Popular, Inc. Announces Fourth Quarter 2023 Financial Results

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Insights

The reported net income decline from $136.6 million in Q3 2023 to $94.6 million in Q4 2023 and the significant decrease from $1.1 billion in 2022 to $541.3 million for the entire year 2023, indicates a substantial contraction in profitability. This contraction, even after adjusting for the FDIC Special Assessment, suggests potential underlying operational challenges or market conditions affecting the company's performance. The increase in net charge-offs from 0.39% to 0.66% is a concerning indicator of credit risk within the loan portfolio, which could have implications for future earnings if this trend continues.

However, the stable net interest income and a slight increase in net interest margin, both on a reported and taxable equivalent basis, reflect resilience in the core earning capacity of the institution. The growth in loans and deposits also suggests a robust demand for the company's financial products and an expanding customer base, which could bode well for future revenue streams. The Common Equity Tier 1 ratio of 16.30% is robust, significantly above regulatory requirements, indicating a strong capital position that provides a buffer against potential losses.

The report highlights an increase in non-interest income, which is a positive development in diversifying revenue streams beyond traditional net interest income. The growth in customer base in Puerto Rico by 34,000 and the increase in non-interest income by $11 million, excluding the gain from the Evertec transaction, demonstrate the company's ability to enhance its service offerings and capitalize on market opportunities. This strategic focus on non-interest income could mitigate the impact of interest rate fluctuations on the company's financial performance.

Furthermore, the emphasis on managing operating expenses, even amidst ongoing transformation efforts, reflects a commitment to efficiency and cost control. The decrease in operating expenses, excluding the FDIC Special Assessment, may contribute to improved profitability in future quarters. The report also suggests a positive macroeconomic outlook for Puerto Rico, which could support the company's growth initiatives and strengthen its market position.

The FDIC Special Assessment's impact on the company's financials is a one-off event, but it's indicative of broader regulatory and economic pressures faced by the banking industry. The assessment is intended to recover losses to the deposit insurance fund due to the receiverships of several failed banks, reflecting systemic risks that have recently emerged in the financial sector. Such regulatory costs can have a material impact on short-term profitability but are part of the industry's landscape to ensure stability.

Additionally, the slight increase in net interest margin amidst a rising interest rate environment indicates effective asset-liability management. However, the higher interest expense on deposits suggests that the cost of funding is increasing, which could compress margins if interest rates continue to rise. The company's ability to navigate these economic headwinds while maintaining credit quality will be crucial for its financial health and attractiveness to investors.

01/25/2024 - 07:00 AM

Net income of $94.6 million in Q4 2023, compared to net income of $136.6 million in Q3 2023; excluding the $45.3 million after-tax impact during the fourth quarter of the FDIC Special Assessment (defined below), adjusted net income was $139.9 million.
Net income of $541.3 million for the year 2023, compared to net income of $1.1 billion for the year 2022. Excluding the effects of the FDIC Special Assessment, the adjusted net income for the year 2023 was $586.6 million, compared to an adjusted net income of $807.8 million for the year 2022, excluding the effects of the partial release of $68.2 million of the deferred tax asset valuation allowance and the $226.6 million impact of the completed Evertec Transactions and related accounting adjustments, in which the Corporation acquired certain critical channels from Evertec, Inc. (“Evertec”) and completed the sale of its shares of Evertec.
Net interest income amounted to $534.2 million, flat compared to Q3 2023.
Net interest margin of 3.08% in Q4 2023, compared to 3.07% in Q3 2023; net interest margin on a taxable equivalent basis of 3.26% in Q4 2023, compared to 3.24% in Q3 2023.
Non-interest income of $168.7 million, an increase of $9.2 million compared to Q3 2023.
Operating expenses amounted to $531.1 million, including the before-tax $71.4 million FDIC Special Assessment; an increase of $65.2 million compared to Q3 2023. Excluding the FDIC Special Assessment, operating expenses decreased by $6.2 million.
Credit Quality:
- Non-performing loans held-in-portfolio (“NPLs”) decreased by $3.9 million from Q3 2023; NPLs to loans ratio at 1.0% vs. 1.1% in Q3 2023;
- Net charge-offs (“NCOs”) increased by $24.3 million from Q3 2023; annualized NCOs at 0.66% of average loans held-in-portfolio vs. 0.39% in Q3 2023;
- Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.08% vs. 2.09% in Q3 2023; and
- ACL to NPLs at 204.0% vs. 196.7% in Q3 2023.
Loans ending balances increased by $1.0 billion and by $1.0 billion in average quarterly balances, from Q3 2023.
Ending deposit balances increased by $280.6 million while average quarterly balances increased by $285.9 million, from Q3 2023.
Common Equity Tier 1 ratio of 16.30%, Common Equity per Share of $71.03 and Tangible Book Value per Share of $59.74 at December 31, 2023.

SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $94.6 million for the quarter ended December 31, 2023, compared to net income of $136.6 million for the quarter ended September 30, 2023. Excluding the impact during the fourth quarter of the FDIC Special Assessment, adjusted net income was $139.9 million.

Ignacio Alvarez, President and Chief Executive Officer, said: “We delivered solid fourth quarter and year-end results and entered 2024 with strong momentum. Notwithstanding the interest rate environment and the disruptions in the banking market early in the year, we were able to maintain stable net interest income as we grew loans by approximately $1 billion during the quarter and a total of $3 billion for the full year.

We continued to experience strong client activity during the year, growing our customer base in Puerto Rico by 34,000 reflecting the continued strength of the local economy and our diversified product offerings. Excluding the gain from the Evertec transaction in 2022, we grew non-interest income by $11 million. While we saw some credit normalization in our consumer portfolios, credit quality remained strong. We were also able to manage our operating expenses at the same time we continued to invest in our transformation efforts.

Our CET1 ratio at year-end was 16.3% and our tangible equity increased by 33%, or $14.77 per share. Our strong liquidity and capital ratios position us well to continue to support responsible growth in 2024.

I would like to express my gratitude and appreciation to our employees for all their hard work and dedication during the year. While conscious that we are living in a period of great uncertainty, the outlook for the macroenvironment in Puerto Rico remains positive and we look forward to 2024 with optimism.”

Significant Events

FDIC Special Assessment

On November 16, 2023, the Federal Deposit Insurance Corporation (“FDIC”) approved a final rule that imposes a special assessment (the “FDIC Special Assessment”) to recover the losses to the deposit insurance fund (“DIF”) resulting from the FDIC’s use, in March 2023, of the systemic risk exception to the least-cost resolution test under the Federal Deposit Insurance Act in connection with the receiverships of several failed banks.

Under the final rule, the assessment base for the special assessment is equal to an insured depository institution’s (“IDI”) estimated uninsured deposits, as reported in the IDI’s December 31, 2022 Call Report, excluding the first $5 billion in estimated uninsured deposits. For a holding company that has more than one IDI subsidiary, such as Popular, the $5 billion exclusion is allocated among the company’s IDI subsidiaries in proportion to each IDI’s estimated uninsured deposits. The special assessments would be collected at an annual rate of approximately 13.4 basis points per year (3.35 basis points per quarter) over eight quarters in 2024 and 2025, with the first assessment period beginning January 1, 2024. In their December 31, 2022 Call Reports, Banco Popular de Puerto Rico (“BPPR”) and Popular Bank (“PB”) reported estimated uninsured deposits of approximately $28.1 billion, including $16.2 billion in fully collateralized public sector deposits, and $3.5 billion, respectively. The Corporation recorded an expense of $71.4 million, $45.3 million net of tax, in the fourth quarter of 2023, representing the full amount of the assessment.

Increase in quarterly common stock dividends

During the fourth quarter of 2023, the Corporation declared a quarterly common stock cash dividend of $0.62 per share, an increase of $0.07, or 13%, compared to the $0.55 per share declared by the Corporation in the third quarter of 2023.

Earnings Highlights
(Unaudited)	Quarters ended								Years ended
(Dollars in thousands, except per share information)	31-Dec-23			30-Sep-23		31-Dec-22			31-Dec-23		31-Dec-22
Net interest income	$	534,180		$	534,020	$	559,566		$	2,131,524	$	2,167,359
Provision for credit losses		78,663			45,117		49,531			208,609		83,030
Net interest income after provision for credit losses		455,517			488,903		510,035			1,922,915		2,084,329
Other non-interest income		168,743			159,549		158,465			650,724		897,062
Operating expenses		531,145			465,984		461,708			1,898,100		1,746,420
Income before income tax		93,115			182,468		206,792			675,539		1,234,971
Income tax (benefit) expense		(1,479	)		45,859		(50,347	)		134,197		132,330
Net income	$	94,594		$	136,609	$	257,139		$	541,342	$	1,102,641
Net income applicable to common stock	$	94,241		$	136,256	$	256,786		$	539,930	$	1,101,229
Net income per common share-basic	$	1.31		$	1.90	$	3.56		$	7.53	$	14.65
Net income per common share-diluted	$	1.31		$	1.90	$	3.56		$	7.52	$	14.63

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

Net interest income, on a taxable equivalent basis, is presented with its different components in Tables D and E for the quarter ended December 31, 2023 and comparable quarters September 30, 2023 and December 31, 2022, respectively, and Table F for the year ended December 31, 2023 and 2022. Net interest income on a taxable equivalent basis is a non-GAAP financial measure. Management believes that this presentation provides meaningful information since it facilitates the comparison of revenues arising from taxable and tax-exempt sources.

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

Net interest income for the quarter ended December 31, 2023 was $534.2 million, flat when compared to $534.0 million in the previous quarter. Net interest income on a taxable equivalent basis for the fourth quarter of 2023 was $564.8 million, compared to $563.7 million in the previous quarter, an increase of $1.1 million.

Net interest margin for the fourth quarter of 2023 was 3.08% compared with 3.07% in the prior quarter. On a taxable equivalent basis, net interest margin for the fourth quarter of 2023 was 3.26%, compared to 3.24% for the prior quarter. The main quarter over quarter variances in net interest income on a taxable equivalent basis were:

Higher interest income from loans by $32.4 million resulting from an increase in average loans by $995 million, reflecting increases in BPPR and PB of $729 million and $266 million, respectively. All major loan categories in BPPR increased, while at PB the increase was mainly in the commercial and construction portfolios. Loan originations in a higher interest rate environment and the repricing of adjustable-rate loans resulted in a higher yield on loans by 17 basis points. All loan categories resulted in a higher yield quarter over quarter;

partially offset by:

Lower interest income from investment securities, trading and money market investments by $8.7 million driven mainly by lower volume of U.S. Treasury Securities, partially offset by stable volume of money market investments at a higher yield by seven basis points. The increase in the yield of money market investments is driven by the full quarter effect of the 25 basis points increase in market rates that occurred at the end of July; and

Higher interest expense on deposits by $25.1 million, mainly from the increase in cost of Puerto Rico government deposits by 34 basis points, or $10.3 million, and a higher volume and cost of PB interest bearing deposits by $555 million and 34 basis points, respectively, or $12.6 million.

Net interest income for the BPPR segment amounted to $454.9 million for the fourth quarter of 2023, an increase of $1.0 million when compared to $453.9 million in net interest income during the third quarter of 2023. Net interest margin for the BPPR segment increased five basis points to 3.19% compared to 3.14% in the third quarter of 2023. The increase in net interest margin reflects a higher volume of loans by $729 million across all loan categories, except construction loans, partially offset by a lower volume of investment securities, trading and money market investments by $1.6 billion driven by a decrease in deposits of $1.0 billion and a higher cost of deposits, mainly Puerto Rico government deposits. Earning assets yield improved 14 basis points from 4.74% to 4.88% in Q4 2023. The cost of interest-bearing deposits increased by 16 basis points to 2.41% from 2.25% the previous quarter. The increase in the cost of deposits mainly resulted from the repricing of public funds. Total deposit cost in the fourth quarter of 2023 was 1.79%, compared to 1.68% in the third quarter of 2023, an increase of 11 basis points.

Net interest income for PB was $85.6 million for the quarter ended December 31, 2023, a decrease of $1.8 million when compared to $87.4 million during the previous quarter. Net interest margin decreased by 18 basis points in the quarter to 2.72%, compared to 2.90% in the third quarter of 2023. The decrease in net interest margin was mostly driven by a higher cost of deposits, partially offset by a higher volume of loans and the repricing of adjustable-rate loans in the current interest rate environment. The cost of interest-bearing deposits was 3.66%, compared to 3.31% for the third quarter, or an increase of 34 basis points, while total deposit cost was 3.17%, compared to 2.84% in the previous quarter.

Non-interest income

Non-interest income amounted to $168.7 million for the fourth quarter of 2023, an increase of $9.2 million when compared to $159.5 million for the quarter ended September 30, 2023. The variance in non-interest income was driven primarily by:

a favorable variance in the fair value adjustment of equity securities by $3.6 million, mainly related to securities held for deferred benefit plans, which have an offsetting effect in personnel costs;

higher other service fees by $3.3 million due to an increase in contingent insurance commissions that are typically received during the fourth quarter and higher debit and credit card fees due to higher transactional volumes; and

a favorable variance in the adjustment for indemnity reserve on loans previously sold of $2.5 million.

Refer to Table B for further details.

Operating expenses

Operating expenses for the fourth quarter of 2023 totaled $531.1 million, including higher FDIC deposit insurance expense by $72.5 million due to the impact of the FDIC Special Assessment, an increase of $65.2 million when compared to the third quarter of 2023. Excluding the effect of the FDIC Special Assessment, total expenses for the fourth quarter of 2023 were $459.7 million, compared to $466.0 million in the previous quarter. During the fourth quarter of 2023, the Corporation incurred approximately $4.8 million in costs related to its technological and business process transformation initiative, compared to $3.8 million in the previous quarter, mainly in professional services and personnel costs. During the year 2023, the Corporation incurred approximately $21.5 million in transformation related costs, compared to $24.6 million incurred during the second half of the year 2022. The other variances in operating expenses for the quarter were driven primarily by:

higher other taxes expense by $6.0 million mainly due to an accrual reversal of $8.2 million during the third quarter of 2023 related to regulatory examination fees in BPPR;

higher business promotion expense by $4.8 million mainly due to $5.4 million of seasonal projects and higher donations granted during the quarter; partially offset by lower customer rewards programs expense in our credit card business by $2.0 million;

higher other operating expenses by $3.9 million mainly due to $1.4 million in higher sundry losses and an unfavorable variance of $1.1 million in net gains/losses recognized on the sale of foreclosed auto units;

higher technology and software expenses by $3.8 million mainly due to higher IT professional fees and network management expenses due to various ongoing technology projects; and

higher net occupancy expense by $2.2 million mainly due to an increase in buildings’ repairs and maintenance costs;

partially offset by:

a non-cash goodwill impairment of $23.0 million recorded during the previous quarter in our U.S. based equipment leasing subsidiary due to lower forecasted cash flows and an increase in the rate used to discount cash flows; and

lower processing and transactional services expense by $8.4 million mainly due to lower credit card processing expenses by $7.1 million as a result of annual volume growth incentives recognized during the quarter;

Full-time equivalent employees were 9,088 as of December 31, 2023, compared to 9,063 as of September 30, 2023.

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

Income taxes

For the quarter ended December 31, 2023, the Corporation recorded an income tax benefit of $1.5 million, compared to an income tax expense of $45.9 million for the previous quarter. The positive variance of $47.4 million is mostly attributed to a lower income before tax of $89.4 million, primarily due to the FDIC Special Assessment; the remaining variance is related to tax credits, higher exempt income, and other adjustments recorded during this quarter. The effective tax rate (“ETR”) for the 2023 fourth quarter was (1.6)%, compared to 25.1% for the third quarter. Excluding the impact of the FDIC Special Assessment, the ETR for the fourth quarter was 15.0%, compared to 25.1% for the third quarter.

The Corporation’s ETR for the year 2023 was 19.9%; excluding the FDIC Special Assessment, the ETR was 21.5%. The ETR of the Corporation is impacted by the composition and source of its taxable income. The Corporation expects its ETR for the year 2024 to be within a range from 19% to 23%.

Credit Quality

During the fourth quarter of 2023, the Corporation continued to reflect credit quality normalization. Non-performing loans (“NPLs”) and net charge offs (“NCOs”) continued below historical pre-pandemic averages. Consumer portfolios, however, reflected certain credit quality deterioration, particularly the personal loans and credit cards portfolios, with delinquencies and NCOs near or exceeding pre-pandemic levels. The auto loans portfolio also showed credit normalization, however, metrics remained below pre-pandemic levels. The commercial and mortgage portfolios continue to operate with historically low levels of NCOs and NPLs. We continue to closely monitor changes in the macroeconomic environment and on borrower performance given higher interest rates and inflationary pressures. However, management believes that the improvements over recent years in risk management practices and the risk profile of the Corporation’s loan portfolios position Popular to continue to operate successfully under the current environment.

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

At December 31, 2023, total NPLs held-in-portfolio decreased by $3.9 million from September 30, 2023. BPPR’s NPLs decreased by $5.1 million, mostly driven by lower mortgage NPLs by $12.3 million, in part offset by higher consumer NPLs by $4.9 million. The commercial NPLs remained flat quarter-over-quarter, the result of an $17.9 million relationship inflow, offset by a $5.3 million collateral dependent loan transferred to OREO, $6.4 million in loans returning to accrual status and $5.1 million in charge-offs. PB’s NPLs remained flat quarter-over-quarter. At December 31, 2023, the ratio of NPLs to total loans held-in-portfolio was 1.0%, compared to 1.1% in the third quarter of 2023.

Inflows of NPLs held-in-portfolio, excluding consumer loans, increased by $17.7 million quarter-over-quarter. In BPPR, total inflows increased by $15.0 million due to higher commercial inflows by $19.3 million driven by the abovementioned $17.9 million single relationship, in part offset by lower mortgage inflows by $4.3 million. PB inflows increased by $2.7 million, driven by higher commercial inflows.

NCOs amounted to $56.9 million, increasing by $24.3 million when compared to the third quarter of 2023. BPPR’s NCOs increased by $26.3 million quarter-over-quarter, mainly driven by higher commercial and consumer NCOs by $14.4 million and $11.2 million, respectively. The commercial NCO increase was mainly the result of a $10.8 million recovery from a loan pay-off in the previous quarter, coupled with charge-offs on valuations of collateral dependent loans during the fourth quarter of 2023. The consumer NCO increase was mainly driven by higher auto loans, personal loans and credit cards NCOs by $5.9 million, $3.1 million and $2.2 million, respectively. PB’s NCOs decreased by $2.0 million quarter-over-quarter, mainly driven by lower commercial NCOs. During the fourth quarter of 2023, the Corporation’s ratio of annualized NCOs to average loans held-in-portfolio was 0.66%, compared to 0.39% in the third quarter of 2023. Refer to Table N for further information on NCOs and related ratios.

At December 31, 2023, the allowance for credit losses (“ACL”) increased by $18.3 million from the third quarter of 2023 to $729.3 million. In BPPR the ACL increased by $15.3 million, primarily driven by a $10.0 million specific reserve for the $17.9 million new NPL mentioned above, loan growth and higher reserves for the consumer portfolios attributable to changing credit quality. In PB the ACL increased by $2.9 million from the previous quarter, mainly driven by higher reserves for the commercial portfolio due to changes in ratings.

The ACL incorporated updated macroeconomic scenarios for Puerto Rico and the United States. Given that any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to estimate its ACL. The baseline scenario continues to be assigned the highest probability, followed by the pessimistic scenario, and then the optimistic scenario.

The 2023 annualized GDP growth in the baseline scenario improved to 2.0% and 2.4% for Puerto Rico and the United States, respectively, compared to 1.7% and 2.0% in the previous quarter. The 2023 forecasted average unemployment rate for Puerto Rico remained at 6.1% from previous forecast, while in the United States unemployment levels remained stable at 3.7%, compared to 3.6% in the previous forecast.

GDP growth is expected to slow down during 2024 for both regions, when compared to 2023, as a result of the Fed’s monetary policy. The 2024 GDP growth is expected to be 1.21% for Puerto Rico and 1.65% for the United States. The average 2024 unemployment rate is expected to increase to 6.79% in Puerto Rico and 3.95% in the United States.

The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.08% in the fourth quarter of 2023, compared to 2.09% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio stood at 204.0%, compared to 196.7% in the previous quarter.

The provision for credit losses for the loan portfolios for the fourth quarter of 2023 was $75.2 million, compared to $43.5 million in the previous quarter, reflecting the previously mentioned changes in the allowance for credit losses. The provision for the BPPR segment was $67.2 million, compared to $54.0 million in the previous quarter, while the provision for PB was $8.0 million, compared to a benefit of $10.5 million in the previous quarter. In the third quarter, the Corporation implemented a new model for the U.S. commercial real estate portfolio. The implementation of this new model generated a $15.0 million reduction in reserves, which contributed to PB’s net benefit recorded in the third quarter.

The provision for credit losses on our loan and lease portfolios, provision for unfunded loan commitments of $3.7 million, and release for credit losses on our investment portfolio of $0.2 million for the fourth quarter are aggregated and presented in the provision for credit losses caption in our Consolidated Statement of Operations. For the fourth quarter, these combined concepts resulted in a provision expense of $78.7 million, compared to $45.1 million in the previous quarter.

Non-Performing Assets
(Unaudited)
(In thousands)	31-Dec-23			30-Sep-23			31-Dec-22
Non-performing loans held-in-portfolio	$	357,611		$	361,523		$	439,441
Other real estate owned (“OREO”)		80,416			82,322			89,126
Total non-performing assets	$	438,027		$	443,845		$	528,567
Net charge-offs (recoveries) for the quarter	$	56,947		$	32,655		$	31,200


Ratios:
Loans held-in-portfolio	$	35,064,971		$	34,029,313		$	32,077,769
Non-performing loans held-in-portfolio to loans held-in-portfolio		1.02	%		1.06	%		1.37	%
Allowance for credit losses to loans held-in-portfolio		2.08			2.09			2.25
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		203.95			196.69			163.91
Refer to Table L for additional information.

Provision for Credit Losses (Benefit) - Loan Portfolios

(Unaudited)	Quarters ended							Years ended
(In thousands)	31-Dec-23		30-Sep-23			31-Dec-22		31-Dec-23		31-Dec-22
Provision for credit losses (benefit) - loan portfolios:
BPPR	$	67,235	$	54,017		$	44,383	$	194,834	$	69,544
Popular U.S.		7,983		(10,503	)		3,949		6,705		13,763
Total provision for credit losses (benefit) - loan portfolios	$	75,218	$	43,514		$	48,332	$	201,539	$	83,307

Credit Quality by Segment
(Unaudited)
(In thousands)	Quarters ended
BPPR		31-Dec-23			30-Sep-23			31-Dec-22
Provision for credit losses - loan portfolios		$	67,235		$	54,017		$	44,383
Net charge-offs			51,913			25,600			19,846
Total non-performing loans held-in-portfolio			328,718			333,825			402,009
Annualized net charge-offs (recoveries) to average loans held-in-portfolio			0.86	%		0.44	%		0.35	%
Allowance / loans held-in-portfolio			2.61	%		2.63	%		2.73	%
Allowance / non-performing loans held-in-portfolio			194.65	%		187.08	%		153.12	%

	Quarters ended
Popular U.S.		31-Dec-23			30-Sep-23			31-Dec-22
Provision for credit losses - loan portfolios		$	7,983		$	(10,503	)	$	3,949
Net charge-offs			5,034			7,055			11,354
Total non-performing loans held-in-portfolio			28,893			27,698			37,432
Annualized net charge-offs (recoveries) to average loans held-in-portfolio			0.19	%		0.28	%		0.49
Allowance / loans held-in-portfolio			0.85	%		0.84	%		1.10	%
Allowance / non-performing loans held-in-portfolio			309.70	%		312.42	%		279.86	%

Financial Condition Highlights

(Unaudited)
(In thousands)	31-Dec-23		30-Sep-23		31-Dec-22
Cash and money market investments	$	7,419,333	$	6,924,772	$	6,084,096
Investment securities		25,148,673		25,653,616		26,553,317
Loans		35,064,971		34,029,313		32,077,769
Total assets		70,758,155		69,736,936		67,637,917
Deposits		63,618,243		63,337,600		61,227,227
Borrowings		1,078,332		1,097,720		1,400,319
Total liabilities		65,611,202		65,279,328		63,544,492
Stockholders’ equity		5,146,953		4,457,608		4,093,425

Total assets amounted to $70.8 billion at December 31, 2023, an increase of $1.0 billion from the third quarter of 2023, driven by:

an increase in loans held-in-portfolio of $1.0 billion driven by an increase of $748.4 million at BPPR, mainly in the commercial portfolio as well as in mortgage and consumer loans, and an increase of $287.3 million at PB mainly from commercial and construction loans; and
a net increase in cash and money market investments of $494.6 million due to higher deposits and repayments from the investment portfolio;

partially offset by:

a decrease in securities available-for-sale (“AFS”) of $400.8 million, mainly due to repayments and maturities, offset in part by favorable changes in the fair value of debt securities; and

a decrease in securities held-to-maturity (“HTM”) of $107.5 million driven by maturities of U.S. Treasury securities, partially offset by the amortization of $44.2 million of the discount related to U.S. Treasury securities previously reclassified from the AFS to HTM, which has an offsetting unrealized loss included within other comprehensive income that is also being accreted, resulting in a neutral effect to earnings.

Total liabilities increased by $331.9 million from the third quarter of 2023, driven by:

an increase of $280.6 million in deposits, mainly in time deposits and savings accounts at PB and demand deposits and P.R. public sector accounts at BPPR, partially offset by a decrease in savings accounts at BPPR; and
an increase of $70.6 million in other liabilities mainly due to the $71.4 million FDIC Special Assessment recognized during the fourth quarter.

Stockholders' equity increased by $689.3 million from the third quarter of 2023, mainly due to the after-tax impact of the decrease in net unrealized losses in the portfolio of AFS securities of $593.2 million, the net income for the quarter of $94.6 million and the amortization of unrealized losses from securities previously reclassified to HTM of $35.3 million, net of taxes, partially offset by common and preferred dividends declared during the quarter.

Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.30%, $71.03 and $59.74, respectively, at December 31, 2023, compared to 16.81%, $61.49 and $50.20, respectively, at September 30, 2023. Refer to Table A for capital ratios.

Refer to Table C for the Statements of Financial Condition.

Cautionary Note Regarding Forward-Looking Statements

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

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

About Popular, Inc.

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

Conference Call

Popular will hold a conference call to discuss its financial results today, Thursday, January 25, 2024 at 10:00 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed through the Investor Relations section of the Corporation’s website: www.popular.com.

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local). The dial-in access code is 803461.

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, February 23, 2024. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 212082.

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

Popular, Inc.

Financial Supplement to Fourth Quarter 2023 Earnings Release

Table A - Selected Ratios and Other Information

Table B - Consolidated Statement of Operations

Table C - Consolidated Statement of Financial Condition

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

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

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

Table G - Mortgage Banking Activities and Other Service Fees

Table H - Loans and Deposits

Table I - Loan Delinquency - BPPR Operations

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

Table K - Loan Delinquency - Consolidated

Table L - Non-Performing Assets

Table M - Activity in Non-Performing Loans

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

Table O - Allowance for Credit Losses ''ACL'' - Loan Portfolios - Consolidated

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

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

Table R - Reconciliation to GAAP Financial Measures

POPULAR, INC.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table A - Selected Ratios and Other Information
(Unaudited)

	Quarters ended									Years ended
	31-Dec-23			30-Sep-23			31-Dec-22			31-Dec-23			31-Dec-22
Basic EPS	$	1.31		$	1.90		$	3.56		$	7.53		$	14.65
Diluted EPS	$	1.31		$	1.90		$	3.56		$	7.52		$	14.63
Average common shares outstanding		71,810,073			71,794,934			72,101,177			71,710,265			75,147,263
Average common shares outstanding - assuming dilution		71,881,020			71,818,102			72,192,680			71,791,692			75,274,003
Common shares outstanding at end of period		72,153,621			72,127,595			71,853,720			72,153,621			71,853,720
Market value per common share	$	82.07		$	63.01		$	66.32		$	82.07		$	66.32
Market capitalization - (In millions)	$	5,922		$	4,545		$	4,765		$	5,922		$	4,765
Return on average assets		0.52	%		0.75	%		1.44	%		0.76	%		1.51	%
Return on average common equity		5.55	%		8.17	%		16.59	%		8.21	%		18.39	%
Net interest margin (non-taxable equivalent basis)		3.08	%		3.07	%		3.28	%		3.13	%		3.11	%
Net interest margin (taxable equivalent basis) -non-GAAP		3.26	%		3.24	%		3.64	%		3.31	%		3.46	%
Common equity per share	$	71.03		$	61.49		$	56.66		$	71.03		$	56.66
Tangible common book value per common share (non-GAAP) [1]	$	59.74		$	50.20		$	44.97		$	59.74		$	44.97
Tangible common equity to tangible assets (non-GAAP) [1]		6.16	%		5.25	%		4.84	%		6.16	%		4.84	%
Return on average tangible common equity [1]		6.32	%		9.36	%		19.23	%		9.40	%		21.13	%
Tier 1 capital		16.36	%		16.88	%		16.45	%		16.36	%		16.45	%
Total capital		18.13	%		18.67	%		18.26	%		18.13	%		18.26	%
Tier 1 leverage		8.51	%		8.41	%		8.06	%		8.51	%		8.06	%
Common Equity Tier 1 capital		16.30	%		16.81	%		16.39	%		16.30	%		16.39	%
[1] Refer to Table R for reconciliation to GAAP financial measures.

POPULAR, INC.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table B - Consolidated Statement of Operations
(Unaudited)
	Quarters ended						Variance			Quarter ended			Variance			Years ended
							Q4 2023						Q4 2023
(In thousands, except per share information)	31-Dec-23			30-Sep-23			vs. Q3 2023			31-Dec-22			vs. Q4 2022			31-Dec-23			31-Dec-22
Interest income:
Loans	$	623,438		$	596,886		$	26,552		$	522,042		$	101,396		$	2,331,654		$	1,876,166
Money market investments		100,840			99,286			1,554			50,908			49,932			366,625			118,080
Investment securities		143,214			148,614			(5,400	)		140,244			2,970			547,028			471,665
Total interest income		867,492			844,786			22,706			713,194			154,298			3,245,307			2,465,911
Interest expense:
Deposits		319,200			294,121			25,079			139,338			179,862			1,050,024			252,845
Short-term borrowings		1,342			1,478			(136	)		4,488			(3,146	)		7,329			5,737
Long-term debt		12,770			15,167			(2,397	)		9,802			2,968			56,430			39,970
Total interest expense		333,312			310,766			22,546			153,628			179,684			1,113,783			298,552
Net interest income		534,180			534,020			160			559,566			(25,386	)		2,131,524			2,167,359
Provision for credit losses		78,663			45,117			33,546			49,531			29,132			208,609			83,030
Net interest income after provision for credit losses		455,517			488,903			(33,386	)		510,035			(54,518	)		1,922,915			2,084,329
Service charges on deposit accounts		37,699			37,318			381			34,682			3,017			147,476			157,210
Other service fees		96,692			93,407			3,285			89,022			7,670			374,440			334,009
Mortgage banking activities		6,388			5,393			995			6,562			(174	)		21,497			42,450
Net gain (loss), including impairment, on equity securities		2,317			(1,319	)		3,636			317			2,000			3,482			(7,334	)
Net gain (loss) on trading account debt securities		750			219			531			162			588			1,382			(784	)
Net loss on sale of loans, including valuation adjustments on loans held-for-sale		(71	)		(44	)		(27	)		-			(71	)		(115	)		-
Adjustments to indemnity reserves on loans sold		2,350			(187	)		2,537			(221	)		2,571			2,319			919
Other operating income		22,618			24,762			(2,144	)		27,941			(5,323	)		100,243			370,592
Total non-interest income		168,743			159,549			9,194			158,465			10,278			650,724			897,062
Operating expenses:
Personnel costs
Salaries		127,809			127,832			(23	)		116,503			11,306			505,935			432,910
Commissions, incentives and other bonuses		26,632			27,670			(1,038	)		39,570			(12,938	)		112,657			155,889
Pension, postretirement and medical insurance		17,598			16,985			613			12,452			5,146			67,469			56,085
Other personnel costs, including payroll taxes		22,626			20,665			1,961			21,612			1,014			91,984			74,880
Total personnel costs		194,665			193,152			1,513			190,137			4,528			778,045			719,764
Net occupancy expenses		30,282			28,100			2,182			27,812			2,470			111,586			106,169
Equipment expenses		10,179			8,905			1,274			9,828			351			37,057			35,626
Other taxes		14,636			8,590			6,046			16,142			(1,506	)		55,926			63,603
Professional fees		39,065			38,514			551			49,159			(10,094	)		161,142			172,043
Technology and software expenses		76,772			72,930			3,842			78,264			(1,492	)		290,615			291,902
Processing and transactional services
Credit and debit cards		6,682			13,762			(7,080	)		10,278			(3,596	)		44,578			45,455
Other processing and transactional services		22,779			24,137			(1,358	)		22,509			270			93,492			81,690
Total processing and transactional services		29,461			37,899			(8,438	)		32,787			(3,326	)		138,070			127,145
Communications		4,181			4,220			(39	)		3,857			324			16,664			14,885
Business promotion
Rewards and customer loyalty programs		14,130			15,988			(1,858	)		13,538			592			59,092			51,832
Other business promotion		13,767			7,087			6,680			14,596			(829	)		35,834			37,086
Total business promotion		27,897			23,075			4,822			28,134			(237	)		94,926			88,918
FDIC deposit insurance		81,385			8,932			72,453			6,342			75,043			105,985			26,787
Other real estate owned (OREO) income		(5,178	)		(5,189	)		11			(9,180	)		4,002			(15,375	)		(22,143	)
Other operating expenses
Operational losses		6,921			5,504			1,417			9,018			(2,097	)		23,505			32,049
All other		20,084			17,557			2,527			18,614			1,470			73,774			77,397
Total other operating expenses		27,005			23,061			3,944			27,632			(627	)		97,279			109,446
Amortization of intangibles		795			795			-			794			1			3,180			3,275
Goodwill impairment charge		-			23,000			(23,000	)		-			-			23,000			9,000
Total operating expenses		531,145			465,984			65,161			461,708			69,437			1,898,100			1,746,420
Income before income tax		93,115			182,468			(89,353	)		206,792			(113,677	)		675,539			1,234,971
Income tax (benefit) expense		(1,479	)		45,859			(47,338	)		(50,347	)		48,868			134,197			132,330
Net income	$	94,594		$	136,609		$	(42,015	)	$	257,139		$	(162,545	)	$	541,342		$	1,102,641
Net income applicable to common stock	$	94,241		$	136,256		$	(42,015	)	$	256,786		$	(162,545	)	$	539,930		$	1,101,229
Net income per common share - basic	$	1.31		$	1.90		$	(0.59	)	$	3.56		$	(2.25	)	$	7.53		$	14.65
Net income per common share - diluted	$	1.31		$	1.90		$	(0.59	)	$	3.56		$	(2.25	)	$	7.52		$	14.63
Dividends Declared per Common Share	$	0.62		$	0.55		$	0.07		$	0.55		$	0.07		$	2.27		$	2.20

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table C - Consolidated Statement of Financial Condition
(Unaudited)
										Variance
										Q4 2023 vs.
(In thousands)	31-Dec-23			30-Sep-23			31-Dec-22			Q3 2023
Assets:
Cash and due from banks	$	420,462		$	535,335		$	469,501		$	(114,873	)
Money market investments		6,998,871			6,389,437			5,614,595			609,434
Trading account debt securities, at fair value		31,568			30,988			27,723			580
Debt securities available-for-sale, at fair value		16,729,044			17,129,858			17,804,374			(400,814	)
Debt securities held-to-maturity, at amortized cost		8,194,335			8,302,082			8,525,366			(107,747	)
Less: Allowance for credit losses		5,780			6,057			6,911			(277	)
Total debt securities held-to-maturity, net		8,188,555			8,296,025			8,518,455			(107,470	)
Equity securities		193,726			190,688			195,854			3,038
Loans held-for-sale, at lower of cost or fair value		4,301			5,239			5,381			(938	)
Loans held-in-portfolio		35,420,879			34,369,775			32,372,925			1,051,104
Less: Unearned income		355,908			340,462			295,156			15,446
Allowance for credit losses		729,341			711,068			720,302			18,273
Total loans held-in-portfolio, net		34,335,630			33,318,245			31,357,467			1,017,385
Premises and equipment, net		565,284			534,384			498,711			30,900
Other real estate		80,416			82,322			89,126			(1,906	)
Accrued income receivable		263,433			257,833			240,195			5,600
Mortgage servicing rights, at fair value		118,109			119,030			128,350			(921	)
Other assets		2,014,564			2,032,565			1,847,813			(18,001	)
Goodwill		804,428			804,428			827,428			-
Other intangible assets		9,764			10,559			12,944			(795	)
Total assets	$	70,758,155		$	69,736,936		$	67,637,917		$	1,021,219
Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing	$	15,419,624		$	15,201,374		$	15,960,557		$	218,250
Interest bearing		48,198,619			48,136,226			45,266,670			62,393
Total deposits		63,618,243			63,337,600			61,227,227			280,643
Assets sold under agreements to repurchase		91,384			93,071			148,609			(1,687	)
Other short-term borrowings		-			-			365,000			-
Notes payable		986,948			1,004,649			886,710			(17,701	)
Other liabilities		914,627			844,008			916,946			70,619
Total liabilities		65,611,202			65,279,328			63,544,492			331,874
Stockholders’ equity:
Preferred stock		22,143			22,143			22,143			-
Common stock		1,048			1,048			1,047			-
Surplus		4,843,399			4,797,364			4,790,993			46,035
Retained earnings		4,194,851			4,189,865			3,834,348			4,986
Treasury stock		(2,018,957	)		(2,018,870	)		(2,030,178	)		(87	)
Accumulated other comprehensive loss, net of tax		(1,895,531	)		(2,533,942	)		(2,524,928	)		638,411
Total stockholders’ equity		5,146,953			4,457,608			4,093,425			689,345
Total liabilities and stockholders’ equity	$	70,758,155		$	69,736,936		$	67,637,917		$	1,021,219

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)
For the quarters ended December 31, 2023 and September 30, 2023
(Unaudited)

																							Variance
	Average Volume						Average Yields / Costs								Interest								Attributable to
	31-Dec-23		30-Sep-23	Variance			31-Dec-23		30-Sep-23		Variance					31-Dec-23		30-Sep-23		Variance			Rate			Volume
	(In millions)															(In thousands)
$	7,307	$	7,292	$	15		5.47	%	5.40	%	0.07	%	Money market investments		$	100,840	$	99,285	$	1,555		$	1,352		$	203
	27,099		28,396		(1,297	)	2.28		2.31		(0.03	)	Investment securities [1]			155,118		165,319		(10,201	)		(2,704	)		(7,497	)
	31		34		(3	)	3.72		4.43		(0.71	)	Trading securities			293		375		(82	)		(58	)		(24	)
													Total money market,
														investment and trading
	34,437		35,722		(1,285	)	2.96		2.95		0.01			securities		256,251		264,979		(8,728	)		(1,410	)		(7,318	)
													Loans:
	17,251		16,611		640		6.71		6.64		0.07			Commercial		291,791		277,977		13,814			2,952			10,862
	927		865		62		9.04		8.99		0.05			Construction		21,131		19,580		1,551			121			1,430
	1,707		1,669		38		6.60		6.50		0.10			Leasing		28,174		27,142		1,032			408			624
	7,626		7,504		122		5.83		5.42		0.41			Mortgage		111,215		101,700		9,515			7,844			1,671
	3,215		3,147		68		13.43		13.39		0.04			Consumer		108,859		105,042		3,817			1,368			2,449
	3,722		3,657		65		8.61		8.47		0.14			Auto		80,731		78,055		2,676			1,272			1,404
	34,448		33,453		995		7.41		7.24		0.17		Total loans			641,901		609,496		32,405			13,965			18,440
$	68,885	$	69,175	$	(290	)	5.18	%	5.02	%	0.16	%	Total earning assets		$	898,152	$	874,475	$	23,677		$	12,555		$	11,122
													Interest bearing deposits:
$	25,027	$	25,652	$	(625	)	3.60	%	3.31	%	0.29	%		NOW and money market [2]	$	227,079	$	213,957	$	13,122		$	18,199		$	(5,077	)
	14,934		14,875		59		0.85		0.73		0.12			Savings		32,073		27,373		4,700			3,852			848
	8,288		7,986		302		2.87		2.62		0.25			Time deposits		60,048		52,791		7,257			4,676			2,581
	48,249		48,513		(264	)	2.62		2.41		0.21		Total interest bearing deposits			319,200		294,121		25,079			26,727			(1,648	)
	15,017		15,038		(21	)								Non-interest bearing demand deposits
	63,266		63,551		(285	)	2.00		1.84		0.16		Total deposits			319,200		294,121		25,079			26,727			(1,648	)
	94		108		(14	)	5.64		5.45		0.19		Short-term borrowings			1,342		1,478		(136	)		51			(187	)
													Other medium and
	1,018		1,172		(154	)	5.04		5.20		(0.16	)		long-term debt		12,770		15,167		(2,397	)		346			(2,743	)
													Total interest bearing
	49,361		49,793		(432	)	2.68		2.48		0.20			liabilities (excluding demand deposits)		333,312		310,766		22,546			27,124			(4,578	)

	4,507		4,344		163								Other sources of funds
$	68,885	$	69,175	$	(290	)	1.92	%	1.78	%	0.14	%	Total source of funds			333,312		310,766		22,546			27,124			(4,578	)
													Net interest margin/
							3.26	%	3.24	%	0.02	%		income on a taxable equivalent basis (Non-GAAP)		564,840		563,709		1,131		$	(14,569	)	$	15,700
							2.50	%	2.54	%	(0.04	)%	Net interest spread
													Taxable equivalent adjustment			30,660		29,689		971
													Net interest margin/ income
							3.08	%	3.07	%	0.01	%		non-taxable equivalent basis (GAAP)	$	534,180	$	534,020	$	160
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)
For the quarters ended December 31, 2023 and December 31, 2022
(Unaudited)

																							Variance
	Average Volume						Average Yields / Costs								Interest								Attributable to
	31-Dec-23		31-Dec-22	Variance			31-Dec-23		31-Dec-22		Variance					31-Dec-23		31-Dec-22		Variance			Rate			Volume
	(In millions)															(In thousands)
$	7,307	$	5,262	$	2,045		5.47	%	3.84	%	1.63	%	Money market investments		$	100,840	$	50,907	$	49,933		$	26,116		$	23,817
	27,099		30,843		(3,744	)	2.28		2.44		(0.16	)	Investment securities [1]			155,118		189,190		(34,072	)		(11,762	)		(22,310	)
	31		30		1		3.72		4.28		(0.56	)	Trading securities			293		325		(32	)		(44	)		12
													Total money market,
														investment and trading
	34,437		36,135		(1,698	)	2.96		2.65		0.31			securities		256,251		240,422		15,829			14,310			1,519
													Loans:
	17,251		15,503		1,748		6.71		6.01		0.70			Commercial		291,791		234,707		57,084			29,111			27,973
	927		769		158		9.04		7.54		1.50			Construction		21,131		14,615		6,516			3,195			3,321
	1,707		1,557		150		6.60		5.92		0.68			Leasing		28,174		23,049		5,125			2,777			2,348
	7,626		7,346		280		5.83		5.38		0.45			Mortgage		111,215		98,880		12,335			8,475			3,860
	3,215		2,961		254		13.43		12.26		1.17			Consumer		108,859		91,518		17,341			8,666			8,675
	3,722		3,576		146		8.61		7.98		0.63			Auto		80,731		71,910		8,821			5,800			3,021
	34,448		31,712		2,736		7.41		6.70		0.71		Total loans			641,901		534,679		107,222			58,024			49,198
$	68,885	$	67,847	$	1,038		5.18	%	4.54	%	0.64	%	Total earning assets		$	898,152	$	775,101	$	123,051		$	72,334		$	50,717
													Interest bearing deposits:
$	25,027	$	24,399	$	628		3.60	%	1.73	%	1.87	%		NOW and money market [2]	$	227,079	$	106,591	$	120,488		$	112,821		$	7,667
	14,934		15,248		(314	)	0.85		0.29		0.56			Savings		32,073		10,971		21,102			20,942			160
	8,288		6,675		1,613		2.87		1.29		1.58			Time deposits		60,048		21,776		38,272			28,320			9,952
	48,249		46,322		1,927		2.62		1.19		1.43		Total interest bearing deposits			319,200		139,338		179,862			162,083			17,779
	15,017		16,110		(1,093	)								Non-interest bearing demand deposits
	63,266		62,432		834		2.00		0.89		1.11		Total deposits			319,200		139,338		179,862			162,083			17,779
	94		450		(356	)	5.64		3.96		1.68		Short-term borrowings			1,342		4,488		(3,146	)		1,404			(4,550	)
													Other medium and
	1,018		913		105		5.04		4.30		0.74			long-term debt		12,770		9,802		2,968			1,293			1,675
													Total interest bearing
	49,361		47,685		1,676		2.68		1.28		1.40			liabilities (excluding demand deposits)		333,312		153,628		179,684			164,780			14,904

	4,507		4,052		455								Other sources of funds
$	68,885	$	67,847	$	1,038		1.92	%	0.90	%	1.02	%	Total source of funds			333,312		153,628		179,684			164,780			14,904
													Net interest margin/
							3.26	%	3.64	%	(0.38	)%		income on a taxable equivalent basis (Non-GAAP)		564,840		621,473		(56,633	)	$	(92,446	)	$	35,813
							2.50	%	3.26	%	(0.76	)%	Net interest spread
													Taxable equivalent adjustment			30,660		61,907		(31,247	)
													Net interest margin/ income
							3.08	%	3.28	%	(0.20	)%		non-taxable equivalent basis (GAAP)	$	534,180	$	559,566	$	(25,386	)
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE
(Unaudited)

																					Variance
	Average Volume					Average Yields / Costs								Interest							Attributable to
	31-Dec-23		31-Dec-22	Variance		31-Dec-23		31-Dec-22		Variance					31-Dec-23		31-Dec-22		Variance		Rate		Volume
	(In millions)														(In thousands)
$	7,052	$	9,531	$	(2,479)	5.20	%	1.24	%	3.96	%	Money market investments		$	366,625	$	118,079	$	248,546	$	286,646	$	(38,100)
	27,926		29,743		(1,817)	2.20		2.23		(0.03)		Investment securities [1]			615,758		664,278		(48,520)		(8,273)		(40,247)
	32		51		(19)	4.32		5.94		(1.62)		Trading securities			1,376		3,049		(1,673)		(700)		(973)
												Total money market,
													investment and trading
	35,010		39,325		(4,315)	2.81		2.00		0.81			securities		983,759		785,406		198,353		277,673		(79,320)
												Loans:
	16,469		14,562		1,907	6.55		5.46		1.09			Commercial		1,079,171		795,115		284,056		171,681		112,375
	816		778		38	8.86		6.29		2.57			Construction		72,309		48,920		23,389		20,927		2,462
	1,650		1,475		175	6.38		5.92		0.46			Leasing		105,309		87,274		18,035		7,203		10,832
	7,482		7,322		160	5.55		5.34		0.21			Mortgage		414,992		391,133		23,859		15,212		8,647
	3,115		2,743		372	13.19		11.66		1.53			Consumer		410,910		319,920		90,990		43,806		47,184
	3,633		3,525		108	8.39		8.02		0.37			Auto		304,660		282,533		22,127		13,257		8,870
	33,165		30,405		2,760	7.20		6.33		0.87		Total loans			2,387,351		1,924,895		462,456		272,086		190,370
$	68,175	$	69,730	$	(1,555)	4.94	%	3.89	%	1.05	%	Total earning assets		$	3,371,110	$	2,710,301	$	660,809	$	549,759	$	111,050
												Interest bearing deposits:
$	24,563	$	25,884	$	(1,321)	3.10	%	0.61	%	2.49	%		NOW and money market [2]	$	761,647	$	158,664	$	602,983	$	612,470	$	(9,487)
	14,900		15,886		(986)	0.68		0.20		0.48			Savings		101,334		32,400		68,934		74,110		(5,176)
	7,776		6,853		923	2.41		0.90		1.51			Time deposits		187,043		61,781		125,262		100,043		25,219
	47,239		48,623		(1,384)	2.22		0.52		1.70		Total interest bearing deposits			1,050,024		252,845		797,179		786,623		10,556
	15,307		16,094		(787)								Non-interest bearing demand deposits
	62,546		64,717		(2,171)	1.68		0.39		1.29		Total deposits			1,050,024		252,845		797,179		786,623		10,556
	143		206		(63)	5.12		2.78		2.34		Short-term borrowings			7,329		5,737		1,592		4,506		(2,914)
												Other medium and
	1,109		939		170	5.09		4.26		0.83			long-term debt		56,430		39,970		16,460		9,458		7,002
												Total interest bearing
	48,491		49,768		(1,277)	2.30		0.60		1.70			liabilities (excluding demand deposits)		1,113,783		298,552		815,231		800,587		14,644

	4,377		3,868		509							Other sources of funds
$	68,175	$	69,730	$	(1,555)	1.63	%	0.43	%	1.20	%	Total source of funds			1,113,783		298,552		815,231		800,587		14,644
												Net interest margin/
						3.31	%	3.46	%	(0.15)	%		income on a taxable equivalent basis (Non-GAAP)		2,257,327		2,411,749		(154,422)	$	(250,828)	$	96,406
						2.64	%	3.29	%	(0.65)	%	Net interest spread
												Taxable equivalent adjustment			125,803		244,390		(118,587)
												Net interest margin/ income
						3.13	%	3.11	%	0.02	%		non-taxable equivalent basis (GAAP)	$	2,131,524	$	2,167,359	$	(35,835)
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table G - Mortgage Banking Activities and Other Service Fees
(Unaudited)

Mortgage Banking Activities
	Quarters ended									Variance						Years ended						Variance
(In thousands)	31-Dec-23			30-Sep-23			31-Dec-22			Q4 2023 vs.Q3 2023			Q4 2023 vs.Q4 2022			31-Dec-23			31-Dec-22			2023 vs. 2022
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees	$	7,898		$	8,025		$	8,852		$	(127	)	$	(954	)	$	32,981		$	36,487		$	(3,506	)
Mortgage servicing rights fair value adjustments		(1,204	)		(2,793	)		(2,610	)		1,589			1,406			(11,589	)		236			(11,825	)
Total mortgage servicing fees, net of fair value adjustments		6,694			5,232			6,242			1,462			452			21,392			36,723			(15,331	)
Net gain (loss) on sale of loans, including valuation on loans held-for-sale		45			(335	)		123			380			(78	)		(88	)		(251	)		163
Trading account (loss) profit:
Unrealized (loss) gains on outstanding derivative positions		(298	)		45			-			(343	)		(298	)		(138	)		-			(138	)
Realized (losses) gains on closed derivative positions		(47	)		494			310			(541	)		(357	)		614			6,635			(6,021	)
Total trading account (loss) profit		(345	)		539			310			(884	)		(655	)		476			6,635			(6,159	)
Losses on repurchased loans, including interest advances		(6	)		(43	)		(113	)		37			107			(283	)		(657	)		374
Total mortgage banking activities	$	6,388		$	5,393		$	6,562		$	995		$	(174	)	$	21,497		$	42,450		$	(20,953	)


Other Service Fees
	Quarters ended						Variance				Years ended				Variance
(In thousands)	31-Dec-23		30-Sep-23		31-Dec-22		Q4 2023 vs.Q3 2023		Q4 2023 vs.Q4 2022		31-Dec-23		31-Dec-22		2023 vs. 2022
Other service fees:
Debit card fees	$	13,944	$	13,577	$	13,379	$	367	$	565	$	54,287	$	50,173	$	4,114
Insurance fees		16,739		14,983		14,587		1,756		2,152		60,220		56,457		3,763
Credit card fees		41,439		40,804		39,777		635		1,662		165,385		149,403		15,982
Sale and administration of investment products		6,862		6,820		5,793		42		1,069		26,316		23,553		2,763
Trust fees		6,716		6,381		5,223		335		1,493		25,472		22,799		2,673
Other fees		10,992		10,842		10,263		150		729		42,760		31,624		11,136
Total other service fees	$	96,692	$	93,407	$	89,022	$	3,285	$	7,670	$	374,440	$	334,009	$	40,431

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table H - Loans and Deposits
(Unaudited)

Loans - Ending Balances
							Variance
(In thousands)	31-Dec-23		30-Sep-23		31-Dec-22		Q4 2023 vs.Q3 2023			Q4 2023 vs.Q4 2022
Loans held-in-portfolio:
Commercial
Commercial multi-family	$	2,415,620	$	2,328,433	$	2,321,713		87,187			93,907
Commercial real estate non-owner occupied		5,087,421		5,035,130		4,499,670		52,291			587,751
Commercial real estate owner occupied		3,080,635		3,044,905		3,078,549		35,730			2,086
Commercial and industrial		7,126,121		6,527,082		5,839,200		599,039			1,286,921
Total Commercial		17,709,797		16,935,550		15,739,132		774,247			1,970,665
Construction		959,280		922,112		757,984		37,168			201,296
Leasing		1,731,809		1,698,114		1,585,739		33,695			146,070
Mortgage		7,695,917		7,585,111		7,397,471		110,806			298,446
Consumer
Credit cards		1,135,747		1,077,428		1,041,870		58,319			93,877
Home equity lines of credit		65,953		67,499		71,916		(1,546	)		(5,963	)
Personal		1,945,247		1,952,168		1,823,579		(6,921	)		121,668
Auto		3,660,780		3,633,196		3,512,530		27,584			148,250
Other		160,441		158,135		147,548		2,306			12,893
Total Consumer		6,968,168		6,888,426		6,597,443		79,742			370,725
Total loans held-in-portfolio	$	35,064,971	$	34,029,313	$	32,077,769	$	1,035,658		$	2,987,202
Loans held-for-sale:
Mortgage	$	4,301	$	5,239	$	5,381	$	(938	)	$	(1,080	)
Total loans held-for-sale	$	4,301	$	5,239	$	5,381	$	(938	)	$	(1,080	)
Total loans	$	35,069,272	$	34,034,552	$	32,083,150	$	1,034,720		$	2,986,122


Deposits - Ending Balances
							Variance
(In thousands)	31-Dec-23		30-Sep-23		31-Dec-22		Q4 2023 vs. Q3 2023			Q4 2023 vs.Q4 2022
Demand deposits [1]	$	27,579,054	$	27,942,782	$	26,382,605	$	(363,728	)	$	1,196,449
Savings, NOW and money market deposits (non-brokered)		26,817,844		26,452,382		27,265,156		365,462			(447,312	)
Savings, NOW and money market deposits (brokered)		719,453		734,479		798,064		(15,026	)		(78,611	)
Time deposits (non-brokered)		7,546,138		7,264,156		6,442,886		281,982			1,103,252
Time deposits (brokered CDs)		955,754		943,801		338,516		11,953			617,238
Total deposits	$	63,618,243	$	63,337,600	$	61,227,227	$	280,643		$	2,391,016
[1] Includes interest and non-interest bearing demand deposits.

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table I - Loan Delinquency -BPPR Operations
(Unaudited)
31-Dec-23
BPPR
		Past due																	Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	524		$	-		$	1,991		$	2,515		$	289,427		$	291,942		$	1,991		$	-
Commercial real estate:
Non-owner occupied		5,510			77			8,745			14,332			2,990,922			3,005,254			8,745			-
Owner occupied		2,726			249			29,430			32,405			1,365,978			1,398,383			29,430			-
Commercial and industrial		6,998			3,352			36,210			46,560			4,749,666			4,796,226			32,826			3,384
Construction		-			-			6,378			6,378			163,479			169,857			6,378			-
Mortgage		260,897			114,282			416,528			791,707			5,600,117			6,391,824			175,106			241,422
Leasing		20,140			6,719			8,632			35,491			1,696,318			1,731,809			8,632			-
Consumer:
Credit cards		13,243			9,912			23,281			46,436			1,089,292			1,135,728			-			23,281
Home equity lines of credit		230			-			26			256			2,392			2,648			-			26
Personal		19,065			14,611			19,031			52,707			1,723,603			1,776,310			19,031			-
Auto		100,061			27,443			45,615			173,119			3,487,661			3,660,780			45,615			-
Other		1,641			204			1,213			3,058			147,104			150,162			964			249
Total	$	431,035		$	176,849		$	597,080		$	1,204,964		$	23,305,959		$	24,510,923		$	328,718		$	268,362

30-Sep-23
BPPR
		Past due																	Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	4,407		$	176		$	184		$	4,767		$	290,047		$	294,814		$	184		$	-
Commercial real estate:
Non-owner occupied		1,274			-			15,330			16,604			2,932,277			2,948,881			15,330			-
Owner occupied		817			827			35,089			36,733			1,370,820			1,407,553			35,089			-
Commercial and industrial		4,022			1,728			24,733			30,483			4,299,335			4,329,818			21,624			3,109
Construction		-			-			6,578			6,578			163,929			170,507			6,578			-
Mortgage		241,962			100,679			430,430			773,071			5,516,197			6,289,268			187,443			242,987
Leasing		17,915			4,574			6,842			29,331			1,668,783			1,698,114			6,842			-
Consumer:
Credit cards		11,218			8,133			17,719			37,070			1,040,341			1,077,411			-			17,719
Home equity lines of credit		26			-			-			26			2,448			2,474			-			-
Personal		19,586			12,476			18,582			50,644			1,712,358			1,763,002			18,582			-
Auto		89,453			23,019			40,268			152,740			3,480,456			3,633,196			40,268			-
Other		567			388			2,152			3,107			144,425			147,532			1,885			267
Total	$	391,247		$	152,000		$	597,907		$	1,141,154		$	22,621,416		$	23,762,570		$	333,825		$	264,082


Variance
		Past due																	Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	(3,883	)	$	(176	)	$	1,807		$	(2,252	)	$	(620	)	$	(2,872	)	$	1,807		$	-
Commercial real estate:
Non-owner occupied		4,236			77			(6,585	)		(2,272	)		58,645			56,373			(6,585	)		-
Owner occupied		1,909			(578	)		(5,659	)		(4,328	)		(4,842	)		(9,170	)		(5,659	)		-
Commercial and industrial		2,976			1,624			11,477			16,077			450,331			466,408			11,202			275
Construction		-			-			(200	)		(200	)		(450	)		(650	)		(200	)		-
Mortgage		18,935			13,603			(13,902	)		18,636			83,920			102,556			(12,337	)		(1,565	)
Leasing		2,225			2,145			1,790			6,160			27,535			33,695			1,790			-
Consumer:
Credit cards		2,025			1,779			5,562			9,366			48,951			58,317			-			5,562
Home equity lines of credit		204			-			26			230			(56	)		174			-			26
Personal		(521	)		2,135			449			2,063			11,245			13,308			449			-
Auto		10,608			4,424			5,347			20,379			7,205			27,584			5,347			-
Other		1,074			(184	)		(939	)		(49	)		2,679			2,630			(921	)		(18	)
Total	$	39,788		$	24,849		$	(827	)	$	63,810		$	684,543		$	748,353		$	(5,107	)	$	4,280

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table J - Loan Delinquency - Popular U.S. Operations
(Unaudited)
31-Dec-23
Popular U.S.
		Past due																	Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	9,141		$	2,001		$	-		$	11,142		$	2,112,536		$	2,123,678		$	-		$	-
Commercial real estate:
Non-owner occupied		566			1,036			1,117			2,719			2,079,448			2,082,167			1,117			-
Owner occupied		30,560			-			6,274			36,834			1,645,418			1,682,252			6,274			-
Commercial and industrial		7,815			697			3,881			12,393			2,317,502			2,329,895			3,772			109
Construction		-			-			-			-			789,423			789,423			-			-
Mortgage		48,818			7,821			11,191			67,830			1,236,263			1,304,093			11,191			-
Consumer:
Credit cards		-			-			-			-			19			19			-			-
Home equity lines of credit		1,472			4			3,733			5,209			58,096			63,305			3,733			-
Personal		2,222			1,948			2,805			6,975			161,962			168,937			2,805			-
Other		4			-			1			5			10,274			10,279			1			-
Total	$	100,598		$	13,507		$	29,002		$	143,107		$	10,410,941		$	10,554,048		$	28,893		$	109

30-Sep-23
Popular U.S.
		Past due																	Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	1,332		$	-		$	404		$	1,736		$	2,031,883		$	2,033,619		$	404		$	-
Commercial real estate:
Non-owner occupied		2,628			-			734			3,362			2,082,887			2,086,249			734			-
Owner occupied		1,110			923			3,877			5,910			1,631,442			1,637,352			3,877			-
Commercial and industrial		3,000			464			3,709			7,173			2,190,091			2,197,264			3,579			130
Construction		-			-			-			-			751,605			751,605			-			-
Mortgage		946			22,313			11,980			35,239			1,260,604			1,295,843			11,980			-
Consumer:
Credit cards		-			-			-			-			17			17			-			-
Home equity lines of credit		1,045			335			4,085			5,465			59,560			65,025			4,085			-
Personal		2,581			1,716			2,637			6,934			182,232			189,166			2,637			-
Other		113			-			402			515			10,088			10,603			402			-
Total	$	12,755		$	25,751		$	27,828		$	66,334		$	10,200,409		$	10,266,743		$	27,698		$	130



Variance
		Past due																	Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	7,809		$	2,001		$	(404	)	$	9,406		$	80,653		$	90,059		$	(404	)	$	-
Commercial real estate:
Non-owner occupied		(2,062	)		1,036			383			(643	)		(3,439	)		(4,082	)		383			-
Owner occupied		29,450			(923	)		2,397			30,924			13,976			44,900			2,397			-
Commercial and industrial		4,815			233			172			5,220			127,411			132,631			193			(21	)
Construction		-			-			-			-			37,818			37,818			-			-
Mortgage		47,872			(14,492	)		(789	)		32,591			(24,341	)		8,250			(789	)		-
Consumer:
Credit cards		-			-			-			-			2			2			-			-
Home equity lines of credit		427			(331	)		(352	)		(256	)		(1,464	)		(1,720	)		(352	)		-
Personal		(359	)		232			168			41			(20,270	)		(20,229	)		168			-
Other		(109	)		-			(401	)		(510	)		186			(324	)		(401	)		-
Total	$	87,843		$	(12,244	)	$	1,174		$	76,773		$	210,532		$	287,305		$	1,195		$	(21	)

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table K - Loan Delinquency - Consolidated
(Unaudited)

31-Dec-23
Popular, Inc.
		Past due																	Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	9,665		$	2,001		$	1,991		$	13,657		$	2,401,963		$	2,415,620		$	1,991		$	-
Commercial real estate:
Non-owner occupied		6,076			1,113			9,862			17,051			5,070,370			5,087,421			9,862			-
Owner occupied		33,286			249			35,704			69,239			3,011,396			3,080,635			35,704			-
Commercial and industrial		14,813			4,049			40,091			58,953			7,067,168			7,126,121			36,598			3,493
Construction		-			-			6,378			6,378			952,902			959,280			6,378			-
Mortgage		309,715			122,103			427,719			859,537			6,836,380			7,695,917			186,297			241,422
Leasing		20,140			6,719			8,632			35,491			1,696,318			1,731,809			8,632			-
Consumer:
Credit cards		13,243			9,912			23,281			46,436			1,089,311			1,135,747			-			23,281
Home equity lines of credit		1,702			4			3,759			5,465			60,488			65,953			3,733			26
Personal		21,287			16,559			21,836			59,682			1,885,565			1,945,247			21,836			-
Auto		100,061			27,443			45,615			173,119			3,487,661			3,660,780			45,615			-
Other		1,645			204			1,214			3,063			157,378			160,441			965			249
Total	$	531,633		$	190,356		$	626,082		$	1,348,071		$	33,716,900		$	35,064,971		$	357,611		$	268,471

30-Sep-23
Popular, Inc.
		Past due																	Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	5,739		$	176		$	588		$	6,503		$	2,321,930		$	2,328,433		$	588		$	-
Commercial real estate:
Non-owner occupied		3,902			-			16,064			19,966			5,015,164			5,035,130			16,064			-
Owner occupied		1,927			1,750			38,966			42,643			3,002,262			3,044,905			38,966			-
Commercial and industrial		7,022			2,192			28,442			37,656			6,489,426			6,527,082			25,203			3,239
Construction		-			-			6,578			6,578			915,534			922,112			6,578			-
Mortgage		242,908			122,992			442,410			808,310			6,776,801			7,585,111			199,423			242,987
Leasing		17,915			4,574			6,842			29,331			1,668,783			1,698,114			6,842			-
Consumer:
Credit cards		11,218			8,133			17,719			37,070			1,040,358			1,077,428			-			17,719
Home equity lines of credit		1,071			335			4,085			5,491			62,008			67,499			4,085			-
Personal		22,167			14,192			21,219			57,578			1,894,590			1,952,168			21,219			-
Auto		89,453			23,019			40,268			152,740			3,480,456			3,633,196			40,268			-
Other		680			388			2,554			3,622			154,513			158,135			2,287			267
Total	$	404,002		$	177,751		$	625,735		$	1,207,488		$	32,821,825		$	34,029,313		$	361,523		$	264,212

Variance
		Past due																	Past due 90 days or more
	30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)	days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family	$	3,926		$	1,825		$	1,403		$	7,154		$	80,033		$	87,187		$	1,403		$	-
Commercial real estate:
Non-owner occupied		2,174			1,113			(6,202	)		(2,915	)		55,206			52,291			(6,202	)		-
Owner occupied		31,359			(1,501	)		(3,262	)		26,596			9,134			35,730			(3,262	)		-
Commercial and industrial		7,791			1,857			11,649			21,297			577,742			599,039			11,395			254
Construction		-			-			(200	)		(200	)		37,368			37,168			(200	)		-
Mortgage		66,807			(889	)		(14,691	)		51,227			59,579			110,806			(13,126	)		(1,565	)
Leasing		2,225			2,145			1,790			6,160			27,535			33,695			1,790			-
Consumer:
Credit cards		2,025			1,779			5,562			9,366			48,953			58,319			-			5,562
Home equity lines of credit		631			(331	)		(326	)		(26	)		(1,520	)		(1,546	)		(352	)		26
Personal		(880	)		2,367			617			2,104			(9,025	)		(6,921	)		617			-
Auto		10,608			4,424			5,347			20,379			7,205			27,584			5,347			-
Other		965			(184	)		(1,340	)		(559	)		2,865			2,306			(1,322	)		(18	)
Total	$	127,631		$	12,605		$	347		$	140,583		$	895,075		$	1,035,658		$	(3,912	)	$	4,259

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table L - Non-Performing Assets
(Unaudited)
													Variance
(In thousands)	31-Dec-23		As a % of loans HIP by category		30-Sep-23		As a % of loans HIP by category		31-Dec-22		As a % of loans HIP by category		Q4 2023 vs. Q3 2023			Q4 2023 vs. Q4 2022
Non-accrual loans:
Commercial
Commercial multi-family	$	1,991	0.1	%	$	588	-	%	$	242	-	%	$	1,403		$	1,749
Commercial real estate non-owner occupied		9,862	0.2			16,064	0.3			25,116	0.6			(6,202	)		(15,254	)
Commercial real estate owner occupied		35,704	1.2			38,966	1.3			29,085	0.9			(3,262	)		6,619
Commercial and industrial		36,598	0.5			25,203	0.4			38,596	0.7			11,395			(1,998	)
Total Commercial		84,155	0.5			80,821	0.5			93,039	0.6			3,334			(8,884	)
Construction		6,378	0.7			6,578	0.7			-	-			(200	)		6,378
Leasing		8,632	0.5			6,842	0.4			5,941	0.4			1,790			2,691
Mortgage		186,297	2.4			199,423	2.6			262,879	3.6			(13,126	)		(76,582	)
Consumer
Home equity lines of credit		3,733	5.7			4,085	6.1			4,110	5.7			(352	)		(377	)
Personal		21,836	1.1			21,219	1.1			20,040	1.1			617			1,796
Auto		45,615	1.2			40,268	1.1			40,978	1.2			5,347			4,637
Other Consumer		965	0.6			2,287	1.4			12,454	8.4			(1,322	)		(11,489	)
Total Consumer		72,149	1.0			67,859	1.0			77,582	1.2			4,290			(5,433	)
Total non-performing loans held-in-portfolio		357,611	1.0	%		361,523	1.1	%		439,441	1.4	%		(3,912	)		(81,830	)
Other real estate owned (“OREO”)		80,416				82,322				89,126				(1,906	)		(8,710	)
Total non-performing assets [1]	$	438,027			$	443,845			$	528,567			$	(5,818	)	$	(90,540	)
Accruing loans past due 90 days or more [2]	$	268,471			$	264,212			$	351,614			$	4,259		$	(83,143	)
Ratios:
Non-performing assets to total assets		0.62	%			0.64	%			0.78	%
Non-performing loans held-in-portfolio to loans held-in-portfolio		1.02				1.06				1.37
Allowance for credit losses to loans held-in-portfolio		2.08				2.09				2.25
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		203.95				196.69				163.91
[1] There were no non-performing loans held-for-sale as of December 31, 2023, September 30, 2023 and December 31, 2022.
[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 $11 million at December 31, 2023, related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below ( September 30, 2023 - $8 million; December 31, 2022 - $14 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 $106 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2023 (September 30, 2023 - $115 million; December 31, 2022 - $190 million). Furthermore, the Corporation has approximately $38 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is the Corporation's policy to exclude these balances from non-performing assets (September 30, 2023- $39 million; December 31, 2022 - $42 million).

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table M - Activity in Non-Performing Loans
(Unaudited)

Commercial loans held-in-portfolio:
	Quarter ended									Quarter ended
	31-Dec-23									30-Sep-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	72,227		$	8,594		$	80,821		$	88,716		$	11,610		$	100,326
Plus:
New non-performing loans		22,009			3,859			25,868			2,736			1,324			4,060
Advances on existing non-performing loans		-			515			515			-			7			7
Less:
Non-performing loans transferred to OREO		(5,484	)		-			(5,484	)		(138	)		-			(138	)
Non-performing loans charged-off		(5,427	)		-			(5,427	)		(969	)		(2,446	)		(3,415	)
Loans returned to accrual status / loan collections		(10,333	)		(1,805	)		(12,138	)		(18,118	)		(1,901	)		(20,019	)
Ending balance NPLs	$	72,992		$	11,163		$	84,155		$	72,227		$	8,594		$	80,821

Construction loans held-in-portfolio:
	Quarter ended									Quarter ended
	31-Dec-23									30-Sep-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	6,578		$	-		$	6,578		$	9,284		$	-		$	9,284
Less:
Non-performing loans charged-off		-			-			-			(2,537	)		-			(2,537	)
Loans returned to accrual status / loan collections		(200	)		-			(200	)		(169	)		-			(169	)
Ending balance NPLs	$	6,378		$	-		$	6,378		$	6,578		$	-		$	6,578

Mortgage loans held-in-portfolio:
	Quarter ended									Quarter ended
	31-Dec-23									30-Sep-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	187,443		$	11,980		$	199,423		$	194,219		$	14,577		$	208,796
Plus:
New non-performing loans		30,406			4,179			34,585			34,657			4,503			39,160
Advances on existing non-performing loans		-			11			11			-			5			5
Less:
Non-performing loans transferred to OREO		(5,423	)		-			(5,423	)		(5,519	)		-			(5,519	)
Non-performing loans charged-off		153			-			153			152			-			152
Loans returned to accrual status / loan collections		(37,473	)		(4,979	)		(42,452	)		(36,066	)		(7,105	)		(43,171	)
Ending balance NPLs	$	175,106		$	11,191		$	186,297		$	187,443		$	11,980		$	199,423


Total non-performing loans held-in-portfolio (excluding consumer):
	Quarter ended									Quarter ended
	31-Dec-23									30-Sep-23
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	266,248		$	20,574		$	286,822		$	292,219		$	26,187		$	318,406
Plus:
New non-performing loans		52,415			8,038			60,453			37,393			5,827			43,220
Advances on existing non-performing loans		-			526			526			-			12			12
Less:
Non-performing loans transferred to OREO		(10,907	)		-			(10,907	)		(5,657	)		-			(5,657	)
Non-performing loans charged-off		(5,274	)		-			(5,274	)		(3,354	)		(2,446	)		(5,800	)
Loans returned to accrual status / loan collections		(48,006	)		(6,784	)		(54,790	)		(54,353	)		(9,006	)		(63,359	)
Ending balance NPLs	$	254,476		$	22,354		$	276,830		$	266,248		$	20,574		$	286,822

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios
(Unaudited)


	Quarters ended
(In thousands)	31-Dec-23			30-Sep-23			31-Dec-22
Balance at beginning of period - loans held-in-portfolio	$	711,068		$	700,200		$	703,096
Provision for credit losses (benefit)		75,218			43,514			48,332
Initial allowance for credit losses - PCD Loans		2			9			74
		786,288			743,723			751,502
Net loans charge-off (recovered)- BPPR
Commercial:
Commercial multi-family		-			-			-
Commercial real estate non-owner occupied		(426	)		(168	)		(305	)
Commercial real estate owner occupied		2,770			166			(462	)
Commercial and industrial		1,535			(10,547	)		(1,333	)
Total Commercial		3,879			(10,549	)		(2,100	)
Construction		(1	)		2,611			-
Leasing		3,677			1,442			2,221
Mortgage		(2,720	)		(3,800	)		(6,135	)
Consumer:
Credit cards		10,811			8,631			5,433
Home equity lines of credit		(64	)		(30	)		(72	)
Personal		20,405			17,303			9,268
Auto		15,582			9,691			10,978
Other Consumer		344			301			253
Total Consumer		47,078			35,896			25,860
Total net charged-off (recovered) BPPR	$	51,913		$	25,600		$	19,846

Net loans charge-off (recovered) - Popular U.S.
Commercial:
Commercial multi-family		(1	)		(1	)		(1	)
Commercial real estate non-owner occupied		128			(66	)		8,668
Commercial real estate owner occupied		(22	)		1,202			(111	)
Commercial and industrial		(159	)		899			(162	)
Total Commercial		(54	)		2,034			8,394
Mortgage		(25	)		(62	)		(32	)
Consumer:
Credit cards		-			-			(3	)
Home equity lines of credit		(214	)		12			(156	)
Personal		5,302			5,032			3,142
Other Consumer		25			39			9
Total Consumer		5,113			5,083			2,992
Total net charged-off (recovered) Popular U.S.	$	5,034		$	7,055		$	11,354
Total loans charged-off (recovered) - Popular, Inc.	$	56,947		$	32,655		$	31,200
Balance at end of period - loans held-in-portfolio	$	729,341		$	711,068		$	720,302

Balance at beginning of period - unfunded commitments	$	13,284		$	11,593		$	7,307
Provision for credit losses (benefit)		3,722			1,691			1,498
Balance at end of period - unfunded commitments [1]	$	17,006		$	13,284		$	8,805

POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.66	%		0.39	%		0.39	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs		132.08	%		133.25	%		154.91	%
BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.86	%		0.44	%		0.35	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs		129.51	%		211.00	%		223.64	%
Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio		0.19	%		0.28	%		0.49	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs		158.58	%		(148.87	)%		34.78	%
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.






				Year ended			Year ended
(In thousands)				31-Dec-23			31-Dec-22
				Total			Total
Balance at beginning of period - loans held-in-portfolio				$	720,302		$	695,366
Impact of adopting ASU-2022-02					(45,583	)		-
Provision for credit losses (benefit)					201,539			83,307
Initial allowance for credit losses - PCD Loans					89			915
					876,347			779,588
Net loans charge-off (recovered)- BPPR
Commercial:
Commercial multi-family					(1	)		-
Commercial real estate non-owner occupied					(299	)		(1,520	)
Commercial real estate owner occupied					1,100			(6,622	)
Commercial and industrial					(10,001	)		(2,750	)
Total Commercial					(9,201	)		(10,892	)
Construction					2,610			(811	)
Leasing					7,039			3,792
Mortgage					(13,858	)		(15,743	)
Consumer
Credit Cards					32,231			17,411
Home equity lines of credit					(155	)		(278	)
Personal					62,394			28,932
Auto					34,968			25,606
Other Consumer					11,636			1,059
Total Consumer					141,074			72,730
Total net charged-off (recovered) BPPR					127,664			49,076

Net loans charge-off (recovered) - Popular U.S.
Commercial
Commercial multi-family					(5	)		(21	)
Commercial real estate non-owner occupied					(1,856	)		8,649
Commercial real estate owner occupied					1,312			(359	)
Commercial and industrial					2,005			(876	)
Total Commercial					1,456			7,393
Construction					-			(1,132	)
Mortgage					(210	)		(12	)
Consumer
Credit Cards					1			(13	)
Home equity lines of credit					(494	)		(2,444	)
Personal					17,829			6,262
Other Consumer					159			156
Total Consumer					17,495			3,961
Total net charged-off (recovered) Popular U.S.					18,741			10,210
Total loans charged-off - Popular, Inc.					146,405			59,286
Net write- downs [2]					601			-
Balance at end of period - loans held-in-portfolio				$	729,341		$	720,302

Balance at beginning of period - unfunded commitments				$	8,805		$	7,897
Provision for credit losses (benefit)					8,201			908
Balance at end of period - unfunded commitments [1]				$	17,006		$	8,805

POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio					0.44	%		0.20	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs					137.66	%		140.52	%

BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio					0.55	%		0.23	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs					152.61	%		141.71	%

Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio					0.19	%		0.12	%
Provision for credit losses (benefit) - loan portfolios to net charge-offs					35.78	%		134.80	%
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
[2] Net write-downs are related to credit cards loans reclassified to held-for-sale during the quarter ended June 30, 2023.

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table O - Allowance for Credit Losses "ACL"- Loan Portfolios - Consolidated
(Unaudited)


31-Dec-23
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	13,740		$	2,415,620		0.57	%
Commercial real estate - non-owner occupied		65,453			5,087,421		1.29	%
Commercial real estate - owner occupied		56,864			3,080,635		1.85	%
Commercial and industrial		122,356			7,126,121		1.72	%
Total commercial	$	258,413		$	17,709,797		1.46	%
Construction		12,686			959,280		1.32	%
Mortgage		83,214			7,695,917		1.08	%
Leasing		9,708			1,731,809		0.56	%
Consumer:
Credit cards		80,487			1,135,747		7.09	%
Home equity lines of credit		1,978			65,953		3.00	%
Personal		117,790			1,945,247		6.06	%
Auto		157,931			3,660,780		4.31	%
Other consumer		7,134			160,441		4.45	%
Total consumer	$	365,320		$	6,968,168		5.24	%
Total	$	729,341		$	35,064,971		2.08	%



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




Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	(1,483	)	$	87,187		(0.08	)%
Commercial real estate - non-owner occupied		(1,696	)		52,291		(0.04	)%
Commercial real estate - owner occupied		8,755			35,730		0.27	%
Commercial and industrial		18,771			599,039		0.13	%
Total commercial	$	24,347		$	774,247		0.08	%
Construction		1,715			37,168		0.13	%
Mortgage		(8,690	)		110,806		(0.13	)%
Leasing		(490	)		33,695		(0.04	)%
Consumer:
Credit cards		7,937			58,319		0.36	%
Home equity lines of credit		(409	)		(1,546	)	(0.54	)%
Personal		(8,326	)		(6,921	)	(0.40	)%
Auto		2,495			27,584		0.03	%
Other consumer		(306	)		2,306		(0.25	)%
Total consumer	$	1,391		$	79,742		(0.04	)%
Total	$	18,273		$	1,035,658		(0.01	)%

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table P - Allowance for Credit Losses "ACL"- Loan Portfolios - BPPR Operations
(Unaudited)

31-Dec-23
BPPR
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	3,614		$	291,942		1.24	%
Commercial real estate - non-owner occupied		53,754			3,005,254		1.79	%
Commercial real estate - owner occupied		40,637			1,398,383		2.91	%
Commercial and industrial		107,577			4,796,226		2.24	%
Total commercial	$	205,582		$	9,491,805		2.17	%
Construction		5,294			169,857		3.12	%
Mortgage		72,440			6,391,824		1.13	%
Leasing		9,708			1,731,809		0.56	%
Consumer:
Credit cards		80,487			1,135,728		7.09	%
Home equity lines of credit		103			2,648		3.89	%
Personal		101,181			1,776,310		5.70	%
Auto		157,931			3,660,780		4.31	%
Other consumer		7,132			150,162		4.75	%
Total consumer	$	346,834		$	6,725,628		5.16	%
Total	$	639,858		$	24,510,923		2.61	%


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


Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family		133			(2,872	)	0.06	%
Commercial real estate - non-owner occupied		546			56,373		(0.01	)%
Commercial real estate - owner occupied		(856	)		(9,170	)	(0.04	)%
Commercial and industrial		19,998			466,408		0.22	%
Total commercial	$	19,821		$	510,739		0.10	%
Construction		(163	)		(650	)	(0.08	)%
Mortgage		(7,460	)		102,556		(0.14	)%
Leasing		(490	)		33,695		(0.04	)%
Consumer:
Credit cards		7,937			58,317		0.36	%
Home equity lines of credit		16			174		0.37	%
Personal		(6,526	)		13,308		(0.41	)%
Auto		2,495			27,584		0.03	%
Other consumer		(306	)		2,630		(0.29	)%
Total consumer	$	3,616		$	102,013		(0.02	)%
Total	$	15,324		$	748,353		(0.02	)%

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table Q - Allowance for Credit Losses "ACL"- Loan Portfolios - POPULAR U.S. Operations
(Unaudited)

31-Dec-23
Popular U.S.
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	10,126		$	2,123,678		0.48	%
Commercial real estate - non-owner occupied		11,699			2,082,167		0.56	%
Commercial real estate - owner occupied		16,227			1,682,252		0.96	%
Commercial and industrial		14,779			2,329,895		0.63	%
Total commercial	$	52,831		$	8,217,992		0.64	%
Construction		7,392			789,423		0.94	%
Mortgage		10,774			1,304,093		0.83	%
Consumer:
Credit cards		-			19		-	%
Home equity lines of credit		1,875			63,305		2.96	%
Personal		16,609			168,937		9.83	%
Other consumer		2			10,279		0.02	%
Total consumer	$	18,486		$	242,540		7.62	%
Total	$	89,483		$	10,554,048		0.85	%

30-Sep-23
Popular U.S.
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	11,742		$	2,033,619		0.58	%
Commercial real estate - non-owner occupied		13,941			2,086,249		0.67	%
Commercial real estate - owner occupied		6,616			1,637,352		0.40	%
Commercial and industrial		16,006			2,197,264		0.73	%
Total commercial	$	48,305		$	7,954,484		0.61	%
Construction		5,514			751,605		0.73	%
Mortgage		12,004			1,295,843		0.93	%
Consumer:
Credit cards		-			17		-	%
Home equity lines of credit		2,300			65,025		3.54	%
Personal		18,409			189,166		9.73	%
Other consumer		2			10,603		0.02	%
Total consumer	$	20,711		$	264,811		7.82	%
Total	$	86,534		$	10,266,743		0.84	%


Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$	(1,616	)	$	90,059		(0.10	)%
Commercial real estate - non-owner occupied		(2,242	)		(4,082	)	(0.11	)%
Commercial real estate - owner occupied		9,611			44,900		0.56	%
Commercial and industrial		(1,227	)		132,631		(0.10	)%
Total commercial	$	4,526		$	263,508		0.03	%
Construction		1,878			37,818		0.21	%
Mortgage		(1,230	)		8,250		(0.10	)%
Consumer:
Credit cards		-			2		-	%
Home equity lines of credit		(425	)		(1,720	)	(0.58	)%
Personal		(1,800	)		(20,229	)	0.10	%
Other consumer		-			(324	)	-	%
Total consumer	$	(2,225	)	$	(22,271	)	(0.20	)%
Total	$	2,949		$	287,305		0.01	%

Popular, Inc.
Financial Supplement to Fourth Quarter 2023 Earnings Release
Table R - Reconciliation to GAAP Financial Measures
(Unaudited)


(In thousands, except share or per share information)	31-Dec-23			30-Sep-23			31-Dec-22
Total stockholders’ equity	$	5,146,953		$	4,457,608		$	4,093,425
Less: Preferred stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(804,428	)		(804,428	)		(827,428	)
Less: Other intangibles		(9,764	)		(10,559	)		(12,944	)
Total tangible common equity	$	4,310,618		$	3,620,478		$	3,230,910
Total assets	$	70,758,155		$	69,736,936		$	67,637,917
Less: Goodwill		(804,428	)		(804,428	)		(827,428	)
Less: Other intangibles		(9,764	)		(10,559	)		(12,944	)
Total tangible assets	$	69,943,963		$	68,921,949		$	66,797,545
Tangible common equity to tangible assets		6.16	%		5.25	%		4.84	%
Common shares outstanding at end of period		72,153,621			72,127,595			71,853,720
Tangible book value per common share	$	59.74		$	50.20		$	44.97

	Quarterly average
Total stockholders’ equity [1]	$	6,755,948		$	6,636,364		$	6,161,634
Less: Preferred Stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(804,427	)		(827,177	)		(827,427	)
Less: Other intangibles		(10,286	)		(11,083	)		(13,440	)
Total tangible equity	$	5,919,092		$	5,775,961		$	5,298,624
Return on average tangible common equity		6.32	%		9.36	%		19.23	%
[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.

	Year-to-date average
Total stockholders’ equity [1]	$	6,600,603					$	6,009,225
Less: Preferred Stock		(22,143	)					(22,143	)
Less: Goodwill		(821,567	)					(757,133	)
Less: Other intangibles		(11,473	)					(17,113	)
Total tangible equity	$	5,745,420					$	5,212,836
Return on average tangible common equity		9.40	%					21.13	%
[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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240125297208/en/

Popular, Inc.

Investor Relations:

Paul J. Cardillo, 212-417-6721

Senior Vice President and Investor Relations Officer

pcardillo@popular.com

Media Relations:

MC González Noguera, 917-804-5253

Executive Vice President and Chief Communications & Public Affairs Officer

mc.gonzalez@popular.com

Source: Popular, Inc.

FAQ

What was Popular, Inc.'s net income for Q4 2023?

Popular, Inc. reported a net income of $94.6 million for the quarter ended December 31, 2023.

What was Popular, Inc.'s net interest income for Q4 2023?

Popular, Inc.'s net interest income was $534.2 million in Q4 2023.

What was the Common Equity Tier 1 ratio for Popular, Inc. at the end of 2023?

Popular, Inc.'s Common Equity Tier 1 ratio was 16.30% at December 31, 2023.

What was the ratio of Non-performing loans to total loans held-in-portfolio for Popular, Inc. at the end of Q4 2023?

The ratio of Non-performing loans to total loans held-in-portfolio was 1.0% for Popular, Inc. at December 31, 2023.

How much did Popular, Inc.'s operating expenses amount to in Q4 2023?

Popular, Inc.'s operating expenses amounted to $531.1 million in Q4 2023.

Popular, Inc. Announces Fourth Quarter 2023 Financial Results

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