted during the quarter by $1.7 million.

partially offset by:

• lower personnel cost by $18.0 million mainly due to a decrease in performance shares and restricted stock expenses by $8.2 million, lower other compensation expenses by $8.5 million due to lower payroll taxes and vacations accrual that are typically higher in the first quarter of the year;

Full-time equivalent employees were 9,241 as of June 30, 2024, compared to 9,132 as of March 31, 2024.

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

Income taxes

For the quarter ended June 30, 2024, the Corporation recorded an income tax expense of $40.5 million, compared to an income tax expense of $55.6 million for the previous quarter. Excluding the $11.2 million net impact related to a tax withholding on intercompany distributions from prior periods and the tax effect of the FDIC Special Assessment that was recognized during the first quarter of 2024, income tax expense for the quarter ended March 31, 2024, would have been $44.3 million.

The effective tax rate (“ETR”) for the second quarter of 2024 was 18.5%, compared to 35.0% for the previous quarter. Excluding the impact of the tax withholding and the additional expense related to the FDIC Special Assessment during the first quarter of 2024, the ETR would have been 24.7%.

The ETR of the Corporation is impacted by the composition and source of its taxable income. The Corporation expects its ETR for the year 2024 to be within a range from 21% to 23%.

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Credit Quality

Credit quality metrics in the second quarter of 2024 improved when compared to the previous quarter. We continue to closely monitor changes in the macroeconomic environment and on borrower performance 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 position Popular to continue to operate successfully under the current environment.

The following presents credit quality results for the second quarter of 2024:

Non-Performing Loans (“NPLs”) and Net Charge Offs (“NCOs”)

Total NPLs as of June 30, 2024, decreased by $12.3 million from March 31, 2024. Inflows of NPLs held-in-portfolio, excluding consumer loans, decreased by $1.7 million quarter-over-quarter. At June 30, 2024, the ratio of NPLs to total loans held-in-portfolio was 1.0%, flat when compared to the first quarter of 2024. The drivers of these changes are mainly related to the following:

• In the BPPR segment, NPLs decreased by $11.7 million across most loan categories, but mainly in the commercial loans portfolio with a $7.2 million decrease. Inflows to NPLs, excluding consumer loans, increased by $7.5 million driven by higher inflows in the mortgage loans portfolio.

• In PB, NPLs remained flat driven by the return to accrual of a $17.2 million mortgage loan, offset by a $17.3 million commercial NPL inflow. PB inflows to NPLs, excluding consumer loans, decreased by $9.2 million, driven by the inflow in the prior quarter of the previously mentioned $17.2 million mortgage relationship, offset in part by higher commercial inflows this quarter by $7.2 million.

NCOs amounted to $53.6 million, decreasing by $8.6 million when compared to the first quarter of 2024. The Corporation’s ratio of annualized NCOs to average loans held-in-portfolio was 0.61%, compared to 0.71% in the first quarter of 2024. The drivers of these changes are mainly related to the following:

• In the BPPR segment, NCOs decreased by $7.3 million quarter-over-quarter, mainly driven by lower consumer and commercial NCOs by $4.8 million and $2.2 million, respectively. Lower NCOs in the consumer portfolio were mostly related to lower auto and personal loans by $3.6 million and $1.0 million, respectively.

• PB’s NCOs decreased by $1.3 million quarter-over-quarter, mostly related to lower consumer NCOs.

Refer to Table N for further information on NCOs and related ratios.

Other Real Estate Owned Properties (“OREO”)

As of June 30, 2024, the Corporation’s OREO portfolio amounted to $70.2 million, a decrease of $10.3 million, compared to the first quarter of 2024. The decrease in OREO was driven by the sale of a commercial property in BPPR.

Refer to Table L for additional information and related ratios.

Allowance for Credit Losses (“ACL”) and Provision for Credit Losses (“PCL”)

The ACL as of June 30, 2024 amounted to $730.1 million, a decrease of $9.5 million, compared to the first quarter of 2024. In BPPR, the ACL remained flat as changes in macroeconomic scenarios and lower NCOs were offset by higher commercial loan volume, higher qualitative reserves and changes in credit quality. In PB, the ACL decreased by $8.7 million from the previous quarter, mainly driven by lower reserves for the commercial portfolio. The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.05% in the second quarter of 2024, compared to 2.11% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio stood at 213.6%, compared to 208.8% in the previous quarter.

The ACL incorporates management’s estimate of current 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. Based on the information available and the scenarios analyzed by management, the “baseline” scenario continues as the highest probability weight scenario, followed by the “pessimistic” scenario, and then the “optimistic” scenario consistent with the weights assigned in the previous quarter.

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The provision for credit losses for the loan and lease portfolios for the second quarter of 2024 was $44.2 million, compared to $72.4 million in the previous quarter. The provision for the BPPR segment was $48.6 million, compared to $61.0 million in the previous quarter, while the PB segment had a release of $4.4 million, compared to a provision of $11.4 million in the previous quarter driven by improvements in credit quality and the pay-off of a significant relationship.

The provision for credit losses on our loan and lease portfolios, as well as the provision for credit losses related to unfunded loan commitments of $2.1 million and our investment portfolio of $0.5 million for the second quarter of 2024 are aggregated and presented in the provision for credit losses caption in our Consolidated Statement of Operations. For the second quarter, the provision for credit losses was $46.8 million, compared to $72.6 million in the previous quarter.

Non-Performing Assets

(Unaudited)
(In thousands)	30-Jun-24			31-Mar-24			30-Jun-23
Non-performing loans held-in-portfolio	$	341,835		$	354,127		$	385,504
Other real estate owned		70,225			80,542			86,216
Total non-performing assets	$	412,060		$	434,669		$	471,720
Net charge-offs for the quarter	$	53,630		$	62,200		$	23,990
Ratios:
Loans held-in-portfolio	$	35,591,620		$	35,118,738		$	33,030,922
Non-performing loans held-in-portfolio to loans held-in-portfolio		0.96	%		1.01	%		1.17	%
Allowance for credit losses to loans held-in-portfolio		2.05			2.11			2.12
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		213.58			208.84			181.63
Refer to Table L for additional information.

Provision for Credit Losses (Benefit) - Loan Portfolios

(Unaudited)	Quarters ended							Six months ended
(In thousands)	30-Jun-24			31-Mar-24		30-Jun-23		30-Jun-24		30-Jun-23
Provision for credit losses (benefit) - loan portfolios:
BPPR	$	48,585		$	61,008	$	28,379	$	109,593	$	73,582
Popular U.S.		(4,428	)		11,378		7,282		6,950		9,225
Total provision for credit losses (benefit) - loan portfolios	$	44,157		$	72,386	$	35,661	$	116,543	$	82,807

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Credit Quality by Segment

(Unaudited)
(In thousands)	Quarters ended
BPPR	30-Jun-24			31-Mar-24			30-Jun-23
Provision for credit losses - loan portfolios	$	48,585		$	61,008		$	28,379
Net charge-offs		49,308			56,561			18,687
Total non-performing loans held-in-portfolio		286,887			298,594			352,339
Annualized net charge-offs to average loans held-in-portfolio		0.79	%		0.92	%		0.33	%
Allowance / loans held-in-portfolio		2.56	%		2.62	%		2.58	%
Allowance / non-performing loans held-in-portfolio		224.34	%		215.79	%		169.19	%
	Quarters ended
Popular U.S.	30-Jun-24			31-Mar-24			30-Jun-23
Provision for credit losses (benefit) - loan portfolios	$	(4,428	)	$	11,378		$	7,282
Net charge-offs		4,322			5,639			5,303
Total non-performing loans held-in-portfolio		54,948			55,533			33,165
Annualized net charge-offs to average loans held-in-portfolio		0.16	%		0.21	%		0.22	%
Allowance / loans held-in-portfolio		0.83	%		0.91	%		1.05	%
Allowance / non-performing loans held-in-portfolio		157.37	%		171.47	%		313.86	%

Financial Condition Highlights

(Unaudited)
(In thousands)	30-Jun-24		31-Mar-24		30-Jun-23
Cash and money market investments	$	7,211,367	$	6,249,064	$	9,070,118
Investment securities		26,742,639		26,324,139		25,874,316
Loans		35,591,620		35,118,738		33,030,922
Total assets		72,845,072		70,936,939		70,838,266
Deposits		65,530,862		63,808,784		64,004,818
Borrowings		1,047,264		1,032,393		1,427,254
Total liabilities		67,472,394		65,759,625		66,273,257
Stockholders’ equity		5,372,678		5,177,314		4,565,009

9

Total assets amounted to $72.8 billion at June 30, 2024, an increase of $1.9 billion from the first quarter of 2024, driven by:

• an increase in cash and money market investments of $962.3 million, mainly due to higher deposits, driven by Puerto Rico public funds, partially offset by higher loan originations and investments in securities available-for-sale (“AFS”);

• an increase in securities AFS of $525.4 million, mainly due to purchases of U.S. Treasury bills partially offset by repayments and maturities; and

• an increase in loans held-in-portfolio of $472.9 million, driven by an increase of $508.6 million at BPPR, reflected across nearly all portfolios, partially offset by a decrease of $35.7 million at PB;

partially offset by:

• a decrease in securities held-to-maturity (“HTM”) of $107.6 million driven by maturities, partially offset by the accretion of $44.4 million of the discount related to U.S. Treasury securities previously reclassified from the AFS to HTM.

Total liabilities increased by $1.7 billion from the first quarter of 2024, driven by:

• an increase of $1.7 billion in deposits, mainly in the P.R. public sector, as increases in time deposit balances at Popular Bank were offset by outflows of demand deposits at BPPR.

Stockholders’ equity increased by $195.4 million from the first quarter of 2024 mainly due to the change in retained earnings resulting from the quarter’s net income of $177.8 million, coupled with the change in the accumulated other comprehensive loss driven by the amortization of unrealized losses from securities previously reclassified to HTM of $35.5 million, net of taxes, and the decrease in net unrealized losses in the portfolio of AFS securities of $16.9 million, partially offset by common and preferred dividends declared during the quarter of $45.3 million.

Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.48%, $73.94 and $62.71, respectively, at June 30, 2024, compared to 16.36%, $71.32 and $60.06, respectively, at March 31, 2024. Refer to Table A for capital ratios.

10

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 (including on our cost of deposits), our ability to attract deposits and grow our loan portfolio, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings, new regulatory requirements or accounting standards on the Corporation’s financial condition and results of operations, the occurrence of unforeseen or catastrophic events, including extreme weather events, pandemics, man-made disasters or acts of violence or war, as well as actions taken by governmental authorities in response thereto, and the direct and indirect impact of such events 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 additional or special FDIC 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, 2023, our Form 10-Q for the quarter ended March 31, 2024, and the Form 10-Q for the quarter ended June 30, 2024, 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 24, 2024 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 838904.

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 23, 2024. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 748297.

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

11

Popular, Inc.

Financial Supplement to Second Quarter 2024 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

12

POPULAR, INC.

Financial Supplement to Second Quarter 2024 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

	Quarters ended									Six months ended
	30-Jun-24			31-Mar-24			30-Jun-23			30-Jun-24			30-Jun-23
Basic EPS	$	2.47		$	1.43		$	2.10		$	3.90		$	4.32
Diluted EPS	$	2.46		$	1.43		$	2.10		$	3.90		$	4.32
Average common shares outstanding		71,970,773			71,869,735			71,690,396			71,920,254			71,616,498
Average common shares outstanding - assuming dilution		71,991,911			71,966,803			71,709,203			71,937,434			71,664,303
Common shares outstanding at end of period		72,365,926			72,284,875			72,103,969			72,365,926			72,103,969
Market value per common share	$	88.43		$	88.09		$	60.52		$	88.43		$	60.52
Market capitalization - (In millions)	$	6,399		$	6,368		$	4,364		$	6,399		$	4,364
Return on average assets		0.97	%		0.57	%		0.85	%		0.77	%		0.89	%
Return on average common equity		10.38	%		6.07	%		9.26	%		8.24	%		9.63	%
Net interest margin (non-taxable equivalent basis)		3.22	%		3.16	%		3.14	%		3.20	%		3.18	%
Net interest margin (taxable equivalent basis) -non-GAAP		3.48	%		3.38	%		3.29	%		3.44	%		3.37	%
Common equity per share	$	73.94		$	71.32		$	63.00		$	73.94		$	63.00
Tangible common book value per common share (non-GAAP) [1]	$	62.71		$	60.06		$	51.37		$	62.71		$	51.37
Tangible common equity to tangible assets (non-GAAP) [1]		6.30	%		6.19	%		5.29	%		6.30	%		5.29	%
Return on average tangible common equity [1]		11.77	%		6.90	%		10.63	%		9.35	%		11.06	%
Tier 1 capital		16.54	%		16.42	%		16.93	%		16.54	%		16.93	%
Total capital		18.30	%		18.19	%		18.74	%		18.30	%		18.74	%
Tier 1 leverage		8.53	%		8.45	%		8.40	%		8.53	%		8.40	%
Common Equity Tier 1 capital		16.48	%		16.36	%		16.87	%		16.48	%		16.87	%

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

13

POPULAR, INC.

Financial Supplement to Second Quarter 2024 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

	Quarters ended						Variance Q2 2024 vs. Q1 2024			Quarter ended			Variance Q2 2024 vs. Q2 2023			Six months ended
(In thousands, except per share information)	30-Jun-24			31-Mar-24						30-Jun-23						30-Jun-24			30-Jun-23
Interest income:
Loans	$	648,739		$	638,730		$	10,009		$	570,120		$	78,619		$	1,287,469		$	1,111,330
Money market investments		88,316			88,516			(200	)		100,775			(12,459	)		176,832			166,499
Investment securities		184,852			166,895			17,957			123,112			61,740			351,747			255,200
Total interest income		921,907			894,141			27,766			794,007			127,900			1,816,048			1,533,029
Interest expense:
Deposits		339,939			329,496			10,443			243,488			96,451			669,435			436,703
Short-term borrowings		1,126			1,192			(66	)		1,624			(498	)		2,318			4,509
Long-term debt		12,530			12,709			(179	)		17,227			(4,697	)		25,239			28,493
Total interest expense		353,595			343,397			10,198			262,339			91,256			696,992			469,705
Net interest income		568,312			550,744			17,568			531,668			36,644			1,119,056			1,063,324
Provision for credit losses		46,794			72,598			(25,804	)		37,192			9,602			119,392			84,829
Net interest income after provision for credit losses		521,518			478,146			43,372			494,476			27,042			999,664			978,495
Service charges on deposit accounts		37,526			37,442			84			37,781			(255	)		74,968			72,459
Other service fees		96,863			94,272			2,591			94,265			2,598			191,135			184,341
Mortgage banking activities		5,723			4,360			1,363			2,316			3,407			10,083			9,716
Net gain, including impairment, on equity securities		319			1,103			(784	)		1,384			(1,065	)		1,422			2,484
Net gain on trading account debt securities		277			361			(84	)		35			242			638			413
Adjustments to indemnity reserves on loans sold		212			(237	)		449			(456	)		668			(25	)		156
Other operating income		25,386			26,517			(1,131	)		25,146			240			51,903			52,863
Total non-interest income		166,306			163,818			2,488			160,471			5,835			330,124			322,432
Operating expenses:
Personnel costs
Salaries		128,634			129,384			(750	)		124,901			3,733			258,018			250,294
Commissions, incentives and other bonuses		30,626			38,611			(7,985	)		27,193			3,433			69,237			58,355
Pension, postretirement and medical insurance		16,619			17,385			(766	)		17,508			(889	)		34,004			32,886
Other personnel costs, including payroll taxes		21,545			29,997			(8,452	)		21,866			(321	)		51,542			48,693
Total personnel costs		197,424			215,377			(17,953	)		191,468			5,956			412,801			390,228
Net occupancy expenses		27,692			28,041			(349	)		27,165			527			55,733			53,204
Equipment expenses		9,662			9,567			95			9,561			101			19,229			17,973
Other taxes		15,333			14,375			958			16,409			(1,076	)		29,708			32,700
Professional fees		37,744			28,918			8,826			50,132			(12,388	)		66,662			83,563
Technology and software expenses		79,752			79,462			290			72,354			7,398			159,214			140,913
Processing and transactional services
Credit and debit cards		13,739			12,144			1,595			11,584			2,155			25,883			24,134
Other processing and transactional services		25,357			22,050			3,307			25,217			140			47,407			46,576
Total processing and transactional services		39,096			34,194			4,902			36,801			2,295			73,290			70,710
Communications		4,357			4,557			(200	)		4,175			182			8,914			8,263
Business promotion
Rewards and customer loyalty programs		16,406			14,056			2,350			16,626			(220	)		30,462			28,974
Other business promotion		9,043			6,933			2,110			8,457			586			15,976			14,980
Total business promotion		25,449			20,989			4,460			25,083			366			46,438			43,954
Deposit insurance		10,581			23,887			(13,306	)		6,803			3,778			34,468			15,668
Other real estate owned (OREO) income		(5,750	)		(5,321	)		(429	)		(3,314	)		(2,436	)		(11,071	)		(5,008	)
Other operating expenses
Operational losses		11,823			3,561			8,262			4,280			7,543			15,384			11,080
All other		15,679			24,711			(9,032	)		18,572			(2,893	)		40,390			36,133
Total other operating expenses		27,502			28,272			(770	)		22,852			4,650			55,774			47,213

14

Amortization of intangibles		734		795		(61	)		795		(61	)		1,529		1,590
Total operating expenses		469,576		483,113		(13,537	)		460,284		9,292			952,689		900,971
Income before income tax		218,248		158,851		59,397			194,663		23,585			377,099		399,956
Income tax expense		40,459		55,568		(15,109	)		43,503		(3,044	)		96,027		89,817
Net income	$	177,789	$	103,283	$	74,506		$	151,160	$	26,629		$	281,072	$	310,139
Net income applicable to common stock	$	177,436	$	102,930	$	74,506		$	150,807	$	26,629		$	280,366	$	309,433
Net income per common share - basic	$	2.47	$	1.43	$	1.04		$	2.10	$	0.37		$	3.90	$	4.32
Net income per common share - diluted	$	2.46	$	1.43	$	1.03		$	2.10	$	0.36		$	3.90	$	4.32
Dividends Declared per Common Share	$	0.62	$	0.62	$	—		$	0.55	$	0.07		$	1.24	$	1.10

15

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

(In thousands)	30-Jun-24			31-Mar-24			30-Jun-23			Variance Q2 2024 vs. Q1 2024
Assets:
Cash and due from banks	$	359,973		$	320,486		$	476,642		$	39,487
Money market investments		6,851,394			5,928,578			8,593,476			922,816
Trading account debt securities, at fair value		28,045			27,308			29,160			737
Debt securities available-for-sale, at fair value		18,543,279			18,017,924			17,242,217			525,355
Less: Allowance for credit losses		500			500			—			—
Debt securities available-for-sale, net		18,542,779			18,017,424			17,242,217			525,355
Debt securities held-to-maturity, at amortized cost		7,975,524			8,083,160			8,410,566			(107,636	)
Less: Allowance for credit losses		6,251			5,731			6,145			520
Debt securities held-to-maturity, net		7,969,273			8,077,429			8,404,421			(108,156	)
Equity securities		195,791			195,747			192,373			44
Loans held-for-sale, at lower of cost or fair value		8,225			5,352			55,421			2,873
Loans held-in-portfolio		35,978,602			35,486,161			33,354,999			492,441
Less: Unearned income		386,982			367,423			324,077			19,559
Allowance for credit losses		730,077			739,544			700,200			(9,467	)
Total loans held-in-portfolio, net		34,861,543			34,379,194			32,330,722			482,349
Premises and equipment, net		599,058			588,708			523,927			10,350
Other real estate		70,225			80,542			86,216			(10,317	)
Accrued income receivable		260,162			266,908			239,998			(6,746	)
Mortgage servicing rights, at fair value		113,386			114,964			121,249			(1,578	)
Other assets		2,172,555			2,120,902			1,703,662			51,653
Goodwill		804,428			804,428			827,428			—
Other intangible assets		8,235			8,969			11,354			(734	)
Total assets	$	72,845,072		$	70,936,939		$	70,838,266		$	1,908,133
Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing	$	15,470,082		$	15,492,050		$	15,316,552		$	(21,968	)
Interest bearing		50,060,780			48,316,734			48,688,266			1,744,046
Total deposits		65,530,862			63,808,784			64,004,818			1,722,078
Assets sold under agreements to repurchase		105,684			66,090			123,205			39,594
Notes payable		941,580			966,303			1,304,049			(24,723	)
Other liabilities		894,268			918,448			841,185			(24,180	)
Total liabilities		67,472,394			65,759,625			66,273,257			1,712,769
Stockholders’ equity:
Preferred stock		22,143			22,143			22,143			—
Common stock		1,048			1,048			1,047			—
Surplus		4,852,747			4,847,466			4,795,581			5,281
Retained earnings		4,385,522			4,253,030			4,093,284			132,492
Treasury stock		(2,010,500	)		(2,013,187	)		(2,018,611	)		2,687
Accumulated other comprehensive loss, net of tax		(1,878,282	)		(1,933,186	)		(2,328,435	)		54,904
Total stockholders’ equity		5,372,678			5,177,314			4,565,009			195,364
Total liabilities and stockholders’ equity	$	72,845,072		$	70,936,939		$	70,838,266		$	1,908,133

16

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

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

For the quarters ended June 30, 2024 and March 31, 2024

(Unaudited)

Average Volume							Average Yields / Costs										Interest							Variance Attributable to
30-Jun-24		31-Mar-24		Variance			30-Jun-24			31-Mar-24			Variance				30-Jun-24		31-Mar-24		Variance			Rate			Volume
(In millions)																	(In thousands)
$	6,471	$	6,484	$	(13	)		5.49	%		5.49	%		—	%	Money market investments	$	88,316	$	88,516	$	(200	)	$	(24	)	$	(176	)
	28,943		28,308		635			3.01			2.71			0.30		Investment securities [1]		216,922		191,103		25,819			20,755			5,064
	26		33		(7	)		5.69			3.75			1.94		Trading securities		367		311		56			137			(81	)
	35,440		34,825		615			3.47			3.23			0.24		Total money market, investment and trading securities		305,605		279,930		25,675			20,868			4,807
																Loans:
	17,707		17,613		94			6.86			6.84			0.02		Commercial		302,003		299,504		2,499			899			1,600
	1,070		992		78			9.11			8.96			0.15		Construction		24,224		22,100		2,124			375			1,749
	1,789		1,742		47			6.86			6.74			0.12		Leasing		30,697		29,353		1,344			554			790
	7,817		7,723		94			5.66			5.62			0.04		Mortgage		110,673		108,543		2,130			803			1,327
	3,192		3,227		(35	)		13.97			13.90			0.07		Consumer		110,906		111,490		(584	)		453			(1,037	)
	3,819		3,763		56			8.88			8.77			0.11		Auto		84,268		82,054		2,214			985			1,229
	35,394		35,060		334			7.52			7.48			0.04		Total loans		662,771		653,044		9,727			4,069			5,658
$	70,834	$	69,885	$	949			5.49	%		5.36	%		0.13	%	Total earning assets	$	968,376	$	932,974	$	35,402		$	24,937		$	10,465
																Interest bearing deposits:
$	26,105	$	25,703	$	402			3.60	%		3.63	%		(0.03	)%	NOW and money market [2]	$	233,345	$	232,129	$	1,216		$	(3,124	)	$	4,340
	14,732		14,700		32			0.92			0.93			(0.01	)	Savings		33,795		34,171		(376	)		(424	)		48
	9,014		8,547		467			3.25			2.97			0.28		Time deposits		72,799		63,196		9,603			5,497			4,106
	49,851		48,950		901			2.74			2.71			0.03		Total interest bearing deposits		339,939		329,496		10,443			1,949			8,494
	15,176		15,083		93											Non-interest bearing demand deposits
	65,027		64,033		994			2.10			2.07			0.03		Total deposits		339,939		329,496		10,443			1,949			8,494
	80		84		(4	)		5.64			5.70			(0.06	)	Short-term borrowings		1,126		1,192		(66	)		(11	)		(55	)
	978		998		(20	)		5.16			5.13			0.03		Other medium and long-term debt		12,530		12,709		(179	)		(108	)		(71	)
	50,909		50,032		877			2.79			2.76			0.03		Total interest bearing liabilities (excluding demand deposits)		353,595		343,397		10,198			1,830			8,368
	4,749		4,770		(21	)										Other sources of funds
$	70,834	$	69,885	$	949			2.01	%		1.98	%		0.03	%	Total source of funds		353,595		343,397		10,198			1,830			8,368
								3.48	%		3.38	%		0.10	%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		614,781		589,577		25,204		$	23,107		$	2,097
								2.70	%		2.60	%		0.10	%	Net interest spread
																Taxable equivalent adjustment		46,469		38,833		7,636
								3.22	%		3.16	%		0.06	%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	568,312	$	550,744	$	17,568

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 2024 Earnings Release

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

For the quarters ended June 30, 2024 and June 30, 2023

(Unaudited)

Average Volume							Average Yields / Costs										Interest							Variance Attributable to
30-Jun-24		30-Jun-23		Variance			30-Jun-24			30-Jun-23			Variance				30-Jun-24		30-Jun-23		Variance			Rate		Volume
(In millions)																	(In thousands)
$	6,471	$	7,851	$	(1,380	)		5.49	%		5.15	%		0.34	%	Money market investments	$	88,316	$	100,776	$	(12,460	)	$	6,081	$	(18,541	)
	28,943		27,362		1,581			3.01			2.00			1.01		Investment securities [1]		216,922		136,408		80,514			72,325		8,189
	26		32		(6	)		5.69			4.65			1.04		Trading securities		367		370		(3	)		73		(76	)
	35,440		35,245		195			3.47			2.70			0.77		Total money market, investment and trading securities		305,605		237,554		68,051			78,479		(10,428	)
																Loans:
	17,707		16,237		1,470			6.86			6.52			0.34		Commercial		302,003		263,934		38,069			13,404		24,665
	1,070		737		333			9.11			8.95			0.16		Construction		24,224		16,442		7,782			242		7,540
	1,789		1,632		157			6.86			6.30			0.56		Leasing		30,697		25,711		4,986			2,394		2,592
	7,817		7,409		408			5.66			5.47			0.19		Mortgage		110,673		101,304		9,369			3,666		5,703
	3,192		3,075		117			13.97			13.21			0.76		Consumer		110,906		101,295		9,611			5,103		4,508
	3,819		3,593		226			8.88			8.31			0.57		Auto		84,268		74,467		9,801			4,970		4,831
	35,394		32,683		2,711			7.52			7.15			0.37		Total loans		662,771		583,153		79,618			29,779		49,839
$	70,834	$	67,928	$	2,906			5.49	%		4.84	%		0.65	%	Total earning assets	$	968,376	$	820,707	$	147,669		$	108,258	$	39,411
																Interest bearing deposits:
$	26,105	$	24,230	$	1,875			3.60	%		2.91	%		0.69	%	NOW and money market [2]	$	233,345	$	175,640	$	57,705		$	43,783	$	13,922
	14,732		14,763		(31	)		0.92			0.66			0.26		Savings		33,795		24,446		9,349			7,966		1,383
	9,014		7,715		1,299			3.25			2.26			0.99		Time deposits		72,799		43,402		29,397			18,707		10,690
	49,851		46,708		3,143			2.74			2.09			0.65		Total interest bearing deposits		339,939		243,488		96,451			70,456		25,995
	15,176		15,480		(304	)										Non-interest bearing demand deposits
	65,027		62,188		2,839			2.10			1.57			0.53		Total deposits		339,939		243,488		96,451			70,456		25,995
	80		125		(45	)		5.64			5.19			0.45		Short-term borrowings		1,126		1,624		(498	)		129		(627	)
	978		1,299		(321	)		5.16			5.33			(0.17	)	Other medium and long-term debt		12,530		17,227		(4,697	)		1,007		(5,704	)
	50,909		48,132		2,777			2.79			2.19			0.60		Total interest bearing liabilities (excluding demand deposits)		353,595		262,339		91,256			71,592		19,664
	4,749		4,316		433											Other sources of funds
$	70,834	$	67,928	$	2,906			2.01	%		1.55	%		0.46	%	Total source of funds		353,595		262,339		91,256			71,592		19,664
								3.48	%		3.29	%		0.19	%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		614,781		558,368		56,413		$	36,666	$	19,747
								2.70	%		2.65	%		0.05	%	Net interest spread
																Taxable equivalent adjustment		46,469		26,700		19,769
								3.22	%		3.14	%		0.08	%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	568,312	$	531,668	$	36,644

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.

18

Popular, Inc.

Financial Supplement to Second Quarter 2024 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-24		30-Jun-23		Variance			30-Jun-24			30-Jun-23			Variance				30-Jun-24		30-Jun-23		Variance			Rate		Volume
(In millions)																	(In thousands)
$	6,477	$	6,800	$	(323	)		5.49	%		4.94	%		0.55	%	Money market investments	$	176,832	$	166,500	$	10,332		$	18,468	$	(8,136	)
	28,626		28,108		518			2.86			2.11			0.75		Investment securities [1]		408,024		295,322		112,702			107,442		5,260
	30		31		(1	)		4.60			4.56			0.04		Trading securities		678		708		(30	)		7		(37	)
	35,133		34,939		194			3.35			2.67			0.68		Total money market, investment and trading securities		585,534		462,530		123,004			125,917		(2,913	)
																Loans:
	17,660		16,000		1,660			6.85			6.42			0.43		Commercial		601,507		509,403		92,104			37,134		54,970
	1,031		734		297			9.04			8.68			0.36		Construction		46,324		31,598		14,726			1,454		13,272
	1,766		1,610		156			6.80			6.21			0.59		Leasing		60,051		49,993		10,058			4,994		5,064
	7,770		7,398		372			5.64			5.46			0.18		Mortgage		219,216		202,076		17,140			6,783		10,357
	3,208		3,049		159			13.94			13.03			0.91		Consumer		222,396		197,010		25,386			13,546		11,840
	3,791		3,576		215			8.82			8.23			0.59		Auto		166,322		145,874		20,448			11,419		9,029
	35,226		32,367		2,859			7.50			7.06			0.44		Total loans		1,315,816		1,135,954		179,862			75,330		104,532
$	70,359	$	67,306	$	3,053			5.43	%		4.78	%		0.65	%	Total earning assets	$	1,901,350	$	1,598,484	$	302,866		$	201,247	$	101,619
																Interest bearing deposits:
$	25,904	$	23,774	$	2,130			3.61	%		2.72	%		0.89	%	NOW and money market [2]	$	465,474	$	320,610	$	144,864		$	113,900	$	30,964
	14,716		14,895		(179	)		0.93			0.57			0.36		Savings		67,966		41,889		26,077			24,160		1,917
	8,780		7,409		1,371			3.11			2.02			1.09		Time deposits		135,995		74,204		61,791			40,371		21,420
	49,400		46,078		3,322			2.73			1.91			0.82		Total interest bearing deposits		669,435		436,703		232,732			178,431		54,301
	15,129		15,592		(463	)										Non-interest bearing demand deposits
	64,529		61,670		2,859			2.09			1.43			0.66		Total deposits		669,435		436,703		232,732			178,431		54,301
	82		186		(104	)		5.67			4.89			0.78		Short-term borrowings		2,318		4,509		(2,191	)		1,603		(3,794	)
	988		1,124		(136	)		5.13			5.10			0.03		Other medium and long-term debt		25,239		28,493		(3,254	)		14		(3,268	)
	50,470		47,388		3,082			2.78			2.00			0.78		Total interest bearing liabilities (excluding demand deposits)		696,992		469,705		227,287			180,048		47,239
	4,760		4,326		434											Other sources of funds
$	70,359	$	67,306	$	3,053			1.99	%		1.41	%		0.58	%	Total source of funds		696,992		469,705		227,287			180,048		47,239
								3.44	%		3.37	%		0.07	%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		1,204,358		1,128,779		75,579		$	21,199	$	54,380
								2.65	%		2.78	%		(0.13	)%	Net interest spread
																Taxable equivalent adjustment		85,302		65,455		19,847
								3.20	%		3.18	%		0.02	%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	1,119,056	$	1,063,324	$	55,732

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.

19

Popular, Inc.

Financial Supplement to Second Quarter 2024 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-24			31-Mar-24			30-Jun-23			Q2 2024 vs.Q1 2024			Q2 2024 vs.Q2 2023			30-Jun-24			30-Jun-23			2024 vs. 2023
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees	$	7,602		$	7,751		$	8,369		$	(149	)	$	(767	)	$	15,353		$	17,058		$	(1,705	)
Mortgage servicing rights fair value adjustments		(1,945	)		(3,439	)		(6,216	)		1,494			4,271			(5,384	)		(7,592	)		2,208
Total mortgage servicing fees, net of fair value adjustments		5,657			4,312			2,153			1,345			3,504			9,969			9,466			503
Net (loss) gain on sale of loans, including valuation on loans held-for-sale		2			74			(61	)		(72	)		63			76			202			(126	)
Trading account profit:
Unrealized gains on outstanding derivative positions		56			101			246			(45	)		(190	)		157			115			42
Realized gains on closed derivative positions		9			3			111			6			(102	)		12			167			(155	)
Total trading account profit		65			104			357			(39	)		(292	)		169			282			(113	)
Losses on repurchased loans, including interest advances		(1	)		(130	)		(133	)		129			132			(131	)		(234	)		103
Total mortgage banking activities	$	5,723		$	4,360		$	2,316		$	1,363		$	3,407		$	10,083		$	9,716		$	367

Other Service Fees

	Quarters ended						Variance						Six months ended				Variance
(In thousands)	30-Jun-24		31-Mar-24		30-Jun-23		Q2 2024 vs.Q1 2024			Q2 2024 vs.Q2 2023			30-Jun-24		30-Jun-23		2024 vs. 2023
Other service fees:
Debit card fees	$	16,298	$	14,248	$	13,600	$	2,050		$	2,698		$	30,546	$	26,766	$	3,780
Insurance fees		13,368		14,689		14,625		(1,321	)		(1,257	)		28,057		28,498		(441	)
Credit card fees		41,626		40,853		42,644		773			(1,018	)		82,479		83,142		(663	)
Sale and administration of investment products		7,850		7,427		6,076		423			1,774			15,277		12,634		2,643
Trust fees		6,622		6,707		6,600		(85	)		22			13,329		12,375		954
Other fees		11,099		10,348		10,720		751			379			21,447		20,926		521
Total other service fees	$	96,863	$	94,272	$	94,265	$	2,591		$	2,598		$	191,135	$	184,341	$	6,794

20

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table H - Loans and Deposits

(Unaudited)

Loans - Ending Balances

							Variance
(In thousands)	30-Jun-24		31-Mar-24		30-Jun-23		Q2 2024 vs.Q1 2024			% of Change			Q2 2024 vs.Q2 2023			% of Change
Loans held-in-portfolio:
Commercial
Commercial multi-family	$	2,384,480	$	2,384,635	$	2,331,499	$	(155	)		(0.01	%)	$	52,981			2.27	%
Commercial real estate non-owner occupied		5,004,472		5,057,059		4,744,256		(52,587	)		(1.04	%)		260,216			5.48	%
Commercial real estate owner occupied		3,143,817		3,117,844		3,041,398		25,973			0.83	%		102,419			3.37	%
Commercial and industrial		7,195,357		7,025,483		6,251,147		169,874			2.42	%		944,210			15.10	%
Total Commercial		17,728,126		17,585,021		16,368,300		143,105			0.81	%		1,359,826			8.31	%
Construction		1,105,759		1,009,303		819,903		96,456			9.56	%		285,856			34.86	%
Leasing		1,828,048		1,765,413		1,661,523		62,635			3.55	%		166,525			10.02	%
Mortgage		7,883,726		7,783,662		7,449,078		100,064			1.29	%		434,648			5.83	%
Consumer
Credit cards		1,162,557		1,142,153		1,057,389		20,404			1.79	%		105,168			9.95	%
Home equity lines of credit		68,992		66,717		68,440		2,275			3.41	%		552			0.81	%
Personal		1,879,619		1,897,010		1,896,594		(17,391	)		(0.92	%)		(16,975	)		(0.90	%)
Auto		3,773,292		3,706,854		3,565,533		66,438			1.79	%		207,759			5.83	%
Other		161,501		162,605		144,162		(1,104	)		(0.68	%)		17,339			12.03	%
Total Consumer		7,045,961		6,975,339		6,732,118		70,622			1.01	%		313,843			4.66	%
Total loans held-in-portfolio	$	35,591,620	$	35,118,738	$	33,030,922	$	472,882			1.35	%	$	2,560,698			7.75	%
Loans held-for-sale:
Mortgage	$	8,225	$	5,352	$	9,509	$	2,873			53.68	%	$	(1,284	)		(13.50	%)
Credit cards		—		—		45,912		—			N.M.			(45,912	)		(100.00	%)
Total loans held-for-sale	$	8,225	$	5,352	$	55,421	$	2,873			53.68	%	$	(47,196	)		(85.16	%)
Total loans	$	35,599,845	$	35,124,090	$	33,086,343	$	475,755			1.35	%	$	2,513,502			7.60	%

N.M. - Not meaningful.

Deposits - Ending Balances

							Variance
(In thousands)	30-Jun-24		31-Mar-24		30-Jun-23		Q2 2024 vs. Q1 2024			% of Change			Q2 2024 vs.Q2 2023			% of Change
Demand deposits [1]	$	25,879,406	$	26,473,367	$	27,690,840	$	(593,961	)		(2.24	%)	$	(1,811,434	)		(6.54	%)
Savings, NOW and money market deposits (non-brokered)		29,724,473		27,852,551		27,539,343		1,871,922			6.72	%		2,185,130			7.93	%
Savings, NOW and money market deposits (brokered)		729,326		727,794		772,783		1,532			0.21	%		(43,457	)		(5.62	%)
Time deposits (non-brokered)		8,225,750		7,850,459		7,231,840		375,291			4.78	%		993,910			13.74	%
Time deposits (brokered CDs)		971,907		904,613		770,012		67,294			7.44	%		201,895			26.22	%
Total deposits	$	65,530,862	$	63,808,784	$	64,004,818	$	1,722,078			2.70	%	$	1,526,044			2.38	%

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

21

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table I - Loan Delinquency -BPPR Operations

(Unaudited)

30-Jun-24
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	$	233	$	—	$	443	$	676	$	304,235	$	304,911	$	443	$	—
Commercial real estate:
Non-owner occupied		1,713		—		7,484		9,197		2,970,430		2,979,627		7,484		—
Owner occupied		1,770		232		25,285		27,287		1,389,825		1,417,112		25,285		—
Commercial and industrial		5,387		2,097		26,560		34,044		4,968,740		5,002,784		22,958		3,602
Construction		5,479		—		—		5,479		178,460		183,939		—		—
Mortgage		287,468		105,266		373,306		766,040		5,824,480		6,590,520		163,790		209,516
Leasing		20,631		5,071		7,059		32,761		1,795,287		1,828,048		7,059		—
Consumer:
Credit cards		15,032		9,436		23,931		48,399		1,114,140		1,162,539		—		23,931
Home equity lines of credit		—		—		—		—		2,216		2,216		—		—
Personal		21,535		12,755		19,650		53,940		1,690,933		1,744,873		19,650		—
Auto		103,873		24,943		39,333		168,149		3,605,143		3,773,292		39,333		—
Other		976		258		1,207		2,441		151,092		153,533		885		322
Total	$	464,097	$	160,058	$	524,258	$	1,148,413	$	23,994,981	$	25,143,394	$	286,887	$	237,371
31-Mar-24
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	$	19,384	$	2,027	$	106	$	21,517	$	282,134	$	303,651	$	106	$	—
Commercial real estate:
Non-owner occupied		2,378		3,278		7,922		13,578		2,982,907		2,996,485		7,922		—
Owner occupied		6,628		432		26,124		33,184		1,392,908		1,426,092		26,124		—
Commercial and industrial		3,020		8,552		33,741		45,313		4,699,810		4,745,123		29,171		4,570
Construction		—		—		—		—		162,724		162,724		—		—
Mortgage		254,008		107,224		385,062		746,294		5,737,257		6,483,551		166,473		218,589
Leasing		19,936		4,752		7,267		31,955		1,733,458		1,765,413		7,267		—
Consumer:
Credit cards		13,034		9,528		23,858		46,420		1,095,716		1,142,136		—		23,858
Home equity lines of credit		—		226		7		233		2,336		2,569		—		7
Personal		19,822		12,169		19,092		51,083		1,695,410		1,746,493		19,092		—
Auto		82,957		18,420		41,807		143,184		3,563,670		3,706,854		41,807		—
Other		1,022		150		939		2,111		151,567		153,678		632		307
Total	$	422,189	$	166,758	$	545,925	$	1,134,872	$	23,499,897	$	24,634,769	$	298,594	$	247,331

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	$	(19,151	)	$	(2,027	)	$	337		$	(20,841	)	$	22,101		$	1,260		$	337		$	—
Commercial real estate:
Non-owner occupied		(665	)		(3,278	)		(438	)		(4,381	)		(12,477	)		(16,858	)		(438	)		—
Owner occupied		(4,858	)		(200	)		(839	)		(5,897	)		(3,083	)		(8,980	)		(839	)		—
Commercial and industrial		2,367			(6,455	)		(7,181	)		(11,269	)		268,930			257,661			(6,213	)		(968	)
Construction		5,479			—			—			5,479			15,736			21,215			—			—
Mortgage		33,460			(1,958	)		(11,756	)		19,746			87,223			106,969			(2,683	)		(9,073	)
Leasing		695			319			(208	)		806			61,829			62,635			(208	)		—
Consumer:
Credit cards		1,998			(92	)		73			1,979			18,424			20,403			—			73
Home equity lines of credit		—			(226	)		(7	)		(233	)		(120	)		(353	)		—			(7	)
Personal		1,713			586			558			2,857			(4,477	)		(1,620	)		558			—
Auto		20,916			6,523			(2,474	)		24,965			41,473			66,438			(2,474	)		—
Other		(46	)		108			268			330			(475	)		(145	)		253			15
Total	$	41,908		$	(6,700	)	$	(21,667	)	$	13,541		$	495,084		$	508,625		$	(11,707	)	$	(9,960	)

23

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

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

(Unaudited)

30-Jun-24
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	$	2,962	$	—	$	8,700	$	11,662	$	2,067,907	$	2,079,569	$	8,700	$	—
Commercial real estate:
Non-owner occupied		2,494		2,783		1,025		6,302		2,018,543		2,024,845		1,025		—
Owner occupied		—		17,095		22,256		39,351		1,687,354		1,726,705		22,256		—
Commercial and industrial		5,181		304		5,992		11,477		2,181,096		2,192,573		5,782		210
Construction		—		—		—		—		921,820		921,820		—		—
Mortgage		1,309		23,479		11,554		36,342		1,256,864		1,293,206		11,554		—
Consumer:
Credit cards		—		—		—		—		18		18		—		—
Home equity lines of credit		890		462		3,780		5,132		61,644		66,776		3,780		—
Personal		1,770		1,689		1,851		5,310		129,436		134,746		1,851		—
Other		1,204		—		—		1,204		6,764		7,968		—		—
Total	$	15,810	$	45,812	$	55,158	$	116,780	$	10,331,446	$	10,448,226	$	54,948	$	210
31-Mar-24
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	$	3,434	$	—	$	8,700	$	12,134	$	2,068,850	$	2,080,984	$	8,700	$	—
Commercial real estate:
Non-owner occupied		740		1,364		2,407		4,511		2,056,063		2,060,574		2,407		—
Owner occupied		6,107		19,009		3,877		28,993		1,662,759		1,691,752		3,877		—
Commercial and industrial		9,961		628		6,634		17,223		2,263,137		2,280,360		6,423		211
Construction		8,825		—		—		8,825		837,754		846,579		—		—
Mortgage		25,558		533		28,071		54,162		1,245,949		1,300,111		28,071		—
Consumer:
Credit cards		—		—		—		—		17		17		—		—
Home equity lines of credit		846		390		3,986		5,222		58,926		64,148		3,986		—
Personal		2,142		1,695		2,068		5,905		144,612		150,517		2,068		—
Other		—		—		1		1		8,926		8,927		1		—
Total	$	57,613	$	23,619	$	55,744	$	136,976	$	10,346,993	$	10,483,969	$	55,533	$	211

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	$	(472	)	$	—		$	—		$	(472	)	$	(943	)	$	(1,415	)	$	—		$	—
Commercial real estate:
Non-owner occupied		1,754			1,419			(1,382	)		1,791			(37,520	)		(35,729	)		(1,382	)		—
Owner occupied		(6,107	)		(1,914	)		18,379			10,358			24,595			34,953			18,379			—
Commercial and industrial		(4,780	)		(324	)		(642	)		(5,746	)		(82,041	)		(87,787	)		(641	)		(1	)
Construction		(8,825	)		—			—			(8,825	)		84,066			75,241			—			—
Mortgage		(24,249	)		22,946			(16,517	)		(17,820	)		10,915			(6,905	)		(16,517	)		—
Consumer:
Credit cards		—			—			—			—			1			1			—			—
Home equity lines of credit		44			72			(206	)		(90	)		2,718			2,628			(206	)		—
Personal		(372	)		(6	)		(217	)		(595	)		(15,176	)		(15,771	)		(217	)		—
Other		1,204			—			(1	)		1,203			(2,162	)		(959	)		(1	)		—
Total	$	(41,803	)	$	22,193		$	(586	)	$	(20,196	)	$	(15,547	)	$	(35,743	)	$	(585	)	$	(1	)

25

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table K - Loan Delinquency - Consolidated

(Unaudited)

30-Jun-24
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	$	3,195	$	—	$	9,143	$	12,338	$	2,372,142	$	2,384,480	$	9,143	$	—
Commercial real estate:
Non-owner occupied		4,207		2,783		8,509		15,499		4,988,973		5,004,472		8,509		—
Owner occupied		1,770		17,327		47,541		66,638		3,077,179		3,143,817		47,541		—
Commercial and industrial		10,568		2,401		32,552		45,521		7,149,836		7,195,357		28,740		3,812
Construction		5,479		—		—		5,479		1,100,280		1,105,759		—		—
Mortgage		288,777		128,745		384,860		802,382		7,081,344		7,883,726		175,344		209,516
Leasing		20,631		5,071		7,059		32,761		1,795,287		1,828,048		7,059		—
Consumer:
Credit cards		15,032		9,436		23,931		48,399		1,114,158		1,162,557		—		23,931
Home equity lines of credit		890		462		3,780		5,132		63,860		68,992		3,780		—
Personal		23,305		14,444		21,501		59,250		1,820,369		1,879,619		21,501		—
Auto		103,873		24,943		39,333		168,149		3,605,143		3,773,292		39,333		—
Other		2,180		258		1,207		3,645		157,856		161,501		885		322
Total	$	479,907	$	205,870	$	579,416	$	1,265,193	$	34,326,427	$	35,591,620	$	341,835	$	237,581
31-Mar-24
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	$	22,818	$	2,027	$	8,806	$	33,651	$	2,350,984	$	2,384,635	$	8,806	$	—
Commercial real estate:
Non-owner occupied		3,118		4,642		10,329		18,089		5,038,970		5,057,059		10,329		—
Owner occupied		12,735		19,441		30,001		62,177		3,055,667		3,117,844		30,001		—
Commercial and industrial		12,981		9,180		40,375		62,536		6,962,947		7,025,483		35,594		4,781
Construction		8,825		—		—		8,825		1,000,478		1,009,303		—		—
Mortgage		279,566		107,757		413,133		800,456		6,983,206		7,783,662		194,544		218,589
Leasing		19,936		4,752		7,267		31,955		1,733,458		1,765,413		7,267		—
Consumer:
Credit cards		13,034		9,528		23,858		46,420		1,095,733		1,142,153		—		23,858
Home equity lines of credit		846		616		3,993		5,455		61,262		66,717		3,986		7
Personal		21,964		13,864		21,160		56,988		1,840,022		1,897,010		21,160		—
Auto		82,957		18,420		41,807		143,184		3,563,670		3,706,854		41,807		—
Other		1,022		150		940		2,112		160,493		162,605		633		307
Total	$	479,802	$	190,377	$	601,669	$	1,271,848	$	33,846,890	$	35,118,738	$	354,127	$	247,542

26

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	$	(19,623	)	$	(2,027	)	$	337		$	(21,313	)	$	21,158		$	(155	)	$	337		$	—
Commercial real estate:
Non-owner occupied		1,089			(1,859	)		(1,820	)		(2,590	)		(49,997	)		(52,587	)		(1,820	)		—
Owner occupied		(10,965	)		(2,114	)		17,540			4,461			21,512			25,973			17,540			—
Commercial and industrial		(2,413	)		(6,779	)		(7,823	)		(17,015	)		186,889			169,874			(6,854	)		(969	)
Construction		(3,346	)		—			—			(3,346	)		99,802			96,456			—			—
Mortgage		9,211			20,988			(28,273	)		1,926			98,138			100,064			(19,200	)		(9,073	)
Leasing		695			319			(208	)		806			61,829			62,635			(208	)		—
Consumer:
Credit cards		1,998			(92	)		73			1,979			18,425			20,404			—			73
Home equity lines of credit		44			(154	)		(213	)		(323	)		2,598			2,275			(206	)		(7	)
Personal		1,341			580			341			2,262			(19,653	)		(17,391	)		341			—
Auto		20,916			6,523			(2,474	)		24,965			41,473			66,438			(2,474	)		—
Other		1,158			108			267			1,533			(2,637	)		(1,104	)		252			15
Total	$	105		$	15,493		$	(22,253	)	$	(6,655	)	$	479,537		$	472,882		$	(12,292	)	$	(9,961	)

27

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table L - Non-Performing Assets

(Unaudited)

																			Variance
(In thousands)	30-Jun-24			As a % of loans HIP by category			31-Mar-24			As a % of loans HIP by category			30-Jun-23			As a % of loans HIP by category			Q2 2024 vs. Q1 2024			Q2 2024 vs. Q2 2023
Non-accrual loans:
Commercial
Commercial multi-family	$	9,143			0.4	%	$	8,806			0.4	%	$	602			—	%	$	337		$	8,541
Commercial real estate non-owner occupied		8,509			0.2			10,329			0.2			23,061			0.5			(1,820	)		(14,552	)
Commercial real estate owner occupied		47,541			1.5			30,001			1.0			40,927			1.3			17,540			6,614
Commercial and industrial		28,740			0.4			35,594			0.5			35,736			0.6			(6,854	)		(6,996	)
Total Commercial		93,933			0.5			84,730			0.5			100,326			0.6			9,203			(6,393	)
Construction		—			—			—			—			9,284			1.1			—			(9,284	)
Leasing		7,059			0.4			7,267			0.4			4,743			0.3			(208	)		2,316
Mortgage		175,344			2.2			194,544			2.5			208,796			2.8			(19,200	)		(33,452	)
Consumer
Home equity lines of credit		3,780			5.5			3,986			6.0			4,252			6.2			(206	)		(472	)
Personal		21,501			1.1			21,160			1.1			20,164			1.1			341			1,337
Auto		39,333			1.0			41,807			1.1			36,204			1.0			(2,474	)		3,129
Other Consumer		885			0.5			633			0.4			1,735			1.2			252			(850	)
Total Consumer		65,499			0.9			67,586			1.0			62,355			0.9			(2,087	)		3,144
Total non-performing loans held-in-portfolio		341,835			1.0	%		354,127			1.0	%		385,504			1.2	%		(12,292	)		(43,669	)
Other real estate owned (“OREO”)		70,225						80,542						86,216						(10,317	)		(15,991	)
Total non-performing assets [1]	$	412,060					$	434,669					$	471,720					$	(22,609	)	$	(59,660	)
Accruing loans past due 90 days or more [2]	$	237,581					$	247,542					$	273,327					$	(9,961	)	$	(35,746	)
Ratios:
Non-performing assets to total assets		0.57	%					0.61	%					0.67	%
Non-performing loans held-in-portfolio to loans held-in-portfolio		0.96						1.01						1.17
Allowance for credit losses to loans held-in-portfolio		2.05						2.11						2.12
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		213.58						208.84						181.63

[1] There were no non-performing loans held-for-sale as of June 30, 2024, March 31, 2024 and June 30, 2023.

[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 $10 million at June 30, 2024, 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, 2024 - $10 million; June 30, 2023 - $7 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 $81 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of June 30, 2024 (March 31, 2024 - $93 million; June 30, 2023 - $133 million). Furthermore, the Corporation has approximately $34 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, 2024- $37 million; June 30, 2023 - $39 million).

28

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table M - Activity in Non-Performing Loans

(Unaudited)

Commercial loans held-in-portfolio:
	Quarter ended 30-Jun-24									Quarter ended 31-Mar-24
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	63,323		$	21,407		$	84,730		$	72,992		$	11,163		$	84,155
Plus:
New non-performing loans		4,031			21,940			25,971			4,343			15,039			19,382
Advances on existing non-performing loans		—			282			282			—			20			20
Less:
Non-performing loans transferred to OREO		(280	)		—			(280	)		—			—			—
Non-performing loans charged-off		(5,700	)		—			(5,700	)		(7,999	)		(950	)		(8,949	)
Loans returned to accrual status / loan collections		(5,204	)		(5,866	)		(11,070	)		(6,013	)		(3,865	)		(9,878	)
Ending balance NPLs	$	56,170		$	37,763		$	93,933		$	63,323		$	21,407		$	84,730
Construction loans held-in-portfolio:
	Quarter ended 30-Jun-24									Quarter ended 31-Mar-24
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	—		$	—		$	—		$	6,378		$	—		$	6,378
Less:
Loans returned to accrual status / loan collections		—			—			—			(6,378	)		—			(6,378	)
Ending balance NPLs	$	—		$	—		$	—		$	—		$	—		$	—
Mortgage loans held-in-portfolio:
	Quarter ended 30-Jun-24									Quarter ended 31-Mar-24
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	166,473		$	28,071		$	194,544		$	175,106		$	11,191		$	186,297
Plus:
New non-performing loans		37,009			3,967			40,976			29,160			20,334			49,494
Advances on existing non-performing loans		—			16			16			—			2			2
Less:
Non-performing loans transferred to OREO		(4,260	)		(24	)		(4,284	)		(4,109	)		—			(4,109	)
Non-performing loans charged-off		110			(18	)		92			(310	)		—			(310	)
Loans returned to accrual status / loan collections		(35,542	)		(20,458	)		(56,000	)		(33,374	)		(3,456	)		(36,830	)
Ending balance NPLs	$	163,790		$	11,554		$	175,344		$	166,473		$	28,071		$	194,544

29

Total non-performing loans held-in-portfolio (excluding consumer):
	Quarter ended 30-Jun-24									Quarter ended 31-Mar-24
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	229,796		$	49,478		$	279,274		$	254,476		$	22,354		$	276,830
Plus:
New non-performing loans		41,040			25,907			66,947			33,503			35,373			68,876
Advances on existing non-performing loans		—			298			298			—			22			22
Less:
Non-performing loans transferred to OREO		(4,540	)		(24	)		(4,564	)		(4,109	)		—			(4,109	)
Non-performing loans charged-off		(5,590	)		(18	)		(5,608	)		(8,309	)		(950	)		(9,259	)
Loans returned to accrual status / loan collections		(40,746	)		(26,324	)		(67,070	)		(45,765	)		(7,321	)		(53,086	)
Ending balance NPLs	$	219,960		$	49,317		$	269,277		$	229,796		$	49,478		$	279,274

30

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

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

(Unaudited)

	Quarters ended
(In thousands)	30-Jun-24			31-Mar-24			30-Jun-23
Balance at beginning of period - loans held-in-portfolio	$	739,544		$	729,341		$	689,120
Provision for credit losses		44,157			72,386			35,661
Initial allowance for credit losses - PCD Loans		6			17			10
		783,707			801,744			724,791
Net loans charge-off (recovered)- BPPR
Commercial:
Commercial multi-family		—			(1	)		(1	)
Commercial real estate non-owner occupied		(44	)		(325	)		430
Commercial real estate owner occupied		(1,134	)		2,247			(329	)
Commercial and industrial		6,021			5,109			(1,431	)
Total Commercial		4,843			7,030			(1,331	)
Leasing		2,700			3,685			1,593
Mortgage		(3,749	)		(4,426	)		(3,384	)
Consumer:
Credit cards		13,712			13,958			6,502
Home equity lines of credit		41			104			(25	)
Personal		20,975			21,940			12,641
Auto		10,257			13,846			2,491
Other Consumer		529			424			200
Total Consumer		45,514			50,272			21,809
Total net charged-off BPPR	$	49,308		$	56,561		$	18,687
Net loans charge-off (recovered) - Popular U.S.
Commercial:
Commercial multi-family		(4	)		440			(1	)
Commercial real estate non-owner occupied		(42	)		(64	)		(66	)
Commercial real estate owner occupied		(59	)		(24	)		156
Commercial and industrial		988			408			1,734
Total Commercial		883			760			1,823
Construction		(100	)		—			—
Mortgage		(17	)		(25	)		(109	)
Consumer:
Home equity lines of credit		(383	)		(148	)		(166	)
Personal		3,941			5,027			3,708
Other Consumer		(2	)		25			47
Total Consumer		3,556			4,904			3,589
Total net charged-off Popular U.S.	$	4,322		$	5,639		$	5,303
Total loans charged-off - Popular, Inc.	$	53,630		$	62,200		$	23,990
Net write- downs [1]	$	—		$	—		$	601
Balance at end of period - loans held-in-portfolio	$	730,077		$	739,544		$	700,200
Balance at beginning of period - unfunded commitments	$	16,767		$	17,006		$	9,415
Provision for credit losses (benefit)		2,118			(239	)		2,178
Balance at end of period - unfunded commitments [2]	$	18,885		$	16,767		$	11,593
POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.61	%		0.71	%		0.29	%
Provision for credit losses - loan portfolios to net charge-offs		82.34	%		116.38	%		148.65	%
BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.79	%		0.92	%		0.33	%

31

Provision for credit losses (benefit) - loan portfolios to net charge-offs	98.53	%		107.86	%	151.86	%
Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.16	%		0.21	%	0.22	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	(102.45	)	%	201.77	%	137.32	%

[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 2024 Earnings Release

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

(Unaudited)

	30-Jun-24
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	11,180	$	2,384,480		0.47	%
Commercial real estate - non-owner occupied		64,235		5,004,472		1.28	%
Commercial real estate - owner occupied		58,190		3,143,817		1.85	%
Commercial and industrial		126,482		7,195,357		1.76	%
Total commercial	$	260,087	$	17,728,126		1.47	%
Construction		12,889		1,105,759		1.17	%
Mortgage		83,289		7,883,726		1.06	%
Leasing		14,385		1,828,048		0.79	%
Consumer:
Credit cards		86,313		1,162,557		7.42	%
Home equity lines of credit		1,726		68,992		2.50	%
Personal		107,448		1,879,619		5.72	%
Auto		157,449		3,773,292		4.17	%
Other consumer		6,491		161,501		4.02	%
Total consumer	$	359,427	$	7,045,961		5.10	%
Total	$	730,077	$	35,591,620		2.05	%
	31-Mar-24
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	12,743	$	2,384,635		0.53	%
Commercial real estate - non-owner occupied		65,624		5,057,059		1.30	%
Commercial real estate - owner occupied		63,807		3,117,844		2.05	%
Commercial and industrial		120,418		7,025,483		1.71	%
Total commercial	$	262,592	$	17,585,021		1.49	%
Construction		11,139		1,009,303		1.10	%
Mortgage		86,438		7,783,662		1.11	%
Leasing		8,991		1,765,413		0.51	%
Consumer:
Credit cards		88,169		1,142,153		7.72	%
Home equity lines of credit		1,872		66,717		2.81	%
Personal		116,077		1,897,010		6.12	%
Auto		157,456		3,706,854		4.25	%
Other consumer		6,810		162,605		4.19	%
Total consumer	$	370,384	$	6,975,339		5.31	%
Total	$	739,544	$	35,118,738		2.11	%

33

	Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	(1,563	)	$	(155	)		(0.06	)%
Commercial real estate - non-owner occupied		(1,389	)		(52,587	)		(0.02	)%
Commercial real estate - owner occupied		(5,617	)		25,973			(0.20	)%
Commercial and industrial		6,064			169,874			0.05	%
Total commercial	$	(2,505	)	$	143,105			(0.02	)%
Construction		1,750			96,456			0.07	%
Mortgage		(3,149	)		100,064			(0.05	)%
Leasing		5,394			62,635			0.28	%
Consumer:
Credit cards		(1,856	)		20,404			(0.30	)%
Home equity lines of credit		(146	)		2,275			(0.31	)%
Personal		(8,629	)		(17,391	)		(0.40	)%
Auto		(7	)		66,438			(0.08	)%
Other consumer		(319	)		(1,104	)		(0.17	)%
Total consumer	$	(10,957	)	$	70,622			(0.21	)%
Total	$	(9,467	)	$	472,882			(0.06	)%

34

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

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

(Unaudited)

	30-Jun-24
	BPPR
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	3,303	$	304,911		1.08	%
Commercial real estate - non-owner occupied		53,386		2,979,627		1.79	%
Commercial real estate - owner occupied		39,375		1,417,112		2.78	%
Commercial and industrial		111,263		5,002,784		2.22	%
Total commercial	$	207,327	$	9,704,434		2.14	%
Construction		3,638		183,939		1.98	%
Mortgage		73,900		6,590,520		1.12	%
Leasing		14,385		1,828,048		0.79	%
Consumer:
Credit cards		86,313		1,162,539		7.42	%
Home equity lines of credit		83		2,216		3.75	%
Personal		94,021		1,744,873		5.39	%
Auto		157,449		3,773,292		4.17	%
Other consumer		6,489		153,533		4.23	%
Total consumer	$	344,355	$	6,836,453		5.04	%
Total	$	643,605	$	25,143,394		2.56	%
	31-Mar-24
	BPPR
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	3,567	$	303,651		1.17	%
Commercial real estate - non-owner occupied		53,666		2,996,485		1.79	%
Commercial real estate - owner occupied		43,537		1,426,092		3.05	%
Commercial and industrial		102,844		4,745,123		2.17	%
Total commercial	$	203,614	$	9,471,351		2.15	%
Construction		3,114		162,724		1.91	%
Mortgage		76,564		6,483,551		1.18	%
Leasing		8,991		1,765,413		0.51	%
Consumer:
Credit cards		88,169		1,142,136		7.72	%
Home equity lines of credit		102		2,569		3.97	%
Personal		99,504		1,746,493		5.70	%
Auto		157,456		3,706,854		4.25	%
Other consumer		6,808		153,678		4.43	%
Total consumer	$	352,039	$	6,751,730		5.21	%
Total	$	644,322	$	24,634,769		2.62	%

35

	Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	(264	)	$	1,260			(0.09	)%
Commercial real estate - non-owner occupied		(280	)		(16,858	)		—	%
Commercial real estate - owner occupied		(4,162	)		(8,980	)		(0.27	)%
Commercial and industrial		8,419			257,661			0.05	%
Total commercial	$	3,713		$	233,083			(0.01	)%
Construction		524			21,215			0.07	%
Mortgage		(2,664	)		106,969			(0.06	)%
Leasing		5,394			62,635			0.28	%
Consumer:
Credit cards		(1,856	)		20,403			(0.30	)%
Home equity lines of credit		(19	)		(353	)		(0.22	)%
Personal		(5,483	)		(1,620	)		(0.31	)%
Auto		(7	)		66,438			(0.08	)%
Other consumer		(319	)		(145	)		(0.20	)%
Total consumer	$	(7,684	)	$	84,723			(0.17	)%
Total	$	(717	)	$	508,625			(0.06	)%

36

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

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

(Unaudited)

	30-Jun-24
	Popular U.S.
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	7,877	$	2,079,569		0.38	%
Commercial real estate - non-owner occupied		10,849		2,024,845		0.54	%
Commercial real estate - owner occupied		18,815		1,726,705		1.09	%
Commercial and industrial		15,219		2,192,573		0.69	%
Total commercial	$	52,760	$	8,023,692		0.66	%
Construction		9,251		921,820		1.00	%
Mortgage		9,389		1,293,206		0.73	%
Consumer:
Credit cards		—		18		—	%
Home equity lines of credit		1,643		66,776		2.46	%
Personal		13,427		134,746		9.96	%
Other consumer		2		7,968		0.03	%
Total consumer	$	15,072	$	209,508		7.19	%
Total	$	86,472	$	10,448,226		0.83	%
	31-Mar-24
	Popular U.S.
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	9,176	$	2,080,984		0.44	%
Commercial real estate - non-owner occupied		11,958		2,060,574		0.58	%
Commercial real estate - owner occupied		20,270		1,691,752		1.20	%
Commercial and industrial		17,574		2,280,360		0.77	%
Total commercial	$	58,978	$	8,113,670		0.73	%
Construction		8,025		846,579		0.95	%
Mortgage		9,874		1,300,111		0.76	%
Consumer:
Credit cards		—		17		—	%
Home equity lines of credit		1,770		64,148		2.76	%
Personal		16,573		150,517		11.01	%
Other consumer		2		8,927		0.02	%
Total consumer	$	18,345	$	223,609		8.20	%
Total	$	95,222	$	10,483,969		0.91	%

37

	Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	(1,299	)	$	(1,415	)		(0.06	)%
Commercial real estate - non-owner occupied		(1,109	)		(35,729	)		(0.04	)%
Commercial real estate - owner occupied		(1,455	)		34,953			(0.11	)%
Commercial and industrial		(2,355	)		(87,787	)		(0.08	)%
Total commercial	$	(6,218	)	$	(89,978	)		(0.07	)%
Construction		1,226			75,241			0.05	%
Mortgage		(485	)		(6,905	)		(0.03	)%
Consumer:
Credit cards		—			1			—	%
Home equity lines of credit		(127	)		2,628			(0.30	)%
Personal		(3,146	)		(15,771	)		(1.05	)%
Other consumer		—			(959	)		0.01	%
Total consumer	$	(3,273	)	$	(14,101	)		(1.01	)%
Total	$	(8,750	)	$	(35,743	)		(0.08	)%

38

Popular, Inc.

Financial Supplement to Second Quarter 2024 Earnings Release

Table R - Reconciliation to GAAP Financial Measures

(Unaudited)

(In thousands, except share or per share information)	30-Jun-24			31-Mar-24			30-Jun-23
Total stockholders’ equity	$	5,372,678		$	5,177,314		$	4,565,009
Less: Preferred stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(804,428	)		(804,428	)		(827,428	)
Less: Other intangibles		(8,235	)		(8,969	)		(11,354	)
Total tangible common equity	$	4,537,872		$	4,341,774		$	3,704,084
Total assets	$	72,845,072		$	70,936,939		$	70,838,266
Less: Goodwill		(804,428	)		(804,428	)		(827,428	)
Less: Other intangibles		(8,235	)		(8,969	)		(11,354	)
Total tangible assets	$	72,032,409		$	70,123,542		$	69,999,484
Tangible common equity to tangible assets		6.30	%		6.19	%		5.29	%
Common shares outstanding at end of period		72,365,926			72,284,875			72,103,969
Tangible book value per common share	$	62.71		$	60.06		$	51.37
	Quarterly average
Total stockholders’ equity [1]	$	6,303,672		$	6,198,740		$	5,783,912
Average unrealized (gains) losses on AFS securities transferred to HTM		595,362			639,226			769,576
Adjusted total stockholder’s equity		6,899,034			6,837,966			6,553,488
Less: Preferred Stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(804,427	)		(804,427	)		(827,427	)
Less: Other intangibles		(8,706	)		(9,490	)		(11,875	)
Total tangible equity	$	6,063,758		$	6,001,906		$	5,692,043
Return on average tangible common equity		11.77	%		6.90	%		10.63	%

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.

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 2024 Exhibit 99.2

Cautionary Note Regarding Forward-Looking Statements This presentation 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 and future plans, objectives, performance, earnings and expenses. 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, 2023, our Form 10-Q for the quarter ended March 31, 2024 and the Form 10-Q for the quarter ended June 30, 2024, 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.

Q2 2024 Highlights See Slide 13 for footnotes Differences due to rounding 3 Net income of $178 million, an increase of $43 million compared to adjusted net income of $135 million in Q1 Net interest income increased $18 million to $568 million Continued NIM expansion; increased 6 bps to 3.22% Credit quality stable with improved metrics: NPLs decreased $12 million to $342 million and NPL ratio at 0.96%, down 5 bps NCO ratio decreased 10 bps to 0.61% Loans increased $473 million, driven by BPPR Deposits increased $1.7 billion, mainly in BPPR Common Equity Tier 1 capital ratio increased 12 bps to 16.48% Tangible book value per share increased $2.65 to $62.71 On July 24, 2024, we announced the following capital actions: common stock repurchase authorization of $500 million; and an increase in the Corporation’s quarterly common stock dividend from $0.62 per share to $0.70 per share, commencing with the dividend payable in the first quarter of 2025, subject to approval of the Corporation’s Board of Directors

Business Highlights Differences due to rounding Loans decreased $36 million QoQ: Construction loans increased $75 million Commercial loans decreased $90 million Consumer loans decreased $14 million Mortgage loans decreased $7 million Total deposits increased $588 million driven by time deposits NIM increased 1 bp to 2.60% Total deposit costs increased 3 bps to 3.43% driven by higher proportion of time deposits Loans increased $509 million QoQ: Commercial and construction loans increased $254 million Auto loans and leases increased $129 million Mortgage loans increased $107 million Credit card balances increased $20 million Personal loans decreased $2 million Total deposits increased $1.1 billion driven by P.R. government deposits NIM increased 7 bps to 3.40% driven by the repricing of the investment portfolio and higher loan volume Total deposit costs increased 2 bps to 1.83% driven by P.R. government deposits ($ in millions) Q2 2024 Q1 2024 Change Q2 2023 ($ in millions) Q2 2024 Q1 2024 Change Q2 2023 Loans Held in Portfolio 25,111 $ 24,602 $ 509 $ 23,087 $ Loans Held in Portfolio 10,448 $ 10,484 $ (36) $ 9,911 $ P.R. Government Deposits 19,722 18,020 1,702 18,464 Total Deposits 11,861 11,273 588 10,018 Total Deposits 54,548 53,404 1,144 55,077 Borrowings 327 331 (4) 428 Borrowings 127 109 18 108 Net Interest Margin 2.60% 2.59% 0.01% 3.01% Net Interest Margin 3.40% 3.33% 0.07% 3.21% Total Deposit Cost 3.43% 3.40% 0.03% 2.55% Total Deposit Cost 1.83% 1.81% 0.02% 1.44% Highlights: Highlights: BPPR Popular U.S.

Financial Summary Unaudited ($ in thousands, except EPS) Q2 2024 Q1 2024 Variance Net interest income 568,312 $ 550,744 $ 17,568 $ Provision for credit losses 46,794 72,598 (25,804) Net interest income after provision for credit losses 521,518 $ 478,146 $ 43,372 $ Service charges on deposits 37,526 37,442 84 Other service fees 96,863 94,272 2,591 Mortgage banking activities 5,723 4,360 1,363 Other non-interest income 26,194 27,744 (1,550) Total non-interest income 166,306 $ 163,818 $ 2,488 $ Personnel costs 197,424 215,377 (17,953) Net occupancy expenses 27,692 28,041 (349) Equipment expenses 9,662 9,567 95 Professional fees 37,744 28,918 8,826 Technology and software expenses 79,752 79,462 290 Processing and transactional services 39,096 34,194 4,902 Business promotion 25,449 20,989 4,460 FDIC deposit insurance 10,581 23,887 (13,306) Other real estate owned (OREO) income (5,750) (5,321) (429) Other operating expenses 47,926 47,999 (73) Total operating expenses 469,576 $ 483,113 $ (13,537) $ Income before income tax 218,248 158,851 59,397 Income tax expense 40,459 55,568 (15,109) Net income 177,789 $ 103,283 $ 74,506 $ EPS 2.47 $ 1.43 $ 1.04 $ ROTCE 11.77% 6.90% 4.87%

Net Interest Margin Dynamics Net interest margin up 6 bps to 3.22% FTE2 net interest margin of 3.48%, an increase of 10 bps Money market and investment securities represent 49% of earning assets Money market and investment securities FTE yield up 24 bps to 3.47% FTE loan yield increased 4 bps to 7.52% Total deposit costs increased 3 bps to 2.10% Money Market and Investment Securities ($ in billions)1 6 See footnotes on slide 13 51% 48% 48% 48% 49% Loan Yields, Deposit Cost and NIM (FTE) Total Loans and Deposits ($ in billions)1 52% 54% 55% 55% 54% Highlights:

On July 24, 2024, we announced the following capital actions: common stock repurchase authorization of $500 million; and an increase in the Corporation’s quarterly common stock dividend from $0.62 per share to $0.70 per share, commencing with the dividend payable in the first quarter of 2025, subject to approval of the Corporation’s Board of Directors Leverage ratio increased 8 bps to 8.53%; ratio impacted by a high proportion of zero-risk weighted assets on the balance sheet, which represented 40% of total assets Common Equity Tier 1 of 16.48%, up 12 bps TCE ratio1 at 6.30% compared to 6.19% in Q1 2024; Tangible book value per share at $62.71 compared to $60.06 in Q1 2024 Return on average tangible common equity of 11.77% Note: Current period ratios are estimated See footnotes on slide 13 Highlights: Capital

NPAs and NPLs decreased $23 million and $12 million, respectively: NPL inflows decreased $2 million BPPR NPLs at $287 million, or 1.1% of loans, down $12 million Popular U.S. NPLs at $55 million, or 0.5% of loans, flat from the prior quarter OREO assets decreased $10 million, driven by the sale of a commercial property in BPPR Non-Performing Assets Differences due to rounding ($ in millions) ($ in millions) ($ in millions) Q2 2024 vs Q1 2024

NCO ratio down 10 bps at 0.61% NCOs down $9 million to $54 million BPPR NCOs down $7 million to $49 million: Consumer down $5 million Commercial down $2 million Popular U.S. NCOs down $1 million to $4 million ACL at $730 million, down $9 million ACL-to-Loans ratio at 2.05% vs. 2.11% ACL-to-NPLs at 214% vs. 209% NCOs and Allowance for Credit Losses Differences due to rounding Q2 2024 vs Q1 2024

Allowance for Credit Losses – Q2 2024 Movement ACL Movement: Moody's updated the formulas for certain P.R. economic variables, resulting in: Unemployment forecast now more optimistic driven by recent performance GDP forecast more conservative in the short term but more optimistic in the long run Economic scenario variance in the ACL mainly driven by changes in the P.R. unemployment rate, P.R. income variables and the P.R. home price index Consumer portfolio changes reflect the impact of recent loss history Economic Scenarios: Baseline scenario is assigned the highest probability, followed by the S3 (pessimistic) scenario 2024 annualized GDP growth (baseline): P.R.: decreased to 0.6% from 2.0% U.S.: remained consistent with previous forecast at 2.5% 2024 forecasted average unemployment rate (baseline): P.R.: improved to 5.8% from 6.5% U.S.: increased slightly to 4.0% from 3.9%

Driving Value 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 omnichannel experience Diversified fee income 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 11 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 Capital Actions: On July 24, 2024, we announced the following capital actions: common stock repurchase authorization of $500 million; and an increase in the Corporation’s quarterly common stock dividend from $0.62 per share to $0.70 per share, commencing with the dividend payable in the first quarter of 2025, subject to approval of the Corporation’s Board of Directors Corporate Sustainability: In June, we released our 2023 annual corporate sustainability report We continue to focus on providing opportunity for progress, protecting the environment, and promoting trust

2024 Guidance

Footnotes Slide 3: (1) Refer to Non-GAAP Reconciliation in slide 16 on the Appendix section FTE stands for fully taxable-equivalent basis; 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. Slide 6: Balances are as of end of period 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 Slide 7: (1) TCE ratio is defined as the ratio of tangible common equity to tangible assets

Investor Presentation Second Quarter 2024 Appendix

Corporate Structure Earnings Summary Corporate Structure Franchise Earnings Assets = $59 billion Assets = $14 billion Puerto Rico Operations Selected equity investments: Banco BHD León under Corporate segment Dominican Republic bank 15.84% stake 2023 net income of $227 million Industry Financial Services Headquarters San Juan, Puerto Rico Assets $73 billion (among top 50 BHCs in the U.S.) Loans $36 billion Deposits $66 billion Banking branches 153 in Puerto Rico, 40 in the U.S. (28 in New York and New Jersey and 12 in Florida) and 9 in the U.S. and British Virgin Islands NASDAQ ticker symbol BPOP Market Cap $6.4 billion Assets = $73 billion United States Operations Information as of June 30, 2024 ¹ Doing business as Popular

Non-GAAP Reconciliation The following table presents the reconciliation of the net income to the Adjusted net income (Non-GAAP) for the quarter ended March 31, 2024. There were no adjustments to net income for the quarter ended June 30, 2024.

Q2 2024 vs. Q1 2024 Business Segments Differences due to rounding

Deposit Mix and Historical Betas Total deposit cumulative beta of 39% at period end; total deposit beta at BPPR and PB of 35% and 57%, respectively Excluding public sector, BPPR’s cumulative beta at 7% PB cumulative betas higher due to market environment and deposit mix High beta public sector deposits account for 30% of total deposits. P.R. public sector deposit betas are 100% with a quarter lag

Investment Portfolio 2 The Book value includes $570 million of net unrealized loss in AOCI related to the securities transferred from available-for-sale securities portfolio to the held-to-maturity with an unrealized loss of $873 million at the time of transfer, 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 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 1 Highlights: Conservative investment portfolio, with the majority invested in short to intermediate U.S. Treasuries, which are tax exempt for P.R. corporations Investment portfolio duration 2.3 years, including cash, 1.8 years Unrealized loss in the AFS portfolio decreased by $23 million Market value of the HTM portfolio stood at $7.8 billion, $140 million lower than the book value

P.R. Public Sector Exposure The Corporation does not own any loans issued by the P.R. central government or its public corporations. As of June 30, 2024, our direct exposure to P.R. municipalities was $376 million, up by $13 million QoQ 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 Municipalities Indirect Exposure Differences due to rounding Activity Since June 30, 2024 On July 1, 2024, we received $40 million in principal payments

Non-Owner Occupied CRE Portfolio Non-Owner Occupied CRE ($ in millions) Differences due to rounding Highlights: Non-Owner Occupied CRE (CRE NOO) mainly in retail, hotels and office space Office exposure limited to 1.8% of total loan portfolio and 13% of CRE NOO; Office space mainly in mid-rise properties with diversified tenants across both regions; Average loan size at $2.0 million Favorable credit risk profile with low level of NCOs, NPLs, criticized and classified loans Non-performing loans down $2 million to $8.5 million, or 0.2% of loans Allowance for credit losses to loans held-in-portfolio at 1.28% ACL to NPLs 755%

Multifamily Loans Portfolio Multifamily Loans ($ in millions) Multifamily Loans Balance by state Differences due to rounding Highlights: 87% of the portfolio concentrated in Popular U.S. Strong credit risk profile with low levels of delinquency, criticized and classified loans: 30-89 DPD/Loans at 0.13% Classified loans at 1.12% NCO ratio 0.0% Allowance for credit losses (“ACL”) to loans held-in-portfolio at 0.47% New York portfolio: $1.4 billion or 4.1% of our total loan portfolio Underwritten based on current rental income at origination No exposure to rent controlled buildings Rent stabilized units represent less than 40% of the total units in the loan portfolio with the majority originated after 2019 In 2024, approximately $191 million is expected to reprice, of which only $16 million are for buildings where more than 50% of the units are rent stabilized

Auto Portfolio NCOs and NCO-to-Loan Ratio ($ in millions) FICO Mix of Originations (% of Approved Amount) Delinquency ($ in millions) Differences due to rounding Auto balances increased during the pandemic; growth has moderated during recent quarters Delinquency and NCOs gradually increased during 2023 but remain below pre-pandemic Improvements have been observed since Q4 2023 FICO mix of originations have remained robust, with weighted-average FICO scores of approximately 737 YTD originations were approximately 68%/32% split between new/used auto loans Highlights:

Differences due to rounding Auto 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 gradually increased during 2023, but improvements have been observed since Q4 2023 NCOs decreased when compared to the prior quarter, standing at levels comparable to the pre-pandemic period FICO mix of originations have remained robust, with weighted-average FICO scores of approximately 744 Highlights:

Differences due to rounding Credit Cards Portfolio NCOs and NCO-to-Loan Ratio ($ in millions) Delinquency ($ in millions) FICO Mix of Originations (% of Approved Amount) Improvements in credit quality of originations Balances have been gradually increasing due to higher originations and increased usage post pandemic Delinquency and NCOs have been gradually increasing, surpassing Q4 2019 level, but showing signs of stabilization FICO mix of originations have remained robust, with weighted-average FICO scores of approximately 768 Highlights:

Differences due to rounding P.R. Personal Loans Portfolio NCOs and NCO-to-Loan Ratio ($ in millions) FICO Mix of Originations (% of Approved Amount) Delinquency ($ in millions) Improvements in credit quality of originations Portfolio balances showed a slight decrease QoQ Delinquency trends show gradual increase, but remain below pre-pandemic performance NCO rate trending up, surpassing Q4 2019 level, but showing signs of stabilization FICO mix of originations robust, with weighted-average FICO scores of 749 in recent vintages, approximating pre-pandemic levels Highlights:

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 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 March S&P lowers outlook to Stable

Investor Presentation Second Quarter 2024

EX-99.3

Exhibit 99.3

Popular Announces Capital Actions

SAN JUAN, Puerto Rico – (BUSINESS WIRE) – July 24, 2024 – Popular, Inc. (the “Corporation”) (NASDAQ: BPOP) announced today the following capital actions:

• common stock repurchases of up to $500 million; and

• an increase in the Corporation’s quarterly common stock dividend from $0.62 to $0.70 per share, commencing with the dividend payable in the first quarter of 2025, subject to the approval by the Corporation’s Board of Directors.

The Corporation’s planned common stock repurchases may be executed in open market transactions, privately negotiated transactions, block trades or any other manner determined by the Corporation. The timing, quantity and price of such repurchases will be subject to various factors, including market conditions, the Corporation’s capital position and financial performance, the capital impact of strategic initiatives and regulatory and tax considerations. The common stock repurchase program does not require the Corporation to acquire a specific dollar amount or number of shares and may be modified, suspended or terminated at any time without prior notice.

“The announced capital actions reflect the strength of our capital position, which allows us to continue to serve the needs of our customers, while prudently increasing our dividend and returning capital to our shareholders,” said Ignacio Alvarez, Chief Executive Officer of the Corporation.

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.

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 about the Corporation’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 (including on our cost of deposits), our ability to attract deposits and grow our loan portfolio, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings, new regulatory requirements or accounting standards on the Corporation’s financial condition and results of operations, the occurrence of unforeseen or catastrophic events, including extreme weather events, pandemics, man-made disasters or acts of violence or war, as well as actions taken by governmental authorities in response thereto, and the direct and indirect impact of such events 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 additional or special FDIC 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 Annual Report on Form 10-K for the year ended December 31, 2023 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. 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.

Contacts

Popular, Inc.

Investor Relations:

Paul J. Cardillo, 212-417-6721

Senior Vice President and Investor Relations Officer

pcardillo@popular.com

or

Media Relations:

María Cristina González Noguera, 917-804-5253

Executive Vice President and Chief Communications & Public Affairs Officer

mc.gonzalez@popular.com

Financial (English): P-EN-FIN

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