Part I – Financial Information [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents Popular, Inc.'s unaudited consolidated financial statements as of September 30, 2024, and for the three and nine-month periods then ended, including statements of financial condition, operations, comprehensive income, changes in stockholders' equity, and cash flows, with detailed notes [Unaudited Consolidated Statements of Financial Condition](index=6&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Financial%20Condition) As of September 30, 2024, Popular, Inc. reported total assets of **$71.3 billion**, an increase from **$70.8 billion** at year-end 2023, primarily driven by growth in net loans held-in-portfolio, with total liabilities stable at **$65.5 billion** and stockholders' equity growing to **$5.8 billion** from **$5.1 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$71,323,074** | **$70,758,155** | | Total loans held-in-portfolio, net | $35,450,647 | $34,335,630 | | Total debt securities (AFS & HTM), net | $25,045,987 | $24,917,599 | | **Total Liabilities** | **$65,532,560** | **$65,611,202** | | Total deposits | $63,668,501 | $63,618,243 | | **Total Stockholders' Equity** | **$5,790,514** | **$5,146,953** | [Unaudited Consolidated Statements of Operations](index=7&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) For Q3 2024, Popular, Inc. reported **net income of $155.3 million** ($2.16 per diluted share), up from **$136.6 million** in Q3 2023, driven by higher net interest income of **$572.5 million** versus **$534.0 million**, partially offset by increased provision for credit losses Key Operating Results (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $572,473 | $534,020 | $1,691,529 | $1,597,344 | | Provision for Credit Losses | $71,448 | $45,117 | $190,840 | $129,946 | | Non-interest Income | $164,082 | $159,549 | $494,206 | $481,981 | | Total Operating Expenses | $467,321 | $465,984 | $1,420,010 | $1,366,955 | | **Net Income** | **$155,323** | **$136,609** | **$436,395** | **$446,748** | | Net Income per Share – Diluted | $2.16 | $1.90 | $6.05 | $6.21 | [Unaudited Consolidated Statements of Comprehensive Income (Loss)](index=8&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company reported **comprehensive income of $520.6 million** for Q3 2024, a significant turnaround from a **$68.9 million comprehensive loss** in Q3 2023, primarily due to a positive swing in other comprehensive income driven by unrealized holding gains on debt securities Comprehensive Income (Loss) Summary (in thousands) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $155,323 | $136,609 | $436,395 | $446,748 | | Total other comprehensive income (loss), net of tax | $365,288 | $(205,507) | $382,537 | $(9,014) | | **Comprehensive income (loss), net of tax** | **$520,611** | **$(68,898)** | **$818,932** | **$437,734** | [Unaudited Consolidated Statements of Changes in Stockholders' Equity](index=9&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased from **$5.15 billion** at year-end 2023 to **$5.79 billion** at September 30, 2024, driven by **$436.4 million** in net income and **$382.5 million** in positive other comprehensive income, partially offset by dividends and stock repurchases - Key drivers for the increase in stockholders' equity in the first nine months of 2024 were net income (**$436.4M**) and other comprehensive income (**$382.5M**)[12](index=12&type=chunk) - Reductions to equity included dividends on common stock (**$134.3M**), preferred stock (**$1.1M**), and common stock repurchases (**$65.9M**)[12](index=12&type=chunk) - Dividends declared per common share for the nine months ended September 30, 2024, were **$1.86**, up from **$1.65** in the same period of 2023[12](index=12&type=chunk) [Unaudited Consolidated Statements of Cash Flows](index=11&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash provided by operating activities was **$475.2 million**, while net cash used in investing activities significantly decreased to **$209.6 million** from **$2.1 billion** in the prior year, and net cash used in financing activities was **$257.5 million** Cash Flow Summary (in thousands) | Activity | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $475,239 | $473,023 | | Net cash used in investing activities | $(209,614) | $(2,066,726) | | Net cash (used in) provided by financing activities | $(257,534) | $1,658,782 | | **Net increase in cash and due from banks** | **$8,091** | **$65,079** | [Notes to Unaudited Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) This section provides detailed disclosures supporting the consolidated financial statements, covering the nature of operations, basis of presentation, accounting pronouncements, debt securities, loan portfolio, credit quality, and other key financial areas [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=135&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q3 2024 financial performance, highlighting **net income of $155.3 million** driven by higher net interest income, and analyzes financial condition, capital adequacy, liquidity, and risk management practices - Q3 2024 net income was **$155.3 million**, compared to **$136.6 million** in Q3 2023[355](index=355&type=chunk) - Net interest margin for Q3 2024 increased to **3.24%** from **3.07%** in Q3 2023, mainly due to higher yields on investment securities and loans[355](index=355&type=chunk) - Total assets grew to **$71.3 billion** from **$70.8 billion** at year-end 2023, driven by loan growth[361](index=361&type=chunk) - Tangible book value per common share increased to **$69.04** from **$59.74** at year-end 2023[363](index=363&type=chunk)[424](index=424&type=chunk) [Operating Results Analysis](index=140&type=section&id=Operating%20Results%20Analysis) Net interest income for Q3 2024 rose to **$572.5 million**, up **$38.5 million** year-over-year, driven by higher yields on loans and investments, while provision for credit losses increased to **$71.4 million**, and non-interest income grew to **$164.1 million** - Net interest income increased by **$38.5 million** YoY in Q3 2024, driven by higher yields on investment securities (**+$33.8M**) and loans (**+$69.6M**), partially offset by higher deposit interest expense (**+$56.9M**)[366](index=366&type=chunk) - The provision for credit losses increased by **$26.3 million** YoY to **$71.4 million** in Q3 2024, primarily due to higher net charge-offs in the commercial loan portfolio compared to net recoveries in Q3 2023[356](index=356&type=chunk)[370](index=370&type=chunk) - Operating expenses were stable YoY, with increases in technology (**+$15.5M**) and personnel costs (**+$8.7M**) being offset by a **$23.0M** goodwill impairment charge recorded in Q3 2023 and lower professional fees (**-$11.8M**)[376](index=376&type=chunk) [Financial Condition Analysis](index=152&type=section&id=Financial%20Condition%20Analysis) As of September 30, 2024, total assets reached **$71.3 billion**, with loans held-in-portfolio growing by **$1.1 billion** to **$36.2 billion**, total deposits remaining stable at **$63.7 billion**, and stockholders' equity increasing by **$643.6 million** to **$5.8 billion** - Loans held-in-portfolio increased by **$1.1 billion** to **$36.2 billion** since Dec 31, 2023, with the BPPR portfolio growing by **$1.2 billion**[399](index=399&type=chunk) - Total deposits were stable at **$63.7 billion**. Puerto Rico public sector deposits increased to **$18.7 billion** from **$18.1 billion** at year-end 2023[405](index=405&type=chunk)[408](index=408&type=chunk) - Stockholders' equity grew by **$643.6 million** since year-end 2023, driven by net income and a **$272.0 million** after-tax decrease in unrealized losses on AFS securities[415](index=415&type=chunk) [Capital](index=158&type=section&id=Capital) The Corporation's capital ratios remained strong and well-capitalized as of September 30, 2024, with the Common Equity Tier 1 (CET1) capital ratio at **16.42%** and tangible book value per common share increasing to **$69.04** Regulatory Capital Ratios | Ratio | September 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Common equity tier 1 capital | 16.42% | 16.30% | | Tier 1 capital | 16.48% | 16.36% | | Total capital | 18.24% | 18.13% | | Tier 1 leverage | 8.67% | 8.51% | - The increase in capital ratios compared to year-end 2023 was mainly due to earnings for the nine-month period, partially offset by higher risk-weighted assets from loan growth[422](index=422&type=chunk) [Risk Management](index=161&type=section&id=Risk%20Management) The company actively manages market, interest rate, liquidity, and credit risks, maintaining an asset-sensitive position with strong liquidity totaling **$20.5 billion**, and stable credit quality metrics including a **1.0%** non-performing loan ratio - The Corporation's Net Interest Income (NII) simulation shows an asset-sensitive position. A **+100 basis point** parallel rate shift is estimated to increase NII by **$20.6 million (0.87%)** over one year[429](index=429&type=chunk) - Total available liquidity sources increased to **$20.5 billion** as of September 30, 2024, from **$19.5 billion** at year-end 2023[436](index=436&type=chunk)[437](index=437&type=chunk) - Non-performing loans (NPLs) to total loans held-in-portfolio ratio was stable at **1.0%** as of September 30, 2024, unchanged from December 31, 2023[478](index=478&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=185&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section refers to the Market Risk section within Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations, for market risk disclosures - Disclosures regarding market risk for the current period are located in the Market Risk section of the MD&A[506](index=506&type=chunk) [Item 4. Controls and Procedures](index=185&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the Corporation's disclosure controls and procedures were effective as of the end of the period covered by this report[507](index=507&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[508](index=508&type=chunk) Part II – Other Information [Item 1. Legal Proceedings](index=185&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including the *Golden v. Popular, Inc.* class action which is now closed, and the *Lipsett v. Popular, Inc.* class action which has reached a settlement in principle, with estimated possible losses up to **$6.49 million** - The *Golden v. Popular, Inc.* class action lawsuit regarding overdraft fees has been settled and is now closed[235](index=235&type=chunk) - A settlement in principle has been reached in the *Lipsett v. Popular, Inc.* class action, with a final approval hearing set for January 27, 2025[237](index=237&type=chunk) - Management estimates the range of reasonably possible losses for current legal proceedings, in excess of amounts accrued, is from **$0** to approximately **$6.49 million** as of September 30, 2024[231](index=231&type=chunk) [Item 1A. Risk Factors](index=185&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 - There have been no material changes to the risk factors previously disclosed in the Corporation's 2023 Form 10-K[510](index=510&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=185&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2024, the Corporation repurchased **602,451** common shares at an average price of **$98.06** per share, with **$441.2 million** remaining under the **$500 million** repurchase program announced in August 2024 Issuer Purchases of Equity Securities (Q3 2024) | Period | Total Shares Purchased | Average Price Paid | Shares Purchased Under Plan | Remaining Plan Value | | :--- | :--- | :--- | :--- | :--- | | July 2024 | 2,668 | $87.72 | - | $500,000,000 | | August 2024 | 303,638 | $97.14 | 303,202 | $470,550,231 | | September 2024 | 296,145 | $99.11 | 295,894 | $441,224,007 | | **Total Q3** | **602,451** | **$98.06** | **599,096** | **$441,224,007** | - In July 2024, the Corporation announced a new stock repurchase program of up to **$500 million**. Repurchases began in August 2024[512](index=512&type=chunk) [Item 3. Defaults Upon Senior Securities](index=186&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[513](index=513&type=chunk) [Item 4. Mine Safety Disclosures](index=186&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[514](index=514&type=chunk) [Item 5. Other Information](index=186&type=section&id=Item%205.%20Other%20Information) This section notes that certain officers or directors may participate in company stock plans, potentially designed to satisfy Rule 10b5-1 conditions or constitute non-Rule 10b5-1 trading arrangements - Certain officers and directors participate in company stock plans, which may be designed to satisfy Rule 10b5-1 or be considered non-Rule 10b5-1 trading arrangements[515](index=515&type=chunk) [Item 6. Exhibits](index=187&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including Sarbanes-Oxley Act certifications and XBRL data files

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Popular, Inc.'s (BPOP)   third-quarter 2024 adjusted earnings per share of $2.16 missed the Zacks Consensus Estimate of $2.33. However, the bottom line increased 13.7% from the year-ago quarter.Find the latest earnings estimates and surprises on the Zacks Earnings Calendar.The results were primarily affected by higher provisions and deteriorating capital position. Nonetheless, a rise in net interest income (NII), fee income and lower expenses were tailwinds.Popular’s Revenues Rise & Expenses Decline Y/YTota ...

Popular, Inc. (NASDAQ:BPOP) Q3 2024 Earnings Conference Call October 23, 2024 11:00 AM ET Company Participants Paul Cardillo - Investor Relations Officer Ignacio Alvarez - Chief Executive Officer Jorge Garcia - Executive Vice President and Chief Financial Officer Lidio Soriano - Executive Vice President and Chief Risk Officer Conference Call Participants Brett Rabatin - Hovde Group Frank Schiraldi - Piper Sandler Kelly Motta - KBW Jared Shaw - Barclays Timur Braziler - Wells Fargo Benjamin Gerlinger - Citi ...

Popular (BPOP) came out with quarterly earnings of $2.16 per share, missing the Zacks Consensus Estimate of $2.33 per share. This compares to earnings of $1.90 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -7.30%. A quarter ago, it was expected that this company that runs Banco Popular and other banks in Puerto Rico and the U.S. Would post earnings of $2.08 per share when it actually produced earnings of $2.46, delivering a ...

Exhibit 99.1 Popular, Inc. Announces Third Quarter 2024 Financial Results • 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 ...

Company Overview - Popular (BPOP) is headquartered in Hato Rey and operates in the Finance sector, specifically running Banco Popular and other banks in Puerto Rico and the U.S. [2] - The stock has experienced a price change of 22.85% since the beginning of the year [2]. Dividend Information - Popular is currently paying a dividend of $0.62 per share, resulting in a dividend yield of 2.46%, which is slightly below the Banks - Southeast industry's yield of 2.47% and significantly above the S&P 500's yield of 1.51% [2]. - The company's annualized dividend of $2.48 has increased by 9.3% from the previous year [2]. - Over the last 5 years, Popular has raised its dividend 4 times year-over-year, achieving an average annual increase of 13.77% [2]. - The current payout ratio for Popular is 30%, indicating that it has distributed 30% of its trailing 12-month earnings per share as dividends [2]. Earnings Growth - The Zacks Consensus Estimate for Popular's earnings in 2024 is projected at $8.74 per share, reflecting a year-over-year earnings growth rate of 6.98% [3]. Investment Perspective - Popular is considered a compelling investment opportunity due to its strong dividend performance and current market position [4]. - The stock holds a Zacks Rank of 3 (Hold), suggesting a stable outlook [4].

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