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 ...

Financial Performance - Net income for the quarter ended June 30, 2024, was $177,789 thousand, up $26,629 thousand from the prior year[281]. - For the quarter ended June 30, 2024, the Corporation recorded net income of $177.8 million, an increase of 17.6% compared to $151.2 million for the same quarter of the previous year[290]. - Adjusted net income for the six months ended June 30, 2024, was $313,008 thousand, reflecting non-GAAP adjustments[285]. - Net income for the six months ended June 30, 2024, was $271.2 million, compared to $89.2 million for the same period in 2023[381]. - Banco Popular de Puerto Rico reported a net income of $157.2 million for Q2 2024, compared to $131.8 million in Q2 2023, attributed to higher net interest income and service fees[317]. Asset and Liability Management - As of June 30, 2024, total assets increased to $72,845,072 thousand, up $2,086,917 thousand from December 31, 2023[280]. - The Corporation's total liabilities were $67.5 billion at June 30, 2024, an increase of $1.9 billion from December 31, 2023[334]. - Stockholders' equity rose to $5.4 billion, an increase of $225.7 million, driven by net income of $281.1 million for the six months ended June 30, 2024[342]. - The Corporation's borrowings decreased to $1.0 billion as of June 30, 2024, down from $1.1 billion at the end of 2023[341]. - The Corporation's total deposits reached $54.5 billion at BPPR and $11.9 billion at Popular U.S. as of June 30, 2024, with a total of $65.5 billion consolidated[366]. Loan and Credit Quality - Loans reached $35,599,845 thousand, reflecting a $530,573 thousand increase compared to December 31, 2023[280]. - The total allowance for credit losses for loans held-in-portfolio amounted to $730.1 million as of June 30, 2024, with a ratio of 2.05% to loans held-in-portfolio, slightly down from 2.08% at December 31, 2023[306]. - The provision for loan losses for the six months ended June 30, 2024, was $116.5 million, an increase from $82.8 million for the same period in 2023[304]. - Total non-performing assets (NPAs) decreased by $26 million compared to December 31, 2023, with non-performing loans (NPLs) held-in-portfolio decreasing by $16 million[400]. - The allowance for credit losses to loans held-in-portfolio ratio was 2.56%, up from 2.05% in the previous period, indicating a strengthening of reserves[403]. Interest Income and Margin - Net interest income for the quarter ended June 30, 2024, was $568,312 thousand, an increase of $36,644 thousand from the same quarter in 2023[281]. - Net interest margin for the second quarter of 2024 was 3.22%, an increase of 8 basis points from 3.14% in the same quarter of the previous year[290]. - Taxable equivalent net interest income reached $1.2 billion, up by $75.6 million from the same period in 2023[301]. - Higher interest income from investment securities increased by $112.7 million, driven by a 75 basis point rise in yield due to reinvestment of maturities[301]. - The net interest margin for the six months ended June 30, 2024, was 3.36%, up from 3.26% for the same quarter in the previous year, driven by higher yields from investment securities and loans[321]. Dividends and Stockholder Returns - The Corporation announced a common stock repurchase program of up to $500 million on July 24, 2024[278]. - The quarterly common stock dividend will increase from $0.62 to $0.70 per share starting in the first quarter of 2025, pending Board approval[278]. - The Corporation declared cash dividends of $1.24 per common share for the six months ended June 30, 2024, totaling approximately $89.7 million[371]. - The Corporation's latest quarterly dividend was $0.62 per share, amounting to approximately $45 million per quarter[370]. Economic and Market Conditions - The Puerto Rico economy's real GNP is estimated to have grown by 2.8% during fiscal year 2024, with a projected growth of 1.4% for fiscal year 2025[387]. - Inflation in Puerto Rico increased by 2.5% during the 12-month period ended April 2024, compared to a 3.0% increase in the U.S.[388]. - The Economic Activity Index for Puerto Rico reflected a 2.0% year-over-year decline in April 2024[387]. Operating Expenses - Operating expenses for Q2 2024 increased to $469.6 million, a rise of $9.3 million compared to Q2 2023, primarily due to higher technology, personnel costs, and FDIC insurance expenses[310]. - For the first half of 2024, operating expenses totaled $952.7 million, an increase of $51.7 million year-over-year, with personnel costs contributing $22.6 million to the variance[311]. Credit Loss Provisions - The Corporation recorded a provision for credit losses of $46.8 million, up from $37.2 million in the same quarter of the previous year, driven by loan growth and higher reserves in the auto leasing portfolio[291]. - The provision for credit losses for the period ended June 30, 2024, was $44.2 million, an increase from $35.7 million for the same period in 2023[418]. - The total commercial loans held-in-portfolio was $17,728,126 thousand, with total commercial ACL at $260,087 thousand, resulting in an ACL to loans ratio of 1.47%[420].

Popular, Inc. (NASDAQ:BPOP) Q2 2024 Earnings Conference Call July 24, 2024 11:00 AM ET Company Participants Paul Cardillo - IR Officer Ignacio Alvarez - CEO Jorge Garcia - CFO Lidio Soriano - CRO Conference Call Participants Kelly Motta - KBW Timur Braziler - Wells Fargo Jared Shaw - Barclays Thomas Leddy - RBC Operator Hello, and welcome to the Popular, Inc. 2Q Earnings Call. My name is Elliot, and I will be coordinating your call today. [Operator Instructions] I'd now like to hand over to Paul Cardillo, I ...

Financial Performance - Net income for Q2 2024 was $177.8 million, up from $103.3 million in Q1 2024, representing a 72% increase[7]. - Excluding certain transactions, adjusted net income increased by $42.6 million compared to adjusted net income of $135.2 million in Q1 2024[8]. - Basic EPS for the quarter ended June 30, 2024, was $2.47, up from $1.43 in the previous quarter and $2.10 a year ago[65]. - Net income for Q2 2024 was $177,789 thousand, a significant increase of 72.1% compared to $103,283 thousand in Q2 2023[75]. - Diluted net income per common share for Q2 2024 was $2.46, compared to $1.43 in Q2 2023, representing a growth of 72.0%[75]. Income and Revenue - Total interest income for Q2 2024 was $921,907 thousand, an increase of 3.1% from Q1 2024 and up 15.9% from Q2 2023[74]. - Net interest income reached $568.3 million, an increase of $17.6 million from Q1 2024[8]. - Non-interest income was $166.3 million, compared to $163.8 million in Q1 2024[8]. - Total non-interest income for Q2 2024 was $166,306 thousand, an increase of 1.5% from Q1 2024[74]. - Non-interest income rose to $166.3 million in Q2 2024, an increase of $2.5 million from $163.8 million in Q1 2024, primarily driven by higher service fees[29]. Expenses and Efficiency - Operating expenses totaled $469.6 million in Q2 2024, a decrease of $13.5 million from Q1 2024, but increased by $7.2 million compared to adjusted expenses[34]. - Total operating expenses decreased to $469,576 thousand in Q2 2024, down 2.8% from $483,113 thousand in Q1 2024[75]. - The total personnel costs for Q2 2024 were $197,424 thousand, a decrease of 8.3% from Q1 2024[74]. Asset and Deposit Growth - Total assets increased to $72.8 billion as of June 30, 2024, up $1.9 billion from the previous quarter, driven by higher cash and money market investments, securities available-for-sale, and loans held-in-portfolio[55]. - Ending deposit balances rose to $65.5 billion, an increase of $1.7 billion from Q1 2024[9]. - Total deposits rose to $65,530,862 thousand, reflecting an increase of $1,722,078 thousand compared to the prior quarter[77]. - Deposits rose by $1.7 billion, primarily in the Puerto Rico public sector, with time deposit balances at Popular Bank increasing despite demand deposit outflows at BPPR[56]. Credit Quality and Allowance for Credit Losses - Credit quality metrics improved, with non-performing loans decreasing by $12.3 million and net charge-offs down by $8.6 million from Q1 2024[8]. - Non-performing loans decreased by $12.3 million to $341.8 million as of June 30, 2024, with a ratio of non-performing loans to total loans held-in-portfolio at 1.0%[40]. - The allowance for credit losses was $730.1 million as of June 30, 2024, with a ratio of 2.05% to loans held-in-portfolio, down from 2.11% in the previous quarter[45]. - The provision for credit losses for Q2 2024 was $44.2 million, significantly lower than $72.4 million in Q1 2024, reflecting improvements in credit quality[47]. - The total allowance for credit losses (ACL) reached $730,077,000, representing 2.05% of total loans held-in-portfolio of $35,591,620,000 as of June 30, 2024[110]. Stockholder Returns and Capital Management - The company announced a 13% increase in its quarterly common stock dividend, raising it from $0.62 to $0.70 per share[12]. - A common stock repurchase authorization of up to $500 million was also announced[14]. - Stockholders' equity increased by $195.4 million from the first quarter of 2024, mainly due to net income of $177.8 million and changes in accumulated other comprehensive loss[57]. - Total stockholders' equity increased to $5,372,678,000 as of June 30, 2024, compared to $5,177,314,000 on March 31, 2024[122]. Market Performance - Market capitalization reached $6.399 billion as of June 30, 2024, compared to $6.368 billion in the previous quarter[65]. - Return on average assets increased to 0.97% for the quarter, compared to 0.57% in the previous quarter[65]. - Return on average common equity rose to 10.38% from 6.07% in the previous quarter[65]. Employee Metrics - Full-time equivalent employees increased to 9,241 as of June 30, 2024, from 9,132 as of March 31, 2024[35].

Trust fees are recognized from retirement plan, mutual fund administration, investment management, trustee, escrow, and custody and safekeeping services. These asset management services are considered a single performance obligation as it requires the provision of a series of distinct services that are substantially the same and have the same pattern of transfer. The performance obligation is satisfied over time, except for optional services and certain other services that are satisfied at a point in time. ...

Financial Data and Key Metrics Changes - The company reported a net income of $103 million for the first quarter, which includes an additional accrual for the FDIC Special Assessment and a tax expense related to prior intercompany distributions. Excluding these items, adjusted net income would have been $135 million, compared to $140 million in the previous quarter [19][32] - The net interest margin (NIM) increased by 8 basis points to 3.16%, driven by higher average loan balances and the repricing of loans and securities in a higher interest rate environment [20][26] - Deposit balances increased by approximately $191 million, primarily due to a higher level of retail demand deposits [20] Business Line Data and Key Metrics Changes - The ending loan balance increased by $54 million during the quarter, with average loan balances increasing by $612 million driven by substantial loan activity [20] - BPPR generated loan growth of $124 million, primarily from mortgage and auto loans, while Popular Bank saw a $70 million decrease in loan balances due to commercial loan payoffs [20] - Noninterest income was $164 million, a decrease of $5 million from the previous quarter, driven by lower contingent commissions in the insurance business [32] Market Data and Key Metrics Changes - The Puerto Rico economy showed positive trends, with total employment and business activity remaining strong. Passenger traffic at San Juan International Airport increased by 12% compared to the first quarter of 2023 [23] - The hotel occupancy rate in Puerto Rico increased to 84% from 79% in March 2023, with average daily rates and RevPAR increasing by 10% and 17%, respectively [23] Company Strategy and Development Direction - The company is engaged in a companywide transformation aimed at delivering more value and services to clients and deepening relationships. This includes a new marketing campaign in Puerto Rico [22][41] - The company targets a sustainable 14% return on tangible common equity (ROTCE) by the end of 2025, with ongoing efforts to create operational efficiency and manage costs [27][41] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the economic conditions in Puerto Rico, expecting loan growth of 3% to 6% in 2024, supported by committed federal funds that will enhance economic activity [32][41] - The company anticipates continued NIM expansion throughout 2024, with net interest income expected to increase by approximately 9% to 13% from 2023 levels [32] Other Important Information - The provision for credit losses was $73 million, compared to $79 million in the previous quarter, indicating stable credit quality metrics [32][39] - The allowance for credit losses increased by $10 million to $740 million, with the ratio of ACL to loans held in portfolio remaining flat at 2.1% [39] Q&A Session Summary Question: Update on share repurchase program - Management is working on a potential announcement regarding capital actions in the second half of the year, emphasizing that any new capital actions will depend on various factors [56][60] Question: Optimal mix of money market and investment securities - The company is comfortable maintaining the current range of 45% to 50% for money market and investment securities relative to loans, but this may gradually decrease over time [46][66] Question: Update on bankruptcy proceedings - Management expressed confidence that the bankruptcy proceedings will conclude this year, although the timeline remains uncertain due to ongoing legal complexities [100][102]

• Net income of $103.3 million in Q1 2024, compared to net income of $94.6 million in Q4 2023. • Common Equity Tier 1 ratio of 16.36%, Common Equity per Share of $71.32 and Tangible Book Value per Share of $60.06 at March 31, 2024. FDIC Special Assessment Increase in Estimate The net income for the quarter ended March 31, 2024, included $22.9 million of expenses, of which $16.5 million is reflected in income tax expense, related to an out of period adjustment associated with the Corporation's U.S. subsidiar ...

PART I [Business](index=7&type=section&id=Item%201.%20Business) Popular, Inc, a diversified financial holding company, primarily generates revenue from interest on its loan portfolio concentrated in Puerto Rico and the mainland US [General Overview](index=7&type=section&id=General) - Popular, Inc is the largest financial institution based in Puerto Rico, with consolidated assets of **$70.8 billion** and total deposits of **$63.6 billion** as of December 31, 2023, ranking among the 50 largest U.S. bank holding companies[168](index=168&type=chunk) - The company operates in two principal markets: Puerto Rico, through its main subsidiary Banco Popular de Puerto Rico (BPPR), and the Mainland United States (New York, New Jersey, Florida) through Popular Bank (PB)[177](index=177&type=chunk)[178](index=178&type=chunk) - A significant, multi-year technological and business process transformation was launched in the second half of 2022 to enhance digital experience and improve efficiency, targeting a **14% return on tangible common equity** by the end of 2025[170](index=170&type=chunk) [Lending Activities](index=7&type=section&id=Lending%20Activities) - Lending activities are concentrated in commercial, mortgage, consumer, construction, and lease financing[182](index=182&type=chunk)[192](index=192&type=chunk)[171](index=171&type=chunk)[183](index=183&type=chunk) Loan Portfolio Distribution as of December 31, 2023 | Loan Category | Amount (in millions) | Percentage | |---|---|---| | Commercial & Industrial (C&I) | $7,126 | 20% | | Commercial Real Estate (CRE) | $10,583 | 30% | | Construction | $959 | 3% | | Leasing | $1,732 | 5% | | Consumer | $6,969 | 20% | | Mortgage | $7,696 | 22% | | **Total** | **$35,065** | **100%** | - Approximately **55% of the loan portfolio** as of December 31, 2023, consisted of real estate-related loans, including residential mortgage, construction, and commercial real estate loans[184](index=184&type=chunk) [Competition](index=10&type=section&id=Competition) - The company operates in a highly competitive financial services industry, facing pressure on pricing, service range, and convenience[202](index=202&type=chunk) - In Puerto Rico, primary competitors include local commercial banks, large U.S. and foreign banks, and specialized non-bank entities like credit unions ('cooperativas'), brokerage firms, and mortgage companies[213](index=213&type=chunk)[214](index=214&type=chunk) - In the U.S. mainland, competition comes from a large number of community, regional, and national banking institutions in the New York City/Northern New Jersey and Miami metropolitan markets[191](index=191&type=chunk) [Human Capital Management](index=11&type=section&id=Human%20Capital%20Management) - As of December 31, 2023, Popular had approximately **9,237 employees** and focuses on attracting, developing, and retaining talent through programs promoting wellness, diversity, inclusion, and learning[205](index=205&type=chunk) - The company has a strong focus on Diversity, Equity, and Inclusion (DEI), with **64.5% of its workforce being female** as of year-end 2023; women held 63% of first and mid-level management positions and 36.6% of executive-level roles[212](index=212&type=chunk) - Employee engagement initiatives have contributed to a reduction in the **turnover rate to 7.9%** at the end of 2023, a 2.9 percentage point improvement from 2022[222](index=222&type=chunk) - The Talent and Compensation Committee of the Board of Directors oversees human capital management, including compensation philosophy, talent development, succession planning, and DEI initiatives[223](index=223&type=chunk) [Regulation and Supervision](index=13&type=section&id=Regulation%20and%20Supervision) - Popular, Inc and its subsidiaries are subject to extensive regulation by federal and state authorities, including the Federal Reserve Board, FDIC, NYSDFS, and the Office of the Commissioner of Financial Institutions of Puerto Rico[224](index=224&type=chunk)[232](index=232&type=chunk) - As of December 31, 2023, with **$70.8 billion in assets**, Popular is subject to requirements for institutions with $50 billion or more under the Dodd-Frank Act's Tailoring Rules[233](index=233&type=chunk) - The company is subject to various consumer protection laws and regulations enforced by the Consumer Financial Protection Bureau (CFPB), which has broad powers to identify and prohibit unfair, deceptive, or abusive acts or practices[10](index=10&type=chunk) - Compliance with anti-money laundering laws, such as the Bank Secrecy Act (BSA) and the USA PATRIOT Act, is a major focus of governmental policy, with significant compliance and due diligence obligations[257](index=257&type=chunk)[8](index=8&type=chunk) - New SEC rules adopted in July 2023 require registrants like Popular to report material cybersecurity incidents on Form 8-K and disclose cybersecurity policies, procedures, and governance in their annual Form 10-K[12](index=12&type=chunk) [Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from its business concentration in Puerto Rico, interest rate sensitivity, credit exposure, cyber threats, and regulatory compliance [Economic and Market Risks](index=24&type=section&id=ECONOMIC%20AND%20MARKET%20RISKS) - A significant portion of the business is concentrated in Puerto Rico, accounting for approximately **77% of assets and 81% of deposits** as of December 31, 2023, making the company highly dependent on the local economy[46](index=46&type=chunk) - Changes in interest rates can materially impact financial performance, resulting in significant unrealized mark-to-market losses on the available-for-sale securities portfolio, which stood at **$1.4 billion** as of December 31, 2023[57](index=57&type=chunk) - The Puerto Rico economy is highly susceptible to changes in federal public policy, as it has historically received significant federal funds for disaster relief, stimulus, and health insurance programs[46](index=46&type=chunk) [Business Risks](index=25&type=section&id=BUSINESS%20RISKS) - As of December 31, 2023, approximately **55% of the loan portfolio** consisted of loans secured by real estate collateral, making the company vulnerable to declines in property values[59](index=59&type=chunk) - The company has direct lending and investment exposure to Puerto Rico government entities, including **$362 million in direct lending** to municipalities and **$238 million in loans insured or securities issued** by governmental entities as of December 31, 2023[59](index=59&type=chunk) - The company is exposed to credit risk from **$0.6 billion in residential mortgage loans** sold or serviced subject to recourse arrangements, primarily with Fannie Mae and Freddie Mac, as of December 31, 2023[59](index=59&type=chunk) - A significant portion of deposits comes from the Puerto Rico government and its instrumentalities, totaling **$18.1 billion (approximately 28% of total deposits)** as of December 31, 2023[60](index=60&type=chunk) [Operational Risks](index=27&type=section&id=OPERATIONAL%20RISKS) - The company and its third-party providers are subject to increasingly sophisticated cyber-attacks, with the emergence of AI and quantum computing expected to exacerbate this risk[61](index=61&type=chunk)[54](index=54&type=chunk) - Popular relies heavily on third-party vendors for key business infrastructure, with **Evertec being the most important provider** for core financial transaction processing and IT services[64](index=64&type=chunk) - The transition away from Evertec for certain services is a lengthy and complex process that carries significant business, financial, operational, and cybersecurity risks[66](index=66&type=chunk) - Operations are concentrated in regions susceptible to catastrophic events like hurricanes and earthquakes (Caribbean and Florida), which could cause significant disruptions[63](index=63&type=chunk) [Legal and Regulatory Risks](index=31&type=section&id=LEGAL%20AND%20REGULATORY%20RISKS) - The business is highly regulated, and compliance with extensive and evolving laws results in significant costs; proposed revisions to capital rules for banking organizations with **$100 billion or more in assets** could impact future growth strategies[66](index=66&type=chunk) - Failure to comply with economic and trade sanctions programs (OFAC) and anti-money laundering laws (Bank Secrecy Act) can lead to serious legal and reputational consequences, including significant civil and criminal penalties[69](index=69&type=chunk)[71](index=71&type=chunk) - The company must meet regulatory capital adequacy requirements, and failure to remain **"well-capitalized"** could compromise its status as a financial holding company[71](index=71&type=chunk) - Increases in FDIC insurance premiums, including a special assessment finalized in November 2023 to recover costs from the 2023 bank failures, may have a material adverse effect on earnings[71](index=71&type=chunk)[80](index=80&type=chunk) [Liquidity Risks](index=34&type=section&id=LIQUIDITY%20RISKS) - Liquidity could be adversely affected by market disruptions or low investor confidence; as of December 31, 2023, the company had **$14.6 billion in deposits exceeding the FDIC-insured limit** (excluding collateralized public funds)[81](index=81&type=chunk) - As a holding company, Popular depends on dividends from its subsidiaries, primarily BPPR and PB, for liquidity, which are limited by law based on the subsidiaries' earnings, capital position, and regulatory approval[75](index=75&type=chunk)[83](index=83&type=chunk) - Credit ratings impact the cost and ability to raise funds; while one rating agency has upgraded the company to "investment grade," **two others maintain a "non-investment grade" rating**[81](index=81&type=chunk) [Strategic Risks](index=35&type=section&id=STRATEGIC%20RISKS) - The company faces significant and increasing competition from other banks, non-depository institutions, and technology companies, which creates pressure on pricing, fees, and credit standards[78](index=78&type=chunk) - The ability to compete effectively depends on adapting to technological changes, which is challenging due to continued dependence on Evertec for technology services[78](index=78&type=chunk)[87](index=87&type=chunk) - The company has embarked on a broad-based, multi-year technological and business process transformation, and failure to achieve the project's goals could adversely affect business, financial condition, and reputation[85](index=85&type=chunk) - The ability to attract and retain qualified employees is critical and has become more challenging due to a tighter labor market and regulatory limitations on compensation practices[88](index=88&type=chunk) [Other Risks](index=37&type=section&id=OTHER%20RISKS) - As of December 31, 2023, the company had significant goodwill (**$804 million**) and net deferred tax assets (**$1 billion**), and an impairment of these assets could require a significant charge to earnings[95](index=95&type=chunk) - Financial statements rely on estimates and assumptions (e.g., for allowance for credit losses, fair value of assets), and incorrect estimates could lead to unexpected losses[90](index=90&type=chunk) [Unresolved Staff Comments](index=38&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments - None[91](index=91&type=chunk) [Cybersecurity](index=38&type=section&id=Item%201C.%20Cybersecurity) The Corporation manages cybersecurity risk through a comprehensive framework overseen by Board and management committees, utilizing a three-lines-of-defense model - Cybersecurity oversight is managed by three committees at the management level and a Board-level Risk Management Committee (RMC), which receives regular briefings on cybersecurity matters[92](index=92&type=chunk) - A **three-lines-of-defense framework** is used to manage cybersecurity threats, involving business line management, the Risk Management and Corporate Security Groups, and the Corporate Auditing Division[93](index=93&type=chunk) - The Information Security Program is based on standards from the **National Institute of Standards and Technology (NIST)** and utilizes the Federal Financial Institutions Examination Council's Cyber Assessment Tool (CAT) to measure preparedness[93](index=93&type=chunk) - The company engages third parties for specialized services such as penetration testing, computer forensics, and security monitoring, and maintains an Outsourced Risk Management Policy to manage risks associated with third-party service providers[99](index=99&type=chunk) [Properties](index=41&type=section&id=Item%202.%20Properties) The company operates numerous branches and ATMs across Puerto Rico, the Virgin Islands, and the U.S. mainland, with principal owned properties in Hato Rey and St Thomas - As of December 31, 2023, BPPR operated **162 branches** (68 owned, 94 leased) and PB operated **40 branches** (3 owned, 37 leased)[101](index=101&type=chunk) - The company operated **576 ATMs in Puerto Rico**, 23 in the Virgin Islands, and 100 in the U.S. Mainland[101](index=101&type=chunk) - Principal owned properties include the Popular Center headquarters in Hato Rey, Puerto Rico, Cupey Center Complex, and the BPPR Virgin Islands Center in St. Thomas[101](index=101&type=chunk) [Legal Proceedings](index=41&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in class action lawsuits concerning overdraft fees, with one case settled and another pending appeal after an arbitration motion was denied - A detailed discussion of legal proceedings is available in **Note 24, "Commitments and Contingencies"**, to the Consolidated Financial Statements[102](index=102&type=chunk)[117](index=117&type=chunk) - The company is a defendant in putative class action lawsuits alleging improper charging of overdraft fees on certain transactions; one case against BPPR has reached a settlement agreement which received final court approval in September 2023[858](index=858&type=chunk)[1089](index=1089&type=chunk) - In a separate overdraft fee case against Popular Bank (PB), the court denied PB's Motion to Compel Arbitration, a decision affirmed by the Court of Appeals in January 2024[1090](index=1090&type=chunk)[859](index=859&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[103](index=103&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=41&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq as 'BPOP', with cash dividends of $2.27 per share declared in 2023 and share repurchases conducted in 2022 - The Corporation's Common Stock is traded on the Nasdaq Global Select Market under the symbol **'BPOP'**; as of February 27, 2024, there were 72,254,015 shares outstanding[103](index=103&type=chunk)[149](index=149&type=chunk) - In 2023, the Corporation declared cash dividends totaling **$2.27 per common share**, for an aggregate amount of $163.7 million[118](index=118&type=chunk) - The company completed two Accelerated Share Repurchase (ASR) programs in 2022: a **$400 million program** settled in July and a **$231 million program** settled in December[105](index=105&type=chunk)[119](index=119&type=chunk) - As of December 31, 2023, **3,144,461 shares of common stock** remained available for future issuance under the Popular, Inc. 2020 Omnibus Incentive Plan[124](index=124&type=chunk)[25](index=25&type=chunk) Issuer Purchases of Equity Securities (Quarter Ended Dec 31, 2023) | Period | Total Number of Shares Purchased | Average Price Paid per Share | |---|---|---| | October 1 – October 31 | 174 | $62.92 | | November 1 – November 30 | - | - | | December 1 – December 31 | 498 | $67.95 | | **Total** | **672** | **$66.65** | [[Reserved]](index=44&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved - This item is reserved as per the report's table of contents[115](index=115&type=chunk)[167](index=167&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations for the year ended December 31, 2023 - The information required by this item is included in the Form 10-K, commencing on page 54[115](index=115&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section provides disclosures about the company's exposure to market risk, primarily interest rate risk - Information regarding market risk is located under the 'Risk Management' caption on page 84 within the Management's Discussion and Analysis of Financial Condition and Results of Operations[116](index=116&type=chunk) [Financial Statements and Supplementary Data](index=44&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's audited consolidated financial statements and supplementary financial data - The required financial statements and supplementary data are included in the Form 10-K[133](index=133&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=44&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There were no changes in or disagreements with the company's accountants on accounting and financial disclosure - Not Applicable[134](index=134&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the fourth quarter of 2023 - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[129](index=129&type=chunk) - There were **no changes in internal control** over financial reporting during the quarter ended December 31, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[131](index=131&type=chunk) [Other Information](index=45&type=section&id=Item%209B.%20Other%20Information) Certain officers and directors may participate in trading arrangements that satisfy the conditions of Rule 10b5-1 - Certain officers or directors participate in dividend reinvestment plans, 401(k) plans, and other arrangements that may constitute **Rule 10b5-1 trading plans** or other preplanned trading arrangements[144](index=144&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=45&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[145](index=145&type=chunk)[134](index=134&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=45&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the company's Proxy Statement - The information required by this item is incorporated by reference from the company's Proxy Statement[135](index=135&type=chunk) [Executive Compensation](index=46&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from the company's Proxy Statement - The information required by this item is incorporated by reference from the company's Proxy Statement[42](index=42&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters](index=46&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholders%20Matters) Information on security ownership is incorporated by reference from the Proxy Statement, with over 3 million securities available for issuance under the incentive plan - Information regarding security ownership is incorporated by reference from the company's Proxy Statement[33](index=33&type=chunk) Securities Remaining Available for Future Issuance Under Equity Compensation Plan (as of Dec 31, 2023) | Plan Category | Plan | Number of Securities Remaining Available | |---|---|---| | Equity compensation plan approved by security holders | 2020 Omnibus Incentive Plan | 3,144,461 | [Certain Relationships and Related Transactions, and Director Independence](index=46&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the company's Proxy Statement - The information required by this item is incorporated by reference from the company's Proxy Statement[24](index=24&type=chunk)[34](index=34&type=chunk) [Principal Accountant Fees and Services](index=46&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's Proxy Statement - The information required by this item is incorporated by reference from the company's Proxy Statement[34](index=34&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=46&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements and exhibits filed with the report, while schedules are omitted as they are not applicable - The report includes the Consolidated Statements of Financial Condition, Operations, Comprehensive Income (Loss), Changes in Stockholders' Equity, and Cash Flows, along with the Notes to Consolidated Financial Statements[26](index=26&type=chunk)[27](index=27&type=chunk)[40](index=40&type=chunk) - Financial statement schedules are not presented because the information is not applicable or is included within the Consolidated Financial Statements or notes[137](index=137&type=chunk) - Exhibits listed in the Exhibit Index are either filed with the report or incorporated by reference[139](index=139&type=chunk) [Form 10-K Summary](index=47&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary is provided - None[138](index=138&type=chunk)

▪ U.S. loan balances increased by $340 million YoY • Favorable credit risk profile with low level of NCOs, NPLs, criticized and classified loans • Non-performing loans held-in-portfolio at $10 million in Q4 2024, decreasing by $6 million QoQ; NPLs to loans ratio at 0.2% in Q4 2023 • Allowance for credit losses to loans held-in-portfolio at 1.29% in Q4 2023 vs. 1.33% in Q3 2023 • ACL to NPLs increased to 664% in Q4 2023 $ in millions 22 Retail 35% Hotels 20% Office Space 12% Shelters 11% Health Facility 6% M ...

Popular, Inc. (NASDAQ:BPOP) Q4 2023 Earnings Conference Call January 25, 2024 10:00 AM ET Company Participants Paul Cardillo - Investor Relations Officer Ignacio Alvarez - Chief Executive Officer Javier Ferrer - Chief Operating Officer Carlos Vazquez - Chief Financial Officer Lidio Soriano - Chief Risk Officer Jorge Jose García - Principal Accounting Officer, Senior Vice President & Comptroller Conference Call Participants Timur Braziler - Wells Fargo Ben Gerlinger - Citi Alex Twerdahl - Piper Sandler Kelly ...