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8-K

Popular, Inc. (BPOP)

8-K 2023-10-26 For: 2023-10-26
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Added on April 08, 2026
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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): October 26, 2023

POPULAR, INC.

(Exact name of registrant as specified in its charter)

Puerto Rico 001-34084 66-0667416
(State or other jurisdiction of<br>incorporation or organization) (Commission File Number) (IRS Employer<br>Identification Number)
209 Muñoz Rivera Avenue
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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)
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☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br>Symbol(s) Name of each exchange<br>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 October 26, 2023, Popular, Inc. (the “Corporation”) issued a press release announcing its unaudited financial results for the quarter ended September 30, 2023, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.

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

Item 7.01. Regulation FD Disclosure.

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

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

Item 9.01. Financial Statements and Exhibits.

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

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

SIGNATURE

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

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

EX-99.1

Exhibit 99.1

LOGO

Popular, Inc. Announces Third Quarter 2023 Financial Results

• Net income of $136.6 million in Q3 2023, including an after-taxgoodwill impairment charge in our U.S. based equipment leasing subsidiary of $16.4 million, compared to net income of $151.2 million in Q2 2023.
• Net interest income amounted to $534.0 million, an increase of $2.4 million compared to Q2 2023.
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• Net interest margin of 3.07% in Q3 2023, compared to 3.14% in Q2 2023; net interest margin on a taxableequivalent basis of 3.24% in Q3 2023, compared to 3.29% in Q2 2023.
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• Non-interest income of $159.5 million, or $1.0 million lowerthan in Q2 2023.
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• Operating expenses amounted to $466.0 million, an increase of $5.7 million compared to Q2 2023,including a non-cash goodwill impairment of $23.0 million.
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• Credit Quality:
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• Non-performing loans held-in-portfolio (“NPLs”) decreased by $24.0 million from Q2 2023; NPLs to loans ratio at 1.1% vs. 1.2% in Q2 2023;
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• Net charge-offs (“NCOs”) increased by $8.7 million from Q2 2023; annualized NCOs at 0.39% ofaverage loans held-in-portfolio vs. 0.29% in Q2 2023;
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• Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.09% vs. 2.12% in Q2 2023; and
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• ACL to NPLs at 196.7% vs. 181.6% in Q2 2023.
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• Loans increased by $998.4 million and by $764.4 million in average quarterly balances, from Q2 2023.
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• Ending deposit balances decreased by $667.2 million while average quarterly balances increased by$1.4 billion, from Q2 2023.
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• Common Equity Tier 1 ratio of 16.81%, Common Equity per Share of $61.49 and Tangible Book Value per Share of$50.20 at September 30, 2023.
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SAN JUAN, Puerto Rico – (BUSINESS WIRE) – Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $136.6 million for the quarter ended September 30, 2023, including an after-tax goodwill impairment charge in our U.S. based equipment leasing subsidiary of $16.4 million, compared to net income of $151.2 million for the quarter ended June 30, 2023.

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

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

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

1

Earnings Highlights

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

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

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

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

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

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

• Higher interest income from investment securities, trading and money market investments by $27.4 million<br>driven mainly by higher volume of U.S. Treasury bills, partially offset by a lower volume of money market investments. Both asset classes reflect the effect of the two 25 basis points increases in market rates that occurred at the end of July and at<br>the beginning of May;
• Higher interest income from loans by $26.3 million resulting from an increase in average loans by<br>$770 million, reflecting increases in Banco Popular de Puerto Rico (“BPPR”) by $427 million and an increase in Popular Bank (“PB”) by $343 million. All major loan segments increased in BPPR while at PB the increase<br>was mainly in the commercial and construction portfolios. Loan originations in a higher interest rate environment and the repricing of adjustable-rate loans resulted in a higher yield on loans by nine basis points; most of the categories resulted in<br>a higher yield quarter over quarter; and
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• Lower interest expense on other debt upon the previously announced redemption, during the quarter of the<br>$300 million Senior Notes due September 2023;
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partially offset by:

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

2

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

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

Non-interest income

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

Refer to Table B for further details.

Operatingexpenses

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

• higher personnel cost by $1.7 million mainly due to higher salaries by $2.9 million as a result of the<br>annual merit increase effective during the third quarter of 2023; partially offset by a decrease in other personnel costs by $1.2 million;
• higher credit card processing expenses by $2.2 million mainly due to a volume growth incentive received<br>during the second quarter of 2023 which was recorded as a reduction of expenses;
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• higher FDIC deposit insurance expense by $2.1 million mainly due to an accrual adjustment recorded during<br>the second quarter of 2023 related to a decrease in the assessment rate; and
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• a non-cash goodwill impairment of $23.0 million in our U.S. based<br>equipment leasing subsidiary due to lower forecasted cash flows and an increase in the rate used to discount cash flows.
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partially offset by:

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

3

• lower professional fees by $11.6 million mainly due to lower advisory expenses by $7.1 million arising from<br>corporate initiatives related to regulatory and compliance efforts, as well as those related to the Corporation’s transformation initiative, incurred during the second quarter of 2023;
• lower business promotion expense by $2.0 million mainly due to lower advertising and credit cards rewards<br>expenses; and
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• higher other real estate owned (“OREO”) benefit by $1.9 million mainly due to an increase in the<br>fair value of mortgage properties transferred to OREO.
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Full-time equivalent employees were 9,063 as of September 30, 2023, compared to 9,124 as of June 30, 2023.

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

Income taxes

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

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

Credit Quality

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

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

• At September 30, 2023, total NPLs<br>held-in-portfolio decreased by $24.0 million from June 30, 2023. BPPR’s NPLs decreased by $18.5 million, mostly driven by lower commercial and<br>mortgage NPLs by $16.5 million and $6.8 million, respectively, in part offset by higher consumer NPLs by $5.4 million. The commercial NPLs decrease was mostly driven by loan payoffs. PB’s NPLs decreased by $5.5 million<br>quarter-over-quarter, due to lower commercial and mortgage NPLs by $3.0 million and $2.6 million, respectively. At September 30, 2023, the ratio of NPLs to total loans<br>held-in-portfolio was 1.1%, compared to 1.2% in the second quarter of 2023.
• Inflows of NPLs<br>held-in-portfolio, excluding consumer loans, decreased by $5.9 million quarter-over-quarter. In BPPR, total inflows decreased by $2.6 million due to lower<br>construction inflows by $9.3 million due to a single relationship that entered non-accrual during the second quarter, in part offset by higher mortgage inflows by $7.1 million. PB inflows decreased<br>by $3.3 million, driven by lower commercial inflows.
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• NCOs amounted to $32.7 million, increasing by $8.7 million when compared to the second quarter of 2023.<br>BPPR’s NCOs increased by $6.9 million quarter-over-quarter, mainly driven by higher consumer NCOs by $14.1 million, of which $7.2 million and $4.7 million are related to the auto and personal loans portfolios, respectively.<br>This increase was in part offset by a $10.8 million recovery from a commercial loan pay-off, as mentioned above. PB’s NCOs increased by $1.8 million quarter-over-quarter, mainly driven by higher<br>consumer NCOs. During the third quarter of 2023, the Corporation’s ratio of annualized NCOs to average loans held-in-portfolio was 0.39%, compared to 0.29% in the<br>second quarter of 2023. Refer to Table N for further information on NCOs and related ratios.
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4

• At September 30, 2023, the allowance for credit losses (“ACL”) increased by $10.9 million<br>from the second quarter of 2023 to $711.1 million. In BPPR, the ACL increased by $28.4 million, primarily driven by higher reserves for the auto and personal loans portfolios attributable to credit normalization, changes in macroeconomic<br>scenarios and loan growth. In PB, the ACL decreased by $17.6 million due to the implementation of a new model for the U.S. commercial real estate portfolio. The new model is based on more granular regional information for the Corporation’s<br>portfolio and accounted for $15 million of PB’s reduction in ACL.
• The ACL incorporated updated macroeconomic scenarios for Puerto Rico and the United States. Given that any one<br>economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to estimate its ACL. The baseline scenario continues to be assigned the highest probability, followed by the pessimistic scenario, and then the optimistic<br>scenario.
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• The 2023 annualized GDP growth in the baseline scenario improved to 1.7% and 2.0% for Puerto Rico and the United<br>States, respectively, compared to 1.5% and 1.6% in the previous quarter. The 2023 forecasted average unemployment rate for Puerto Rico improved to 6.1% from 6.3% in the previous forecast, while in the United States unemployment levels remained at<br>3.6%, stable when compared to the previous forecast.
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• GDP growth is expected to slow down during 2024 for both regions, when compared to 2023, as a result of the<br>Fed’s monetary policy. The 2024 GDP growth is expected to be 0.90% for Puerto Rico and 1.25% for the United States. The average 2024 unemployment rate is expected to increase to 6.80% in Puerto Rico and 4.03% in the United States.<br>
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• The Corporation’s ratio of the ACL to loans<br>held-in-portfolio was 2.09% in the third quarter of 2023, compared to 2.12% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio stood at 196.7%, compared to 181.6% in the previous quarter.
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• The provision for credit losses for the loan portfolios for the third quarter of 2023 was $43.5 million,<br>compared to $35.7 million in the previous quarter, reflecting the previously mentioned changes in the allowance for credit losses. The provision for the BPPR segment was $54.0 million, compared to $28.4 million in the previous<br>quarter, while the provision for PB was a benefit of $10.5 million, compared to an expense of $7.3 million in the previous quarter.
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• The provision for unfunded loan commitments, provision for credit losses on our loan and lease portfolios and<br>provision for credit losses on our investment portfolio are aggregated and presented in the provision for credit losses caption in our Consolidated Statement of Operations. For the third quarter, these combined concepts resulted in a provision<br>expense of $45.1 million, compared to $37.2 million last quarter.
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Non-PerformingAssets

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

Refer to Table L for additional information.

5

Provision for Credit Losses (Benefit) - Loan Portfolios

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

Credit Quality by Segment

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

Financial Condition Highlights

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

6

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

• a decrease in money market investments of $2.2 billion due to lower deposits and increased loan balances as<br>discussed below;
• a decrease in securities<br>available-for-sale (“AFS”) of $112.4 million, mainly due to repayments, maturities and unfavorable changes in fair value, offset in part by the purchase<br>of U.S. Treasury securities; and
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• a decrease in securities<br>held-to-maturity (“HTM”) of $108.4 million driven by a decrease in U.S. Treasury securities mainly as a result of maturities;
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partially offset by:

• an increase in loans<br>held-in-portfolio of $998.4 million reflected across all portfolios in BPPR, except the construction portfolio, and an increase in commercial and construction loans<br>at PB; and
• an increase in other assets of $328.9 million driven by unsettled trade receivables related to proceeds from<br>maturities of U.S. Treasury Notes and interest payments which were received in the fourth quarter.
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Total liabilities decreased by $993.9 million from the second quarter of 2023, driven by:

• a decrease of $667.2 million in deposits, mainly in Puerto Rico public sector accounts partially offset by<br>an increase in time deposits and savings accounts at PB; and
• a decrease of $299.4 million in notes payable due to the redemption of $300.0 million in aggregate<br>principal amount of the Senior Notes due September 2023.
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Stockholders’ equity decreased by $107.4 million from the second quarter of 2023, principally due to the after-tax impact of the increase in net unrealized losses in the portfolio of AFS securities of $242.6 million and to common and preferred dividends declared during the quarter, partially offset by the net income for the quarter of $136.6 million and the amortization of unrealized losses from securities previously reclassified to HTM of $35.0 million.

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

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

7

Cautionary Note Regarding Forward-Looking Statements

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

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

About Popular, Inc.

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

Conference Call

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

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local). The dial-in access code is 260746.

A replay of the webcast will be archived in Popular’s website. A telephone replay will be available one hour after the end of the conference call through Monday, November 27, 2023. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 546020.

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

8

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table A - Selected Ratios and Other Information

Table B - Consolidated Statement of Operations

Table C - Consolidated Statement of Financial Condition

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

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

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

Table G - Mortgage Banking Activities and Other Service Fees

Table H - Loans and Deposits

Table I - Loan Delinquency - BPPR Operations

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

Table K - Loan Delinquency - Consolidated

Table L - Non-Performing Assets

Table M - Activity in Non-Performing Loans

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

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

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

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

Table R - Reconciliation to GAAP Financial Measures

9

POPULAR, INC.

Financial Supplement to Third Quarter 2023 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

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

10

POPULAR, INC.

Financial Supplement to Third Quarter 2023 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

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

11

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

12

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

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

13

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

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

(Unaudited)

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

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

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.<br>
--- ---

14

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

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

(Unaudited)

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

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

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.<br>
--- ---

15

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

(Unaudited)

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

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

[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.<br>
--- ---

16

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table G Mortgage Banking Activities and Other Service Fees

(Unaudited)

Mortgage Banking Activities

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

Other Service Fees

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

17

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table H - Loans and Deposits

(Unaudited)

Loans - Ending Balances

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

Deposits - Ending Balances

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

18

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table I - Loan Delinquency - BPPR Operations

(Unaudited)

30-Sep-23
BPPR
Past due Past due 90 days or more
(In thousands) 30-59 days 60-89 days 90 days or<br>more Total past<br>due Current Loans HIP Non-accrual<br>loans Accruing<br>loans
Commercial multi-family $ 4,407 $ 176 $ 184 $ 4,767 $ 290,047 $ 294,814 $ 184 $ —
Commercial real estate:
Non-owner occupied 1,274 — 15,330 16,604 2,932,277 2,948,881 15,330 —
Owner occupied 817 827 35,089 36,733 1,370,820 1,407,553 35,089 —
Commercial and industrial 4,022 1,728 24,733 30,483 4,299,335 4,329,818 21,624 3,109
Construction — — 6,578 6,578 163,929 170,507 6,578 —
Mortgage 241,962 100,679 430,430 773,071 5,516,197 6,289,268 187,443 242,987
Leasing 17,915 4,574 6,842 29,331 1,668,783 1,698,114 6,842 —
Consumer:
Credit cards 11,218 8,133 17,719 37,070 1,040,341 1,077,411 — 17,719
Home equity lines of credit 26 — — 26 2,448 2,474 — —
Personal 19,586 12,476 18,582 50,644 1,712,358 1,763,002 18,582 —
Auto 89,453 23,019 40,268 152,740 3,480,456 3,633,196 40,268 —
Other 567 388 2,152 3,107 144,425 147,532 1,885 267
Total $ 391,247 $ 152,000 $ 597,907 $ 1,141,154 $ 22,621,416 $ 23,762,570 $ 333,825 $ 264,082
30-Jun-23
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
BPPR
Past due Past due 90 days or more
(In thousands) 30-59 days 60-89 days 90 days or<br>more Total past<br>due Current Loans HIP Non-accrual<br>loans Accruing<br>loans
Commercial multi-family $ 3,778 $ 179 $ 184 $ 4,141 $ 292,736 $ 296,877 $ 184 $ —
Commercial real estate:
Non-owner occupied 177 512 22,942 23,631 2,882,616 2,906,247 22,942 —
Owner occupied 1,241 700 35,832 37,773 1,390,285 1,428,058 35,832 —
Commercial and industrial 2,597 728 32,846 36,171 4,002,652 4,038,823 29,758 3,088
Construction — 970 9,284 10,254 163,481 173,735 9,284 —
Mortgage 221,187 88,955 449,930 760,072 5,408,216 6,168,288 194,219 255,711
Leasing 13,160 3,811 4,743 21,714 1,639,809 1,661,523 4,743 —
Consumer:
Credit cards 9,506 6,311 14,185 30,002 1,027,370 1,057,372 — 14,185
Home equity lines of credit — — — — 2,570 2,570 — —
Personal 14,865 11,660 17,438 43,963 1,642,003 1,685,966 17,438 —
Auto 75,879 18,422 36,204 130,505 3,435,028 3,565,533 36,204 —
Other 512 274 1,901 2,687 132,605 135,292 1,735 166
Total $ 342,902 $ 132,522 $ 625,489 $ 1,100,913 $ 22,019,371 $ 23,120,284 $ 352,339 $ 273,150

19

Variance
Past due Past due 90 days or more
(In thousands) 30-59<br>days 60-89<br>days 90 days or<br>more Total past<br>due Current Loans HIP Non-accrual<br>loans Accruing<br>loans
Commercial multi-family $ 629 $ (3 ) $ — $ 626 $ (2,689 ) $ (2,063 ) $ — $ —
Commercial real estate:
Non-owner occupied 1,097 (512 ) (7,612 ) (7,027 ) 49,661 42,634 (7,612 ) —
Owner occupied (424 ) 127 (743 ) (1,040 ) (19,465 ) (20,505 ) (743 ) —
Commercial and industrial 1,425 1,000 (8,113 ) (5,688 ) 296,683 290,995 (8,134 ) 21
Construction — (970 ) (2,706 ) (3,676 ) 448 (3,228 ) (2,706 ) —
Mortgage 20,775 11,724 (19,500 ) 12,999 107,981 120,980 (6,776 ) (12,724 )
Leasing 4,755 763 2,099 7,617 28,974 36,591 2,099 —
Consumer:
Credit cards 1,712 1,822 3,534 7,068 12,971 20,039 — 3,534
Home equity lines of credit 26 — — 26 (122 ) (96 ) — —
Personal 4,721 816 1,144 6,681 70,355 77,036 1,144 —
Auto 13,574 4,597 4,064 22,235 45,428 67,663 4,064 —
Other 55 114 251 420 11,820 12,240 150 101
Total $ 48,345 $ 19,478 $ (27,582 ) $ 40,241 $ 602,045 $ 642,286 $ (18,514 ) $ (9,068 )

20

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

(Unaudited)

30-Sep-23
Popular U.S.
Past due Past due 90 days or<br>more
(In thousands) 30-59<br>days 60-89<br>days 90 days<br>or more Total past<br>due Current Loans HIP Non-accrual<br>loans Accruing<br>loans
Commercial multi-family $ 1,332 $ — $ 404 $ 1,736 $ 2,031,883 $ 2,033,619 $ 404 $ —
Commercial real estate:
Non-owner occupied 2,628 — 734 3,362 2,082,887 2,086,249 734 —
Owner occupied 1,110 923 3,877 5,910 1,631,442 1,637,352 3,877 —
Commercial and industrial 3,000 464 3,709 7,173 2,190,091 2,197,264 3,579 130
Construction — — — — 751,605 751,605 — —
Mortgage 946 22,313 11,980 35,239 1,260,604 1,295,843 11,980 —
Consumer:
Credit cards — — — — 17 17 — —
Home equity lines of credit 1,045 335 4,085 5,465 59,560 65,025 4,085 —
Personal 2,581 1,716 2,637 6,934 182,232 189,166 2,637 —
Other 113 — 402 515 10,088 10,603 402 —
Total $ 12,755 $ 25,751 $ 27,828 $ 66,334 $ 10,200,409 $ 10,266,743 $ 27,698 $ 130
30-Jun-23
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Popular U.S.
Past due Past due 90 days or<br>more
(In thousands) 30-59<br>days 60-89<br>days 90 days<br>or more Total past<br>due Current Loans HIP Non-accrual<br>loans Accruing<br>loans
Commercial multi-family $ 3,137 $ — $ 418 $ 3,555 $ 2,031,067 $ 2,034,622 $ 418 $ —
Commercial real estate:
Non-owner occupied 632 — 119 751 1,837,258 1,838,009 119 —
Owner occupied 1,806 — 5,095 6,901 1,606,439 1,613,340 5,095 —
Commercial and industrial 2,464 1,738 6,155 10,357 2,201,967 2,212,324 5,978 177
Construction — — — — 646,168 646,168 — —
Mortgage 1,101 5,435 14,577 21,113 1,259,677 1,280,790 14,577 —
Consumer:
Credit cards — — — — 17 17 — —
Home equity lines of credit 464 49 4,252 4,765 61,105 65,870 4,252 —
Personal 2,766 1,725 2,726 7,217 203,411 210,628 2,726 —
Other — 154 — 154 8,716 8,870 — —
Total $ 12,370 $ 9,101 $ 33,342 $ 54,813 $ 9,855,825 $ 9,910,638 $ 33,165 $ 177

21

Variance
Past due Past due 90 days or<br>more
(In thousands) 30-59<br>days 60-89<br>days 90 days<br>or more Total past<br>due Current Loans HIP Non-accrual<br>loans Accruing<br>loans
Commercial multi-family $ (1,805 ) $ — $ (14 ) $ (1,819 ) $ 816 $ (1,003 ) $ (14 ) $ —
Commercial real estate:
Non-owner occupied 1,996 — 615 2,611 245,629 248,240 615 —
Owner occupied (696 ) 923 (1,218 ) (991 ) 25,003 24,012 (1,218 ) —
Commercial and industrial 536 (1,274 ) (2,446 ) (3,184 ) (11,876 ) (15,060 ) (2,399 ) (47 )
Construction — — — — 105,437 105,437 — —
Mortgage (155 ) 16,878 (2,597 ) 14,126 927 15,053 (2,597 ) —
Consumer:
Credit cards — — — — — — — —
Home equity lines of credit 581 286 (167 ) 700 (1,545 ) (845 ) (167 ) —
Personal (185 ) (9 ) (89 ) (283 ) (21,179 ) (21,462 ) (89 ) —
Other 113 (154 ) 402 361 1,372 1,733 402 —
Total $ 385 $ 16,650 $ (5,514 ) $ 11,521 $ 344,584 $ 356,105 $ (5,467 ) $ (47 )

22

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table K - Loan Delinquency - Consolidated

(Unaudited)

30-Sep-23
Popular, Inc.
Past due Past due 90 days or more
(In thousands) 30-59 days 60-89 days 90 days or<br>more Total past<br>due Current Loans HIP Non-accrual<br>loans Accruing<br>loans
Commercial multi-family $ 5,739 $ 176 $ 588 $ 6,503 $ 2,321,930 $ 2,328,433 $ 588 $ —
Commercial real estate:
Non-owner occupied 3,902 — 16,064 19,966 5,015,164 5,035,130 16,064 —
Owner occupied 1,927 1,750 38,966 42,643 3,002,262 3,044,905 38,966 —
Commercial and industrial 7,022 2,192 28,442 37,656 6,489,426 6,527,082 25,203 3,239
Construction — — 6,578 6,578 915,534 922,112 6,578 —
Mortgage 242,908 122,992 442,410 808,310 6,776,801 7,585,111 199,423 242,987
Leasing 17,915 4,574 6,842 29,331 1,668,783 1,698,114 6,842 —
Consumer:
Credit cards 11,218 8,133 17,719 37,070 1,040,358 1,077,428 — 17,719
Home equity lines of credit 1,071 335 4,085 5,491 62,008 67,499 4,085 —
Personal 22,167 14,192 21,219 57,578 1,894,590 1,952,168 21,219 —
Auto 89,453 23,019 40,268 152,740 3,480,456 3,633,196 40,268 —
Other 680 388 2,554 3,622 154,513 158,135 2,287 267
Total $ 404,002 $ 177,751 $ 625,735 $ 1,207,488 $ 32,821,825 $ 34,029,313 $ 361,523 $ 264,212
30-Jun-23
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Popular, Inc.
Past due Past due 90 days or more
(In thousands) 30-59 days 60-89 days 90 days or<br>more Total past<br>due Current Loans HIP Non-accrual<br>loans Accruing<br>loans
Commercial multi-family $ 6,915 $ 179 $ 602 $ 7,696 $ 2,323,803 $ 2,331,499 $ 602 $ —
Commercial real estate:
Non-owner occupied 809 512 23,061 24,382 4,719,874 4,744,256 23,061 —
Owner occupied 3,047 700 40,927 44,674 2,996,724 3,041,398 40,927 —
Commercial and industrial 5,061 2,466 39,001 46,528 6,204,619 6,251,147 35,736 3,265
Construction — 970 9,284 10,254 809,649 819,903 9,284 —
Mortgage 222,288 94,390 464,507 781,185 6,667,893 7,449,078 208,796 255,711
Leasing 13,160 3,811 4,743 21,714 1,639,809 1,661,523 4,743 —
Consumer:
Credit cards 9,506 6,311 14,185 30,002 1,027,387 1,057,389 — 14,185
Home equity lines of credit 464 49 4,252 4,765 63,675 68,440 4,252 —
Personal 17,631 13,385 20,164 51,180 1,845,414 1,896,594 20,164 —
Auto 75,879 18,422 36,204 130,505 3,435,028 3,565,533 36,204 —
Other 512 428 1,901 2,841 141,321 144,162 1,735 166
Total $ 355,272 $ 141,623 $ 658,831 $ 1,155,726 $ 31,875,196 $ 33,030,922 $ 385,504 $ 273,327

23

Variance
Past due Past due 90 days or more
(In thousands) 30-59<br>days 60-89<br>days 90 days or<br>more Total past<br>due Current Loans HIP Non-accrual<br>loans Accruing<br>loans
Commercial multi-family $ (1,176 ) $ (3 ) $ (14 ) $ (1,193 ) $ (1,873 ) $ (3,066 ) $ (14 ) $ —
Commercial real estate:
Non-owner occupied 3,093 (512 ) (6,997 ) (4,416 ) 295,290 290,874 (6,997 ) —
Owner occupied (1,120 ) 1,050 (1,961 ) (2,031 ) 5,538 3,507 (1,961 ) —
Commercial and industrial 1,961 (274 ) (10,559 ) (8,872 ) 284,807 275,935 (10,533 ) (26 )
Construction — (970 ) (2,706 ) (3,676 ) 105,885 102,209 (2,706 ) —
Mortgage 20,620 28,602 (22,097 ) 27,125 108,908 136,033 (9,373 ) (12,724 )
Leasing 4,755 763 2,099 7,617 28,974 36,591 2,099 —
Consumer:
Credit cards 1,712 1,822 3,534 7,068 12,971 20,039 — 3,534
Home equity lines of credit 607 286 (167 ) 726 (1,667 ) (941 ) (167 ) —
Personal 4,536 807 1,055 6,398 49,176 55,574 1,055 —
Auto 13,574 4,597 4,064 22,235 45,428 67,663 4,064 —
Other 168 (40 ) 653 781 13,192 13,973 552 101
Total $ 48,730 $ 36,128 $ (33,096 ) $ 51,762 $ 946,629 $ 998,391 $ (23,981 ) $ (9,115 )

24

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table L - Non-Performing Assets

(Unaudited)

Variance
(In thousands) 30-Sep-23 As a % of<br>loans HIP by<br>category 30-Jun-23 As a % of<br>loans HIP by<br>category 30-Sep-22 As a % of<br>loans HIP by<br>category Q3 2023 vs.<br>Q2 2023 Q3 2023 vs.<br>Q3 2022
Non-accrual loans:
Commercial
Commercial multi-family $ 588 — % $ 602 — % $ 251 — % $ (14 ) $ 337
Commercial real estate non-owner occupied 16,064 0.3 23,061 0.5 32,074 0.7 (6,997 ) (16,010 )
Commercial real estate owner occupied 38,966 1.3 40,927 1.3 28,985 0.9 (1,961 ) 9,981
Commercial and industrial 25,203 0.4 35,736 0.6 42,566 0.8 (10,533 ) (17,363 )
Total Commercial 80,821 0.5 100,326 0.6 103,876 0.7 (19,505 ) (23,055 )
Construction 6,578 0.7 9,284 1.1 — — (2,706 ) 6,578
Leasing 6,842 0.4 4,743 0.3 5,697 0.4 2,099 1,145
Mortgage 199,423 2.6 208,796 2.8 274,306 3.8 (9,373 ) (74,883 )
Consumer
Home equity lines of credit 4,085 6.1 4,252 6.2 3,970 5.5 (167 ) 115
Personal 21,219 1.1 20,164 1.1 19,378 1.1 1,055 1,841
Auto 40,268 1.1 36,204 1.0 34,432 1.0 4,064 5,836
Other Consumer 2,287 1.4 1,735 1.2 11,760 8.2 552 (9,473 )
Total Consumer 67,859 1.0 62,355 0.9 69,540 1.1 5,504 (1,681 )
Total non-performing loans<br>held-in-portfolio 361,523 1.1 % 385,504 1.2 % 453,419 1.4 % (23,981 ) (91,896 )
Other real estate owned (“OREO”) 82,322 86,216 93,239 (3,894 ) (10,917 )
Total non-performing assets [1] $ 443,845 $ 471,720 $ 546,658 $ (27,875 ) $ (102,813 )
Accruing loans past due 90 days or more [2] $ 264,212 $ 273,327 $ 340,503 $ (9,115 ) $ (76,291 )
Ratios:
Non-performing assets to total assets 0.64 % 0.67 % 0.77 %
Non-performing loans held-in-portfolio to loans held-in-portfolio 1.06 1.17 1.44
Allowance for credit losses to loans held-in-portfolio 2.09 2.12 2.23
Allowance for credit losses to non-performing loans,<br>excluding loans held-for-sale 196.69 181.63 155.07
[1] There were no non-performing loans held-for-sale as of September 30, 2023, June 30, 2023 and September 30, 2022.
--- ---
[2] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or<br>guaranteed by the VA as accruing loans past due 90 days or more as opposed to non-performing since the principal repayment is insured. The balance of these loans includes $8 million at September 30,<br>2023, related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below (June 30, 2023 - $7 million; September 30,<br>2022 - $9 million). Under the GNMA program, issuers such as BPPR have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be<br>reflected (rebooked) on the financial statements of BPPR with an offsetting liability. These balances include $115 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of<br>September 30, 2023 (June 30, 2023 - $133 million; September 30, 2022 - $198 million). Furthermore, the Corporation has approximately $39 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not<br>accruing interest. Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-performing assets (June 30, 2023- $39 million; September 30, 2022<br>- $42 million).
--- ---

25

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table M - Activity in Non-Performing Loans

(Unaudited)

Commercial loans held-in-portfolio:
Quarter ended Quarter ended
30-Sep-23 30-Jun-23
(In thousands) BPPR Popular<br>U.S. Popular,<br>Inc. BPPR Popular<br>U.S. Popular,<br>Inc.
Beginning balance NPLs $ 88,716 $ 11,610 $ 100,326 $ 90,952 $ 11,048 $ 102,000
Plus:
New non-performing loans 2,736 1,324 4,060 3,203 4,631 7,834
Advances on existing non-performing loans — 7 7 — 2 2
Less:
Non-performing loans transferred to OREO (138 ) — (138 ) (21 ) — (21 )
Non-performing loans<br>charged-off (969 ) (2,446 ) (3,415 ) (595 ) (2,175 ) (2,770 )
Loans returned to accrual status / loan collections (18,118 ) (1,901 ) (20,019 ) (4,823 ) (1,896 ) (6,719 )
Ending balance NPLs $ 72,227 $ 8,594 $ 80,821 $ 88,716 $ 11,610 $ 100,326
Construction loans held-in-portfolio:
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Quarter ended Quarter ended
30-Sep-23 30-Jun-23
(In thousands) BPPR Popular<br>U.S. Popular,<br>Inc. BPPR Popular<br>U.S. Popular,<br>Inc.
Beginning balance NPLs $ 9,284 $ — $ 9,284 $ — $ — $ —
Plus:
New non-performing loans — — — 9,284 — 9,284
Less:
Non-performing loans<br>charged-off (2,537 ) — (2,537 ) — — —
Loans returned to accrual status / loan collections (169 ) — (169 ) — — —
Ending balance NPLs $ 6,578 $ — $ 6,578 $ 9,284 $ — $ 9,284
Mortgage loans held-in-portfolio:
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Quarter ended Quarter ended
30-Sep-23 30-Jun-23
(In thousands) BPPR Popular<br>U.S. Popular,<br>Inc. BPPR Popular<br>U.S. Popular,<br>Inc.
Beginning balance NPLs $ 194,219 $ 14,577 $ 208,796 $ 224,075 $ 14,719 $ 238,794
Plus:
New non-performing loans 34,657 4,503 39,160 27,518 4,457 31,975
Advances on existing non-performing loans — 5 5 — 76 76
Less:
Non-performing loans transferred to OREO (5,519 ) — (5,519 ) (9,226 ) — (9,226 )
Non-performing loans<br>charged-off 152 — 152 271 — 271
Loans returned to accrual status / loan collections (36,066 ) (7,105 ) (43,171 ) (48,419 ) (4,675 ) (53,094 )
Ending balance NPLs $ 187,443 $ 11,980 $ 199,423 $ 194,219 $ 14,577 $ 208,796

26

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

27

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

(Unaudited)

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

28

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

N.M. - Not meaningful.

[1] Net write-downs for the quarter ended June 30, 2023 are related to credit cards loans reclassified to held-for-sale.
[2] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the<br>Consolidated Statements of Financial Condition.
--- ---

29

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

(Unaudited)

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

30

30-Jun-23
(In thousands) Total ACL Total loans<br>held-in-portfolio ACL to loans<br>held-in-portfolio
Commercial:
Commercial multi-family $ 26,179 $ 2,331,499 1.12 %
Commercial real estate - non-owner occupied 71,716 4,744,256 1.51 %
Commercial real estate - owner occupied 51,407 3,041,398 1.69 %
Commercial and industrial 99,651 6,251,147 1.59 %
Total commercial $ 248,953 $ 16,368,300 1.52 %
Construction 11,332 819,903 1.38 %
Mortgage 96,093 7,449,078 1.29 %
Leasing 13,927 1,661,523 0.84 %
Consumer:
Credit cards 71,408 1,057,389 6.75 %
Home equity lines of credit 2,170 68,440 3.17 %
Personal 115,828 1,896,594 6.11 %
Auto 134,247 3,565,533 3.77 %
Other consumer 6,242 144,162 4.33 %
Total consumer $ 329,895 $ 6,732,118 4.90 %
Total $ 700,200 $ 33,030,922 2.12 %
Variance
--- --- --- --- --- --- --- --- --- ---
(In thousands) Total ACL Total loans<br>held-in-portfolio ACL to loans<br>held-in-portfolio
Commercial:
Commercial multi-family $ (10,956 ) $ (3,066 ) (0.47 )%
Commercial real estate - non-owner occupied (4,567 ) 290,874 (0.18 )%
Commercial real estate - owner occupied (3,298 ) 3,507 (0.11 )%
Commercial and industrial 3,934 275,935 — %
Total commercial $ (14,887 ) $ 567,250 (0.14 )%
Construction (361 ) 102,209 (0.19 )%
Mortgage (4,189 ) 136,033 (0.08 )%
Leasing (3,729 ) 36,591 (0.24 )%
Consumer:
Credit cards 1,142 20,039 (0.02 )%
Home equity lines of credit 217 (941 ) 0.37 %
Personal 10,288 55,574 0.35 %
Auto 21,189 67,663 0.51 %
Other consumer 1,198 13,973 0.37 %
Total consumer $ 34,034 $ 156,308 0.38 %
Total $ 10,868 $ 998,391 (0.03 )%

31

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

(Unaudited)

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

32

30-Jun-23
BPPR
(In thousands) Total ACL Total loans<br>held-in-portfolio ACL to loans<br>held-in-portfolio
Commercial:
Commercial multi-family $ 4,787 $ 296,877 1.61 %
Commercial real estate - non-owner occupied 53,366 2,906,247 1.84 %
Commercial real estate - owner occupied 41,901 1,428,058 2.93 %
Commercial and industrial 81,637 4,038,823 2.02 %
Total commercial $ 181,691 $ 8,670,005 2.10 %
Construction 9,554 173,735 5.50 %
Mortgage 82,899 6,168,288 1.34 %
Leasing 13,927 1,661,523 0.84 %
Consumer:
Credit cards 71,408 1,057,372 6.75 %
Home equity lines of credit 96 2,570 3.74 %
Personal 96,046 1,685,966 5.70 %
Auto 134,247 3,565,533 3.77 %
Other consumer 6,240 135,292 4.61 %
Total consumer $ 308,037 $ 6,446,733 4.78 %
Total $ 596,108 $ 23,120,284 2.58 %
Variance
--- --- --- --- --- --- --- --- --- ---
(In thousands) Total ACL Total loans<br>held-in-portfolio ACL to loans<br>held-in-portfolio
Commercial:
Commercial multi-family (1,306 ) (2,063 ) (0.43 )%
Commercial real estate - non-owner occupied (158 ) 42,634 (0.04 )%
Commercial real estate - owner occupied (408 ) (20,505 ) 0.02 %
Commercial and industrial 5,942 290,995 — %
Total commercial $ 4,070 $ 311,061 (0.03 )%
Construction (4,097 ) (3,228 ) (2.30 )%
Mortgage (2,999 ) 120,980 (0.07 )%
Leasing (3,729 ) 36,591 (0.24 )%
Consumer:
Credit cards 1,142 20,039 (0.02 )%
Home equity lines of credit (9 ) (96 ) (0.22 )%
Personal 11,661 77,036 0.41 %
Auto 21,189 67,663 0.51 %
Other consumer 1,198 12,240 0.43 %
Total consumer $ 35,181 $ 176,882 0.40 %
Total $ 28,426 $ 642,286 0.05 %

33

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

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

(Unaudited)

30-Sep-23
Popular U.S.
(In thousands) Total ACL Total loans<br>held-in-portfolio ACL to loans<br>held-in-portfolio
Commercial:
Commercial multi-family $ 11,742 $ 2,033,619 0.58 %
Commercial real estate - non-owner occupied 13,941 2,086,249 0.67 %
Commercial real estate - owner occupied 6,616 1,637,352 0.40 %
Commercial and industrial 16,006 2,197,264 0.73 %
Total commercial $ 48,305 $ 7,954,484 0.61 %
Construction 5,514 751,605 0.73 %
Mortgage 12,004 1,295,843 0.93 %
Consumer:
Credit cards — 17 — %
Home equity lines of credit 2,300 65,025 3.54 %
Personal 18,409 189,166 9.73 %
Other consumer 2 10,603 0.02 %
Total consumer $ 20,711 $ 264,811 7.82 %
Total $ 86,534 $ 10,266,743 0.84 %
30-Jun-23
--- --- --- --- --- --- --- ---
Popular U.S.
(In thousands) Total ACL Total loans<br>held-in-portfolio ACL to loans<br>held-in-portfolio
Commercial:
Commercial multi-family $ 21,392 $ 2,034,622 1.05 %
Commercial real estate - non-owner occupied 18,350 1,838,009 1.00 %
Commercial real estate - owner occupied 9,506 1,613,340 0.59 %
Commercial and industrial 18,014 2,212,324 0.81 %
Total commercial $ 67,262 $ 7,698,295 0.87 %
Construction 1,778 646,168 0.28 %
Mortgage 13,194 1,280,790 1.03 %
Consumer:
Credit cards — 17 — %
Home equity lines of credit 2,074 65,870 3.15 %
Personal 19,782 210,628 9.39 %
Other consumer 2 8,870 0.02 %
Total consumer $ 21,858 $ 285,385 7.66 %
Total $ 104,092 $ 9,910,638 1.05 %

34

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

35

Popular, Inc.

Financial Supplement to Third Quarter 2023 Earnings Release

Table R - Reconciliation to GAAP Financial Measures

(Unaudited)

(In thousands, except share or per share information) 30-Sep-23 30-Jun-23 30-Sep-22
Total stockholders’ equity $ 4,457,608 $ 4,565,009 $ 3,674,838
Less: Preferred stock (22,143 ) (22,143 ) (22,143 )
Less: Goodwill (804,428 ) (827,428 ) (827,428 )
Less: Other intangibles (10,559 ) (11,354 ) (13,738 )
Total tangible common equity $ 3,620,478 $ 3,704,084 $ 2,811,529
Total assets $ 69,736,936 $ 70,838,266 $ 70,729,675
Less: Goodwill (804,428 ) (827,428 ) (827,428 )
Less: Other intangibles (10,559 ) (11,354 ) (13,738 )
Total tangible assets $ 68,921,949 $ 69,999,484 $ 69,888,509
Tangible common equity to tangible assets 5.25 % 5.29 % 4.02 %
Common shares outstanding at end of period 72,127,595 72,103,969 72,673,344
Tangible book value per common share $ 50.20 $ 51.37 $ 38.69
Quarterly average
--- --- --- --- --- --- --- --- --- ---
Total stockholders’ equity [1] $ 6,636,364 $ 6,553,488 $ 6,061,748
Less: Preferred Stock (22,143 ) (22,143 ) (22,143 )
Less: Goodwill (827,177 ) (827,427 ) (759,318 )
Less: Other intangibles (11,083 ) (11,875 ) (24,039 )
Total tangible equity $ 5,775,961 $ 5,692,043 $ 5,256,248
Return on average tangible common equity 9.36 % 10.63 % 31.86 %
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
--- ---

CONTACTS:

Popular, Inc.

Investor Relations:

Paul J. Cardillo, 212-417-6721

Senior Vice President and Investor Relations Officer

pcardillo@popular.com

or

Media Relations:

MC González Noguera, 917-804-5253

Executive Vice President and Chief Communications & Public Affairs Officer

mc.gonzalez@popular.com

36

EX-99.2

Exhibit 99.2 INVESTOR PRESENTATION Third Quarter 2023

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. These statements are not guarantees of future performance, are based on the current expectations of Popular, Inc.’s (the “Corporation”) management and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Form 10-K for the year ended December 31, 2022, our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 as 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.

Q3 2023 Highlights Financial Highlights Quarter Highlights $ in millions, except ratios and EPS Highlights: Income Statement Q3 2023 Q2 2023 Change Q3 2022 • Net income of $153 million, excluding after-tax goodwill Net Income $ 137 $ 151 $ (14) $ 422 impairment charge of $16 million Net Interest Margin 3.07% 3.14% (0.07%) 3.32% 1 Net Interest Margin FTE 3.24% 3.29% (0.05%) 3.71% • Net interest income increased $2.4 million Total Deposit Cost 1.84% 1.57% 0.27% 0.38% EPS $ 1.90 $ 2.10 $ (0.20) $ 5.71 • Loans increased $998 million QoQ • Non-performing loans decreased $24 million; NPL to loans Financial Ratios ratio down to 1.06% from 1.17% in Q2 2023 ROA 0.75% 0.85% (0.10%) 2.31% • Deposits decreased $667 million, mainly P.R. Government ROTCE 9.36% 10.63% (1.27%) 31.86% deposits Balance (Ending Balances)• Borrowings decreased by $329 million due to redemption of $300 million Senior Notes during the quarter Loans Held in Portfolio $ 34,029 $ 33,031 $ 998 $ 31,523 Total Assets 69,737 70,838 (1,101) 70,730 • Common Equity Tier 1 capital ratio decreased 6 basis points Total Deposits 63,338 64,005 (667) 64,819 (bps) to 16.81% Borrowings 1,098 1,427 (329) 1,301 • Tangible book value per share decreased $1.17 to $50.20 Credit Quality Non Performing Loans $ 362 $ 386 $ (24) $ 453 NPL Ratio 1.06% 1.17% (0.11%) 1.44% NCO Ratio 0.39% 0.29% 0.10% 0.24% ACL-NPL Ratio 197% 182% 15% 155% Capital Common Equity Tier 1 16.81% 16.87% (0.06) 16.04% Tangible Book Value Per Share $ 50.20 $ 5 1.37 $ (1.17) $ 3 8.69 1 FTE net interest margin represents a non-GAAP financial measure. See the Corporation's earnings press release, Form 10-Q and Form 10-K filed with the U.S. Securities and Exchange Commission for the applicable periods for a GAAP to non-GAAP reconciliation. FTE stands for fully taxable-equivalent basis 3

Business Highlights BPPR Business Metrics $ in millions, except ratios Q3 2023 Q2 2023 Change Q3 2022 BPPR: Loans Held in Portfolio $23,729 $ 23,087 $ 642 $ 22,254 • Loans increased by $642 million QoQ across most business P.R. Government Deposits 17,750 18,464 ( 714) 1 8,183 segments: Total Deposits 53,839 5 5,077 (1,238) 5 6,937 ▪ Commercial loans increased $311 million Borrowings 108 108 (0) 116 ▪ Mortgage loans increased $121 million Net Interest Margin 3.14% 3.21% (0.07%) 3.27% ▪ Auto loans and leases increased $104 million Total Deposit Cost 1.68% 1.44% 0.24% 0.34% • Deposits decreased by $1.2 billion from Q2 2023, driven by P.R. government deposits BPPR Customer Engagement • Total cost of deposits increased 24 bps to 1.68% in Q3 2023 Q3 2023 Q2 2023 Change Q3 2022 • Total customers surpassed 2 million • Credit and debit card sales (in dollars) were 4% lower than Q2 Customers (in thousands) 2,009 1,999 10 1,969 1 2023 and 6% higher than Q3 2022 Active Online Users 54% 54% 0% 54% Deposits Captured Through Earnings Digital Channels 62% 62% 0% 64% Popular Bank Popular Bank: $ in millions, except ratios Q3 2023 Q2 2023 Change Q3 2022 Loans Held in Portfolio $10,267 $9,911 $356 $9,235 • Loans increased $356 million QoQ, mainly commercial and Total Deposits 10,302 10,018 284 8,439 construction loans Borrowings 398 428 (30) 438 • Deposits increased $284 million Net Interest Margin 2.90% 3.01% (0.11%) 3.84% • Total deposit cost increased 29 bps to 2.84% driven by an Total Deposit Cost 2.84% 2.55% 0.29% 0.67% increase in deposits gathered through the Popular Direct online channel and brokered deposits 1 Customers who have logged on to Popular’s web and/or mobile platform in the past 30 days 4

Financial Summary (Unaudited) ($ in thousands) Q3 2023 Q2 2023 Variance Net interest income $ 5 34,020 $ 5 31,668 $ 2 ,352 Provision for credit losses 45,117 37,192 7,925 Net interest income after provision for credit losses $ 4 88,903 $ 494,476 $ (5,573) Service charges on deposits 3 7,318 3 7,781 (463) Other service fees 93,407 9 4,265 (858) Mortgage banking activities 5 ,393 2,316 3,077 Other non-interest income 23,431 26,109 (2,678) Total non-interest income $ 1 59,549 $ 160,471 $ ( 922) Personnel costs 193,152 1 91,468 1,684 Net occupancy expenses 28,100 27,165 935 Equipment expenses 8,905 9,561 (656) Professional fees 38,514 50,132 (11,618) Technology and software expenses 72,930 72,354 576 Processing and transactional services 37,899 36,801 1,098 Business promotion 23,075 25,083 (2,008) Other real estate owned (OREO) income (5,189) ( 3,314) (1,875) Other operating expenses 45,598 51,034 (5,436) Goodwill impairment charge 23,000 - 23,000 Total operating expenses $ 465,984 $ 460,284 $ 5,700 Income before income tax 182,468 1 94,663 (12,195) Income tax expense 45,859 43,503 2,356 Net income $ 1 36,609 $ 1 51,160 $ (14,551) EPS $ 1 .90 $ 2.10 $ ( 0.20) ROTE 9.36% 10.63% (1.27%) 5

Net Interest Margin Dynamics 1 Total Loans and Deposits ($ in billions) • Net interest margin of 3.07%; FTE net interest margin of 3.24%, a decrease of 5 bps • Money market and investment securities are 48% of earning assets • FTE loan yield increased 9 bps QoQ to 7.24% • Total deposit cost increased 27 bps QoQ to 1.84% 1 Money Market and Investment Securities ($ in billions) Loan Yields, Deposit Cost and NIM (FTE) 52% 50% 50% 51% 48% $4 $9 $6 $6 $6 120% 2.95 2.70 2.65 100% 2.63 2.31 80% $30 $27 $26 $26 $26 60% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Investment Securities Money Market Investments 40% 20% 6 ¹ Balances are as of end of period 0%

Deposit Mix and Historical Betas • Total deposit cumulative beta of 34% at period end; total deposit beta at BPPR and PB of 31% and 49%, respectively ▪ Excluding public sector, BPPR’s cumulative beta for total deposits at 7% ▪ PB betas higher due to the competitive environment and an increased mix of high cost online deposits • High beta public sector deposits account for 28% of total deposits. P.R. public sector deposit betas are 100% with a quarter lag; expect costs to increase while short-term rates continue to rise 6.00% Deposits by Type Retail Int Bearing Deposits 90% 76% Current Cycle Cumulative Beta - 20% (P.R. 6% ; U.S. 65%) 5.00% 80% 70% 4.00% 60% 50% 3.00% 40% 24% 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) D eposit M ix Retail Commercial Public Wholesale Non Int Bearing 9% 15% 0% 0% Int Bearing 31% 11% 28% 6% 6.00% 6.00% Commercial Int Bearing Deposits Public Int Bearing Deposits Current Cycle Cumulative Beta - 18% (P.R. 13% ; U.S. 36%) Market Linked Rate; Expect 100% Beta with Lag 5.00% 5.00% 4.00% 4.00% 3.00% 3.00% 2.00% 2.00% 1.00% 1.00% 0.00% 0.00% 7 Commercial - Int Bearing Fed Funds Target Public - Int Bearing Fed Funds Target Dec-15 Dec-15 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 Dec-15 Dec-15 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

Investment Portfolio $ in millions Q3 2023 Variance to Q2 2023 Q2 2023 • Conservative investment portfolio, with the majority invested in short to Amortized % of Book Gain / Maturity / Amortized Gain / 1 intermediate U.S. Treasuries, which are Description Cost Portfolio Value (Loss) WAL Cost (Loss) tax exempt for P.R. corporations. The Money Markets (Cash at Federal Reserve) $6,384 20.0% $6,384 $0 - ($2,204) $0 portfolio duration, including cash, is 2.2 years U.S. T-bills 3,886 12.2% 3,886 0 0.1 1,032 (0) AFS U.S. Treasuries 7,827 23.4% 7,443 (384) 1.4 (716) 44 • The unrealized E ar loss nings in the AFS portfolio Agency MBS/CMO 7,279 18.2% 5,799 (1,479) 7.5 (200) (274) increased by $231 million, driven by the Total AFS 1 8,991 53.8% 17,128 (1 ,864) 3.2 117 (231) MBS portfolio 2 U.S. Treasuries 8,931 25.8% 8,229 (702) 3.4 (152) 44 • The market value of the HTM portfolio HTM Other 74 0.2% 74 - 15.5 (2) - decreased to $8.0 billion, $230 million Total HTM 9,005 26.1% 8,302 (702) 3.5 (154) 44 lower than the book value Total Trading 31 0.1% 31 0 2.5 2 0 Total Portfolio $34,410 100.0% $31,845 ($2,566) 2.6 ($2,239) ($186) Cumulative Maturities: Maturity Profile 25,000 US Treasury & T-Bills (Excluding Cash at the Federal Reserve) 30% 29% 20,000 25% 15,000 20% 16% 16% 15% 15% 13% 10,000 10% 5,000 6% 5% 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 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 $702 million of net unrealized loss which remains in Accumulated Other Comprehensive Income (AOCI) related to the securities transferred from available-for-sale securities portfolio to the held-to-maturity 8 securities portfolio. At the time of transfer, the securities had an unrealized loss of $873 million, which will be amortized (back into capital) throughout their remaining life at a rate of approximately 5% per quarter through 2026. Differences due to rounding $ in Millions Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 Mar-28 Jun-28 Sep-28 Dec-28 Mar-29 Jun-29 Sep-29 Dec-29

Capital Popular, Inc 18.7 18.7 16.9 16.8 16.9 16.9 • Robust regulatory capital levels • Common Equity Tier 1 of 16.8% 8.4 8.4 decreased 6 bps due to the increase in 5.3 5.3 risk weighted assets resulting from loan Common Equity Tier 1 Risk-Based Total Risk-Based Tier 1 Leverage TCE growth during the quarter Tier 1 Capital Capital Capital Q2 2023 Q3 2023 • Leverage ratio of 8.4% impacted by the high proportion of zero-risk weighted BPPR assets on the balance sheet, which 18.8 18.7 represented 40% of total assets 17.5 17.5 17.5 17.5 1 • TCE ratio at 5.3% flat from Q2 2023; BPPR at 3.4% compared to 3.5% due to 7.5 7.5 3.5 3.4 the increase in unrealized losses on the investment portfolio Common Equity Tier 1 Risk-Based Total Risk-Based Tier 1 Leverage TCE Tier 1 Capital Capital Capital • Tangible book value per share at $50.20 Q2 2023 Q3 2023 compared to $51.37 in Q2 2023 Popular Bank 15.2 14.9 14.4 14.4 14.2 14.2 12.7 12.6 11.7 11.6 Common Equity Tier 1 Risk-Based Total Risk-Based Tier 1 Leverage TCE Tier 1 Capital Capital Capital Q2 2023 Q3 2023 Note: Current period ratios are estimated 9 1 TCE ratio is defined as the ratio of tangible common equity to tangible assets

Non-Performing Assets Q3 2023 vs Q2 2023 Variances: Non-Performing Assets • NPAs and NPLs decreased by $28 million and $24 million, $900 4.00% respectively $800 3.50% $710 $700 ▪ NPL inflows decreased by $6 million $633 $610 3.00% $570 $547 $600 $529 ▪ P.R. NPLs at $334 million, or 1.4% of loans, down by $504 2.50% $472 $444 $500 $19 million, mainly driven by lower commercial and 2.00% $400 mortgage NPLs by $16 million and $7 million, 1.50% $300 respectively, offset in part by higher consumer NPLs by 1.00% $5 million $200 1.0% 0.9% 0.8% 0.8% 0.8% 0.8% 0.50% $100 0.7% 0.7% ▪ U.S. NPLs at $28 million, or 0.3% of loans, down by $5 0.6% $- 0.00% million, mostly driven by lower commercial and Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 mortgage NPLs by $3 million each NPLs OREO NPL HFS NPAs/Total Assets • OREOs decreased by $4 million 4.0% Non-Performing Loans Total NPL Inflows 3.5% $633 3.0% $51 $35 $548 $39 $44 $40 $46 $520 2.5% $38 $40 $478 $453 $37 $439 $412 2.0% 2.2% $386 $362 1.9% 1.5% 1.8% 1.6% 1.4% 1.4% 1.3% 1.0% $20 1.2% 1.1% $15 $12 0.5% $11 $10 $9 $9 $6 $6 0.0% Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Commercial & Construction Mortgage Other NPL/Loans U.S. Inflows P.R. Inflows 10 Dollars in millions Differences due to rounding

Q3 23 Q2 23 Q1 23 Q4 22 Q3 22 Q2 22 Q1 22 Q4 21 Q3 21 NCOs and Allowance for Credit Losses NCOs and NCO-to-Loan Ratio Q3 2023 vs Q2 2023 Variances: ($ in millions) 0.39% • NCOs amounted to $33 million, increasing by $9 million $33 $33 $31 ▪ BPPR’s NCOs at $26 million, increasing $24 by $7 million, driven by higher 0.12% $18 consumer NCOs by $14 million, partially offset by an $11 million $9 $6 $4 recovery from a commercial loan ($8) repayment ▪ Popular Bank’s NCOs at $7 million, increasing by $2 million NCO NCO% ▪ NCO ratio at 0.39% vs. 0.29% Accounting Reserve Reserve Reserve • ACL at $711 million, increasing by $11 Guidance Build Build Build ACL Balance Balance Balance Balance ACL/Loan million ($ in millions) 12/31/22 Adjustment (Release) 03/31/23 (Release) 06/30/23 (Release) 09/30/23 09/30/23 Commercial $ 240 $ (2) $ 10 $ 248 $ 12 $ 260 $ (15) $ 245 1.37% • ACL-to-Loans ratio at 2.09% vs. 2.12% Mortgage 135 (36) 5 104 (8) 96 (4) 92 1.21% Leases 21 (0) 0 21 (7) 14 (4) 10 0.60% • ACL-to-NPLs at 197% vs. 182% Consumer: Credit Cards 59 - 9 68 3 71 1 73 6.73% Personal Loans 121 (8) (1) 112 6 118 11 129 6.36% Auto 125 (0) (1) 124 10 134 21 155 4.28% Other 20 - (8) 11 (5) 6 1 7 4.70% Total Consumer 325 (8) (1) 315 15 330 34 364 5.28% Total ACL $ 720 $ (46) $ 14 $ 689 $ 11 $ 700 $ 11 $ 711 2.09% 11 Dollars in millions Differences due to rounding

Allowance for Credit Losses – Q3 2023 Movement ACL Movement: • Moody’s August 2023 baseline scenario continues to show a resilient economy that avoids a recession • Economic scenario change is driven by variables that impact the P.R. consumer loan portfolios • Higher qualitative reserves mainly due to increasing trend in NCOs for unsecured personal loans • New U.S. CRE model is based on more granular regional performance • Portfolio changes are mainly driven by changes in the credit quality of consumer loans and higher loan volumes Economic Scenarios: Economic Activity Unemployment Rates • Baseline scenario is assigned the highest probability, U.S. U.S. followed by the S3 (pessimistic) scenario Projections at: Scenario Description 2023 2024 Projections at: 2023 2024 2Q23 Baseline 1.6% 1.7% 2Q23 Baseline 3.6% 4.0% • Increase in 2023 forecasted GDP growth for P.R. due S1 - Stronger Growth 2.1% 3.2% S1 3.3% 3.1% to revision of the P.R. Government Economic S3 - Recession 0.8% -1.4% S3 4.7% 7.6% Activity Index 3Q23 Baseline 2.0% 1.3% 3Q23 Baseline 3.6% 4.0% • Unemployment rate for P.R. near historical lows S1 - Stronger Growth 2.2% 3.2% S1 3.5% 3.1% S3 - Recession 1.8% -1.7% S3 4.0% 7.3% • 2023 U.S. forecast for GDP growth is being aided by P.R. P.R. rising consumer and government spending while the 2Q23 Baseline 1.5% 1.0% 2Q23 Baseline 6.3% 7.6% unemployment rate remains consistent with the S1 - Stronger Growth 1.8% 1.9% S1 6.1% 7.0% previous quarter S3 - Recession 0.9% -1.0% S3 6.9% 9.8% • The reduction in 2024 U.S. GDP growth reflects the 3Q23 Baseline 1.7% 0.9% 3Q23 Baseline 6.1% 6.8% continued impact of the Fed’s monetary policy S1 - Stronger Growth 1.9% 2.2% S1 6.0% 6.2% S3 - Recession 1.5% -1.1% S3 6.3% 8.5% 12 Differences due to rounding

Driving Value • Market leader in Puerto Rico ▪ Substantial liquidity with diversified deposit base ▪ Well-positioned to take advantage of ongoing economic growth ▪ Focus on customer service supported by broad branch network ▪ Differentiated digital offering ▪ Diversified fee income driven by unmatched product breadth 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 • Broad-based multi-year, digital, technological and business process transformation Transformation • Implement more agile and efficient business processes across the entire company • Unlock opportunity for growth in our primary market and within our existing customer base th • In October we celebrated our 130 anniversary. Our history and legacy, which began in 1983, have made Popular a strong, vibrant organization, with deep-rooted values • During the third quarter, we crossed a significant milestone in Puerto Rico, and now serve Milestones more than 2 million unique customers 13

INVESTOR PRESENTATION Third Quarter 2023 Appendix

Corporate Structure Summary Corporate Structure Franchise Industry Financial Services Headquarters San Juan, Puerto Rico Assets = $70 billion Assets $70 billion (among Holding Popular’s Banco Popular Popular Popular North Companies top 50 BHCs in the Insurance de Puerto Rico Securities LLC America, Inc. (Including Equity Subsidaries Investments) U.S.) Loans $34 billion Popular Auto, 1 Popular Bank LLC Deposits $63 billion Earnings Earnings Banking branches 156 in Puerto Rico, Puerto Rico Operations United States Operations 40 in the U.S. (28 in Assets = $13 billion Assets = $57 billion New York and New Jersey and 12 in Florida) and 9 in the Selected equity investments: U.S. and British Virgin Banco BHD León under Corporate segment Islands NASDAQ ticker BPOP • Dominican Republic bank symbol • 15.84% stake • 2022 net Market Cap $4.5 billion income of $175 million 15 Information as of September 30, 2023 ¹ Doing business as Popular

Q3 2023 vs. Q2 2023 Business Segments (Unaudited) BPPR Popular U.S. ($ in millions) Financial Results Q3 2023 Q2 2023 Variance Q3 2023 Q2 2023 Variance Net interest income $ 454 $ 453 $ 1 $ 87 $ 88 $ ( 1) Provision for credit losses 52 29 23 (7) 8 (15) Net interest income after provision for credit losses 402 424 (22) 94 80 14 Non-interest income 145 144 1 6 6 - Operating expenses $ 383 $ 399 $ (16) $ 84 $ 64 $ 20 Income before income tax 164 169 (5) 16 22 (6) Income tax expense 41 37 4 5 7 (2) Net income $ 123 $ 132 $ ( 9) $ 11 $ 15 $ ( 4) ($ in millions) Balance Sheet Highlights Q3 2023 Q2 2023 Variance Q3 2023 Q2 2023 Variance Total assets $ 5 7,039 $ 58,392 $ (1,353) $ 1 2,807 $ 12,550 $ 257 Total loans HIP 23,729 2 3,087 642 10,267 9,911 356 Total deposits 53,839 55,077 ( 1,238) 10,302 1 0,018 284 Asset Quality Q3 2023 Q2 2023 Variance Q3 2023 Q2 2023 Variance Non-performing loans held-in-portfolio / Total loans held-in- portfolio 1.41% 1.52% (0.11%) 0.27% 0.33% (0.06%) Non-performing assets / Total assets 0.73% 0.75% (0.02%) 0.22% 0.27% (0.05%) Allowance for credit losses / Total loans held-in-portfolio 2.63% 2.58% 0.05% 0.84% 1.05% (0.21%) Net interest margin 3.14% 3.21% (0.07%) 2.90% 3.01% (0.11%) 16

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 September 30, 2023, our direct exposure to P.R. municipalities was $333 million, down by $18 million QoQ Outstanding P.R. government exposure Municipalities ($ in millions) Loans Securities Total Obligations of municipalities are backed by real and personal property taxes, municipal Municipalities $ 314 $ 19 $ 333 excise taxes, and/or a percentage of the sales and use tax Indirect Exposure $ 195 $ 47 $ 242 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 17

Non-Owner Occupied CRE Highlights: Non-Owner Occupied CRE • Non-Owner Occupied CRE (CRE NOO) properties $ in millions concentrated in retail, hotels and office space 3.5% $5,035 $4,744 ▪ Office exposure is limited, representing only 1.9% of total $4,651 $4,517 $4,500 $2,086 3.0% loan portfolio and 12% of CRE NOO $1,838 $1,765 $1,671 $1,742 ▪ Office space primarily comprised of mid-rise properties 2.5% with diversified tenants across both regions. Average loan 2.0% size of $2.1 million $2,846 $2,949 $2,906 $2,885 $2,757 1.7% 1.5% • Strong loan growth in both regions: 1.6% 1.5% 1.5% 1.3% ▪ P.R. loan balances increased $103 million YoY 1.0% 0.7% ▪ U.S. loan balances increased by $415 million YoY 0.6% 0.5% 0.5% 0.5% 0.3% • Favorable credit risk profile with low level of NCOs, NPLs, Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 0.0% criticized and classified loans P.R. U.S. NPL/Loans ACL/Loans • Non-performing loans held-in-portfolio at $16 million in Q3 2023, decreasing by $7 million QoQ; NPLs to loans ratio at 0.3% in Q3 2023 CRE NOO Balance by property type • Allowance for credit losses to loans held-in-portfolio at 1.33% in Q3 2023 vs. 1.51% in Q2 2023 Special Use Other 5% 2% • ACL to NPLs increased to 418% in Q3 2023 Industrial 5% Retail Mixed use 34% 5% Credit Metrics Health Facility Metric Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 7% 30-89 DPD/Loans 0.09% 0.04% 0.44% 0.03% 0.08% NPL/Loans 0.71% 0.56% 0.50% 0.49% 0.32% Shelters 9% NCO Ratio -0.02% 0.74% -0.17% 0.03% -0.02% ACL/Loans 1.75% 1.59% 1.54% 1.51% 1.33% ACL/NPL 246.09% 284.88% 311.54% 310.98% 418.00% Office Space Classified Loans /Loans 3.19% 2.05% 1.30% 1.22% 1.24% 12% Hotels 21% 18 Differences due to rounding

Auto Portfolio Delinquency Highlights: Avg. 2011-2019 9/30/2023 ($ in millions) 6.17% 4.20% • Auto balances increased during the pandemic, but growth has moderated during recent quarters $4,000 6.00% $3,633 $3,566 $3,529 $3,513 $3,518 $3,490 $3,430 $3,412 $3,377 • Delinquency has been gradually increasing, but $3,500 5.00% $2,918 remains below pre-pandemic at Q3 2023 $3,000 4.6% 4.00% 4.2% $2,500 • NCOs at levels significantly below pre-pandemic 3.7% 3.6% 3.7% $2,000 3.00% 3.2% 2.8% 2.8% • The FICO mix of originations has remained robust, $1,500 2.6% 2.4% 2.00% $1,000 with weighted-average FICO scores of 1.00% $500 approximately 730 $135 $81 $97 $90 $98 $128 $129 $113 $131 $153 $- 0.00% Q419 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 • Current year originations were approximately Portfolio 30+ DPD 30+ DPD/Portfolio 65%/35% split between new/used auto loans NCOs and NCO-to-Loan Ratio FICO Mix of Originations ($ in millions) (% of Approved Amount) 715 719 730 719 723 729 732 721 720 Avg. 2011-2019 YTD 4% 3% 5% 4% 6% 7% 700 6% 7% 7% 100% 1.88% 0.73% 2.44% 7% 6% 4% 3% 4% 9% 7% 7% 600 9% $18 80% 30% 26% 24% 30% 24% 500 29% 27% 26% 26% 60% 400 $11 $10 300 40% 1.08% 66% 65% 65% $7 61% $7 60% 60% 60% 58% 58% 200 20% $5 100 $2 $2 0% 0 $0 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 Sep Q419 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 YTD 700+ 625-699 <625 No FICO WA FICO Auto Loans NCOs NCO % 19 Differences due to rounding

Leases Portfolio Delinquency Highlights: ($ in millions) • Auto lease balances have continued to increase Avg. 2011-2019 9/30/2023 2.06% 1.73% since the pandemic $2,000 6.00% $1,698 $1,800 $1,662 $1,614 $1,586 • Delinquency steady at below pre-pandemic $1,539 5.00% $1,480 $1,600 $1,426 $1,381 $1,349 levels $1,400 4.00% $1,200 $1,060 • NCOs at levels significantly below pre-pandemic $1,000 3.00% $800 • The FICO mix of originations has remained 1.8% 1.7% 2.00% 1.5% $600 1.4% 1.3% 1.3% 1.1% 1.1% robust, with weighted-average FICO scores of 1.0% 0.9% $400 1.00% approximately 740 $200 $19 $13 $14 $16 $17 $23 $21 $21 $22 $29 $- 0.00% Q419 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Portfolio 30+ DPD 30+ DPD/Portfolio FICO Mix of Originations NCOs and NCO-to-Loan Ratio (% of Approved Amount) ($ in millions) 736 730 730 731 740 734 732 735 Avg. 2011-2019 YTD 700 100% 2% 0.65% 0.27% 3% 3% 3% 4% 4% 4% 4% 1.07% 600 20% 22% 24% $3 23% 23% 26% 26% 26% 80% 500 $2 60% 400 $2 $1 $1 300 40% 0.35% 77% 75% 73% 73% 74% 70% 70% 71% $1 200 $1 $0 $0 20% 100 ($0) 0% 0 Q419 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 2016 2017 2018 2019 2020 2021 2022 2023 Sep YTD Leases NCOs NCO % 700+ 625-699 <625 No FICO WA FICO 20 Differences due to rounding

Credit Cards Portfolio Highlights: Delinquency ($ in millions) Avg. 2011-2019 9/30/2023 3.74% 3.44% • Balances have been gradually increasing due to $1,400 4.00% higher originations and increased usage post $1,124 3.50% $1,077 $1,200 $1,057 $1,046 $1,042 pandemic 3.4% $989 3.4% $967 3.00% $920 $916 $1,000 $887 • Delinquency and NCOs have been gradually 2.8% 2.50% $800 2.4% increasing in recent quarters, reaching pre- 2.3% 2.00% 2.2% 2.0% $600 1.9% pandemic levels in Q3 2023 1.9% 1.9% 1.50% $400 • The FICO mix of originations has remained robust, 1.00% $200 with weighted-average FICO scores of 0.50% $39 $16 $18 $19 $19 $22 $24 $25 $30 $37 approximately 750 $- 0.00% Q419 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Portfolio 30+ DPD 30+ DPD/Portfolio FICO Mix of Originations NCOs and NCO-to-Loan Ratio (% of Approved Amount) ($ in millions) Avg. 2011-2019 YTD 754 754 753 750 748 748 750 749 750 3.67% 2.71% 3% 4% 2% 2% 2% 5% 3% 4% 100% 700 1% 2% 3% 2% 3% 2% 2% 3% 2% 600 80% 38% 42% 45% 41% 44% 3.21% 43% 45% 45% 500 3.21% 44% 60% 400 300 40% $9 $8 200 57% 55% $7 53% 53% $6 51% 51% 49% 49% 50% $5 20% $4 $4 100 $3 $3 $3 0% 0 Q419 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 2015 2016 2017 2018 2019 2020 2021 2022 2023 Sep YTD 750+ 650-749 <650 No FICO WA FICO Credit Cards NCOs NCO % 21 Differences due to rounding

P.R. Personal Loans Portfolio Delinquency Highlights: Avg. 2011-2019 9/30/2023 ($ in millions) • The portfolio balance has been steadily increasing 3.61% 2.87% $2,000 6.00% due to higher originations $1,763 $1,686 $1,800 $1,613 $1,586 5.00% $1,518 • Delinquency has increased gradually during 2023, $1,600 $1,388 $1,368 $1,303 $1,288 but remains below pre-pandemic performance $1,400 $1,275 4.00% $1,200 • NCO rate has been increasing, approaching Q4 2019 $1,000 3.00% 3.2% level 2.9% 2.9% 2.9% $800 2.7% 2.6% 2.6% 2.6% 2.5% 2.5% 2.00% $600 • The FICO mix of originations has remained robust, $400 1.00% with weighted-average FICO scores of approximately $200 $43 $37 $37 $36 $36 $39 $40 $41 $44 $51 738 in recent vintages, similar to pre-pandemic $- 0.00% Q419 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Portfolio 30+ DPD 30+ DPD/Portfolio FICO Mix of Originations NCOs and NCO-to-Loan Ratio (% of Approved Amount) ($ in millions) Avg. 2011-2019 YTD 2.53% 3.37% 738 738 738 740 743 736 741 746 740 4.01% 4.19% 2% 2% 1% 1% 700 3% 3% 3% 3% 1% 100% 3% 3% 3% 3% 3% 4% 4% 5% 5% $17 600 80% 500 $14 46% 44% 45% 51% 53% 50% 56% 56% 49% $13 $12 60% 400 $10 300 40% $8 200 49% 49% $6 47% 44% $6 $6 43% 43% 43% $5 20% 40% 40% 100 0% 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 Sep YTD Q419 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 750+ 650-749 <650 No FICO WA FICO 22 Personal Loans NCOs NCO % 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 2020 2022 2019 2021 April April June Moody’s Moody's September April Fitch upgrades upgrades to Ba3 upgrades to B1 Moody’s upgrades S&P upgrades to to BBB- from from B1 from B2 May March to Ba1 from Ba3, BB+ from BB-, BB, revised Fitch Moody’s revised revised outlook to Fitch and S&P revised outlook to May S&P revised outlook to upgrades to outlook to Stable revised outlook Stable Fitch revised outlook to Stable BB from BB- Positive to Positive Positive outlook to Positive March S&P lowers outlook to Stable 23

INVESTOR PRESENTATION Third Quarter 2023

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