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Popular, Inc. Announces Fourth Quarter 2024 Financial Results

1. BPOP's Q4 2024 net income rose to $177.8 million, up from $155.3 million. 2. Strong loan growth and increased net interest margin supported positive earnings trajectory. 3. Share buybacks resumed and dividends increased, enhancing shareholder value during 2024. 4. The credit quality metrics improved, with non-performing loans decreasing from prior quarters. 5. BPOP’s total assets grew to $73 billion, primarily driven by higher loan volumes.

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Why Bullish?

Strong earnings growth and improved loan quality often lead to increased investor confidence, similar to past bullish trends following earnings beats.

How important is it?

The financial health disclosed in this report directly influences investor sentiment and BPOP's valuation.

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Immediate market reactions to quarterly results typically influence stock price in the short term, akin to historical performance after earnings reports.

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BPOP
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 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) (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) (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 Quarter ended Variance Years ended Q4 2024 Q4 2024 (In thousands, except per share information) 31-Dec-24 30-Sep-24 vs. Q3 2024 31-Dec-23 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) Variance Q4 2024 vs. (In thousands) 31-Dec-24 30-Sep-24 31-Dec-23 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) Variance Average Volume Average Yields / Costs Interest 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 Total money market, investment and trading 33,618 34,632 (1,014 ) 3.29 3.43 (0.14 ) 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 ) Other medium and 923 950 (27 ) 5.39 5.32 0.07 long-term debt 12,379 12,560 (181 ) (78 ) (103 ) Total interest bearing 50,174 50,590 (416 ) 2.61 2.87 (0.26 ) 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 Net interest margin/ 3.62 % 3.47 % 0.15 % 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 Net interest margin/ income 3.35 % 3.24 % 0.11 % 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) Variance Average Volume Average Yields / Costs Interest 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 Total money market, investment and trading 33,618 34,437 (819 ) 3.29 2.96 0.33 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 ) Other medium and 923 1,018 (95 ) 5.39 5.04 0.35 long-term debt 12,379 12,770 (391 ) (22 ) (369 ) Total interest bearing 50,174 49,361 813 2.61 2.68 (0.07 ) 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 Net interest margin/ 3.62 % 3.26 % 0.36 % 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 Net interest margin/ income 3.35 % 3.08 % 0.27 % 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) Variance Average Volume Average Yields / Costs Interest 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 ) Total money market, investment and trading 34,626 35,010 (384 ) 3.36 2.81 0.55 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 ) Other medium and 962 1,109 (147 ) 5.22 5.09 0.13 long-term debt 50,178 56,430 (6,252 ) 962 (7,214 ) Total interest bearing 50,427 48,491 1,936 2.76 2.30 0.46 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 Net interest margin/ 3.49 % 3.31 % 0.18 % 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 Net interest margin/ income 3.24 % 3.13 % 0.11 % 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 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 $ 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 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 $ 1,866 $ - $ 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 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 $ (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 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 $ - $ 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 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 $ 1,060 $ - $ 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 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 $ (1,060 ) $ 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 Accruing (In thousands) days days or more past due Current Loans HIP loans 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 Quarter ended 31-Dec-24 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 Quarter ended 31-Dec-24 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 Quarter ended 31-Dec-24 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 (In thousands) 31-Dec-24 31-Dec-23 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.

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