Form 8-K - Current report

BPOPO Popular Inc (PK)

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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): January 28, 2025

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 January 28, 2025, Popular, Inc. (the “Corporation”) issued a press release announcing its unaudited financial results for the quarter ended December 31, 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 December 31, 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 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 January 28, 2025 – Fourth Quarter 2024 Financial Results.

99.2		Popular, Inc. Conference Call Presentation – Fourth Quarter 2024 Financial Results.

101		Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).

104		Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

SIGNATURE

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

Exhibit 99.1

Popular, Inc. Announces Fourth Quarter 2024 Financial Results

•

Net income of $177.8 million in Q4 2024, compared to net income of $155.3 million in Q3 2024.

•

Net income of $614.2 million for the year 2024, compared to net income of $541.3 million for the year 2023. Excluding expenses incurred in connection with the FDIC Special Assessment and prior period tax withholdings, the adjusted net income for 2024 was $646.1 million, compared to $586.6 million in 2023, which also excluded FDIC Special Assessment expenses.

•

Net interest income of $590.8 million in Q4 2024, an increase of $18.3 million when compared to Q3 2024.

•

Net interest margin of 3.35% in Q4 2024, compared to 3.24% in Q3 2024; net interest margin on a taxable equivalent basis of 3.62% in Q4 2024, compared to 3.47% in Q3 2024.

•

Non-interest income of $164.7 million in Q4 2024, compared to $164.1 million in Q3 2024.

•

Operating expenses amounted to $467.6 million in Q4 2024, flat when compared to Q3 2024.

•

Credit quality metrics remained stable:

•

Non-performing loans held-in-portfolio (“NPLs”) decreased by $10.6 million from Q3 2024; NPLs to loans ratio decreased five basis points to 0.95%;

•

Net charge-offs (“NCOs”) increased by $8.9 million from Q3 2024; annualized NCOs to average loans held-in-portfolio (“NCO Ratio”) at 0.74% vs. 0.65% in Q3 2024. For the year 2024, the NCO Ratio was 0.68% vs. 0.44% in 2023;

•

Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.01% vs. 2.06% in Q3 2024; and

•

ACL to NPLs at 212.7% vs. 206.0% in Q3 2024.

•

Money market and investment securities increased by $814.8 million from Q3 2024; average quarterly balances decreased by $1.0 billion.

•

Loans in the portfolio, excluding loans held-for-sale, amounted to $37.1 billion, up $912.7 million from Q3 2024; average quarterly loan balances higher by $781.0 million.

•

Deposit balances amounted to $64.9 billion, an increase of $1.2 billion from Q3 2024; average quarterly deposit balances lower by $295.0 million.

•

Capital actions during 2024 included the repurchase of 2,256,420 shares of common stock for $217.3 million, at an average price of $96.32 per share, under a common stock repurchase authorization of up to $500 million announced in Q3 2024, as well as an increase in the Corporation’s quarterly common stock dividend from $0.62 to $0.70 per share, commencing with the dividend declared in the fourth quarter of 2024.

•

Common Equity Tier 1 ratio of 16.03%, Common Equity per share of $79.71 and Tangible Book Value per share of $68.16 at December 31, 2024, a decrease of $0.88 per share from Q3 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 December 31, 2024, compared to net income of $155.3 million for the quarter ended September 30, 2024.

Ignacio Alvarez, Chief Executive Officer, said: “Our financial results for the fourth quarter were solid, with net income of $178 million. We achieved strong loan growth and continued to increase our net interest income and net interest margin.

We closed the year on a strong footing, continuing our positive earnings trajectory with a 10% increase in our adjusted net income.

Our strong capital and liquidity position allowed us to recommence share buybacks and increase our dividend during 2024.

We are also pleased by the acceleration in the pace of our Transformation, which is already generating tangible results. We are making meaningful progress in the modernization of our customer channels and enhancement of our customers’ experience.

I am thankful for our employees’ hard work and dedication throughout the year and optimistic about our prospects for 2025 as we continue to leverage the improved performance of the Puerto Rico economy and the strength of our franchise.”

Earnings Highlights


(Unaudited)	Quarters ended						Years ended
(Dollars in thousands, except per share information)	31-Dec-24		30-Sep-24		31-Dec-23		31-Dec-24		31-Dec-23
Net interest income	$	590,759	$	572,473	$	534,180	$	2,282,288	$	2,131,524
Provision for credit losses		66,102		71,448		78,663		256,942		208,609

Net interest income after provision for credit losses		524,657		501,025		455,517		2,025,346		1,922,915
Other non-interest income		164,703		164,082		168,743		658,909		650,724
Operating expenses		467,627		467,321		531,145		1,887,637		1,898,100

Income before income tax		221,733		197,786		93,115		796,618		675,539
Income tax expense (benefit)		43,916		42,463		(1,479)		182,406		134,197

Net income	$	177,817	$	155,323	$	94,594	$	614,212	$	541,342

Net income applicable to common stock	$	177,464	$	154,970	$	94,241	$	612,800	$	539,930

Net income per common share-basic	$	2.51	$	2.16	$	1.31	$	8.56	$	7.53

Net income per common share-diluted	$	2.51	$	2.16	$	1.31	$	8.56	$	7.52

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.

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 measure provides meaningful information since it facilitates the comparison of revenues arising from taxable and tax-exempt sources.

Tangible Common Equity

Tangible common equity, the tangible common equity ratio, tangible assets and tangible book value per common share are non-GAAP financial measures. The tangible common equity ratio and tangible book value per common share are commonly used by banks and analysts in conjunction with more traditional bank capital ratios 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.

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

The following tables present the reconciliation of the net income to the adjusted net income (non-GAAP) for the years ended December 31, 2024 and December 31, 2023. There were no adjustments to net income for the quarters ended December 31, 2024 and September 30, 2024.

Adjusted Net Income for the Year Ended December 31, 2024 (Non-GAAP)


(Unaudited)	Income before income tax		Income tax expense (benefit)
(In thousands)	Income before income tax		Income tax expense (benefit)		Total
U.S. GAAP Net income	$	796,618	$	182,406	$	614,212
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)	$	817,305	$	171,157	$	646,148

[1]	Expense recorded in the first quarter of 2024 related to the Special Assessment imposed by the FDIC to recover the losses in connection with the receivership of several failed banks.

[2]	Expense recorded in the first quarter of 2024 related to tax withholdings on prior period distributions from U.S. subsidiaries

Adjusted Net Income for the Year Ended December 31, 2023 (Non-GAAP)


(Unaudited)	Income before income tax		Income tax expense(benefit)
(In thousands)	Income before income tax		Income tax expense(benefit)			Total
U.S. GAAP Net income	$	675,539	$	134,197		$	541,342
Non-GAAP Adjustments:
FDIC Special Assessment [1]		71,435		(26,170	)		45,265

Adjusted net income (Non-GAAP)	$	746,974	$	160,367		$	586,607

[1]	Expense recorded in the fourth quarter of 2023 related to the Special Assessment imposed by the FDIC to recover the losses in connection with the receivership of several failed banks.

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

The Corporation’s net interest income for the fourth quarter of 2024 was $590.8 million, an increase of $18.3 million compared to $572.5 million in the previous quarter. The net interest margin for the quarter was 3.35%, compared to 3.24% in the third quarter of 2024, an increase of 11 basis points.

Net Interest Income and Net Interest Margin Taxable Equivalent (Non-GAAP)

Net interest income on a taxable equivalent basis for the fourth quarter of 2024 was $638.5 million, compared to $612.9 million in the previous quarter, an increase of $25.6 million. Net interest margin on a taxable equivalent basis for the fourth quarter of 2024 was 3.62%, an increase of 15 basis points.

The increase in the taxable equivalent adjustment, quarter over quarter, was driven by a reduction in the cost of deposits while the yield of tax-exempt assets during the period remained flat.

The main drivers of the net interest income increase on a taxable equivalent basis were:

•

lower interest expense on deposit accounts during the fourth quarter by $35.3 million, mainly associated with reductions in market-linked P.R. Government deposit accounts and the repricing across most of the other deposit products in response to declining short-term interest rates which resulted in lower costs of interest-bearing deposits by 27 basis points; and

•

higher interest income from loans by $10.6 million driven by higher volumes across most loan portfolios, partially offset by lower yields by 5 basis points;

partially offset by:

•

lower interest income from money market investments and investment securities by $16.8 million or 63 basis points; and

•

lower income from investment securities by $4.2 million, due to lower reinvestment activity resulting from an increase in loan volumes.

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

For the Banco Popular de Puerto Rico (“BPPR”) segment, net interest income for the fourth quarter of 2024 amounted to $506.9 million, an increase of $18.9 million from the previous quarter. Net interest margin increased by 15 basis points to 3.56%. Net interest income for the quarter improved due to a 29-basis point reduction in deposit costs at BPPR, despite lower volumes of earning assets at lower yields. The reduction of average earning assets in BPPR is tied to a decrease in volume of low-cost deposits. During the quarter, total average deposits were lower by $231.7 million, including lower P.R. Government deposits by $125.7 million. The reduction of earning assets yields of six basis points during the fourth quarter of 2024, follow the re-pricing of money market investments and adjustable-rate loans due to recent Federal Open Market Committee (FOMC) federal funds rate declines of 50 basis points in the third quarter and 25 basis points in the fourth quarter of 2024.

Factors impacting net interest income for the BPPR segment include:

•

lower interest expense on deposit accounts by $30.7 million, mainly driven by a $27.4 million decrease in the cost of P.R. Government deposits. Total cost of interest-bearing deposits for the BPPR segment decreased by 29 basis points from the previous quarter to 2.26%, including a reduction in the cost of P.R. Government deposits of 56 basis points. Total deposits cost, including demand deposits, decreased by 22 basis points to 1.67% compared to 1.89% in the third quarter of 2024; and

•

higher interest income from loans by $8.8 million, primarily from higher average balances in commercial, auto, and mortgage loans, offset in part by lower yields in the commercial, construction and credit card portfolios which include variable rate loans;

partially offset by:

•

lower interest income from investments in securities and money market investments by $11.0 million and $10.0 million, respectively, driven by lower yields resulting from changes in federal funds rates, and lower average balances due to higher volume of loans and lower volume of deposits.

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

In the Popular Bank (“PB”, or “Popular U.S.”) segment, net interest income was $92.2 million, $1.0 million lower when compared to the previous quarter. Net interest margin decreased by 2 basis points to 2.71%.

Main variances in Popular U.S include:

•

lower interest income from money markets by $6.7 million due to lower volumes, driven in part by higher loan balances, and lower yields;

partially offset by:

•

lower interest expense on deposit accounts by $4.7 million driven by a decrease in deposit costs as a result of recent market repricing and lower volumes in high-cost interest bearing deposit accounts such as online savings and time deposit accounts and wholesale deposits. Average deposit balances during the quarter were lower by $32.7 million. During the fourth quarter, total cost of interest-bearing deposits decreased 17 basis points to 3.63%, while total cost of deposits decreased 15 basis points to 3.20%; and

•

higher income from loans by $0.4 million mainly due to higher volumes in the commercial and construction loan portfolios, partially offset by lower yields, mainly in the construction portfolio that is tied to the prime lending rate.

Refer to tables D, E and F for more details on the components of net interest income and net interest margin taxable equivalent.

Non-interest income

Non-interest income amounted to $164.7 million for the quarter ended December 31, 2024, an increase of $0.6 million when compared to $164.1 million for the quarter ended September 30, 2024. The variance in non-interest income was primarily due to higher income from mortgage banking activities by $3.6 million, mainly due to a favorable variance in the fair value adjustment of mortgage servicing rights (“MSRs”) driven by higher escrow float earnings and lower prepayment speed, partially offset by lower income in equity securities by $1.9 million, mainly due to lower valuation of securities held for deferred benefit plans, which have an offsetting effect in personnel costs.

Effective December 1, 2024, Popular Auto LLC, a wholly-owned subsidiary of Banco Popular de Puerto Rico, completed the sale of its daily car rental business. Daily rental car units and other related assets totaling approximately $52.1 million in book value were transferred to the purchaser at closing at near book value. Daily rental revenue, presented as part of Other Operating Income in the accompanying Consolidated Statements of Operation, for the quarter ended December 31, 2024 amounted to $3.2 million, a decrease of $1.8 million compared to the quarter ended September 30, 2024.

Refer to Table B for further details.

Operating expenses

Operating expenses for the fourth quarter of 2024 totaled $467.6 million, an increase of $0.3 million when compared to the third quarter of 2024. The variance in operating expenses was driven primarily by:

•

higher professional fees by $5.7 million mainly due to consulting fees related to corporate initiatives and IT projects;

•

higher business promotion expense by $4.2 million mainly due to seasonal projects and higher donations granted during the quarter; and

•

higher personnel costs by $3.9 million mainly due to higher incentive compensation by $3.4 million and higher health insurance costs by $1.4 million; partially offset by a $1.4 million decrease in other personnel costs, mainly related to the valuation of equity securities held for deferred compensation plans, which have an offsetting effect in equity securities income.

partially offset by:

•

lower technology and software expenses by $7.1 million, mainly due to IT projects which have reached the development stage and whose related costs are capitalized;

•

lower equipment expense by $4.5 million, mainly due to a decrease in daily rental vehicle fleet depreciation as a result of the vehicles sold as part of the daily car rental business transaction; and

•

higher other real estate volume of other real estate owned (OREO) income by $1.7 million due to higher volume of units sold and higher gains on sale per unit;

Full-time equivalent employees were 9,231 as of December 31, 2024, compared to 9,246 as of September 30, 2024.

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

Income taxes

For the quarter ended December 31, 2024, the Corporation recorded an income tax expense of $43.9 million, compared to an income tax expense of $42.5 million for the previous quarter.

The effective tax rate (“ETR”) for the fourth quarter of 2024 was 19.8%, compared to 21.5% for the previous quarter. The ETR for the year ended December 31, 2024 was 22.9% compared to 19.9% for the previous year. The ETR of the Corporation is impacted by the composition and source of its taxable income. Excluding the impact of the FDIC Special Assessment and the prior period tax withholding adjustment, the ETR for the year ended 2024 was 20.9%, compared to 21.5% for the year ended 2023.

Credit Quality

The Corporation’s credit quality metrics remained stable in the fourth quarter of 2024 when compared to the previous quarter, with NPLs, NCOs and inflows to NPLs below historical averages. The auto loans and credit cards portfolios continued to show increases in delinquencies and NCOs, while the mortgage and commercial portfolios continued to operate with strong credit quality trends. The Corporation continues to actively monitor changes in the macroeconomic environment and borrower performance given higher interest rates and inflationary pressures. Management believes that the improvements over recent years in risk management practices and the overall risk profile of the Corporation’s loan portfolio positions the Corporation to continue to operate successfully in the current environment.

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

Non-Performing Loans and Net Charge Offs

Total NPLs decreased by $10.6 million compared to the previous quarter. Excluding consumer loans, inflows of NPLs held-in-the-portfolio increased by $1.9 million in the fourth quarter of 2024. The ratio of NPLs to total loans held in the portfolio was 0.95% for the fourth quarter of 2024, compared to 1.0% for the previous quarter. The drivers of these changes were:

•

In the BPPR segment, NPLs increased by $3.3 million, mainly driven by higher auto loans and leases NPLs by $4.0 million and $2.2 million, respectively, offset in part by lower commercial NPLs by $2.7 million. Excluding consumer loans, inflows to NPLs in the BPPR segment increased by $11.0 million compared to the previous quarter, mostly related to higher mortgage inflows.

•

In the PB segment, NPLs decreased by $13.9 million driven by a $17.3 million commercial loan sale. Inflows to NPLs, excluding consumer loans, decreased by $9.1 million, driven by lower mortgage inflows by $15.8 million, as the prior quarter included the impact of a $17.1 million single mortgage relationship, offset in part by higher commercial inflows by $6.6 million.

Total NCOs of $67.4 million, increased by $8.9 million when compared to the third quarter of 2024. The Corporation’s ratio of annualized NCOs to average loans held-in-portfolio for the fourth quarter was 0.74%, compared to 0.65% in the third quarter of 2024. For the year 2024, the NCOs ratio was 0.68% or 24 bps higher than for the year ended December 2023. The drivers of these changes for the quarter are mainly related to the following:

•

In the BPPR segment, NCOs increased by $8.0 million quarter-over-quarter, mainly driven by higher consumer NCOs by $5.7 million and lower recoveries in the mortgage portfolio by $2.0 million.

•

In the PB segment, NCOs remained flat quarter-over-quarter.

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

Other Real Estate Owned Properties (“OREO”)

As of December 31, 2024, the Corporation’s OREO portfolio amounted to $57.3 million, a decrease of $5.8 million when compared to the third quarter of 2024. The decrease in OREO assets was driven by the sale of residential OREO properties in the BPPR segment.

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 December 31, 2024 amounted to $746.0 million, an increase of $1.7 million when compared to the third quarter of 2024.

In the BPPR segment, the ACL increased by $4.5 million driven by an increase of $10.7 million in reserves for consumer loans, in part offset by a $6.1 million decrease in reserves for commercial loans. The increase in consumer loans reserves was due mainly to changes in the credit quality of the auto and credit cards portfolios, while the decrease in the reserve for commercial loans was mainly prompted by the implementation of a new model for commercial real estate (“CRE”) non-owner-occupied loans in Puerto Rico. Continued strength in the Puerto Rico labor market and stable credit metrics for this portfolio contributed to the reduction in reserves.

In the PB segment, the ACL decreased by $2.8 million from the previous quarter, mainly due to improvements in risk ratings of certain commercial relationships.

The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.01% in the fourth quarter of 2024, compared to 2.06% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio was 212.7%, compared to 206.0% in the previous quarter.

The provision for loan losses for the loan and lease portfolios for the fourth quarter of 2024 was $69.1 million, compared to $72.8 million in the previous quarter. The provision for loan losses for the BPPR segment amounted to $67.1 million, compared to $77.2 million in the previous quarter. This reduction was mainly driven by lower provision expense for commercial loans, in part due to the implementation of a new model for CRE non-owner-occupied-loans, partially offset by higher provision expense for the consumer portfolios. The provision for loan losses for the PB segment amounted to $2.0 million, compared to a release of $4.4 million in the prior quarter.

The provision for loan losses for the loan and lease portfolios, along with the $2.9 million reserve release related to unfunded loan commitments and the $0.1 million reserve release for the Corporation’s investment portfolio for the fourth quarter of 2024, are consolidated and shown together under the provision for credit losses in our Consolidated Statement of Operations. For the fourth quarter, the provision for credit losses amounted to $66.1 million, compared to $71.4 million in the previous quarter.

Non-Performing Assets


(Unaudited)
(In thousands)	31-Dec-24			30-Sep-24			31-Dec-23
Non-performing loans held-in-portfolio	$	350,780		$	361,398		$	357,611
Other real estate owned		57,268			63,028			80,416

Total non-performing assets	$	408,048		$	424,426		$	438,027

Net charge-offs for the quarter	$	67,433		$	58,529		$	56,947

Ratios:
Loans held-in-portfolio	$	37,107,652		$	36,194,967		$	35,064,971
Non-performing loans held-in-portfolio to loans held-in-portfolio		0.95	%		1.00	%		1.02	%
Allowance for credit losses to loans held-in-portfolio		2.01			2.06			2.08
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		212.68			205.96			203.95

Refer to Table L for additional information.

Provision for Credit Losses (Benefit) - Loan Portfolios


(Unaudited)	Quarters ended							Years ended
(In thousands)	31-Dec-24		30-Sep-24			31-Dec-23		31-Dec-24		31-Dec-23
Provision for credit losses (benefit) - loan portfolios:
BPPR	$	67,088	$	77,147		$	67,235	$	253,828	$	194,834
Popular U.S.		2,041		(4,378	)		7,983		4,613		6,705

Total provision for credit losses (benefit) - loan portfolios	$	69,129	$	72,769		$	75,218	$	258,441	$	201,539

Credit Quality by Segment


(Unaudited)
(Dollars in thousands)	Quarters ended
BPPR	31-Dec-24			30-Sep-24			31-Dec-23
Provision for credit losses - loan portfolios	$	67,088		$	77,147		$	67,235
Net charge-offs		62,604			54,581			51,913
Total non-performing loans held-in-portfolio		292,091			288,815			328,718
Annualized net charge-offs to average loans held-in-portfolio		0.97	%		0.86	%		0.86	%
Allowance / loans held-in-portfolio		2.56	%		2.59	%		2.61	%
Allowance / non-performing loans held-in-portfolio		229.61	%		230.66	%		194.65	%



	Quarters ended
Popular U.S.	31-Dec-24			30-Sep-24			31-Dec-23
Provision for credit losses (benefit) - loan portfolios	$	2,041		$	(4,378	)	$	7,983
Net charge-offs		4,829			3,948			5,034
Total non-performing loans held-in-portfolio		58,689			72,583			28,893
Annualized net charge-offs to average loans held-in-portfolio		0.18	%		0.15	%		0.19	%
Allowance / loans held-in-portfolio		0.69	%		0.75	%		0.85	%
Allowance / non-performing loans held-in-portfolio		128.40	%		107.66	%		309.70	%

Financial Condition Highlights


(Unaudited)
(In thousands)	31-Dec-24		30-Sep-24		31-Dec-23
Cash and money market investments	$	6,800,586	$	6,958,382	$	7,419,333
Investment securities		26,244,977		25,280,451		25,148,673
Loans		37,107,652		36,194,967		35,064,971
Total assets		73,045,383		71,323,074		70,758,155
Deposits		64,884,345		63,668,501		63,618,243
Borrowings		1,176,126		973,736		1,078,332
Total liabilities		67,432,317		65,532,560		65,611,202
Stockholders’ equity		5,613,066		5,790,514		5,146,953

Total assets amounted to $73.0 billion at December 31, 2024, an increase of $1.7 billion from the third quarter of 2024, driven by:

•

an increase in securities available-for-sale (“AFS”) of $1.1 billion, mainly due to an increase in investments in U.S. Treasury bills, partially offset by maturities and principal paydowns and unfavorable changes in the fair value of debt securities; and

•

an increase in loans held-in-portfolio by $912.7 million, driven by an increase of $453.6 million in BPPR across all portfolios, particularly commercial and mortgage loans, and an increase of $459.1 million in PB, mainly in the commercial and construction portfolios;

partially offset by:

•

a decrease in money market investments of $149.8 million, mainly driven by the deployment of funds to support loan growth; and

•

a decrease in securities held-to-maturity (“HTM”) of $107.2 million driven by maturities, partially offset by the amortization of $45.8 million of the discount related to U.S. Treasury securities previously reclassified from AFS to HTM.

Total liabilities increased by $1.9 billion from the third quarter of 2024, driven by:

•

an increase of $1.2 billion in deposits, driven by:

•

higher deposits balances at BPPR of $1.3 billion due to increases in P.R. Government deposits by $747.6 million and in non-P.R. Government deposits by $601.4 million, which include deposits held in trust for debt service payments made in January 2025; and

•

lower deposits balances at PB of $187.1 million, mainly in interest bearing accounts, including deposits gathered through direct online channels;

•

an increase in other liabilities of $481.5 million, mainly driven by $495.1 million in unsettled trade payables related to U.S. Treasury securities purchased during the fourth quarter of 2024, which were settled in the first quarter of 2025; and

•

an increase in other short-term borrowings of $225.0 million, due to FHLB advances in PB.

Stockholders’ equity decreased by $177.4 million from the third quarter of 2024 mainly due to the change in the accumulated other comprehensive loss driven by the increase in net unrealized losses in the portfolio of AFS securities of $197.7 million, an increase in Treasury Stock of $159.1 million due to common stock repurchases, and the common and preferred dividends declared during the quarter of $49.9 million, partially offset by the amortization of unrealized losses from securities previously reclassified to HTM of $36.6 million, net of tax, a pension liability adjustment of $16.4 million, coupled with the quarter’s net income of $177.8 million. As of December 31, 2024, Popular has repurchased 2,256,420 shares of common stock for $217.3 million as part of the previously announced common stock repurchase authorization.

Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.03%, $79.71 and $68.16 respectively, at December 31, 2024, compared to 16.42%, $80.35 and $69.04, respectively, at September 30, 2024. Refer to Table A for capital ratios.

Refer to Table C for the Statements of Financial Condition.

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 quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and in the Form 10-K for the year ended December 31, 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, Tuesday, January 28, 2025 at 10:00 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 200257.

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 Thursday, February 27, 2025. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 527575.

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

Popular, Inc.

Financial Supplement to Fourth 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 - Consolidated 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 - BPPR Operations

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

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

Table R - Reconciliation to GAAP Financial Measures

POPULAR, INC.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)


	Quarters ended									Years ended
	31-Dec-24			30-Sep-24			31-Dec-23			31-Dec-24			31-Dec-23
Basic EPS	$	2.51		$	2.16		$	1.31		$	8.56		$	7.53
Diluted EPS	$	2.51		$	2.16		$	1.31		$	8.56		$	7.52
Average common shares outstanding		70,722,548			71,807,136			71,810,073			71,590,757			71,710,265
Average common shares outstanding - assuming dilution		70,740,958			71,828,402			71,881,020			71,623,702			71,791,692
Common shares outstanding at end of period		70,141,291			71,787,349			72,153,621			70,141,291			72,153,621
Market value per common share	$	94.06		$	100.27		$	82.07		$	94.06		$	82.07
Market capitalization - (In millions)	$	6,597		$	7,198		$	5,922		$	6,597		$	5,922
Return on average assets		0.97	%		0.84	%		0.52	%		0.84	%		0.76	%
Return on average common equity		9.94	%		8.82	%		5.55	%		8.72	%		8.21	%
Net interest margin (non-taxable equivalent basis)		3.35	%		3.24	%		3.08	%		3.24	%		3.13	%
Net interest margin (taxable equivalent basis) -non-GAAP		3.62	%		3.47	%		3.26	%		3.49	%		3.31	%
Common equity per share	$	79.71		$	80.35		$	71.03		$	79.71		$	71.03
Tangible common book value per common share (non-GAAP) [1]	$	68.16		$	69.04		$	59.74		$	68.16		$	59.74
Tangible common equity to tangible assets (non-GAAP) [1]		6.62	%		7.03	%		6.16	%		6.62	%		6.16	%
Return on average tangible common equity [1]		11.22	%		9.98	%		6.32	%		9.85	%		9.40	%
Tier 1 capital		16.08	%		16.48	%		16.36	%		16.08	%		16.36	%
Total capital		17.83	%		18.24	%		18.13	%		17.83	%		18.13	%
Tier 1 leverage		8.66	%		8.67	%		8.51	%		8.66	%		8.51	%
Common Equity Tier 1 capital		16.03	%		16.42	%		16.30	%		16.03	%		16.30	%

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

POPULAR, INC.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)


	Quarters ended						Variance Q4 2024 vs. Q3 2024			Quarter ended			Variance Q4 2024 vs. Q4 2023			Years ended
(In thousands, except per share information)	31-Dec-24			30-Sep-24			Variance Q4 2024 vs. Q3 2024			31-Dec-23			Variance Q4 2024 vs. Q4 2023			31-Dec-24			31-Dec-23
Interest income:
Loans	$	673,858		$	664,731		$	9,127		$	623,438		$	50,420		$	2,626,058		$	2,331,654
Money market investments		79,302			96,061			(16,759	)		100,840			(21,538	)		352,195			366,625
Investment securities		166,607			176,656			(10,049	)		143,214			23,393			695,010			547,028

Total interest income		919,767			937,448			(17,681	)		867,492			52,275			3,673,263			3,245,307

Interest expense:
Deposits		315,701			350,985			(35,284	)		319,200			(3,499	)		1,336,121			1,050,024
Short-term borrowings		928			1,430			(502	)		1,342			(414	)		4,676			7,329
Long-term debt		12,379			12,560			(181	)		12,770			(391	)		50,178			56,430

Total interest expense		329,008			364,975			(35,967	)		333,312			(4,304	)		1,390,975			1,113,783

Net interest income		590,759			572,473			18,286			534,180			56,579			2,282,288			2,131,524
Provision for credit losses		66,102			71,448			(5,346	)		78,663			(12,561	)		256,942			208,609

Net interest income after provision for credit losses		524,657			501,025			23,632			455,517			69,140			2,025,346			1,922,915

Service charges on deposit accounts		38,060			38,315			(255	)		37,699			361			151,343			147,476
Other service fees		99,350			98,748			602			96,692			2,658			389,233			374,440
Mortgage banking activities		6,306			2,670			3,636			6,388			(82	)		19,059			21,497
Net (loss) gain, including impairment, on equity securities		(2,459	)		(546	)		(1,913	)		2,317			(4,776	)		(1,583	)		3,482
Net (loss) gain on trading account debt securities		(10	)		817			(827	)		750			(760	)		1,445			1,382
Net gain (loss) on sale of loans, including valuation adjustments on loans held-for-sale		440			—			440			(71	)		511			440			(115	)
Adjustments to indemnity reserves on loans sold		483			808			(325	)		2,350			(1,867	)		1,266			2,319
Other operating income		22,533			23,270			(737	)		22,618			(85	)		97,706			100,243

Total non-interest income		164,703			164,082			621			168,743			(4,040	)		658,909			650,724

Operating expenses:
Personnel costs
Salaries		135,793			135,983			(190	)		127,809			7,984			529,794			505,935
Commissions, incentives and other bonuses		30,494			26,350			4,144			26,632			3,862			126,081			112,657
Pension, postretirement and medical insurance		17,794			16,387			1,407			17,598			196			68,185			67,469
Other personnel costs, including payroll taxes		21,713			23,136			(1,423	)		22,626			(913	)		96,391			91,984

Total personnel costs		205,794			201,856			3,938			194,665			11,129			820,451			778,045
Net occupancy expenses		27,666			28,031			(365	)		30,282			(2,616	)		111,430			111,586
Equipment expenses		4,846			9,349			(4,503	)		10,179			(5,333	)		33,424			37,057
Other taxes		18,581			17,757			824			14,636			3,945			66,046			55,926
Professional fees		32,452			26,708			5,744			39,065			(6,613	)		125,822			161,142
Technology and software expenses		81,395			88,452			(7,057	)		76,772			4,623			329,061			290,615
Processing and transactional services
Credit and debit cards		11,657			11,761			(104	)		6,682			4,975			49,301			44,578
Other processing and transactional services		23,410			22,559			851			22,779			631			93,376			93,492

Total processing and transactional services		35,067			34,320			747			29,461			5,606			142,677			138,070
Communications		4,756			5,229			(473	)		4,181			575			18,899			16,664
Business promotion
Rewards and customer loyalty programs		16,778			16,533			245			14,130			2,648			63,773			59,092
Other business promotion		13,077			9,104			3,973			13,767			(690	)		38,157			35,834

Total business promotion		29,855			25,637			4,218			27,897			1,958			101,930			94,926
Deposit insurance		9,725			10,433			(708	)		81,385			(71,660	)		54,626			105,985
Other real estate owned (OREO) income		(4,379	)		(2,674	)		(1,705	)		(5,178	)		799			(18,124	)		(15,375	)
Other operating expenses


Operational losses		6,047		5,769		278			6,921			(874	)		27,200		23,505
All other		15,117		15,750		(633	)		20,084			(4,967	)		71,257		73,774

Total other operating expenses		21,164		21,519		(355	)		27,005			(5,841	)		98,457		97,279
Amortization of intangibles		705		704		1			795			(90	)		2,938		3,180
Goodwill impairment charge		—		—		—			—			—			—		23,000

Total operating expenses		467,627		467,321		306			531,145			(63,518	)		1,887,637		1,898,100

Income before income tax		221,733		197,786		23,947			93,115			128,618			796,618		675,539
Income tax expense (benefit)		43,916		42,463		1,453			(1,479	)		45,395			182,406		134,197

Net income	$	177,817	$	155,323	$	22,494		$	94,594		$	83,223		$	614,212	$	541,342

Net income applicable to common stock	$	177,464	$	154,970	$	22,494		$	94,241		$	83,223		$	612,800	$	539,930

Net income per common share - basic	$	2.51	$	2.16	$	0.35		$	1.31		$	1.20		$	8.56	$	7.53

Net income per common share - diluted	$	2.51	$	2.16	$	0.35		$	1.31		$	1.20		$	8.56	$	7.52

Dividends Declared per Common Share	$	0.70	$	0.62	$	0.08		$	0.62		$	0.08		$	2.56	$	2.27

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)


(In thousands)	31-Dec-24			30-Sep-24			31-Dec-23			Variance Q4 2024 vs. Q3 2024


Assets:
Cash and due from banks	$	419,638		$	427,594		$	420,462		$	(7,956	)
Money market investments		6,380,948			6,530,788			6,998,871			(149,840	)
Trading account debt securities, at fair value		32,831			30,843			31,568			1,988
Debt securities available-for-sale, at fair value		18,245,903			17,186,123			16,729,044			1,059,780
Debt securities held-to-maturity, at amortized cost		7,758,077			7,865,294			8,194,335			(107,217	)
Less: Allowance for credit losses		5,317			5,430			5,780			(113	)

Debt securities held-to-maturity, net		7,752,760			7,859,864			8,188,555			(107,104	)

Equity securities		208,166			198,191			193,726			9,975
Loans held-for-sale, at lower of cost or fair value		5,423			5,509			4,301			(86)
Loans held-in-portfolio		37,522,995			36,599,612			35,420,879			923,383
Less: Unearned income		415,343			404,645			355,908			10,698
Allowance for credit losses		746,024			744,320			729,341			1,704

Total loans held-in-portfolio, net		36,361,628			35,450,647			34,335,630			910,981

Premises and equipment, net		601,787			624,376			565,284			(22,589	)
Other real estate		57,268			63,028			80,416			(5,760	)
Accrued income receivable		263,389			257,406			263,433			5,983
Mortgage servicing rights, at fair value		108,103			108,827			118,109			(724	)
Other assets		1,797,759			1,767,919			2,014,564			29,840
Goodwill		802,954			804,428			804,428			(1,474	)
Other intangible assets		6,826			7,531			9,764			(705	)

Total assets	$	73,045,383		$	71,323,074		$	70,758,155		$	1,722,309

Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing	$	15,139,555		$	15,276,071		$	15,419,624		$	(136,516	)
Interest bearing		49,744,790			48,392,430			48,198,619			1,352,360

Total deposits		64,884,345			63,668,501			63,618,243			1,215,844

Assets sold under agreements to repurchase		54,833			55,360			91,384			(527	)
Other short-term borrowings		225,000			—			—			225,000
Notes payable		896,293			918,376			986,948			(22,083	)
Other liabilities		1,371,846			890,323			914,627			481,523

Total liabilities		67,432,317			65,532,560			65,611,202			1,899,757

Stockholders’ equity:
Preferred stock		22,143			22,143			22,143			—
Common stock		1,048			1,048			1,048			—
Surplus		4,908,693			4,853,869			4,843,399			54,824
Retained earnings		4,570,957			4,495,878			4,194,851			75,079
Treasury stock		(2,228,535	)		(2,069,430	)		(2,018,957	)		(159,105	)
Accumulated other comprehensive loss, net of tax		(1,661,240	)		(1,512,994	)		(1,895,531	)		(148,246	)

Total stockholders’ equity		5,613,066			5,790,514			5,146,953			(177,448	)

Total liabilities and stockholders’ equity	$	73,045,383		$	71,323,074		$	70,758,155		$	1,722,309

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

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

For the quarters ended December 31, 2024 and September 30, 2024

(Unaudited)


Average Volume							Average Yields / Costs										Interest							Variance Attributable to
31-Dec-24		30-Sep-24		Variance			31-Dec-24			30-Sep-24			Variance				31-Dec-24		30-Sep-24		Variance			Rate			Volume
(In millions)																	(In thousands)
$	6,571	$	7,033	$	(462	)		4.80	%		5.43	%		(0.63	)%	Money market investments	$	79,301	$	96,061	$	(16,760	)	$	(10,705	)	$	(6,055	)
	27,015		27,569		(554	)		2.92			2.92			—		Investment securities [1]		198,116		202,317		(4,201	)		(287	)		(3,914	)
	32		30		2			5.82			5.87			(0.05	)	Trading securities		470		436		34			(4	)		38

	33,618		34,632		(1,014	)		3.29			3.43			(0.14	)	Total money market, investment and trading securities		277,887		298,814		(20,927	)		(10,996	)		(9,931	)

																Loans:
	18,297		17,798		499			6.84			6.90			(0.06	)	Commercial		314,615		308,734		5,881			(2,708	)		8,589
	1,204		1,129		75			8.38			8.85			(0.47	)	Construction		25,352		25,102		250			(1,362	)		1,612
	1,898		1,851		47			7.03			6.97			0.06		Leasing		33,361		32,241		1,120			292			828
	8,039		7,911		128			5.78			5.73			0.05		Mortgage		116,254		113,409		2,845			1,004			1,841
	3,218		3,211		7			13.79			14.08			(0.29	)	Consumer		111,538		112,423		(885	)		(1,192	)		307
	3,908		3,879		29			9.02			8.94			0.08		Auto		88,564		87,189		1,375			731			644

	36,564		35,779		785			7.51			7.56			(0.05	)	Total loans		689,684		679,098		10,586			(3,235	)		13,821

$	70,182	$	70,411	$	(229	)		5.49	%		5.53	%		(0.04	)%	Total earning assets	$	967,571	$	977,912	$	(10,341	)	$	(14,231	)	$	3,890

																Interest bearing deposits:
$	25,954	$	26,148	$	(194	)		3.21	%		3.64	%		(0.43	)%	NOW and money market [2]	$	209,227	$	238,923	$	(29,696	)	$	(31,943	)	$	2,247
	14,246		14,322		(76	)		0.88			0.92			(0.04	)	Savings		31,341		33,169		(1,828	)		(1,609	)		(219	)
	8,978		9,069		(91	)		3.33			3.46			(0.13	)	Time deposits		75,133		78,893		(3,760	)		(3,234	)		(526	)

	49,178		49,539		(361	)		2.55			2.82			(0.27	)	Total interest bearing deposits		315,701		350,985		(35,284	)		(36,786	)		1,502

	15,034		14,968		66											Non-interest bearing demand deposits

	64,212		64,507		(295	)		1.96			2.16			(0.20	)	Total deposits		315,701		350,985		(35,284	)		(36,786	)		1,502

	73		101		(28	)		5.09			5.62			(0.53	)	Short-term borrowings		928		1,430		(502	)		(139	)		(363	)
	923		950		(27	)		5.39			5.32			0.07		Other medium and long-term debt		12,379		12,560		(181	)		(78	)		(103	)

	50,174		50,590		(416	)		2.61			2.87			(0.26	)	Total interest bearing liabilities (excluding demand deposits)		329,008		364,975		(35,967	)		(37,003	)		1,036

	4,974		4,853		121											Other sources of funds

$	70,182	$	70,411	$	(229	)		1.87	%		2.06	%		(0.19	)%	Total source of funds		329,008		364,975		(35,967	)		(37,003	)		1,036

								3.62	%		3.47	%		0.15	%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		638,563		612,937		25,626		$	22,772		$	2,854

								2.88	%		2.66	%		0.22	%	Net interest spread

																Taxable equivalent adjustment		47,804		40,464		7,340

								3.35	%		3.24	%		0.11	%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	590,759	$	572,473	$	18,286

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.

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

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

For the quarters ended December 31, 2024 and December 31, 2023

(Unaudited)


Average Volume							Average Yields / Costs										Interest							Variance Attributable to
31-Dec-24		31-Dec-23		Variance			31-Dec-24			31-Dec-23			Variance				31-Dec-24		31-Dec-23		Variance			Rate			Volume
(In millions)																	(In thousands)
$	6,571	$	7,307	$	(736	)		4.80	%		5.47	%		(0.67	)%	Money market investments	$	79,301	$	100,840	$	(21,539	)	$	(11,942	)	$	(9,597	)
	27,015		27,099		(84	)		2.92			2.28			0.64		Investment securities [1]		198,116		155,118		42,998			42,953			45
	32		31		1			5.82			3.72			2.10		Trading securities		470		293		177			169			8

	33,618		34,437		(819	)		3.29			2.96			0.33		Total money market, investment and trading securities		277,887		256,251		21,636			31,180			(9,544	)

																Loans:
	18,297		17,251		1,046			6.84			6.71			0.13		Commercial		314,615		291,791		22,824			4,898			17,926
	1,204		927		277			8.38			9.04			(0.66	)	Construction		25,352		21,131		4,221			(1,696	)		5,917
	1,898		1,707		191			7.03			6.60			0.43		Leasing		33,361		28,174		5,187			1,913			3,274
	8,039		7,626		413			5.78			5.83			(0.05	)	Mortgage		116,254		111,215		5,039			(941	)		5,980
	3,218		3,215		3			13.79			13.43			0.36		Consumer		111,538		108,859		2,679			1,890			789
	3,908		3,722		186			9.02			8.61			0.41		Auto		88,564		80,731		7,833			3,705			4,128

	36,564		34,448		2,116			7.51			7.41			0.10		Total loans		689,684		641,901		47,783			9,769			38,014

$	70,182	$	68,885	$	1,297			5.49	%		5.18	%		0.31	%	Total earning assets	$	967,571	$	898,152	$	69,419		$	40,949		$	28,470

																Interest bearing deposits:
$	25,954	$	25,027	$	927			3.21	%		3.60	%		(0.39	)%	NOW and money market [2]	$	209,227	$	227,079	$	(17,852	)	$	(23,319	)	$	5,467
	14,246		14,934		(688	)		0.88			0.85			0.03		Savings		31,341		32,073		(732	)		795			(1,527	)
	8,978		8,288		690			3.33			2.87			0.46		Time deposits		75,133		60,048		15,085			8,706			6,379

	49,178		48,249		929			2.55			2.62			(0.07	)	Total interest bearing deposits		315,701		319,200		(3,499	)		(13,818	)		10,319

	15,034		15,017		17											Non-interest bearing demand deposits

	64,212		63,266		946			1.96			2.00			(0.04	)	Total deposits		315,701		319,200		(3,499	)		(13,818	)		10,319

	73		94		(21	)		5.09			5.64			(0.55	)	Short-term borrowings		928		1,342		(414	)		(109	)		(305	)
	923		1,018		(95	)		5.39			5.04			0.35		Other medium and long-term debt		12,379		12,770		(391	)		(22	)		(369	)

	50,174		49,361		813			2.61			2.68			(0.07	)	Total interest bearing liabilities (excluding demand deposits)		329,008		333,312		(4,304	)		(13,949	)		9,645

	4,974		4,507		467											Other sources of funds

$	70,182	$	68,885	$	1,297			1.87	%		1.92	%		(0.05	)%	Total source of funds		329,008		333,312		(4,304	)		(13,949	)		9,645

								3.62	%		3.26	%		0.36	%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		638,563		564,840		73,723		$	54,898		$	18,825

								2.88	%		2.50	%		0.38	%	Net interest spread

																Taxable equivalent adjustment		47,804		30,660		17,144

								3.35	%		3.08	%		0.27	%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	590,759	$	534,180	$	56,579

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.

Popular, Inc.

Financial Supplement to Fourth 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
31-Dec-24		31-Dec-23		Variance			31-Dec-24			31-Dec-23			Variance				31-Dec-24		31-Dec-23		Variance			Rate			Volume
(In millions)																	(In thousands)
$	6,641	$	7,052	$	(411	)		5.30	%		5.20	%		0.10	%	Money market investments	$	352,194	$	366,625	$	(14,431	)	$	7,241		$	(21,672	)
	27,955		27,926		29			2.89			2.20			0.69		Investment securities [1]		808,458		615,758		192,700			190,942			1,758
	30		32		(2	)		5.23			4.32			0.91		Trading securities		1,583		1,376		207			280			(73	)

	34,626		35,010		(384	)		3.36			2.81			0.55		Total money market, investment and trading securities		1,162,235		983,759		178,476			198,463			(19,987	)

																Loans:
	17,855		16,469		1,386			6.86			6.55			0.31		Commercial		1,224,856		1,079,171		145,685			52,298			93,387
	1,099		816		283			8.81			8.86			(0.05	)	Construction		96,778		72,309		24,469			(478	)		24,947
	1,820		1,650		170			6.90			6.38			0.52		Leasing		125,652		105,309		20,343			8,944			11,399
	7,873		7,482		391			5.70			5.55			0.15		Mortgage		448,880		414,992		33,888			11,819			22,069
	3,211		3,115		96			13.90			13.19			0.71		Consumer		446,357		410,910		35,447			19,564			15,883
	3,843		3,633		210			8.90			8.39			0.51		Auto		342,075		304,660		37,415			19,382			18,033

	35,701		33,165		2,536			7.52			7.20			0.32		Total loans		2,684,598		2,387,351		297,247			111,529			185,718

$	70,327	$	68,175	$	2,152			5.47	%		4.94	%		0.53	%	Total earning assets	$	3,846,833	$	3,371,110	$	475,723		$	309,992		$	165,731

																Interest bearing deposits:
$	25,978	$	24,563	$	1,415			3.52	%		3.10	%		0.42	%	NOW and money market [2]	$	913,624	$	761,647	$	151,977		$	113,249		$	38,728
	14,499		14,900		(401	)		0.91			0.68			0.23		Savings		132,476		101,334		31,142			30,406			736
	8,903		7,776		1,127			3.26			2.41			0.85		Time deposits		290,021		187,043		102,978			65,045			37,933

	49,380		47,239		2,141			2.71			2.22			0.49		Total interest bearing deposits		1,336,121		1,050,024		286,097			208,700			77,397

	15,065		15,307		(242	)										Non-interest bearing demand deposits

	64,445		62,546		1,899			2.07			1.68			0.39		Total deposits		1,336,121		1,050,024		286,097			208,700			77,397

	85		143		(58	)		5.53			5.12			0.41		Short-term borrowings		4,676		7,329		(2,653	)		540			(3,193	)
	962		1,109		(147	)		5.22			5.09			0.13		Other medium and long-term debt		50,178		56,430		(6,252	)		962			(7,214	)

	50,427		48,491		1,936			2.76			2.30			0.46		Total interest bearing liabilities (excluding demand deposits)		1,390,975		1,113,783		277,192			210,202			66,990

	4,837		4,377		460											Other sources of funds

$	70,329	$	68,175	$	2,154			1.98	%		1.63	%		0.35	%	Total source of funds		1,390,975		1,113,783		277,192			210,202			66,990

								3.49	%		3.31	%		0.18	%	Net interest margin/ income on a taxable equivalent basis (Non-GAAP)		2,455,858		2,257,327		198,531		$	99,790		$	98,741

								2.71	%		2.64	%		0.07	%	Net interest spread

																Taxable equivalent adjustment		173,570		125,803		47,767

								3.24	%		3.13	%		0.11	%	Net interest margin/ income non-taxable equivalent basis (GAAP)	$	2,282,288	$	2,131,524	$	150,764

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.

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table G - Mortgage Banking Activities and Other Service Fees

(Unaudited)

Mortgage Banking Activities


	Quarters ended									Variance						Years ended						Variance
(In thousands)	31-Dec-24			30-Sep-24			31-Dec-23			Q4 2024 vs.Q3 2024			Q4 2024 vs.Q4 2023			31-Dec-24			31-Dec-23			2024 vs. 2023
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees	$	7,315		$	7,559		$	7,898		$	(244	)	$	(583	)	$	30,227		$	32,981		$	(2,754	)
Mortgage servicing rights fair value adjustments		(1,090	)		(4,896	)		(1,204	)		3,806			114			(11,370	)		(11,589	)		219

Total mortgage servicing fees, net of fair value adjustments		6,225			2,663			6,694			3,562			(469	)		18,857			21,392			(2,535	)

Net (loss) gain on sale of loans, including valuation on loans held-for-sale		(79	)		320			45			(399	)		(124	)		317			(88	)		405

Trading account profit (loss):
Unrealized gains (loss) on outstanding derivative positions		72			(44	)		(298	)		116			370			185			(138	)		323
Realized gains (loss) on closed derivative positions		99			(261	)		(47	)		360			146			(150	)		614			(764	)

Total trading account profit (loss)		171			(305	)		(345	)		476			516			35			476			(441	)

Losses on repurchased loans, including interest advances		(11	)		(8	)		(6	)		(3	)		(5	)		(150	)		(283	)		133

Total mortgage banking activities	$	6,306		$	2,670		$	6,388		$	3,636		$	(82	)	$	19,059		$	21,497		$	(2,438	)

Other Service Fees


	Quarters ended						Variance						Years ended				Variance
(In thousands)	31-Dec-24		30-Sep-24		31-Dec-23		Q4 2024 vs.Q3 2024			Q4 2024 vs.Q4 2023			31-Dec-24		31-Dec-23		2024 vs. 2023
Other service fees:
Debit card fees [1]	$	26,903	$	26,197	$	25,489	$	706		$	1,414		$	105,810	$	99,632	$	6,178
Insurance fees		14,619		15,422		16,739		(803	)		(2,120	)		58,098		60,220		(2,122	)
Credit card fees [1]		30,803		31,262		29,894		(459	)		909			122,380		120,040		2,340
Sale and administration of investment products		9,549		8,387		6,862		1,162			2,687			33,213		26,316		6,897
Trust fees		6,635		6,715		6,716		(80	)		(81	)		26,679		25,472		1,207
Other fees		10,841		10,765		10,992		76			(151	)		43,053		42,760		293

Total other service fees	$	99,350	$	98,748	$	96,692	$	602		$	2,658		$	389,233	$	374,440	$	14,793

[1]

Effective in the third quarter of 2024, the Corporation is reclassifying certain interchange fees, which were previously included jointly with credit card fees from common network activity, as debit card fees. Interchange fees amounting to $11.3 million and $10.9 million, were reclassified for the first and second quarters of 2024, respectively. For the quarter and year to date ended December 31, 2023, interchange fees of approximately $11.5 million and $45.3 million were reclassified.

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table H - Consolidated Loans and Deposits

(Unaudited)

Loans - Ending Balances


							Variance
(Dollars in thousands)	31-Dec-24		30-Sep-24		31-Dec-23		Q4 2024 vs.Q3 2024			% of Change			Q4 2024 vs.Q4 2023			% of Change
Loans held-in-portfolio:
Commercial
Commercial multi-family	$	2,399,620	$	2,405,302	$	2,415,620	$	(5,682	)		(0.24	%)	$	(16,000	)		(0.66	%)
Commercial real estate non-owner occupied		5,363,235		5,185,381		5,087,421		177,854			3.43	%		275,814			5.42	%
Commercial real estate owner occupied		3,157,746		3,092,393		3,080,635		65,353			2.11	%		77,111			2.50	%
Commercial and industrial		7,741,562		7,400,553		7,126,121		341,009			4.61	%		615,441			8.64	%
Total Commercial		18,662,163		18,083,629		17,709,797		578,534			3.20	%		952,366			5.38	%
Construction		1,263,792		1,113,307		959,280		150,485			13.52	%		304,512			31.74	%
Leasing		1,925,405		1,887,052		1,731,809		38,353			2.03	%		193,596			11.18	%
Mortgage		8,114,183		7,993,348		7,695,917		120,835			1.51	%		418,266			5.43	%
Consumer
Credit cards		1,218,079		1,186,893		1,135,747		31,186			2.63	%		82,332			7.25	%
Home equity lines of credit		73,571		69,691		65,953		3,880			5.57	%		7,618			11.55	%
Personal		1,855,244		1,873,175		1,945,247		(17,931	)		(0.96	%)		(90,003	)		(4.63	%)
Auto		3,823,437		3,818,607		3,660,780		4,830			0.13	%		162,657			4.44	%
Other		171,778		169,265		160,441		2,513			1.48	%		11,337			7.07	%
Total Consumer		7,142,109		7,117,631		6,968,168		24,478			0.34	%		173,941			2.50	%

Total loans held-in-portfolio	$	37,107,652	$	36,194,967	$	35,064,971	$	912,685			2.52	%	$	2,042,681			5.83	%
Loans held-for-sale:
Mortgage	$	5,423	$	5,509	$	4,301	$	(86	)		(1.56	%)	$	1,122			26.09	%

Total loans held-for-sale	$	5,423	$	5,509	$	4,301	$	(86	)		(1.56	%)	$	1,122			26.09	%

Total loans	$	37,113,075	$	36,200,476	$	35,069,272	$	912,599			2.52	%	$	2,043,803			5.83	%

Deposits - Ending Balances


							Variance
(In thousands)	31-Dec-24		30-Sep-24		31-Dec-23		Q4 2024 vs. Q3 2024			% of Change			Q4 2024 vs.Q4 2023			% of Change
Non-P.R. government deposits:
Demand deposits	$	15,139,555	$	15,276,071	$	15,419,624	$	(136,516	)		(0.89	%)	$	(280,069	)		(1.82	%)
Savings, NOW and money market deposits (non-brokered)		21,177,506		20,584,328		21,541,261		593,178			2.88	%		(363,755	)		(1.69	%)
Savings, NOW and money market deposits (brokered)		736,225		735,231		719,453		994			0.14	%		16,772			2.33	%
Time deposits (non-brokered)		7,476,924		7,363,477		6,914,035		113,447			1.54	%		562,889			8.14	%
Time deposits (brokered CDs)		890,704		993,522		955,754		(102,818	)		(10.35	%)		(65,050	)		(6.81	%)

Sub-total non-P.R. government deposits		45,420,914		44,952,629		45,550,127		468,285			1.04	%		(129,213	)		(0.28	%)

P.R. government deposits:
Demand deposits [1]		11,730,273		11,088,511		12,159,430		641,762			5.79	%		(429,157	)		(3.53	%)
Savings, NOW and money market deposits (non-brokered)		7,087,904		6,903,370		5,276,583		184,534			2.67	%		1,811,321			34.33	%
Time deposits (non-brokered)		645,254		723,991		632,103		(78,737	)		(10.88	%)		13,151			2.08	%

Sub-total P.R. government deposits		19,463,431		18,715,872		18,068,116		747,559			3.99	%		1,395,315			7.72	%

Total deposits	$	64,884,345	$	63,668,501	$	63,618,243	$	1,215,844			1.91	%	$	1,266,102			1.99	%

[1]	Includes interest bearing demand deposits.

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table I - Loan Delinquency -BPPR Operations

(Unaudited)


31-Dec-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	$	1,491	$	113	$	79	$	1,683	$	306,318	$	308,001	$	79	$	—
Commercial real estate:
Non-owner occupied		3,103		586		6,429		10,118		3,236,385		3,246,503		6,429		—
Owner occupied		11,054		808		25,258		37,120		1,338,791		1,375,911		25,258		—
Commercial and industrial		5,738		2,712		23,895		32,345		5,314,549		5,346,894		19,335		4,560
Construction		1,039		—		—		1,039		211,251		212,290		—		—
Mortgage		262,222		116,694		365,759		744,675		6,065,206		6,809,881		158,442		207,317
Leasing		23,991		6,062		9,588		39,641		1,885,764		1,925,405		9,588		—
Consumer:
Credit cards		17,399		11,719		29,960		59,078		1,158,975		1,218,053		—		29,960
Home equity lines of credit		16		129		—		145		1,895		2,040		—		—
Personal		19,503		13,005		20,269		52,777		1,697,600		1,750,377		20,269		—
Auto		111,358		27,858		51,792		191,008		3,632,429		3,823,437		51,792		—
Other		1,816		277		1,312		3,405		156,824		160,229		899		413

Total	$	458,730	$	179,963	$	534,341	$	1,173,034	$	25,005,987	$	26,179,021	$	292,091	$	242,250


30-Sep-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	$	1,866	$	—	$	87	$	1,953	$	303,581	$	305,534	$	87	$	—
Commercial real estate:
Non-owner occupied		170		174		7,493		7,837		3,140,418		3,148,255		7,493		—
Owner occupied		1,544		1,681		26,600		29,825		1,374,025		1,403,850		26,600		—
Commercial and industrial		19,074		6,694		23,819		49,587		5,126,538		5,176,125		19,639		4,180
Construction		—		—		—		—		190,343		190,343		—		—
Mortgage		246,220		122,592		359,986		728,798		5,966,619		6,695,417		157,920		202,066
Leasing		19,840		4,661		7,367		31,868		1,855,184		1,887,052		7,367		—
Consumer:
Credit cards		16,210		11,415		27,214		54,839		1,132,050		1,186,889		—		27,214
Home equity lines of credit		—		—		—		—		2,131		2,131		—		—
Personal		21,726		13,153		21,007		55,886		1,698,195		1,754,081		20,992		15
Auto		104,363		26,090		47,828		178,281		3,640,326		3,818,607		47,828		—
Other		727		500		1,188		2,415		154,775		157,190		889		299

Total	$	431,740	$	186,960	$	522,589	$	1,141,289	$	24,584,185	$	25,725,474	$	288,815	$	233,774


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	$	(375	)	$	113		$	(8	)	$	(270	)	$	2,737		$	2,467		$	(8	)	$	—
Commercial real estate:
Non-owner occupied		2,933			412			(1,064	)		2,281			95,967			98,248			(1,064	)		—
Owner occupied		9,510			(873	)		(1,342	)		7,295			(35,234	)		(27,939	)		(1,342	)		—
Commercial and industrial		(13,336	)		(3,982	)		76			(17,242	)		188,011			170,769			(304	)		380
Construction		1,039			—			—			1,039			20,908			21,947			—			—
Mortgage		16,002			(5,898	)		5,773			15,877			98,587			114,464			522			5,251
Leasing		4,151			1,401			2,221			7,773			30,580			38,353			2,221			—
Consumer:
Credit cards		1,189			304			2,746			4,239			26,925			31,164			—			2,746
Home equity lines of credit		16			129			—			145			(236	)		(91	)		—			—
Personal		(2,223	)		(148	)		(738	)		(3,109	)		(595	)		(3,704	)		(723	)		(15	)
Auto		6,995			1,768			3,964			12,727			(7,897	)		4,830			3,964			—
Other		1,089			(223	)		124			990			2,049			3,039			10			114

Total	$	26,990		$	(6,997	)	$	11,752		$	31,745		$	421,802		$	453,547		$	3,276		$	8,476

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

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

(Unaudited)



31-Dec-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	$	—	$	5,443	$	8,700	$	14,143	$	2,077,476	$	2,091,619	$	8,700	$	—
Commercial real estate:
Non-owner occupied		6,792		—		8,015		14,807		2,101,925		2,116,732		8,015		—
Owner occupied		—		—		5,191		5,191		1,776,644		1,781,835		5,191		—
Commercial and industrial		10,336		5,323		1,938		17,597		2,377,071		2,394,668		1,748		190
Construction		—		—		—		—		1,051,502		1,051,502		—		—
Mortgage		18,148		5,417		29,890		53,455		1,250,847		1,304,302		29,890		—
Consumer:
Credit cards		—		—		—		—		26		26		—		—
Home equity lines of credit		530		986		3,393		4,909		66,622		71,531		3,393		—
Personal		1,808		1,509		1,741		5,058		99,809		104,867		1,741		—
Other		514		—		11		525		11,024		11,549		11		—

Total	$	38,128	$	18,678	$	58,879	$	115,685	$	10,812,946	$	10,928,631	$	58,689	$	190



30-Sep-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	$	1,060	$	—	$	8,700	$	9,760	$	2,090,008	$	2,099,768	$	8,700	$	—
Commercial real estate:
Non-owner occupied		10,330		3,013		2,282		15,625		2,021,501		2,037,126		2,282		—
Owner occupied		250		1,825		22,248		24,323		1,664,220		1,688,543		22,248		—
Commercial and industrial		11,478		2,312		5,443		19,233		2,205,195		2,224,428		5,246		197
Construction		—		34,349		—		34,349		888,615		922,964		—		—
Mortgage		899		3,640		28,434		32,973		1,264,958		1,297,931		28,434		—
Consumer:
Credit cards		—		—		—		—		4		4		—		—
Home equity lines of credit		74		984		3,834		4,892		62,668		67,560		3,834		—
Personal		1,696		2,015		1,837		5,548		113,546		119,094		1,837		—
Other		10		508		2		520		11,555		12,075		2		—

Total	$	25,797	$	48,646	$	72,780	$	147,223	$	10,322,270	$	10,469,493	$	72,583	$	197


Variance
	Past due																		Past due 90 days or more
(In thousands)	30-59 days			60-89 days			90 days or more			Total past due			Current			Loans HIP			Non-accrual loans			Accruing loans
Commercial multi-family	$	(1,060	)	$	5,443		$	—		$	4,383		$	(12,532	)	$	(8,149	)	$	—		$	—
Commercial real estate:
Non-owner occupied		(3,538	)		(3,013	)		5,733			(818	)		80,424			79,606			5,733			—
Owner occupied		(250	)		(1,825	)		(17,057	)		(19,132	)		112,424			93,292			(17,057	)		—
Commercial and industrial		(1,142	)		3,011			(3,505	)		(1,636	)		171,876			170,240			(3,498	)		(7	)
Construction		—			(34,349	)		—			(34,349	)		162,887			128,538			—			—
Mortgage		17,249			1,777			1,456			20,482			(14,111	)		6,371			1,456			—
Consumer:
Credit cards		—			—			—			—			22			22			—			—
Home equity lines of credit		456			2			(441	)		17			3,954			3,971			(441	)		—
Personal		112			(506	)		(96	)		(490	)		(13,737	)		(14,227	)		(96	)		—
Other		504			(508	)		9			5			(531	)		(526	)		9			—

Total	$	12,331		$	(29,968	)	$	(13,901	)	$	(31,538	)	$	490,676		$	459,138		$	(13,894	)	$	(7	)

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table K - Loan Delinquency - Consolidated

(Unaudited)


31-Dec-24
Popular, Inc.
	Past due												Past due 90 days or more
	30-59		60-89		90 days		Total						Non-accrual		Accruing
(In thousands)	days		days		or more		past due		Current		Loans HIP		loans		loans
Commercial multi-family	$	1,491	$	5,556	$	8,779	$	15,826	$	2,383,794	$	2,399,620	$	8,779	$	—
Commercial real estate:
Non-owner occupied		9,895		586		14,444		24,925		5,338,310		5,363,235		14,444		—
Owner occupied		11,054		808		30,449		42,311		3,115,435		3,157,746		30,449		—
Commercial and industrial		16,074		8,035		25,833		49,942		7,691,620		7,741,562		21,083		4,750
Construction		1,039		—		—		1,039		1,262,753		1,263,792		—		—
Mortgage		280,370		122,111		395,649		798,130		7,316,053		8,114,183		188,332		207,317
Leasing		23,991		6,062		9,588		39,641		1,885,764		1,925,405		9,588		—
Consumer:
Credit cards		17,399		11,719		29,960		59,078		1,159,001		1,218,079		—		29,960
Home equity lines of credit		546		1,115		3,393		5,054		68,517		73,571		3,393		—
Personal		21,311		14,514		22,010		57,835		1,797,409		1,855,244		22,010		—
Auto		111,358		27,858		51,792		191,008		3,632,429		3,823,437		51,792		—
Other		2,330		277		1,323		3,930		167,848		171,778		910		413

Total	$	496,858	$	198,641	$	593,220	$	1,288,719	$	35,818,933	$	37,107,652	$	350,780	$	242,440


30-Sep-24
Popular, Inc.
	Past due												Past due 90 days or more
	30-59		60-89		90 days		Total						Non-accrual loans		Accruing loans
(In thousands)	days		days		or more		past due		Current		Loans HIP		Non-accrual loans		Accruing loans
Commercial multi-family	$	2,926	$	—	$	8,787	$	11,713	$	2,393,589	$	2,405,302	$	8,787	$	—
Commercial real estate:
Non-owner occupied		10,500		3,187		9,775		23,462		5,161,919		5,185,381		9,775		—
Owner occupied		1,794		3,506		48,848		54,148		3,038,245		3,092,393		48,848		—
Commercial and industrial		30,552		9,006		29,262		68,820		7,331,733		7,400,553		24,885		4,377
Construction		—		34,349		—		34,349		1,078,958		1,113,307		—		—
Mortgage		247,119		126,232		388,420		761,771		7,231,577		7,993,348		186,354		202,066
Leasing		19,840		4,661		7,367		31,868		1,855,184		1,887,052		7,367		—
Consumer:
Credit cards		16,210		11,415		27,214		54,839		1,132,054		1,186,893		—		27,214
Home equity lines of credit		74		984		3,834		4,892		64,799		69,691		3,834		—
Personal		23,422		15,168		22,844		61,434		1,811,741		1,873,175		22,829		15
Auto		104,363		26,090		47,828		178,281		3,640,326		3,818,607		47,828		—
Other		737		1,008		1,190		2,935		166,330		169,265		891		299

Total	$	457,537	$	235,606	$	595,369	$	1,288,512	$	34,906,455	$	36,194,967	$	361,398	$	233,971


Variance
	Past due																		Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual			Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	(1,435	)	$	5,556		$	(8	)	$	4,113		$	(9,795	)	$	(5,682	)	$	(8	)	$	—
Commercial real estate:
Non-owner occupied		(605	)		(2,601	)		4,669			1,463			176,391			177,854			4,669			—
Owner occupied		9,260			(2,698	)		(18,399	)		(11,837	)		77,190			65,353			(18,399	)		—
Commercial and industrial		(14,478	)		(971	)		(3,429	)		(18,878	)		359,887			341,009			(3,802	)		373
Construction		1,039			(34,349	)		—			(33,310	)		183,795			150,485			—			—
Mortgage		33,251			(4,121	)		7,229			36,359			84,476			120,835			1,978			5,251
Leasing		4,151			1,401			2,221			7,773			30,580			38,353			2,221			—
Consumer:
Credit cards		1,189			304			2,746			4,239			26,947			31,186			—			2,746
Home equity lines of credit		472			131			(441	)		162			3,718			3,880			(441	)		—
Personal		(2,111	)		(654	)		(834	)		(3,599	)		(14,332	)		(17,931	)		(819	)		(15	)
Auto		6,995			1,768			3,964			12,727			(7,897	)		4,830			3,964			—
Other		1,593			(731	)		133			995			1,518			2,513			19			114

Total	$	39,321		$	(36,965	)	$	(2,149	)	$	207		$	912,478		$	912,685		$	(10,618	)	$	8,469

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table L - Non-Performing Assets

(Unaudited)


																			Variance
(In thousands)	31-Dec-24			As a % of loans HIP by category			30-Sep-24			As a % of loans HIP by category			31-Dec-23			As a % of loans HIP by category			Q4 2024 vs. Q3 2024			Q4 2024 vs. Q4 2023
Non-accrual loans:
Commercial
Commercial multi-family	$	8,779			0.4	%	$	8,787			0.4	%	$	1,991			0.1	%	$	(8	)	$	6,788
Commercial real estate non-owner occupied		14,444			0.3			9,775			0.2			9,862			0.2			4,669			4,582
Commercial real estate owner occupied		30,449			1.0			48,848			1.6			35,704			1.2			(18,399	)		(5,255	)
Commercial and industrial		21,083			0.3			24,885			0.3			36,598			0.5			(3,802	)		(15,515	)
Total Commercial		74,755			0.4			92,295			0.5			84,155			0.5			(17,540	)		(9,400	)
Construction		—			—			—			—			6,378			0.7			—			(6,378	)
Leasing		9,588			0.5			7,367			0.4			8,632			0.5			2,221			956
Mortgage		188,332			2.3			186,354			2.3			186,297			2.4			1,978			2,035
Consumer
Home equity lines of credit		3,393			4.6			3,834			5.5			3,733			5.7			(441	)		(340	)
Personal		22,010			1.2			22,829			1.2			21,836			1.1			(819	)		174
Auto		51,792			1.4			47,828			1.3			45,615			1.2			3,964			6,177
Other Consumer		910			0.5			891			0.5			965			0.6			19			(55	)
Total Consumer		78,105			1.1			75,382			1.1			72,149			1.0			2,723			5,956

Total non-performing loans held-in-portfolio		350,780			0.9	%		361,398			1.0	%		357,611			1.0	%		(10,618	)		(6,831	)
Other real estate owned (“OREO”)		57,268						63,028						80,416						(5,760	)		(23,148	)

Total non-performing assets [1]	$	408,048					$	424,426					$	438,027					$	(16,378	)	$	(29,979	)

Accruing loans past due 90 days or more [2]	$	242,440					$	233,971					$	268,471					$	8,469		$	(26,031	)

Ratios:
Non-performing assets to total assets		0.56	%					0.60	%					0.62	%
Non-performing loans held-in-portfolio to loans held-in-portfolio		0.95						1.00						1.02
Allowance for credit losses to loans held-in-portfolio		2.01						2.06						2.08
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		212.68						205.96						203.95

[1]	There were no non-performing loans held-for-sale as of December 31, 2024, September 30, 2024 and December 31, 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 $9 million at December 31, 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 (September 30, 2024 - $9 million; December 31, 2023 - $11 million). Under the GNMA program, issuers such as BPPR have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected (rebooked) on the financial statements of BPPR with an offsetting liability. These balances include $65 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2024 (September 30, 2024 - $70 million; December 31, 2023 - $106 million). Furthermore, the Corporation has approximately $31 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 (September 30, 2024 - $32 million; December 31, 2023 - $38 million).

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table M - Activity in Non-Performing Loans

(Unaudited)


Commercial loans held-in-portfolio:
	Quarter ended 31-Dec-24									Quarter ended 30-Sep-24
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	53,819		$	38,476		$	92,295		$	56,170		$	37,763		$	93,933
Plus:
New non-performing loans		2,915			9,203			12,118			4,460			2,582			7,042
Advances on existing non-performing loans		—			9			9			—			3			3
Less:
Non-performing loans transferred to OREO		(78	)		—			(78	)		—			—			—
Non-performing loans charged-off		(701	)		(835	)		(1,536	)		(4,085	)		(82	)		(4,167	)
Loans returned to accrual status / loan collections		(4,854	)		(23,199	)		(28,053	)		(2,726	)		(1,790	)		(4,516	)

Ending balance NPLs	$	51,101		$	23,654		$	74,755		$	53,819		$	38,476		$	92,295


Mortgage loans held-in-portfolio:
	Quarter ended 31-Dec-24									Quarter ended 30-Sep-24
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	157,920		$	28,434		$	186,354		$	163,790		$	11,554		$	175,344
Plus:
New non-performing loans		44,670			4,637			49,307			32,125			20,386			52,511
Advances on existing non-performing loans		—			21			21			—			29			29
Less:
Non-performing loans transferred to OREO		(3,829	)		—			(3,829	)		(4,016	)		—			(4,016	)
Non-performing loans charged-off		(12	)		—			(12	)		54			—			54
Loans returned to accrual status / loan collections		(40,307	)		(3,202	)		(43,509	)		(34,033	)		(3,535	)		(37,568	)

Ending balance NPLs	$	158,442		$	29,890		$	188,332		$	157,920		$	28,434		$	186,354


Total non-performing loans held-in-portfolio (excluding consumer):
	Quarter ended 31-Dec-24									Quarter ended 30-Sep-24
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	211,739		$	66,910		$	278,649		$	219,960		$	49,317		$	269,277
Plus:
New non-performing loans		47,585			13,840			61,425			36,585			22,968			59,553
Advances on existing non-performing loans		—			30			30			—			32			32
Less:
Non-performing loans transferred to OREO		(3,907	)		—			(3,907	)		(4,016	)		—			(4,016	)
Non-performing loans charged-off		(713	)		(835	)		(1,548	)		(4,031	)		(82	)		(4,113	)
Loans returned to accrual status / loan collections		(45,161	)		(26,401	)		(71,562	)		(36,759	)		(5,325	)		(42,084	)

Ending balance NPLs	$	209,543		$	53,544		$	263,087		$	211,739		$	66,910		$	278,649

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

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

(Unaudited)


	Quarters ended
(In thousands)	31-Dec-24			30-Sep-24			31-Dec-23
Balance at beginning of period - loans held-in-portfolio	$	744,320		$	730,077		$	711,068
Provision for credit losses		69,129			72,769			75,218
Initial allowance for credit losses - PCD Loans		8			3			2

		813,457			802,849			786,288
Net loans charge-off (recovered)- BPPR
Commercial:
Commercial multi-family		(2	)		—			—
Commercial real estate non-owner occupied		(369	)		10			(426	)
Commercial real estate owner occupied		(473	)		(1,554	)		2,770
Commercial and industrial		2,000			4,729			1,535
Total Commercial		1,156			3,185			3,879
Construction		—			(1,036	)		(1	)
Leasing		3,615			2,256			3,677
Mortgage		(1,938	)		(3,894	)		(2,720	)
Consumer:
Credit cards		16,854			14,857			10,811
Home equity lines of credit		(65	)		(76	)		(64	)
Personal		23,358			22,186			20,405
Auto		19,028			16,901			15,582
Other Consumer		596			202			344
Total Consumer		59,771			54,070			47,078

Total net charged-off BPPR	$	62,604		$	54,581		$	51,913

Net loans charge-off (recovered) - Popular U.S.
Commercial:
Commercial multi-family		(1	)		(5	)		(1	)
Commercial real estate non-owner occupied		(362	)		(8	)		128
Commercial real estate owner occupied		135			(19	)		(22	)
Commercial and industrial		1,445			372			(159	)
Total Commercial		1,217			340			(54	)
Mortgage		(27	)		(46	)		(25	)
Consumer:
Home equity lines of credit		(104	)		(120	)		(214	)
Personal		3,728			3,751			5,302
Other Consumer		15			23			25
Total Consumer		3,639			3,654			5,113

Total net charged-off Popular U.S.	$	4,829		$	3,948		$	5,034

Total loans charged-off - Popular, Inc.	$	67,433		$	58,529		$	56,947

Balance at end of period - loans held-in-portfolio	$	746,024		$	744,320		$	729,341

Balance at beginning of period - unfunded commitments	$	18,384		$	18,884		$	13,284
Provision for credit losses (benefit)		(2,914	)		(500	)		3,722

Balance at end of period - unfunded commitments [1]	$	15,470		$	18,384		$	17,006

POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.74	%		0.65	%		0.66	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs		102.52	%		124.33	%		132.08	%
BPPR


Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.97	%	0.86	%	0.86	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	107.16	%	141.34	%	129.51	%
Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.18	%	0.15	%	0.19	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	42.27	%	(110.89	)%	158.58	%

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


	Year ended
	31-Dec-24			31-Dec-23
(In thousands)	Total			Total
Balance at beginning of period - loans held-in-portfolio	$	729,341		$	720,302
Impact of adopting ASU-2022-02		—			(45,583	)
Provision for credit losses (benefit)		258,441			201,539
Initial allowance for credit losses - PCD Loans		34			89

		987,816			876,347

Net loans charge-off (recovered)- BPPR
BPPR
Commercial:
Commercial multi-family		(3	)		(1	)
Commercial real estate non-owner occupied		(728	)		(299	)
Commercial real estate owner occupied		(914	)		1,100
Commercial and industrial		17,859			(10,001	)
Total Commercial		16,214			(9,201	)
Construction		(1,036	)		2,610
Leasing		12,256			7,039
Mortgage		(14,007	)		(13,858	)
Consumer
Credit Cards		59,381			32,231
Home equity lines of credit		4			(155	)
Personal		88,459			62,394
Auto		60,032			34,968
Other Consumer		1,751			11,636
Total Consumer		209,627			141,074

Total net charged-off (recovered) BPPR		223,054			127,664

Net loans charge-off (recovered) - Popular U.S.
Commercial
Commercial multi-family		430			(5	)
Commercial real estate non-owner occupied		(476	)		(1,856	)
Commercial real estate owner occupied		33			1,312
Commercial and industrial		3,213			2,005
Total Commercial		3,200			1,456
Construction		(100	)		—
Mortgage		(115	)		(210	)
Consumer
Credit Cards		—			1
Home equity lines of credit		(755	)		(494	)
Personal		16,447			17,829
Other Consumer		61			159
Total Consumer		15,753			17,495

Total net charged-off (recovered) Popular U.S.		18,738			18,741

Total loans charged-off - Popular, Inc.		241,792			146,405

Net write- downs [2]		—			601


Balance at end of period - loans held-in-portfolio	$	746,024		$	729,341

Balance at beginning of period - unfunded commitments	$	17,006		$	8,805
Provision for credit losses (benefit)		(1,536	)		8,201

Balance at end of period - unfunded commitments [1]	$	15,470		$	17,006

POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.68	%		0.44	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs		106.89	%		137.66	%
BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.89	%		0.55	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs		113.80	%		152.61	%
Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.18	%		0.19	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs		24.62	%		35.78	%

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

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

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

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

(Unaudited)


	31-Dec-24
	BPPR
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	2,783	$	308,001		0.90	%
Commercial real estate - non-owner occupied		44,852		3,246,503		1.38	%
Commercial real estate - owner occupied		37,355		1,375,911		2.71	%
Commercial and industrial		130,136		5,346,894		2.43	%

Total commercial	$	215,126	$	10,277,309		2.09	%

Construction		2,743		212,290		1.29	%
Mortgage		72,901		6,809,881		1.07	%
Leasing		16,419		1,925,405		0.85	%
Consumer:
Credit cards		99,130		1,218,053		8.14	%
Home equity lines of credit		54		2,040		2.65	%
Personal		91,296		1,750,377		5.22	%
Auto		165,995		3,823,437		4.34	%
Other consumer		7,002		160,229		4.37	%

Total consumer	$	363,477	$	6,954,136		5.23	%

Total	$	670,666	$	26,179,021		2.56	%


	30-Sep-24
	BPPR
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	2,886	$	305,534		0.94	%
Commercial real estate - non-owner occupied		56,720		3,148,255		1.80	%
Commercial real estate - owner occupied		38,511		1,403,850		2.74	%
Commercial and industrial		123,131		5,176,125		2.38	%

Total commercial	$	221,248	$	10,033,764		2.21	%

Construction		3,704		190,343		1.95	%
Mortgage		72,576		6,695,417		1.08	%
Leasing		15,854		1,887,052		0.84	%
Consumer:
Credit cards		92,694		1,186,889		7.81	%
Home equity lines of credit		69		2,131		3.24	%
Personal		92,067		1,754,081		5.25	%
Auto		161,313		3,818,607		4.22	%
Other consumer		6,649		157,190		4.23	%

Total consumer	$	352,792	$	6,918,898		5.10	%

Total	$	666,174	$	25,725,474		2.59	%


	Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	(103	)	$	2,467			(0.04	)%
Commercial real estate - non-owner occupied		(11,868	)		98,248			(0.42	)%
Commercial real estate - owner occupied		(1,156	)		(27,939	)		(0.03	)%
Commercial and industrial		7,005			170,769			0.05	%

Total commercial	$	(6,122	)	$	243,545			(0.12	)%

Construction		(961	)		21,947			(0.66	)%
Mortgage		325			114,464			(0.01	)%
Leasing		565			38,353			0.01	%
Consumer:
Credit cards		6,436			31,164			0.33	%
Home equity lines of credit		(15	)		(91	)		(0.59	)%
Personal		(771	)		(3,704	)		(0.03	)%
Auto		4,682			4,830			0.12	%
Other consumer		353			3,039			0.14	%

Total consumer	$	10,685		$	35,238			0.13	%

Total	$	4,492		$	453,547			(0.03	)%

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

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

(Unaudited)


	31-Dec-24
	Popular U.S.
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	6,453	$	2,091,619		0.31	%
Commercial real estate - non-owner occupied		9,642		2,116,732		0.46	%
Commercial real estate - owner occupied		12,473		1,781,835		0.70	%
Commercial and industrial		15,870		2,394,668		0.66	%

Total commercial	$	44,438	$	8,384,854		0.53	%

Construction		8,521		1,051,502		0.81	%
Mortgage		9,508		1,304,302		0.73	%
Consumer:
Credit cards		—		26		—	%
Home equity lines of credit		1,449		71,531		2.03	%
Personal		11,440		104,867		10.91	%
Other consumer		2		11,549		0.02	%

Total consumer	$	12,891	$	187,973		6.86	%

Total	$	75,358	$	10,928,631		0.69	%


	30-Sep-24
	Popular U.S.
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	6,756	$	2,099,768		0.32	%
Commercial real estate - non-owner occupied		10,910		2,037,126		0.54	%
Commercial real estate - owner occupied		14,404		1,688,543		0.85	%
Commercial and industrial		13,230		2,224,428		0.59	%

Total commercial	$	45,300	$	8,049,865		0.56	%

Construction		9,510		922,964		1.03	%
Mortgage		9,074		1,297,931		0.70	%
Consumer:
Credit cards		—		4		—	%
Home equity lines of credit		1,785		67,560		2.64	%
Personal		12,475		119,094		10.47	%
Other consumer		2		12,075		0.02	%

Total consumer	$	14,262	$	198,733		7.18	%

Total	$	78,146	$	10,469,493		0.75	%


	Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	(303	)	$	(8,149	)		(0.01	)%
Commercial real estate - non-owner occupied		(1,268	)		79,606			(0.08	)%
Commercial real estate - owner occupied		(1,931	)		93,292			(0.15	)%
Commercial and industrial		2,640			170,240			0.07	%

Total commercial	$	(862	)	$	334,989			(0.03	)%

Construction		(989	)		128,538			(0.22	)%
Mortgage		434			6,371			0.03	%
Consumer:
Credit cards		—			22			—	%
Home equity lines of credit		(336	)		3,971			(0.61	)%
Personal		(1,035	)		(14,227	)		0.44	%
Other consumer		—			(526	)		—	%

Total consumer	$	(1,371	)	$	(10,760	)		(0.32	)%

Total	$	(2,788	)	$	459,138			(0.06	)%

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

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

(Unaudited)


	31-Dec-24
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	9,236	$	2,399,620		0.38	%
Commercial real estate - non-owner occupied		54,494		5,363,235		1.02	%
Commercial real estate - owner occupied		49,828		3,157,746		1.58	%
Commercial and industrial		146,006		7,741,562		1.89	%

Total commercial	$	259,564	$	18,662,163		1.39	%

Construction		11,264		1,263,792		0.89	%
Mortgage		82,409		8,114,183		1.02	%
Leasing		16,419		1,925,405		0.85	%
Consumer:
Credit cards		99,130		1,218,079		8.14	%
Home equity lines of credit		1,503		73,571		2.04	%
Personal		102,736		1,855,244		5.54	%
Auto		165,995		3,823,437		4.34	%
Other consumer		7,004		171,778		4.08	%

Total consumer	$	376,368	$	7,142,109		5.27	%

Total	$	746,024	$	37,107,652		2.01	%


	30-Sep-24
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	9,642	$	2,405,302		0.40	%
Commercial real estate - non-owner occupied		67,630		5,185,381		1.30	%
Commercial real estate - owner occupied		52,915		3,092,393		1.71	%
Commercial and industrial		136,361		7,400,553		1.84	%

Total commercial	$	266,548	$	18,083,629		1.47	%

Construction		13,214		1,113,307		1.19	%
Mortgage		81,650		7,993,348		1.02	%
Leasing		15,854		1,887,052		0.84	%
Consumer:
Credit cards		92,694		1,186,893		7.81	%
Home equity lines of credit		1,854		69,691		2.66	%
Personal		104,542		1,873,175		5.58	%
Auto		161,313		3,818,607		4.22	%
Other consumer		6,651		169,265		3.93	%

Total consumer	$	367,054	$	7,117,631		5.16	%

Total	$	744,320	$	36,194,967		2.06	%


	Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	(406	)	$	(5,682	)		(0.02	)%
Commercial real estate - non-owner occupied		(13,136	)		177,854			(0.28	)%
Commercial real estate - owner occupied		(3,087	)		65,353			(0.13	)%
Commercial and industrial		9,645			341,009			0.05	%

Total commercial	$	(6,984	)	$	578,534			(0.08	)%

Construction		(1,950	)		150,485			(0.30	)%
Mortgage		759			120,835			—	%
Leasing		565			38,353			0.01	%
Consumer:
Credit cards		6,436			31,186			0.33	%
Home equity lines of credit		(351	)		3,880			(0.62	)%
Personal		(1,806	)		(17,931	)		(0.04	)%
Auto		4,682			4,830			0.12	%
Other consumer		353			2,513			0.15	%

Total consumer	$	9,314		$	24,478			0.11	%

Total	$	1,704		$	912,685			(0.05	)%

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table R - Reconciliation to GAAP Financial Measures

(Unaudited)


(In thousands, except share or per share information)	31-Dec-24			30-Sep-24			31-Dec-23
Total stockholders’ equity	$	5,613,066		$	5,790,514		$	5,146,953
Less: Preferred stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(802,954	)		(804,428	)		(804,428	)
Less: Other intangibles		(6,826	)		(7,531	)		(9,764	)

Total tangible common equity	$	4,781,143		$	4,956,412		$	4,310,618

Total assets	$	73,045,383		$	71,323,074		$	70,758,155
Less: Goodwill		(802,954	)		(804,428	)		(804,428	)
Less: Other intangibles		(6,826	)		(7,531	)		(9,764	)

Total tangible assets	$	72,235,603		$	70,511,115		$	69,943,963

Tangible common equity to tangible assets		6.62	%		7.03	%		6.16	%
Common shares outstanding at end of period		70,141,291			71,787,349			72,153,621
Tangible book value per common share	$	68.16		$	69.04		$	59.74


	Quarterly average
Total stockholders’ equity [1]	$	6,620,766		$	6,460,517		$	6,072,871
Average unrealized (gains) losses on AFS securities transferred to HTM		505,791			550,971			683,077

Adjusted total stockholder’s equity		7,126,557			7,011,488			6,755,948

Less: Preferred Stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(804,411	)		(804,427	)		(804,427	)
Less: Other intangibles		(7,288	)		(7,995	)		(10,286	)

Total tangible equity	$	6,292,715		$	6,176,923		$	5,919,092
Return on average tangible common equity		11.22	%		9.98	%		6.32	%

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


	Year-to-date average
Total stockholders’ equity [1]	$	6,480,598		$	5,853,276
Average unrealized (gains) losses on AFS securities transferred to HTM		572,595			747,327

Adjusted total stockholder’s equity		7,053,193			6,600,603

Less: Preferred Stock		(22,143	)		(22,143	)
Less: Goodwill		(804,423	)		(821,567	)
Less: Other intangibles		(8,366	)		(11,473	)

Total tangible equity	$	6,218,261		$	5,745,420
Return on average tangible common equity		9.85	%		9.40	%

[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

Media Relations:

MC González Noguera, 917-804-5253

Executive Vice President and Chief Communications & Public Affairs Officer

mc.gonzalez@popular.com

Exhibit 99.2 Investor Presentation Fourth Quarter 2024

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 quarters ended March 31, 2024, June 30, 2024, and September 30, 2024, and in our Annual Report on Form 10-K for the year ended December 31, 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. 2

2024 Highlights Financial Highlights Annual Highlights ($ in millions, except per share information) Income Statement 2024 2023 Change Highlights: Net Income $ 614 $ 541 $ 73 • Adjusted net income of $646 million, increased $59 million or 1 10% year over year Adjusted Net Income 646 587 59 Net Interest Margin (NIM) 3.24% 3.13% 0.11% • NIM expanded 11 bps to 3.24%; net interest margin FTE 2 expanded 18 bps to 3.49% Net Interest Margin FTE 3.49% 3.31% 0.18% Total Deposit Costs 2.07% 1.68% 0.39%• Loans held in portfolio grew $2 billion or 5.8%, primarily commercial loans EPS $ 8.56 $ 7 .53 $ 1.03 • Total deposit costs increased 39 bps, driven by P.R. government deposits and high cost online deposits Financial Ratios • Credit quality metrics remained stable: ROA 0.84% 0.76% 0.08% ROTCE 9.85% 9.40% 0.45% ‐ NPL Ratio decreased 7 bps to 0.95% ‐ NCO Ratio of 0.68% vs. 0.44% in 2023 Ending Balances ‐ ACL-NPL Ratio improved to 213% from 204% in 2023 Loans Held in Portfolio $3 7,108 $ 35,065 $ 2,043 • Common Equity Tier 1 Ratio at 16.03% decreased 27 bps due to Total Assets 73,045 70,758 2 ,287 capital actions and loan growth Total Deposits 6 4,884 63,618 1 ,266 • Tangible book value per share increased $8.42 to $68.16 Borrowings 1 ,176 1 ,078 98 Credit Quality Non-Performing Loans (NPLs) $ 351 $ 358 $ (7) Capital Actions NPL Ratio 0.95% 1.02% (0.07%) • Announced a $500 million common stock repurchase NCO Ratio 0.68% 0.44% 0.24% authorization in Q3 2024 ACL-NPL Ratio 213% 204% 9% ‐ Through the end of 2024 repurchased $217 million at an average price of $96.32 per share Capital • Increased the quarterly common stock dividend from $0.62to Common Equity Tier 1 16.03% 16.30% (0.27%) $0.70 per share beginning with the dividend declared in Q4 Tangible Book Value Per Share $ 68.16 $ 5 9.74 $ 8 .42 3 See Slide 14 for footnotes Differences due to rounding

Q4 2024 Highlights Financial Highlights Quarter Highlights ($ in millions, except per share information) Income Statement Q4 2024 Q3 2024 Change Q4 2023 Highlights: Net Income $ 178 $ 155 $ 23 $ 95 • Net income increased $23 million, to $178 million, driven by an Net Interest Margin (NIM) 3.35% 3.24% 0.11% 3.08% increase in net interest income and a lower provision 1 Net Interest Margin FTE 3.62% 3.47% 0.15% 3.26% • NIM at 3.35% expanded 11 bps; net interest margin FTE expanded Total Deposit Costs 1.96% 2.16% (0.20%) 2.00% 15 bps to 3.62% EPS $ 2.51 $ 2.16 $ 0 .35 $ 1.31 • Total deposit costs down 20 bps due to lower cost of P.R. government deposits Financial Ratios • Loans held in portfolio grew $913 million or 2.5% ROA 0.97% 0.84% 0.13% 0.52% • Total deposits increased $1.2 billion or 1.9% ROTCE 11.22% 9.98% 1.24% 6.32% • Credit quality metrics remained stable: ‐ NPLs decreased $10 million to $351 million; NPL Ratio at Ending Balances 0.95% vs. 1.00% in Q3 Loans Held in Portfolio $ 37,108 $3 6,195 $ 913 $ 35,065 ‐ NCO Ratio of 0.74% vs. 0.65% in Q3 Total Assets 73,045 7 1,323 1,722 7 0,758 ‐ ACL-NPL Ratio of 213% vs. 206% in Q3 Total Deposits 64,884 63,669 1,215 63,618 • Tangible book value per share decreased $0.88 to $68.16 Borrowings 1 ,176 974 202 1,078 • Common Equity Tier 1 Ratio decreased 39 bps to 16.03% due to capital actions and loan growth in Q4 Credit Quality Non-Performing Loans (NPLs) $ 351 $ 361 $ ( 10) $ 358 NPL Ratio 0.95% 1.00% (0.05%) 1.02% Capital Actions NCO Ratio 0.74% 0.65% 0.09% 0.66% • Repurchased $159 million of common stock at an average price of ACL-NPL Ratio 213% 206% 7% 204% $95.68 • Increased the quarterly common stock dividend from $0.62 to $0.70 per share. Capital Common Equity Tier 1 16.03% 16.42% (0.39%) 16.30% Tangible Book Value Per Share $ 68.16 $ 69.04 (0.88) $ 59.74 See Slide 14 for footnotes 4 Differences due to rounding

Business Highlights BPPR Popular U.S. ($ in millions) Q4 2024 Q3 2024 Change Q4 2023 ($ in millions) Q4 2024 Q3 2024 Change Q4 2023 Loans Held in Portfolio $ 26,147 $ 25,694 $ 453 $2 4,478 Loans Held in Portfolio $ 10,929 $ 10,469 $ 460 $ 10,554 P.R. Government Deposits 19,463 1 8,716 747 18,068 Total Deposits 11,704 11,891 ( 187) 11,271 Total Deposits 5 4,054 5 2,701 1,353 53,133 Borrowings 480 276 204 381 Borrowings 103 105 (2) 105 Net Interest Margin 2.71% 2.73% (0.02%) 2.72% Net Interest Margin 3.56% 3.41% 0.15% 3.19% Total Deposit Costs 3.20% 3.35% (0.15%) 3.17% Total Deposit Costs 1.67% 1.89% (0.22%) 1.79% Highlights: Highlights: • Loans held in portfolio grew $453 million:• Loans held in portfolio grew $460 million: ‐ commercial and construction loans increased $265 million ‐ commercial and construction loans increased $464 million ‐ mortgage loans increased $114 million • NIM decreased 2 bps to 2.71%, driven by a lower yield on total ‐ auto loans and leases increased $43 million earning assets by 15 bps, offset by lower total cost of funds by 13 ‐ credit card balances increased $31 million bps • NIM increased 15 bps to 3.56%, driven by lower cost of interest • Asset yields and deposit costs: bearing deposits by 29 bps ‐ loan yields decreased 7 bps to 5.91% • Asset yields and deposit costs: ‐ investment securities yields decreased 51 bps to 4.28% ‐ loan yields decreased 6 bps to 7.93% ‐ total deposit costs decreased 15 bps to 3.20%, due to ‐ investment securities yields decreased 19 bps to 2.79% repricing of deposits and lower volume of high cost ‐ total deposit costs decreased 22 bps; P.R. government online deposits deposits decreased by 56 bps • Broker dealer's assets under management increased $2.6 billion to $10.8 billion or 32% in 2024 5 Differences due to rounding

Financial Summary Quarterly Results (unaudited) ($ in thousands, except EPS) Q4 2024 Q3 2024 Variance Net interest income $ 5 90,759 $ 5 72,473 $ 18,286 Provision for credit losses 66,102 71,448 (5,346) Net interest income after provision for credit losses $ 524,657 $ 5 01,025 $ 23,632 Service charges on deposits 38,060 38,315 (255) Other service fees 99,350 98,748 602 Mortgage banking activities 6,306 2,670 3 ,636 Other non-interest income 20,987 24,349 (3,362) Total non-interest income $ 1 64,703 $ 1 64,082 $ 621 Personnel costs 205,794 201,856 3 ,938 Net occupancy expenses 27,666 28,031 (365) Equipment expenses 4,846 9 ,349 (4,503) Professional fees 32,452 26,708 5 ,744 Technology and software expenses 81,395 88,452 (7,057) Processing and transactional services 35,067 34,320 747 Business promotion 29,855 25,637 4,218 Deposit insurance 9,725 10,433 ( 708) Other real estate owned (OREO) income (4,379) (2,674) (1,705) Other operating expenses 45,206 45,209 (3) Total operating expenses $ 467,627 $ 467,321 $ 306 Income before income tax 221,733 197,786 23,947 Income tax expense 43,916 42,463 1 ,453 Net income $ 177,817 $ 1 55,323 $ 22,494 EPS $ 2.51 $ 2.16 $ 0.35 ROTCE 11.22% 9.98% 1.24% 6 Differences due to rounding

Net Interest Margin Dynamics Quarter Highlights: Earning Assets 1 • Total earning assets increased $1.7 billion to $69.7 billion: (ending balances, $ in billions) $69.7 $69.2 ‐ $913 million higher loan balances and $965 million higher $68.0 $67.4 $67.2 70.0 0 0.1 4 investment securities $37.1 $35.6 60.0 0 $36.2 0.1 2 $35.1 $35.1 ‐ Money market and investment securities represent 47% of 50.0 0 0.1 earning assets 7.48% 7.52% 7.56% 7.51% 7.41% 40.0 0 0.0 8 • $1.2 billion higher deposit balances; $747 million increase in P.R. government deposits 30.0 0 0.0 6 $33.6 $32.2 $32.6 $32.1 $31.8 20.0 0 0.0 4 • Net interest margin (NIM) increased 11 bps to 3.35% 2 10.0 0 0.0 2 • Net interest margin (NIM) FTE of 3.62%, increased 15 bps: 3.47% 3.43% 3.29% 3.23% 2.96% 2 - 0 ‐ Earning assets yield FTE decreased 4 bps Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2 ‐ Loan yield FTE decreased 5 bps Money Market & Invesments Securities Loans ‐ Total deposit costs decreased 20 bps to 1.96% Loan Yield (FTE) Money Market & Invesment Securities Yield 2 2 Sources of Funds NIM (FTE ), Earning Assets Yield (FTE ) and 1 (ending balances, $ in billions) Cost of Funds $66.6 $66.1 $64.7 $64.8 $64.7 0.08 00 6.50% 5.53% 5.49% 5.49% 60.0 0 5.36% $19.7 0.07 00 $19.5 $18.1 $18.0 $18.7 5.18% 5.50% 0.06 00 50.0 0 4.50% 0.05 00 3.62% 40.0 0 $45.8 $45.8 $45.6 $45.4 $45.0 3.48% 3.47% 3.38% 3.26% 0.04 00 3.50% 30.0 0 0.03 00 2.16% 2.10% 2.07% 2.50% 2.06% 2.00% 2.01% 1.96% 1.98% 1.92% 1.87% 20.0 0 0.02 00 1.50% 10.0 0 0.01 00 - - 0.50% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 -0.50% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Non-Public Deposits P.R. Government Deposits Net Interest Margin (FTE) Earning Assets Yield (FTE) All Sources of Funds Borrowings Total Deposit Costs See Slide 14 for footnotes 7 Differences due to rounding

Capital Quarter Highlights: Popular, Inc. • Common Equity Tier 1 Ratio of 16.03% decreased 39 bps due to Q4 2024 Q3 2024 capital actions and loan growth in BPPR and Popular U.S. 0.2 • Leverage Ratio of 8.66%, impacted by a high proportion of zero- 0.1 8 0.1 6 risk weighted assets on the balance sheet, which represents 38% 18.24% 17.83% 0.1 4 16.42% 16.48% 16.03% 16.08% of total assets 0.1 2 0.1 1 0.0 8 • TCE Ratio of 6.62% vs. 7.03% in Q3 2024 0.0 6 8.66% 8.67% 0.0 4 7.03% 6.62% • Tangible book value per share at $68.16 decreased $0.88 from 0.0 2 0 $69.04 Common Equity Tier 1 Risk-Based Total Risk-Based Tier 1 Leverage TCE • Return on Average Tangible Common Equity (ROTCE) of 11.22% Tier 1 Capital Capital Capital • Repurchased $159 million of common stock at an average price of $95.68 BPPR 0.2 0.1 8 0.1 6 17.05% 17.21% 0.1 4 15.95% 15.95% 15.78% 15.78% 0.1 2 0.1 0.0 8 0.0 6 7.48% 7.46% 0.0 4 5.11% 4.73% 0.0 2 0 Common Equity Tier 1 Risk-Based Total Risk-Based Tier 1 Leverage TCE Tier 1 Capital Capital Capital Popular U.S. 0.1 6 0.1 4 14.38% 0.1 2 13.93% 13.75% 13.75% 13.35% 13.35% 0.1 11.57% 11.54% 10.64% 10.44% 0.0 8 0.0 6 0.0 4 0.0 2 0 Common Equity Tier 1 Risk-Based Total Risk-Based Tier 1 Leverage TCE See Slide 14 for footnotes Tier 1 Capital Capital Capital 8 Note: Current period ratios are estimated

Non-Performing Assets Quarter Highlights: Non-Performing Assets ($ in millions) • Non-Performing Assets (NPAs) decreased $16 million 600 0.04 • Non-Performing Loans (NPLs) decreased $10 million $529 $504 • NPL inflows increased $2 million: 0.035 $472 500 $444 $438 $435 $424 ‐ BPPR increased $11 million $412 $408 0.03 400 ‐ Popular U.S. decreased $9 million 0.025 • BPPR NPLs increased $3 million to $292 million: 0.02 300 ‐ auto loans and leases NPLs increased $4 million and $2 0.015 million, respectively 200 0.8% 0.7% 0.01 ‐ commercial loans NPLs decreased $3 million 0.7% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 100 • Popular U.S. NPLs decreased $14 million to $59 million, driven by 0.005 the sale of a $17 million commercial loan 0 0 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 NPLs OREO NPAs/Total Assets NPL Inflows Non-Performing Loans ($ in millions) ($ in millions) 500 0.04 80 $439 450 $412 70 0.035 $386 400 $362 $361 $358 $354 $34 $351 $342 60 $41 0.03 350 $48 $52 $37 $51 50 0.025 300 $40 $40 40 250 0.02 $37 1.4% 200 1.3% 0.015 30 1.2% $35 1.1% 1.0% 1.0% 1.0% 1.0% 0.9% 150 20 0.01 $26 $23 100 10 0.005 50 $14 $12 $9 $9 $9 $6 0 0 0 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Popular U.S. BPPR Commercial & Construction Mortgage Other NPLs/Loans 9 Differences due to rounding

NCOs and Allowance for Credit Losses Quarter Highlights: Allowance for Credit Losses ($ in millions) • NCO Ratio increased 9 bps to 0.74% • NCOs increased $8 million to $67 million Reserve Reserve Build Balance Balance Build Balance ACL/Loan • BPPR NCOs increased $8 million to $63 million: Portfolios Q4 2023 (Release) Q3 2024 (Release) Q4 2024 Q4 2024 ‐ Consumer increased $6 million Commercial $ 271 $ 8 $ 279 $ ( 8) $ 271 1.36% ‐ Mortgage increased $2 million Mortgage 83 (1) 82 0 82 1.02% ‐ Commercial decreased $2 million Leases 10 6 16 0 16 0.85% Consumer: 365 2 367 9 376 5.27% • Popular U.S. NCOs remained flat QoQ Credit Cards 80 13 93 6 99 8.14% • ACL at $746 million, increased $2 million Personal Loans 120 (14) 106 (2) 104 5.40% Auto 158 3 161 5 166 4.34% • ACL-to-Loans Ratio at 2.01% vs. 2.06% Other 7 - 7 0 7 4.08% Total ACL $ 729 $ 15 $ 744 $ 2 $ 746 2.01% Consumer NCOs by Loan Portfolio NCOs and NCO-to-Loans Ratio ($ in millions) ($ in millions) $67 70 $63 $62 70 $59 4.00% $58 $57 60 $55 5.00% $54 60 $52 $49 50 50 3.00% $41 $33 $40 4.00% $33 3.56% 40 $31 40 3.26% 3.16% 3.01% $29 2.00% $24 30 $25 2.80% 30 3.00% 2.43% 2.41% 20 20 0.74% 0.71% 0.66% 0.65% 1.00% 0.61% 1.77% 2.00% 0.39% 0.41% 0.39% 10 10 1.52% 0.29% - - 0.00% 1.00% (10) (10) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 (20) -1.00% (20) 0.00% Credit Cards Personal Loans Auto Other NCO% Commercial & Construction Mortgage Leases Consumer NCO% 10 Differences due to rounding

Allowance for Credit Losses – Q4 2024 ACL Movement: • Moody’s economic scenario shows a deceleration in P.R. ACL Movement economic activity during 2025, in part due to an ($ in millions) expected reduction in the pace of spending of federal funds • Reduction in qualitative reserves reflects the implementation of a new CRE model in P.R and improvements in risk ratings for U.S. commercial loans • Commercial portfolio changes mainly driven by loan growth • Consumer portfolio ACL variance reflects the impact of recent loss history Economic Scenarios: Commercial Consumer • Baseline scenario assigned the highest probability, Q3 2024 Economic Qualitative Portfolio Portfolios Q4 2024 followed by the S3 (pessimistic) scenario ACL NCOs Scenarios Reserves Changes Changes ACL • 2024 annualized GDP growth (baseline): ‐ P.R. increased to 0.67% from (0.90%) ‐ U.S. increased to 2.73% from 2.57% • 2025 annualized GDP growth (baseline): ‐ P.R. decreased to 0.28% from 1.01% ‐ U.S. increased to 2.15% from 1.73% • 2024 forecasted average unemployment rate (baseline): ‐ P.R. remains at historically low levels of 5.73% ‐ U.S. is consistent with previous forecast at 4.04% • 2025 forecasted average unemployment rate (baseline): ‐ P.R. and U.S. remained consistent with the previous forecast, of 5.88% and 4.11%, respectively 11

Driving Value Market leader in Puerto Rico • Substantial liquidity with diversified deposit base • Well-positioned to take advantage of ongoing economic growth • Focused on customer service supported by broad branch network • Differentiated omnichannel experience • Diversified fee income Franchise • 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 • Beginning in 2022 Popular embarked on a Transformation focused on our company results, customer opportunities and enterprise culture with the objective of delivering sustainable profitable growth • In 2024 we made significant progress across four workstreams: ‐ Customer Centric Growth: to enhance the overall value proposition with clients Transformation ‐ Front-to-back Customer Journeys and Solutions: to deliver a modern omnichannel banking experience ‐ Technology Modernization: to sustain a strong IT infrastructure and accelerate our digital development ‐ Purpose, Culture and People: to embed and reinforce the values and behaviors of an agile, collaborative and high performing workforce • Announced a common stock repurchase authorization in Q3 2024 of up to $500 million: ‐ Repurchased $217 million of common stock at an average price of $96.32 per share Capital Actions • Increased the quarterly common stock dividend from $0.62 to $0.70 per share with dividend declared in Q4 • In 2024, Fundación Banco Popular celebrated 45 years of dedication to providing opportunities of excellence in education Milestones for children and youth, while also supporting the communities we serve 12

2025 Results Guidance 2025 Guidance Net Interest Driven by repricing of investments at higher rates, loan originations and 7%-9% increase for the year lower deposit costs Income Non-Interest $5 million per quarter lower than FY24 trend due to impact of sale of the $155 million - $160 million each quarter car rental business Income NCOs 70-90 bps annualized Based on current loss trends and macroeconomic environment Operating 4% increase for the year Increase driven by personnel and technology expenses Expenses Higher proportion of tax-exempt income and income from subsidiaries Effective Tax Rate 19%-21% with lower statutory rates Loan Growth 3%-5% accelerating as the year progresses Both banks contributing to loan growth; higher rate of growth in 2H2025 13

Footnotes Slide 3: (1) Refer to Non-GAAP Reconciliation on slide 17 of the appendix section of this presentation. (2) Fully taxable equivalent (“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 4: (1) Fully taxable equivalent (“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 7: (1) Balances are as of end of period. (2) Fully taxable equivalent (“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 8: (1) TCE ratio is defined as the ratio of tangible common equity to tangible assets. 14

Investor Presentation Fourth Quarter 2024 Appendix 15

Corporate Structure Franchise Summary Corporate Structure Industry Financial Services Headquarters San Juan, Puerto Rico Assets = $73 billion Assets $73 billion (among top 50 BHCs in the U.S.) Holding Co. Banco Popular Popular’s Popular North (Including Popular de Securities Insurance America, Inc. Equity Puerto Rico LLC Subsidiaries Loans $37 billion Investments) Deposits $65 billion Popular Popular Auto, 1 Bank LLC Banking branches 153 in Puerto Rico, 40 in the Earnings Earnings U.S. (28 in New York and New Jersey and 12 in Florida) and 9 in the U.S. and British Virgin Puerto Rico Operations United States Operations Islands Assets = $59 billion Assets = $14 billion NASDAQ ticker symbol BPOP Selected equity investments: Banco BHD León under Corporate segment Market Cap $6.6 billion • Dominican Republic bank • 15.63% stake • 2023 net income of $227 million Information as of December 31, 2024 16 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 period ended December 31, 2024. There were no adjustments to net income for the quarter ended December 31, 2024. Adjusted Net Income for the Year ended December 31, 2024 (Non-GAAP) (Unaudited) Income Income tax Impact on before expense Net Income (In thousands) income tax (benefit) U.S. GAAP Net income $ 796,618 $ 182,406 $ 614,212 Non-GAAP Adjustments: [1] FDIC Special Assessment 14,287 (5,234) 9,053 [2] Adjustments related to intercompany distributions 6,400 16,483 22,883 Adjusted net income (Non-GAAP) $ 817,305 $ 171,157 $ 646,148 [1] Expense recorded in the first quarter of 2024 related to the Special Assessment imposed by the FDIC to recover the losses in connection with the receivership of several failed banks [2] Expense recorded in the first quarter of 2024 related to tax withholdings on prior period distributions from U.S. subsidiaries Adjusted Net Income for the Year ended December 31, 2023 (Non-GAAP) (Unaudited) Income Income tax Impact on before expense Net Income (In thousands) income tax (benefit) U.S. GAAP Net income $ 675,539 $ 134,197 $ 541,342 Non-GAAP Adjustments: [1] FDIC Special Assessment 71,435 (26,170) 45,265 Adjusted net income (Non-GAAP) $ 746,974 $ 160,367 $ 586,607 [1] Expense recorded in the fourth quarter of 2023 related to the Special Assessment imposed by the FDIC to recover losses in connection with the receivership of several failed banks 17

2024 Financial Summary Annual Results (unaudited) ($ in thousands, except EPS) 2024 2023 Variance Net interest income $ 2,282,288 $ 2,131,524 $ 150,764 Provision for credit losses 256,942 208,609 48,333 Net interest income after provision for credit losses $2 ,025,346 $ 1,922,915 $ 1 02,431 Service charges on deposits 151,343 147,476 3,867 Other service fees 389,233 374,440 14,793 Mortgage banking activities 19,059 21,497 (2,438) Other non-interest income 99,274 107,311 (8,037) Total non-interest income $ 6 58,909 $ 6 50,724 $ 8,185 Personnel costs 820,451 778,045 42,406 Net occupancy expenses 111,430 111,586 (156) Equipment expenses 33,424 37,057 (3,633) Professional fees 125,822 161,142 (35,320) Technology and software expenses 329,061 290,615 38,446 Processing and transactional services 142,677 138,070 4,607 Business promotion 101,930 94,926 7,004 Deposit insurance 54,626 105,985 (51,359) Other real estate owned (OREO) income (18,124) (15,375) (2,749) Other operating expenses 186,340 173,049 13,291 Goodwill impairment - 23,000 (23,000) Total operating expenses $1 ,887,637 $ 1,898,100 $ ( 10,463) Income before income tax 796,618 675,539 121,079 Income tax expense 182,406 134,197 48,209 Net income $ 6 14,212 $ 5 41,342 $ 72,870 EPS $ 8.56 $ 7.53 $ 1.03 ROTCE 9.85% 9.40% 0.45% 18 Differences due to rounding

Q4 2024 vs. Q3 2024 Financial Results BPPR Popular U.S. (Unaudited) ($ in millions) Q4 2024 Q3 2024 Variance Q4 2024 Q3 2024 Variance Net interest income $ 507 $ 488 $ 19 $ 92 $ 93 $ (1) Provision for credit losses 66 78 (12) ( 1) (6) 5 Net interest income after provision for credit losses 441 410 31 93 99 (6) Non-interest income 149 149 - 6 7 ( 1) Operating expenses 403 403 - 65 65 - Income before income tax 187 156 31 34 41 (7) Income tax expense 36 30 6 10 12 (2) Net income $ 151 $ 126 $ 25 $ 24 $ 29 $ (5) Balance Sheet Highlights BPPR Popular U.S. (Unaudited) ($ in millions) Q4 2024 Q3 2024 Variance Q4 2024 Q3 2024 Variance Total assets $ 58,602 $ 56,907 $ 1,695 $1 4,333 $ 14,306 $ 27 Total loans HIP 26,147 25,694 453 10,929 10,469 460 Total deposits 54,054 52,701 1,353 11,704 11,891 (187) Asset Quality BPPR Popular U.S. Q4 2024 Q3 2024 Variance Q4 2024 Q3 2024 Variance Non-performing loans held-in-portfolio (HIP) / Total loans (HIP) 1.12% 1.12% 0.00% 0.54% 0.69% (0.15%) Non-performing assets / Total assets 0.60% 0.62% (0.02%) 0.41% 0.51% (0.10%) Allowance for credit losses / Total loans (HIP) 2.56% 2.59% (0.03%) 0.69% 0.75% (0.06%) Net Interest Margin (NIM) 3.56% 3.41% 0.15% 2.71% 2.73% (0.02%) 19

2024 vs. 2023 Business Segments Financial Results BPPR Popular U.S. (Unaudited) ($ in millions) 2024 2023 Variance 2024 2023 Variance Net interest income $ 1,957 $ 1,812 $ 145 $ 356 $ 351 $ 5 Provision for credit losses 255 195 60 1 15 (14) Net interest income after provision for credit losses 1,702 1,617 85 355 336 19 Non-interest income 596 587 9 26 25 1 Operating expenses 1,614 1,615 (1) 270 286 (16) Income before income tax 684 589 95 111 75 36 Income tax expense 128 117 11 33 19 14 Net income $ 556 $ 472 $ 84 $ 78 $ 56 $ 22 Balance Sheet Highlights BPPR Popular U.S. (Unaudited) ($ in millions) 2024 2023 Variance 2024 2023 Variance Total assets $ 58,602 $ 57,023 $ 1,579 $1 4,333 $ 13,812 $ 521 Total loans HIP 26,147 24,478 1,669 10,929 10,554 375 Total deposits 54,054 53,133 921 1 1,704 11,271 433 Asset Quality BPPR Popular U.S. 2024 2023 Variance 2024 2023 Variance Non-performing loans held-in-portfolio (HIP) / Total loans (HIP) 1.12% 1.34% (0.22%) 0.54% 0.27% 0.27% Non-performing assets / Total assets 0.60% 0.72% (0.12%) 0.41% 0.21% 0.20% Allowance for credit losses / Total loans (HIP) 2.56% 2.61% (0.05%) 0.69% 0.85% (0.16%) Net Interest Margin (NIM) 3.43% 3.20% 0.23% 2.66% 2.98% (0.32%) 20 Differences due to rounding

Deposit Mix and Historical Beta • BPPR's retail and commercial accounts are low beta products and will react more slowly to changes in short-term interest rates • High beta P.R. government deposits represent 31% of the total deposits • Deposits from the Puerto Rico government are linked to market rates but respond with a lag to changes in spot rates • We expect that higher beta products in Popular U.S. will show similar elasticity to declining rates throughout the cycle. However, in Q4 2024 competitive pressures in our markets reduced the extent of deposits repricing Retail Interest Bearing Deposits Deposits by Type 6.00% 90% 77% 5.00% 80% 70% 4.00% 60% 50% 3.00% 40% 23% 2.00% 30% 20% 1.00% 10% 0.00% 0% Retail - Int Bearing Fed Funds Target Non-Int Bearing Int Bearing Deposit Mix (by Type) Retail Commercial Public Wholesale Non Int Bearing 7% 16% 0% 0% Int Bearing 32% 9% 31% 5% Commercial Interest Bearing Deposits Public Interest Bearing Deposits 6.00% 6.00% 5.00% 5.00% 4.00% 4.00% 3.00% 3.00% 2.00% 2.00% 1.00% 1.00% 0.00% 0.00% Commercial - Int Bearing Fed Funds Target Public - Int Bearing Fed Funds Target 21 Jun-16 Jun-16 Dec-16 Dec-16 Jun-17 Jun-17 Dec-17 Dec-17 Jun-18 Jun-18 Dec-18 Dec-18 Jun-19 Jun-19 Dec-19 Dec-19 Jun-20 Jun-20 Dec-20 Dec-20 Jun-21 Jun-21 Dec-21 Dec-21 Jun-22 Jun-22 Dec-22 Dec-22 Jun-23 Jun-23 Dec-23 Dec-23 Jun-24 Jun-24 Dec-24 Dec-24 Jun-16 Jun-16 Dec-16 Dec-16 Jun-17 Jun-17 Dec-17 Dec-17 Jun-18 Jun-18 Dec-18 Dec-18 Jun-19 Jun-19 Dec-19 Dec-19 Jun-20 Jun-20 Dec-20 Dec-20 Jun-21 Jun-21 Dec-21 Dec-21 Jun-22 Jun-22 Dec-22 Dec-22 Jun-23 Jun-23 Dec-23 Dec-23 Jun-24 Jun-24 Dec-24 Dec-24

Investments Portfolio Highlights: $ in millions Q4 2024 Variance to Q3 2024 Q3 2024 Maturity / • Conservative investment portfolio, with the majority Amortized % of Book Gain / Amortized Gain / 1 Description Cost Portfolio Value (Loss) Yield WAL Cost (Loss) invested in short to intermediate U.S. Treasuries, which 1 are tax exempt for P.R. corporations Money Markets (Cash at Federal Reserve) $6,371 19.7% $6,371 $0 4.4% - ($152) $0 • Investment portfolio duration 2.2 years; including cash, U.S. T-bills 7,511 23.2% 7,511 - 4.3% 0.1 1,632 - 1.8 years AFS U.S. Treasuries 5,592 16.9% 5,484 (108) 2.2% 1.3 ( 160) (2) Agency MBS/CMO 6,412 16.2% 5,249 (1,163) 1.8% 7.2 ( 185) (226) • Unrealized loss in the AFS portfolio increased by $183 Total AFS 19,515 56.3% 18,244 (1,271) 2.9% 2.5 1,287 (228) million 2 U.S. Treasuries 8,172 23.7% 7,693 (479) 1.4% 2.4 (153) 46 • Market value of the HTM U.S. Treasuries portfolio stood HTM Other 65 0.2% 65 - 2.0% 13.9 (1) - at $7.62 billion, $70 million lower than the book value Total HTM 8,237 23.9% 7,759 (479) 1.4% 2.5 (154) 46 • Invested approx. $1.7 billion in short-duration U.S. Total Trading 33 0.1% 33 0 5.3% 8.2 2 (0) Treasury notes during the second half of 2024, with an average yield of approximately 4% Total Portfolio $34,156 100.0% $32,406 ($1,750) 2.9% 2.0 $983 ($183) Maturities: US Treasury Notes (AFS & HTM) 1,200 Maturity Profile 35% 1,000 30% 29% 800 24% 25% 20% 600 20% 15% 400 12% 10% 200 5% 5% 4% 3% 1% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% - 0 - 3 yrs 4 - 5 yrs 6 - 7 yrs 8 - 10 yrs UST Legacy (Pre 2024) UST New (Program restarted in 2024) U.S. T-bills U.S. Treasuries - AFS U.S. Treasuries - HTM Agency MBS/CMO 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 2 The Book value includes $383 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. 22 Differen ces due to rounding $ Millions

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 December 31, 2024, our direct exposure to P.R. municipalities was $336 million, flat QoQ. Municipalities Outstanding P.R. Government Exposure ($ in millions) Loans Securities Total Obligations of municipalities are backed by real and personal property taxes, municipal excise taxes, and/or a percentage of the sales and use tax Municipalities $ 323 $ 13 $ 336 Indirect Exposure $ 176 $ 45 $ 221 Indirect Exposure 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 23 Differences due to rounding

Non-Owner Occupied CRE Portfolio Quarter Highlights: Non-Owner Occupied CRE • Non-Owner Occupied CRE (CRE NOO) mainly in retail, hotels and office ($ in millions) space $5,363 $5,185 $5,087 $5,057 $5,005 2.5% • Office exposure limited to 1.9% of total loan portfolio and 13% of CRE 5,000 $2,117 NOO: $2,037 $2,082 $2,061 $2,025 2.0% 4,000 ‐ Office space mainly in mid-rise properties with diversified tenants 1.30% 1.30% 1.30% 1.30% 1.02% 1.5% across both regions 3,000 $3,148 $3,247 $3,005 $2,996 $2,980 ‐ Average loan size at $2.4 million 1.0% 2,000 • Favorable credit risk profile with low level of NCOs, NPLs, criticized and 0.27% 0.5% 1,000 0.20% 0.20% 0.20% 0.20% classified loans 0 0.0% • Non-Performing loans flat QoQ at 0.27% of loans Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 • Allowance for credit losses to loans held-in-portfolio at 1.02%, driven by a BPPR Popular U.S. NPL/Loans ACL/Loans reduction in the qualitative reserve due to the implementation of a new CECL model for CRE NOO loans in P.R. Non-Owner Occupied CRE Credit Metrics Balance by property type Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Other 30-89 DPD/Loans 0.14% 0.15% 0.14% 0.26% 0.20% Health Facility 7% 4% NPL/Loans 0.19% 0.20% 0.17% 0.19% 0.27% Mixed use Retail NCO Ratio (0.02%) (0.03%) (0.01%) 0.00% (0.06%) 33% 5% ACL/Loans 1.29% 1.30% 1.28% 1.30% 1.02% Industrial ACL/NPL 663.73% 635.31% 754.88% 691.89% 377.29% 8% Classified Loans/Loans 1.75% 2.08% 2.47% 1.34% 3.01% Shelters 11% Office Space 13% Hotels 19% 24 Differences due to rounding

Multifamily Loans Portfolios Quarter Highlights: Multifamily Loans • 87% of the portfolio concentrated in Popular U.S. ($ in millions) • Strong credit risk profile with low levels of delinquency, NCOs and $2,416 $2,406 $2,400 $2,385 $2,385 classified loans: 2,500 1.4% $2,124 $2,100 ‐ 30-89 DPD/Loans at 0.29% $2,081 $2,080 $2,092 2,000 1.2% ‐ Classified loans at 1.10% 0.50% 0.50% 1.0% 0.40% 1,500 0.38% ‐ NCO Ratio 0.0% 0.60% 0.8% • Allowance for credit losses (“ACL”) to loans held-in-portfolio at 0.38% 1,000 0.6% 0.40% 0.40% 0.40% 0.37% • New York portfolio: 0.4% 500 0.10% ‐ $1.5 billion or 4.0% of our total loan portfolio 0.2% $304 $305 $306 $308 $292 0 0.0% ‐ Underwritten based on current rental income at origination Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 ‐ No exposure to rent controlled buildings BPPR Popular U.S. NPL/Loans ACL/Loans ‐ Rent stabilized units represent less than 40% of the total units in the loan portfolio with the majority originated after 2019 Multifamily Loans Credit Metrics Balance by state Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Other PR 2% 30-89 DPD/Loans 0.48% 1.04% 0.13% 0.12% 0.29% 9% NPL/Loans 0.08% 0.37% 0.38% 0.37% 0.37% NCO Ratio 0.00% 0.07% 0.00% 0.00% 0.00% ACL/Loans 0.57% 0.53% 0.47% 0.40% 0.38% ACL/NPL 690.20% 144.72% 122.28% 109.72% 105.20% Classified Loans/Loans 1.18% 1.57% 1.12% 1.30% 1.10% FL 28% NY 61% 25 Differences due to rounding

Auto Loans Portfolio Quarter Highlights: Delinquency Avg. 2011-2019 12/31/2024 ($in millions) • Auto balances have steadily increased since the pandemic 6.17% 5.00% • Delinquency and NCOs have gradually increased, but continue to 4500 0.06 $3,819 $3,821 remain below pre-pandemic levels $3,773 $3,707 4000 $3,633 $3,661 $3,566 $3,518 $3,513 0.05 3500 • FICO mix of originations have remained robust, with weighted- $2,918 5.00% 4.73% average FICO scores of approximately 737 3000 0.04 4.67% 4.46% 4.20% 4.64% 2500 3.86% • YTD originations were approximately 68%/32% split between 0.03 3.68% 3.66% 2000 new/used auto loans 3.20% 1500 0.02 1000 0.01 500 $135 $129 $113 $131 $153 $173 $143 $168 $178 $191 0 0 Q4 2019 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 30+ DPD Portfolio 30+ DPD/Portfolio FICO Mix of Originations (% of approved amount) NCOs and NCO-to-Loan Ratio 737 729 732 731 723 720 721 719 719 ($ in millions) Avg. 2011-2019 YTD 700 100% 1.88% 1.60% 3% 4% 5% 6% 6% 6% 7% 7% 8% 7% 6% 4% 4% 3% 2% 600 7% 7% 9% 20 0.03 80% 18 23% 26% 24% 24% 500 30% 30% 27% 26% 0.025 26% 16 14 2.44% 60% 400 0.02 12 1.99% 300 10 0.015 40% 8 67% 66% 66% 65% 200 0.01 61% 60% 60% 60% 58% 6 20% 4 0.005 100 2 $18 $11 $7 $2 $10 $16 $14 $10 $17 $19 0 0 0% 0 Q4 2019 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024 Auto NCOs NCOs % 700+ 625-699 <625 No FICO WA FICO 26 Differences due to rounding

Auto Leases Portfolio Quarter Highlights: Delinquency Avg. 2011-2019 12/31/2024 ($in millions) • Auto lease balances have grown steadily since the pandemic 2.06% 2.06% 2500 0.06 • Delinquency gradually increased during 2023, reaching pre- $1,925 0.05 $1,887 pandemic levels in Q4 2024 2000 $1,828 $1,765 $1,732 $1,698 $1,662 $1,614 $1,586 • NCOs increased, when compared to the prior quarter, to levels 0.04 above pre-pandemic periods 1500 0.03 $1,060 • FICO mix of originations have remained robust, with weighted- 2.05% 2.06% 1000 average FICO scores of approximately 743 1.81% 1.77% 1.79% 1.73% 1.69% 0.02 1.36% 1.30% 1.31% 500 0.01 $19 $21 $21 $22 $29 $35 $32 $33 $32 $40 0 0 Q4 2019 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 30+ DPD Portfolio 30+ DPD/Loans FICO Mix of Originations (% of approved amount) NCOs and NCO-to-Loan Ratio 743 741 734 736 735 732 730 730 731 ($ in millions) Avg. 2011-2019 YTD 700 100% 0.65% 0.67% 2% 3% 3% 3% 3% 4% 4% 4% 4% 600 18% 19% 22% 24% 4 0.012 23% 23% 26% 26% 26% 80% 500 3.5 0.01 3 60% 400 0.008 2.5 1.07% 300 0.76% 2 0.006 40% 79% 78% 75% 74% 73% 73% 71% 70% 70% 1.5 200 0.004 1 20% 100 0.002 0.5 $3 $2 $2 $1 $4 $4 $3 $2 $4 $0 0 0 0% 0 Q4 2019 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024 Leases NCOs NCO % 700+ 625-699 <625 No FICO WA FICO 27 Differences due to rounding

Credit Cards Portfolio Quarter Highlights: Delinquency Avg. 2011-2019 12/31/2024 ($in millions) • Improvements in credit quality of originations 3.74% 4.85% • Balances continue to increase due to higher originations and 1400 0.06 increased usage post pandemic $1,218 $1,187 0.055 $1,163 $1,142 $1,136 $1,124 1200 $1,077 $1,057 $1,046 0.05 $1,042 • Delinquency and NCOs continue to increase with levels above 0.045 pre-pandemic benchmark average 1000 4.85% 0.04 4.62% 0.035 4.16% 800 • FICO mix of originations have remained robust, with weighted- 4.09% 4.06% 0.03 average FICO scores of approximately 768 3.45% 3.44% 600 0.025 2.84% 0.02 400 2.39% 2.31% 0.015 0.01 200 0.005 $39 $24 $25 $30 $37 $46 $46 $48 $55 $59 0 0 Q4 2019 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 30+ DPD Portfolio 30+ DPD/Loans FICO Mix of Originations NCOs and NCO-to-Loan Ratio (% of approved amount) 768 754 753 ($in millions) 750 748 748 750 749 750 Avg. 2011-2019 YTD 0% 2% 2% 2% 3% 3% 4% 4% 100% 5% 700 3.67% 5.08% 2% 1% 1% 3% 2% 3% 2% 2% 2% 18 0.06 600 80% 32% 16 42% 45% 0.05 5.61% 41% 44% 500 43% 45% 45% 44% 14 60% 12 0.04 400 10 0.03 300 40% 8 3.21% 65% 6 0.02 200 55% 53% 53% 51% 51% 50% 49% 49% 20% 4 0.01 100 2 $8 $5 $6 $7 $9 $11 $14 $14 $15 $17 0 0 0% 0 Q4 2019 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024 Credit Cards NCOs NCOs % 750+ 650-749 <650 No FICO WA FICO 28 Differences due to rounding

P.R. Personal Loans Portfolio Quarter Highlights: Delinquency Avg. 2011-2019 12/31/2024 ($ in millions) • Improvements in credit quality of originations 3.61% 3.01% 200 0 0.06 • Portfolio balances have been increasing since the pandemic, but $1,776 $1,763 $1,746 $1,745 $1,754 $1,754 $1,686 180 0 at a slower pace in 2024 due to tightening measures $1,613 $1,586 0.05 160 0 $1,368 • Delinquency has been gradually increasing but remains below the 140 0 0.04 pre-pandemic average benchmark. 120 0 • NCO rate trending up, surpassing Q4 2019 level, but showing 100 0 0.03 signs of stabilization 3.15% 3.19% 800 3.09% 3.01% 2.97% 2.92% 2.87% 0.02 2.61% 2.53% 2.51% 600 • FICO mix of originations robust, with weighted-average FICO 400 scores of 748 in recent vintages, approximating pre-pandemic 0.01 200 levels $43 $40 $41 $44 $51 $53 $51 $54 $56 $53 0 0 Q4 2019 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 30+ DPD Portfolio 30+ DPD/Loans FICO Mix of Originations (% of approved amount) NCOs and NCO- to Loan Ratio 746 748 743 741 738 736 740 738 738 ($ in millions) Avg. 2011-2019 YTD 0% 0% 1% 1% 2% 2% 700 3% 3% 3% 100% 2.53% 5.04% 3% 2% 3% 3% 3% 3% 4% 4% 5% 25 0.07 600 80% 0.06 500 49% 20 46% 44% 51% 53% 56% 50% 56% 49% 0.05 60% 400 5.32% 15 0.04 300 4.19% 40% 0.03 10 200 0.02 49% 49% 49% 44% 20% 43% 43% 43% 40% 41% 5 100 0.01 $14 $10 $12 $13 $17 $20 $22 $21 $22 $23 0 0 0% 0 Q4 2019 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024 Personal Loans NCOs NCO % 750+ 650-749 <650 No FICO WA FICO 29 Differences due to rounding

Popular, Inc. Credit Ratings Senior Unsecured Ratings Senior Unsecured Ratings Fitch BBB- Stable Outlook S&P BB+ Stable Outlook Moody’s Ba1 Stable Outlook 2018 2019 2020 2021 2022 April April June Moody’s Moody's September April Fitch upgrades upgrades to upgrades to B1 Moody’s upgrades S&P upgrades to to BBB- from Ba3 from B1 from B2 May March to Ba1 from Ba3, BB+ from BB-, BB, revised Fitch Moody’s revised outlook to Fitch and S&P revised outlook May S&P revised outlook to upgrades to revised outlook Stable revised outlook to Stable Fitch revised outlook to Stable BB from BB- to Positive to Positive Positive outlook to Positive March S&P lowers outlook to Stable 30

Investor Presentation Fourth Quarter 2024

Document and Entity Information	Jan. 28, 2025
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0000763901
Document Type	8-K
Document Period End Date	Jan. 28, 2025
Entity Registrant Name	POPULAR, INC.
Entity Incorporation State Country Code	PR
Entity File Number	001-34084
Entity Tax Identification Number	66-0667416
Entity Address, Address Line One	209 Muñoz Rivera Avenue
Entity Address, City or Town	Hato Rey
Entity Address, Country	PR
Entity Address, Postal Zip Code	00918
City Area Code	(787)
Local Phone Number	765-9800
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock ($0.01 par value)
Trading Symbol	BPOP
Security Exchange Name	NASDAQ
Cumulative Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	6.125% Cumulative Monthly Income Trust Preferred Securities
Trading Symbol	BPOPM
Security Exchange Name	NASDAQ

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POPULAR, INC.

(Registrant)

Date: January 28, 2025

/s/ Denissa M. Rodríguez

Denissa M. Rodríguez

Senior Vice President and Corporate Comptroller