Popular, Inc. Announces Fourth Quarter 2024 Financial Results

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Insights

Popular Inc.'s Q4 2024 results demonstrate robust financial performance and strategic execution. The $177.8 million net income represents a 14.5% quarter-over-quarter increase, driven by expanding net interest margins and disciplined cost management.

Several key metrics highlight the bank's operational strength:

Net interest margin expanded to 3.35% from 3.24%, reflecting successful balance sheet management amid changing interest rates
Credit quality remains exceptionally strong with NPLs at 0.95% of total loans, demonstrating prudent risk management
Capital deployment shows confidence in future prospects, with $217.3 million in share repurchases and a 12.9% dividend increase

The bank's transformation initiatives are yielding tangible results, particularly in customer channel modernization. The 10% increase in adjusted net income for 2024 ($646.1 million vs $586.6 million) underscores the successful execution of core strategies.

Looking ahead, the strong capital position (CET1 ratio of 16.03%) provides significant flexibility for organic growth and potential market opportunities. The improving Puerto Rico economy, combined with the bank's dominant market position, suggests continued momentum into 2025.

01/28/2025 - 07:00 AM

Net income of $177.8 million in Q4 2024, compared to net income of $155.3 million in Q3 2024.
Net income of $614.2 million for the year 2024, compared to net income of $541.3 million for the year 2023. Excluding expenses incurred in connection with the FDIC Special Assessment and prior period tax withholdings, the adjusted net income for 2024 was $646.1 million, compared to $586.6 million in 2023, which also excluded FDIC Special Assessment expenses.
Net interest income of $590.8 million in Q4 2024, an increase of $18.3 million when compared to Q3 2024.
Net interest margin of 3.35% in Q4 2024, compared to 3.24% in Q3 2024; net interest margin on a taxable equivalent basis of 3.62% in Q4 2024, compared to 3.47% in Q3 2024.
Non-interest income of $164.7 million in Q4 2024, compared to $164.1 million in Q3 2024.
Operating expenses amounted to $467.6 million in Q4 2024, flat when compared to Q3 2024.
Credit quality metrics remained stable:
- Non-performing loans held-in-portfolio (“NPLs”) decreased by $10.6 million from Q3 2024; NPLs to loans ratio decreased five basis points to 0.95%;
- Net charge-offs (“NCOs”) increased by $8.9 million from Q3 2024; annualized NCOs to average loans held-in-portfolio (“NCO Ratio”) at 0.74% vs. 0.65% in Q3 2024. For the year 2024, the NCO Ratio was 0.68% vs. 0.44% in 2023;
- Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.01% vs. 2.06% in Q3 2024; and
- ACL to NPLs at 212.7% vs. 206.0% in Q3 2024.
Money market and investment securities increased by $814.8 million from Q3 2024; average quarterly balances decreased by $1.0 billion.
Loans in the portfolio, excluding loans held-for-sale, amounted to $37.1 billion, up $912.7 million from Q3 2024; average quarterly loan balances higher by $781.0 million.
Deposit balances amounted to $64.9 billion, an increase of $1.2 billion from Q3 2024; average quarterly deposit balances lower by $295.0 million.
Capital actions during 2024 included the repurchase of 2,256,420 shares of common stock for $217.3 million, at an average price of $96.32 per share, under a common stock repurchase authorization of up to $500 million announced in Q3 2024, as well as an increase in the Corporation’s quarterly common stock dividend from $0.62 to $0.70 per share, commencing with the dividend declared in the fourth quarter of 2024.
Common Equity Tier 1 ratio of 16.03%, Common Equity per share of $79.71 and Tangible Book Value per share of $68.16 at December 31, 2024, a decrease of $0.88 per share from Q3 2024.

SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $177.8 million for the quarter ended December 31, 2024, compared to net income of $155.3 million for the quarter ended September 30, 2024.

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

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

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

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

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

Earnings Highlights
(Unaudited)	Quarters ended				Years ended
(Dollars in thousands, except per share information)	31-Dec-24	30-Sep-24	31-Dec-23		31-Dec-24	31-Dec-23
Net interest income	$590,759	$572,473	$534,180		$2,282,288	$2,131,524
Provision for credit losses	66,102	71,448	78,663		256,942	208,609
Net interest income after provision for credit losses	524,657	501,025	455,517		2,025,346	1,922,915
Other non-interest income	164,703	164,082	168,743		658,909	650,724
Operating expenses	467,627	467,321	531,145		1,887,637	1,898,100
Income before income tax	221,733	197,786	93,115		796,618	675,539
Income tax expense (benefit)	43,916	42,463	(1,479	)	182,406	134,197
Net income	$177,817	$155,323	$94,594		$614,212	$541,342
Net income applicable to common stock	$177,464	$154,970	$94,241		$612,800	$539,930
Net income per common share-basic	$2.51	$2.16	$1.31		$8.56	$7.53
Net income per common share-diluted	$2.51	$2.16	$1.31		$8.56	$7.52

Non-GAAP Financial Measures

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

Net Interest Income on a Taxable Equivalent Basis

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

Tangible Common Equity

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

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

Adjusted net income

In addition to analyzing the Corporation’s results on a reported basis, management monitors the “Adjusted net income” of the Corporation and excludes the impact of certain transactions on the results of its operations. Management believes that the “Adjusted net income” provides meaningful information about the underlying performance of the Corporation’s ongoing operations. The “Adjusted net income” is a non-GAAP financial measure. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

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

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

(Unaudited)
(In thousands)	Income before income tax	Income tax expense (benefit)		Total
U.S. GAAP Net income	$796,618	$182,406		$614,212
Non-GAAP Adjustments:
FDIC Special Assessment [1]	14,287	(5,234	)	9,053
Adjustments related to tax withholdings on prior period distributions from U.S. subsidiaries [2]	6,400	16,483		22,883
Adjusted net income (Non-GAAP)	$817,305	$171,157		$646,148
[1] Expense recorded in the first quarter of 2024 related to the Special Assessment imposed by the FDIC to recover the losses in connection with the receivership of several failed banks.
[2] Expense recorded in the first quarter of 2024 related to tax withholdings on prior period distributions from U.S. subsidiaries

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

(Unaudited)
(In thousands)	Income before income tax	Income tax expense (benefit)		Total
U.S. GAAP Net income	$675,539	$134,197		$541,342
Non-GAAP Adjustments:
FDIC Special Assessment [1]	71,435	(26,170	)	45,265
Adjusted net income (Non-GAAP)	$746,974	$160,367		$586,607
[1] Expense recorded in the fourth quarter of 2023 related to the Special Assessment imposed by the FDIC to recover the losses in connection with the receivership of several failed banks.

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

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

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

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

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

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

lower interest expense on deposit accounts during the fourth quarter by $35.3 million, mainly associated with reductions in market-linked P.R. Government deposit accounts and the repricing across most of the other deposit products in response to declining short-term interest rates which resulted in lower costs of interest-bearing deposits by 27 basis points; and
higher interest income from loans by $10.6 million driven by higher volumes across most loan portfolios, partially offset by lower yields by 5 basis points;

partially offset by:

lower interest income from money market investments and investment securities by $16.8 million or 63 basis points; and
lower income from investment securities by $4.2 million, due to lower reinvestment activity resulting from an increase in loan volumes.

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

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

Factors impacting net interest income for the BPPR segment include:

lower interest expense on deposit accounts by $30.7 million, mainly driven by a $27.4 million decrease in the cost of P.R. Government deposits. Total cost of interest-bearing deposits for the BPPR segment decreased by 29 basis points from the previous quarter to 2.26%, including a reduction in the cost of P.R. Government deposits of 56 basis points. Total deposits cost, including demand deposits, decreased by 22 basis points to 1.67% compared to 1.89% in the third quarter of 2024; and
higher interest income from loans by $8.8 million, primarily from higher average balances in commercial, auto, and mortgage loans, offset in part by lower yields in the commercial, construction and credit card portfolios which include variable rate loans;

partially offset by:

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

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

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

Main variances in Popular U.S include:

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

partially offset by:

lower interest expense on deposit accounts by $4.7 million driven by a decrease in deposit costs as a result of recent market repricing and lower volumes in high-cost interest bearing deposit accounts such as online savings and time deposit accounts and wholesale deposits. Average deposit balances during the quarter were lower by $32.7 million. During the fourth quarter, total cost of interest-bearing deposits decreased 17 basis points to 3.63%, while total cost of deposits decreased 15 basis points to 3.20%; and
higher income from loans by $0.4 million mainly due to higher volumes in the commercial and construction loan portfolios, partially offset by lower yields, mainly in the construction portfolio that is tied to the prime lending rate.

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

Non-interest income

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

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

Refer to Table B for further details.

Operating expenses

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

higher professional fees by $5.7 million mainly due to consulting fees related to corporate initiatives and IT projects;
higher business promotion expense by $4.2 million mainly due to seasonal projects and higher donations granted during the quarter; and
higher personnel costs by $3.9 million mainly due to higher incentive compensation by $3.4 million and higher health insurance costs by $1.4 million; partially offset by a $1.4 million decrease in other personnel costs, mainly related to the valuation of equity securities held for deferred compensation plans, which have an offsetting effect in equity securities income.

partially offset by:

lower technology and software expenses by $7.1 million, mainly due to IT projects which have reached the development stage and whose related costs are capitalized;
lower equipment expense by $4.5 million, mainly due to a decrease in daily rental vehicle fleet depreciation as a result of the vehicles sold as part of the daily car rental business transaction; and
higher other real estate volume of other real estate owned (OREO) income by $1.7 million due to higher volume of units sold and higher gains on sale per unit;

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

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

Income taxes

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

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

Credit Quality

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

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

Non-Performing Loans and Net Charge Offs

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

In the BPPR segment, NPLs increased by $3.3 million, mainly driven by higher auto loans and leases NPLs by $4.0 million and $2.2 million, respectively, offset in part by lower commercial NPLs by $2.7 million. Excluding consumer loans, inflows to NPLs in the BPPR segment increased by $11.0 million compared to the previous quarter, mostly related to higher mortgage inflows.
In the PB segment, NPLs decreased by $13.9 million driven by a $17.3 million commercial loan sale. Inflows to NPLs, excluding consumer loans, decreased by $9.1 million, driven by lower mortgage inflows by $15.8 million, as the prior quarter included the impact of a $17.1 million single mortgage relationship, offset in part by higher commercial inflows by $6.6 million.

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

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

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

Other Real Estate Owned Properties (“OREO”)

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

Refer to Table L for additional information and related ratios.

Allowance for Credit Losses (“ACL”) and Provision for Credit Losses (“PCL”)

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

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

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

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

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

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

Non-Performing Assets
(Unaudited)
(In thousands)	31-Dec-24		30-Sep-24		31-Dec-23
Non-performing loans held-in-portfolio	$350,780		$361,398		$357,611
Other real estate owned	57,268		63,028		80,416
Total non-performing assets	$408,048		$424,426		$438,027
Net charge-offs for the quarter	$67,433		$58,529		$56,947


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

Provision for Credit Losses (Benefit) - Loan Portfolios

(Unaudited)	Quarters ended				Years ended
(In thousands)	31-Dec-24	30-Sep-24		31-Dec-23	31-Dec-24	31-Dec-23
Provision for credit losses (benefit) - loan portfolios:
BPPR	$67,088	$77,147		$67,235	$253,828	$194,834
Popular U.S.	2,041	(4,378	)	7,983	4,613	6,705
Total provision for credit losses (benefit) - loan portfolios	$69,129	$72,769		$75,218	$258,441	$201,539

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

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

Financial Condition Highlights

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

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

an increase in securities available-for-sale (“AFS”) of $1.1 billion, mainly due to an increase in investments in U.S. Treasury bills, partially offset by maturities and principal paydowns and unfavorable changes in the fair value of debt securities; and
an increase in loans held-in-portfolio by $912.7 million, driven by an increase of $453.6 million in BPPR across all portfolios, particularly commercial and mortgage loans, and an increase of $459.1 million in PB, mainly in the commercial and construction portfolios;

partially offset by:

a decrease in money market investments of $149.8 million, mainly driven by the deployment of funds to support loan growth; and
a decrease in securities held-to-maturity (“HTM”) of $107.2 million driven by maturities, partially offset by the amortization of $45.8 million of the discount related to U.S. Treasury securities previously reclassified from AFS to HTM.

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

an increase of $1.2 billion in deposits, driven by:
- higher deposits balances at BPPR of $1.3 billion due to increases in P.R. Government deposits by $747.6 million and in non-P.R. Government deposits by $601.4 million, which include deposits held in trust for debt service payments made in January 2025; and
- lower deposits balances at PB of $187.1 million, mainly in interest bearing accounts, including deposits gathered through direct online channels;
an increase in other liabilities of $481.5 million, mainly driven by $495.1 million in unsettled trade payables related to U.S. Treasury securities purchased during the fourth quarter of 2024, which were settled in the first quarter of 2025; and
an increase in other short-term borrowings of $225.0 million, due to FHLB advances in PB.

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

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

Refer to Table C for the Statements of Financial Condition.

Cautionary Note Regarding Forward-Looking Statements

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

More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Form 10-K for the year ended December 31, 2023, our Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and in the Form 10-K for the year ended December 31, 2024, to be filed with the Securities and Exchange Commission. Our filings are available on the Corporation’s website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). The Corporation assumes no obligation to update or revise any forward-looking statements or information which speak as of their respective dates.

About Popular, Inc.

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

Conference Call

Popular will hold a conference call to discuss its financial results today, Tuesday, January 28, 2025 at 10:00 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed through the Investor Relations section of the Corporation’s website: www.popular.com.

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local). The dial-in access code is 200257.

A replay of the webcast will be archived in Popular’s website. A telephone replay will be available one hour after the end of the conference call through Thursday, February 27, 2025. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 527575.

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

Popular, Inc.

Financial Supplement to Fourth Quarter 2024 Earnings Release

Table A - Selected Ratios and Other Information

Table B - Consolidated Statement of Operations

Table C - Consolidated Statement of Financial Condition

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

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

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

Table G - Mortgage Banking Activities and Other Service Fees

Table H - Consolidated Loans and Deposits

Table I - Loan Delinquency - BPPR Operations

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

Table K - Loan Delinquency - Consolidated

Table L - Non-Performing Assets

Table M - Activity in Non-Performing Loans

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

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

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

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

Table R - Reconciliation to GAAP Financial Measures

POPULAR, INC.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table A - Selected Ratios and Other Information
(Unaudited)

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

POPULAR, INC.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table B - Consolidated Statement of Operations
(Unaudited)
		Quarters ended				Variance		Quarter ended		Variance		Years ended
						Q4 2024				Q4 2024
(In thousands, except per share information)		31-Dec-24		30-Sep-24		vs. Q3 2024		31-Dec-23		vs. Q4 2023		31-Dec-24		31-Dec-23
Interest income:
	Loans	$673,858		$664,731		$9,127		$623,438		$50,420		$2,626,058		$2,331,654
	Money market investments	79,302		96,061		(16,759	)	100,840		(21,538	)	352,195		366,625
	Investment securities	166,607		176,656		(10,049	)	143,214		23,393		695,010		547,028
	Total interest income	919,767		937,448		(17,681	)	867,492		52,275		3,673,263		3,245,307
Interest expense:
	Deposits	315,701		350,985		(35,284	)	319,200		(3,499	)	1,336,121		1,050,024
	Short-term borrowings	928		1,430		(502	)	1,342		(414	)	4,676		7,329
	Long-term debt	12,379		12,560		(181	)	12,770		(391	)	50,178		56,430
	Total interest expense	329,008		364,975		(35,967	)	333,312		(4,304	)	1,390,975		1,113,783
Net interest income		590,759		572,473		18,286		534,180		56,579		2,282,288		2,131,524
Provision for credit losses		66,102		71,448		(5,346	)	78,663		(12,561	)	256,942		208,609
Net interest income after provision for credit losses		524,657		501,025		23,632		455,517		69,140		2,025,346		1,922,915
Service charges on deposit accounts		38,060		38,315		(255	)	37,699		361		151,343		147,476
Other service fees		99,350		98,748		602		96,692		2,658		389,233		374,440
Mortgage banking activities		6,306		2,670		3,636		6,388		(82	)	19,059		21,497
Net (loss) gain, including impairment, on equity securities		(2,459	)	(546	)	(1,913	)	2,317		(4,776	)	(1,583	)	3,482
Net (loss) gain on trading account debt securities		(10	)	817		(827	)	750		(760	)	1,445		1,382
Net gain (loss) on sale of loans, including valuation adjustments on loans held-for-sale		440		-		440		(71	)	511		440		(115	)
Adjustments to indemnity reserves on loans sold		483		808		(325	)	2,350		(1,867	)	1,266		2,319
Other operating income		22,533		23,270		(737	)	22,618		(85	)	97,706		100,243
	Total non-interest income	164,703		164,082		621		168,743		(4,040	)	658,909		650,724
Operating expenses:
Personnel costs
	Salaries	135,793		135,983		(190	)	127,809		7,984		529,794		505,935
	Commissions, incentives and other bonuses	30,494		26,350		4,144		26,632		3,862		126,081		112,657
	Pension, postretirement and medical insurance	17,794		16,387		1,407		17,598		196		68,185		67,469
	Other personnel costs, including payroll taxes	21,713		23,136		(1,423	)	22,626		(913	)	96,391		91,984
	Total personnel costs	205,794		201,856		3,938		194,665		11,129		820,451		778,045
Net occupancy expenses		27,666		28,031		(365	)	30,282		(2,616	)	111,430		111,586
Equipment expenses		4,846		9,349		(4,503	)	10,179		(5,333	)	33,424		37,057
Other taxes		18,581		17,757		824		14,636		3,945		66,046		55,926
Professional fees		32,452		26,708		5,744		39,065		(6,613	)	125,822		161,142
Technology and software expenses		81,395		88,452		(7,057	)	76,772		4,623		329,061		290,615
Processing and transactional services
	Credit and debit cards	11,657		11,761		(104	)	6,682		4,975		49,301		44,578
	Other processing and transactional services	23,410		22,559		851		22,779		631		93,376		93,492
	Total processing and transactional services	35,067		34,320		747		29,461		5,606		142,677		138,070
Communications		4,756		5,229		(473	)	4,181		575		18,899		16,664
Business promotion
	Rewards and customer loyalty programs	16,778		16,533		245		14,130		2,648		63,773		59,092
	Other business promotion	13,077		9,104		3,973		13,767		(690	)	38,157		35,834
	Total business promotion	29,855		25,637		4,218		27,897		1,958		101,930		94,926
Deposit insurance		9,725		10,433		(708	)	81,385		(71,660	)	54,626		105,985
Other real estate owned (OREO) income		(4,379	)	(2,674	)	(1,705	)	(5,178	)	799		(18,124	)	(15,375	)
Other operating expenses
	Operational losses	6,047		5,769		278		6,921		(874	)	27,200		23,505
	All other	15,117		15,750		(633	)	20,084		(4,967	)	71,257		73,774
	Total other operating expenses	21,164		21,519		(355	)	27,005		(5,841	)	98,457		97,279
Amortization of intangibles		705		704		1		795		(90	)	2,938		3,180
Goodwill impairment charge		-		-		-		-		-		-		23,000
	Total operating expenses	467,627		467,321		306		531,145		(63,518	)	1,887,637		1,898,100
Income before income tax		221,733		197,786		23,947		93,115		128,618		796,618		675,539
Income tax expense (benefit)		43,916		42,463		1,453		(1,479	)	45,395		182,406		134,197
Net income		$177,817		$155,323		$22,494		$94,594		$83,223		$614,212		$541,342
Net income applicable to common stock		$177,464		$154,970		$22,494		$94,241		$83,223		$612,800		$539,930
Net income per common share - basic		$2.51		$2.16		$0.35		$1.31		$1.20		$8.56		$7.53
Net income per common share - diluted		$2.51		$2.16		$0.35		$1.31		$1.20		$8.56		$7.52
Dividends Declared per Common Share		$0.70		$0.62		$0.08		$0.62		$0.08		$2.56		$2.27

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table C - Consolidated Statement of Financial Condition
(Unaudited)
									Variance
									Q4 2024 vs.
(In thousands)			31-Dec-24		30-Sep-24		31-Dec-23		Q3 2024
Assets:
Cash and due from banks			$419,638		$427,594		$420,462		$(7,956	)
Money market investments			6,380,948		6,530,788		6,998,871		(149,840	)
Trading account debt securities, at fair value			32,831		30,843		31,568		1,988
Debt securities available-for-sale, at fair value			18,245,903		17,186,123		16,729,044		1,059,780
Debt securities held-to-maturity, at amortized cost			7,758,077		7,865,294		8,194,335		(107,217	)
		Less: Allowance for credit losses	5,317		5,430		5,780		(113	)
		Debt securities held-to-maturity, net	7,752,760		7,859,864		8,188,555		(107,104	)
Equity securities			208,166		198,191		193,726		9,975
Loans held-for-sale, at lower of cost or fair value			5,423		5,509		4,301		(86	)
Loans held-in-portfolio			37,522,995		36,599,612		35,420,879		923,383
		Less: Unearned income	415,343		404,645		355,908		10,698
		Allowance for credit losses	746,024		744,320		729,341		1,704
		Total loans held-in-portfolio, net	36,361,628		35,450,647		34,335,630		910,981
Premises and equipment, net			601,787		624,376		565,284		(22,589	)
Other real estate			57,268		63,028		80,416		(5,760	)
Accrued income receivable			263,389		257,406		263,433		5,983
Mortgage servicing rights, at fair value			108,103		108,827		118,109		(724	)
Other assets			1,797,759		1,767,919		2,014,564		29,840
Goodwill			802,954		804,428		804,428		(1,474	)
Other intangible assets			6,826		7,531		9,764		(705	)
Total assets			$73,045,383		$71,323,074		$70,758,155		$1,722,309
Liabilities and Stockholders’ Equity:
Liabilities:
	Deposits:
		Non-interest bearing	$15,139,555		$15,276,071		$15,419,624		$(136,516	)
		Interest bearing	49,744,790		48,392,430		48,198,619		1,352,360
		Total deposits	64,884,345		63,668,501		63,618,243		1,215,844
Assets sold under agreements to repurchase			54,833		55,360		91,384		(527	)
Other short-term borrowings			225,000		-		-		225,000
Notes payable			896,293		918,376		986,948		(22,083	)
Other liabilities			1,371,846		890,323		914,627		481,523
Total liabilities			67,432,317		65,532,560		65,611,202		1,899,757
Stockholders’ equity:
Preferred stock			22,143		22,143		22,143		-
Common stock			1,048		1,048		1,048		-
Surplus			4,908,693		4,853,869		4,843,399		54,824
Retained earnings			4,570,957		4,495,878		4,194,851		75,079
Treasury stock			(2,228,535	)	(2,069,430	)	(2,018,957	)	(159,105	)
Accumulated other comprehensive loss, net of tax			(1,661,240	)	(1,512,994	)	(1,895,531	)	(148,246	)
		Total stockholders’ equity	5,613,066		5,790,514		5,146,953		(177,448	)
Total liabilities and stockholders’ equity			$73,045,383		$71,323,074		$70,758,155		$1,722,309

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)
For the quarters ended December 31, 2024 and September 30, 2024
(Unaudited)

																								Variance
	Average Volume						Average Yields / Costs									Interest								Attributable to
	31-Dec-24		30-Sep-24	Variance			31-Dec-24		30-Sep-24		Variance						31-Dec-24		30-Sep-24		Variance			Rate			Volume
	(In millions)																(In thousands)
$	6,571	$	7,033	$	(462	)	4.80	%	5.43	%	(0.63	)	%	Money market investments		$	79,301	$	96,061	$	(16,760	)	$	(10,705	)	$	(6,055	)
	27,015		27,569		(554	)	2.92		2.92		-			Investment securities [1]			198,116		202,317		(4,201	)		(287	)		(3,914	)
	32		30		2		5.82		5.87		(0.05	)		Trading securities			470		436		34			(4	)		38
														Total money market,
															investment and trading
	33,618		34,632		(1,014	)	3.29		3.43		(0.14	)			securities		277,887		298,814		(20,927	)		(10,996	)		(9,931	)
														Loans:
	18,297		17,798		499		6.84		6.90		(0.06	)			Commercial		314,615		308,734		5,881			(2,708	)		8,589
	1,204		1,129		75		8.38		8.85		(0.47	)			Construction		25,352		25,102		250			(1,362	)		1,612
	1,898		1,851		47		7.03		6.97		0.06				Leasing		33,361		32,241		1,120			292			828
	8,039		7,911		128		5.78		5.73		0.05				Mortgage		116,254		113,409		2,845			1,004			1,841
	3,218		3,211		7		13.79		14.08		(0.29	)			Consumer		111,538		112,423		(885	)		(1,192	)		307
	3,908		3,879		29		9.02		8.94		0.08				Auto		88,564		87,189		1,375			731			644
	36,564		35,779		785		7.51		7.56		(0.05	)		Total loans			689,684		679,098		10,586			(3,235	)		13,821
$	70,182	$	70,411	$	(229	)	5.49	%	5.53	%	(0.04	)	%	Total earning assets		$	967,571	$	977,912	$	(10,341	)	$	(14,231	)	$	3,890
														Interest bearing deposits:
$	25,954	$	26,148	$	(194	)	3.21	%	3.64	%	(0.43	)	%		NOW and money market [2]	$	209,227	$	238,923	$	(29,696	)	$	(31,943	)	$	2,247
	14,246		14,322		(76	)	0.88		0.92		(0.04	)			Savings		31,341		33,169		(1,828	)		(1,609	)		(219	)
	8,978		9,069		(91	)	3.33		3.46		(0.13	)			Time deposits		75,133		78,893		(3,760	)		(3,234	)		(526	)
	49,178		49,539		(361	)	2.55		2.82		(0.27	)		Total interest bearing deposits			315,701		350,985		(35,284	)		(36,786	)		1,502
	15,034		14,968		66										Non-interest bearing demand deposits
	64,212		64,507		(295	)	1.96		2.16		(0.20	)		Total deposits			315,701		350,985		(35,284	)		(36,786	)		1,502
	73		101		(28	)	5.09		5.62		(0.53	)		Short-term borrowings			928		1,430		(502	)		(139	)		(363	)
														Other medium and
	923		950		(27	)	5.39		5.32		0.07				long-term debt		12,379		12,560		(181	)		(78	)		(103	)
														Total interest bearing
	50,174		50,590		(416	)	2.61		2.87		(0.26	)			liabilities (excluding demand deposits)		329,008		364,975		(35,967	)		(37,003	)		1,036

	4,974		4,853		121									Other sources of funds
$	70,182	$	70,411	$	(229	)	1.87	%	2.06	%	(0.19	)	%	Total source of funds			329,008		364,975		(35,967	)		(37,003	)		1,036
														Net interest margin/
							3.62	%	3.47	%	0.15		%		income on a taxable equivalent basis (Non-GAAP)		638,563		612,937		25,626		$	22,772		$	2,854
							2.88	%	2.66	%	0.22		%	Net interest spread
														Taxable equivalent adjustment			47,804		40,464		7,340
														Net interest margin/ income
							3.35	%	3.24	%	0.11		%		non-taxable equivalent basis (GAAP)	$	590,759	$	572,473	$	18,286
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)
For the quarters ended December 31, 2024 and December 31, 2023
(Unaudited)

																								Variance
	Average Volume						Average Yields / Costs									Interest								Attributable to
	31-Dec-24		31-Dec-23	Variance			31-Dec-24		31-Dec-23		Variance						31-Dec-24		31-Dec-23		Variance			Rate			Volume
	(In millions)																(In thousands)
$	6,571	$	7,307	$	(736	)	4.80	%	5.47	%	(0.67	)	%	Money market investments		$	79,301	$	100,840	$	(21,539	)	$	(11,942	)	$	(9,597	)
	27,015		27,099		(84	)	2.92		2.28		0.64			Investment securities [1]			198,116		155,118		42,998			42,953			45
	32		31		1		5.82		3.72		2.10			Trading securities			470		293		177			169			8
														Total money market,
															investment and trading
	33,618		34,437		(819	)	3.29		2.96		0.33				securities		277,887		256,251		21,636			31,180			(9,544	)
														Loans:
	18,297		17,251		1,046		6.84		6.71		0.13				Commercial		314,615		291,791		22,824			4,898			17,926
	1,204		927		277		8.38		9.04		(0.66	)			Construction		25,352		21,131		4,221			(1,696	)		5,917
	1,898		1,707		191		7.03		6.60		0.43				Leasing		33,361		28,174		5,187			1,913			3,274
	8,039		7,626		413		5.78		5.83		(0.05	)			Mortgage		116,254		111,215		5,039			(941	)		5,980
	3,218		3,215		3		13.79		13.43		0.36				Consumer		111,538		108,859		2,679			1,890			789
	3,908		3,722		186		9.02		8.61		0.41				Auto		88,564		80,731		7,833			3,705			4,128
	36,564		34,448		2,116		7.51		7.41		0.10			Total loans			689,684		641,901		47,783			9,769			38,014
$	70,182	$	68,885	$	1,297		5.49	%	5.18	%	0.31		%	Total earning assets		$	967,571	$	898,152	$	69,419		$	40,949		$	28,470
														Interest bearing deposits:
$	25,954	$	25,027	$	927		3.21	%	3.60	%	(0.39	)	%		NOW and money market [2]	$	209,227	$	227,079	$	(17,852	)	$	(23,319	)	$	5,467
	14,246		14,934		(688	)	0.88		0.85		0.03				Savings		31,341		32,073		(732	)		795			(1,527	)
	8,978		8,288		690		3.33		2.87		0.46				Time deposits		75,133		60,048		15,085			8,706			6,379
	49,178		48,249		929		2.55		2.62		(0.07	)		Total interest bearing deposits			315,701		319,200		(3,499	)		(13,818	)		10,319
	15,034		15,017		17										Non-interest bearing demand deposits
	64,212		63,266		946		1.96		2.00		(0.04	)		Total deposits			315,701		319,200		(3,499	)		(13,818	)		10,319
	73		94		(21	)	5.09		5.64		(0.55	)		Short-term borrowings			928		1,342		(414	)		(109	)		(305	)
														Other medium and
	923		1,018		(95	)	5.39		5.04		0.35				long-term debt		12,379		12,770		(391	)		(22	)		(369	)
														Total interest bearing
	50,174		49,361		813		2.61		2.68		(0.07	)			liabilities (excluding demand deposits)		329,008		333,312		(4,304	)		(13,949	)		9,645

	4,974		4,507		467									Other sources of funds
$	70,182	$	68,885	$	1,297		1.87	%	1.92	%	(0.05	)	%	Total source of funds			329,008		333,312		(4,304	)		(13,949	)		9,645
														Net interest margin/
							3.62	%	3.26	%	0.36		%		income on a taxable equivalent basis (Non-GAAP)		638,563		564,840		73,723		$	54,898		$	18,825
							2.88	%	2.50	%	0.38		%	Net interest spread
														Taxable equivalent adjustment			47,804		30,660		17,144
														Net interest margin/ income
							3.35	%	3.08	%	0.27		%		non-taxable equivalent basis (GAAP)	$	590,759	$	534,180	$	56,579
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE
(Unaudited)

																								Variance
	Average Volume						Average Yields / Costs									Interest								Attributable to
	31-Dec-24		31-Dec-23	Variance			31-Dec-24		31-Dec-23		Variance						31-Dec-24		31-Dec-23		Variance			Rate			Volume
	(In millions)																(In thousands)
$	6,641	$	7,052	$	(411	)	5.30	%	5.20	%	0.10		%	Money market investments		$	352,194	$	366,625	$	(14,431	)	$	7,241		$	(21,672	)
	27,955		27,926		29		2.89		2.20		0.69			Investment securities [1]			808,458		615,758		192,700			190,942			1,758
	30		32		(2	)	5.23		4.32		0.91			Trading securities			1,583		1,376		207			280			(73	)
														Total money market,
															investment and trading
	34,626		35,010		(384	)	3.36		2.81		0.55				securities		1,162,235		983,759		178,476			198,463			(19,987	)
														Loans:
	17,855		16,469		1,386		6.86		6.55		0.31				Commercial		1,224,856		1,079,171		145,685			52,298			93,387
	1,099		816		283		8.81		8.86		(0.05	)			Construction		96,778		72,309		24,469			(478	)		24,947
	1,820		1,650		170		6.90		6.38		0.52				Leasing		125,652		105,309		20,343			8,944			11,399
	7,873		7,482		391		5.70		5.55		0.15				Mortgage		448,880		414,992		33,888			11,819			22,069
	3,211		3,115		96		13.90		13.19		0.71				Consumer		446,357		410,910		35,447			19,564			15,883
	3,843		3,633		210		8.90		8.39		0.51				Auto		342,075		304,660		37,415			19,382			18,033
	35,701		33,165		2,536		7.52		7.20		0.32			Total loans			2,684,598		2,387,351		297,247			111,529			185,718
$	70,327	$	68,175	$	2,152		5.47	%	4.94	%	0.53		%	Total earning assets		$	3,846,833	$	3,371,110	$	475,723		$	309,992		$	165,731
														Interest bearing deposits:
$	25,978	$	24,563	$	1,415		3.52	%	3.10	%	0.42		%		NOW and money market [2]	$	913,624	$	761,647	$	151,977		$	113,249		$	38,728
	14,499		14,900		(401	)	0.91		0.68		0.23				Savings		132,476		101,334		31,142			30,406			736
	8,903		7,776		1,127		3.26		2.41		0.85				Time deposits		290,021		187,043		102,978			65,045			37,933
	49,380		47,239		2,141		2.71		2.22		0.49			Total interest bearing deposits			1,336,121		1,050,024		286,097			208,700			77,397
	15,065		15,307		(242	)									Non-interest bearing demand deposits
	64,445		62,546		1,899		2.07		1.68		0.39			Total deposits			1,336,121		1,050,024		286,097			208,700			77,397
	85		143		(58	)	5.53		5.12		0.41			Short-term borrowings			4,676		7,329		(2,653	)		540			(3,193	)
														Other medium and
	962		1,109		(147	)	5.22		5.09		0.13				long-term debt		50,178		56,430		(6,252	)		962			(7,214	)
														Total interest bearing
	50,427		48,491		1,936		2.76		2.30		0.46				liabilities (excluding demand deposits)		1,390,975		1,113,783		277,192			210,202			66,990

	4,837		4,377		460									Other sources of funds
$	70,329	$	68,175	$	2,154		1.98	%	1.63	%	0.35		%	Total source of funds			1,390,975		1,113,783		277,192			210,202			66,990
														Net interest margin/
							3.49	%	3.31	%	0.18		%		income on a taxable equivalent basis (Non-GAAP)		2,455,858		2,257,327		198,531		$	99,790		$	98,741
							2.71	%	2.64	%	0.07		%	Net interest spread
														Taxable equivalent adjustment			173,570		125,803		47,767
														Net interest margin/ income
							3.24	%	3.13	%	0.11		%		non-taxable equivalent basis (GAAP)	$	2,282,288	$	2,131,524	$	150,764
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table G - Mortgage Banking Activities and Other Service Fees
(Unaudited)

Mortgage Banking Activities
		Quarters ended						Variance				Years ended				Variance
(In thousands)		31-Dec-24		30-Sep-24		31-Dec-23		Q4 2024 vs.Q3 2024		Q4 2024 vs.Q4 2023		31-Dec-24		31-Dec-23		2024 vs. 2023
Mortgage servicing fees, net of fair value adjustments:
	Mortgage servicing fees	$7,315		$7,559		$7,898		$(244	)	$(583	)	$30,227		$32,981		$(2,754	)
	Mortgage servicing rights fair value adjustments	(1,090	)	(4,896	)	(1,204	)	3,806		114		(11,370	)	(11,589	)	219
Total mortgage servicing fees, net of fair value adjustments		6,225		2,663		6,694		3,562		(469	)	18,857		21,392		(2,535	)
Net (loss) gain on sale of loans, including valuation on loans held-for-sale		(79	)	320		45		(399	)	(124	)	317		(88	)	405
Trading account profit (loss):
	Unrealized gains (loss) on outstanding derivative positions	72		(44	)	(298	)	116		370		185		(138	)	323
	Realized gains (loss) on closed derivative positions	99		(261	)	(47	)	360		146		(150	)	614		(764	)
Total trading account profit (loss)		171		(305	)	(345	)	476		516		35		476		(441	)
Losses on repurchased loans, including interest advances		(11	)	(8	)	(6	)	(3	)	(5	)	(150	)	(283	)	133
Total mortgage banking activities		$6,306		$2,670		$6,388		$3,636		$(82	)	$19,059		$21,497		$(2,438	)


Other Service Fees
		Quarters ended			Variance				Years ended		Variance
(In thousands)		31-Dec-24	30-Sep-24	31-Dec-23	Q4 2024 vs.Q3 2024		Q4 2024\|vs.Q4 2023		31-Dec-24	31-Dec-23	2024 vs. 2023
Other service fees:
	Debit card fees [1]	$26,903	$26,197	$25,489	$706		$1,414		$105,810	$99,632	$6,178
	Insurance fees	14,619	15,422	16,739	(803	)	(2,120	)	58,098	60,220	(2,122	)
	Credit card fees [1]	30,803	31,262	29,894	(459	)	909		122,380	120,040	2,340
	Sale and administration of investment products	9,549	8,387	6,862	1,162		2,687		33,213	26,316	6,897
	Trust fees	6,635	6,715	6,716	(80	)	(81	)	26,679	25,472	1,207
	Other fees	10,841	10,765	10,992	76		(151	)	43,053	42,760	293
Total other service fees		$99,350	$98,748	$96,692	$602		$2,658		$389,233	$374,440	$14,793
[1] Effective in the third quarter of 2024, the Corporation is reclassifying certain interchange fees, which were previously included jointly with credit card fees from common network activity, as debit card fees. Interchange fees amounting to $11.3 million and $10.9 million, were reclassified for the first and second quarters of 2024, respectively. For the quarter and year to date ended December 31, 2023, interchange fees of approximately $11.5 million and $45.3 million were reclassified.

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table H - Consolidated Loans and Deposits
(Unaudited)

Loans - Ending Balances
				Variance
(Dollars in thousands)	31-Dec-24	30-Sep-24	31-Dec-23	Q4 2024 vs.Q3 2024		% of Change		Q4 2024 vs.Q4 2023		% of Change
Loans held-in-portfolio:
Commercial
Commercial multi-family	$2,399,620	$2,405,302	$2,415,620	$(5,682	)	(0.24	%)	$(16,000	)	(0.66	%)
Commercial real estate non-owner occupied	5,363,235	5,185,381	5,087,421	177,854		3.43	%	275,814		5.42	%
Commercial real estate owner occupied	3,157,746	3,092,393	3,080,635	65,353		2.11	%	77,111		2.50	%
Commercial and industrial	7,741,562	7,400,553	7,126,121	341,009		4.61	%	615,441		8.64	%
Total Commercial	18,662,163	18,083,629	17,709,797	578,534		3.20	%	952,366		5.38	%
Construction	1,263,792	1,113,307	959,280	150,485		13.52	%	304,512		31.74	%
Leasing	1,925,405	1,887,052	1,731,809	38,353		2.03	%	193,596		11.18	%
Mortgage	8,114,183	7,993,348	7,695,917	120,835		1.51	%	418,266		5.43	%
Consumer
Credit cards	1,218,079	1,186,893	1,135,747	31,186		2.63	%	82,332		7.25	%
Home equity lines of credit	73,571	69,691	65,953	3,880		5.57	%	7,618		11.55	%
Personal	1,855,244	1,873,175	1,945,247	(17,931	)	(0.96	%)	(90,003	)	(4.63	%)
Auto	3,823,437	3,818,607	3,660,780	4,830		0.13	%	162,657		4.44	%
Other	171,778	169,265	160,441	2,513		1.48	%	11,337		7.07	%
Total Consumer	7,142,109	7,117,631	6,968,168	24,478		0.34	%	173,941		2.50	%
Total loans held-in-portfolio	$37,107,652	$36,194,967	$35,064,971	$912,685		2.52	%	$2,042,681		5.83	%
Loans held-for-sale:
Mortgage	$5,423	$5,509	$4,301	$(86	)	(1.56	%)	$1,122		26.09	%
Total loans held-for-sale	$5,423	$5,509	$4,301	$(86	)	(1.56	%)	$1,122		26.09	%
Total loans	$37,113,075	$36,200,476	$35,069,272	$912,599		2.52	%	$2,043,803		5.83	%


Deposits - Ending Balances
				Variance
(In thousands)	31-Dec-24	30-Sep-24	31-Dec-23	Q4 2024 vs. Q3 2024		% of Change		Q4 2024 vs.Q4 2023		% of Change
Non-P.R. government deposits:
Demand deposits	$15,139,555	$15,276,071	$15,419,624	$(136,516	)	(0.89	%)	$(280,069	)	(1.82	%)
Savings, NOW and money market deposits (non-brokered)	21,177,506	20,584,328	21,541,261	593,178		2.88	%	(363,755	)	(1.69	%)
Savings, NOW and money market deposits (brokered)	736,225	735,231	719,453	994		0.14	%	16,772		2.33	%
Time deposits (non-brokered)	7,476,924	7,363,477	6,914,035	113,447		1.54	%	562,889		8.14	%
Time deposits (brokered CDs)	890,704	993,522	955,754	(102,818	)	(10.35	%)	(65,050	)	(6.81	%)
Sub-total non-P.R. government deposits	45,420,914	44,952,629	45,550,127	468,285		1.04	%	(129,213	)	(0.28	%)
P.R. government deposits:
Demand deposits [1]	11,730,273	11,088,511	12,159,430	641,762		5.79	%	(429,157	)	(3.53	%)
Savings, NOW and money market deposits (non-brokered)	7,087,904	6,903,370	5,276,583	184,534		2.67	%	1,811,321		34.33	%
Time deposits (non-brokered)	645,254	723,991	632,103	(78,737	)	(10.88	%)	13,151		2.08	%
Sub-total P.R. government deposits	19,463,431	18,715,872	18,068,116	747,559		3.99	%	1,395,315		7.72	%
Total deposits	$64,884,345	$63,668,501	$63,618,243	$1,215,844		1.91	%	$1,266,102		1.99	%
[1] Includes interest bearing demand deposits.

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table I - Loan Delinquency -BPPR Operations
(Unaudited)
31-Dec-24
BPPR
			Past due																	Past due 90 days or more
		30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)		days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family		$	1,491		$	113		$	79		$	1,683		$	306,318		$	308,001		$	79		$	-
Commercial real estate:
	Non-owner occupied		3,103			586			6,429			10,118			3,236,385			3,246,503			6,429			-
	Owner occupied		11,054			808			25,258			37,120			1,338,791			1,375,911			25,258			-
Commercial and industrial			5,738			2,712			23,895			32,345			5,314,549			5,346,894			19,335			4,560
Construction			1,039			-			-			1,039			211,251			212,290			-			-
Mortgage			262,222			116,694			365,759			744,675			6,065,206			6,809,881			158,442			207,317
Leasing			23,991			6,062			9,588			39,641			1,885,764			1,925,405			9,588			-
Consumer:
	Credit cards		17,399			11,719			29,960			59,078			1,158,975			1,218,053			-			29,960
	Home equity lines of credit		16			129			-			145			1,895			2,040			-			-
	Personal		19,503			13,005			20,269			52,777			1,697,600			1,750,377			20,269			-
	Auto		111,358			27,858			51,792			191,008			3,632,429			3,823,437			51,792			-
	Other		1,816			277			1,312			3,405			156,824			160,229			899			413
Total		$	458,730		$	179,963		$	534,341		$	1,173,034		$	25,005,987		$	26,179,021		$	292,091		$	242,250

30-Sep-24
BPPR
			Past due																	Past due 90 days or more
		30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)		days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family		$	1,866		$	-		$	87		$	1,953		$	303,581		$	305,534		$	87		$	-
Commercial real estate:
	Non-owner occupied		170			174			7,493			7,837			3,140,418			3,148,255			7,493			-
	Owner occupied		1,544			1,681			26,600			29,825			1,374,025			1,403,850			26,600			-
Commercial and industrial			19,074			6,694			23,819			49,587			5,126,538			5,176,125			19,639			4,180
Construction			-			-			-			-			190,343			190,343			-			-
Mortgage			246,220			122,592			359,986			728,798			5,966,619			6,695,417			157,920			202,066
Leasing			19,840			4,661			7,367			31,868			1,855,184			1,887,052			7,367			-
Consumer:
	Credit cards		16,210			11,415			27,214			54,839			1,132,050			1,186,889			-			27,214
	Home equity lines of credit		-			-			-			-			2,131			2,131			-			-
	Personal		21,726			13,153			21,007			55,886			1,698,195			1,754,081			20,992			15
	Auto		104,363			26,090			47,828			178,281			3,640,326			3,818,607			47,828			-
	Other		727			500			1,188			2,415			154,775			157,190			889			299
Total		$	431,740		$	186,960		$	522,589		$	1,141,289		$	24,584,185		$	25,725,474		$	288,815		$	233,774


Variance
			Past due																	Past due 90 days or more
		30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)		days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family		$	(375	)	$	113		$	(8	)	$	(270	)	$	2,737		$	2,467		$	(8	)	$	-
Commercial real estate:
	Non-owner occupied		2,933			412			(1,064	)		2,281			95,967			98,248			(1,064	)		-
	Owner occupied		9,510			(873	)		(1,342	)		7,295			(35,234	)		(27,939	)		(1,342	)		-
Commercial and industrial			(13,336	)		(3,982	)		76			(17,242	)		188,011			170,769			(304	)		380
Construction			1,039			-			-			1,039			20,908			21,947			-			-
Mortgage			16,002			(5,898	)		5,773			15,877			98,587			114,464			522			5,251
Leasing			4,151			1,401			2,221			7,773			30,580			38,353			2,221			-
Consumer:
	Credit cards		1,189			304			2,746			4,239			26,925			31,164			-			2,746
	Home equity lines of credit		16			129			-			145			(236	)		(91	)		-			-
	Personal		(2,223	)		(148	)		(738	)		(3,109	)		(595	)		(3,704	)		(723	)		(15	)
	Auto		6,995			1,768			3,964			12,727			(7,897	)		4,830			3,964			-
	Other		1,089			(223	)		124			990			2,049			3,039			10			114
Total		$	26,990		$	(6,997	)	$	11,752		$	31,745		$	421,802		$	453,547		$	3,276		$	8,476

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table J - Loan Delinquency - Popular U.S. Operations
(Unaudited)
31-Dec-24
Popular U.S.
			Past due																	Past due 90 days or more
		30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)		days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family		$	-		$	5,443		$	8,700		$	14,143		$	2,077,476		$	2,091,619		$	8,700		$	-
Commercial real estate:
	Non-owner occupied		6,792			-			8,015			14,807			2,101,925			2,116,732			8,015			-
	Owner occupied		-			-			5,191			5,191			1,776,644			1,781,835			5,191			-
Commercial and industrial			10,336			5,323			1,938			17,597			2,377,071			2,394,668			1,748			190
Construction			-			-			-			-			1,051,502			1,051,502			-			-
Mortgage			18,148			5,417			29,890			53,455			1,250,847			1,304,302			29,890			-
Consumer:
	Credit cards		-			-			-			-			26			26			-			-
	Home equity lines of credit		530			986			3,393			4,909			66,622			71,531			3,393			-
	Personal		1,808			1,509			1,741			5,058			99,809			104,867			1,741			-
	Other		514			-			11			525			11,024			11,549			11			-
Total		$	38,128		$	18,678		$	58,879		$	115,685		$	10,812,946		$	10,928,631		$	58,689		$	190

30-Sep-24
Popular U.S.
			Past due																	Past due 90 days or more
		30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)		days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family		$	1,060		$	-		$	8,700		$	9,760		$	2,090,008		$	2,099,768		$	8,700		$	-
Commercial real estate:
	Non-owner occupied		10,330			3,013			2,282			15,625			2,021,501			2,037,126			2,282			-
	Owner occupied		250			1,825			22,248			24,323			1,664,220			1,688,543			22,248			-
Commercial and industrial			11,478			2,312			5,443			19,233			2,205,195			2,224,428			5,246			197
Construction			-			34,349			-			34,349			888,615			922,964			-			-
Mortgage			899			3,640			28,434			32,973			1,264,958			1,297,931			28,434			-
Consumer:
	Credit cards		-			-			-			-			4			4			-			-
	Home equity lines of credit		74			984			3,834			4,892			62,668			67,560			3,834			-
	Personal		1,696			2,015			1,837			5,548			113,546			119,094			1,837			-
	Other		10			508			2			520			11,555			12,075			2			-
Total		$	25,797		$	48,646		$	72,780		$	147,223		$	10,322,270		$	10,469,493		$	72,583		$	197



Variance
			Past due																	Past due 90 days or more
		30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)		days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family		$	(1,060	)	$	5,443		$	-		$	4,383		$	(12,532	)	$	(8,149	)	$	-		$	-
Commercial real estate:
	Non-owner occupied		(3,538	)		(3,013	)		5,733			(818	)		80,424			79,606			5,733			-
	Owner occupied		(250	)		(1,825	)		(17,057	)		(19,132	)		112,424			93,292			(17,057	)		-
Commercial and industrial			(1,142	)		3,011			(3,505	)		(1,636	)		171,876			170,240			(3,498	)		(7	)
Construction			-			(34,349	)		-			(34,349	)		162,887			128,538			-			-
Mortgage			17,249			1,777			1,456			20,482			(14,111	)		6,371			1,456			-
Consumer:
	Credit cards		-			-			-			-			22			22			-			-
	Home equity lines of credit		456			2			(441	)		17			3,954			3,971			(441	)		-
	Personal		112			(506	)		(96	)		(490	)		(13,737	)		(14,227	)		(96	)		-
	Other		504			(508	)		9			5			(531	)		(526	)		9			-
Total		$	12,331		$	(29,968	)	$	(13,901	)	$	(31,538	)	$	490,676		$	459,138		$	(13,894	)	$	(7	)

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table K - Loan Delinquency - Consolidated
(Unaudited)

31-Dec-24
Popular, Inc.
			Past due																	Past due 90 days or more
		30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)		days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family		$	1,491		$	5,556		$	8,779		$	15,826		$	2,383,794		$	2,399,620		$	8,779		$	-
Commercial real estate:
	Non-owner occupied		9,895			586			14,444			24,925			5,338,310			5,363,235			14,444			-
	Owner occupied		11,054			808			30,449			42,311			3,115,435			3,157,746			30,449			-
Commercial and industrial			16,074			8,035			25,833			49,942			7,691,620			7,741,562			21,083			4,750
Construction			1,039			-			-			1,039			1,262,753			1,263,792			-			-
Mortgage			280,370			122,111			395,649			798,130			7,316,053			8,114,183			188,332			207,317
Leasing			23,991			6,062			9,588			39,641			1,885,764			1,925,405			9,588			-
Consumer:
	Credit cards		17,399			11,719			29,960			59,078			1,159,001			1,218,079			-			29,960
	Home equity lines of credit		546			1,115			3,393			5,054			68,517			73,571			3,393			-
	Personal		21,311			14,514			22,010			57,835			1,797,409			1,855,244			22,010			-
	Auto		111,358			27,858			51,792			191,008			3,632,429			3,823,437			51,792			-
	Other		2,330			277			1,323			3,930			167,848			171,778			910			413
Total		$	496,858		$	198,641		$	593,220		$	1,288,719		$	35,818,933		$	37,107,652		$	350,780		$	242,440

30-Sep-24
Popular, Inc.
			Past due																	Past due 90 days or more
		30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)		days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family		$	2,926		$	-		$	8,787		$	11,713		$	2,393,589		$	2,405,302		$	8,787		$	-
Commercial real estate:
	Non-owner occupied		10,500			3,187			9,775			23,462			5,161,919			5,185,381			9,775			-
	Owner occupied		1,794			3,506			48,848			54,148			3,038,245			3,092,393			48,848			-
Commercial and industrial			30,552			9,006			29,262			68,820			7,331,733			7,400,553			24,885			4,377
Construction			-			34,349			-			34,349			1,078,958			1,113,307			-			-
Mortgage			247,119			126,232			388,420			761,771			7,231,577			7,993,348			186,354			202,066
Leasing			19,840			4,661			7,367			31,868			1,855,184			1,887,052			7,367			-
Consumer:
	Credit cards		16,210			11,415			27,214			54,839			1,132,054			1,186,893			-			27,214
	Home equity lines of credit		74			984			3,834			4,892			64,799			69,691			3,834			-
	Personal		23,422			15,168			22,844			61,434			1,811,741			1,873,175			22,829			15
	Auto		104,363			26,090			47,828			178,281			3,640,326			3,818,607			47,828			-
	Other		737			1,008			1,190			2,935			166,330			169,265			891			299
Total		$	457,537		$	235,606		$	595,369		$	1,288,512		$	34,906,455		$	36,194,967		$	361,398		$	233,971

Variance
			Past due																	Past due 90 days or more
		30-59			60-89			90 days			Total									Non-accrual				Accruing
(In thousands)		days			days			or more			past due			Current			Loans HIP			loans			loans
Commercial multi-family		$	(1,435	)	$	5,556		$	(8	)	$	4,113		$	(9,795	)	$	(5,682	)	$	(8	)	$	-
Commercial real estate:
	Non-owner occupied		(605	)		(2,601	)		4,669			1,463			176,391			177,854			4,669			-
	Owner occupied		9,260			(2,698	)		(18,399	)		(11,837	)		77,190			65,353			(18,399	)		-
Commercial and industrial			(14,478	)		(971	)		(3,429	)		(18,878	)		359,887			341,009			(3,802	)		373
Construction			1,039			(34,349	)		-			(33,310	)		183,795			150,485			-			-
Mortgage			33,251			(4,121	)		7,229			36,359			84,476			120,835			1,978			5,251
Leasing			4,151			1,401			2,221			7,773			30,580			38,353			2,221			-
Consumer:
	Credit cards		1,189			304			2,746			4,239			26,947			31,186			-			2,746
	Home equity lines of credit		472			131			(441	)		162			3,718			3,880			(441	)		-
	Personal		(2,111	)		(654	)		(834	)		(3,599	)		(14,332	)		(17,931	)		(819	)		(15	)
	Auto		6,995			1,768			3,964			12,727			(7,897	)		4,830			3,964			-
	Other		1,593			(731	)		133			995			1,518			2,513			19			114
Total		$	39,321		$	(36,965	)	$	(2,149	)	$	207		$	912,478		$	912,685		$	(10,618	)	$	8,469

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table L - Non-Performing Assets
(Unaudited)
													Variance
(In thousands)	31-Dec-24		As a % of loans HIP by category		30-Sep-24		As a % of loans HIP by category		31-Dec-23		As a % of loans HIP by category		Q4 2024 vs. Q3 2024			Q4 2024 vs. Q4 2023
Non-accrual loans:
Commercial
Commercial multi-family	$	8,779	0.4	%	$	8,787	0.4	%	$	1,991	0.1	%	$	(8	)	$	6,788
Commercial real estate non-owner occupied		14,444	0.3			9,775	0.2			9,862	0.2			4,669			4,582
Commercial real estate owner occupied		30,449	1.0			48,848	1.6			35,704	1.2			(18,399	)		(5,255	)
Commercial and industrial		21,083	0.3			24,885	0.3			36,598	0.5			(3,802	)		(15,515	)
Total Commercial		74,755	0.4			92,295	0.5			84,155	0.5			(17,540	)		(9,400	)
Construction		-	-			-	-			6,378	0.7			-			(6,378	)
Leasing		9,588	0.5			7,367	0.4			8,632	0.5			2,221			956
Mortgage		188,332	2.3			186,354	2.3			186,297	2.4			1,978			2,035
Consumer
Home equity lines of credit		3,393	4.6			3,834	5.5			3,733	5.7			(441	)		(340	)
Personal		22,010	1.2			22,829	1.2			21,836	1.1			(819	)		174
Auto		51,792	1.4			47,828	1.3			45,615	1.2			3,964			6,177
Other Consumer		910	0.5			891	0.5			965	0.6			19			(55	)
Total Consumer		78,105	1.1			75,382	1.1			72,149	1.0			2,723			5,956
Total non-performing loans held-in-portfolio		350,780	0.9	%		361,398	1.0	%		357,611	1.0	%		(10,618	)		(6,831	)
Other real estate owned (“OREO”)		57,268				63,028				80,416				(5,760	)		(23,148	)
Total non-performing assets [1]	$	408,048			$	424,426			$	438,027			$	(16,378	)	$	(29,979	)
Accruing loans past due 90 days or more [2]	$	242,440			$	233,971			$	268,471			$	8,469		$	(26,031	)
Ratios:
Non-performing assets to total assets		0.56	%			0.60	%			0.62	%
Non-performing loans held-in-portfolio to loans held-in-portfolio		0.95				1.00				1.02
Allowance for credit losses to loans held-in-portfolio		2.01				2.06				2.08
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		212.68				205.96				203.95
[1] There were no non-performing loans held-for-sale as of December 31, 2024, September 30, 2024 and December 31, 2023.
[2] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due 90 days or more as opposed to non-performing since the principal repayment is insured. The balance of these loans includes $9 million at December 31, 2024, related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below (September 30, 2024 - $9 million; December 31, 2023 - $11 million). Under the GNMA program, issuers such as BPPR have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected (rebooked) on the financial statements of BPPR with an offsetting liability. These balances include $65 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2024 (September 30, 2024 - $70 million; December 31, 2023 - $106 million). Furthermore, the Corporation has approximately $31 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is the Corporation's policy to exclude these balances from non-performing assets (September 30, 2024- $32 million; December 31, 2023 - $38 million).

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table M - Activity in Non-Performing Loans
(Unaudited)

Commercial loans held-in-portfolio:
		Quarter ended						Quarter ended
		31-Dec-24						30-Sep-24
(In thousands)		BPPR		Popular U.S.		Popular, Inc.		BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs		$53,819		$38,476		$92,295		$56,170		$37,763		$93,933
Plus:
	New non-performing loans	2,915		9,203		12,118		4,460		2,582		7,042
	Advances on existing non-performing loans	-		9		9		-		3		3
Less:
	Non-performing loans transferred to OREO	(78	)	-		(78	)	-		-		-
	Non-performing loans charged-off	(701	)	(835	)	(1,536	)	(4,085	)	(82	)	(4,167	)
	Loans returned to accrual status / loan collections	(4,854	)	(23,199	)	(28,053	)	(2,726	)	(1,790	)	(4,516	)
Ending balance NPLs		$51,101		$23,654		$74,755		$53,819		$38,476		$92,295


Mortgage loans held-in-portfolio:
		Quarter ended						Quarter ended
		31-Dec-24						30-Sep-24
(In thousands)		BPPR		Popular U.S.		Popular, Inc.		BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs		$157,920		$28,434		$186,354		$163,790		$11,554		$175,344
Plus:
	New non-performing loans	44,670		4,637		49,307		32,125		20,386		52,511
	Advances on existing non-performing loans	-		21		21		-		29		29
Less:
	Non-performing loans transferred to OREO	(3,829	)	-		(3,829	)	(4,016	)	-		(4,016	)
	Non-performing loans charged-off	(12	)	-		(12	)	54		-		54
	Loans returned to accrual status / loan collections	(40,307	)	(3,202	)	(43,509	)	(34,033	)	(3,535	)	(37,568	)
Ending balance NPLs		$158,442		$29,890		$188,332		$157,920		$28,434		$186,354


Total non-performing loans held-in-portfolio (excluding consumer):
		Quarter ended						Quarter ended
		31-Dec-24						30-Sep-24
(In thousands)		BPPR		Popular U.S.		Popular, Inc.		BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs		$211,739		$66,910		$278,649		$219,960		$49,317		$269,277
Plus:
	New non-performing loans	47,585		13,840		61,425		36,585		22,968		59,553
	Advances on existing non-performing loans	-		30		30		-		32		32
Less:
	Non-performing loans transferred to OREO	(3,907	)	-		(3,907	)	(4,016	)	-		(4,016	)
	Non-performing loans charged-off	(713	)	(835	)	(1,548	)	(4,031	)	(82	)	(4,113	)
	Loans returned to accrual status / loan collections	(45,161	)	(26,401	)	(71,562	)	(36,759	)	(5,325	)	(42,084	)
Ending balance NPLs		$209,543		$53,544		$263,087		$211,739		$66,910		$278,649

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios
(Unaudited)


	Quarters ended
(In thousands)	31-Dec-24			30-Sep-24			31-Dec-23
Balance at beginning of period - loans held-in-portfolio	$744,320			$730,077			$711,068
Provision for credit losses	69,129			72,769			75,218
Initial allowance for credit losses - PCD Loans	8			3			2
	813,457			802,849			786,288
Net loans charge-off (recovered)- BPPR
Commercial:
Commercial multi-family	(2	)		-			-
Commercial real estate non-owner occupied	(369	)		10			(426	)
Commercial real estate owner occupied	(473	)		(1,554	)		2,770
Commercial and industrial	2,000			4,729			1,535
Total Commercial	1,156			3,185			3,879
Construction	-			(1,036	)		(1	)
Leasing	3,615			2,256			3,677
Mortgage	(1,938	)		(3,894	)		(2,720	)
Consumer:
Credit cards	16,854			14,857			10,811
Home equity lines of credit	(65	)		(76	)		(64	)
Personal	23,358			22,186			20,405
Auto	19,028			16,901			15,582
Other Consumer	596			202			344
Total Consumer	59,771			54,070			47,078
Total net charged-off BPPR	$62,604			$54,581			$51,913

Net loans charge-off (recovered) - Popular U.S.
Commercial:
Commercial multi-family	(1	)		(5	)		(1	)
Commercial real estate non-owner occupied	(362	)		(8	)		128
Commercial real estate owner occupied	135			(19	)		(22	)
Commercial and industrial	1,445			372			(159	)
Total Commercial	1,217			340			(54	)
Mortgage	(27	)		(46	)		(25	)
Consumer:
Home equity lines of credit	(104	)		(120	)		(214	)
Personal	3,728			3,751			5,302
Other Consumer	15			23			25
Total Consumer	3,639			3,654			5,113
Total net charged-off Popular U.S.	$4,829			$3,948			$5,034
Total loans charged-off - Popular, Inc.	$67,433			$58,529			$56,947
Balance at end of period - loans held-in-portfolio	$746,024			$744,320			$729,341

Balance at beginning of period - unfunded commitments	$18,384			$18,884			$13,284
Provision for credit losses (benefit)	(2,914	)		(500	)		3,722
Balance at end of period - unfunded commitments [1]	$15,470			$18,384			$17,006

POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.74		%	0.65		%	0.66		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	102.52		%	124.33		%	132.08		%
BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.97		%	0.86		%	0.86		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	107.16		%	141.34		%	129.51		%
Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.18		%	0.15		%	0.19		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	42.27		%	(110.89	)	%	158.58		%
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.






				Year ended
(In thousands)				31-Dec-24			31-Dec-23
				Total			Total
Balance at beginning of period - loans held-in-portfolio				$729,341			$720,302
Impact of adopting ASU-2022-02				-			(45,583	)
Provision for credit losses (benefit)				258,441			201,539
Initial allowance for credit losses - PCD Loans				34			89
				987,816			876,347
Net loans charge-off (recovered)- BPPR
BPPR
Commercial:
Commercial multi-family				(3	)		(1	)
Commercial real estate non-owner occupied				(728	)		(299	)
Commercial real estate owner occupied				(914	)		1,100
Commercial and industrial				17,859			(10,001	)
Total Commercial				16,214			(9,201	)
Construction				(1,036	)		2,610
Leasing				12,256			7,039
Mortgage				(14,007	)		(13,858	)
Consumer
Credit Cards				59,381			32,231
Home equity lines of credit				4			(155	)
Personal				88,459			62,394
Auto				60,032			34,968
Other Consumer				1,751			11,636
Total Consumer				209,627			141,074
Total net charged-off (recovered) BPPR				223,054			127,664

Net loans charge-off (recovered) - Popular U.S.
Commercial
Commercial multi-family				430			(5	)
Commercial real estate non-owner occupied				(476	)		(1,856	)
Commercial real estate owner occupied				33			1,312
Commercial and industrial				3,213			2,005
Total Commercial				3,200			1,456
Construction				(100	)		-
Mortgage				(115	)		(210	)
Consumer
Credit Cards				-			1
Home equity lines of credit				(755	)		(494	)
Personal				16,447			17,829
Other Consumer				61			159
Total Consumer				15,753			17,495
Total net charged-off (recovered) Popular U.S.				18,738			18,741
Total loans charged-off - Popular, Inc.				241,792			146,405
Net write- downs [2]				-			601
Balance at end of period - loans held-in-portfolio				$746,024			$729,341

Balance at beginning of period - unfunded commitments				$17,006			$8,805
Provision for credit losses (benefit)				(1,536	)		8,201
Balance at end of period - unfunded commitments [1]				$15,470			$17,006

POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio				0.68		%	0.44		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs				106.89		%	137.66		%

BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio				0.89		%	0.55		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs				113.80		%	152.61		%

Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio				0.18		%	0.19		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs				24.62		%	35.78		%
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.
[2] Net write-downs are related to credit cards loans reclassified to held-for-sale during the quarter ended June 30, 2023.

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table O - Allowance for Credit Losses "ACL"- Loan Portfolios - BPPR Operations
(Unaudited)

31-Dec-24
BPPR
(In thousands)		Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
	Commercial multi-family	$2,783		$308,001		0.90		%
	Commercial real estate - non-owner occupied	44,852		3,246,503		1.38		%
	Commercial real estate - owner occupied	37,355		1,375,911		2.71		%
	Commercial and industrial	130,136		5,346,894		2.43		%
Total commercial		$215,126		$10,277,309		2.09		%
Construction		2,743		212,290		1.29		%
Mortgage		72,901		6,809,881		1.07		%
Leasing		16,419		1,925,405		0.85		%
Consumer:
	Credit cards	99,130		1,218,053		8.14		%
	Home equity lines of credit	54		2,040		2.65		%
	Personal	91,296		1,750,377		5.22		%
	Auto	165,995		3,823,437		4.34		%
	Other consumer	7,002		160,229		4.37		%
Total consumer		$363,477		$6,954,136		5.23		%
Total		$670,666		$26,179,021		2.56		%


30-Sep-24
BPPR
(In thousands)		Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
	Commercial multi-family	$2,886		$305,534		0.94		%
	Commercial real estate - non-owner occupied	56,720		3,148,255		1.80		%
	Commercial real estate - owner occupied	38,511		1,403,850		2.74		%
	Commercial and industrial	123,131		5,176,125		2.38		%
Total commercial		$221,248		$10,033,764		2.21		%
Construction		3,704		190,343		1.95		%
Mortgage		72,576		6,695,417		1.08		%
Leasing		15,854		1,887,052		0.84		%
Consumer:
	Credit cards	92,694		1,186,889		7.81		%
	Home equity lines of credit	69		2,131		3.24		%
	Personal	92,067		1,754,081		5.25		%
	Auto	161,313		3,818,607		4.22		%
	Other consumer	6,649		157,190		4.23		%
Total consumer		$352,792		$6,918,898		5.10		%
Total		$666,174		$25,725,474		2.59		%


Variance
(In thousands)		Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
	Commercial multi-family	$(103	)	$2,467		(0.04	)	%
	Commercial real estate - non-owner occupied	(11,868	)	98,248		(0.42	)	%
	Commercial real estate - owner occupied	(1,156	)	(27,939	)	(0.03	)	%
	Commercial and industrial	7,005		170,769		0.05		%
Total commercial		$(6,122	)	$243,545		(0.12	)	%
Construction		(961	)	21,947		(0.66	)	%
Mortgage		325		114,464		(0.01	)	%
Leasing		565		38,353		0.01		%
Consumer:
	Credit cards	6,436		31,164		0.33		%
	Home equity lines of credit	(15	)	(91	)	(0.59	)	%
	Personal	(771	)	(3,704	)	(0.03	)	%
	Auto	4,682		4,830		0.12		%
	Other consumer	353		3,039		0.14		%
Total consumer		$10,685		$35,238		0.13		%
Total		$4,492		$453,547		(0.03	)	%

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table P - Allowance for Credit Losses "ACL"- Loan Portfolios - POPULAR U.S. Operations
(Unaudited)

31-Dec-24
Popular U.S.
(In thousands)		Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
	Commercial multi-family	$6,453		$2,091,619		0.31		%
	Commercial real estate - non-owner occupied	9,642		2,116,732		0.46		%
	Commercial real estate - owner occupied	12,473		1,781,835		0.70		%
	Commercial and industrial	15,870		2,394,668		0.66		%
Total commercial		$44,438		$8,384,854		0.53		%
Construction		8,521		1,051,502		0.81		%
Mortgage		9,508		1,304,302		0.73		%
Consumer:
	Credit cards	-		26		-		%
	Home equity lines of credit	1,449		71,531		2.03		%
	Personal	11,440		104,867		10.91		%
	Other consumer	2		11,549		0.02		%
Total consumer		$12,891		$187,973		6.86		%
Total		$75,358		$10,928,631		0.69		%

30-Sep-24
Popular U.S.
(In thousands)		Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
	Commercial multi-family	$6,756		$2,099,768		0.32		%
	Commercial real estate - non-owner occupied	10,910		2,037,126		0.54		%
	Commercial real estate - owner occupied	14,404		1,688,543		0.85		%
	Commercial and industrial	13,230		2,224,428		0.59		%
Total commercial		$45,300		$8,049,865		0.56		%
Construction		9,510		922,964		1.03		%
Mortgage		9,074		1,297,931		0.70		%
Consumer:
	Credit cards	-		4		-		%
	Home equity lines of credit	1,785		67,560		2.64		%
	Personal	12,475		119,094		10.47		%
	Other consumer	2		12,075		0.02		%
Total consumer		$14,262		$198,733		7.18		%
Total		$78,146		$10,469,493		0.75		%


Variance
(In thousands)		Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
	Commercial multi-family	$(303	)	$(8,149	)	(0.01	)	%
	Commercial real estate - non-owner occupied	(1,268	)	79,606		(0.08	)	%
	Commercial real estate - owner occupied	(1,931	)	93,292		(0.15	)	%
	Commercial and industrial	2,640		170,240		0.07		%
Total commercial		$(862	)	$334,989		(0.03	)	%
Construction		(989	)	128,538		(0.22	)	%
Mortgage		434		6,371		0.03		%
Consumer:
	Credit cards	-		22		-		%
	Home equity lines of credit	(336	)	3,971		(0.61	)	%
	Personal	(1,035	)	(14,227	)	0.44		%
	Other consumer	-		(526	)	-		%
Total consumer		$(1,371	)	$(10,760	)	(0.32	)	%
Total		$(2,788	)	$459,138		(0.06	)	%

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table Q - Allowance for Credit Losses "ACL"- Loan Portfolios - Consolidated
(Unaudited)


31-Dec-24
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$9,236		$2,399,620		0.38		%
Commercial real estate - non-owner occupied	54,494		5,363,235		1.02		%
Commercial real estate - owner occupied	49,828		3,157,746		1.58		%
Commercial and industrial	146,006		7,741,562		1.89		%
Total commercial	$259,564		$18,662,163		1.39		%
Construction	11,264		1,263,792		0.89		%
Mortgage	82,409		8,114,183		1.02		%
Leasing	16,419		1,925,405		0.85		%
Consumer:
Credit cards	99,130		1,218,079		8.14		%
Home equity lines of credit	1,503		73,571		2.04		%
Personal	102,736		1,855,244		5.54		%
Auto	165,995		3,823,437		4.34		%
Other consumer	7,004		171,778		4.08		%
Total consumer	$376,368		$7,142,109		5.27		%
Total	$746,024		$37,107,652		2.01		%



30-Sep-24
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$9,642		$2,405,302		0.40		%
Commercial real estate - non-owner occupied	67,630		5,185,381		1.30		%
Commercial real estate - owner occupied	52,915		3,092,393		1.71		%
Commercial and industrial	136,361		7,400,553		1.84		%
Total commercial	$266,548		$18,083,629		1.47		%
Construction	13,214		1,113,307		1.19		%
Mortgage	81,650		7,993,348		1.02		%
Leasing	15,854		1,887,052		0.84		%
Consumer:
Credit cards	92,694		1,186,893		7.81		%
Home equity lines of credit	1,854		69,691		2.66		%
Personal	104,542		1,873,175		5.58		%
Auto	161,313		3,818,607		4.22		%
Other consumer	6,651		169,265		3.93		%
Total consumer	$367,054		$7,117,631		5.16		%
Total	$744,320		$36,194,967		2.06		%




Variance
(In thousands)	Total ACL		Total loans held-in-portfolio		ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$(406	)	$(5,682	)	(0.02	)	%
Commercial real estate - non-owner occupied	(13,136	)	177,854		(0.28	)	%
Commercial real estate - owner occupied	(3,087	)	65,353		(0.13	)	%
Commercial and industrial	9,645		341,009		0.05		%
Total commercial	$(6,984	)	$578,534		(0.08	)	%
Construction	(1,950	)	150,485		(0.30	)	%
Mortgage	759		120,835		-		%
Leasing	565		38,353		0.01		%
Consumer:
Credit cards	6,436		31,186		0.33		%
Home equity lines of credit	(351	)	3,880		(0.62	)	%
Personal	(1,806	)	(17,931	)	(0.04	)	%
Auto	4,682		4,830		0.12		%
Other consumer	353		2,513		0.15		%
Total consumer	$9,314		$24,478		0.11		%
Total	$1,704		$912,685		(0.05	)	%

Popular, Inc.
Financial Supplement to Fourth Quarter 2024 Earnings Release
Table R - Reconciliation to GAAP Financial Measures
(Unaudited)


(In thousands, except share or per share information)	31-Dec-24			30-Sep-24			31-Dec-23
Total stockholders’ equity	$5,613,066			$5,790,514			$5,146,953
Less: Preferred stock	(22,143	)		(22,143	)		(22,143	)
Less: Goodwill	(802,954	)		(804,428	)		(804,428	)
Less: Other intangibles	(6,826	)		(7,531	)		(9,764	)
Total tangible common equity	$4,781,143			$4,956,412			$4,310,618
Total assets	$73,045,383			$71,323,074			$70,758,155
Less: Goodwill	(802,954	)		(804,428	)		(804,428	)
Less: Other intangibles	(6,826	)		(7,531	)		(9,764	)
Total tangible assets	$72,235,603			$70,511,115			$69,943,963
Tangible common equity to tangible assets	6.62		%	7.03		%	6.16		%
Common shares outstanding at end of period	70,141,291			71,787,349			72,153,621
Tangible book value per common share	$68.16			$69.04			$59.74

	Quarterly average
Total stockholders’ equity [1]	$6,620,766			$6,460,517			$6,072,871
Average unrealized (gains) losses on AFS securities transferred to HTM	505,791			550,971			683,077
Adjusted total stockholder's equity	7,126,557			7,011,488			6,755,948
Less: Preferred Stock	(22,143	)		(22,143	)		(22,143	)
Less: Goodwill	(804,411	)		(804,427	)		(804,427	)
Less: Other intangibles	(7,288	)		(7,995	)		(10,286	)
Total tangible equity	$6,292,715			$6,176,923			$5,919,092
Return on average tangible common equity	11.22		%	9.98		%	6.32		%
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.


	Year-to-date average
Total stockholders’ equity [1]	$6,480,598						$5,853,276
Average unrealized (gains) losses on AFS securities transferred to HTM	572,595						747,327
Adjusted total stockholder's equity	7,053,193						6,600,603
Less: Preferred Stock	(22,143	)					(22,143	)
Less: Goodwill	(804,423	)					(821,567	)
Less: Other intangibles	(8,366	)					(11,473	)
Total tangible equity	$6,218,261						$5,745,420
Return on average tangible common equity	9.85		%				9.40		%
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250128453163/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 (BPOP) net income for Q4 2024?

Popular Inc. reported net income of $177.8 million for Q4 2024, an increase from $155.3 million in Q3 2024.

How much did BPOP's loan portfolio grow in Q4 2024?

BPOP's loan portfolio grew by $912.7 million in Q4 2024, reaching $37.1 billion.

What was BPOP's dividend increase in Q4 2024?

BPOP increased its quarterly dividend from $0.62 to $0.70 per share in Q4 2024.

How many shares did BPOP repurchase in 2024?

BPOP repurchased 2,256,420 shares for $217.3 million at an average price of $96.32 per share in 2024.

What was BPOP's net interest margin in Q4 2024?

BPOP's net interest margin was 3.35% in Q4 2024, up from 3.24% in Q3 2024.

Popular, Inc. Announces Fourth Quarter 2024 Financial Results

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Popular, Inc. Announces Fourth Quarter 2024 Financial Results

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