Popular, Inc. Announces Third Quarter 2024 Financial Results

Rhea-AI Summary

Popular Inc. reported Q3 2024 net income of $155.3 million, down from $177.8 million in Q2 2024. Net interest income increased to $572.5 million, up $4.2 million from Q2. The bank maintained stable credit quality with NPLs to loans ratio at 1.0%. Loan balances grew by $603.3 million to $36.2 billion, while deposits decreased by $1.9 billion to $63.7 billion. The company completed share repurchases of 599,096 shares for $58.8 million at an average price of $98.11. Common Equity Tier 1 ratio stood at 16.42%, with Tangible Book Value per share increasing by $6.33 to $69.04.

Positive

• Net interest income increased by $4.2 million to $572.5 million
• Loan balances grew by $603.3 million to $36.2 billion
• Tangible Book Value per share increased by $6.33
• Strong capital position with Common Equity Tier 1 ratio at 16.42%

Negative

• Net income decreased from $177.8 million to $155.3 million quarter-over-quarter
• Deposits decreased by $1.9 billion to $63.7 billion
• Higher provision for credit losses at $71.4 million vs $46.8 million in Q2
• Non-performing loans increased by $19.6 million from Q2 2024

Insights

Financial Analyst

Popular Inc.'s Q3 2024 results show mixed performance with some concerning trends. Net income declined to $155.3 million from $177.8 million in Q2, primarily due to higher credit loss provisions. While net interest income increased slightly by $4.2 million, the provision for credit losses jumped significantly to $71.4 million from $46.8 million.

Notable concerns include rising consumer delinquencies, particularly in auto loans and a $1.9 billion decrease in deposits. However, positive indicators include loan growth of nearly 2%, stable credit quality metrics with NPLs ratio at 1.0% and strong capital position with Common Equity Tier 1 ratio at 16.42%.

The bank's tangible book value per share increased by $6.33 to $69.04, demonstrating underlying strength despite earnings pressure. The continuation of share buybacks and dividend increases signals management's confidence in the bank's financial position.

Credit Risk Analyst

Credit quality metrics warrant careful monitoring. While NPLs remain relatively stable at 1.0%, the increase in consumer delinquencies and auto loan charge-offs suggests potential deterioration in consumer credit. The net charge-off ratio increased to 0.65% from 0.61% quarter-over-quarter.

The bank's increased loan loss provisioning appears prudent given these trends and loan growth. The ACL coverage ratio of 2.06% provides adequate protection against potential losses. However, the decline in the ACL to NPLs ratio to 206.0% from 213.6% indicates slightly reduced loss absorption capacity relative to problem loans.

• Net income of $155.3 million in Q3 2024, compared to net income of $177.8 million in Q2 2024.
• Net interest income of $572.5 million, an increase of $4.2 million compared to Q2 2024.
• Net interest margin of 3.24% in Q3 2024, compared to 3.22% in Q2 2024; net interest margin on a taxable equivalent basis of 3.47% in Q3 2024, compared to 3.48% in Q2 2024.
• Non-interest income of $164.1 million, compared to $166.3 million in Q2 2024.
• Operating expenses amounted to $467.3 million, down by $2.3 million when compared to Q2 2024.
• Credit quality metrics remained stable:
  • Non-performing loans held-in-portfolio (“NPLs”) increased by $19.6 million from Q2 2024; NPLs to loans ratio remained flat at 1.0%;
  • Net charge-offs (“NCOs”) increased by $4.9 million from Q2 2024; annualized NCOs to average loans held-in-portfolio at 0.65% vs. 0.61% in Q2 2024;
  • Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.06% vs. 2.05% in Q2 2024; and
  • ACL to NPLs at 206.0% vs. 213.6% in Q2 2024.
• Money market and investment securities ending balances decreased by $1.8 billion from Q2 2024
  • Average quarterly balances decreased by $808.2 million.
• Loans ending balances, excluding loans held-for-sale, amounted to $36.2 billion, an increase of $603.3 million from Q2 2024.
  • Average quarterly loan balances increased by $384.8 million.
• Ending deposit balances amounted to $63.7 billion, a decrease of $1.9 billion from Q2 2024.
  • Average quarterly deposit balances decreased by $519.9 million.
• Completed the repurchase of 599,096 shares of common stock for $58.8 million at an average price of $98.11 per share, under the previously announced share repurchase authorization.
• Common Equity Tier 1 ratio of 16.42%, Common Equity per share of $80.35 and Tangible Book Value per share of $69.04 at September 30, 2024, an increase of $6.33 per share from Q2 2024.

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

Ignacio Alvarez, Chief Executive Officer, said: “Our results for the third quarter reflected an increase in net interest income, which was offset by a higher provision for credit losses. The increase in the provision was related in part to loan growth of nearly 2% during the quarter. Credit quality trends remained stable. While consumer portfolios reflected increased delinquencies, they remain slightly below pre-pandemic levels.

Capital continues to be a source of strength, evidenced by the increase in our dividend and stock repurchases. We also experienced healthy increases in our tangible book value per share and TCE ratio.

We continued to advance our business transformation, making meaningful progress in modernizing our customer channels and improving the customer experience. We are optimistic about the future, as we continue to leverage the opportunities stemming from our robust balance sheet, our dedicated team and extensive customer base.”

Earnings Highlights
(Unaudited)	Quarters ended						Nine months ended
(Dollars in thousands, except per share information)	30-Sep-24		30-Jun-24		30-Sep-23		30-Sep-24	30-Sep-23
Net interest income	$572,473		$568,312		$534,020		$1,691,529	$1,597,344
Provision for credit losses	71,448		46,794		45,117		190,840	129,946
Net interest income after provision for credit losses	501,025		521,518		488,903		1,500,689	1,467,398
Other non-interest income	164,082		166,306		159,549		494,206	481,981
Operating expenses	467,321		469,576		465,984		1,420,010	1,366,955
Income before income tax	197,786		218,248		182,468		574,885	582,424
Income tax expense	42,463		40,459		45,859		138,490	135,676
Net income	$155,323		$177,789		$136,609		$436,395	$446,748
Net income applicable to common stock	$154,970		$177,436		$136,256		$435,336	$445,689
Net income per common share-basic	$2.16		$2.47		$1.90		$6.06	$6.22
Net income per common share-diluted	$2.16		$2.46		$1.90		$6.05	$6.21

Non-GAAP Financial Measures

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

Net interest income on a taxable equivalent basis

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

Tangible Common Equity

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

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

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

Net interest income for the quarter ended September 30, 2024, was $572.5 million, an increase of $4.2 million when compared to $568.3 million for the previous quarter. Net interest margin for the third quarter of 2024 was 3.24% compared to 3.22% in the prior quarter.

Net Interest Income and Net Interest Margin Taxable Equivalent

Net interest income on a taxable equivalent basis for the third quarter of 2024 was $612.9 million, compared to $614.8 million in the previous quarter, a decrease of $1.8 million. Net interest margin on a taxable equivalent basis for the third quarter of 2024 was 3.47%, compared to 3.48% in the second quarter of 2024 driven by lower exempt income from U.S. Treasury Securities.

The main variances in net interest income and net interest margin on a taxable equivalent basis were:

• lower interest income from investment securities by $14.6 million due to lower volume of U.S. Treasury Bills by $1.2 billion due to the slow down in the reinvestment activity of matured investments, in part due to a reduction in average deposit balances during the quarter of $519.9 million, mainly P.R. low cost deposits, and funding loan growth; and
• higher interest expense from deposits by $11.0 million, due to higher cost of interest-bearing deposits by eight basis points. In Puerto Rico, government interest-bearing deposits increased by two basis points, and their average balances increased by $176.1 million quarter-over-quarter. This cost of deposits during the quarter was further impacted by a 21 basis points increase in the overall cost of time deposits, including the full quarter effect of the repricing of certain P.R. government deposits managed by the Corporation’s fiduciary services division, which were repriced late in the second quarter;

partially offset by:

• higher income from money market investments by $7.7 million due to higher volumes by $562.7 million compared to the previous quarter; and
• higher interest income from loans by $16.3 million due to a higher average loan balance and higher yields, mainly in the commercial, mortgage and auto loans portfolio.

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

Net interest income for the Banco Popular de Puerto Rico (“BPPR”) segment amounted to $488.0 million for the third quarter of 2024, a decrease of $0.7 million when compared to $488.7 million in the previous quarter. Net interest margin in the BPPR segment increased from the second quarter of 2024 by one basis points to 3.41%. The most significant variances quarter-over-quarter were:

• interest income from investment securities decreased by $9.9 million, primarily due to a $1.3 billion reduction in the volume of U.S. Treasury bills. This decline was mainly caused by maturities and a slowdown in reinvestment, partly due to support loan growth and a lower deposit balance; and
• interest expense on deposits increased by $6.9 million, mainly driven by P.R. government deposits that increased two basis points or $4.7 million quarter-over-quarter. Time deposit costs went up by $2.1 million or a 24-basis point increase, driven by the full quarter effect of the repricing of certain P.R. government deposits managed by the Corporation’s fiduciary services division. The total deposit cost for the quarter was 1.89%, a six-basis point increase from the prior quarter;

partially offset by:

• an increase of $12.8 million in interest income from loans, primarily driven by a higher average loan balance across all portfolios. The most significant contributions to the quarter-over-quarter variance came from commercial loans, auto loans, and mortgage loans, which increased by $4.1 million, $2.9 million, and $2.2 million, respectively; and
• higher income from money market investments by $3.6 million due to higher volumes by $239.9 million.

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

Net interest income and net interest margin for the Popular Bank (“PB”, or “Popular U.S.”) segment increased compared to the previous quarter by $7.3 million and 13 basis points and totaled $93.1 million and 2.73%, respectively. The most significant variances quarter-over-quarter contributing to net interest income and net interest margin for PB were:

• interest income from money markets and investment securities increased by $5.3 million, mainly due to higher volume of money market investments by $284.0 million resulting from higher average deposit balances; and
• interest income from loans increased by $3.2 million mainly due to a higher yield in the commercial loan portfolio by 12 basis points;

partially offset by:

• total interest expense on deposits in PB increased by $1.4 million primarily due to an increase in the average balance of time deposits of $307.0 million partially offset by a decrease in time deposit costs of 23 basis points, driven by changes in the cost of intercompany deposits. When compared to the previous period, the overall cost of deposits fell by eight basis points.

Non-interest income

Non-interest income amounted to $164.1 million for the quarter ended September 30, 2024, a decrease of $2.2 million when compared to $166.3 million for the quarter ended June 30, 2024. The variance in non-interest income was primarily due to lower income from mortgage banking activities by $3.1 million, mainly due to a decrease in the fair value of Mortgage Servicing Rights (“MSRs”) driven by portfolio runoff, a slight increase in prepayment speeds and lower estimated escrow float earnings.

Refer to Table B for further details.

Operating expenses

Operating expenses for the third quarter of 2024 totaled $467.3 million, a decrease of $2.3 million when compared to the second quarter of 2024. The variance in operating expenses was driven primarily by:

• lower professional fees by $11.0 million mainly due to a decrease of $6.1 million in consulting fees related to corporate initiatives. The remaining decrease in professional fees is mainly attributed to lower legal service fees and equity compensation granted to directors during the second quarter of 2024;
• lower operational losses by $6.1 million due to a buildup of reserves for operational losses during the second quarter of 2024; and
• lower processing and transactional services expenses by $4.8 million mainly due to lower debit card issuance costs and point of service (POS) processing fees;

partially offset by:

• higher technology and software expenses by $8.7 million mainly driven by an increase of $3.0 million in IT project consulting fees, higher consulting fees for cybersecurity and fraud prevention initiatives, and higher software amortization expenses;
• higher personnel costs by $4.4 million mainly due to higher salary expense and contributions to employee savings plans resulting from annual salary revisions and merit increases effective in July 2024; partially offset by a decrease in restricted shares and incentive compensation expenses;
• higher other taxes expense by $2.4 million mainly due to an increase in municipal license tax and expenses related to regulatory examination fees in BPPR; and
• lower other real estate owned (OREO) benefit by $3.1 million mainly due to lower gains on sale of mortgage and commercial properties.

Full-time equivalent employees were 9,246 as of September 30, 2024, compared to 9,241 as of June 30, 2024.

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

Income taxes

For the quarter ended September 30, 2024, the Corporation recorded an income tax expense of $42.5 million, compared to an income tax expense of $40.5 million for the previous quarter.

The effective tax rate (“ETR”) for the third quarter of 2024 was 21.5%, compared to 18.5% for the previous quarter.

The ETR of the Corporation is impacted by the composition and source of its taxable income. The Corporation expects its ETR for the year 2024 to be within a range from 21% to 23%.

Credit Quality

The Corporation continued to reflect favorable credit quality metrics in the third quarter of 2024 when compared to the previous quarter. While non-performing loans (“NPLs”), net charge offs (“NCOs”) and inflows to NPLs remained below historical averages, consumer portfolios reflected increased delinquencies and NCOs for the quarter primarily driven by auto loans. The mortgage and commercial portfolios continue to operate with low level of delinquencies and NCOs. The Corporation continues to closely 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 portfolios position Popular to continue to operate successfully under the current environment.

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

Non-Performing Loans and Net Charge Offs

Total NPLs increased by $19.6 million compared to the previous quarter. Excluding consumer loans, inflows of NPLs held-in-the-portfolio saw a decrease of $7.7 million in the third quarter of 2024. The ratio of NPLs to total loans held in the portfolio remained steady at 1.0%, consistent with the prior quarter’s ratio. The drivers of these changes are mainly related to the following:

• In the BPPR segment, NPLs increased by $1.9 million, mainly driven by auto loans NPLs with a $8.5 million increase, offset in part by lower mortgage loans NPLs by $5.9 million. Excluding consumer loans, inflows to NPLs in the BPPR segment decreased by $4.5 million compared to the previous quarter.
• In the PB segment, NPLs increased by $17.6 million driven by a single $17.1 million mortgage loan. Inflows to NPLs, excluding consumer loans, decreased by $3.2 million, driven by lower inflows in the commercial portfolio by $19.6 million, offset in part by a single mortgage relationship.

Total NCOs of $58.5 million, increased by $4.9 million when compared to the second quarter of 2024. The Corporation’s ratio of annualized NCOs to average loans held-in-portfolio was 0.65%, compared to 0.61% in the second quarter of 2024. The drivers of these changes are mainly related to the following:

• In the BPPR segment, NCOs increased by $5.3 million quarter-over-quarter, mainly driven by higher consumer NCOs by $8.6 million. NCOs increase in the consumer portfolio was mostly related to auto loans by $6.6 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 September 30, 2024, the Corporation’s OREO portfolio amounted to $63.0 million, a decrease of $7.2 million when compared to the second quarter of 2024. The decrease in OREO assets was driven by sales of residential 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 September 30, 2024 amounted to $744.3 million, an increase of $14.2 million when compared to the second quarter of 2024.

In the BPPR segment, the ACL increased by $22.6 million driven by an increase of $13.9 million in reserves for commercial loans and an $8.4 million increase in reserves for consumer portfolios. These increases were mainly due to a combination of growth in the commercial portfolio and changes in credit quality trends for the auto and credit cards portfolio. In the PB segment, the ACL decreased by $8.3 million from the previous quarter, mainly driven by lower reserves for the commercial and construction portfolios due to improvements in credit quality and lower balances.

The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.06% in the third quarter of 2024, compared to 2.05% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio was 206.0%, down from 213.6% in the previous quarter.

The provision for loan losses for the loan and lease portfolios for the third quarter of 2024 was $72.8 million, compared to $44.2 million in the previous quarter. The provision loan losses for the BPPR segment amounted to $77.2 million, compared to $48.6 million in the previous quarter, an increase of $28.6 million largely driven by the commercial loan growth and changes in credit quality trends for the auto loans portfolios. The PB segment had a release of $4.4 million, consistent with the previous quarter and driven by improvements in credit quality.

The provision for loan losses for the loan and lease portfolios, along with the $0.5 million reserve release related to unfunded loan commitments and the $0.9 million reserve release in the Corporation’s investment portfolio for the third quarter of 2024, are consolidated and shown together under the provision for credit losses in our Consolidated Statement of Operations. For the third quarter, the provision for credit losses amounted to $71.4 million, up from $46.8 million in the previous quarter.

Non-Performing Assets
(Unaudited)
(In thousands)	30-Sep-24			30-Jun-24			30-Sep-23
Non-performing loans held-in-portfolio	$361,398			$341,835			$361,523
Other real estate owned	63,028			70,225			82,322
Total non-performing assets	$424,426			$412,060			$443,845
Net charge-offs for the quarter	$58,529			$53,630			$32,655
Ratios:
Loans held-in-portfolio	$36,194,967			$35,591,620			$34,029,313
Non-performing loans held-in-portfolio to loans held-in-portfolio	1.00	%		0.96	%		1.06	%
Allowance for credit losses to loans held-in-portfolio	2.06			2.05			2.09
Allowance for credit losses to non-performing loans, excluding loans held-for-sale	205.96			213.58			196.69
Refer to Table L for additional information.

Provision for Credit Losses (Benefit) - Loan Portfolios
(Unaudited)		Quarters ended									Nine months ended
(In thousands)		30-Sep-24			30-Jun-24			30-Sep-23			30-Sep-24		30-Sep-23
Provision for credit losses (benefit) - loan portfolios:
BPPR		$77,147			$48,585			$54,017			$186,740		$127,599
Popular U.S.		(4,378	)		(4,428	)		(10,503	)		2,572		(1,278	)
Total provision for credit losses (benefit) - loan portfolios		$72,769			$44,157			$43,514			$189,312		$126,321

Credit Quality by Segment
(Unaudited)
(In thousands)	Quarters ended
BPPR		30-Sep-24			30-Jun-24			30-Sep-23
Provision for credit losses - loan portfolios		$77,147			$48,585			$54,017
Net charge-offs		54,581			49,308			25,600
Total non-performing loans held-in-portfolio		288,815			286,887			333,825
Annualized net charge-offs to average loans held-in-portfolio		0.86	%		0.79	%		0.44	%
Allowance / loans held-in-portfolio		2.59	%		2.56	%		2.63	%
Allowance / non-performing loans held-in-portfolio		230.66	%		224.34	%		187.08	%
	Quarters ended
Popular U.S.		30-Sep-24			30-Jun-24			30-Sep-23
Provision for credit losses (benefit) - loan portfolios		$(4,378	)		$(4,428	)		$(10,503	)
Net charge-offs		3,948			4,322			7,055
Total non-performing loans held-in-portfolio		72,583			54,948			27,698
Annualized net charge-offs to average loans held-in-portfolio		0.15	%		0.16	%		0.28	%
Allowance / loans held-in-portfolio		0.75	%		0.83	%		0.84	%
Allowance / non-performing loans held-in-portfolio		107.66	%		157.37	%		312.42	%

Financial Condition Highlights
(Unaudited)
(In thousands)			30-Sep-24		30-Jun-24		30-Sep-23
Cash and money market investments			$6,958,382		$7,211,367		$6,924,772
Investment securities			25,280,451		26,742,639		25,653,616
Loans			36,194,967		35,591,620		34,029,313
Total assets			71,323,074		72,845,072		69,736,936
Deposits			63,668,501		65,530,862		63,337,600
Borrowings			973,736		1,047,264		1,097,720
Total liabilities			65,532,560		67,472,394		65,279,328
Stockholders’ equity			5,790,514		5,372,678		4,457,608

Total assets amounted to $71.3 billion at September 30, 2024, a decrease of $1.5 billion from the second quarter of 2024, driven by:

• a decrease in securities available-for-sale (“AFS”) of $1.4 billion, mainly due to repayments and maturities, partially offset by a decrease in the unrealized losses of AFS securities of $378.9 million;
• a decrease in other assets of $404.6 million, driven by unsettled trade receivables related to proceeds from maturities of U.S. Treasury Notes and interest payments from the second quarter of 2024 which were received in the third quarter; and
• a decrease in money market investments of $320.6 million, mainly driven by lower deposits and deployment of funds to support loan growth;

partially offset by:

• an increase in loans held-in-portfolio by $603.3 million, primarily in BPPR with an increase of $582.1 million across most portfolios, particularly commercial loans, while PB’s increased by $21.2 million.

Total liabilities decreased by $1.9 billion from the second quarter of 2024, driven by:

• a decrease of $1.9 billion in deposits, mainly driven by interest bearing deposit accounts in BPPR, including the P.R. government demand accounts, offset by an increase in time deposits at PB.

Stockholders' equity increased by $417.8 million from the second quarter of 2024 mainly due to the change in the accumulated other comprehensive loss driven by the decrease in net unrealized losses in the portfolio of AFS securities of $326.1 million and the amortization of unrealized losses from securities previously reclassified to HTM of $36.3 million, net of tax effect, coupled with retained earnings resulting from the quarter’s net income of $155.3 million, partially offset by common and preferred dividends declared during the quarter of $45.0 million and by an increase in Treasury Stock due to the repurchases of 599,096 shares of common stock for $58.8 million during the quarter as part of the previously announced authorization.

The Corporation is in the process of completing its annual goodwill impairment test, using July 31, 2024 as the evaluation date. The Corporation expects to finalize its evaluation prior to the filing of its Form 10-Q for the quarter ended September 30, 2024 with the Securities and Exchange Commission. Any impairment of goodwill would result in a non-cash expense, net of tax impact. A charge to earnings related to goodwill impairment would not materially impact regulatory capital and tangible capital calculations.

Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 16.42%, $80.35 and $69.04, respectively, at September 30, 2024, compared to 16.48%, $73.94 and $62.71, respectively, at June 30, 2024. Refer to Table A for capital ratios.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those regarding Popular’s business, financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future performance, are based on management’s current expectations and, by their nature, involve risks, uncertainties, estimates and assumptions. Potential factors, some of which are beyond the Corporation’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Risks and uncertainties include, without limitation, the effect of competitive and economic factors, and our reaction to those factors, the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate changes (including on our cost of deposits), our ability to attract deposits and grow our loan portfolio, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings, new regulatory requirements or accounting standards on the Corporation’s financial condition and results of operations, the occurrence of unforeseen or catastrophic events, 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 and June 30, 2024 and the Form 10-Q for the quarter ended September 30, 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, Wednesday, October 23, 2024 at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed through the Investor Relations section of the Corporation’s website: www.popular.com.

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local). The dial-in access code is 177500.

A replay of the webcast will be archived in Popular’s website. A telephone replay will be available one hour after the end of the conference call through Friday, November 22, 2024. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 473434.

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

Popular, Inc.

Financial Supplement to Third 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 - 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 Third Quarter 2024 Earnings Release
Table A - Selected Ratios and Other Information
(Unaudited)
	Quarters ended						Nine months ended
	30-Sep-24		30-Jun-24		30-Sep-23		30-Sep-24		30-Sep-23
Basic EPS	$2.16		$2.47		$1.90		$6.06		$6.22
Diluted EPS	$2.16		$2.46		$1.90		$6.05		$6.21
Average common shares outstanding	71,807,136		71,970,773		71,794,934		71,882,273		71,676,630
Average common shares outstanding - assuming dilution	71,828,402		71,991,911		71,818,102		71,912,153		71,736,514
Common shares outstanding at end of period	71,787,349		72,365,926		72,127,595		71,787,349		72,127,595
Market value per common share	$100.27		$88.43		$63.01		$100.27		$63.01
Market capitalization - (In millions)	$7,198		$6,399		$4,545		$7,198		$4,545
Return on average assets	0.84	%	0.97	%	0.75	%	0.79	%	0.84	%
Return on average common equity	8.82	%	10.38	%	8.17	%	8.43	%	9.13	%
Net interest margin (non-taxable equivalent basis)	3.24	%	3.22	%	3.07	%	3.20	%	3.14	%
Net interest margin (taxable equivalent basis) -non-GAAP	3.47	%	3.48	%	3.24	%	3.44	%	3.32	%
Common equity per share	$80.35		$73.94		$61.49		$80.35		$61.49
Tangible common book value per common share (non-GAAP) [1]	$69.04		$62.71		$50.20		$69.04		$50.20
Tangible common equity to tangible assets (non-GAAP) [1]	7.03	%	6.30	%	5.25	%	7.03	%	5.25	%
Return on average tangible common equity [1]	9.98	%	11.77	%	9.36	%	9.56	%	10.48	%
Tier 1 capital	16.48	%	16.54	%	16.87	%	16.48	%	16.87	%
Total capital	18.24	%	18.30	%	18.67	%	18.24	%	18.67	%
Tier 1 leverage	8.67	%	8.53	%	8.41	%	8.67	%	8.41	%
Common Equity Tier 1 capital	16.42	%	16.48	%	16.81	%	16.42	%	16.81	%
[1] Refer to Table R for reconciliation to GAAP financial measures.

POPULAR, INC.
Financial Supplement to Third Quarter 2024 Earnings Release
Table B - Consolidated Statement of Operations
(Unaudited)
	Quarters ended				Variance		Quarter ended		Variance		Nine months ended
					Q3 2024				Q3 2024
(In thousands, except per share information)	30-Sep-24		30-Jun-24		vs. Q2 2024		30-Sep-23		vs. Q3 2023		30-Sep-24		30-Sep-23
Interest income:
Loans	$664,731		$648,739		$15,992		$596,886		$67,845		$1,952,200		$1,708,216
Money market investments	96,061		88,316		7,745		99,286		(3,225	)	272,893		265,785
Investment securities	176,656		184,852		(8,196	)	148,614		28,042		528,403		403,814
Total interest income	937,448		921,907		15,541		844,786		92,662		2,753,496		2,377,815
Interest expense:
Deposits	350,985		339,939		11,046		294,121		56,864		1,020,420		730,824
Short-term borrowings	1,430		1,126		304		1,478		(48	)	3,748		5,987
Long-term debt	12,560		12,530		30		15,167		(2,607	)	37,799		43,660
Total interest expense	364,975		353,595		11,380		310,766		54,209		1,061,967		780,471
Net interest income	572,473		568,312		4,161		534,020		38,453		1,691,529		1,597,344
Provision for credit losses	71,448		46,794		24,654		45,117		26,331		190,840		129,946
Net interest income after provision for credit losses	501,025		521,518		(20,493	)	488,903		12,122		1,500,689		1,467,398
Service charges on deposit accounts	38,315		37,526		789		37,318		997		113,283		109,777
Other service fees	98,748		96,863		1,885		93,407		5,341		289,883		277,748
Mortgage banking activities	2,670		5,723		(3,053	)	5,393		(2,723	)	12,753		15,109
Net (loss) gain, including impairment, on equity securities	(546	)	319		(865	)	(1,319	)	773		876		1,165
Net gain on trading account debt securities	817		277		540		219		598		1,455		632
Net loss on sale of loans, including valuation adjustments on loans held-for-sale	-		-		-		(44	)	44		-		(44	)
Adjustments to indemnity reserves on loans sold	808		212		596		(187	)	995		783		(31	)
Other operating income	23,270		25,386		(2,116	)	24,762		(1,492	)	75,173		77,625
Total non-interest income	164,082		166,306		(2,224	)	159,549		4,533		494,206		481,981
Operating expenses:
Personnel costs
Salaries	135,983		128,634		7,349		127,832		8,151		394,001		378,126
Commissions, incentives and other bonuses	26,350		30,626		(4,276	)	27,670		(1,320	)	95,587		86,025
Pension, postretirement and medical insurance	16,387		16,619		(232	)	16,985		(598	)	50,391		49,871
Other personnel costs, including payroll taxes	23,136		21,545		1,591		20,665		2,471		74,678		69,358
Total personnel costs	201,856		197,424		4,432		193,152		8,704		614,657		583,380
Net occupancy expenses	28,031		27,692		339		28,100		(69	)	83,764		81,304
Equipment expenses	9,349		9,662		(313	)	8,905		444		28,578		26,878
Other taxes	17,757		15,333		2,424		8,590		9,167		47,465		41,290
Professional fees	26,708		37,744		(11,036	)	38,514		(11,806	)	93,370		122,077
Technology and software expenses	88,452		79,752		8,700		72,930		15,522		247,666		213,843
Processing and transactional services
Credit and debit cards	11,761		13,739		(1,978	)	13,762		(2,001	)	37,644		37,896
Other processing and transactional services	22,559		25,357		(2,798	)	24,137		(1,578	)	69,966		70,713
Total processing and transactional services	34,320		39,096		(4,776	)	37,899		(3,579	)	107,610		108,609
Communications	5,229		4,357		872		4,220		1,009		14,143		12,483
Business promotion
Rewards and customer loyalty programs	16,533		16,406		127		15,988		545		46,995		44,962
Other business promotion	9,104		9,043		61		7,087		2,017		25,080		22,067
Total business promotion	25,637		25,449		188		23,075		2,562		72,075		67,029
Deposit insurance	10,433		10,581		(148	)	8,932		1,501		44,901		24,600
Other real estate owned (OREO) income	(2,674	)	(5,750	)	3,076		(5,189	)	2,515		(13,745	)	(10,197	)
Other operating expenses
Operational losses	5,769		11,823		(6,054	)	5,504		265		21,153		16,584
All other	15,750		15,679		71		17,557		(1,807	)	56,140		53,690
Total other operating expenses	21,519		27,502		(5,983	)	23,061		(1,542	)	77,293		70,274
Amortization of intangibles	704		734		(30	)	795		(91	)	2,233		2,385
Goodwill impairment charge	-		-		-		23,000		(23,000	)	-		23,000
Total operating expenses	467,321		469,576		(2,255	)	465,984		1,337		1,420,010		1,366,955
Income before income tax	197,786		218,248		(20,462	)	182,468		15,318		574,885		582,424
Income tax expense	42,463		40,459		2,004		45,859		(3,396	)	138,490		135,676
Net income	$155,323		$177,789		$(22,466	)	$136,609		$18,714		$436,395		$446,748
Net income applicable to common stock	$154,970		$177,436		$(22,466	)	$136,256		$18,714		$435,336		$445,689
Net income per common share - basic	$2.16		$2.47		$(0.31	)	$1.90		$0.26		$6.06		$6.22
Net income per common share - diluted	$2.16		$2.46		$(0.30	)	$1.90		$0.26		$6.05		$6.21
Dividends Declared per Common Share	$0.62		$0.62		$-		$0.55		$0.07		$1.86		$1.65

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table C - Consolidated Statement of Financial Condition
(Unaudited)
							Variance
							Q3 2024 vs.
(In thousands)	30-Sep-24		30-Jun-24		30-Sep-23		Q2 2024
Assets:
Cash and due from banks	$427,594		$359,973		$535,335		$67,621
Money market investments	6,530,788		6,851,394		6,389,437		(320,606	)
Trading account debt securities, at fair value	30,843		28,045		30,988		2,798
Debt securities available-for-sale, at fair value	17,186,123		18,543,279		17,129,858		(1,357,156	)
Less: Allowance for credit losses	-		500		-		(500	)
Debt securities available-for-sale, net	17,186,123		18,542,779		17,129,858		(1,356,656	)
Debt securities held-to-maturity, at amortized cost	7,865,294		7,975,524		8,302,082		(110,230	)
Less: Allowance for credit losses	5,430		6,251		6,057		(821	)
Debt securities held-to-maturity, net	7,859,864		7,969,273		8,296,025		(109,409	)
Equity securities	198,191		195,791		190,688		2,400
Loans held-for-sale, at lower of cost or fair value	5,509		8,225		5,239		(2,716	)
Loans held-in-portfolio	36,599,612		35,978,602		34,369,775		621,010
Less: Unearned income	404,645		386,982		340,462		17,663
Allowance for credit losses	744,320		730,077		711,068		14,243
Total loans held-in-portfolio, net	35,450,647		34,861,543		33,318,245		589,104
Premises and equipment, net	624,376		599,058		534,384		25,318
Other real estate	63,028		70,225		82,322		(7,197	)
Accrued income receivable	257,406		260,162		257,833		(2,756	)
Mortgage servicing rights, at fair value	108,827		113,386		119,030		(4,559	)
Other assets	1,767,919		2,172,555		2,032,565		(404,636	)
Goodwill	804,428		804,428		804,428		-
Other intangible assets	7,531		8,235		10,559		(704	)
Total assets	$71,323,074		$72,845,072		$69,736,936		$(1,521,998	)
Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing	$15,276,071		$15,470,082		$15,201,374		$(194,011	)
Interest bearing	48,392,430		50,060,780		48,136,226		(1,668,350	)
Total deposits	63,668,501		65,530,862		63,337,600		(1,862,361	)
Assets sold under agreements to repurchase	55,360		105,684		93,071		(50,324	)
Notes payable	918,376		941,580		1,004,649		(23,204	)
Other liabilities	890,323		894,268		844,008		(3,945	)
Total liabilities	65,532,560		67,472,394		65,279,328		(1,939,834	)
Stockholders’ equity:
Preferred stock	22,143		22,143		22,143		-
Common stock	1,048		1,048		1,048		-
Surplus	4,853,869		4,852,747		4,797,364		1,122
Retained earnings	4,495,878		4,385,522		4,189,865		110,356
Treasury stock	(2,069,430	)	(2,010,500	)	(2,018,870	)	(58,930	)
Accumulated other comprehensive loss, net of tax	(1,512,994	)	(1,878,282	)	(2,533,942	)	365,288
Total stockholders’ equity	5,790,514		5,372,678		4,457,608		417,836
Total liabilities and stockholders’ equity	$71,323,074		$72,845,072		$69,736,936		$(1,521,998	)

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)
For the quarters ended September 30, 2024 and June 30, 2024
(Unaudited)
																									Variance
	Average Volume							Average Yields / Costs									Interest								Attributable to
	30-Sep-24		30-Jun-24	Variance				30-Sep-24		30-Jun-24		Variance						30-Sep-24		30-Jun-24		Variance			Rate			Volume
	(In millions)																	(In thousands)
$	7,033	$	6,471	$	562			5.43	%	5.49	%	(0.06	)	%		Money market investments	$	96,061	$	88,316	$	7,745		$	59		$	7,686
	27,569		28,943		(1,374	)		2.92		3.01		(0.09	)			Investment securities [1]		202,317		216,922		(14,605	)		(4,017	)		(10,588	)
	30		26		4			5.87		5.69		0.18				Trading securities		436		367		69			16			53
																Total money market,
																investment and trading
	34,632		35,440		(808	)		3.43		3.47		(0.04	)			securities		298,814		305,605		(6,791	)		(3,942	)		(2,849	)
																Loans:
	17,798		17,707		91			6.90		6.86		0.04				Commercial		308,734		302,003		6,731			5,175			1,556
	1,129		1,070		59			8.85		9.11		(0.26	)			Construction		25,102		24,224		878			(446	)		1,324
	1,851		1,789		62			6.97		6.86		0.11				Leasing		32,241		30,697		1,544			472			1,072
	7,911		7,817		94			5.73		5.66		0.07				Mortgage		113,409		110,673		2,736			1,399			1,337
	3,211		3,192		19			14.08		13.97		0.11				Consumer		112,423		110,906		1,517			675			842
	3,879		3,819		60			8.94		8.88		0.06				Auto		87,189		84,268		2,921			1,575			1,346
	35,779		35,394		385			7.56		7.52		0.04				Total loans		679,098		662,771		16,327			8,850			7,477
$	70,411	$	70,834	$	(423	)		5.53	%	5.49	%	0.04		%		Total earning assets	$	977,912	$	968,376	$	9,536		$	4,908		$	4,628
																Interest bearing deposits:
$	26,148	$	26,105	$	43			3.64	%	3.60	%	0.04		%		NOW and money market [2]	$	238,923	$	233,345	$	5,578		$	7,861		$	(2,283	)
	14,322		14,732		(410	)		0.92		0.92		-				Savings		33,169		33,795		(626	)		858			(1,484	)
	9,069		9,014		55			3.46		3.25		0.21				Time deposits		78,893		72,799		6,094			5,459			635
	49,539		49,851		(312	)		2.82		2.74		0.08				Total interest bearing deposits		350,985		339,939		11,046			14,178			(3,132	)
	14,968		15,176		(208	)										Non-interest bearing demand deposits
	64,507		65,027		(520	)		2.16		2.10		0.06				Total deposits		350,985		339,939		11,046			14,178			(3,132	)
	101		80		21			5.62		5.64		(0.02	)			Short-term borrowings		1,431		1,126		305			8			297
																Other medium and
	950		978		(28	)		5.32		5.16		0.16				long-term debt		12,560		12,530		30			131			(101	)
																Total interest bearing
	50,590		50,909		(319	)		2.87		2.79		0.08				liabilities (excluding demand deposits)		364,976		353,595		11,381			14,317			(2,936	)
	4,853		4,749		104											Other sources of funds
$	70,411	$	70,834	$	(423	)		2.06	%	2.01	%	0.05		%		Total source of funds		364,976		353,595		11,381			14,317			(2,936	)
																Net interest margin/
								3.47	%	3.48	%	(0.01	)	%		income on a taxable equivalent basis (Non-GAAP)		612,936		614,781		(1,845	)	$	(9,409	)	$	7,564
								2.66	%	2.70	%	(0.04	)	%		Net interest spread
																Taxable equivalent adjustment		40,464		46,469		(6,005	)
																Net interest margin/ income
								3.24	%	3.22	%	0.02		%		non-taxable equivalent basis (GAAP)	$	572,472	$	568,312	$	4,160
Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category.
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity.
[2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)
For the quarters ended September 30, 2024 and September 30, 2023
(Unaudited)
																									Variance
	Average Volume							Average Yields / Costs									Interest								Attributable to
	30-Sep-24		30-Sep-23	Variance				30-Sep-24		30-Sep-23		Variance						30-Sep-24		30-Sep-23		Variance			Rate			Volume
	(In millions)																	(In thousands)
$	7,033	$	7,292	$	(259	)		5.43	%	5.40	%	0.03		%		Money market investments	$	96,061	$	99,285	$	(3,224	)	$	312		$	(3,536	)
	27,569		28,396		(827	)		2.92		2.31		0.61				Investment securities [1]		202,317		165,319		36,998			41,381			(4,383	)
	30		34		(4	)		5.87		4.43		1.44				Trading securities		436		375		61			110			(49	)
																Total money market,
																investment and trading
	34,632		35,722		(1,090	)		3.43		2.95		0.48				securities		298,814		264,979		33,835			41,803			(7,968	)
																Loans:
	17,798		16,611		1,187			6.90		6.64		0.26				Commercial		308,734		277,977		30,757			10,336			20,421
	1,129		865		264			8.85		8.99		(0.14	)			Construction		25,102		19,580		5,522			(364	)		5,886
	1,851		1,669		182			6.97		6.50		0.47				Leasing		32,241		27,142		5,099			2,022			3,077
	7,911		7,504		407			5.73		5.42		0.31				Mortgage		113,409		101,700		11,709			6,038			5,671
	3,211		3,147		64			14.08		13.39		0.69				Consumer		112,423		105,042		7,381			4,260			3,121
	3,879		3,657		222			8.94		8.47		0.47				Auto		87,189		78,055		9,134			4,248			4,886
	35,779		33,453		2,326			7.56		7.24		0.32				Total loans		679,098		609,496		69,602			26,540			43,062
$	70,411	$	69,175	$	1,236			5.53	%	5.02	%	0.51		%		Total earning assets	$	977,912	$	874,475	$	103,437		$	68,343		$	35,094
																Interest bearing deposits:
$	26,148	$	25,652	$	496			3.64	%	3.31	%	0.33		%		NOW and money market [2]	$	238,923	$	213,957	$	24,966		$	26,317		$	(1,351	)
	14,322		14,875		(553	)		0.92		0.73		0.19				Savings		33,169		27,373		5,796			6,429			(633	)
	9,069		7,986		1,083			3.46		2.62		0.84				Time deposits		78,893		52,791		26,102			16,893			9,209
	49,539		48,513		1,026			2.82		2.41		0.41				Total interest bearing deposits		350,985		294,121		56,864			49,639			7,225
	14,968		15,038		(70	)										Non-interest bearing demand deposits
	64,507		63,551		956			2.16		1.84		0.32				Total deposits		350,985		294,121		56,864			49,639			7,225
	101		108		(7	)		5.62		5.45		0.17				Short-term borrowings		1,431		1,478		(47	)		44			(91	)
																Other medium and
	950		1,172		(222	)		5.32		5.20		0.12				long-term debt		12,560		15,167		(2,607	)		415			(3,022	)
																Total interest bearing
	50,590		49,793		797			2.87		2.48		0.39				liabilities (excluding demand deposits)		364,976		310,766		54,210			50,098			4,112
	4,853		4,344		509											Other sources of funds
$	70,411	$	69,175	$	1,236			2.06	%	1.78	%	0.28		%		Total source of funds		364,976		310,766		54,210			50,098			4,112
																Net interest margin/
								3.47	%	3.24	%	0.23		%		income on a taxable equivalent basis (Non-GAAP)		612,936		563,709		49,227		$	18,245		$	30,982
								2.66	%	2.54	%	0.12		%		Net interest spread
																Taxable equivalent adjustment		40,464		29,689		10,775
																Net interest margin/ income
								3.24	%	3.07	%	0.17		%		non-taxable equivalent basis (GAAP)	$	572,472	$	534,020	$	38,452
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 Third 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
	30-Sep-24		30-Sep-23	Variance				30-Sep-24		30-Sep-23		Variance						30-Sep-24		30-Sep-23		Variance			Rate		Volume
	(In millions)																	(In thousands)
$	6,664	$	6,966	$	(302	)		5.47	%	5.10	%	0.37		%		Money market investments	$	272,893	$	265,785	$	7,108		$	18,902	$	(11,794	)
	28,271		28,205		66			2.88		2.18		0.70				Investment securities [1]		610,342		460,641		149,701			148,137		1,564
	30		32		(2	)		5.02		4.52		0.50				Trading securities		1,114		1,084		30			117		(87	)
																Total money market,
																investment and trading
	34,965		35,203		(238	)		3.38		2.76		0.62				securities		884,349		727,510		156,839			167,156		(10,317	)
																Loans:
	17,707		16,206		1,501			6.87		6.50		0.37				Commercial		910,241		787,381		122,860			47,469		75,391
	1,064		778		286			8.97		8.79		0.18				Construction		71,426		51,178		20,248			1,090		19,158
	1,794		1,630		164			6.86		6.31		0.55				Leasing		92,292		77,135		15,157			7,024		8,133
	7,818		7,434		384			5.67		5.45		0.22				Mortgage		332,626		303,777		28,849			12,819		16,030
	3,209		3,082		127			13.94		13.10		0.83				Consumer		334,818		302,050		32,768			17,783		14,985
	3,820		3,603		217			8.86		8.31		0.55				Auto		253,511		223,929		29,582			15,682		13,900
	35,412		32,733		2,679			7.52		7.13		0.39				Total loans		1,994,914		1,745,450		249,464			101,867		147,597
$	70,377	$	67,936	$	2,441			5.46	%	4.86	%	0.60		%		Total earning assets	$	2,879,263	$	2,472,960	$	406,303		$	269,023	$	137,280
																Interest bearing deposits:
$	25,986	$	24,407	$	1,579			3.62	%	2.93	%	0.69		%		NOW and money market [2]	$	704,396	$	534,567	$	169,829		$	137,718	$	32,111
	14,584		14,889		(305	)		0.93		0.62		0.31				Savings		101,136		69,262		31,874			30,343		1,531
	8,877		7,603		1,274			3.23		2.23		1.00				Time deposits		214,888		126,995		87,893			56,973		30,920
	49,447		46,899		2,548			2.76		2.08		0.68				Total interest bearing deposits		1,020,420		730,824		289,596			225,034		64,562
	15,075		15,405		(330	)										Non-interest bearing demand deposits
	64,522		62,304		2,218			2.11		1.57		0.54				Total deposits		1,020,420		730,824		289,596			225,034		64,562
	89		160		(71	)		5.65		5.02		0.63				Short-term borrowings		3,749		5,987		(2,238	)		681		(2,919	)
																Other medium and
	975		1,140		(165	)		5.18		5.12		0.06				long-term debt		37,799		43,660		(5,861	)		152		(6,013	)
																Total interest bearing
	50,511		48,199		2,312			2.81		2.16		0.65				liabilities (excluding demand deposits)		1,061,968		780,471		281,497			225,867		55,630
	4,791		4,332		459											Other sources of funds
$	70,377	$	67,936	$	2,441			2.02	%	1.54	%	0.48		%		Total source of funds		1,061,968		780,471		281,497			225,867		55,630
																Net interest margin/
								3.44	%	3.32	%	0.12		%		income on a taxable equivalent basis (Non-GAAP)		1,817,295		1,692,489		124,806		$	43,156	$	81,650
								2.65	%	2.70	%	(0.05	)	%		Net interest spread
																Taxable equivalent adjustment		125,766		95,145		30,621
																Net interest margin/ income
								3.20	%	3.14	%	0.06		%		non-taxable equivalent basis (GAAP)	$	1,691,529	$	1,597,344	$	94,185
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 Third Quarter 2024 Earnings Release
Table G - Mortgage Banking Activities and Other Service Fees
(Unaudited)
Mortgage Banking Activities
	Quarters ended						Variance				Nine months ended				Variance
(In thousands)	30-Sep-24		30-Jun-24		30-Sep-23		Q3 2024 vs.Q2 2024		Q3 2024 vs.Q3 2023		30-Sep-24		30-Sep-23		2024 vs. 2023
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees	$7,559		$7,602		$8,025		$(43	)	$(466	)	$22,912		$25,083		$(2,171	)
Mortgage servicing rights fair value adjustments	(4,896	)	(1,945	)	(2,793	)	(2,951	)	(2,103	)	(10,280	)	(10,385	)	105
Total mortgage servicing fees, net of fair value adjustments	2,663		5,657		5,232		(2,994	)	(2,569	)	12,632		14,698		(2,066	)
Net gain (loss) on sale of loans, including valuation on loans held-for-sale	320		2		(335	)	318		655		396		(133	)	529
Trading account (loss) profit:
Unrealized (loss) gains on outstanding derivative positions	(44	)	56		45		(100	)	(89	)	113		160		(47	)
Realized (loss) gains on closed derivative positions	(261	)	9		494		(270	)	(755	)	(249	)	661		(910	)
Total trading account (loss) profit	(305	)	65		539		(370	)	(844	)	(136	)	821		(957	)
Losses on repurchased loans, including interest advances	(8	)	(1	)	(43	)	(7	)	35		(139	)	(277	)	138
Total mortgage banking activities	$2,670		$5,723		$5,393		$(3,053	)	$(2,723	)	$12,753		$15,109		$(2,356	)

Other Service Fees
		Quarters ended			Variance				Nine months ended		Variance
(In thousands)		30-Sep-24	30-Jun-24	30-Sep-23	Q3 2024 vs.Q2 2024		Q3 2024 vs.Q3 2023		30-Sep-24	30-Sep-23	2024 vs. 2023
Other service fees:
Debit card fees [1]		$26,197	$27,176	$24,603	$(979	)	$1,594		$78,907	$74,143	$4,764
Insurance fees		15,422	13,368	14,983	2,054		439		43,479	43,481	(2	)
Credit card fees [1]		31,262	30,748	29,778	514		1,484		91,577	90,146	1,431
Sale and administration of investment products		8,387	7,850	6,820	537		1,567		23,664	19,454	4,210
Trust fees		6,715	6,622	6,381	93		334		20,044	18,756	1,288
Other fees		10,765	11,099	10,842	(334	)	(77	)	32,212	31,768	444
Total other service fees		$98,748	$96,863	$93,407	$1,885		$5,341		$289,883	$277,748	$12,135
[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 nine-month period ended September 30, 2023, interchange fees of approximately $11.0 million and $33.8 million were reclassified.

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table H - Loans and Deposits
(Unaudited)
Loans - Ending Balances
				Variance
(In thousands)	30-Sep-24	30-Jun-24	30-Sep-23	Q3 2024 vs.Q2 2024		% of Change		Q3 2024 vs.Q3 2023		% of Change
Loans held-in-portfolio:
Commercial
Commercial multi-family	$2,405,302	$2,384,480	$2,328,433	$20,822		0.87	%	$76,869		3.30	%
Commercial real estate non-owner occupied	5,185,381	5,004,472	5,035,130	180,909		3.61	%	150,251		2.98	%
Commercial real estate owner occupied	3,092,393	3,143,817	3,044,905	(51,424	)	(1.64	%)	47,488		1.56	%
Commercial and industrial	7,400,553	7,195,357	6,527,082	205,196		2.85	%	873,471		13.38	%
Total Commercial	18,083,629	17,728,126	16,935,550	355,503		2.01	%	1,148,079		6.78	%
Construction	1,113,307	1,105,759	922,112	7,548		0.68	%	191,195		20.73	%
Leasing	1,887,052	1,828,048	1,698,114	59,004		3.23	%	188,938		11.13	%
Mortgage	7,993,348	7,883,726	7,585,111	109,622		1.39	%	408,237		5.38	%
Consumer
Credit cards	1,186,893	1,162,557	1,077,428	24,336		2.09	%	109,465		10.16	%
Home equity lines of credit	69,691	68,992	67,499	699		1.01	%	2,192		3.25	%
Personal	1,873,175	1,879,619	1,952,168	(6,444	)	(0.34	%)	(78,993	)	(4.05	%)
Auto	3,818,607	3,773,292	3,633,196	45,315		1.20	%	185,411		5.10	%
Other	169,265	161,501	158,135	7,764		4.81	%	11,130		7.04	%
Total Consumer	7,117,631	7,045,961	6,888,426	71,670		1.02	%	229,205		3.33	%
Total loans held-in-portfolio	$36,194,967	$35,591,620	$34,029,313	$603,347		1.70	%	$2,165,654		6.36	%
Loans held-for-sale:
Mortgage	$5,509	$8,225	$5,239	$(2,716	)	(33.02	%)	$270		5.15	%
Total loans held-for-sale	$5,509	$8,225	$5,239	$(2,716	)	(33.02	%)	$270		5.15	%
Total loans	$36,200,476	$35,599,845	$34,034,552	$600,631		1.69	%	$2,165,924		6.36	%

Deposits - Ending Balances
				Variance
(In thousands)	30-Sep-24	30-Jun-24	30-Sep-23	Q3 2024 vs. Q2 2024		% of Change		Q3 2024 vs.Q3 2023		% of Change
Non-P.R. government deposits:
Demand deposits [1]	$15,276,071	$15,470,083	$15,201,374	$(194,012	)	(1.25	%)	$74,697		0.49	%
Savings, NOW and money market deposits (non-brokered)	20,584,328	21,210,000	22,172,344	(625,672	)	(2.95	%)	(1,588,016	)	(7.16	%)
Savings, NOW and money market deposits (brokered)	735,231	729,326	734,479	5,905		0.81	%	752		0.10	%
Time deposits (non-brokered)	7,363,477	7,427,612	6,535,481	(64,135	)	(0.86	%)	827,996		12.67	%
Time deposits (brokered CDs)	993,522	971,907	943,801	21,615		2.22	%	49,721		5.27	%
Sub-total non-P.R. government deposits	44,952,629	45,808,928	45,587,479	(856,299	)	(1.87	%)	(634,850	)	(1.39	%)
P.R. government deposits:
Demand deposits	11,088,511	10,409,323	12,741,408	679,188		6.52	%	(1,652,897	)	(12.97	%)
Savings, NOW and money market deposits (non-brokered)	6,903,370	8,514,473	4,280,038	(1,611,103	)	(18.92	%)	2,623,332		61.29	%
Time deposits (non-brokered)	723,991	798,138	728,675	(74,147	)	(9.29	%)	(4,684	)	(0.64	%)
Sub-total P.R. government deposits	18,715,872	19,721,934	17,750,121	(1,006,062	)	(5.10	%)	965,751		5.44	%
Total deposits	$63,668,501	$65,530,862	$63,337,600	$(1,862,361	)	(2.84	%)	$330,901		0.52	%
[1] Includes interest and non-interest bearing demand deposits.

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table I - Loan Delinquency -BPPR Operations
(Unaudited)
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
30-Jun-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		$	233			$	-			$	443			$	676			$	304,235			$	304,911				$	443			$	-
Commercial real estate:
Non-owner occupied			1,713				-				7,484				9,197				2,970,430				2,979,627					7,484				-
Owner occupied			1,770				232				25,285				27,287				1,389,825				1,417,112					25,285				-
Commercial and industrial			5,387				2,097				26,560				34,044				4,968,740				5,002,784					22,958				3,602
Construction			5,479				-				-				5,479				178,460				183,939					-				-
Mortgage			287,468				105,266				373,306				766,040				5,824,480				6,590,520					163,790				209,516
Leasing			20,631				5,071				7,059				32,761				1,795,287				1,828,048					7,059				-
Consumer:
Credit cards			15,032				9,436				23,931				48,399				1,114,140				1,162,539					-				23,931
Home equity lines of credit			-				-				-				-				2,216				2,216					-				-
Personal			21,535				12,755				19,650				53,940				1,690,933				1,744,873					19,650				-
Auto			103,873				24,943				39,333				168,149				3,605,143				3,773,292					39,333				-
Other			976				258				1,207				2,441				151,092				153,533					885				322
Total		$	464,097			$	160,058			$	524,258			$	1,148,413			$	23,994,981			$	25,143,394				$	286,887			$	237,371
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		$	1,633			$	-			$	(356	)		$	1,277			$	(654	)		$	623				$	(356	)		$	-
Commercial real estate:
Non-owner occupied			(1,543	)			174				9				(1,360	)			169,988				168,628					9				-
Owner occupied			(226	)			1,449				1,315				2,538				(15,800	)			(13,262	)				1,315				-
Commercial and industrial			13,687				4,597				(2,741	)			15,543				157,798				173,341					(3,319	)			578
Construction			(5,479	)			-				-				(5,479	)			11,883				6,404					-				-
Mortgage			(41,248	)			17,326				(13,320	)			(37,242	)			142,139				104,897					(5,870	)			(7,450	)
Leasing			(791	)			(410	)			308				(893	)			59,897				59,004					308				-
Consumer:
Credit cards			1,178				1,979				3,283				6,440				17,910				24,350					-				3,283
Home equity lines of credit			-				-				-				-				(85	)			(85	)				-				-
Personal			191				398				1,357				1,946				7,262				9,208					1,342				15
Auto			490				1,147				8,495				10,132				35,183				45,315					8,495				-
Other			(249	)			242				(19	)			(26	)			3,683				3,657					4				(23	)
Total		$	(32,357	)		$	26,902			$	(1,669	)		$	(7,124	)		$	589,204			$	582,080				$	1,928			$	(3,597	)

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table J - Loan Delinquency - Popular U.S. Operations
(Unaudited)
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
30-Jun-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		$	2,962			$	-			$	8,700			$	11,662			$	2,067,907			$	2,079,569				$	8,700			$	-
Commercial real estate:
Non-owner occupied			2,494				2,783				1,025				6,302				2,018,543				2,024,845					1,025				-
Owner occupied			-				17,095				22,256				39,351				1,687,354				1,726,705					22,256				-
Commercial and industrial			5,181				304				5,992				11,477				2,181,096				2,192,573					5,782				210
Construction			-				-				-				-				921,820				921,820					-				-
Mortgage			1,309				23,479				11,554				36,342				1,256,864				1,293,206					11,554				-
Consumer:
Credit cards			-				-				-				-				18				18					-				-
Home equity lines of credit			890				462				3,780				5,132				61,644				66,776					3,780				-
Personal			1,770				1,689				1,851				5,310				129,436				134,746					1,851				-
Other			1,204				-				-				1,204				6,764				7,968					-				-
Total		$	15,810			$	45,812			$	55,158			$	116,780			$	10,331,446			$	10,448,226				$	54,948			$	210
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		$	(1,902	)		$	-			$	-			$	(1,902	)		$	22,101			$	20,199				$	-			$	-
Commercial real estate:
Non-owner occupied			7,836				230				1,257				9,323				2,958				12,281					1,257				-
Owner occupied			250				(15,270	)			(8	)			(15,028	)			(23,134	)			(38,162	)				(8	)			-
Commercial and industrial			6,297				2,008				(549	)			7,756				24,099				31,855					(536	)			(13	)
Construction			-				34,349				-				34,349				(33,205	)			1,144					-				-
Mortgage			(410	)			(19,839	)			16,880				(3,369	)			8,094				4,725					16,880				-
Consumer:
Credit cards			-				-				-				-				(14	)			(14	)				-				-
Home equity lines of credit			(816	)			522				54				(240	)			1,024				784					54				-
Personal			(74	)			326				(14	)			238				(15,890	)			(15,652	)				(14	)			-
Other			(1,194	)			508				2				(684	)			4,791				4,107					2				-
Total		$	9,987			$	2,834			$	17,622			$	30,443			$	(9,176	)		$	21,267				$	17,635			$	(13	)

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table K - Loan Delinquency - Consolidated
(Unaudited)
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
30-Jun-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	$	3,195			$	-			$	9,143			$	12,338			$	2,372,142			$	2,384,480				$	9,143			$	-
Commercial real estate:
Non-owner occupied		4,207				2,783				8,509				15,499				4,988,973				5,004,472					8,509				-
Owner occupied		1,770				17,327				47,541				66,638				3,077,179				3,143,817					47,541				-
Commercial and industrial		10,568				2,401				32,552				45,521				7,149,836				7,195,357					28,740				3,812
Construction		5,479				-				-				5,479				1,100,280				1,105,759					-				-
Mortgage		288,777				128,745				384,860				802,382				7,081,344				7,883,726					175,344				209,516
Leasing		20,631				5,071				7,059				32,761				1,795,287				1,828,048					7,059				-
Consumer:
Credit cards		15,032				9,436				23,931				48,399				1,114,158				1,162,557					-				23,931
Home equity lines of credit		890				462				3,780				5,132				63,860				68,992					3,780				-
Personal		23,305				14,444				21,501				59,250				1,820,369				1,879,619					21,501				-
Auto		103,873				24,943				39,333				168,149				3,605,143				3,773,292					39,333				-
Other		2,180				258				1,207				3,645				157,856				161,501					885				322
Total	$	479,907			$	205,870			$	579,416			$	1,265,193			$	34,326,427			$	35,591,620				$	341,835			$	237,581
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	$	(269	)		$	-			$	(356	)		$	(625	)		$	21,447			$	20,822				$	(356	)		$	-
Commercial real estate:
Non-owner occupied		6,293				404				1,266				7,963				172,946				180,909					1,266				-
Owner occupied		24				(13,821	)			1,307				(12,490	)			(38,934	)			(51,424	)				1,307				-
Commercial and industrial		19,984				6,605				(3,290	)			23,299				181,897				205,196					(3,855	)			565
Construction		(5,479	)			34,349				-				28,870				(21,322	)			7,548					-				-
Mortgage		(41,658	)			(2,513	)			3,560				(40,611	)			150,233				109,622					11,010				(7,450	)
Leasing		(791	)			(410	)			308				(893	)			59,897				59,004					308				-
Consumer:
Credit cards		1,178				1,979				3,283				6,440				17,896				24,336					-				3,283
Home equity lines of credit		(816	)			522				54				(240	)			939				699					54				-
Personal		117				724				1,343				2,184				(8,628	)			(6,444	)				1,328				15
Auto		490				1,147				8,495				10,132				35,183				45,315					8,495				-
Other		(1,443	)			750				(17	)			(710	)			8,474				7,764					6				(23	)
Total	$	(22,370	)		$	29,736			$	15,953			$	23,319			$	580,028			$	603,347				$	19,563			$	(3,610	)

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table L - Non-Performing Assets
(Unaudited)
										Variance
(In thousands)	30-Sep-24	As a % of loans HIP by category		30-Jun-24	As a % of loans HIP by category		30-Sep-23	As a % of loans HIP by category		Q3 2024 vs. Q2 2024		Q3 2024 vs. Q3 2023
Non-accrual loans:
Commercial
Commercial multi-family	$8,787	0.4	%	$9,143	0.4	%	$588	-	%	$(356	)	$8,199
Commercial real estate non-owner occupied	9,775	0.2		8,509	0.2		16,064	0.3		1,266		(6,289	)
Commercial real estate owner occupied	48,848	1.6		47,541	1.5		38,966	1.3		1,307		9,882
Commercial and industrial	24,885	0.3		28,740	0.4		25,203	0.4		(3,855	)	(318	)
Total Commercial	92,295	0.5		93,933	0.5		80,821	0.5		(1,638	)	11,474
Construction	-	-		-	-		6,578	0.7		-		(6,578	)
Leasing	7,367	0.4		7,059	0.4		6,842	0.4		308		525
Mortgage	186,354	2.3		175,344	2.2		199,423	2.6		11,010		(13,069	)
Consumer
Home equity lines of credit	3,834	5.5		3,780	5.5		4,085	6.1		54		(251	)
Personal	22,829	1.2		21,501	1.1		21,219	1.1		1,328		1,610
Auto	47,828	1.3		39,333	1.0		40,268	1.1		8,495		7,560
Other Consumer	891	0.5		885	0.5		2,287	1.4		6		(1,396	)
Total Consumer	75,382	1.1		65,499	0.9		67,859	1.0		9,883		7,523
Total non-performing loans held-in-portfolio	361,398	1.0	%	341,835	1.0	%	361,523	1.1	%	19,563		(125	)
Other real estate owned (“OREO”)	63,028			70,225			82,322			(7,197	)	(19,294	)
Total non-performing assets [1]	$424,426			$412,060			$443,845			$12,366		$(19,419	)
Accruing loans past due 90 days or more [2]	$233,971			$237,581			$264,212			$(3,610	)	$(30,241	)
Ratios:
Non-performing assets to total assets	0.60	%		0.57	%		0.64	%
Non-performing loans held-in-portfolio to loans held-in-portfolio	1.00			0.96			1.06
Allowance for credit losses to loans held-in-portfolio	2.06			2.05			2.09
Allowance for credit losses to non-performing loans, excluding loans held-for-sale	205.96			213.58			196.69
[1] There were no non-performing loans held-for-sale as of September 30, 2024, June 30, 2024 and September 30, 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 September 30, 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 (June 30, 2024 - $10 million; September 30, 2023 - $8 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 $70 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of September 30, 2024 (June 30, 2024 - $81 million; September 30, 2023 - $115 million). Furthermore, the Corporation has approximately $32 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 (June 30, 2024- $34 million; September 30, 2023 - $39 million).

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table M - Activity in Non-Performing Loans
(Unaudited)
Commercial loans held-in-portfolio:
	Quarter ended						Quarter ended
	30-Sep-24						30-Jun-24
(In thousands)	BPPR		Popular U.S.		Popular, Inc.		BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs	$56,170		$37,763		$93,933		$63,323		$21,407		$84,730
Plus:
New non-performing loans	4,460		2,582		7,042		4,031		21,940		25,971
Advances on existing non-performing loans	-		3		3		-		282		282
Less:
Non-performing loans transferred to OREO	-		-		-		(280	)	-		(280	)
Non-performing loans charged-off	(4,085	)	(82	)	(4,167	)	(5,700	)	-		(5,700	)
Loans returned to accrual status / loan collections	(2,726	)	(1,790	)	(4,516	)	(5,204	)	(5,866	)	(11,070	)
Ending balance NPLs	$53,819		$38,476		$92,295		$56,170		$37,763		$93,933
Mortgage loans held-in-portfolio:
	Quarter ended						Quarter ended
	30-Sep-24						30-Jun-24
(In thousands)	BPPR		Popular U.S.		Popular, Inc.		BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs	$163,790		$11,554		$175,344		$166,473		$28,071		$194,544
Plus:
New non-performing loans	32,125		20,386		52,511		37,009		3,967		40,976
Advances on existing non-performing loans	-		29		29		-		16		16
Less:
Non-performing loans transferred to OREO	(4,016	)	-		(4,016	)	(4,260	)	(24	)	(4,284	)
Non-performing loans charged-off	54		-		54		110		(18	)	92
Loans returned to accrual status / loan collections	(34,033	)	(3,535	)	(37,568	)	(35,542	)	(20,458	)	(56,000	)
Ending balance NPLs	$157,920		$28,434		$186,354		$163,790		$11,554		$175,344
Total non-performing loans held-in-portfolio (excluding consumer):
	Quarter ended						Quarter ended
	30-Sep-24						30-Jun-24
(In thousands)	BPPR		Popular U.S.		Popular, Inc.		BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs	$219,960		$49,317		$269,277		$229,796		$49,478		$279,274
Plus:
New non-performing loans	36,585		22,968		59,553		41,040		25,907		66,947
Advances on existing non-performing loans	-		32		32		-		298		298
Less:
Non-performing loans transferred to OREO	(4,016	)	-		(4,016	)	(4,540	)	(24	)	(4,564	)
Non-performing loans charged-off	(4,031	)	(82	)	(4,113	)	(5,590	)	(18	)	(5,608	)
Loans returned to accrual status / loan collections	(36,759	)	(5,325	)	(42,084	)	(40,746	)	(26,324	)	(67,070	)
Ending balance NPLs	$211,739		$66,910		$278,649		$219,960		$49,317		$269,277

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios
(Unaudited)
	Quarters ended
(In thousands)	30-Sep-24			30-Jun-24			30-Sep-23
Balance at beginning of period - loans held-in-portfolio	$730,077			$739,544			$700,200
Provision for credit losses	72,769			44,157			43,514
Initial allowance for credit losses - PCD Loans	3			6			9
	802,849			783,707			743,723
Net loans charge-off (recovered)- BPPR
Commercial:
Commercial real estate non-owner occupied	10			(44	)		(168	)
Commercial real estate owner occupied	(1,554	)		(1,134	)		166
Commercial and industrial	4,729			6,021			(10,547	)
Total Commercial	3,185			4,843			(10,549	)
Construction	(1,036	)		-			2,611
Leasing	2,256			2,700			1,442
Mortgage	(3,894	)		(3,749	)		(3,800	)
Consumer:
Credit cards	14,857			13,712			8,631
Home equity lines of credit	(76	)		41			(30	)
Personal	22,186			20,975			17,303
Auto	16,901			10,257			9,691
Other Consumer	202			529			301
Total Consumer	54,070			45,514			35,896
Total net charged-off BPPR	$54,581			$49,308			$25,600
Net loans charge-off (recovered) - Popular U.S.
Commercial:
Commercial multi-family	(5	)		(4	)		(1	)
Commercial real estate non-owner occupied	(8	)		(42	)		(66	)
Commercial real estate owner occupied	(19	)		(59	)		1,202
Commercial and industrial	372			988			899
Total Commercial	340			883			2,034
Construction	-			(100	)		-
Mortgage	(46	)		(17	)		(62	)
Consumer:
Home equity lines of credit	(120	)		(383	)		12
Personal	3,751			3,941			5,032
Other Consumer	23			(2	)		39
Total Consumer	3,654			3,556			5,083
Total net charged-off Popular U.S.	$3,948			$4,322			$7,055
Total loans charged-off - Popular, Inc.	$58,529			$53,630			$32,655
Balance at end of period - loans held-in-portfolio	$744,320			$730,077			$711,068
Balance at beginning of period - unfunded commitments	$18,884			$16,767			$11,593
Provision for credit losses (benefit)	(500	)		2,117			1,691
Balance at end of period - unfunded commitments [2]	$18,384			$18,884			$13,284
POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.65		%	0.61		%	0.39		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	124.33		%	82.34		%	133.25		%
BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.86		%	0.79		%	0.44		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	141.34		%	98.53		%	211.00		%
Popular U.S.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.15		%	0.16		%	0.28		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	(110.89	)	%	(102.45	)	%	(148.87	)	%
[1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table O - Allowance for Credit Losses "ACL"- Loan Portfolios - BPPR Operations
(Unaudited)
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		%
30-Jun-24
BPPR
(In thousands)		Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family		$3,303			$304,911			1.08		%
Commercial real estate - non-owner occupied		53,386			2,979,627			1.79		%
Commercial real estate - owner occupied		39,375			1,417,112			2.78		%
Commercial and industrial		111,263			5,002,784			2.22		%
Total commercial		$207,327			$9,704,434			2.14		%
Construction		3,638			183,939			1.98		%
Mortgage		73,900			6,590,520			1.12		%
Leasing		14,385			1,828,048			0.79		%
Consumer:
Credit cards		86,313			1,162,539			7.42		%
Home equity lines of credit		83			2,216			3.75		%
Personal		94,021			1,744,873			5.39		%
Auto		157,449			3,773,292			4.17		%
Other consumer		6,489			153,533			4.23		%
Total consumer		$344,355			$6,836,453			5.04		%
Total		$643,605			$25,143,394			2.56		%
Variance
(In thousands)		Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family		$(417	)		$623			(0.14	)	%
Commercial real estate - non-owner occupied		3,334			168,628			0.01		%
Commercial real estate - owner occupied		(864	)		(13,262	)		(0.04	)	%
Commercial and industrial		11,868			173,341			0.16		%
Total commercial		$13,921			$329,330			0.07		%
Construction		66			6,404			(0.03	)	%
Mortgage		(1,324	)		104,897			(0.04	)	%
Leasing		1,469			59,004			0.05		%
Consumer:
Credit cards		6,381			24,350			0.39		%
Home equity lines of credit		(14	)		(85	)		(0.51	)	%
Personal		(1,954	)		9,208			(0.14	)	%
Auto		3,864			45,315			0.05		%
Other consumer		160			3,657			-		%
Total consumer		$8,437			$82,445			0.06		%
Total		$22,569			$582,080			0.03		%

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table P - Allowance for Credit Losses "ACL"- Loan Portfolios - POPULAR U.S. Operations
(Unaudited)
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		%
30-Jun-24
Popular U.S.
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$7,877			$2,079,569			0.38		%
Commercial real estate - non-owner occupied	10,849			2,024,845			0.54		%
Commercial real estate - owner occupied	18,815			1,726,705			1.09		%
Commercial and industrial	15,219			2,192,573			0.69		%
Total commercial	$52,760			$8,023,692			0.66		%
Construction	9,251			921,820			1.00		%
Mortgage	9,389			1,293,206			0.73		%
Consumer:
Credit cards	-			18			-		%
Home equity lines of credit	1,643			66,776			2.46		%
Personal	13,427			134,746			9.96		%
Other consumer	2			7,968			0.03		%
Total consumer	$15,072			$209,508			7.19		%
Total	$86,472			$10,448,226			0.83		%
Variance
(In thousands)	Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family	$(1,121	)		$20,199			(0.06	)	%
Commercial real estate - non-owner occupied	61			12,281			-		%
Commercial real estate - owner occupied	(4,411	)		(38,162	)		(0.24	)	%
Commercial and industrial	(1,989	)		31,855			(0.10	)	%
Total commercial	$(7,460	)		$26,173			(0.10	)	%
Construction	259			1,144			0.03		%
Mortgage	(315	)		4,725			(0.03	)	%
Consumer:
Credit cards	-			(14	)		-		%
Home equity lines of credit	142			784			0.18		%
Personal	(952	)		(15,652	)		0.51		%
Other consumer	-			4,107			(0.01	)	%
Total consumer	$(810	)		$(10,775	)		(0.01	)	%
Total	$(8,326	)		$21,267			(0.08	)	%

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table Q - Allowance for Credit Losses "ACL"- Loan Portfolios - Consolidated
(Unaudited)
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		%
30-Jun-24
(In thousands)		Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family		$11,180			$2,384,480			0.47		%
Commercial real estate - non-owner occupied		64,235			5,004,472			1.28		%
Commercial real estate - owner occupied		58,190			3,143,817			1.85		%
Commercial and industrial		126,482			7,195,357			1.76		%
Total commercial		$260,087			$17,728,126			1.47		%
Construction		12,889			1,105,759			1.17		%
Mortgage		83,289			7,883,726			1.06		%
Leasing		14,385			1,828,048			0.79		%
Consumer:
Credit cards		86,313			1,162,557			7.42		%
Home equity lines of credit		1,726			68,992			2.50		%
Personal		107,448			1,879,619			5.72		%
Auto		157,449			3,773,292			4.17		%
Other consumer		6,491			161,501			4.02		%
Total consumer		$359,427			$7,045,961			5.10		%
Total		$730,077			$35,591,620			2.05		%
Variance
(In thousands)		Total ACL			Total loans held-in-portfolio			ACL to loans held-in-portfolio
Commercial:
Commercial multi-family		$(1,538	)		$20,822			(0.07	)	%
Commercial real estate - non-owner occupied		3,395			180,909			0.02		%
Commercial real estate - owner occupied		(5,275	)		(51,424	)		(0.14	)	%
Commercial and industrial		9,879			205,196			0.08		%
Total commercial		$6,461			$355,503			-		%
Construction		325			7,548			0.02		%
Mortgage		(1,639	)		109,622			(0.04	)	%
Leasing		1,469			59,004			0.05		%
Consumer:
Credit cards		6,381			24,336			0.39		%
Home equity lines of credit		128			699			0.16		%
Personal		(2,906	)		(6,444	)		(0.14	)	%
Auto		3,864			45,315			0.05		%
Other consumer		160			7,764			(0.09	)	%
Total consumer		$7,627			$71,670			0.06		%
Total		$14,243			$603,347			0.01		%

Popular, Inc.
Financial Supplement to Third Quarter 2024 Earnings Release
Table R - Reconciliation to GAAP Financial Measures
(Unaudited)
(In thousands, except share or per share information)	30-Sep-24			30-Jun-24			30-Sep-23
Total stockholders’ equity	$5,790,514			$5,372,678			$4,457,608
Less: Preferred stock	(22,143	)		(22,143	)		(22,143	)
Less: Goodwill	(804,428	)		(804,428	)		(804,428	)
Less: Other intangibles	(7,531	)		(8,235	)		(10,559	)
Total tangible common equity	$4,956,412			$4,537,872			$3,620,478
Total assets	$71,323,074			$72,845,072			$69,736,936
Less: Goodwill	(804,428	)		(804,428	)		(804,428	)
Less: Other intangibles	(7,531	)		(8,235	)		(10,559	)
Total tangible assets	$70,511,115			$72,032,409			$68,921,949
Tangible common equity to tangible assets	7.03		%	6.30		%	5.25		%
Common shares outstanding at end of period	71,787,349			72,365,926			72,127,595
Tangible book value per common share	$69.04			$62.71			$50.20
	Quarterly average
Total stockholders’ equity [1]	$6,460,517			$6,303,672			$5,909,649
Average unrealized (gains) losses on AFS securities transferred to HTM	550,971			595,362			726,715
Adjusted total stockholder's equity	7,011,488			6,899,034			6,636,364
Less: Preferred Stock	(22,143	)		(22,143	)		(22,143	)
Less: Goodwill	(804,427	)		(804,427	)		(827,177	)
Less: Other intangibles	(7,995	)		(8,706	)		(11,083	)
Total tangible equity	$6,176,923			$6,063,758			$5,775,961
Return on average tangible common equity	9.98		%	11.77		%	9.36		%
[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/20241023874480/en/

Popular, Inc.

Investor Relations:

Paul J. Cardillo, 212-417-6721

Senior Vice President and Investor Relations Officer

pcardillo@popular.com

or

Media Relations:

MC González Noguera, 917-804-5253

Executive Vice President and Chief Communications & Public Affairs Officer

mc.gonzalez@popular.com

Source: Popular, Inc.

FAQ

What was Popular Inc.'s (BPOP) net income in Q3 2024?

Popular Inc. reported net income of $155.3 million in Q3 2024, compared to $177.8 million in Q2 2024.

How much did BPOP's deposits change in Q3 2024?

BPOP's deposit balances decreased by $1.9 billion to $63.7 billion in Q3 2024 compared to Q2 2024.

What was Popular Inc.'s (BPOP) loan growth in Q3 2024?

BPOP's loan balances increased by $603.3 million to $36.2 billion in Q3 2024.

What was BPOP's Common Equity Tier 1 ratio in Q3 2024?

Popular Inc.'s Common Equity Tier 1 ratio was 16.42% in Q3 2024.