Popular, Inc. Announces First Quarter 2025 Financial Results

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

EPS of $2.56 inQ1 2025 vs. $2.51 in Q4 2024. Net interest income of $605.6 million in Q1 2025, an increase of $14.8 million when compared to Q4 2024. Net interest margin of 3.40% in Q1 2025, compared to 3.35% in Q4 2024; net interest margin on a taxable equivalent basis of 3.73% in Q1 2025, compared to 3.62% in Q4 2024. Non-interest income of $152.1 million in Q1 2025, compared to $164.7 million in Q4 2024. Operating expenses amounted to $471.0 million, compared to $467.6 million in Q4 2024. Credit quality metrics improved:

Non-performing loans held-in-portfolio ("NPLs") decreased by $36.7 million from Q4 2024; NPLs to loans ratio decreased eleven basis points to 0.84%; Net charge-offs decreased by $18.3 million from Q4 2024; annualized NCOs to average loans held-in-portfolio at 0.53% vs. 0.74% in Q4 2024. Allowance for credit losses ("ACL") to loans held-in-portfolio at 2.05% vs. 2.01% in Q4 2024; and ACL to NPLs at 242.7% vs. 212.7% in Q4 2024. Money market and investment securities increased by $944.3 million from Q4 2024; average quarterly balances increased by $1.2 billion. Loans held in portfolio, excluding loans held-for-sale, amounted to $37.3 billion, up $146.4 million from Q4 2024; average quarterly loan balances higher by $445.6 million. Deposit balances amounted to $65.8 billion, an increase of $934.9 million from Q4 2024; average quarterly deposits higher by $1.6 billion. Common Equity Tier 1 ratio of 16.11%, Common Equity per share of $83.75 and Tangible Book Value per share of $72.02 at March 31, 2025, an increase of $3.86 per share from Q4 2024. Capital actions during Q1 2025 included the repurchase of 1,270,569 shares of common stock for $122.3 million, at an average price of $96.24 per share. As of March 31, 2025, a total of $339.6 million has been repurchased under a common stock repurchase authorization of up to $500 million announced in Q3 2024.

SAN JUAN, Puerto Rico, April 23, 2025--(BUSINESS WIRE)--Popular, Inc. (the "Corporation," "Popular," "we," "us," "our") (NASDAQ:BPOP) reported net income of $177.5 million for the quarter ended March 31, 2025, compared to net income of $177.8 million for the quarter ended December 31, 2024.

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

Story Continues

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

Earnings Highlights   (Unaudited) Quarters ended (Dollars in thousands, except per share information) 31-Mar-25  31-Dec-24  31-Mar-24 Net interest income $605,597  $590,759  $550,744 Provision for credit losses 64,081  66,102  72,598 Net interest income after provision for credit losses 541,516  524,657  478,146 Other non-interest income 152,061  164,703  163,818 Operating expenses 471,012  467,627  483,113 Income before income tax 222,565  221,733  158,851 Income tax expense 45,063  43,916  55,568 Net income $177,502  $177,817  $103,283 Net income applicable to common stock $177,149  $177,464  $102,930 Net income per common share - basic $2.56  $2.51  $1.43 Net income per common share - diluted $2.56  $2.51  $1.43

Non-GAAP Financial Measures

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

Net interest income on a taxable equivalent basis

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

Tangible Common Equity

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

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

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

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

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

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

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

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

higher income from investment securities by $22.3 million or 22 basis points, due to higher reinvestment activity as balances increased by $1.4 billion at higher yields, driven in part by an increase in average deposit balances; and lower interest expense on interest-bearing deposits by $17.8 million or 19 basis points, driven primarily by a reduction in the cost of market-linked P.R. public deposits by approximately 38 basis points and in PB by a reduction in the cost of online time deposits by approximately 26 basis points and brokered deposits by six basis points. Total cost of deposits decreased by 13 basis points, as average non-interest bearing demand deposits decreased by $352.1 million in part due to a shift to now accounts related to the launch, in the previous quarter, of a mass affluent-focused interest-bearing deposit product;

partially offset by:

lower interest income from money market investments by $9.1 million or 34 basis points, mainly due to a lower yield combined with a lower volume driven by higher reinvestment activity in investment securities and loan originations; and lower interest income from loans by $5.5 million, or three basis points, mainly driven by lower yields in the commercial portfolio by 13 basis points, partially offset by higher average volume in certain portfolios such as the commercial and mortgage portfolios and higher yields in mortgage, auto and leasing portfolios.

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

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

Factors impacting net interest income for the BPPR segment include:

higher interest income from investments in securities by $14.5 million or 13 basis points mainly due to higher reinvestment of U.S Treasury securities at higher yields; and lower interest expense on deposit accounts by $14.4 million, mainly driven by a $13.3 million decrease in the cost of market-linked P.R. public interest-bearing deposits, representing a 38 basis points reduction. Interest-bearing deposit costs decreased 20 basis points to 2.06%, when compared to Q4 2024, while total deposit costs decreased by 12 basis points to 1.55%;

partially offset by:

lower interest income from the loan portfolios by $8.3 million or four basis points during the quarter resulting from lower yields in the commercial portfolio, offset in part by higher average volume in the mortgage and leasing portfolios; and lower interest income from money market investments by $6.0 million or 32 basis points, mainly due to re-pricing of money market investments during the quarter.

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

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

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

Main variances in Popular U.S include:

lower interest expense on deposit accounts by $4.2 million, or 15 basis points, driven by a decrease in deposit costs across most deposit products due to repricing at lower cost, partially offset by higher volume of higher-cost interest bearing deposits including online savings and money market deposits. Average deposit balances during the quarter were higher by $134.3 million. During the first quarter, total cost of interest-bearing deposits decreased 15 basis points to 3.48%, while total deposit costs decreased 11 basis points to 3.09%; and higher income from loans by $1.1 million, mainly due to higher volumes in the commercial and construction loan portfolios. Notwithstanding higher income on loans, PB loan portfolio’s yield decreased five basis points to 5.86% when compared to the fourth quarter of 2024 driven by variable rate loans in the construction and commercial portfolios;

partially offset by:

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

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

Non-interest income

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

lower other operating income by $8.0 million, mainly due to lower daily car rental revenue by $3.3 million due to the sale completed by Popular Auto LLC, a wholly-owned subsidiary of Banco Popular de Puerto Rico, of its daily car rental business during the fourth quarter of 2024, lower income from investments accounted under the equity investment method by $2.2 million, and a $1.9 million sundry loss reserve release during the prior quarter; lower other service fees by $4.8 million mainly due to lower contingent insurance commission by $1.5 million, which are typically received during the fourth quarter, and to lower investment management and trust fees by $0.9 million; and lower income from mortgage banking activities by $2.6 million mainly due to an unfavorable variance in the fair value adjustment of mortgage servicing rights ("MSRs") driven by portfolio runoff and slightly higher prepayment speed compared to the fourth quarter of 2024;

partially offset by:

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

Refer to Table B for further details.

Operating expenses

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

higher personnel costs by $6.9 million mainly due to higher annual incentive awards of performance shares and restricted stock expenses by $8.8 million, higher payroll taxes by $3.9 million and higher other compensation expenses by $3.0 million, which traditionally are higher during the first quarter of the year; partially offset by lower salaries by $4.8 million in part due to two fewer days compared to the previous quarter and lower health insurance costs by $3.4 million; higher processing and transactional services expenses by $2.7 million mainly due to higher credit card processing and transaction fees and higher merchant processing expenses; higher technology and software expenses by $2.3 million mainly due to higher software amortization expenses; and higher other operating expenses by $1.7 million mainly due to higher reserves for insurance claims;

partially offset by:

lower business promotion expenses by $6.2 million mainly due to lower seasonal donations, advertising and sponsorship expenses, which are typically higher in the fourth quarter of the year; and lower professional fees by $5.6 million mainly due to lower consulting fees related to corporate initiatives and information and technology projects.

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

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

Income taxes

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

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

Credit Quality

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

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

Non-Performing Loans and Net Charge Offs

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

In the BPPR segment, NPLs decreased by $30.1 million, mainly driven by lower auto, mortgage and commercial loans NPLs by $10.0 million, $9.9 million and $8.5 million, respectively. Commercial NPLs decreased, driven by a $9.0 million single loan pay-off during the first quarter of 2025. Excluding consumer loans, inflows to NPLs in the BPPR segment decreased by $10.6 million compared to the previous quarter, mostly related to lower mortgage inflows. In the PB segment, NPLs decreased by $6.6 million driven by lower commercial loans NPLs by $6.1 million, mostly driven by a single loan sale of $3.9 million. Inflows to NPLs, excluding consumer loans, decreased by $5.7 million, driven by lower commercial inflows.

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

The drivers of these changes were related to the following:

In the BPPR segment, NCOs decreased by $15.5 million quarter-over-quarter, mainly driven by lower consumer NCOs by $10.9 million, coupled with lower commercial NCOs by $3.7 million, mainly in the commercial and industrial portfolio, due to a $3.8 million recovery related to the abovementioned commercial NPL. In the PB segment, NCOs decreased by $2.8 million quarter-over-quarter, mainly due to lower consumer NCOs.

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

Other Real Estate Owned Properties ("OREO")

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

Refer to Table L for additional information and related ratios.

Allowance for Credit Losses and Provision for Credit Losses

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

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

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

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

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

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

Non-Performing Assets  (Unaudited)  (In thousands) 31-Mar-25  31-Dec-24  31-Mar-24 Non-performing loans held-in-portfolio $314,069   $350,780   $354,127  Other real estate owned 52,114   57,268   80,542  Total non-performing assets $366,183   $408,048   $434,669  Net charge-offs for the quarter $49,103   $67,433   $62,200    Ratios:  Loans held-in-portfolio $37,254,032   $37,107,652   $35,118,738  Non-performing loans held-in-portfolio to loans held-in-portfolio 0.84 %  0.95 %  1.01 % Allowance for credit losses to loans held-in-portfolio 2.05   2.01   2.11  Allowance for credit losses to non-performing loans, excluding loans held-for-sale 242.67   212.68   208.84  Refer to Table L for additional information.

Provision for Credit Losses - Loan Portfolios   (Unaudited)  Quarters ended (In thousands)  31-Mar-25  31-Dec-24  31-Mar-24 Provision for credit losses - loan portfolios:  BPPR  $52,690  $67,088  $61,008 Popular U.S.  12,528  2,041  11,378 Total provision for credit losses - loan portfolios  $65,218  $69,129  $72,386

Credit Quality by Segment  (Unaudited)  (Dollars in thousands) Quarters ended BPPR  31-Mar-25  31-Dec-24  31-Mar-24 Provision for credit losses - loan portfolios  $52,690   $67,088   $61,008  Net charge-offs  47,102   62,604   56,561  Total non-performing loans held-in-portfolio 262,006   292,091   298,594  Annualized net charge-offs to average loans held-in-portfolio  0.72 %  0.97 %  0.92 % Allowance / loans held-in-portfolio 2.59 %  2.56 %  2.62 % Allowance / non-performing loans held-in-portfolio 258.11 %  229.61 %  215.79 %  Quarters ended Popular U.S.  31-Mar-25  31-Dec-24  31-Mar-24 Provision for credit losses (benefit) - loan portfolios  $12,528   $2,041   $11,378  Net charge-offs  2,001   4,829   5,639  Total non-performing loans held-in-portfolio  52,063   58,689   55,533  Annualized net charge-offs to average loans held-in-portfolio  0.07 %  0.18 %  0.21 % Allowance / loans held-in-portfolio 0.77 %  0.69 %  0.91 % Allowance / non-performing loans held-in-portfolio 164.96 %  128.40 %  171.47 %

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

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

an increase in securities available-for-sale ("AFS") of $1.2 billion, mainly due to an increase in investments in U.S. Treasury securities and a decrease in the unrealized losses of AFS securities of $169.0 million, partially offset by maturities and principal paydowns; and an increase in loans held-in-portfolio by $146.4 million, driven by an increase of $200.8 million in the PB segment across most portfolios, particularly commercial and construction loans, partially offset by a decrease of $54.4 million in the BPPR segment, mainly in the commercial portfolio, driven by certain large relationship prepayments during the first quarter of 2025;

partially offset by:

a decrease in money market investments of $185.9 million, mainly driven by the deployment of funds to purchase investments in U.S. Treasury securities and support loan origination; and a decrease in securities held-to-maturity ("HTM") of $109.4 million driven by maturities, partially offset by the amortization of $45.3 million of the discount related to U.S. Treasury securities previously reclassified from AFS to HTM.

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

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

partially offset by:

a decrease in notes payable of $63.1 million, mainly driven by the maturity of long-term FHLB advances at both BPPR and PB of $37.0 million and $26.5 million, respectively; and a decrease in other short-term borrowings of $25.0 million, due to lower FHLB advances in PB.

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

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

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

Refer to Table A for capital ratios.

Cautionary Note Regarding Forward-Looking Statements

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

More information on the risks and important factors that could affect the Corporation’s future results and financial condition is included in our Form 10-K for the year ended December 31, 2024 and our Form 10-Q for the quarter ended March 31, 2025 to be filed with the Securities and Exchange Commission. Our filings are available on the Corporation’s website (www.popular.com) and on the Securities and Exchange Commission website (www.sec.gov). The Corporation assumes no obligation to update or revise any forward-looking statements or information which speak as of their respective dates.

About Popular, Inc.

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

Conference Call

Popular will hold a conference call to discuss its financial results today, Wednesday, April 23, 2025 at 11:00 a.m. Eastern Time. The call will be broadcast live over the Internet and can be accessed through the Investor Relations section of the Corporation’s website: www.popular.com.

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call may also be accessed through a dial-in telephone number 1-833-470-1428 (Toll Free) or 1-404-975-4839 (Local). The dial-in access code is 225762.

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

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

Popular, Inc. Financial Supplement to First Quarter 2025 Earnings Release  Table A - Selected Ratios and Other Information  Table B - Consolidated Statement of Operations  Table C - Consolidated Statement of Financial Condition  Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - For the quarter ended March 31, 2024 and December 31,2023  Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - For the quarter ended March 31, 2024 and March 31,2023  Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE [Left Blank]  Table G - Mortgage Banking Activities & Other Service Fees  Table H - Loans and Deposits  Table I - Loan Delinquency - PUERTO RICO OPERATIONS  Table J - Loan Delinquency - POPULAR U.S. OPERATIONS  Table K - Loan Delinquency - CONSOLIDATED  Table L - Non-Performing Assets  Table M - Activity in Non-Performing Loans  Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios  Table O - Allowance for Credit Losses - Loan Portfolios - CONSOLIDATED  Table P - Allowance for Credit Losses - Loan Portfolios - PUERTO RICO OPERATIONS  Table Q - Allowance for Credit Losses - Loan Portfolios - POPULAR U.S. OPERATIONS  Table R - Reconciliation to GAAP Financial Measures

POPULAR, INC. Financial Supplement to First Quarter 2025 Earnings Release Table A - Selected Ratios and Other Information (Unaudited)  Quarters ended 31-Mar-25 31-Dec-24 31-Mar-24 Basic EPS $2.56  $2.51  $1.43  Diluted EPS $2.56  $2.51  $1.43  Average common shares outstanding 69,280,137  70,722,548  71,869,735  Average common shares outstanding - assuming dilution 69,307,681  70,740,958  71,966,803  Common shares outstanding at end of period 68,984,148  70,141,291  72,284,875  Market value per common share $92.37  $94.06  $88.09  Market capitalization - (In millions) $6,372  $6,597  $6,368  Return on average assets 0.96 % 0.97 % 0.57 % Return on average common equity 10.07 % 9.94 % 6.07 % Net interest margin (non-taxable equivalent basis) 3.40 % 3.35 % 3.16 % Net interest margin (taxable equivalent basis) -non-GAAP 3.73 % 3.62 % 3.38 % Common equity per share $83.75  $79.71  $71.32  Tangible common book value per common share (non-GAAP) [1] $72.02  $68.16  $60.06  Tangible common equity to tangible assets (non-GAAP) [1] 6.78 % 6.62 % 6.19 % Return on average tangible common equity [1] 11.36 % 11.22 % 6.90 % Tier 1 capital 16.16 % 16.08 % 16.42 % Total capital 17.91 % 17.83 % 18.19 % Tier 1 leverage 8.50 % 8.66 % 8.45 % Common Equity Tier 1 capital 16.11 % 16.03 % 16.36 % [1] Refer to Table R for reconciliation to GAAP financial measures.

POPULAR, INC. Financial Supplement to First Quarter 2025 Earnings Release Table B - Consolidated Statement of Operations (Unaudited) Quarters ended Variance Quarter ended Variance Q1 2025  Q1 2025 (In thousands, except per share information) 31-Mar-25 31-Dec-24 vs. Q4 2024 31-Mar-24 vs. Q1 2024 Interest income:  Loans $666,673  $673,858  $(7,185 ) $638,730  $27,943  Money market investments 70,166  79,302  (9,136 ) 88,516  (18,350 ) Investment securities 180,159  166,607  13,552  166,895  13,264  Total interest income 916,998  919,767  (2,769 ) 894,141  22,857  Interest expense:  Deposits 297,863  315,701  (17,838 ) 329,496  (31,633 ) Short-term borrowings 1,426  928  498  1,192  234  Long-term debt 12,112  12,379  (267 ) 12,709  (597 ) Total interest expense 311,401  329,008  (17,607 ) 343,397  (31,996 ) Net interest income 605,597  590,759  14,838  550,744  54,853  Provision for credit losses 64,081  66,102  (2,021 ) 72,598  (8,517 ) Net interest income after provision for credit losses 541,516  524,657  16,859  478,146  63,370  Service charges on deposit accounts 39,054  38,060  994  37,442  1,612  Other service fees 94,508  99,350  (4,842 ) 94,272  236  Mortgage banking activities 3,689  6,306  (2,617 ) 4,360  (671 ) Net (loss) gain, including impairment, on equity securities (414 ) (2,459 ) 2,045  1,103  (1,517 ) Net gain (loss) on trading account debt securities 520  (10 ) 530  361  159  Net gain on sale of loans, including valuation adjustments on loans held-for-sale -  440  (440 ) -  -  Adjustments to indemnity reserves on loans sold 173  483  (310 ) (237 ) 410  Other operating income 14,531  22,533  (8,002 ) 26,517  (11,986 ) Total non-interest income 152,061  164,703  (12,642 ) 163,818  (11,757 ) Operating expenses:  Personnel costs  Salaries 130,950  135,793  (4,843 ) 129,384  1,566  Commissions, incentives and other bonuses 37,986  30,494  7,492  38,611  (625 ) Pension, postretirement and medical insurance 14,566  17,794  (3,228 ) 17,385  (2,819 ) Other personnel costs, including payroll taxes 29,211  21,713  7,498  29,997  (786 ) Total personnel costs 212,713  205,794  6,919  215,377  (2,664 ) Net occupancy expenses 27,218  27,666  (448 ) 28,041  (823 ) Equipment expenses 5,302  4,846  456  9,567  (4,265 ) Other taxes 18,725  18,581  144  14,375  4,350  Professional fees 26,825  32,452  (5,627 ) 28,918  (2,093 ) Technology and software expenses 83,668  81,395  2,273  79,462  4,206  Processing and transactional services  Credit and debit cards 12,926  11,657  1,269  12,144  782  Other processing and transactional services 24,855  23,410  1,445  22,050  2,805  Total processing and transactional services 37,781  35,067  2,714  34,194  3,587  Communications 4,904  4,756  148  4,557  347  Business promotion  Rewards and customer loyalty programs 16,365  16,778  (413 ) 14,056  2,309  Other business promotion 7,310  13,077  (5,767 ) 6,933  377  Total business promotion 23,675  29,855  (6,180 ) 20,989  2,686  Deposit insurance 10,035  9,725  310  23,887  (13,852 ) Other real estate owned (OREO) expense (income) (3,330 ) (4,379 ) 1,049  (5,321 ) 1,991  Other operating expenses  Operational losses 6,138  6,047  91  3,561  2,577  All other 16,761  15,117  1,644  24,711  (7,950 ) Total other operating expenses 22,899  21,164  1,735  28,272  (5,373 ) Amortization of intangibles 597  705  (108 ) 795  (198 ) Total operating expenses 471,012  467,627  3,385  483,113  (12,101 ) Income before income tax 222,565  221,733  832  158,851  63,714  Income tax expense 45,063  43,916  1,147  55,568  (10,505 ) Net income $177,502  $177,817  $(315 ) $103,283  $74,219  Net income applicable to common stock $177,149  $177,464  $(315 ) $102,930  $74,219  Net income per common share - basic $2.56  $2.51  $0.05  $1.43  $1.13  Net income per common share - diluted $2.56  $2.51  $0.05  $1.43  $1.13  Dividends Declared per Common Share $0.70  $0.70  $-  $0.62  $0.08

Popular, Inc. Financial Supplement to First Quarter 2025 Earnings Release Table C - Consolidated Statement of Financial Condition (Unaudited) Variance Q1 2025 vs. (In thousands) 31-Mar-25 31-Dec-24 31-Mar-24 Q4 2024 Assets:  Cash and due from banks $380,165  $419,638  $320,486  $(39,473 ) Money market investments 6,195,028  6,380,948  5,928,578  (185,920 ) Trading account debt securities, at fair value 28,477  32,831  27,308  (4,354 ) Debt securities available-for-sale, at fair value 19,493,180  18,245,903  18,017,924  1,247,277  Less: Allowance for credit losses -  -  500  -  Debt securities available-for-sale, net 19,493,180  18,245,903  18,017,424  1,247,277  Debt securities held-to-maturity, at amortized cost 7,648,718  7,758,077  8,083,160  (109,359 ) Less: Allowance for credit losses 5,481  5,317  5,731  164  Debt securities held-to-maturity, net 7,643,237  7,752,760  8,077,429  (109,523 ...

) Equity securities 205,021  208,166  195,747  (3,145 ) Loans held-for-sale, at lower of cost or fair value 5,077  5,423  5,352  (346 ) Loans held-in-portfolio 37,675,070  37,522,995  35,486,161  152,075  Less: Unearned income 421,038  415,343  367,423  5,695  Allowance for credit losses 762,148  746,024  739,544  16,124  Total loans held-in-portfolio, net 36,491,884  36,361,628  34,379,194  130,256  Premises and equipment, net 625,237  601,787  588,708  23,450  Other real estate 52,114  57,268  80,542  (5,154 ) Accrued income receivable 262,720  263,389  266,908  (669 ) Mortgage servicing rights, at fair value 104,743  108,103  114,964  (3,360 ) Other assets 1,742,540  1,797,759  2,120,902  (55,219 ) Goodwill 802,954  802,954  804,428  -  Other intangible assets 6,229  6,826  8,969  (597 ) Total assets $74,038,606  $73,045,383  $70,936,939  $993,223  Liabilities and Stockholders’ Equity:  Liabilities:  Deposits:  Non-interest bearing $15,160,801  $15,139,555  $15,492,050  $21,246  Interest bearing 50,658,454  49,744,790  48,316,734  913,664  Total deposits 65,819,255  64,884,345  63,808,784  934,910  Assets sold under agreements to repurchase 57,268  54,833  66,090  2,435  Other short-term borrowings 200,000  225,000  -  (25,000 ) Notes payable 833,149  896,293  966,303  (63,144 ) Other liabilities 1,329,239  1,371,846  918,448  (42,607 ) Total liabilities 68,238,911  67,432,317  65,759,625  806,594  Stockholders’ equity:  Preferred stock 22,143  22,143  22,143  -  Common stock 1,049  1,048  1,048  1  Surplus 4,912,886  4,908,693  4,847,466  4,193  Retained earnings 4,699,697  4,570,957  4,253,030  128,740  Treasury stock (2,346,093 ) (2,228,535 ) (2,013,187 ) (117,558 ) Accumulated other comprehensive loss, net of tax (1,489,987 ) (1,661,240 ) (1,933,186 ) 171,253  Total stockholders’ equity 5,799,695  5,613,066  5,177,314  186,629  Total liabilities and stockholders’ equity $74,038,606  $73,045,383  $70,936,939  $993,223

Popular, Inc. Financial Supplement to First Quarter 2025 Earnings Release Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) For the quarters ended March 31, 2025 and December 31, 2024 (Unaudited)  Variance Average Volume  Average Yields / Costs    Interest  Attributable to 31-Mar-25  31-Dec-24 Variance  31-Mar-25 31-Dec-24 Variance      31-Mar-25  31-Dec-24  Variance  Rate  Volume (In millions)           (In thousands) $ 6,379 $ 6,571 $ (192 )  4.46 % 4.80 % (0.34 ) %  Money market investments $ 70,166 $ 79,301 $ (9,135 ) $ (6,874 ) $ (2,261 ) 28,415  27,015  1,400   3.14  2.92  0.22    Investment securities [1]  220,435  198,116  22,319   10,529   11,790  31  32  (1 )  5.82  5.82  -    Trading securities  440  470  (30 )  (9 )  (21 ) Total money market,  investment and trading  34,825  33,618  1,207   3.38  3.29  0.09     securities  291,041  277,887  13,154   3,646   9,508  Loans:  18,489  18,297  192   6.71  6.84  (0.13 )    Commercial  305,968  314,615  (8,647 )  (11,933 )  3,286  1,309  1,204  105   8.11  8.38  (0.27 )    Construction  26,190  25,352  838   (1,319 )  2,157  1,930  1,898  32   7.14  7.03  0.11     Leasing  34,444  33,361  1,083   517   566  8,168  8,039  129   5.82  5.78  0.04     Mortgage  118,917  116,254  2,663   786   1,877  3,203  3,218  (15 )  14.04  13.79  0.25     Consumer  110,859  111,538  (679 )  (159 )  (520 ) 3,907  3,908  (1 )  9.12  9.02  0.10     Auto  87,850  88,564  (714 )  (695 )  (19 ) 37,006  36,564  442   7.48  7.51  (0.03 )   Total loans  684,228  689,684  (5,456 )  (12,803 )  7,347  $ 71,831 $ 70,182 $ 1,649   5.49 % 5.49 % -  %  Total earning assets $ 975,269 $ 967,571 $ 7,698  $ (9,157 ) $ 16,855  Interest bearing deposits:  $ 27,543 $ 25,954 $ 1,589   2.87 % 3.21 % (0.34 ) %   NOW and money market [2] $ 194,610 $ 209,227 $ (14,617 ) $ (20,633 ) $ 6,016  14,510  14,246  264   0.87  0.88  (0.01 )    Savings  31,304  31,341  (37 )  (1,226 )  1,189  9,123  8,978  145   3.20  3.33  (0.13 )    Time deposits  71,949  75,133  (3,184 )  (4,409 )  1,225  51,176  49,178  1,998   2.36  2.55  (0.19 )   Total interest bearing deposits  297,863  315,701  (17,838 )  (26,268 )  8,430  14,682  15,034  (352 )          Non-interest bearing demand deposits  65,858  64,212  1,646   1.83  1.96  (0.13 )   Total deposits  297,863  315,701  (17,838 )  (26,268 )  8,430  121  73  48   4.77  5.09  (0.32 )   Short-term borrowings  1,426  928  498   (89 )  587  Other medium and  862  923  (61 )  5.66  5.39  0.27     long-term debt  12,112  12,379  (267 )  96   (363 ) Total interest bearing  52,159  50,174  1,985   2.42  2.61  (0.19 )    liabilities (excluding demand deposits)  311,401  329,008  (17,607 )  (26,261 )  8,654   4,990  4,974  16          Other sources of funds  $ 71,831 $ 70,182 $ 1,649   1.76 % 1.87 % (0.11 ) %  Total source of funds  311,401  329,008  (17,607 )  (26,261 )  8,654  Net interest margin/  3.73 % 3.62 % 0.11  %   income on a taxable equivalent basis (Non-GAAP)  663,868  638,563  25,305  $ 17,104  $ 8,201  3.07 % 2.88 % 0.19  %  Net interest spread  Taxable equivalent adjustment  58,271  47,804  10,467  Net interest margin/ income  3.40 % 3.35 % 0.05  %   non-taxable equivalent basis (GAAP) $ 605,597 $ 590,759 $ 14,838  Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category. [1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity. [2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc. Financial Supplement to First Quarter 2025 Earnings Release Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) For the quarters ended March 31, 2025 and March 31, 2024 (Unaudited)  Variance Average Volume  Average Yields / Costs    Interest  Attributable to 31-Mar-25  31-Mar-24 Variance  31-Mar-25 31-Mar-24 Variance      31-Mar-25  31-Mar-24  Variance  Rate  Volume (In millions)           (In thousands) $ 6,379 $ 6,484 $ (105 )  4.46 % 5.49 % (1.03 ) %  Money market investments $ 70,166 $ 88,516 $ (18,350 ) $ (16,944 ) $ (1,406 ) 28,415  28,308  107   3.14  2.71  0.43    Investment securities [1]  220,435  191,103  29,332   27,299   2,033  31  33  (2 )  5.82  3.75  2.07    Trading securities  440  311  129   156   (27 ) Total money market,  investment and trading  34,825  34,825  -   3.38  3.23  0.15     securities  291,041  279,930  11,111   10,511   600  Loans:  18,489  17,613  876   6.71  6.84  (0.13 )    Commercial  305,968  299,504  6,464   (8,172 )  14,636  1,309  992  317   8.11  8.96  (0.85 )    Construction  26,190  22,100  4,090   (2,429 )  6,519  1,930  1,742  188   7.14  6.74  0.40     Leasing  34,444  29,353  5,091   1,813   3,278  8,168  7,723  445   5.82  5.62  0.20     Mortgage  118,917  108,543  10,374   3,985   6,389  3,203  3,227  (24 )  14.04  13.90  0.14     Consumer  110,859  111,490  (631 )  (196 )  (435 ) 3,907  3,763  144   9.12  8.77  0.35     Auto  87,850  82,054  5,796   2,598   3,198  37,006  35,060  1,946   7.48  7.48  -    Total loans  684,228  653,044  31,184   (2,401 )  33,585  $ 71,831 $ 69,885 $ 1,946   5.49 % 5.36 % 0.13  %  Total earning assets $ 975,269 $ 932,974 $ 42,295  $ 8,110  $ 34,185  Interest bearing deposits:  $ 27,543 $ 25,703 $ 1,840   2.87 % 3.63 % (0.76 ) %   NOW and money market [2] $ 194,610 $ 232,129 $ (37,519 ) $ (48,544 ) $ 11,025  14,510  14,700  (190 )  0.87  0.93  (0.06 )    Savings  31,304  34,171  (2,867 )  (2,429 )  (438 ) 9,123  8,547  576   3.20  2.97  0.23     Time deposits  71,949  63,196  8,753   3,384   5,369  51,176  48,950  2,226   2.36  2.71  (0.35 )   Total interest bearing deposits  297,863  329,496  (31,633 )  (47,589 )  15,956  14,682  15,083  (401 )          Non-interest bearing demand deposits  65,858  64,033  1,825   1.83  2.07  (0.24 )   Total deposits  297,863  329,496  (31,633 )  (47,589 )  15,956  121  84  37   4.77  5.70  (0.93 )   Short-term borrowings  1,426  1,192  234   (198 )  432  Other medium and  862  998  (136 )  5.66  5.13  0.53     long-term debt  12,112  12,709  (597 )  47   (644 ) Total interest bearing  52,159  50,032  2,127   2.42  2.76  (0.34 )    liabilities (excluding demand deposits)  311,401  343,397  (31,996 )  (47,740 )  15,744   4,990  4,770  220          Other sources of funds  $ 71,831 $ 69,885 $ 1,946   1.76 % 1.98 % (0.22 ) %  Total source of funds  311,401  343,397  (31,996 )  (47,740 )  15,744  Net interest margin/  3.73 % 3.38 % 0.36  %   income on a taxable equivalent basis (Non-GAAP)  663,868  589,577  74,291  $ 55,850  $ 18,441  3.07 % 2.60 % 0.47  %  Net interest spread  Taxable equivalent adjustment  58,271  38,833  19,438  Net interest margin/ income  3.40 % 3.16 % 0.24  %   non-taxable equivalent basis (GAAP) $ 605,597 $ 550,744 $ 54,853  Note: The changes that are not due solely to volume or rate are allocated to volume and rate based on the proportion of the change in each category. [1] Average balances exclude unrealized gains or losses on debt securities available-for-sale and the unrealized loss related to certain securities transferred from available-for-sale to held-to-maturity. [2] Includes interest bearing demand deposits corresponding to certain government entities in Puerto Rico.

Popular, Inc. Financial Supplement to First Quarter 2025 Earnings Release Table F – Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE

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Popular, Inc.  Financial Supplement to First Quarter 2025 Earnings Release  Table G - Mortgage Banking Activities and Other Service Fees  (Unaudited)   Mortgage Banking Activities  Quarters ended Variance (In thousands) 31-Mar-25 31-Dec-24 31-Mar-24 Q1 2025
vs.Q4 2024 Q1 2025
vs.Q1 2024 Mortgage servicing fees, net of fair value adjustments:  Mortgage servicing fees $7,168  $7,315  $7,751  $(147 ) $(583 ) Mortgage servicing rights fair value adjustments (3,570 ) (1,090 ) (3,439 ) (2,480 ) (131 ) Total mortgage servicing fees, net of fair value adjustments 3,598  6,225  4,312  (2,627 ) (714 ) Net gain (loss) on sale of loans, including valuation on loans held-for-sale 193  (79 ) 74  272  119  Trading account (loss) profit:  Unrealized (loss) gains on outstanding derivative positions (87 ) 72  101  (159 ) (188 ) Realized gains on closed derivative positions 1  99  3  (98 ) (2 ) Total trading account (loss) profit (86 ) 171  104  (257 ) (190 ) Losses on repurchased loans, including interest advances (16 ) (11 ) (130 ) (5 ) 114  Total mortgage banking activities $3,689  $6,306  $4,360  $(2,617 ) $(671 )

Other Service Fees  Quarters ended Variance (In thousands)  31-Mar-25 31-Dec-24 31-Mar-24 Q1 2025
vs.Q4 2024 Q1 2025
vs.Q1 2024 Other service fees:  Debit card fees [1]  $26,432 $26,903 $25,534 $(471 ) $898  Insurance fees  11,309 14,619 14,689 (3,310 ) (3,380 ) Credit card fees [1]  30,130 30,803 29,567 (673 ) 563  Sale and administration of investment products  8,973 9,549 7,427 (576 ) 1,546  Trust fees  6,300 6,635 6,707 (335 ) (407 ) Other fees  11,364 10,841 10,348 523  1,016  Total other service fees  $94,508 $99,350 $94,272 $(4,842 ) $236  [1] Effective in the third quarter of 2024, the Corporation is reclassifying certain interchange fees, which were previously included jointly with credit card fees from common network activity, as debit card fees. Interchange fees amounting to $11.3 million were reclassified for the first quarter of 2024.

Popular, Inc.  Financial Supplement to First Quarter 2025 Earnings Release  Table H - Consolidated Loans and Deposits  (Unaudited)   Loans - Ending Balances  Variance (Dollars in thousands) 31-Mar-25 31-Dec-24 31-Mar-24 Q1 2025 vs.Q4 2024 % of Change Q1 2025 vs.Q1 2024 % of Change Loans held-in-portfolio:  Commercial  Commercial multi-family $2,374,915 $2,399,620 $2,384,635 $(24,705 ) (1.03 %) $(9,720 ) (0.41 %) Commercial real estate non-owner occupied 5,540,603 5,363,235 5,057,059 177,368  3.31 % 483,544  9.56 % Commercial real estate owner occupied 2,956,559 3,157,746 3,117,844 (201,187 ) (6.37 %) (161,285 ) (5.17 %) Commercial and industrial 7,693,523 7,741,562 7,025,483 (48,039 ) (0.62 %) 668,040  9.51 % Total Commercial 18,565,600 18,662,163 17,585,021 (96,563 ) (0.52 %) 980,579  5.58 % Construction 1,358,979 1,263,792 1,009,303 95,187  7.53 % 349,676  34.65 % Leasing 1,949,705 1,925,405 1,765,413 24,300  1.26 % 184,292  10.44 % Mortgage 8,273,753 8,114,183 7,783,662 159,570  1.97 % 490,091  6.30 % Consumer  Credit cards 1,187,777 1,218,079 1,142,153 (30,302 ) (2.49 %) 45,624  3.99 % Home equity lines of credit 77,109 73,571 66,717 3,538  4.81 % 10,392  15.58 % Personal 1,850,023 1,855,244 1,897,010 (5,221 ) (0.28 %) (46,987 ) (2.48 %) Auto 3,820,242 3,823,437 3,706,854 (3,195 ) (0.08 %) 113,388  3.06 % Other 170,844 171,778 162,605 (934 ) (0.54 %) 8,239  5.07 % Total Consumer 7,105,995 7,142,109 6,975,339 (36,114 ) (0.51 %) 130,656  1.87 % Total loans held-in-portfolio $37,254,032 $37,107,652 $35,118,738 $146,380  0.39 % $2,135,294  6.08 % Loans held-for-sale:  Mortgage $5,077 $5,423 $5,352 $(346 ) (6.38 %) $(275 ) (5.14 %) Total loans held-for-sale $5,077 $5,423 $5,352 $(346 ) (6.38 %) $(275 ) (5.14 %) Total loans $37,259,109 $37,113,075 $35,124,090 $146,034  0.39 % $2,135,019  6.08 %

Deposits - Ending Balances  Variance  (In thousands) 31-Mar-25 31-Dec-24 31-Mar-24 Q1 2025 vs. Q4 2024 % of Change Q1 2025 vs.Q1 2024 % of Change Deposits excluding P.R. public deposits:  Demand deposits $15,160,801 $15,139,555 $15,492,050 $21,246  0.14 % $(331,249 ) (2.14 %) Savings, NOW and money market deposits (non-brokered) 21,855,151 21,177,506 21,633,607 677,645  3.20 % 221,544  1.02 % Savings, NOW and money market deposits (brokered) 822,065 736,225 727,794 85,840  11.66 % 94,271  12.95 % Time deposits (non-brokered) 7,545,252 7,476,924 7,030,367 68,328  0.91 % 514,885  7.32 % Time deposits (brokered CDs) 813,326 890,704 904,613 (77,378 ) (8.69 %) (91,287 ) (10.09 %) Sub-total deposits excluding P.R. public deposits 46,196,595 45,420,914 45,788,431 775,681  1.71 % 408,164  0.89 % P.R. public deposits:  Demand deposits [1] 11,157,254 11,730,273 10,981,317 (573,019 ) (4.88 %) 175,937  1.60 % Savings, NOW and money market deposits (non-brokered) 7,655,847 7,087,904 6,218,944 567,943  8.01 % 1,436,903  23.11 % Time deposits (non-brokered) 809,559 645,254 820,092 164,305  25.46 % (10,533 ) (1.28 %) Sub-total P.R. public deposits 19,622,660 19,463,431 18,020,353 159,229  0.82 % 1,602,307  8.89 % Total deposits $65,819,255 $64,884,345 $63,808,784 $934,910  1.44 % $2,010,471  3.15 % [1] Includes interest bearing demand deposits.

Popular, Inc.  Financial Supplement to First Quarter 2025 Earnings Release Table I - Loan Delinquency -BPPR Operations  (Unaudited)  31-Mar-25 BPPR Past due        Past due 90 days or more 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  $ 3,387   $ 112   $ 73   $ 3,572   $ 304,739   $ 308,311    $ 73   $ -  Commercial real estate:  Non-owner occupied   3,045    74    6,306    9,425    3,304,377    3,313,802     6,306    -  Owner occupied   7,512    141    26,891    34,544    1,168,868    1,203,412     26,891    -  Commercial and industrial   4,637    2,871    13,089    20,597    5,227,961    5,248,558     9,327    3,762  Construction   6,498    -    -    6,498    223,705    230,203     -    -  Mortgage   249,712    105,166    333,557    688,435    6,257,507    6,945,942     148,506    185,051  Leasing   19,178    5,192    8,895    33,265    1,916,440    1,949,705     8,895    -  Consumer:  Credit cards   13,365    10,555    30,506    54,426    1,133,352    1,187,778     -    30,506  Home equity lines of credit   -    -    18    18    2,039    2,057     -    18  Personal   19,246    11,174    18,251    48,671    1,707,204    1,755,875     18,251    -  Auto   78,743    15,893    41,784    136,420    3,683,822    3,820,242     41,784    -  Other   2,686    144    2,307    5,137    153,586    158,723     1,973    334  Total  $ 408,009   $ 151,322   $ 481,677   $ 1,041,008   $ 25,083,600   $ 26,124,608    $ 262,006   $ 219,671   31-Dec-24 BPPR Past due        Past due 90 days or more 30-59  60-89  90 days  Total       Non-accrual   Accruing (In thousands)  days  days  or more  past due  Current  Loans HIP   loans  loans Commercial multi-family  $ 1,491   $ 113   $ 79   $ 1,683   $ 306,318   $ 308,001    $ 79   $ -  Commercial real estate:  Non-owner occupied   3,103    586    6,429    10,118    3,236,385    3,246,503     6,429    -  Owner occupied   11,054    808    25,258    37,120    1,338,791    1,375,911     25,258    -  Commercial and industrial   5,738    2,712    23,895    32,345    5,314,549    5,346,894     19,335    4,560  Construction   1,039    -    -    1,039    211,251    212,290     -    -  Mortgage   262,222    116,694    365,759    744,675    6,065,206    6,809,881     158,442    207,317  Leasing   23,991    6,062    9,588    39,641    1,885,764    1,925,405     9,588    -  Consumer:  Credit cards   17,399    11,719    29,960    59,078    1,158,975    1,218,053     -    29,960  Home equity lines of credit   16    129    -    145    1,895    2,040     -    -  Personal   19,503    13,005    20,269    52,777    1,697,600    1,750,377     20,269    -  Auto   111,358    27,858    51,792    191,008    3,632,429    3,823,437     51,792    -  Other   1,816    277    1,312    3,405    156,824    160,229     899    413  Total  $ 458,730   $ 179,963   $ 534,341   $ 1,173,034   $ 25,005,987   $ 26,179,021    $ 292,091   $ 242,250    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  $ 1,896   $ (1 )  $ (6 )  $ 1,889   $ (1,579 )  $ 310    $ (6 )  $ -  Commercial real estate:  Non-owner occupied   (58 )   (512 )   (123 )   (693 )   67,992    67,299     (123 )   -  Owner occupied   (3,542 )   (667 )   1,633    (2,576 )   (169,923 )   (172,499 )    1,633    -  Commercial and industrial   (1,101 )   159    (10,806 )   (11,748 )   (86,588 )   (98,336 )    (10,008 )   (798 ) Construction   5,459    -    -    5,459    12,454    17,913     -    -  Mortgage   (12,510 )   (11,528 )   (32,202 )   (56,240 )   192,301    136,061     (9,936 )   (22,266 ) Leasing   (4,813 )   (870 )   (693 )   (6,376 )   30,676    24,300     (693 )   -  Consumer:  Credit cards   (4,034 )   (1,164 )   546    (4,652 )   (25,623 )   (30,275 )    -    546  Home equity lines of credit   (16 )   (129 )   18    (127 )   144    17     -    18  Personal   (257 )   (1,831 )   (2,018 )   (4,106 )   9,604    5,498     (2,018 )   -  Auto   (32,615 )   (11,965 )   (10,008 )   (54,588 )   51,393    (3,195 )    (10,008 )   -  Other   870    (133 )   995    1,732    (3,238 )   (1,506 )    1,074    (79 ) Total  $ (50,721 )  $ (28,641 )  $ (52,664 )  $ (132,026 )  $ 77,613   $ (54,413 )   $ (30,085 )  $ (22,579 )

Popular, Inc.  Financial Supplement to First Quarter 2025 Earnings Release Table J - Loan Delinquency - Popular U.S. Operations  (Unaudited)  31-Mar-25 Popular U.S. Past due        Past due 90 days or more 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  $ 1,858   $ -   $ 8,700   $ 10,558   $ 2,056,046   $ 2,066,604    $ 8,700   $ -  Commercial real estate:  Non-owner occupied   768    -    7,886    8,654    2,218,147    2,226,801     7,886    -  Owner occupied   -    -    231    231    1,752,916    1,753,147     231    -  Commercial and industrial   7,724    733    879    9,336    2,435,629    2,444,965     690    189  Construction   -    -    -    -    1,128,776    1,128,776     -    -  Mortgage   29,944    1,604    29,087    60,635    1,267,176    1,327,811     29,087    -  Consumer:  Credit cards   -    -    -    -    (1 )   (1 )    -    -  Home equity lines of credit   1,851    973    3,430    6,254    68,798    75,052     3,430    -  Personal   1,381    781    2,034    4,196    89,952    94,148     2,034    -  Other   1    -    5    6    12,115    12,121     5    -  Total  $ 43,527   $ 4,091   $ 52,252   $ 99,870   $ 11,029,554   $ 11,129,424    $ 52,063   $ 189   31-Dec-24 Popular U.S. Past due        Past due 90 days or more 30-59  60-89  90 days  Total       Non-accrual   Accruing (In thousands)  days  days  or more  past due  Current  Loans HIP   loans  loans Commercial multi-family  $ -   $ 5,443   $ 8,700   $ 14,143   $ 2,077,476   $ 2,091,619    $ 8,700   $ -  Commercial real estate:  Non-owner occupied   6,792    -    8,015    14,807    2,101,925    2,116,732     8,015    -  Owner occupied   -    -    5,191    5,191    1,776,644    1,781,835     5,191    -  Commercial and industrial   10,336    5,323    1,938    17,597    2,377,071    2,394,668     1,748    190  Construction   -    -    -    -    1,051,502    1,051,502     -    -  Mortgage   18,148    5,417    29,890    53,455    1,250,847    1,304,302     29,890    -  Consumer:  Credit cards   -    -    -    -    26    26     -    -  Home equity lines of credit   530    986    3,393    4,909    66,622    71,531     3,393    -  Personal   1,808    1,509    1,741    5,058    99,809    104,867     1,741    -  Other   514    -    11    525    11,024    11,549     11    -  Total  $ 38,128   $ 18,678   $ 58,879   $ 115,685   $ 10,812,946   $ 10,928,631    $ 58,689   $ 190   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  $ 1,858   $ (5,443 )  $ -   $ (3,585 )  $ (21,430 )  $ (25,015 )   $ -   $ -  Commercial real estate:  Non-owner occupied   (6,024 )   -    (129 )   (6,153 )   116,222    110,069     (129 )   -  Owner occupied   -    -    (4,960 )   (4,960 )   (23,728 )   (28,688 )    (4,960 )   -  Commercial and industrial   (2,612 )   (4,590 )   (1,059 )   (8,261 )   58,558    50,297     (1,058 )   (1 ) Construction   -    -    -    -    77,274    77,274     -    -  Mortgage   11,796    (3,813 )   (803 )   7,180    16,329    23,509     (803 )   -  Consumer:  Credit cards   -    -    -    -    (27 )   (27 )    -    -  Home equity lines of credit   1,321    (13 )   37    1,345    2,176    3,521     37    -  Personal   (427 )   (728 )   293    (862 )   (9,857 )   (10,719 )    293    -  Other   (513 )   -    (6 )   (519 )   1,091    572     (6 )   -  Total  $ 5,399   $ (14,587 )  $ (6,627 )  $ (15,815 )  $ 216,608   $ 200,793    $ (6,626 )  $ (1 )

Popular, Inc.  Financial Supplement to First Quarter 2025 Earnings Release Table K - Loan Delinquency - Consolidated  (Unaudited)   31-Mar-25 Popular, Inc. Past due        Past due 90 days or more 30-59  60-89  90 days  Total      Non-accrual   Accruing (In thousands) days  days  or more  past due  Current  Loans HIP   loans  loans Commercial multi-family $ 5,245   $ 112   $ 8,773   $ 14,130   $ 2,360,785   $ 2,374,915    $ 8,773   $ -  Commercial real estate:  Non-owner occupied  3,813    74    14,192    18,079    5,522,524    5,540,603     14,192    -  Owner occupied  7,512    141    27,122    34,775    2,921,784    2,956,559     27,122    -  Commercial and industrial  12,361    3,604    13,968    29,933    7,663,590    7,693,523     10,017    3,951  Construction  6,498    -    -    6,498    1,352,481    1,358,979     -    -  Mortgage  279,656    106,770    362,644    749,070    7,524,683    8,273,753     177,593    185,051  Leasing  19,178    5,192    8,895    33,265    1,916,440    1,949,705     8,895    -  Consumer:  Credit cards  13,365    10,555    30,506    54,426    1,133,351    1,187,777     -    30,506  Home equity lines of credit  1,851    973    3,448    6,272    70,837    77,109     3,430    18  Personal  20,627    11,955    20,285    52,867    1,797,156    1,850,023     20,285    -  Auto  78,743    15,893    41,784    136,420    3,683,822    3,820,242     41,784    -  Other  2,687    144    2,312    5,143    165,701    170,844     1,978    334  Total $ 451,536   $ 155,413   $ 533,929   $ 1,140,878   $ 36,113,154   $ 37,254,032    $ 314,069   $ 219,860   31-Dec-24 Popular, Inc. Past due        Past due 90 days or more 30-59  60-89  90 days  Total      Non-accrual   Accruing (In thousands) days  days  or more  past due  Current  Loans HIP   loans  loans Commercial multi-family $ 1,491   $ 5,556   $ 8,779   $ 15,826   $ 2,383,794   $ 2,399,620    $ 8,779   $ -  Commercial real estate:  Non-owner occupied  9,895    586    14,444    24,925    5,338,310    5,363,235     14,444    -  Owner occupied  11,054    808    30,449    42,311    3,115,435    3,157,746     30,449    -  Commercial and industrial  16,074    8,035    25,833    49,942    7,691,620    7,741,562     21,083    4,750  Construction  1,039    -    -    1,039    1,262,753    1,263,792     -    -  Mortgage  280,370    122,111    395,649    798,130    7,316,053    8,114,183     188,332    207,317  Leasing  23,991    6,062    9,588    39,641    1,885,764    1,925,405     9,588    -  Consumer:  Credit cards  17,399    11,719    29,960    59,078    1,159,001    1,218,079     -    29,960  Home equity lines of credit  546    1,115    3,393    5,054    68,517    73,571     3,393    -  Personal  21,311    14,514    22,010    57,835    1,797,409    1,855,244     22,010    -  Auto  111,358    27,858    51,792    191,008    3,632,429    3,823,437     51,792    -  Other  2,330    277    1,323    3,930    167,848    171,778     910    413  Total $ 496,858   $ 198,641   $ 593,220   $ 1,288,719   $ 35,818,933   $ 37,107,652    $ 350,780   $ 242,440   Variance Past due        Past due 90 days or more 30-59  60-89  90 days  Total      Non-accrual   Accruing (In thousands) days  days  or more  past due  Current  Loans HIP   loans  loans Commercial multi-family $ 3,754   $ (5,444 )  $ (6 )  $ (1,696 )  $ (23,009 )  $ (24,705 )   $ (6 )  $ -  Commercial real estate:  Non-owner occupied  (6,082 )   (512 )   (252 )   (6,846 )   184,214    177,368     (252 )   -  Owner occupied  (3,542 )   (667 )   (3,327 )   (7,536 )   (193,651 )   (201,187 )    (3,327 )   -  Commercial and industrial  (3,713 )   (4,431 )   (11,865 )   (20,009 )   (28,030 )   (48,039 )    (11,066 )   (799 ) Construction  5,459    -    -    5,459    89,728    95,187     -    -  Mortgage  (714 )   (15,341 )   (33,005 )   (49,060 )   208,630    159,570     (10,739 )   (22,266 ) Leasing  (4,813 )   (870 )   (693 )   (6,376 )   30,676    24,300     (693 )   -  Consumer:  Credit cards  (4,034 )   (1,164 )   546    (4,652 )   (25,650 )   (30,302 )    -    546  Home equity lines of credit  1,305    (142 )   55    1,218    2,320    3,538     37    18  Personal  (684 )   (2,559 )   (1,725 )   (4,968 )   (253 )   (5,221 )    (1,725 )   -  Auto  (32,615 )   (11,965 )   (10,008 )   (54,588 )   51,393    (3,195 )    (10,008 )   -  Other  357    (133 )   989    1,213    (2,147 )   (934 )    1,068    (79 ) Total $ (45,322 )  $ (43,228 )  $ (59,291 )  $ (147,841 )  $ 294,221   $ 146,380    $ (36,711 )  $ (22,580 )

Popular, Inc. Financial Supplement to First Quarter 2025 Earnings Release Table L - Non-Performing Assets (Unaudited) Variance (In thousands) 31-Mar-25 As a % of loans HIP by category  31-Dec-24 As a % of loans HIP by category  31-Mar-24 As a % of loans HIP by category  Q1 2025 vs. Q4 2024 Q1 2025 vs. Q1 2024 Non-accrual loans:  Commercial  Commercial multi-family $8,773 0.4 % $8,779 0.4 % $8,806 0.4 % $(6 ) $(33 ) Commercial real estate non-owner occupied 14,192 0.3  14,444 0.3  10,329 0.2  (252 ) 3,863  Commercial real estate owner occupied 27,122 0.9  30,449 1.0  30,001 1.0  (3,327 ) (2,879 ) Commercial and industrial 10,017 0.1  21,083 0.3  35,594 0.5  (11,066 ) (25,577 ) Total Commercial 60,104 0.3  74,755 0.4  84,730 0.5  (14,651 ) (24,626 ) Leasing 8,895 0.5  9,588 0.5  7,267 0.4  (693 ) 1,628  Mortgage 177,593 2.1  188,332 2.3  194,544 2.5  (10,739 ) (16,951 ) Consumer  Home equity lines of credit 3,430 4.4  3,393 4.6  3,986 6.0  37  (556 ) Personal 20,285 1.1  22,010 1.2  21,160 1.1  (1,725 ) (875 ) Auto 41,784 1.1  51,792 1.4  41,807 1.1  (10,008 ) (23 ) Other 1,978 1.2  910 0.5  633 0.4  1,068  1,345  Total Consumer 67,477 0.9  78,105 1.1  67,586 1.0  (10,628 ) (109 ) Total non-performing loans held-in-portfolio 314,069 0.8 % 350,780 0.9 % 354,127 1.0 % (36,711 ) (40,058 ) Other real estate owned ("OREO") 52,114   57,268   80,542   (5,154 ) (28,428 ) Total non-performing assets [1] $366,183   $408,048   $434,669   $(41,865 ) $(68,486 ) Accruing loans past due 90 days or more [2] $219,860   $242,440   $247,542   $(22,580 ) $(27,682 ) Ratios:  Non-performing assets to total assets 0.49 %  0.56 %  0.61 %  Non-performing loans held-in-portfolio to loans held-in-portfolio 0.84   0.95   1.01  Allowance for credit losses to loans held-in-portfolio 2.05   2.01   2.11  Allowance for credit losses to non-performing loans, excluding loans held-for-sale 242.67   212.68   208.84  [1] There were no non-performing loans held-for-sale as of March 31, 2025, December 31, 2024 and March 31, 2024. [2] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due 90 days or more as opposed to non-performing since the principal repayment is insured. The balance of these loans includes $7 million at March 31, 2025, related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below (December 31, 2024 - $9 million; March 31, 2024 - $10 million). Under the GNMA program, issuers such as BPPR have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected (rebooked) on the financial statements of BPPR with an offsetting liability. These balances include $57 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of March 31, 2025 (December 31, 2024 - $65 million; March 31, 2024 - $93 million). Furthermore, the Corporation has approximately $30 million reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest in this period. Due to the guaranteed nature of the loans, it is the Corporation's policy to exclude these balances from non-performing assets (December 31, 2024- $31 million; March 31, 2024 - $37 million).

Popular, Inc. Financial Supplement to First Quarter 2025 Earnings Release Table M - Activity in Non-Performing Loans (Unaudited)  Commercial loans held-in-portfolio: Quarter ended Quarter ended 31-Mar-25 31-Dec-24 (In thousands) BPPR Popular U.S. Popular, Inc. BPPR Popular U.S. Popular, Inc. Beginning balance NPLs $51,101  $23,654  $74,755  $53,819  $38,476  $92,295  Plus:  New non-performing loans 5,781  5,413  11,194  2,915  9,203  12,118  Advances on existing non-performing loans -  17  17  -  9  9  Less:  Non-performing loans transferred to OREO (120 ) -  (120 ) (78 ) -  (78 ) Non-performing loans charged-off (739 ) (1,130 ) (1,869 ) (701 ) (835 ) (1,536 ) Loans returned to accrual status / loan collections (13,426 ) (10,447 ) (23,873 ) (4,854 ) (23,199 ) (28,053 ) Ending balance NPLs $42,597  $17,507  $60,104  $51,101  $23,654  $74,755    Mortgage loans held-in-portfolio: Quarter ended Quarter ended 31-Mar-25 31-Dec-24 (In thousands) BPPR Popular U.S. Popular, Inc. BPPR Popular U.S. Popular, Inc. Beginning balance NPLs $158,442  $29,890  $188,332  $157,920  $28,434  $186,354  Plus:  New non-performing loans 31,242  2,745  33,987  44,670  4,637  49,307  Advances on existing non-performing loans -  1  1  -  21  21  Less:  Non-performing loans transferred to OREO (2,435 ) -  (2,435 ) (3,829 ) -  (3,829 ) Non-performing loans charged-off (188 ) -  (188 ) (12 ) -  (12 ) Loans returned to accrual status / loan collections (38,555 ) (3,549 ) (42,104 ) (40,307 ) (3,202 ) (43,509 ) Ending balance NPLs $148,506  $29,087  $177,593  $158,442  $29,890  $188,332    Total non-performing loans held-in-portfolio (excluding consumer): Quarter ended Quarter ended 31-Mar-25 31-Dec-24 (In thousands) BPPR Popular U.S. Popular, Inc. BPPR Popular U.S. Popular, Inc. Beginning balance NPLs $209,543  $53,544  $263,087  $211,739  $66,910  $278,649  Plus:  New non-performing loans 37,023  8,158  45,181  47,585  13,840  61,425  Advances on existing non-performing loans -  18  18  -  30  30  Less:  Non-performing loans transferred to OREO (2,555 ) -  (2,555 ) (3,907 ) -  (3,907 ) Non-performing loans charged-off (927 ) (1,130 ) (2,057 ) (713 ) (835 ) (1,548 ) Loans returned to accrual status / loan collections (51,981 ) (13,996 ) (65,977 ) (45,161 ) (26,401 ) (71,562 ) Ending balance NPLs $191,103  $46,594  $237,697  $209,543  $53,544  $263,087

Popular, Inc.  Financial Supplement to First Quarter 2025 Earnings Release  Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios  (Unaudited)    Quarters ended  (In thousands) 31-Mar-25  31-Dec-24  31-Mar-24  Balance at beginning of period - loans held-in-portfolio $746,024   $744,320   $729,341  Provision for credit losses 65,218   69,129   72,386  Initial allowance for credit losses - PCD Loans 9   8   17  811,251   813,457   801,744  Net loans charge-off (recovered)- BPPR  Commercial:  Commercial multi-family (2 )  (2 )  (1 )  Commercial real estate non-owner occupied (595 )  (369 )  (325 )  Commercial real estate owner occupied (406 )  (473 )  2,247  Commercial and industrial (1,528 )  2,000   5,109  Total Commercial (2,531 )  1,156   7,030  Leasing 3,272   3,615   3,685  Mortgage (2,497 )  (1,938 )  (4,426 )  Consumer:  Credit cards 16,429   16,854   13,958  Home equity lines of credit (114 )  (65 )  104  Personal 18,338   23,358   21,940  Auto 13,487   19,028   13,846  Other Consumer 718   596   424  Total Consumer 48,858   59,771   50,272  Total net charged-off BPPR $47,102   $62,604   $56,561   Net loans charge-off (recovered) - Popular U.S.  Commercial:  Commercial multi-family (1 )  (1 )  440  Commercial real estate non-owner occupied -   (362 )  (64 )  Commercial real estate owner occupied (511 )  135   (24 )  Commercial and industrial 925   1,445   408  Total Commercial 413   1,217   760  Mortgage (185 )  (27 )  (25 )  Consumer:  Home equity lines of credit (237 )  (104 )  (148 )  Personal 1,989   3,728   5,027  Other Consumer 21   15   25  Total Consumer 1,773   3,639   4,904  Total net charged-off Popular U.S. $2,001   $4,829   $5,639  Total loans net charged-off - Popular, Inc. $49,103   $67,433   $62,200  Balance at end of period - loans held-in-portfolio $762,148   $746,024   $739,544   Balance at beginning of period - unfunded commitments $15,470   $18,384   $17,006  Provision for credit losses (benefit) (1,301 )  (2,914 )  (239 )  Balance at end of period - unfunded commitments [1] $14,169   $15,470   $16,767   POPULAR, INC.  Annualized net charge-offs (recoveries) to average loans held-in-portfolio 0.53  % 0.74  % 0.71  % Provision for credit losses (benefit) - loan portfolios to net charge-offs 132.82  % 102.52  % 116.38  % BPPR  Annualized net charge-offs (recoveries) to average loans held-in-portfolio 0.72  % 0.97  % 0.92  % Provision for credit losses (benefit) - loan portfolios to net charge-offs 111.86  % 107.16  % 107.86  % Popular U.S.  Annualized net charge-offs (recoveries) to average loans held-in-portfolio 0.07  % 0.18  % 0.21  % Provision for credit losses (benefit) - loan portfolios to net charge-offs 626.09  % 42.27  % 201.77  % [1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

Popular, Inc.  Financial Supplement to First Quarter 2025 Earnings Release  Table O - Allowance for Credit Losses "ACL"- Loan Portfolios - BPPR Operations  (Unaudited)   31-Mar-25  BPPR  (In thousands)  Total ACL  Total loans held-in-portfolio  ACL to loans held-in-portfolio  Commercial:  Commercial multi-family  $3,420   $308,311   1.11  % Commercial real estate - non-owner occupied  42,848   3,313,802   1.29  % Commercial real estate - owner occupied  36,019   1,203,412   2.99  % Commercial and industrial  131,407   5,248,558   2.50  % Total commercial  $213,694   $10,074,083   2.12  % Construction  2,719   230,203   1.18  % Mortgage  74,289   6,945,942   1.07  % Leasing  20,206   1,949,705   1.04  % Consumer:  Credit cards  96,523   1,187,778   8.13  % Home equity lines of credit  60   2,057   2.92  % Personal  89,786   1,755,875   5.11  % Auto  171,979   3,820,242   4.50  % Other  7,007   158,723   4.41  % Total consumer  $365,355   $6,924,675   5.28  % Total  $676,263   $26,124,608   2.59  %   31-Dec-24  BPPR  (In thousands)  Total ACL  Total loans held-in-portfolio  ACL to loans held-in-portfolio  Commercial:  Commercial multi-family  $2,783   $308,001   0.90  % Commercial real estate - non-owner occupied  44,852   3,246,503   1.38  % Commercial real estate - owner occupied  37,355   1,375,911   2.71  % Commercial and industrial  130,136   5,346,894   2.43  % Total commercial  $215,126   $10,277,309   2.09  % Construction  2,743   212,290   1.29  % Mortgage  72,901   6,809,881   1.07  % Leasing  16,419   1,925,405   0.85  % Consumer:  Credit cards  99,130   1,218,053   8.14  % Home equity lines of credit  54   2,040   2.65  % Personal  91,296   1,750,377   5.22  % Auto  165,995   3,823,437   4.34  % Other  7,002   160,229   4.37  % Total consumer  $363,477   $6,954,136   5.23  % Total  $670,666   $26,179,021   2.56  %   Variance  (In thousands)  Total ACL  Total loans held-in-portfolio  ACL to loans held-in-portfolio  Commercial:  Commercial multi-family  $637   $310   0.21  % Commercial real estate - non-owner occupied  (2,004 )  67,299   (0.09 ) % Commercial real estate - owner occupied  (1,336 )  (172,499 )  0.28  % Commercial and industrial  1,271   (98,336 )  0.07  % Total commercial  $(1,432 )  $(203,226 )  0.03  % Construction  (24 )  17,913   (0.11 ) % Mortgage  1,388   136,061   -  % Leasing  3,787   24,300   0.19  % Consumer:  Credit cards  (2,607 )  (30,275 )  (0.01 ) % Home equity lines of credit  6   17   0.27  % Personal  (1,510 )  5,498   (0.11 ) % Auto  5,984   (3,195 )  0.16  % Other  5   (1,506 )  0.04  % Total consumer  $1,878   $(29,461 )  0.05  % Total  $5,597   $(54,413 )  0.03  %

Popular, Inc.  Financial Supplement to First Quarter 2025 Earnings Release  Table P - Allowance for Credit Losses "ACL"- Loan Portfolios - POPULAR U.S. Operations  (Unaudited)   31-Mar-25  Popular U.S.  (In thousands) Total ACL  Total loans held-in-portfolio  ACL to loans held-in-portfolio  Commercial:  Commercial multi-family $10,081   $2,066,604   0.49  % Commercial real estate - non-owner occupied 15,453   2,226,801   0.69  % Commercial real estate - owner occupied 14,193   1,753,147   0.81  % Commercial and industrial 16,422   2,444,965   0.67  % Total commercial $56,149   $8,491,517   0.66  % Construction 6,793   1,128,776   0.60  % Mortgage 9,740   1,327,811   0.73  % Consumer:  Credit cards -   (1 )  -  % Home equity lines of credit 1,550   75,052   2.07  % Personal 11,651   94,148   12.38  % Other 2   12,121   0.02  % Total consumer $13,203   $181,320   7.28  % Total $85,885   $11,129,424   0.77  %  31-Dec-24  Popular U.S.  (In thousands) Total ACL  Total loans held-in-portfolio  ACL to loans held-in-portfolio  Commercial:  Commercial multi-family $6,453   $2,091,619   0.31  % Commercial real estate - non-owner occupied 9,642   2,116,732   0.46  % Commercial real estate - owner occupied 12,473   1,781,835   0.70  % Commercial and industrial 15,870   2,394,668   0.66  % Total commercial $44,438   $8,384,854   0.53  % Construction 8,521   1,051,502   0.81  % Mortgage 9,508   1,304,302   0.73  % Consumer:  Credit cards -   26   -  % Home equity lines of credit 1,449   71,531   2.03  % Personal 11,440   104,867   10.91  % Other 2   11,549   0.02  % Total consumer $12,891   $187,973   6.86  % Total $75,358   $10,928,631   0.69  %   Variance  (In thousands) Total ACL  Total loans held-in-portfolio  ACL to loans held-in-portfolio  Commercial:  Commercial multi-family $3,628   $(25,015 )  0.18  % Commercial real estate - non-owner occupied 5,811   110,069   0.23  % Commercial real estate - owner occupied 1,720   (28,688 )  0.11  % Commercial and industrial 552   50,297   0.01  % Total commercial $11,711   $106,663   0.13  % Construction (1,728 )  77,274   (0.21 ) % Mortgage 232   23,509   -  % Consumer:  Credit cards -   (27 )  -  % Home equity lines of credit 101   3,521   0.04  % Personal 211   (10,719 )  1.47  % Other -   572   -  % Total consumer $312   $(6,653 )  0.42  % Total $10,527   $200,793   0.08  %

Popular, Inc. Financial Supplement to First Quarter 2025 Earnings Release Table Q - Allowance for Credit Losses "ACL"- Loan Portfolios - Consolidated (Unaudited)   31-Mar-25 (In thousands)  Total ACL  Total loans held-in-portfolio  ACL to loans held-in-portfolio  Commercial:  Commercial multi-family  $13,501   $2,374,915   0.57  % Commercial real estate - non-owner occupied  58,301   5,540,603   1.05  % Commercial real estate - owner occupied  50,212   2,956,559   1.70  % Commercial and industrial  147,829   7,693,523   1.92  % Total commercial  $269,843   $18,565,600   1.45  % Construction  9,512   1,358,979   0.70  % Mortgage  84,029   8,273,753   1.02  % Leasing  20,206   1,949,705   1.04  % Consumer:  Credit cards  96,523   1,187,777   8.13  % Home equity lines of credit  1,610   77,109   2.09  % Personal  101,437   1,850,023   5.48  % Auto  171,979   3,820,242   4.50  % Other  7,009   170,844   4.10  % Total consumer  $378,558   $7,105,995   5.33  % Total  $762,148   $37,254,032   2.05  %    31-Dec-24 (In thousands)  Total ACL  Total loans held-in-portfolio  ACL to loans held-in-portfolio  Commercial:  Commercial multi-family  $9,236   $2,399,620   0.38  % Commercial real estate - non-owner occupied  54,494   5,363,235   1.02  % Commercial real estate - owner occupied  49,828   3,157,746   1.58  % Commercial and industrial  146,006   7,741,562   1.89  % Total commercial  $259,564   $18,662,163   1.39  % Construction  11,264   1,263,792   0.89  % Mortgage  82,409   8,114,183   1.02  % Leasing  16,419   1,925,405   0.85  % Consumer:  Credit cards  99,130   1,218,079   8.14  % Home equity lines of credit  1,503   73,571   2.04  % Personal  102,736   1,855,244   5.54  % Auto  165,995   3,823,437   4.34  % Other  7,004   171,778   4.08  % Total consumer  $376,368   $7,142,109   5.27  % Total  $746,024   $37,107,652   2.01  %     Variance (In thousands)  Total ACL  Total loans held-in-portfolio  ACL to loans held-in-portfolio  Commercial:  Commercial multi-family  $4,265   $(24,705 )  0.19  % Commercial real estate - non-owner occupied  3,807   177,368   0.03  % Commercial real estate - owner occupied  384   (201,187 )  0.12  % Commercial and industrial  1,823   (48,039 )  0.03  % Total commercial  $10,279   $(96,563 )  0.06  % Construction  (1,752 )  95,187   (0.19 ) % Mortgage  1,620   159,570   -  % Leasing  3,787   24,300   0.19  % Consumer:  Credit cards  (2,607 )  (30,302 )  (0.01 ) % Home equity lines of credit  107   3,538   0.05  % Personal  (1,299 )  (5,221 )  (0.06 ) % Auto  5,984   (3,195 )  0.16  % Other  5   (934 )  0.02  % Total consumer  $2,190   $(36,114 )  0.06  % Total  $16,124   $146,380   0.04  %

Popular, Inc.  Financial Supplement to First Quarter 2025 Earnings Release Table R - Reconciliation to GAAP Financial Measures (Unaudited)    (In thousands, except share or per share information) 31-Mar-25  31-Dec-24  31-Mar-24  Total stockholders’ equity $5,799,695   $5,613,066   $5,177,314  Less: Preferred stock (22,143 )  (22,143 )  (22,143 )  Less: Goodwill (802,954 )  (802,954 )  (804,428 )  Less: Other intangibles (6,229 )  (6,826 )  (8,969 )  Total tangible common equity $4,968,369   $4,781,143   $4,341,774  Total assets $74,038,606   $73,045,383   $70,936,939  Less: Goodwill (802,954 )  (802,954 )  (804,428 )  Less: Other intangibles (6,229 )  (6,826 )  (8,969 )  Total tangible assets $73,229,423   $72,235,603   $70,123,542  Tangible common equity to tangible assets 6.78  % 6.62  % 6.19  % Common shares outstanding at end of period 68,984,148   70,141,291   72,284,875  Tangible book value per common share $72.02   $68.16   $60.06   Quarterly average  Total stockholders’ equity [1] $6,785,208   $6,620,766   $6,198,740  Average unrealized (gains) losses on AFS securities transferred to HTM 370,695   505,791   639,226  Adjusted total stockholder's equity 7,155,903   7,126,557   6,837,966  Less: Preferred Stock (22,143 )  (22,143 )  (22,143 )  Less: Goodwill (802,953 )  (804,411 )  (804,427 )  Less: Other intangibles (6,585 )  (7,288 )  (9,490 )  Total tangible equity $6,324,222   $6,292,715   $6,001,906  Return on average tangible common equity 11.36  % 11.22  % 6.90  % [1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.

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Contacts

Popular, Inc.

Investor Relations: 
Paul J. Cardillo, 212-417-6721
Senior Vice President and Investor Relations Officer
[email protected]

or

Media Relations: 
MC González Noguera, 917-804-5253
Executive Vice President and Chief Communications & Public Affairs Officer
[email protected]

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