Financial Data and Key Metrics Changes - The company achieved a net income of $422 million for Q3 2022, or $196 million excluding the impact of the Evertec transactions, which is $16 million lower than Q2 [6][7][25] - Net interest income increased by $46 million to $580 million, driven by higher yields on investment securities and loan growth [26] - Noninterest income rose by $269 million to $426 million, excluding a $558 million pretax gain from Evertec transactions, the adjusted noninterest income was $168 million [27][29] - The provision for credit losses increased to $40 million from $9 million in the previous quarter [32][59] - Total operating expenses were $476 million, an increase of $70 million from Q2 [32] Business Line Data and Key Metrics Changes - Total loan balances grew by $1.2 billion, with strong commercial loan growth in Puerto Rico [8][39] - Commercial loan balances at BPPR and Popular Bank increased by $489 million and $332 million, respectively [13] - Auto loan and lease balances at BPPR increased by $97 million or 2% compared to Q2 [13] - Mortgage originations at BPPR decreased by 36% compared to Q3 2021 due to rising rates and limited inventory [14] Market Data and Key Metrics Changes - The Puerto Rico Economic Activity Index for August was 1.5% higher than August 2021, indicating continued economic strength [19] - Total non-farm employment in Puerto Rico increased slightly, with an employment rate of 5.8%, the lowest ever [19] - New auto sales decreased by 11% in Q3 compared to the same period in 2021 but remained above pre-pandemic levels [20] - Year-to-date, total passenger traffic in Puerto Rico increased by 8% compared to 2021, indicating a strong tourism sector [21] Company Strategy and Development Direction - The company is focusing on digital transformation and enhancing the omnichannel experience for clients following the acquisition of Evertec [6][10] - The management remains optimistic about the future of Puerto Rico and aims to leverage opportunities while addressing potential challenges [22][63] - The company plans to maintain its current level of dividends and revisit capital actions in the second half of 2023 [50] Management's Comments on Operating Environment and Future Outlook - Management noted that while the economic environment remains uncertain due to inflation and rising interest rates, they are optimistic about Puerto Rico's economic recovery [22][63] - The impact of Hurricanes Fiona and Ian was evaluated, with limited effects on credit risk reported [15][17] - The company is closely monitoring borrower performance amid macroeconomic changes and believes its loan portfolio is well-positioned [52][62] Other Important Information - The company completed a $400 million accelerated share repurchase program and plans to complete an additional $231 million ASR [10][48] - The effective tax rate for the quarter was 14%, down from 23% in Q2, primarily due to the Evertec transactions [35] Q&A Session Summary Question: Capital actions delay until the second half of '23 - Management confirmed that the decision to delay capital actions was internal and not directed by the Fed, with stress tests completed [68][86] Question: Guidance on expenses for Q4 and 2023 - Management clarified that expenses are expected to be $450 million for Q4, with 2023 expenses anticipated to be higher than the current run rate [70][72] Question: Net interest margin outlook - Management indicated that the net interest margin is expected to decline in Q4 but should trend higher in 2023, with government deposit costs impacting this [75][77] Question: Loan growth and competition - Management noted no significant new entrants in the commercial loan market, maintaining a steady loan demand across sectors [99] Question: Credit quality outlook in the auto loan space - Management reported an increase in used car prices in Puerto Rico, but overall credit quality in the auto loan portfolio remains strong [100]

| --- | --- | --- | |-------------------------------------------------------------|-------------------|-------------------------------------------| | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | Common Stock ($0.01 par value) | BPOP | The NASDAQ Stock Market | | 6.125% Cumulative Monthly Income Trust Preferred Securities | BPOPM | The NASDAQ Stock Market | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q [X] Quarterly report pursuan ...

Popular, Inc. (NASDAQ:BPOP) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET Company Participants Paul Cardillo - Investor Relations Officer Ignacio Alvarez - Chief Executive Officer Carlos Vazquez - Chief Financial Officer Lidio Soriano - Chief Risk Officer Conference Call Participants Brett Rabatin - Hovde Group Timur Braziler - Wells Fargo Gerard Cassidy - RBC Capital Markets Alex Twerdahl - Piper Sandler Kelly Motta - KBW Operator Good morning. Thank you for attending today's Popular, Inc. Sec ...

| --- | --- | --- | |-------------------------------------------------------------|-------------------|-------------------------------------------| | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | Common Stock ($0.01 par value) | BPOP | The NASDAQ Stock Market | | 6.125% Cumulative Monthly Income Trust Preferred Securities | BPOPM | The NASDAQ Stock Market | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q [X] Quarterly report pursuan ...

Popular, Inc. (NASDAQ:BPOP) Q1 2022 Earnings Conference Call April 26, 2022 11:00 AM ET Company Participants Paul Cardillo - Investor Relations Officer Ignacio Alvarez - Chief Executive Officer Carlos Vázquez - Chief Financial Officer Lidio Soriano - Chief Risk Officer of Corporate Risk Management Group Javier Ferrer - Chief Operating Officer Conference Call Participants Brocker Vandervliet - UBS Timur Braziler - Wells Fargo Brett Rabatin - Hovde Group Gerard Cassidy - RBC Capital Markets Alex Twerdahl - Pi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 Or [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-34084 POPULAR, INC. Incorporated in the Commonwealth of Puerto Rico IRS Employer Identification No. 66-0667416 Principal Executive Offices 209 Muñoz Rivera Avenue Hato Rey, ...

Popular, Inc. (NASDAQ:BPOP) Q4 2021 Earnings Conference Call January 27, 2022 10:00 AM ET Company Participants Paul Cardillo - Investor Relations Officer Ignacio Alvarez - Chief Executive Officer Carlos Vázquez - Chief Financial Officer Lidio Soriano - Chief Risk Officer of Corporate Risk Management Group Conference Call Participants Brett Rabatin - Hovde Group Brock Vandervliet - UBS Alex Twerdahl - Piper Sandler Gerard Cassidy - RBC Disclaimer*: This transcript is designed to be used alongside the freely ...

| --- | --- | --- | |-------------------------------------------------------------|-------------------|-------------------------------------------| | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | Common Stock ($0.01 par value) | BPOP | The NASDAQ Stock Market | | 6.125% Cumulative Monthly Income Trust Preferred Securities | BPOPM | The NASDAQ Stock Market | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q [X] Quarterly report pursuan ...

Popular, Inc. (NASDAQ:BPOP) Q3 2021 Earnings Conference Call October 20, 2021 11:00 AM ET Company Participants Paul Cardillo - Investor Relations Officer Carlos Vázquez - Executive Vice President & Chief Financial Officer Ignacio Alvarez - President, Chief Executive Officer & Director Lidio Soriano - Executive Vice President & Chief Risk Officer of Corporate Risk Management Group Conference Call Participants Brock Vandervliet - UBS Alex Twerdahl - Piper Sandler Gerard Cassidy - RBC Capital Markets Operator ...

| --- | --- | --- | |-------------------------------------------------------------|-------------------|-------------------------------------------| | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | Common Stock ($0.01 par value) | BPOP | The NASDAQ Stock Market | | 6.70% Cumulative Monthly Income Trust Preferred Securities | BPOPN | The NASDAQ Stock Market | | 6.125% Cumulative Monthly Income Trust Preferred Securities | BPOPM | The NASDAQ Stock Market | UNITED STATES ...