8-K

POPULAR, INC.

(Registrant)

Date: April 23, 2025

/s/ Denissa M. Rodríguez

Denissa M. Rodríguez

Senior Vice President and Corporate Comptroller

Exhibit 99.1

LOGO

Popular, Inc. Announces First Quarter 2025 Financial Results

•

Net income of $177.5 million in Q1 2025, compared to net income of $177.8 million in Q4 2024.

•

Net interest income of $605.6 million in Q1 2025, an increase of $14.8 million when compared to Q4 2024.

•

EPS of $2.56 in Q1 2025 vs. $2.51 in Q4 2024.

•

Net interest margin of 3.40% in Q1 2025, compared to 3.35% in Q4 2024; net interest margin on a taxable equivalent basis of 3.73% in Q1 2025, compared to 3.62% in Q4 2024.

•

Non-interest income of $152.1 million in Q1 2025, compared to $164.7 million in Q4 2024.

•

Operating expenses amounted to $471.0 million, compared to $467.6 million in Q4 2024.

•

Credit quality metrics improved:

•

Non-performing loans held-in-portfolio (“NPLs”) decreased by $36.7 million from Q4 2024; NPLs to loans ratio decreased eleven basis points to 0.84%;

•

Net charge-offs decreased by $18.3 million from Q4 2024; annualized NCOs to average loans held-in-portfolio at 0.53% vs. 0.74% in Q4 2024.

•

Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.05% vs. 2.01% in Q4 2024; and

•

ACL to NPLs at 242.7% vs. 212.7% in Q4 2024.

•

Money market and investment securities increased by $944.3 million from Q4 2024; average quarterly balances increased by $1.2 billion.

•

Loans held in portfolio, excluding loans held-for-sale, amounted to $37.3 billion, up $146.4 million from Q4 2024; average quarterly loan balances higher by $445.6 million.

•

Deposit balances amounted to $65.8 billion, an increase of $934.9 million from Q4 2024; average quarterly deposits higher by $1.6 billion.

•

Common Equity Tier 1 ratio of 16.11%, Common Equity per share of $83.75 and Tangible Book Value per share of $72.02 at March 31, 2025, an increase of $3.86 per share from Q4 2024.

•

Capital actions during Q1 2025 included the repurchase of 1,270,569 shares of common stock for $122.3 million, at an average price of $96.24 per share. As of March 31, 2025, a total of $339.6 million has been repurchased under a common stock repurchase authorization of up to $500 million announced in Q3 2024.

SAN JUAN, Puerto Rico – (BUSINESS WIRE) – Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $177.5 million for the quarter ended March 31, 2025, compared to net income of $177.8 million for the quarter ended December 31, 2024.

Ignacio Alvarez, Chief Executive Officer, said: “I am pleased with our strong financial performance in the first quarter. We increased net interest income, grew loans and deposits, maintained strong credit metrics and expanded our customer base. I am particularly pleased with our deposit growth. In Puerto Rico, excluding public deposits, deposits increased by $434 million, demonstrating the strength of our unique retail franchise. We also continued to invest in our people, technology and processes as part of our ongoing Transformation effort. The operating environment has undoubtedly become more uncertain and volatile, but our strong capital and liquidity levels, together with our diversified business model, position us well to perform in a variety of macroeconomic scenarios.

As I step away from the CEO role on June 30, I want to express my sincere gratitude to our employees for all their hard work and support during my tenure. It has been an honor and a privilege to serve as CEO these last eight years. I also wish Javier success in his new role, for which he is more than ready. I am confident that Javier and the team will take Popular to even greater heights.”


Earnings Highlights

(Unaudited)	Quarters ended
(Dollars in thousands, except per share information)	31-Mar-25		31-Dec-24		31-Mar-24
Net interest income	$	605,597	$	590,759	$	550,744
Provision for credit losses		64,081		66,102		72,598

Net interest income after provision for credit losses		541,516		524,657		478,146
Other non-interest income		152,061		164,703		163,818
Operating expenses		471,012		467,627		483,113

Income before income tax		222,565		221,733		158,851
Income tax expense		45,063		43,916		55,568

Net income	$	177,502	$	177,817	$	103,283

Net income applicable to common stock	$	177,149	$	177,464	$	102,930

Net income per common share - basic	$	2.56	$	2.51	$	1.43

Net income per common share - diluted	$	2.56	$	2.51	$	1.43

Non-GAAP Financial Measures

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

Net interest income on a taxable equivalent basis

Net interest income, on a taxable equivalent basis, is presented with its different components in Tables D and E for the quarter ended March 31, 2025. Net interest income on a taxable equivalent basis is a non-GAAP financial measure. Management believes that this presentation provides meaningful information since it facilitates the comparison of revenues arising from taxable and tax-exempt sources.

Tangible Common Equity

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

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

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

The Corporation’s net interest income for the first quarter of 2025 was $605.6 million, an increase of $14.8 million compared to $590.8 million in the previous quarter. The net interest margin for the quarter was 3.40%, compared to 3.35% in the fourth quarter of 2024, an increase of five basis points. Net interest income was negatively impacted by two fewer days when compared to the previous quarter resulting in lower net interest income by $9.3 million.

During the period, the Corporation’s re-investment of maturities of U.S Treasuries at higher rates and the re-pricing across most deposits products played a favorable role in the period’s net interest income. The average balance of total deposits increased by $1.6 billion in Q1 2025, driven primarily by a $2.0 billion increase in interest-bearing deposits. Market-linked P.R. public deposits average balance, which continues to be a significant driver of interest expense for the Corporation, increased by $981.5 million from Q4 2024. The quarter’s average deposit balances were also impacted by certain non-interest-bearing accounts that were migrated to an interest-bearing product targeting affluent client in the fourth quarter of 2024.

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

Net interest income on a taxable equivalent basis for the first quarter of 2025 was $663.9 million, compared to $638.5 million in the previous quarter, an increase of $25.4 million. Net interest margin on a taxable equivalent basis for the first quarter of 2025 was 3.73%, an increase of 11 basis points.

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

•

higher income from investment securities by $22.3 million or 22 basis points, due to higher reinvestment activity as balances increased by $1.4 billion at higher yields, driven in part by an increase in average deposit balances; and

•

lower interest expense on interest-bearing deposits by $17.8 million or 19 basis points, driven primarily by a reduction in the cost of market-linked P.R. public deposits by approximately 38 basis points and in PB by a reduction in the cost of online time deposits by approximately 26 basis points and brokered deposits by six basis points. Total cost of deposits decreased by 13 basis points, as average non-interest bearing demand deposits decreased by $352.1 million in part due to a shift to now accounts related to the launch, in the previous quarter, of a mass affluent-focused interest-bearing deposit product;

partially offset by:

•

lower interest income from money market investments by $9.1 million or 34 basis points, mainly due to a lower yield combined with a lower volume driven by higher reinvestment activity in investment securities and loan originations; and

•

lower interest income from loans by $5.5 million, or three basis points, mainly driven by lower yields in the commercial portfolio by 13 basis points, partially offset by higher average volume in certain portfolios such as the commercial and mortgage portfolios and higher yields in mortgage, auto and leasing portfolios.

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

For the Banco Popular de Puerto Rico (“BPPR”) segment, net interest income for the first quarter of 2025 amounted to $521.9 million, an increase of $14.9 million from the previous quarter. Net interest margin increased by seven basis points to 3.63%. Higher income from investment securities, mainly from U.S Treasuries, compared to the previous quarter, along with lower cost of deposits, mainly driven by lower cost of P.R. public interest-bearing deposits, were the main contributors to the BPPR segment’s net interest margin expansion over the period.

Factors impacting net interest income for the BPPR segment include:

•

higher interest income from investments in securities by $14.5 million or 13 basis points mainly due to higher reinvestment of U.S Treasury securities at higher yields; and

•

lower interest expense on deposit accounts by $14.4 million, mainly driven by a $13.3 million decrease in the cost of market-linked P.R. public interest-bearing deposits, representing a 38 basis points reduction. Interest-bearing deposit costs decreased 20 basis points to 2.06%, when compared to Q4 2024, while total deposit costs decreased by 12 basis points to 1.55%;

partially offset by:

•

lower interest income from the loan portfolios by $8.3 million or four basis points during the quarter resulting from lower yields in the commercial portfolio, offset in part by higher average volume in the mortgage and leasing portfolios; and

•

lower interest income from money market investments by $6.0 million or 32 basis points, mainly due to re-pricing of money market investments during the quarter.

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

In the Popular Bank (“PB”, or “Popular U.S.”) segment, net interest income was $92.9 million, $0.8 million higher when compared to the previous quarter. Net interest margin increased by three basis points to 2.74%.

During the period, earning assets at PB increased by $172.9 million, mainly due to higher average balances in the loan portfolios of $367.7 million driven by growth in the commercial, construction and lease portfolios which offset the impact of the lower average balance of money market investments and investment securities by $194.8 million. In addition, total deposits in PB grew by $134.3 million, mainly driven by interest bearing deposits which grew by $184.7 million. The repricing of deposits in PB resulted in lower cost of interest-bearing deposits as further described below, mitigating the impact of the reduction in earning assets yields quarter over quarter.

Main variances in Popular U.S include:

•

lower interest expense on deposit accounts by $4.2 million, or 15 basis points, driven by a decrease in deposit costs across most deposit products due to repricing at lower cost, partially offset by higher volume of higher-cost interest bearing deposits including online savings and money market deposits. Average deposit balances during the quarter were higher by $134.3 million. During the first quarter, total cost of interest-bearing deposits decreased 15 basis points to 3.48%, while total deposit costs decreased 11 basis points to 3.09%; and

•

higher income from loans by $1.1 million, mainly due to higher volumes in the commercial and construction loan portfolios. Notwithstanding higher income on loans, PB loan portfolio’s yield decreased five basis points to 5.86% when compared to the fourth quarter of 2024 driven by variable rate loans in the construction and commercial portfolios;

partially offset by:

•

lower interest income from money markets and investment securities by $4.1 million, or 22 basis points, mainly due to lower volume and the re-pricing of money market investments during the quarter.

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

Non-interest income

Non-interest income amounted to $152.1 million for the quarter ended March 31, 2025, a decrease of $12.6 million when compared to $164.7 million for the previous quarter. The variance in non-interest income was primarily due to:

•

lower other operating income by $8.0 million, mainly due to lower daily car rental revenue by $3.3 million due to the sale completed by Popular Auto LLC, a wholly-owned subsidiary of Banco Popular de Puerto Rico, of its daily car rental business during the fourth quarter of 2024, lower income from investments accounted under the equity investment method by $2.2 million, and a $1.9 million sundry loss reserve release during the prior quarter;

•

lower other service fees by $4.8 million mainly due to lower contingent insurance commission by $1.5 million, which are typically received during the fourth quarter, and to lower investment management and trust fees by $0.9 million; and

•

lower income from mortgage banking activities by $2.6 million mainly due to an unfavorable variance in the fair value adjustment of mortgage servicing rights (“MSRs”) driven by portfolio runoff and slightly higher prepayment speed compared to the fourth quarter of 2024;

partially offset by:

•

lower losses from equity securities by $2.0 million mainly due to the valuation of securities held for deferred benefit plans, which have an offsetting effect in personnel costs.

Refer to Table B for further details.

Operating expenses

Operating expenses for the first quarter of 2025 totaled $471.0 million, an increase of $3.4 million when compared to the fourth quarter of 2024. The variance in operating expenses was driven primarily by:

•

higher personnel costs by $6.9 million mainly due to higher annual incentive awards of performance shares and restricted stock expenses by $8.8 million, higher payroll taxes by $3.9 million and higher other compensation expenses by $3.0 million, which traditionally are higher during the first quarter of the year; partially offset by lower salaries by $4.8 million in part due to two fewer days compared to the previous quarter and lower health insurance costs by $3.4 million;

•

higher processing and transactional services expenses by $2.7 million mainly due to higher credit card processing and transaction fees and higher merchant processing expenses;

•

higher technology and software expenses by $2.3 million mainly due to higher software amortization expenses; and

•

higher other operating expenses by $1.7 million mainly due to higher reserves for insurance claims;

partially offset by:

•

lower business promotion expenses by $6.2 million mainly due to lower seasonal donations, advertising and sponsorship expenses, which are typically higher in the fourth quarter of the year; and

•

lower professional fees by $5.6 million mainly due to lower consulting fees related to corporate initiatives and information and technology projects.

Full-time equivalent employees were 9,274 as of March 31, 2025, compared to 9,231 as of December 31, 2024.

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

Income taxes

For the first quarter of 2025, the Corporation recorded an income tax expense of $45.1 million, compared to an income tax expense of $43.9 million for the previous quarter. Higher income tax expense of $1.2 million is mainly driven by higher income before tax at the BPPR segment, offset in part by higher exempt income.

The effective tax rate (“ETR”) for the first quarter of 2025 was 20.2%, compared to 19.8% for the previous quarter. The ETR of the Corporation is impacted by the composition and source of its taxable income.

Credit Quality

The Corporation’s credit quality metrics showed favorable trends in the first quarter of 2025 compared to the previous quarter, with improvements in NPLs and Net Charge Offs (“NCOs”). The Corporation continues to closely monitor the macroeconomic landscape and borrower performance, given the ongoing economic uncertainty. Management believes that the improvements over recent years in risk management practices and the overall risk profile of the Corporation’s loan portfolio position the Corporation to continue to operate successfully in the current environment.

The following presents credit quality results for the first quarter of 2025:

Non-Performing Loans and Net Charge Offs

Total NPLs decreased by $36.7 million compared to the previous quarter. Excluding consumer loans, inflows of NPLs held-in-the-portfolio decreased by $16.3 million in the first quarter of 2025. The ratio of NPLs to total loans held in the portfolio was 0.84% for the first quarter of 2025, compared to 0.95% for the previous quarter. The drivers of these changes were:

•

In the BPPR segment, NPLs decreased by $30.1 million, mainly driven by lower auto, mortgage and commercial loans NPLs by $10.0 million, $9.9 million and $8.5 million, respectively. Commercial NPLs decreased, driven by a $9.0 million single loan pay-off during the first quarter of 2025. Excluding consumer loans, inflows to NPLs in the BPPR segment decreased by $10.6 million compared to the previous quarter, mostly related to lower mortgage inflows.

•

In the PB segment, NPLs decreased by $6.6 million driven by lower commercial loans NPLs by $6.1 million, mostly driven by a single loan sale of $3.9 million. Inflows to NPLs, excluding consumer loans, decreased by $5.7 million, driven by lower commercial inflows.

Total NCOs of $49.1 million decreased by $18.3 million when compared to the fourth quarter of 2024. The Corporation’s ratio of annualized NCOs to average loans held-in-portfolio for the first quarter was 0.53%, compared to 0.74% in the fourth quarter of 2024.

The drivers of these changes were related to the following:

•

In the BPPR segment, NCOs decreased by $15.5 million quarter-over-quarter, mainly driven by lower consumer NCOs by $10.9 million, coupled with lower commercial NCOs by $3.7 million, mainly in the commercial and industrial portfolio, due to a $3.8 million recovery related to the abovementioned commercial NPL.

•

In the PB segment, NCOs decreased by $2.8 million quarter-over-quarter, mainly due to lower consumer NCOs.

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

Other Real Estate Owned Properties (“OREO”)

As of March 31, 2025, the Corporation’s OREO portfolio amounted to $52.1 million, a decrease of $5.2 million when compared to the fourth quarter of 2024. The decrease in OREO assets was driven by the sale of residential OREO properties in the BPPR segment.

Refer to Table L for additional information and related ratios.

Allowance for Credit Losses and Provision for Credit Losses

The ACL as of March 31, 2025 amounted to $762.1 million, an increase of $16.1 million when compared to the fourth quarter of 2024. The increase in ACL was driven by changes in the economic scenario probability weights coupled with increases in qualitative reserves, in response to the current economic environment uncertainty, offset by part by improvements in credit quality and lower volume. The Corporation leverages multiple scenarios to estimate its ACL. Prior to the first quarter of 2025, the Corporation assigned the baseline scenario the highest probability among the scenarios used to estimate the ACL, followed by the pessimistic scenario given the uncertainties in the economic outlook and downside risk, and the optimistic scenario had the lowest probability. During Q1 2025, the Corporation modified the weight assigned to the pessimistic scenario to be equal to the baseline scenario in response to the current economic uncertainty, resulting in an increase of $18.2 million in the reserves.

In the BPPR segment, the ACL increased by $5.6 million from the previous quarter. The increase in the probability weight of the pessimistic scenario resulted in a $11.3 million ACL increase. This increase in reserves was partially offset by improved credit quality in the commercial portfolios and reduced overall reserves for both the commercial and consumer portfolios mainly driven by lower volumes. In the PB segment, the ACL increased by $10.5 million from the previous quarter. The increase in probability weights resulted in a $6.9 million increase, mainly within the commercial portfolio, coupled with higher qualitative reserves for the Commercial Real Estate (“CRE”) portfolio in response to current market volatility and economic uncertainty.

The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.05% in the first quarter of 2025, compared to 2.01% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio was 242.7%, compared to 212.7% in the previous quarter.

The provision for loan losses for the loan and lease portfolios for the first quarter of 2025 was $65.2 million, compared to $69.1 million in the previous quarter. The provision for loan losses for the BPPR segment amounted to $52.7 million, compared to $67.1 million in the previous quarter. This reduction was mainly driven by lower provision expense for consumer loans driven by lower NCOs and lower volumes. The provision for loan losses for the PB segment amounted to $12.5 million, compared to $2.0 million in the prior quarter related to the ACL changes described above.

The provision for loan losses for the loan and lease portfolios, along with the $1.3 million reserve release related to unfunded loan commitments and the $0.2 million provision for the Corporation’s investment portfolio for the first quarter of 2025, are consolidated and shown together under the provision for credit losses in our Consolidated Statement of Operations. For the first quarter, the provision for credit losses amounted to $64.1 million, compared to $66.1 million in the previous quarter.

Refer to Table L for break-out of non-performing assets and related ratios and to Table N for allowance for credit losses, net charge-offs and related ratios.

Non-Performing Assets


(Unaudited)
(In thousands)	31-Mar-25			31-Dec-24			31-Mar-24
Non-performing loans held-in-portfolio	$	314,069		$	350,780		$	354,127
Other real estate owned		52,114			57,268			80,542

Total non-performing assets	$	366,183		$	408,048		$	434,669

Net charge-offs for the quarter	$	49,103		$	67,433		$	62,200


Ratios:
Loans held-in-portfolio	$	37,254,032		$	37,107,652		$	35,118,738
Non-performing loans held-in-portfolio to loans held-in-portfolio		0.84	%		0.95	%		1.01	%
Allowance for credit losses to loans held-in-portfolio		2.05			2.01			2.11
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		242.67			212.68			208.84

Refer to Table L for additional information.

Provision for Credit Losses - Loan Portfolios


(Unaudited)	Quarters ended
(In thousands)	31-Mar-25		31-Dec-24		31-Mar-24
Provision for credit losses - loan portfolios:
BPPR	$	52,690	$	67,088	$	61,008
Popular U.S.		12,528		2,041		11,378

Total provision for credit losses - loan portfolios	$	65,218	$	69,129	$	72,386

Credit Quality by Segment


(Unaudited)
(Dollars in thousands)	Quarters ended
BPPR	31-Mar-25			31-Dec-24			31-Mar-24
Provision for credit losses - loan portfolios	$	52,690		$	67,088		$	61,008
Net charge-offs		47,102			62,604			56,561
Total non-performing loans held-in-portfolio		262,006			292,091			298,594
Annualized net charge-offs to average loans held-in-portfolio		0.72	%		0.97	%		0.92	%
Allowance / loans held-in-portfolio		2.59	%		2.56	%		2.62	%
Allowance / non-performing loans held-in-portfolio		258.11	%		229.61	%		215.79	%

	Quarters ended
Popular U.S.	31-Mar-25			31-Dec-24			31-Mar-24
Provision for credit losses (benefit) - loan portfolios	$	12,528		$	2,041		$	11,378
Net charge-offs		2,001			4,829			5,639
Total non-performing loans held-in-portfolio		52,063			58,689			55,533
Annualized net charge-offs to average loans held-in-portfolio		0.07	%		0.18	%		0.21	%
Allowance / loans held-in-portfolio		0.77	%		0.69	%		0.91	%
Allowance / non-performing loans held-in-portfolio		164.96	%		128.40	%		171.47	%

Financial Condition Highlights


(Unaudited)
(In thousands)	31-Mar-25		31-Dec-24		31-Mar-24
Cash and money market investments	$	6,575,193	$	6,800,586	$	6,249,064
Investment securities		27,375,396		26,244,977		26,324,139
Loans		37,254,032		37,107,652		35,118,738
Total assets		74,038,606		73,045,383		70,936,939
Deposits		65,819,255		64,884,345		63,808,784
Borrowings		1,090,417		1,176,126		1,032,393
Total liabilities		68,238,911		67,432,317		65,759,625
Stockholders’ equity		5,799,695		5,613,066		5,177,314

Total assets amounted to $74.0 billion at March 31, 2025, an increase of $993.2 million from the fourth quarter of 2024, driven by:

•

an increase in securities available-for-sale (“AFS”) of $1.2 billion, mainly due to an increase in investments in U.S. Treasury securities and a decrease in the unrealized losses of AFS securities of $169.0 million, partially offset by maturities and principal paydowns; and

•

an increase in loans held-in-portfolio by $146.4 million, driven by an increase of $200.8 million in the PB segment across most portfolios, particularly commercial and construction loans, partially offset by a decrease of $54.4 million in the BPPR segment, mainly in the commercial portfolio, driven by certain large relationship prepayments during the first quarter of 2025;

partially offset by:

•

a decrease in money market investments of $185.9 million, mainly driven by the deployment of funds to purchase investments in U.S. Treasury securities and support loan origination; and

•

a decrease in securities held-to-maturity (“HTM”) of $109.4 million driven by maturities, partially offset by the amortization of $45.3 million of the discount related to U.S. Treasury securities previously reclassified from AFS to HTM.

Total liabilities increased by $806.6 million from the fourth quarter of 2024, driven by:

•

an increase of $934.9 million in deposits, driven primarily by an increase of approximately $763.5 million in NOW and money market deposits, on both retail and commercial accounts in BPPR and PB, coupled with an increase in P.R. public deposits of approximately $159.2 million. At quarter end, P.R. public deposits totaled $19.6 billion;

partially offset by:

•

a decrease in notes payable of $63.1 million, mainly driven by the maturity of long-term FHLB advances at both BPPR and PB of $37.0 million and $26.5 million, respectively; and

•

a decrease in other short-term borrowings of $25.0 million, due to lower FHLB advances in PB.

Stockholders’ equity increased by $186.6 million from the fourth quarter of 2024 mainly due to the quarter’s net income of $177.5 million, a decrease in net unrealized losses in the portfolio of AFS securities of $140.2 million and the amortization of unrealized losses from securities previously reclassified to HTM of $36.2 million, net of tax, partially offset by an increase in Treasury Stock of $117.6 million mainly due to common stock repurchases during the quarter and common and preferred dividends declared during the quarter of $48.8 million.

During the first quarter of 2025, Popular repurchased 1.3 million shares of common stock at an average price of $96.24. As of March 31, 2025, Popular has repurchased a total of 3.5 million shares of common stock for $339.6 million as part of its previously announced common stock repurchase authorization of up to $500 million.

Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.11%, $83.75 and $72.02 respectively, at March 31, 2025, compared to 16.03%, $79.71 and $68.16, respectively, at December 31, 2024.

Refer to Table A for capital ratios.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those regarding Popular’s business, financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future performance, are based on management’s current expectations and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include, without limitation, the effect of competitive and economic factors, and our reaction to those factors, the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate changes (including on our cost of deposits), our ability to attract deposits and grow our loan portfolio, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings, new regulatory requirements or accounting standards on the Corporation’s financial condition and results of operations, the occurrence of unforeseen or catastrophic events, such as extreme weather events, pandemics, man-made disasters or acts of violence or war, as well as actions taken by governmental authorities in response thereto, and the direct and indirect impact of such events on Popular, our customers, service providers and third parties. Other potential factors include Popular’s ability to successfully execute its transformation initiative, including, but not limited to, achieving projected earnings, efficiencies and return on tangible common equity and accurately anticipating costs and expenses associated therewith, imposition of additional or special FDIC assessments, or increases thereto, changes to regulatory capital, liquidity and resolution-related requirements applicable to financial institutions in response to recent developments affecting the banking sector, 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, and changes in and uncertainty regarding federal funding, tax and trade policies, and rulemaking, supervision, examination and enforcement priorities of the current federal administration. 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, 2024 and our Form 10-Q for the quarter ended March 31, 2025 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. and British Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.

Conference Call

Popular will hold a conference call to discuss its financial results today, Wednesday, April 23, 2025 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 225762.

A replay of the webcast will be archived in Popular’s website. A telephone replay will be available one hour after the end of the conference call through Friday, May 23, 2025. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 685101.

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

Popular, Inc.

Financial Supplement to First Quarter 2025 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) - For the quarter ended March 31, 2024 and December 31,2023

Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - For the quarter ended March 31, 2024 and March 31,2023

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

Table G - Mortgage Banking Activities & Other Service Fees

Table H - Loans and Deposits

Table I - Loan Delinquency - PUERTO RICO 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 - Loan Portfolios - CONSOLIDATED

Table P - Allowance for Credit Losses - Loan Portfolios - PUERTO RICO OPERATIONS

Table Q - Allowance for Credit Losses - Loan Portfolios - POPULAR U.S. OPERATIONS

Table R - Reconciliation to GAAP Financial Measures

POPULAR, INC.

Financial Supplement to First Quarter 2025 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)


	Quarters ended
	31-Mar-25			31-Dec-24			31-Mar-24
Basic EPS	$	2.56		$	2.51		$	1.43
Diluted EPS	$	2.56		$	2.51		$	1.43
Average common shares outstanding		69,280,137			70,722,548			71,869,735
Average common shares outstanding - assuming dilution		69,307,681			70,740,958			71,966,803
Common shares outstanding at end of period		68,984,148			70,141,291			72,284,875
Market value per common share	$	92.37		$	94.06		$	88.09
Market capitalization - (In millions)	$	6,372		$	6,597		$	6,368
Return on average assets		0.96	%		0.97	%		0.57	%
Return on average common equity		10.07	%		9.94	%		6.07	%
Net interest margin (non-taxable equivalent basis)		3.40	%		3.35	%		3.16	%
Net interest margin (taxable equivalent basis) -non-GAAP		3.73	%		3.62	%		3.38	%
Common equity per share	$	83.75		$	79.71		$	71.32
Tangible common book value per common share (non-GAAP) [1]	$	72.02		$	68.16		$	60.06
Tangible common equity to tangible assets (non-GAAP) [1]		6.78	%		6.62	%		6.19	%
Return on average tangible common equity [1]		11.36	%		11.22	%		6.90	%
Tier 1 capital		16.16	%		16.08	%		16.42	%
Total capital		17.91	%		17.83	%		18.19	%
Tier 1 leverage		8.50	%		8.66	%		8.45	%
Common Equity Tier 1 capital		16.11	%		16.03	%		16.36	%

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

POPULAR, INC.

Financial Supplement to First Quarter 2025 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)


	Quarters ended						Variance			Quarter ended			Variance
(In thousands, except per share information)	31-Mar-25			31-Dec-24			Q1 2025 vs. Q4 2024			31-Mar-24			Q1 2025 vs. Q1 2024
Interest income:
Loans	$	666,673		$	673,858		$	(7,185	)	$	638,730		$	27,943
Money market investments		70,166			79,302			(9,136	)		88,516			(18,350	)
Investment securities		180,159			166,607			13,552			166,895			13,264

Total interest income		916,998			919,767			(2,769	)		894,141			22,857

Interest expense:
Deposits		297,863			315,701			(17,838	)		329,496			(31,633	)
Short-term borrowings		1,426			928			498			1,192			234
Long-term debt		12,112			12,379			(267	)		12,709			(597	)

Total interest expense		311,401			329,008			(17,607	)		343,397			(31,996	)

Net interest income		605,597			590,759			14,838			550,744			54,853
Provision for credit losses		64,081			66,102			(2,021	)		72,598			(8,517	)

Net interest income after provision for credit losses		541,516			524,657			16,859			478,146			63,370

Service charges on deposit accounts		39,054			38,060			994			37,442			1,612
Other service fees		94,508			99,350			(4,842	)		94,272			236
Mortgage banking activities		3,689			6,306			(2,617	)		4,360			(671	)
Net (loss) gain, including impairment, on equity securities		(414	)		(2,459	)		2,045			1,103			(1,517	)
Net gain (loss) on trading account debt securities		520			(10	)		530			361			159
Net gain on sale of loans, including valuation adjustments on loans held-for-sale		—			440			(440	)		—			—
Adjustments to indemnity reserves on loans sold		173			483			(310	)		(237	)		410
Other operating income		14,531			22,533			(8,002	)		26,517			(11,986	)

Total non-interest income		152,061			164,703			(12,642	)		163,818			(11,757	)

Operating expenses:
Personnel costs
Salaries		130,950			135,793			(4,843	)		129,384			1,566
Commissions, incentives and other bonuses		37,986			30,494			7,492			38,611			(625	)
Pension, postretirement and medical insurance		14,566			17,794			(3,228	)		17,385			(2,819	)
Other personnel costs, including payroll taxes		29,211			21,713			7,498			29,997			(786	)

Total personnel costs		212,713			205,794			6,919			215,377			(2,664	)
Net occupancy expenses		27,218			27,666			(448	)		28,041			(823	)
Equipment expenses		5,302			4,846			456			9,567			(4,265	)
Other taxes		18,725			18,581			144			14,375			4,350
Professional fees		26,825			32,452			(5,627	)		28,918			(2,093	)
Technology and software expenses		83,668			81,395			2,273			79,462			4,206
Processing and transactional services
Credit and debit cards		12,926			11,657			1,269			12,144			782
Other processing and transactional services		24,855			23,410			1,445			22,050			2,805

Total processing and transactional services		37,781			35,067			2,714			34,194			3,587
Communications		4,904			4,756			148			4,557			347
Business promotion
Rewards and customer loyalty programs		16,365			16,778			(413	)		14,056			2,309
Other business promotion		7,310			13,077			(5,767	)		6,933			377

Total business promotion		23,675			29,855			(6,180	)		20,989			2,686
Deposit insurance		10,035			9,725			310			23,887			(13,852	)
Other real estate owned (OREO) expense (income)		(3,330	)		(4,379	)		1,049			(5,321	)		1,991


Other operating expenses
Operational losses		6,138		6,047		91			3,561		2,577
All other		16,761		15,117		1,644			24,711		(7,950	)

Total other operating expenses		22,899		21,164		1,735			28,272		(5,373	)
Amortization of intangibles		597		705		(108	)		795		(198	)

Total operating expenses		471,012		467,627		3,385			483,113		(12,101	)

Income before income tax		222,565		221,733		832			158,851		63,714
Income tax expense		45,063		43,916		1,147			55,568		(10,505	)

Net income	$	177,502	$	177,817	$	(315	)	$	103,283	$	74,219

Net income applicable to common stock	$	177,149	$	177,464	$	(315	)	$	102,930	$	74,219

Net income per common share - basic	$	2.56	$	2.51	$	0.05		$	1.43	$	1.13

Net income per common share - diluted	$	2.56	$	2.51	$	0.05		$	1.43	$	1.13

Dividends Declared per Common Share	$	0.70	$	0.70	$	—		$	0.62	$	0.08

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)


(In thousands)	31-Mar-25			31-Dec-24			31-Mar-24			Variance Q1 2025 vs. Q4 2024
Assets:
Cash and due from banks	$	380,165		$	419,638		$	320,486		$	(39,473	)
Money market investments		6,195,028			6,380,948			5,928,578			(185,920	)
Trading account debt securities, at fair value		28,477			32,831			27,308			(4,354	)
Debt securities available-for-sale, at fair value		19,493,180			18,245,903			18,017,924			1,247,277
Less: Allowance for credit losses		—			—			500			—

Debt securities available-for-sale, net		19,493,180			18,245,903			18,017,424			1,247,277
Debt securities held-to-maturity, at amortized cost		7,648,718			7,758,077			8,083,160			(109,359	)
Less: Allowance for credit losses		5,481			5,317			5,731			164

Debt securities held-to-maturity, net		7,643,237			7,752,760			8,077,429			(109,523	)

Equity securities		205,021			208,166			195,747			(3,145	)
Loans held-for-sale, at lower of cost or fair value		5,077			5,423			5,352			(346	)
Loans held-in-portfolio		37,675,070			37,522,995			35,486,161			152,075
Less: Unearned income		421,038			415,343			367,423			5,695
Allowance for credit losses		762,148			746,024			739,544			16,124

Total loans held-in-portfolio, net		36,491,884			36,361,628			34,379,194			130,256

Premises and equipment, net		625,237			601,787			588,708			23,450
Other real estate		52,114			57,268			80,542			(5,154	)
Accrued income receivable		262,720			263,389			266,908			(669	)
Mortgage servicing rights, at fair value		104,743			108,103			114,964			(3,360	)
Other assets		1,742,540			1,797,759			2,120,902			(55,219	)
Goodwill		802,954			802,954			804,428			—
Other intangible assets		6,229			6,826			8,969			(597	)

Total assets	$	74,038,606		$	73,045,383		$	70,936,939		$	993,223

Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing	$	15,160,801		$	15,139,555		$	15,492,050		$	21,246
Interest bearing		50,658,454			49,744,790			48,316,734			913,664

Total deposits		65,819,255			64,884,345			63,808,784			934,910

Assets sold under agreements to repurchase		57,268			54,833			66,090			2,435
Other short-term borrowings		200,000			225,000			—			(25,000	)
Notes payable		833,149			896,293			966,303			(63,144	)
Other liabilities		1,329,239			1,371,846			918,448			(42,607	)

Total liabilities		68,238,911			67,432,317			65,759,625			806,594

Stockholders’ equity:
Preferred stock		22,143			22,143			22,143			—
Common stock		1,049			1,048			1,048			1
Surplus		4,912,886			4,908,693			4,847,466			4,193
Retained earnings		4,699,697			4,570,957			4,253,030			128,740
Treasury stock		(2,346,093	)		(2,228,535	)		(2,013,187	)		(117,558	)
Accumulated other comprehensive loss, net of tax		(1,489,987	)		(1,661,240	)		(1,933,186	)		171,253

Total stockholders’ equity		5,799,695			5,613,066			5,177,314			186,629

Total liabilities and stockholders’ equity	$	74,038,606		$	73,045,383		$	70,936,939		$	993,223

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

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

For the quarters ended March 31, 2025 and December 31, 2024

(Unaudited)


Average Volume							Average Yields / Costs										Interest							Variance Attributable to
31-Mar-25		31-Dec-24		Variance			31-Mar-25			31-Dec-24			Variance				31-Mar-25		31-Dec-24		Variance			Rate			Volume
(In millions)																	(In thousands)
$	6,379	$	6,571	$	(192	)		4.46	%		4.80	%		(0.34	)%	Money market investments	$	70,166	$	79,301	$	(9,135	)	$	(6,874	)	$	(2,261	)
	28,415		27,015		1,400			3.14			2.92			0.22		Investment securities [1]		220,435		198,116		22,319			10,529			11,790
	31		32		(1	)		5.82			5.82			—		Trading securities		440		470		(30	)		(9	)		(21	)

	34,825		33,618		1,207			3.38			3.29			0.09		Total money market, investment and trading securities		291,041		277,887		13,154			3,646			9,508

																Loans:
	18,489		18,297		192			6.71			6.84			(0.13	)	Commercial		305,968		314,615		(8,647	)		(11,933	)		3,286
	1,309		1,204		105			8.11			8.38			(0.27	)	Construction		26,190		25,352		838			(1,319	)		2,157
	1,930		1,898		32			7.14			7.03			0.11		Leasing		34,444		33,361		1,083			517			566
	8,168		8,039		129			5.82			5.78			0.04		Mortgage		118,917		116,254		2,663			786			1,877
	3,203		3,218		(15	)		14.04			13.79			0.25		Consumer		110,859		111,538		(679	)		(159	)		(520	)
	3,907		3,908		(1	)		9.12			9.02			0.10		Auto		87,850		88,564		(714	)		(695	)		(19	)

	37,006		36,564		442			7.48			7.51			(0.03	)	Total loans		684,228		689,684		(5,456	)		(12,803	)		7,347

$	71,831	$	70,182	$	1,649			5.49	%		5.49	%		—	%	Total earning assets	$	975,269	$	967,571	$	7,698		$	(9,157	)	$	16,855

																Interest bearing deposits:
$	27,543	$	25,954	$	1,589			2.87	%		3.21	%		(0.34	)%	NOW and money market [2]	$	194,610	$	209,227	$	(14,617	)	$	(20,633	)	$	6,016
	14,510		14,246		264			0.87			0.88			(0.01	)	Savings		31,304		31,341		(37	)		(1,226	)		1,189
	9,123		8,978		145			3.20			3.33			(0.13	)	Time deposits		71,949		75,133		(3,184	)		(4,409	)		1,225

	51,176		49,178		1,998			2.36			2.55			(0.19	)	Total interest bearing deposits		297,863		315,701		(17,838	)		(26,268	)		8,430

	14,682		15,034		(352	)										Non-interest bearing demand deposits

	65,858		64,212		1,646			1.83			1.96			(0.13	)	Total deposits		297,863		315,701		(17,838	)		(26,268	)		8,430

	121		73		48			4.77			5.09			(0.32	)	Short-term borrowings		1,426		928		498			(89	)		587
	862		923		(61	)		5.66			5.39			0.27		Other medium and long-term debt		12,112		12,379		(267	)		96			(363	)

	52,159		50,174		1,985			2.42			2.61			(0.19	)	Total interest bearing liabilities (excluding demand deposits)		311,401		329,008		(17,607	)		(26,261	)		8,654

	4,990		4,974		16											Other sources of funds

$	71,831	$	70,182	$	1,649			1.76	%		1.87	%		(0.11	)%	Total source of funds		311,401		329,008		(17,607	)		(26,261	)		8,654

								3.73	%		3.62	%		0.11	%	Net interest margin/income on a taxable equivalent basis (Non-GAAP)		663,868		638,563		25,305		$	17,104		$	8,201

								3.07	%		2.88	%		0.19	%	Net interest spread

																Taxable equivalent adjustment		58,271		47,804		10,467

								3.40	%		3.35	%		0.05	%	Net interest margin/income non-taxable equivalent basis (GAAP)	$	605,597	$	590,759	$	14,838

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

[1]	Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

[2]	Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

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

For the quarters ended March 31, 2025 and March 31, 2024

(Unaudited)


Average Volume							Average Yields / Costs										Interest							Variance Attributable to
31-Mar-25		31-Mar-24		Variance			31-Mar-25			31-Mar-24			Variance				31-Mar-25		31-Mar-24		Variance			Rate			Volume
(In millions)																	(In thousands)
$	6,379	$	6,484	$	(105	)		4.46	%		5.49	%		(1.03	)%	Money market investments	$	70,166	$	88,516	$	(18,350	)	$	(16,944	)	$	(1,406	)
	28,415		28,308		107			3.14			2.71			0.43		Investment securities [1]		220,435		191,103		29,332			27,299			2,033
	31		33		(2	)		5.82			3.75			2.07		Trading securities		440		311		129			156			(27	)

	34,825		34,825		—			3.38			3.23			0.15		Total money market, investment and trading securities		291,041		279,930		11,111			10,511			600

																Loans:
	18,489		17,613		876			6.71			6.84			(0.13	)	Commercial		305,968		299,504		6,464			(8,172	)		14,636
	1,309		992		317			8.11			8.96			(0.85	)	Construction		26,190		22,100		4,090			(2,429	)		6,519
	1,930		1,742		188			7.14			6.74			0.40		Leasing		34,444		29,353		5,091			1,813			3,278
	8,168		7,723		445			5.82			5.62			0.20		Mortgage		118,917		108,543		10,374			3,985			6,389
	3,203		3,227		(24	)		14.04			13.90			0.14		Consumer		110,859		111,490		(631	)		(196	)		(435	)
	3,907		3,763		144			9.12			8.77			0.35		Auto		87,850		82,054		5,796			2,598			3,198

	37,006		35,060		1,946			7.48			7.48			—		Total loans		684,228		653,044		31,184			(2,401	)		33,585

$	71,831	$	69,885	$	1,946			5.49	%		5.36	%		0.13	%	Total earning assets	$	975,269	$	932,974	$	42,295		$	8,110		$	34,185

																Interest bearing deposits:
$	27,543	$	25,703	$	1,840			2.87	%		3.63	%		(0.76	)%	NOW and money market [2]	$	194,610	$	232,129	$	(37,519	)	$	(48,544	)	$	11,025
	14,510		14,700		(190	)		0.87			0.93			(0.06	)	Savings		31,304		34,171		(2,867	)		(2,429	)		(438	)
	9,123		8,547		576			3.20			2.97			0.23		Time deposits		71,949		63,196		8,753			3,384			5,369

	51,176		48,950		2,226			2.36			2.71			(0.35	)	Total interest bearing deposits		297,863		329,496		(31,633	)		(47,589	)		15,956

	14,682		15,083		(401	)										Non-interest bearing demand deposits

	65,858		64,033		1,825			1.83			2.07			(0.24	)	Total deposits		297,863		329,496		(31,633	)		(47,589	)		15,956

	121		84		37			4.77			5.70			(0.93	)	Short-term borrowings		1,426		1,192		234			(198	)		432
	862		998		(136	)		5.66			5.13			0.53		Other medium and long-term debt		12,112		12,709		(597	)		47			(644	)

	52,159		50,032		2,127			2.42			2.76			(0.34	)	Total interest bearing liabilities (excluding demand deposits)		311,401		343,397		(31,996	)		(47,740	)		15,744

	4,990		4,770		220											Other sources of funds

$	71,831	$	69,885	$	1,946			1.76	%		1.98	%		(0.22	)%	Total source of funds		311,401		343,397		(31,996	)		(47,740	)		15,744

								3.73	%		3.38	%		0.36	%	Net interest margin/income on a taxable equivalent basis (Non-GAAP)		663,868		589,577		74,291		$	55,850		$	18,441

								3.07	%		2.60	%		0.47	%	Net interest spread

																Taxable equivalent adjustment		58,271		38,833		19,438

								3.40	%		3.16	%		0.24	%	Net interest margin/income non-taxable equivalent basis (GAAP)	$	605,597	$	550,744	$	54,853

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

[1]	Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.

[2]	Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

Table G - Mortgage Banking Activities and Other Service Fees

(Unaudited)

Mortgage Banking Activities


	Quarters ended									Variance
(In thousands)	31-Mar-25			31-Dec-24			31-Mar-24			Q1 2025 vs.Q4 2024			Q1 2025 vs.Q1 2024
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees	$	7,168		$	7,315		$	7,751		$	(147	)	$	(583	)
Mortgage servicing rights fair value adjustments		(3,570	)		(1,090	)		(3,439	)		(2,480	)		(131	)

Total mortgage servicing fees, net of fair value adjustments		3,598			6,225			4,312			(2,627	)		(714	)

Net gain (loss) on sale of loans, including valuation on loans held-for-sale		193			(79	)		74			272			119

Trading account (loss) profit:
Unrealized (loss) gains on outstanding derivative positions		(87	)		72			101			(159	)		(188	)
Realized gains on closed derivative positions		1			99			3			(98	)		(2	)

Total trading account (loss) profit		(86	)		171			104			(257	)		(190	)

Losses on repurchased loans, including interest advances		(16	)		(11	)		(130	)		(5	)		114

Total mortgage banking activities	$	3,689		$	6,306		$	4,360		$	(2,617	)	$	(671	)

Other Service Fees


	Quarters ended						Variance
(In thousands)	31-Mar-25		31-Dec-24		31-Mar-24		Q1 2025 vs.Q4 2024			Q1 2025 vs.Q1 2024
Other service fees:
Debit card fees [1]	$	26,432	$	26,903	$	25,534	$	(471	)	$	898
Insurance fees		11,309		14,619		14,689		(3,310	)		(3,380	)
Credit card fees [1]		30,130		30,803		29,567		(673	)		563
Sale and administration of investment products		8,973		9,549		7,427		(576	)		1,546
Trust fees		6,300		6,635		6,707		(335	)		(407	)
Other fees		11,364		10,841		10,348		523			1,016

Total other service fees	$	94,508	$	99,350	$	94,272	$	(4,842	)	$	236

[1]

Effective in the third quarter of 2024, the Corporation is reclassifying certain interchange fees, which were previously included jointly with credit card fees from common network activity, as debit card fees. Interchange fees amounting to $11.3 million were reclassified for the first quarter of 2024.

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

Table H - Consolidated Loans and Deposits

(Unaudited)

Loans - Ending Balances


							Variance
(Dollars in thousands)	31-Mar-25		31-Dec-24		31-Mar-24		Q1 2025 vs.Q4 2024			% of Change			Q1 2025 vs.Q1 2024			% of Change
Loans held-in-portfolio:
Commercial
Commercial multi-family	$	2,374,915	$	2,399,620	$	2,384,635	$	(24,705	)		(1.03	%)	$	(9,720	)		(0.41	%)
Commercial real estate non-owner occupied		5,540,603		5,363,235		5,057,059		177,368			3.31	%		483,544			9.56	%
Commercial real estate owner occupied		2,956,559		3,157,746		3,117,844		(201,187	)		(6.37	%)		(161,285	)		(5.17	%)
Commercial and industrial		7,693,523		7,741,562		7,025,483		(48,039	)		(0.62	%)		668,040			9.51	%
Total Commercial		18,565,600		18,662,163		17,585,021		(96,563	)		(0.52	%)		980,579			5.58	%
Construction		1,358,979		1,263,792		1,009,303		95,187			7.53	%		349,676			34.65	%
Leasing		1,949,705		1,925,405		1,765,413		24,300			1.26	%		184,292			10.44	%
Mortgage		8,273,753		8,114,183		7,783,662		159,570			1.97	%		490,091			6.30	%
Consumer
Credit cards		1,187,777		1,218,079		1,142,153		(30,302	)		(2.49	%)		45,624			3.99	%
Home equity lines of credit		77,109		73,571		66,717		3,538			4.81	%		10,392			15.58	%
Personal		1,850,023		1,855,244		1,897,010		(5,221	)		(0.28	%)		(46,987	)		(2.48	%)
Auto		3,820,242		3,823,437		3,706,854		(3,195	)		(0.08	%)		113,388			3.06	%
Other		170,844		171,778		162,605		(934	)		(0.54	%)		8,239			5.07	%
Total Consumer		7,105,995		7,142,109		6,975,339		(36,114	)		(0.51	%)		130,656			1.87	%

Total loans held-in-portfolio	$	37,254,032	$	37,107,652	$	35,118,738	$	146,380			0.39	%	$	2,135,294			6.08	%
Loans held-for-sale:
Mortgage	$	5,077	$	5,423	$	5,352	$	(346	)		(6.38	%)	$	(275	)		(5.14	%)

Total loans held-for-sale	$	5,077	$	5,423	$	5,352	$	(346	)		(6.38	%)	$	(275	)		(5.14	%)

Total loans	$	37,259,109	$	37,113,075	$	35,124,090	$	146,034			0.39	%	$	2,135,019			6.08	%

Deposits - Ending Balances


							Variance
(In thousands)	31-Mar-25		31-Dec-24		31-Mar-24		Q1 2025 vs. Q4 2024			% of Change			Q1 2025 vs.Q1 2024			% of Change
Deposits excluding P.R. public deposits:
Demand deposits	$	15,160,801	$	15,139,555	$	15,492,050	$	21,246			0.14	%	$	(331,249	)		(2.14	%)
Savings, NOW and money market deposits (non-brokered)		21,855,151		21,177,506		21,633,607		677,645			3.20	%		221,544			1.02	%
Savings, NOW and money market deposits (brokered)		822,065		736,225		727,794		85,840			11.66	%		94,271			12.95	%
Time deposits (non-brokered)		7,545,252		7,476,924		7,030,367		68,328			0.91	%		514,885			7.32	%
Time deposits (brokered CDs)		813,326		890,704		904,613		(77,378	)		(8.69	%)		(91,287	)		(10.09	%)

Sub-total deposits excluding P.R. public deposits		46,196,595		45,420,914		45,788,431		775,681			1.71	%		408,164			0.89	%

P.R. public deposits:
Demand deposits [1]		11,157,254		11,730,273		10,981,317		(573,019	)		(4.88	%)		175,937			1.60	%
Savings, NOW and money market deposits (non-brokered)		7,655,847		7,087,904		6,218,944		567,943			8.01	%		1,436,903			23.11	%
Time deposits (non-brokered)		809,559		645,254		820,092		164,305			25.46	%		(10,533	)		(1.28	%)

Sub-total P.R. public deposits		19,622,660		19,463,431		18,020,353		159,229			0.82	%		1,602,307			8.89	%

Total deposits	$	65,819,255	$	64,884,345	$	63,808,784	$	934,910			1.44	%	$	2,010,471			3.15	%

[1]	Includes interest bearing demand deposits.

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

Table I - Loan Delinquency -BPPR Operations

(Unaudited)


31-Mar-25
BPPR
	Past due												Past due 90 days or more
(In thousands)	30-59 days		60-89 days		90 days or more		Total past due		Current		Loans HIP		Non-accrual loans		Accruing loans
Commercial multi-family	$	3,387	$	112	$	73	$	3,572	$	304,739	$	308,311	$	73	$	—
Commercial real estate:
Non-owner occupied		3,045		74		6,306		9,425		3,304,377		3,313,802		6,306		—
Owner occupied		7,512		141		26,891		34,544		1,168,868		1,203,412		26,891		—
Commercial and industrial		4,637		2,871		13,089		20,597		5,227,961		5,248,558		9,327		3,762
Construction		6,498		—		—		6,498		223,705		230,203		—		—
Mortgage		249,712		105,166		333,557		688,435		6,257,507		6,945,942		148,506		185,051
Leasing		19,178		5,192		8,895		33,265		1,916,440		1,949,705		8,895		—
Consumer:
Credit cards		13,365		10,555		30,506		54,426		1,133,352		1,187,778		—		30,506
Home equity lines of credit		—		—		18		18		2,039		2,057		—		18
Personal		19,246		11,174		18,251		48,671		1,707,204		1,755,875		18,251		—
Auto		78,743		15,893		41,784		136,420		3,683,822		3,820,242		41,784		—
Other		2,686		144		2,307		5,137		153,586		158,723		1,973		334

Total	$	408,009	$	151,322	$	481,677	$	1,041,008	$	25,083,600	$	26,124,608	$	262,006	$	219,671


31-Dec-24
BPPR
	Past due												Past due 90 days or more
(In thousands)	30-59 days		60-89 days		90 days or more		Total past due		Current		Loans HIP		Non-accrual loans		Accruing loans
Commercial multi-family	$	1,491	$	113	$	79	$	1,683	$	306,318	$	308,001	$	79	$	—
Commercial real estate:
Non-owner occupied		3,103		586		6,429		10,118		3,236,385		3,246,503		6,429		—
Owner occupied		11,054		808		25,258		37,120		1,338,791		1,375,911		25,258		—
Commercial and industrial		5,738		2,712		23,895		32,345		5,314,549		5,346,894		19,335		4,560
Construction		1,039		—		—		1,039		211,251		212,290		—		—
Mortgage		262,222		116,694		365,759		744,675		6,065,206		6,809,881		158,442		207,317
Leasing		23,991		6,062		9,588		39,641		1,885,764		1,925,405		9,588		—
Consumer:
Credit cards		17,399		11,719		29,960		59,078		1,158,975		1,218,053		—		29,960
Home equity lines of credit		16		129		—		145		1,895		2,040		—		—
Personal		19,503		13,005		20,269		52,777		1,697,600		1,750,377		20,269		—
Auto		111,358		27,858		51,792		191,008		3,632,429		3,823,437		51,792		—
Other		1,816		277		1,312		3,405		156,824		160,229		899		413

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


Variance
	Past due																		Past due 90 days or more
(In thousands)	30-59 days			60-89 days			90 days or more			Total past due			Current			Loans HIP			Non-accrual loans			Accruing loans
Commercial multi-family	$	1,896		$	(1	)	$	(6	)	$	1,889		$	(1,579	)	$	310		$	(6	)	$	—
Commercial real estate:
Non-owner occupied		(58	)		(512	)		(123	)		(693	)		67,992			67,299			(123	)		—
Owner occupied		(3,542	)		(667	)		1,633			(2,576	)		(169,923	)		(172,499	)		1,633			—
Commercial and industrial		(1,101	)		159			(10,806	)		(11,748	)		(86,588	)		(98,336	)		(10,008	)		(798	)
Construction		5,459			—			—			5,459			12,454			17,913			—			—
Mortgage		(12,510	)		(11,528	)		(32,202	)		(56,240	)		192,301			136,061			(9,936	)		(22,266	)
Leasing		(4,813	)		(870	)		(693	)		(6,376	)		30,676			24,300			(693	)		—
Consumer:
Credit cards		(4,034	)		(1,164	)		546			(4,652	)		(25,623	)		(30,275	)		—			546
Home equity lines of credit		(16	)		(129	)		18			(127	)		144			17			—			18
Personal		(257	)		(1,831	)		(2,018	)		(4,106	)		9,604			5,498			(2,018	)		—
Auto		(32,615	)		(11,965	)		(10,008	)		(54,588	)		51,393			(3,195	)		(10,008	)		—
Other		870			(133	)		995			1,732			(3,238	)		(1,506	)		1,074			(79	)

Total	$	(50,721	)	$	(28,641	)	$	(52,664	)	$	(132,026	)	$	77,613		$	(54,413	)	$	(30,085	)	$	(22,579	)

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

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

(Unaudited)


31-Mar-25
Popular U.S.
	Past due														Past due 90 days or more
(In thousands)	30-59 days		60-89 days		90 days or more		Total past due		Current			Loans HIP			Non-accrual loans		Accruing loans
Commercial multi-family	$	1,858	$	—	$	8,700	$	10,558	$	2,056,046		$	2,066,604		$	8,700	$	—
Commercial real estate:
Non-owner occupied		768		—		7,886		8,654		2,218,147			2,226,801			7,886		—
Owner occupied		—		—		231		231		1,752,916			1,753,147			231		—
Commercial and industrial		7,724		733		879		9,336		2,435,629			2,444,965			690		189
Construction		—		—		—		—		1,128,776			1,128,776			—		—
Mortgage		29,944		1,604		29,087		60,635		1,267,176			1,327,811			29,087		—
Consumer:
Credit cards		—		—		—		—		(1	)		(1	)		—		—
Home equity lines of credit		1,851		973		3,430		6,254		68,798			75,052			3,430		—
Personal		1,381		781		2,034		4,196		89,952			94,148			2,034		—
Other		1		—		5		6		12,115			12,121			5		—

Total	$	43,527	$	4,091	$	52,252	$	99,870	$	11,029,554		$	11,129,424		$	52,063	$	189


31-Dec-24
Popular U.S.
	Past due												Past due 90 days or more
(In thousands)	30-59 days		60-89 days		90 days or more		Total past due		Current		Loans HIP		Non-accrual loans		Accruing loans
Commercial multi-family	$	—	$	5,443	$	8,700	$	14,143	$	2,077,476	$	2,091,619	$	8,700	$	—
Commercial real estate:
Non-owner occupied		6,792		—		8,015		14,807		2,101,925		2,116,732		8,015		—
Owner occupied		—		—		5,191		5,191		1,776,644		1,781,835		5,191		—
Commercial and industrial		10,336		5,323		1,938		17,597		2,377,071		2,394,668		1,748		190
Construction		—		—		—		—		1,051,502		1,051,502		—		—
Mortgage		18,148		5,417		29,890		53,455		1,250,847		1,304,302		29,890		—
Consumer:
Credit cards		—		—		—		—		26		26		—		—
Home equity lines of credit		530		986		3,393		4,909		66,622		71,531		3,393		—
Personal		1,808		1,509		1,741		5,058		99,809		104,867		1,741		—
Other		514		—		11		525		11,024		11,549		11		—

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


Variance
	Past due																		Past due 90 days or more
(In thousands)	30-59 days			60-89 days			90 days or more			Total past due			Current			Loans HIP			Non-accrual loans			Accruing loans
Commercial multi-family	$	1,858		$	(5,443	)	$	—		$	(3,585	)	$	(21,430	)	$	(25,015	)	$	—		$	—
Commercial real estate:
Non-owner occupied		(6,024	)		—			(129	)		(6,153	)		116,222			110,069			(129	)		—
Owner occupied		—			—			(4,960	)		(4,960	)		(23,728	)		(28,688	)		(4,960	)		—
Commercial and industrial		(2,612	)		(4,590	)		(1,059	)		(8,261	)		58,558			50,297			(1,058	)		(1	)
Construction		—			—			—			—			77,274			77,274			—			—
Mortgage		11,796			(3,813	)		(803	)		7,180			16,329			23,509			(803	)		—
Consumer:
Credit cards		—			—			—			—			(27	)		(27	)		—			—
Home equity lines of credit		1,321			(13	)		37			1,345			2,176			3,521			37			—
Personal		(427	)		(728	)		293			(862	)		(9,857	)		(10,719	)		293			—
Other		(513	)		—			(6	)		(519	)		1,091			572			(6	)		—

Total	$	5,399		$	(14,587	)	$	(6,627	)	$	(15,815	)	$	216,608		$	200,793		$	(6,626	)	$	(1	)

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

Table K - Loan Delinquency - Consolidated

(Unaudited)


31-Mar-25
Popular, Inc.
	Past due												Past due 90 days or more
(In thousands)	30-59 days		60-89 days		90 days or more		Total past due		Current		Loans HIP		Non-accrual loans		Accruing loans
Commercial multi-family	$	5,245	$	112	$	8,773	$	14,130	$	2,360,785	$	2,374,915	$	8,773	$	—
Commercial real estate:
Non-owner occupied		3,813		74		14,192		18,079		5,522,524		5,540,603		14,192		—
Owner occupied		7,512		141		27,122		34,775		2,921,784		2,956,559		27,122		—
Commercial and industrial		12,361		3,604		13,968		29,933		7,663,590		7,693,523		10,017		3,951
Construction		6,498		—		—		6,498		1,352,481		1,358,979		—		—
Mortgage		279,656		106,770		362,644		749,070		7,524,683		8,273,753		177,593		185,051
Leasing		19,178		5,192		8,895		33,265		1,916,440		1,949,705		8,895		—
Consumer:
Credit cards		13,365		10,555		30,506		54,426		1,133,351		1,187,777		—		30,506
Home equity lines of credit		1,851		973		3,448		6,272		70,837		77,109		3,430		18
Personal		20,627		11,955		20,285		52,867		1,797,156		1,850,023		20,285		—
Auto		78,743		15,893		41,784		136,420		3,683,822		3,820,242		41,784		—
Other		2,687		144		2,312		5,143		165,701		170,844		1,978		334

Total	$	451,536	$	155,413	$	533,929	$	1,140,878	$	36,113,154	$	37,254,032	$	314,069	$	219,860


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

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


Variance
	Past due																		Past due 90 days or more
(In thousands)	30-59 days			60-89 days			90 days or more			Total past due			Current			Loans HIP			Non-accrual loans			Accruing loans
Commercial multi-family	$	3,754		$	(5,444	)	$	(6	)	$	(1,696	)	$	(23,009	)	$	(24,705	)	$	(6	)	$	—
Commercial real estate:
Non-owner occupied		(6,082	)		(512	)		(252	)		(6,846	)		184,214			177,368			(252	)		—
Owner occupied		(3,542	)		(667	)		(3,327	)		(7,536	)		(193,651	)		(201,187	)		(3,327	)		—
Commercial and industrial		(3,713	)		(4,431	)		(11,865	)		(20,009	)		(28,030	)		(48,039	)		(11,066	)		(799	)
Construction		5,459			—			—			5,459			89,728			95,187			—			—
Mortgage		(714	)		(15,341	)		(33,005	)		(49,060	)		208,630			159,570			(10,739	)		(22,266	)
Leasing		(4,813	)		(870	)		(693	)		(6,376	)		30,676			24,300			(693	)		—
Consumer:
Credit cards		(4,034	)		(1,164	)		546			(4,652	)		(25,650	)		(30,302	)		—			546
Home equity lines of credit		1,305			(142	)		55			1,218			2,320			3,538			37			18
Personal		(684	)		(2,559	)		(1,725	)		(4,968	)		(253	)		(5,221	)		(1,725	)		—
Auto		(32,615	)		(11,965	)		(10,008	)		(54,588	)		51,393			(3,195	)		(10,008	)		—
Other		357			(133	)		989			1,213			(2,147	)		(934	)		1,068			(79	)

Total	$	(45,322	)	$	(43,228	)	$	(59,291	)	$	(147,841	)	$	294,221		$	146,380		$	(36,711	)	$	(22,580	)

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

Table L - Non-Performing Assets

(Unaudited)


																			Variance
(In thousands)	31-Mar-25			As a % of loans HIP by category			31-Dec-24			As a % of loans HIP by category			31-Mar-24			As a % of loans HIP by category			Q1 2025 vs. Q4 2024			Q1 2025 vs. Q1 2024
Non-accrual loans:
Commercial
Commercial multi-family	$	8,773			0.4	%	$	8,779			0.4	%	$	8,806			0.4	%	$	(6	)	$	(33	)
Commercial real estate non-owner occupied		14,192			0.3			14,444			0.3			10,329			0.2			(252	)		3,863
Commercial real estate owner occupied		27,122			0.9			30,449			1.0			30,001			1.0			(3,327	)		(2,879	)
Commercial and industrial		10,017			0.1			21,083			0.3			35,594			0.5			(11,066	)		(25,577	)
Total Commercial		60,104			0.3			74,755			0.4			84,730			0.5			(14,651	)		(24,626	)
Leasing		8,895			0.5			9,588			0.5			7,267			0.4			(693	)		1,628
Mortgage		177,593			2.1			188,332			2.3			194,544			2.5			(10,739	)		(16,951	)
Consumer
Home equity lines of credit		3,430			4.4			3,393			4.6			3,986			6.0			37			(556	)
Personal		20,285			1.1			22,010			1.2			21,160			1.1			(1,725	)		(875	)
Auto		41,784			1.1			51,792			1.4			41,807			1.1			(10,008	)		(23	)
Other		1,978			1.2			910			0.5			633			0.4			1,068			1,345
Total Consumer		67,477			0.9			78,105			1.1			67,586			1.0			(10,628	)		(109	)

Total non-performing loans held-in-portfolio		314,069			0.8	%		350,780			0.9	%		354,127			1.0	%		(36,711	)		(40,058	)
Other real estate owned (“OREO”)		52,114						57,268						80,542						(5,154	)		(28,428	)

Total non-performing assets [1]	$	366,183					$	408,048					$	434,669					$	(41,865	)	$	(68,486	)

Accruing loans past due 90 days or more [2]	$	219,860					$	242,440					$	247,542					$	(22,580	)	$	(27,682	)

Ratios:
Non-performing assets to total assets		0.49	%					0.56	%					0.61	%
Non-performing loans held-in-portfolio to loans held-in-portfolio		0.84						0.95						1.01
Allowance for credit losses to loans held-in-portfolio		2.05						2.01						2.11
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		242.67						212.68						208.84

[1]	There were no non-performing loans held-for-sale as of March 31, 2025, December 31, 2024 and March 31, 2024.

[2]

It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due 90 days or more as opposed to non-performing since the principal repayment is insured. The balance of these loans includes $7 million at March 31, 2025, related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below (December 31, 2024 - $9 million; March 31, 2024 - $10 million). Under the GNMA program, issuers such as BPPR have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected (rebooked) on the financial statements of BPPR with an offsetting liability. These balances include $57 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of March 31, 2025 (December 31, 2024 - $65 million; March 31, 2024 - $93 million). Furthermore, the Corporation has approximately $30 million reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest in this period. Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-performing assets (December 31, 2024- $31 million; March 31, 2024 - $37 million).

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

Table M - Activity in Non-Performing Loans

(Unaudited)

Commercial loans held-in-portfolio:


	Quarter ended 31-Mar-25									Quarter ended 31-Dec-24
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	51,101		$	23,654		$	74,755		$	53,819		$	38,476		$	92,295
Plus:
New non-performing loans		5,781			5,413			11,194			2,915			9,203			12,118
Advances on existing non-performing loans		—			17			17			—			9			9
Less:
Non-performing loans transferred to OREO		(120	)		—			(120	)		(78	)		—			(78	)
Non-performing loans charged-off		(739	)		(1,130	)		(1,869	)		(701	)		(835	)		(1,536	)
Loans returned to accrual status / loan collections		(13,426	)		(10,447	)		(23,873	)		(4,854	)		(23,199	)		(28,053	)

Ending balance NPLs	$	42,597		$	17,507		$	60,104		$	51,101		$	23,654		$	74,755

Mortgage loans held-in-portfolio:


	Quarter ended 31-Mar-25									Quarter ended 31-Dec-24
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	158,442		$	29,890		$	188,332		$	157,920		$	28,434		$	186,354
Plus:
New non-performing loans		31,242			2,745			33,987			44,670			4,637			49,307
Advances on existing non-performing loans		—			1			1			—			21			21
Less:
Non-performing loans transferred to OREO		(2,435	)		—			(2,435	)		(3,829	)		—			(3,829	)
Non-performing loans charged-off		(188	)		—			(188	)		(12	)		—			(12	)
Loans returned to accrual status / loan collections		(38,555	)		(3,549	)		(42,104	)		(40,307	)		(3,202	)		(43,509	)

Ending balance NPLs	$	148,506		$	29,087		$	177,593		$	158,442		$	29,890		$	188,332

Total non-performing loans held-in-portfolio (excluding consumer):


	Quarter ended 31-Mar-25									Quarter ended 31-Dec-24
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	209,543		$	53,544		$	263,087		$	211,739		$	66,910		$	278,649
Plus:
New non-performing loans		37,023			8,158			45,181			47,585			13,840			61,425
Advances on existing non-performing loans		—			18			18			—			30			30
Less:
Non-performing loans transferred to OREO		(2,555	)		—			(2,555	)		(3,907	)		—			(3,907	)
Non-performing loans charged-off		(927	)		(1,130	)		(2,057	)		(713	)		(835	)		(1,548	)
Loans returned to accrual status / loan collections		(51,981	)		(13,996	)		(65,977	)		(45,161	)		(26,401	)		(71,562	)

Ending balance NPLs	$	191,103		$	46,594		$	237,697		$	209,543		$	53,544		$	263,087

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

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

(Unaudited)


	Quarters ended
(In thousands)	31-Mar-25			31-Dec-24			31-Mar-24
Balance at beginning of period - loans held-in-portfolio	$	746,024		$	744,320		$	729,341
Provision for credit losses		65,218			69,129			72,386
Initial allowance for credit losses - PCD Loans		9			8			17

		811,251			813,457			801,744

Net loans charge-off (recovered)- BPPR
Commercial:
Commercial multi-family		(2	)		(2	)		(1	)
Commercial real estate non-owner occupied		(595	)		(369	)		(325	)
Commercial real estate owner occupied		(406	)		(473	)		2,247
Commercial and industrial		(1,528	)		2,000			5,109
Total Commercial		(2,531	)		1,156			7,030
Leasing		3,272			3,615			3,685
Mortgage		(2,497	)		(1,938	)		(4,426	)
Consumer:
Credit cards		16,429			16,854			13,958
Home equity lines of credit		(114	)		(65	)		104
Personal		18,338			23,358			21,940
Auto		13,487			19,028			13,846
Other Consumer		718			596			424
Total Consumer		48,858			59,771			50,272

Total net charged-off BPPR	$	47,102		$	62,604		$	56,561

Net loans charge-off (recovered) - Popular U.S.
Commercial:
Commercial multi-family		(1	)		(1	)		440
Commercial real estate non-owner occupied		—			(362	)		(64	)
Commercial real estate owner occupied		(511	)		135			(24	)
Commercial and industrial		925			1,445			408
Total Commercial		413			1,217			760
Mortgage		(185	)		(27	)		(25	)
Consumer:
Home equity lines of credit		(237	)		(104	)		(148	)
Personal		1,989			3,728			5,027
Other Consumer		21			15			25
Total Consumer		1,773			3,639			4,904

Total net charged-off Popular U.S.	$	2,001		$	4,829		$	5,639

Total loans net charged-off - Popular, Inc.	$	49,103		$	67,433		$	62,200

Balance at end of period - loans held-in-portfolio	$	762,148		$	746,024		$	739,544

Balance at beginning of period - unfunded commitments	$	15,470		$	18,384		$	17,006
Provision for credit losses (benefit)		(1,301	)		(2,914	)		(239	)

Balance at end of period - unfunded commitments [1]	$	14,169		$	15,470		$	16,767


POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.53	%	0.74	%	0.71	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	132.82	%	102.52	%	116.38	%
BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.72	%	0.97	%	0.92	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	111.86	%	107.16	%	107.86	%
Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.07	%	0.18	%	0.21	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	626.09	%	42.27	%	201.77	%

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

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

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

(Unaudited)


31-Mar-25
BPPR
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	3,420	$	308,311		1.11	%
Commercial real estate - non-owner occupied		42,848		3,313,802		1.29	%
Commercial real estate - owner occupied		36,019		1,203,412		2.99	%
Commercial and industrial		131,407		5,248,558		2.50	%

Total commercial	$	213,694	$	10,074,083		2.12	%

Construction		2,719		230,203		1.18	%
Mortgage		74,289		6,945,942		1.07	%
Leasing		20,206		1,949,705		1.04	%
Consumer:
Credit cards		96,523		1,187,778		8.13	%
Home equity lines of credit		60		2,057		2.92	%
Personal		89,786		1,755,875		5.11	%
Auto		171,979		3,820,242		4.50	%
Other		7,007		158,723		4.41	%

Total consumer	$	365,355	$	6,924,675		5.28	%

Total	$	676,263	$	26,124,608		2.59	%


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

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

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

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

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


Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	637		$	310			0.21	%
Commercial real estate - non-owner occupied		(2,004	)		67,299			(0.09	)%
Commercial real estate - owner occupied		(1,336	)		(172,499	)		0.28	%
Commercial and industrial		1,271			(98,336	)		0.07	%

Total commercial	$	(1,432	)	$	(203,226	)		0.03	%

Construction		(24	)		17,913			(0.11	)%
Mortgage		1,388			136,061			—	%
Leasing		3,787			24,300			0.19	%
Consumer:
Credit cards		(2,607	)		(30,275	)		(0.01	)%
Home equity lines of credit		6			17			0.27	%
Personal		(1,510	)		5,498			(0.11	)%
Auto		5,984			(3,195	)		0.16	%
Other		5			(1,506	)		0.04	%

Total consumer	$	1,878		$	(29,461	)		0.05	%

Total	$	5,597		$	(54,413	)		0.03	%

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

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

(Unaudited)


31-Mar-25
Popular U.S.
(In thousands)	Total ACL		Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	10,081	$	2,066,604			0.49	%
Commercial real estate - non-owner occupied		15,453		2,226,801			0.69	%
Commercial real estate - owner occupied		14,193		1,753,147			0.81	%
Commercial and industrial		16,422		2,444,965			0.67	%

Total commercial	$	56,149	$	8,491,517			0.66	%

Construction		6,793		1,128,776			0.60	%
Mortgage		9,740		1,327,811			0.73	%
Consumer:
Credit cards		—		(1	)		—	%
Home equity lines of credit		1,550		75,052			2.07	%
Personal		11,651		94,148			12.38	%
Other		2		12,121			0.02	%

Total consumer	$	13,203	$	181,320			7.28	%

Total	$	85,885	$	11,129,424			0.77	%


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

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

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

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

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


Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	3,628		$	(25,015	)		0.18	%
Commercial real estate - non-owner occupied		5,811			110,069			0.23	%
Commercial real estate - owner occupied		1,720			(28,688	)		0.11	%
Commercial and industrial		552			50,297			0.01	%

Total commercial	$	11,711		$	106,663			0.13	%

Construction		(1,728	)		77,274			(0.21	)%
Mortgage		232			23,509			—	%
Consumer:
Credit cards		—			(27	)		—	%
Home equity lines of credit		101			3,521			0.04	%
Personal		211			(10,719	)		1.47	%
Other		—			572			—	%

Total consumer	$	312		$	(6,653	)		0.42	%

Total	$	10,527		$	200,793			0.08	%

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

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

(Unaudited)


31-Mar-25
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	13,501	$	2,374,915		0.57	%
Commercial real estate - non-owner occupied		58,301		5,540,603		1.05	%
Commercial real estate - owner occupied		50,212		2,956,559		1.70	%
Commercial and industrial		147,829		7,693,523		1.92	%

Total commercial	$	269,843	$	18,565,600		1.45	%

Construction		9,512		1,358,979		0.70	%
Mortgage		84,029		8,273,753		1.02	%
Leasing		20,206		1,949,705		1.04	%
Consumer:
Credit cards		96,523		1,187,777		8.13	%
Home equity lines of credit		1,610		77,109		2.09	%
Personal		101,437		1,850,023		5.48	%
Auto		171,979		3,820,242		4.50	%
Other		7,009		170,844		4.10	%

Total consumer	$	378,558	$	7,105,995		5.33	%

Total	$	762,148	$	37,254,032		2.05	%


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

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

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

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

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


Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	4,265		$	(24,705	)		0.19	%
Commercial real estate - non-owner occupied		3,807			177,368			0.03	%
Commercial real estate - owner occupied		384			(201,187	)		0.12	%
Commercial and industrial		1,823			(48,039	)		0.03	%

Total commercial	$	10,279		$	(96,563	)		0.06	%

Construction		(1,752	)		95,187			(0.19	)%
Mortgage		1,620			159,570			—	%
Leasing		3,787			24,300			0.19	%
Consumer:
Credit cards		(2,607	)		(30,302	)		(0.01	)%
Home equity lines of credit		107			3,538			0.05	%
Personal		(1,299	)		(5,221	)		(0.06	)%
Auto		5,984			(3,195	)		0.16	%
Other		5			(934	)		0.02	%

Total consumer	$	2,190		$	(36,114	)		0.06	%

Total	$	16,124		$	146,380			0.04	%

Popular, Inc.

Financial Supplement to First Quarter 2025 Earnings Release

Table R - Reconciliation to GAAP Financial Measures

(Unaudited)


(In thousands, except share or per share information)	31-Mar-25			31-Dec-24			31-Mar-24
Total stockholders’ equity	$	5,799,695		$	5,613,066		$	5,177,314
Less: Preferred stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(802,954	)		(802,954	)		(804,428	)
Less: Other intangibles		(6,229	)		(6,826	)		(8,969	)

Total tangible common equity	$	4,968,369		$	4,781,143		$	4,341,774

Total assets	$	74,038,606		$	73,045,383		$	70,936,939
Less: Goodwill		(802,954	)		(802,954	)		(804,428	)
Less: Other intangibles		(6,229	)		(6,826	)		(8,969	)

Total tangible assets	$	73,229,423		$	72,235,603		$	70,123,542

Tangible common equity to tangible assets		6.78	%		6.62	%		6.19	%
Common shares outstanding at end of period		68,984,148			70,141,291			72,284,875
Tangible book value per common share	$	72.02		$	68.16		$	60.06


	Quarterly average
Total stockholders’ equity [1]	$	6,785,208		$	6,620,766		$	6,198,740
Average unrealized (gains) losses on AFS securities transferred to HTM		370,695			505,791			639,226

Adjusted total stockholder’s equity		7,155,903			7,126,557			6,837,966

Less: Preferred Stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(802,953	)		(804,411	)		(804,427	)
Less: Other intangibles		(6,585	)		(7,288	)		(9,490	)

Total tangible equity	$	6,324,222		$	6,292,715		$	6,001,906
Return on average tangible common equity		11.36	%		11.22	%		6.90	%

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

CONTACTS:

Popular, Inc.

Investor Relations:

Paul J. Cardillo, 212-417-6721

Senior Vice President and Investor Relations Officer

[email protected]

Media Relations:

MC González Noguera, 917-804-5253

Executive Vice President and Chief Communications & Public Affairs Officer

[email protected]

Exhibit 99.2 Investor Presentation First Quarter 2025

Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those regarding Popular’s business, financial condition, results of operations and objectives, performance, earnings and expenses. These statements are not guarantees of future performance, are based on the current expectations of Popular, Inc.’s management and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond our 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 our future results and financial condition is included in our Form 10-K for the year ended December 31, 2024 and our Form 10-Q for the quarter ended March 31, 2025 to be filed with the Securities and Exchange Commission. Our filings are available on our website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). We assume no obligation to update or revise any forward-looking statements which speak as of their respective dates. 2

Q1 2025 Highlights Financial Highlights Quarter Highlights ($ in millions, except per share information) Income Statement Q1 2025 Q4 2024 Change Q1 2024 Highlights: Net Income $ 178 $ 178 $ - $ 103 • Net interest income increased $15 million compared to the previous Net Interest Margin (NIM) 3.40% 3.35% 0.05% 3.16% period 1 Net Interest Margin FTE 3.73% 3.62% 0.11% 3.38% • NIM expanded 5 bps to 3.40%; fully taxable equivalent NIM expanded Total Deposit Costs 1.83% 1.96% (0.13%) 2.07% 11 bps to 3.73% EPS $ 2.56 $ 2 .51 $ 0.05 $ 1 .43 • Total deposit costs decreased 13 bps due to lower cost of P.R. public deposits Financial Ratios • Total deposits increased $935 million or 1.4%; excluding P.R. public ROA 0.96% 0.97% (0.01%) 0.57% deposits, customer deposits increased by $776 million ROTCE 11.36% 11.22% 0.14% 6.90% • Improved credit quality: ‐ NPLs decreased $37 million to $314 million; NPL Ratio at 0.84% vs. Ending Balances 0.95% in Q4 Loans Held in Portfolio $ 37,254 $ 37,108 $ 146 $ 35,119 ‐ NCO Ratio of 0.53% vs. 0.74% in Q4 Total Assets 7 4,039 73,045 994 70,937 Total Deposits 6 5,819 64,884 935 63,809 ‐ ACL-NPL Ratio of 243% vs. 213% in Q4 Borrowings 1 ,090 1,176 ( 86) 1 ,032 • Tangible book value per share increased $3.86 to $72.02 • Common Equity Tier 1 Ratio increased 8 bps to 16.11% Credit Quality Capital Actions: Non-Performing Loans (NPLs) $ 314 $ 351 $ (37) $ 354 • Repurchased $122 million of common stock at an average price per share NPL Ratio 0.84% 0.95% (0.11%) 1.01% of $96.24: NCO Ratio 0.53% 0.74% (0.21%) 0.71% ⁻ Through the end of the first quarter of 2025 repurchased $340 million ACL-NPL Ratio 243% 213% 30% 209% of common stock of the $500 million authorized in Q3 2024, at an average price per share of $96.29 Capital • Paid quarterly common stock dividend increased 13% to $0.70 Common Equity Tier 1 16.11% 16.03% 0.08% 16.36% Tangible Book Value Per Share $ 72.02 $ 68.16 $ 3.86 $ 60.06 3 See Slide 13 for footnotes Differences due to rounding

Business Highlights BPPR Popular U.S. ($ in millions) Q1 2025 Q4 2024 Change Q1 2024 ($ in millions) Q1 2025 Q4 2024 Change Q1 2024 Loans Held in Portfolio $ 26,093 $ 26,147 $ ( 54) $ 24,602 Loans Held in Portfolio $ 11,129 $ 10,929 $ 200 $ 10,484 P.R. Public Deposits 1 9,622 19,463 159 18,020 Total Deposits 1 1,953 11,704 249 1 1,273 Total Deposits 54,647 5 4,054 593 53,404 Borrowings 431 480 (49) 331 Borrowings 66 103 (37) 109 Net Interest Margin 2.74% 2.71% 0.03% 2.59% Net Interest Margin 3.63% 3.56% 0.07% 3.33% Total Deposit Costs 3.09% 3.20% (0.11%) 3.40% Total Deposit Costs 1.55% 1.67% (0.12%) 1.81% Highlights: Highlights: • Loans held in portfolio decreased $54 million: • Loans held in portfolio increased $200 million: ⁻ commercial and construction loans decreased $185 million ‐ commercial and construction loans increased $184 million ⁻ mortgage loans increased $136 million ‐ mortgage loans increased $24 million ⁻ credit card balances decreased $30 million ⁻ auto loans and leases increased $21 million • NIM increased 3 bps to 2.74%: ⁻ loan yields decreased 5 bps to 5.86% • NIM increased 7 bps to 3.63%: ‐ total deposit costs decreased 11 bps to 3.09% ⁻ investment securities yields increased 13 bps to 2.52% ⁻ loan yields decreased 4 bps to 7.89% ⁻ total deposit costs decreased 12 bps to 1.55%; ⁻ interest-bearing deposit costs decreased 19 bps ⁻ P.R. public deposit costs decreased 38 bps 4 Differences due to rounding

Financial Summary Quarterly Results (unaudited) ($ in thousands, except EPS) Q1 2025 Q4 2024 Variance Net interest income $ 6 05,597 $ 590,759 $ 1 4,838 Provision for credit losses 64,081 66,102 (2,021) Net interest income after provision for credit losses $ 541,516 $ 524,657 $ 16,859 Service charges on deposits 39,054 38,060 994 Other service fees 94,508 9 9,350 (4,842) Mortgage banking activities 3 ,689 6 ,306 (2,617) Other non-interest income 14,810 20,987 (6,177) Total non-interest income $ 152,061 $ 164,703 $ (12,642) Personnel costs 2 12,713 205,794 6,919 Net occupancy expenses 2 7,218 2 7,666 (448) Equipment expenses 5,302 4 ,846 456 Professional fees 26,825 32,452 (5,627) Technology and software expenses 83,668 8 1,395 2,273 Processing and transactional services 3 7,781 35,067 2 ,714 Business promotion 23,675 29,855 (6,180) Deposit insurance 1 0,035 9 ,725 310 Other real estate owned (OREO) income (3,330) (4,379) 1 ,049 Other operating expenses 4 7,125 45,206 1 ,919 Total operating expenses $ 471,012 $ 467,627 $ 3,385 Income before income tax 222,565 2 21,733 832 Income tax expense 4 5,063 4 3,916 1,147 Net income $ 177,502 $ 177,817 $ (315) EPS $ 2.56 $ 2.51 $ 0.05 ROTCE 11.36% 11.22% 0.14% 5 Differences due to rounding

Net Interest Margin Dynamics Quarter Highlights: Earning Assets 1 (ending balances, $ in billions) • Total earning assets increased $1.1 billion to $70.8 billion: $70.8 $69.7 $69.2 $68.0 $67.4 0.1 4 ‐ Money market and investment securities increased 70.0 0 $37.3 $944 million; represent 47% of earning assets $37.1 $35.6 $36.2 0.1 2 60.0 0 $35.1 • Deposit balances increased $935 million. Excluding P.R. 0.1 50.0 0 7.48% 7.52% 7.56% 7.51% 7.48% public deposits, customer deposits increased $776 million 0.0 8 40.0 0 • Net interest margin increased 5 bps to 3.40% 30.0 0 0.0 6 $33.6 $33.6 $32.6 $32.2 $31.8 2 • Net interest margin FTE of 3.73%, increased 11 bps: 20.0 0 0.0 4 2 ‐ Earning assets yield FTE remained at 5.49% 10.0 0 0.0 2 3.47% 3.43% 3.38% 3.23% 3.29% 2 - 0 ‐ Loan yield FTE decreased 3 bps to 7.48% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 ‐ Total deposit costs decreased 13 bps to 1.83% Money Market & Investment Securities Loans Loan Yield (FTE) Money Market & Investment Securities Yield Net Interest Margin (FTE) Sources of Funds 1 (ending balances, $ in billions) 6.50% $66.6 $66.9 $66.1 $64.8 $64.7 0.06 00 5.53% 5.49% 5.49% 5.49% 5.36% 5.50% 60.0 0 $19.7 $19.6 $19.5 $18.0 $18.7 0.05 00 50.0 0 4.50% 0.04 00 3.73% 3.62% 4.24% 40.0 0 4.19% 4.15% 3.48% 3.47% 3.38% 3.70% 0.03 00 3.50% 30.0 0 3.32% 0.02 00 $46.2 $45.8 $45.8 $45.0 $45.4 2.50% 20.0 0 2.06% 2.01% 1.98% 1.87% 1.76% 0.01 00 10.0 0 1.27% 1.50% 1.20% 1.23% 1.21% 1.17% - - Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 0.50% Total Deposits, excl P.R Public P.R. Public Deposits Borrowings -0.50% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 P.R. Public Deposit Costs Deposit Costs, excl P.R. Public Net Interest Margin (FTE) Earning Assets Yield (FTE) All Sources of Funds See Slide 13 for footnotes 6 Differences due to rounding

Capital Quarter Highlights: Popular, Inc. • Common Equity Tier 1 Ratio of 16.11% increased 8 bps Q1 2025 Q4 2024 1 • TCE Ratio of 6.78% vs. 6.62% in Q4 2024 0.2 • Tangible book value per share increased $3.86 to $72.02 0.1 8 0.1 6 17.91% 17.83% • Return on average tangible common equity (ROTCE) of 11.36% 0.1 4 16.11% 16.16% 16.08% 16.03% 0.1 2 • Repurchased $122 million of common stock at an average 0.1 0.0 8 price per share of $96.24 0.0 6 8.66% 8.50% 0.0 4 6.78% 6.62% • Paid quarterly common stock dividend increased 13% to $0.70 0.0 2 0 Common Equity Tier 1 Risk- Total Risk-Based Tier 1 Leverage TCE Tier 1 Capital Based Capital Capital Common Equity Tier 1 BPPR 0.1 8 0.1 6 16.96% 17.05% 0.1 4 15.70% 15.78% 15.70% 15.78% 0.1 2 0.45% 0.1 0.0 8 (0.12%) 0.0 6 0.06% 16.11% 7.48% 7.20% 0.0 4 16.03% 4.91% 0.0 2 4.73% (0.31%) 0 Common Equity Tier 1 Risk- Total Risk-Based Tier 1 Leverage TCE Tier 1 Capital Based Capital Capital Popular U.S. 0.1 6 0.1 4 0.1 2 14.52% 13.93% 13.75% 13.75% 13.35% 13.35% 0.1 11.58% 11.57% 10.95% 0.0 8 10.64% 0.0 6 0.0 4 0.0 2 0 2 Common Equity Tier 1 Risk- Total Risk-Based Tier 1 Leverage TCE Q4-24 Net Income Dividends Repurchases RWA & Other Q1-25 Tier 1 Capital Based Capital Capital 7 See Slide 13 for footnotes Note: Current period ratios are estimated

Non-Performing Assets Quarter Highlights: Non-Performing Assets • Non-Performing Assets (NPAs) decreased $42 million ($ in millions) • Non-Performing Loans (NPLs) decreased $37 million 0.04 600 $504 • NPL inflows decreased $16 million: 0.035 $472 500 $444 $438 $435 $424 $412 $408 0.03 ‐ BPPR decreased $11 million $366 400 0.025 ‐ Popular U.S. decreased $6 million 300 0.02 • BPPR NPLs decreased $30 million to $262 million: 0.015 ‐ Mortgage NPLs decreased $10 million 200 0.7% 0.01 0.7% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% ‐ Auto NPLs decreased $10 million 0.5% 100 0.005 ‐ Commercial NPLs decreased $9 million 0 0 • Popular U.S. NPLs decreased $7 million to $52 million, Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 mainly driven by the commercial segment NPLs OREO NPAs/Total Assets NPL Inflows Non-Performing Loans ($ in millions) ($ in millions) 80 450 $412 0.04 $386 70 400 $362 $361 $358 0.035 $354 $351 60 $342 $34 $41 350 $314 50 $48 $52 0.03 $51 $37 40 300 $40 0.025 $37 30 $37 250 $35 20 0.02 $26 10 $23 200 1.3% $9 $9 $9 $14 1.2% 0.015 $6 $8 0 1.1% 150 1.0% 1.0% 1.0% 1.0% 0.9% 0.8% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 0.01 100 0.005 50 Popular U.S. BPPR 0 0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Commercial & Construction Mortgage Other NPLs/Loans 8 Differences due to rounding

NCOs and Allowance for Credit Losses Quarter Highlights: Allowance for Credit Losses ($ in millions) • NCO Ratio decreased 21 bps to 0.53% Reserve • NCOs decreased $18 million to $49 million Reserve Build Balance Balance Build Balance ACL/Loan • BPPR NCOs decreased $15 million to $47 million: Portfolios Q1 2024 (Release) Q4 2024 (Release) Q1 2025 Q1 2025 ‐ Consumer decreased $11 million Commercial $ 274 $ (3) $ 271 $ 9 $ 279 1.40% ‐ Commercial decreased $4 million Mortgage 86 ( 4) 82 2 84 1.02% Leases 9 7 16 4 20 1.04% • Popular U.S. NCOs decreased $3 million to $2 million Consumer: 370 6 376 2 379 5.32% • ACL at $762 million, increased $16 million Credit Cards 88 11 99 (3) 97 8.10% Personal Loans 118 (14) 104 (1) 103 5.35% • ACL-to-Loans Ratio at 2.05% vs. 2.01% Auto 157 9 166 6 172 4.50% Other 7 0 7 0 7 4.10% Total ACL $ 740 $ 6 $ 746 $ 16 $ 762 2.05% Consumer NCOs by Loan Portfolio NCOs and NCO-to-Loans Ratio ($ in millions) ($ in millions) 70 $63 $67 70 $62 $58 4.0 0% 60 5.0 0% $55 $59 $57 $52 $51 60 $54 $49 $49 50 50 3.0 0% $41 $40 4.0 0% 3.56% $33 $33 40 3.26% 40 3.16% 3.01% 2.85% 2.80% 30 2.0 0% $25 30 $24 3.0 0% 2.43% 2.41% 20 20 0.74% 0.71% 0.66% 0.65% 0.61% 1.0 0% 0.53% 2.0 0% 0.41% 0.39% 1.52% 10 0.29% 10 - 0.0 0% - 1.0 0% (1 0) (10) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 (2 0) -1.00% 0.0 0% (20) Commercial & Construction Mortgage Leases Consumer NCO% Credit Cards Personal Auto Other NCO% 9 Differences due to rounding

Allowance for Credit Losses – Q1 2025 ACL Movement ACL Movement: ($ in millions) • Moody’s baseline forecast assumes a moderation in economic activity for the remainder of 2025 and 2026, and no recession • Increase in the weight assigned to the S3 (pessimistic) scenario due uncertainty in the economic outlook • Increase in qualitative reserves mainly reflected within the U.S. CRE and P.R. Lease portfolios Economic Scenarios: • Baseline scenario and the S3 (pessimistic) scenario have been assigned equal probabilities Commercial Consumer Q4 Economic Qualitative Q1 • 2025 annualized GDP growth (baseline): Portfolio Portfolios 2024 NCOs Scenarios Reserves Changes Changes 2025 ACL ACL ‐ P.R consistent with previous period at 0.27% ‐ U.S. increased to 2.25% from 2.15% • 2025 forecasted average unemployment rate (baseline): ‐ P.R. remains near historically low levels at 5.76% ‐ U.S. is consistent with previous forecast at 4.11% 10

Driving Value Market leader in Puerto Rico • Substantial capital and liquidity with diversified deposit base • Well-positioned to take advantage of market opportunities • Focused on customer service supported by broad branch network • Differentiated omnichannel experience • Diversified fee income Franchise • Strong risk-adjusted loan margins driven by a well-diversified portfolio Mainland U.S. banking operation provides geographic diversification • Commercial led strategy directed at small and medium sized businesses • National niche banking focused on homeowners’ associations, healthcare and non-profit organizations • Branch footprint in South Florida and New York Metro We continue to transform our organization to ensure long-term success. Our company-wide, multi-year effort is driving changes by: • Transforming our company: Deliver sustainable profitable growth for our shareholders and invest in technology foundations to enable greater agility, innovation, security and performance Transformation • Transforming customer opportunities: Deepen customer relationships and grow share of wallet, delivered through a modern omnichannel banking experience • Transforming our culture: Increase employee performance and satisfaction with more agile work processes that reinforce Popular’s values and desired behaviors Continue to return capital to shareholders: • Repurchased $122 million of common stock at an average price of $96.24 per share: Capital Actions ⁻ Through the end of the first quarter of 2025 repurchased $340 million of common stock of the $500 million authorized in Q3 2024, at an average price of $97.02 per share • Paid quarterly common stock dividend increased 13% to $0.70 11

Guidance 2025 Guidance (Market Dependent) FY 2025 Guidance Q1 2025 Commentary for Q1 2025 Original guidance for FY 2025 driven by repricing of Net Interest Income 7%-9% for the year Unchanged investments at higher rates, loan originations and lower deposit costs Original guidance for FY 2025 of $5 million lower $155 million - $160 million Non-Interest Income Unchanged per quarter than FY 2024, due to impact of sale of per quarter car rental business Positive Q1 2025 results and short-term outlook. NCOs 70-90 bps annualized Unchanged Guidance unchanged due to economic uncertainty Original guidance for FY 2025 of 4% increase driven Operating Expenses 4% increase for the year Unchanged by personnel and technology expenses Original guidance for FY 2025 driven by higher Effective Tax Rate 19%-21% Unchanged proportion of tax-exempt income and income from subsidiaries with lower statutory rates 3%-5% accelerating as the Lower end of the range due to uncertain economic Loan Growth Updated year progresses outlook 12

Footnotes Slide 3: 1- Fully taxable equivalent (“FTE”) net interest margin represents a non-GAAP financial measure. See the Corporation's earnings press release, Form 10-Q and Form 10-K filed with the U.S. Securities and Exchange Commission for the applicable periods for a GAAP to non- GAAP reconciliation. Slide 6: 1- Balances are as of end of period. 2- Fully taxable equivalent (“FTE”) net interest margin represents a non-GAAP financial measure. See the Corporation's earnings press release, Form 10-Q and Form 10-K filed with the U.S. Securities and Exchange Commission for the applicable periods for a GAAP to non- GAAP reconciliation. Slide 7: 1- TCE ratio is defined as the ratio of tangible common equity to tangible assets. 2- RWA and Other changes includes the change in risk weighted assets for the period and other adjustments to the ratio calculation. For Q1 2025, the main driver of the RWA and Other component was the impact of the full phase in of the adoption of the current expected credit losses (“CECL”) model, and a change in composition of the DTA. 13

Investor Presentation First Quarter 2025 Appendix

Corporate Structure Summary Corporate Structure Franchise Industry Financial Services Headquarters San Juan, Puerto Rico Assets = $74 billion Assets $74 billion (among top 50 Popular Holding Co. BHCs in the U.S.) Banco Popular Popular’s North (Including Popular de Securities Insurance America, Equity Puerto Rico LLC Subsidiaries Inc. Investments) Loans $37 billion Deposits $66 billion Popular Popular 1 Bank Auto, LLC Earnings Earnings Banking branches 153 in Puerto Rico, 40 in the U.S. (28 in New York and New Jersey and 12 in Puerto Rico Operations United States Operations Florida) and 9 in the U.S. and British Virgin Islands Assets = $15 billion Assets = $59 billion NASDAQ ticker symbol BPOP Selected equity investments: Banco BHD León under Corporate segment Market Cap $6.4 billion • Dominican Republic bank • 15.63% stake • 2024 net income of $272 million 15

Q1 2025 vs. Q4 2024 Financial Results BPPR Popular U.S. (Unaudited) ($ in millions) Q1 2025 Q4 2024 Variance Q1 2025 Q4 2024 Variance Net interest income $ 522 $ 507 $ 15 $ 93 $ 92 $ 1 Provision for credit losses 54 66 (12) 11 (1) 12 Net interest income after provision for credit losse s 468 441 27 82 93 (11) Non-interest income 138 149 (11) 6 6 - Operating expenses 405 403 2 66 65 1 Income before income tax 201 187 14 22 34 (12) Income tax expense 35 36 ( 1) 7 10 (3) Net income $ 166 $ 151 $ 15 $ 15 $ 24 $ (9) Balance Sheet Highlights BPPR Popular U.S. (Unaudited) ($ in millions) Q1 2025 Q4 2024 Variance Q1 2025 Q4 2024 Variance Total assets $ 59,289 $ 5 8,602 $ 687 $ 1 4,530 $ 14,333 $ 197 Total loans HIP 26,093 26,147 (54) 1 1,129 10,929 200 Total deposits 54,647 54,054 593 1 1,953 11,704 249 Asset Quality BPPR Popular U.S. Q1 2025 Q4 2024 Variance Q1 2025 Q4 2024 Variance Non-performing loans held-in-portfolio (HIP) / Total loans (HIP) 1.00% 1.12% (0.12%) 0.47% 0.54% (0.07%) Non-performing assets / Total assets 0.53% 0.60% (0.07%) 0.36% 0.41% (0.05%) Allowance for credit losses / Total loans (HIP) 2.59% 2.56% 0.03% 0.77% 0.69% 0.08% Net Interest Margin (NIM) 3.63% 3.56% 0.07% 2.74% 2.71% 0.03% 16 Differences due to rounding

Deposit Composition & Cost Trends Highlights: • Deposits at $65.8 billion in Q1 2025, with P.R. public deposits representing 30% of total deposits • Total deposit costs, excluding P.R public deposits, of 1.17% demonstrate stability of core deposits, low cost and low betas • Total cost of deposits at 1.83%, decreased 13 bps when compared to Q4 2024, driven by lower cost of P.R public deposits by 38 bps Deposit Composition (ending balances, $ in billions) 80.00 $67.0 $65.5 $65.8 $64.9 $63.6 $63.8 $63.7 70.00 $61.2 60.00 $20.4 $19.7 $19.6 $18.1 $18.0 $19.5 $15.2 $18.7 50.00 $6.7 40.00 $6.8 $7.9 $8.4 $7.9 $8.4 $8.4 $8.4 30.00 $15.9 $14.7 $14.6 $14.8 $14.5 $14.6 $14.1 $14.2 20.00 $8.5 $8.3 $7.7 $7.6 $7.4 $8.0 $7.2 $7.7 10.00 $15.7 $16.0 $15.4 $15.5 $15.5 $15.3 $15.1 $15.2 - 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Non‐Interest Bearing NOW & Money Market Savings Time Deposits P.R. Public Deposits Deposit Costs Trends 4.24% 4.19% 4.15% 0.045 3.69% 3.70% 0.04 3.32% 0.035 0.03 2.16% 2.07% 2.10% 0.025 1.96% 1.83% 1.68% 0.02 0.015 0.67% 0.01 0.18% 0.39% 1.27% 0.005 1.20% 1.23% 1.21% 1.17% 0.91% 0.05% 0 0.29% 0.23% 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Deposit Costs Total Deposit Costs Ex. PR Public Deposit Costs PR Public Deposit Costs 17

Deposit Beta • BPPR's retail and commercial accounts are low beta products and will react more slowly to changes in short-term interest rates • High beta P.R. public deposits represent 30% of the total deposits • P.R. public deposits are linked to market rates but respond with a lag to changes in spot rates • We expect that higher beta products in Popular U.S. will show similar elasticity to declining rates throughout the cycle Deposits by Type Retail Int Bearing Deposits 6.00% 90% 77% 5.00% 80% 70% 4.00% 60% 50% 3.00% 40% 2.00% 23% 30% 20% 1.00% 10% 0.00% 0% Retail - Int Bearing Fed Funds Target Non-Int Bearing Int Bearing Deposit Mix (by Type) Deposit Mix Retail Commercial Public Wholesale Non Int Bearing 8% 15% 0% 0% Int Bearing 32% 9% 31% 4% 6.00% Commercial Int Bearing Deposits Public Int Bearing Deposits 6.00% 5.00% 5.00% 4.00% 4.00% 3.00% 3.00% 2.00% 2.00% 1.00% 1.00% 0.00% 0.00% Commercial - Int Bearing Fed Funds Target Public - Int Bearing Fed Funds Target 18 Sep-16 Sep-16 Mar-17 Mar-17 Sep-17 Sep-17 Mar-18 Mar-18 Sep-18 Sep-18 Mar-19 Mar-19 Sep-19 Sep-19 Mar-20 Mar-20 Sep-20 Sep-20 Mar-21 Mar-21 Sep-21 Sep-21 Mar-22 Mar-22 Sep-22 Sep-22 Mar-23 Mar-23 Sep-23 Sep-23 Mar-24 Mar-24 Sep-24 Sep-24 Mar-25 Mar-25 Sep-16 Sep-16 Mar-17 Mar-17 Sep-17 Sep-17 Mar-18 Mar-18 Sep-18 Sep-18 Mar-19 Mar-19 Sep-19 Sep-19 Mar-20 Mar-20 Sep-20 Sep-20 Mar-21 Mar-21 Sep-21 Sep-21 Mar-22 Mar-22 Sep-22 Sep-22 Mar-23 Mar-23 Sep-23 Sep-23 Mar-24 Mar-24 Sep-24 Sep-24 Mar-25 Mar-25

Investment Portfolio Quarter Highlights: $ in millions Q1 2025 Variance to Q4 2024 Q4 2024 • Conservative investment portfolio, with the majority Maturity / Amortized % of Book Gain / Amortized Gain / invested in short to intermediate U.S. Treasuries, 1 Description Cost Portfolio Value (Loss) Yield WAL Cost (Loss) which are tax exempt for P.R. corporations Money Markets (Cash at Federal Reserve) $6,185 18.5% $6,185 $0 4.4% - ($187) $0 • Investment portfolio duration 2.1 years; including U.S. T-bills 8,602 25.8% 8,602 0 4.2% 0.1 1,091 0 cash, 1.7 years AFS U.S. Treasuries 5,733 17.0% 5,673 (61) 2.6% 1.4 141 48 Agency MBS/CMO 6,260 15.6% 5,218 (1 ,042) 1.8% 7.4 (152) 122 • Unrealized loss in the AFS portfolio decreased by $170 Total AFS 20,595 58.4% 19,493 (1 ,102) 3.1% 2.5 1,080 170 million 2 U.S. Treasuries 8,019 22.7% 7,586 (434) 1.4% 2.2 (152) 45 HTM • Market value of the HTM U.S. Treasuries portfolio Other 63 0.2% 63 - 2.0% 13.7 (3) - Total HTM 8,082 22.9% 7,649 (434) 1.4% 2.3 (155) 45 stood at $7.6 billion, roughly in line with the book value Total Trading 28 0.1% 28 0 4.9% 5.3 (4) 0 • Invested approximately $900 million in short-duration Total Portfolio $34,890 100.0% $33,355 ($1,536) 2.9% 2.0 $734 $215 U.S. Treasury notes during Q1 2025, with an average yield of approximately 4.2% 1,200 Maturities: US Treasury Notes (AFS & HTM) Maturity Profile 35% Yield 1,000 32% Legacy 1.3% New 4.0% 30% 800 25% 25% 20% 600 20% 15% 400 12% 10% 200 5% 4% 3% 3% 1% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% - 0% 0 - 3 yrs 4 - 5 yrs 6 - 7 yrs 8 - 10 yrs UST Legacy (Pre 2024) UST New (2024 Program) 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 $434 million of unrealized loss in AOCI related to the securities transferred from available-for-sale securities portfolio to the held-to-maturity with an unrealized loss of $873 million at the time of transfer, which will be amortized (back into capital) throughout their remaining life at a rate of approximately 5% per quarter through 2026. 19 Differences due to rounding $ Millions

Non-Owner Occupied CRE Portfolio Highlights: Non-Owner Occupied CRE ($ in millions) • Non-Owner Occupied CRE (CRE NOO) mainly in retail, $5,541 $5,363 $5,185 hotels and office space $5,057 $5,005 5,000 $2,227 $2,117 $2,037 • Office exposure limited to 1.9% of total loan portfolio and 2.0% $2,061 $2,025 4,000 1.30% 1.30% 1.30% 13% of CRE NOO: 1.05% 1.02% 1.5% 3,000 ‐ Office space mainly in mid-rise properties with $3,247 $3,148 $3,314 $2,996 $2,980 1.0% diversified tenants across both regions 2,000 ‐ Average loan size at $2.5 million 0.30% 0.5% 0.27% 1,000 0.20% 0.20% 0.20% • Favorable credit risk profile with low level of NCOs, NPLs, 0 0.0% criticized and classified loans Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 • Non-Performing loans flat QoQ at 0.26% of loans BPPR Popular U.S. NPL/Loans ACL/Loans • Allowance for credit losses to loans held-in-portfolio at 1.05% Non-Owner Occupied CRE Balance by property type Other 7% Health Facility 4% Credit Metrics Retail Mixed use Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 33% 5% 30-89 DPD/Loans 0.15% 0.14% 0.26% 0.20% 0.07% Industrial NPL/Loans 0.20% 0.17% 0.19% 0.27% 0.26% 8% NCO Ratio -0.03% -0.01% 0.00% -0.06% -0.05% ACL/Loans 1.30% 1.28% 1.30% 1.02% 1.05% Shelters ACL/NPL 635.31% 754.88% 691.89% 377.29% 410.78% 11% Classified Loans/Loans 2.08% 2.47% 1.34% 3.01% 3.23% Office Space 13% Hotels 19% 20

Multifamily Loan Portfolio Highlights: Multifamily Loans ($ in millions) • 87% of the portfolio concentrated in Popular U.S. $2,406 $2,385 $2,385 $2,400 $2,375 2,500 • Strong credit risk profile with low levels of delinquency, 1.4% NCOs and classified loans: $2,081 $2,080 $2,100 $2,092 $2,067 2,000 1.2% ‐ 30-89 DPD/Loans at 0.23% 0.57% 0.50% 0.50% 1.0% 0.40% 1,500 0.38% ‐ Classified loans at 0.97% 0.8% ‐ NCO Ratio 0.0% 1,000 0.6% 0.40% 0.40% 0.40% 0.37% 0.37% 0.4% • Allowance for credit losses (“ACL”) to loans held-in- 500 0.2% portfolio at 0.57% $304 $305 $306 $308 $308 0 0.0% • New York portfolio: Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 ‐ $1.5 billion or 3.9% of our total loan portfolio BPPR Popular U.S. NPL/Loans ACL/Loans ‐ Underwritten based on current rental income at origination ‐ No exposure to rent controlled buildings Multifamily Loans ‐ Rent stabilized units represent less than 40% of the Balance by state total units in the loan portfolio with the majority Other originated after 2019 PR 2% 9% Credit Metrics Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 30-89 DPD/Loans 1.04% 0.13% 0.12% 0.29% 0.23% FL NPL/Loans 0.37% 0.38% 0.37% 0.37% 0.37% 28% NCO Ratio 0.07% 0.00% 0.00% 0.00% 0.00% NY ACL/Loans 0.53% 0.47% 0.40% 0.38% 0.57% 61% ACL/NPL 144.72% 122.28% 109.72% 105.20% 153.90% Classified Loans/Loans 1.57% 1.12% 1.30% 1.10% 0.97% 21

Auto Loan Portfolio Highlights: Delinquency Avg. 2011-2019 3/31/2025 ($in millions) • Improvements in credit quality of originations 6.17% 3.57% • Auto balances have steadily increased since the pandemic 4500 0.06 $3,819 $3,821 $3,820 $3,773 $3,707 4000 $3,661 $3,633 $3,566 $3,518 • Delinquency and NCOs at levels below the pre-pandemic 0.05 3500 benchmark in Q1 2025, reflecting improvements over the $2,918 5.00% 4.73% 3000 4.67% 0.04 prior quarter 4.46% 4.64% 4.20% 2500 3.86% 0.03 3.66% 3.57% • FICO mix of originations have remained robust, with 2000 3.20% weighted-average FICO scores of approximately 737 1500 0.02 1000 • YTD originations were approximately 67%/33% split 0.01 500 between new/used auto loans $135 $113 $131 $153 $173 $143 $168 $178 $191 $136 0 0 Q4 2019 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 30+ DPD Portfolio 30+ DPD/Portfolio FICO Mix of Originations (% of approved amount) NCOs and NCO-to-Loan Ratio 737 737 729 732 731 723 720 721 719 ($ in millions) Avg. 2011-2019 YTD 700 100% 1.88% 1.41% 4% 5% 6% 6% 6% 6% 7% 7% 8% 6% 4% 2% 4% 3% 2% 600 7% 7% 9% 20 0.03 80% 24% 23% 18 26% 24% 24% 500 30% 27% 26% 0.025 26% 16 60% 14 2.44% 400 0.02 12 300 10 0.015 40% 8 68% 67% 65% 66% 66% 1.41% 200 61% 60% 60% 0.01 58% 6 20% 4 100 0.005 2 $18 $7 $2 $10 $16 $14 $10 $17 $19 $13 0% 0 0 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q4 2019 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 700+ 625-699 <625 No FICO WA FICO Auto NCOs NCOs % 22

Auto Lease Portfolio Highlights: Delinquency Avg. 2011-2019 3/31/2025 ($in millions) • Auto lease balances have grown steadily since the 2.06% 1.71% 2500 0.06 pandemic $1,950 $1,925 0.05 $1,887 • Delinquency at levels below the pre-pandemic benchmark 2000 $1,828 $1,765 $1,732 $1,698 $1,662 $1,614 in Q1 2025, reflecting improvements over the prior 0.04 quarter 1500 0.03 $1,060 • NCO s continue at above pre-pandemic benchmark, but 2.06% 2.05% 1000 showed improvements over the prior quarter 1.81% 1.79% 1.77% 1.73% 1.71% 1.69% 0.02 1.30% 1.31% • FICO mix of originations have remained robust, with 500 0.01 weighted-average FICO scores of approximately 742 $19 $21 $22 $29 $35 $32 $33 $32 $40 $33 0 0 Q4 2019 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 30+ DPD Portfolio 30+ DPD/Loans FICO Mix of Originations (% of approved amount) NCOs and NCO-to-Loan Ratio 743 741 742 736 735 732 730 730 731 ($ in millions) Avg. 2011-2019 YTD 700 100% 0.65% 0.68% 2% 3% 3% 3% 3% 4% 4% 4% 4% 600 19% 18% 18% 4 0.012 22% 24% 23% 26% 26% 26% 80% 3.5 500 0.01 3 60% 400 0.008 2.5 1.07% 300 2 0.006 40% 0.68% 78% 79% 78% 75% 74% 73% 71% 70% 70% 1.5 200 0.004 1 20% 0.002 100 0.5 $3 $0 $1 $4 $4 $3 $2 $4 $3 $2 0 0 0% 0 Q4 2019 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 2017 2018 2019 2020 2021 2022 2023 2024 2025 700+ 625-699 <625 No FICO WA FICO Leases NCOs NCO % 23

Credit Card Portfolio Highlights: Delinquency Avg. 2011-2019 3/31/2025 ($in millions) • Improvements in credit quality of originations 3.74% 4.56% • Balances continue to increase due to higher originations 1400 0.06 and increased usage post pandemic $1,218 $1,187 $1,192 $1,163 0.055 $1,142 $1,136 $1,124 1200 $1,077 $1,057 0.05 $1,046 • Although delinquency and NCOs have surpassed the pre- 0.045 1000 4.85% pandemic benchmark, Q1 2025 metrics showed 0.04 4.62% 4.56% 0.035 800 4.16% improvements when compared to the previous quarter 4.09% 4.06% 0.03 3.45% 3.44% 600 0.025 • FICO mix of originations have remained robust, with 2.84% 0.02 weighted-average FICO scores of approximately 772 400 2.39% 0.015 0.01 200 0.005 $39 $25 $30 $37 $46 $46 $48 $55 $59 $54 0 0 Q4 2019 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 30+ DPD Portfolio 30+ DPD/Loans FICO Mix of Originations NCOs and NCO-to-Loan Ratio (% of approved amount) ($in millions) 772 768 754 Avg. 2011-2019 YTD 750 753 749 750 748 748 0% 3.67% 5.46% 2% 2% 2% 2% 3% 3% 4% 100% 5% 700 2% 1% 1% 1% 2% 3% 3% 2% 2% 18 0.06 600 29% 16 80% 32% 0.05 42% 45% 5.46% 44% 500 43% 45% 14 45% 44% 12 0.04 60% 400 10 0.03 300 40% 8 3.21% 68% 65% 6 0.02 200 55% 53% 51% 51% 49% 49% 50% 20% 4 0.01 100 2 $8 $6 $7 $9 $11 $14 $14 $15 $17 $16 0% 0 0 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q4 2019 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Credit Cards NCOs NCOs % 750+ 650-749 <650 No FICO WA FICO 24

P.R. Personal Loan Portfolio Highlights: Delinquency Avg. 2011-2019 3/31/2025 ($ in millions) • Improvements in credit quality of originations 3.61% 2.77% 200 0 0.06 • Portfolio balances have been increasing since the $1,776 $1,763 $1,754 $1,754 $1,756 $1,746 $1,745 $1,686 180 0 pandemic, but at a slower pace since 2024 due to $1,613 0.05 160 0 tightening measures $1,368 140 0 0.04 • Delinquency remained below the pre-pandemic average 120 0 benchmark 100 0 0.03 3.19% 3.15% 3.09% 800 3.01% 2.97% • NCOs gradually increased during the prior quarters, but 2.92% 2.87% 2.77% 0.02 2.61% 2.51% 600 returned to levels comparable to the pre-pandemic 400 benchmark during Q1 2025 0.01 200 $43 $41 $44 $51 $53 $51 $54 $56 $53 $49 • FICO mix of originations robust, with weighted-average 0 0 FICO scores of 747 in recent vintages Q4 2019 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 30+ DPD Portfolio 30+ DPD/Loans FICO Mix of Originations NCOs and NCO- to Loan Ratio (% of approved amount) ($ in millions) Avg. 2011-2019 YTD 748 746 747 738 741 740 738 738 736 2.53% 4.19% 0% 0% 0% 1% 1% 2% 2% 700 3% 3% 100% 25 0.07 2% 3% 3% 3% 3% 3% 3% 4% 5% 600 0.06 80% 20 500 49% 47% 0.05 46% 51% 53% 56% 50% 56% 49% 60% 15 400 0.04 4.19% 4.19% 300 0.03 40% 10 200 0.02 50% 49% 49% 20% 44% 43% 43% 43% 5 41% 40% 100 0.01 $14 $12 $13 $17 $20 $22 $21 $22 $23 $18 0% 0 0 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q4 2019 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 750+ 650-749 <650 No FICO WA FICO Personal Loans NCOs NCO % 25

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 March 31, 2025, our direct exposure to P.R. municipalities increased $26 million to $362 million. Municipalities Outstanding P.R. Government Exposure Obligations of municipalities are backed by real and ($ in millions) Loans Securities Total personal property taxes, municipal excise taxes, and/or a percentage of the sales and use tax Municipalities $ 351 $ 11 $ 362 Indirect Exposure Indirect Exposure $ 172 $ 44 $ 216 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 26

Popular, Inc. Credit Ratings Senior Unsecured Ratings Senior Unsecured Ratings Fitch BBB- Stable Outlook S&P BB+ Stable Outlook Moody’s Ba1 Stable Outlook 2018 2019 2020 2021 2022 April April June Moody’s Moody's September April Fitch upgrades upgrades to upgrades to B1 Moody’s upgrades S&P upgrades to to BBB- from Ba3 from B1 from B2 May March to Ba1 from Ba3, BB+ from BB-, BB, revised Fitch Moody’s revised outlook to Fitch and S&P revised outlook May S&P revised outlook to upgrades to revised outlook Stable revised outlook to Stable Fitch revised outlook to Stable BB from BB- to Positive to Positive outlook to Positive Positive March S&P lowers outlook to Stable 27

Investor Presentation First Quarter 2025


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($0.01 par value)	BPOP	The NASDAQ Stock Market
6.125% Cumulative Monthly Income Trust Preferred Securities	BPOPM	The NASDAQ Stock Market