Earnings release
Page 1
Exhibit 99.1 Popular, Inc. Announces Third Quarter 2025 Financial Results • Net income of $211.3 million in Q3 2025, compared to net income of $210.4 million in Q2 2025. • Earnings per share (“EPS”) of $3.15 in Q3 2025 vs. $3.09 in Q2 2025. • Net interest income of $646.5 million in Q3 2025, an increase of $15.0 million compared to Q2 2025: • Net interest margin of 3.51% in Q3 2025, compared to 3.49% in Q2 2025; net interest margin on a taxable equivalent basis of 3.90% in Q3 2025, compared to 3.85% in Q2 2025. • Non-interest income of $171.2 million in Q3 2025, compared to $168.5 million in Q2 2025. • Operating expenses amounted to $495.3 million, compared to $492.8 million in Q2 2025. • Credit quality metrics: • Non-performing loans held-in-portfolio (“NPLs”) increased by $190.6 million from Q2 2025, primarily due to two unrelated large commercial loans with book values of $158.3 million and $30.1 million; the NPLs to loans ratio increased to 1.30% from 0.82% in Q2 2025. • Net charge-offs (“NCOs”) increased by $15.6 million from Q2 2025, mainly due to a $13.5 million commercial loan charge-off on the $30.1 million commercial NPL inflow; annualized NCOs to average loans held-in-portfolio at 0.60% vs. 0.45% in Q2 2025. • Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.03% vs. 2.02% in Q2 2025; and • ACL to NPLs at 156.6% vs. 246.9% in Q2 2025. • Loans held-in-portfolio, excluding loans held-for-sale, amounted to $38.7 billion, an increase of $502.0 million from Q2 2025; average quarterly loan balances higher by $859.2 million. • Money market and investment securities decreased by $1.5 billion from Q2 2025; average quarterly balances decreased by $111.6 million. • Deposits at $66.5 billion, decreased $704.1 million from Q2 2025, including a decrease of $841.9 million in P.R. public deposits; average quarterly deposits higher by $793.2 million, including an increase of $433.2 million in P.R. public deposits. • Common Equity Tier 1 ratio of 15.79%, Common Equity per share of $91.00 and Tangible Book Value per share increased $3.71 to $79.12. • Capital actions for the third quarter of 2025 included the repurchase of 1,000,862 shares of common stock for $119.4 million, at an average price of $119.33 per share and the declaration of a common stock dividend of $0.75 per share, an increase from $0.70 per share. As of September 30, 2025, a total of $429.0 million remained available for stock repurchases under the active repurchase authorization. 1
Page 2
SAN JUAN, Puerto Rico – (BUSINESS WIRE) – Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $211.3 million for the quarter ended September 30, 2025, compared to net income of $210.4 million for the quarter ended June 30, 2025. “We are very pleased with our strong results in the third quarter, which were driven by higher revenues, continued expansion of our net interest margin, and discipline in expense management,” said Javier D. Ferrer, President and Chief Executive Officer of Popular, Inc. “We are also encouraged by strong loan growth in both markets, stable customer deposit balances, and solid performance across most fee-generating segments, including robust transaction activity supported by continued customer growth. We are focused on executing on our new strategic framework, which has three objectives: be the #1 bank for our customers, be simple and efficient, and be a top-performing bank with first-rate talent and which delivers sustainable returns to our shareholders. This framework guides our Transformation, which continues to show steady and notable progress. Our team is clear about our priorities and energized about the opportunities that lie ahead. I want to thank all our colleagues for their dedication and outstanding work—their commitment continues to drive our success.” 2
Page 3
Earnings Highlights (Unaudited) Quarters ended Nine months ended (Dollars in thousands, except per share information) 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 Net interest income $646,505 $631,549 $572,473 $1,883,651 $1,691,529 Provision for credit losses 75,125 48,941 71,448 188,147 190,840 Net interest income after provision for credit losses 571,380 582,608 501,025 1,695,504 1,500,689 Other non-interest income 171,195 168,477 164,082 491,733 494,206 Operating expenses 495,287 492,761 467,321 1,459,060 1,420,010 Income before income tax 247,288 258,324 197,786 728,177 574,885 Income tax expense 35,971 47,884 42,463 128,918 138,490 Net income $211,317 $210,440 $155,323 $ 599,259 $ 436,395 Net income applicable to common stock $210,964 $210,087 $154,970 $ 598,200 $ 435,336 Net income per common share-basic $ 3.15 $ 3.09 $ 2.16 $ 8.78 $ 6.06 Net income per common share-diluted $ 3.14 $ 3.09 $ 2.16 $ 8.78 $ 6.05 3
Page 4
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 determines that these measures provide more meaningful information of the underlying performance of the ongoing operations. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies. Net interest income on a taxable equivalent basis Net interest income, on a taxable equivalent basis, is presented with its different components in Tables D, E and F for the quarter ended September 30, 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 Margin Net interest income (“NII”) for the third quarter of 2025 of $646.5 million, an increase of $15.0 million when compared to the previous quarter. These results continue to reflect the favorable impact of asset repricing, and the Corporation’s focus on deposit retention. During the period, the investments in U.S. Treasury securities with higher yields contributed positively to the period’s net interest income, supported by an increase of $793.2 million in average deposits compared to the second quarter of 2025, primarily in P.R. public deposits and high-cost deposits in our U.S. operations, offset in part by a reduction in overnight Fed funds balances. Conversely, total interest expense on deposits increased by $8.4 million when compared with the second quarter of 2025, driven by higher average deposits during the quarter. The additional day in the quarter, when compared to the previous quarter, resulted in higher NII by $5.1 million. Net interest margin (“NIM”) for the quarter was 3.51%, compared to 3.49% in the second quarter of 2025, an increase of two basis points. NIM expansion for the period was driven by earning assets mix, including higher yielding U.S. Treasury securities by approximately 10 basis points, partially offset by changes in the loan portfolios composition, which resulted in lower loan yields by four basis points. Total deposit costs of 1.79% increased by one basis point when compared to the second quarter of 2025. P.R. public deposit costs, which are market-linked, decreased by three basis points to 3.19%. Excluding P.R. public deposits, average deposits increased by $359.9 million and total deposit costs increased two basis points to 1.17% when compared to the second quarter of 2025. Net Interest Income and Net Interest Margin Taxable Equivalent (Non-GAAP) Net interest income on a taxable equivalent basis for the third quarter of 2025 was $720.8 million, an increase of $23.6 million. Net interest margin on a taxable equivalent basis for the third quarter of 2025 was 3.90%, an increase of five basis points. 4
Page 5
The main drivers of net interest income on a taxable equivalent basis were: • higher income from investment securities by $12.7 million or 13 basis points, due to higher investments in U.S. Treasury securities, which are tax-exempt in Puerto Rico, by $290.4 million and higher yields by 17 basis points. During the quarter we purchased approximately $2.5 billion of U.S. Treasury notes with an average duration of 1.4 years and a yield of approximately 3.65%, through a combination of approximately $1.0 billion in maturing U.S. Treasuries and a reduction of approximately $1.5 billion in overnight Fed funds. This further supports a reduction in the portfolio’s sensitivity to future rate decreases; and • higher interest income from loans by $21.4 million, primarily as a result of higher average loan balances by $859.7 million due to growth in the loan portfolios, most notably in the commercial and mortgage loan portfolios which in Banco Popular de Puerto Rico (“BPPR”) include certain loans that are tax- exempt; partially offset by: • higher interest expense on deposits by $8.4 million or one basis point, primarily as result of higher average balance of P.R. public deposits, which increased by $433.2 million, and high-cost deposits in Popular Bank (“PB” or “Popular U.S.”), partially offset by the lower repricing of market linked P.R. public deposits; and • lower income from money market investments by $2.7 million mainly due to the use of funds to support loan growth and U.S. Treasury securities purchases, as previously noted. Net Interest Income and Net Interest Margin (Banco Popular de Puerto Rico Segment) For the BPPR segment, net interest income for the third quarter of 2025 was $550.7 million, an increase of $12.2 million over the previous quarter. Net interest margin increased by three basis points to 3.71%. Total deposits cost in BPPR increased by one basis point to 1.53%. The main drivers of higher net interest income for the BPPR segment include: • higher income from investment securities by $8.0 million, or an eight basis points increase, driven by higher yields by 10 basis points and higher average balances of U.S. Treasury securities by $255.0 million, driven by higher average deposits and a reduction in overnight Fed funds; and • higher income from loans by $11.8 million primarily attributable to growth in all portfolios, mainly in the commercial and mortgage portfolios which on average grew balances by $382.4 million and $144.8 million, respectively, partially offset by lower yields in commercial loan portfolio by 15 basis points, driven by the impact of certain large commercial loan originations at lower yields that have occurred during the second and third quarter of 2025 and the impact of 6 basis points due to the reversal of accrued interest income receivable on a large commercial loan classified as non-accrual during the period; partially offset by: • higher average deposits by $389.2 million, driven by higher P.R. public deposits by $433.2 million, resulting in higher interest expense by $3.7 million; and • lower income from money market investments by $3.3 million mainly due to the use of funds to support loan growth and U.S. Treasury securities purchases. 5
Page 6
Net Interest Income and Net Interest Margin (Popular Bank Segment) In the Popular Bank segment, net interest income was $105.2 million, $3.0 million higher when compared to the previous quarter. Net interest margin in the PB segment increased by one basis point to 2.94%. Total cost of deposits increased by one basis point during the quarter to 2.96%. The main drivers for the higher net interest income for the Popular Bank segment include: • an increase in interest income on loan portfolios by $5.7 million, or two basis points, compared to the previous quarter, driven by growth in the commercial and construction loan portfolios; and partially offset by: • higher interest expense on deposits by $3.2 million, or one basis point, attributed to higher average deposits, mainly in high-cost deposits including online deposits and time deposits. 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 $171.2 million for the quarter ended September 30, 2025, an increase of $2.7 million when compared to $168.5 million for the previous quarter. Our diverse fee-generating segments, together with robust customer transaction activity, have contributed to solid performance in the third quarter of 2025. The main variances in non-interest income include: • higher other operating income by $3.6 million mainly due to income of $5.3 million related to a retroactive charge billed to a tenant for energy supplied in prior years and higher income from investments accounted under the equity method by $2.7 million, partially offset by the impact of $3.5 million related to certain transactions recognized during the second quarter of 2025 which included income on a tax-related reimbursement and a cash distribution from a legacy equity investment; partially offset by: • lower income from mortgage banking activities by $2.1, million mainly due to an unfavorable variance in the fair value adjustment of Mortgage Servicing Rights (“MSRs”) driven by a reduction in market rates that impacted interest earned on escrowed accounts and net portfolio runoff. Refer to Table B for further details. 6
Page 7
Operating expenses Operating expenses for the third quarter of 2025 totaled $495.3 million, an increase of $2.5 million when compared to the second quarter of 2025. The variance in operating expenses was driven primarily by: • a non-cash goodwill impairment of $13.0 million in our U.S. based equipment leasing subsidiary due to lower projected earnings for the forecasted period, driven by lower lending activity; • higher personnel costs by $3.6 million mainly as a result of higher salary expense by $6.6 million due in part to annual salary and merit increases effective in the third quarter of 2025, and the impact of an additional day in the quarter, and higher other personnel costs by $2.0 million, driven by employee termination benefits resulting from ongoing efforts to improve our profitability, including the decision to exit the U.S. Residential Mortgage origination business and close four underperforming branches in the New York metro area at Popular U.S.; partially offset by lower incentive expenses by $6.5 million related to restricted stock grants and performance shares awarded in the second quarter of 2025; • higher technology and software expenses by $2.4 million, including software cost amortization, related to investments in the Corporation’s cloud infrastructure, among other continuing investments in technology and transformation initiatives, partially offset by a decrease in network management services expenses; and • higher FDIC deposit insurance expense by $1.5 million, mainly driven by Popular U.S., due to changes in the assessment impacted by its wholesale funding composition and an increase in construction loans; partially offset by: • lower other operating expenses by $13.5 million, driven by a reversal in the third quarter of a $4.8 million claim reserve established during the second quarter of 2025 and the release of several sundry loss reserves by $4.6 million mainly related to the mortgage servicing business; • lower net occupancy expenses by $3.1 million, driven by a favorable reassessment of the real property tax estimate for certain properties in Puerto Rico by $3.0 million; and • lower professional fees by $2.3 million, mainly due to lower costs associated with regulatory compliance activities. Full-time equivalent employees were 9,263 as of September 30, 2025, compared to 9,303 as of June 30, 2025. For a breakdown of operating expenses by category refer to Table B. Income taxes For the third quarter of 2025, the Corporation recorded an income tax expense of $36.0 million, compared to an income tax expense of $47.9 million for the previous quarter. The lower income tax expense of $11.9 million is mainly driven by lower income before tax and higher income that is exempt or subject to a preferential tax rate. The effective tax rate (“ETR”) for the third quarter of 2025 was 14.5%, compared to 18.5% for the previous quarter. The ETR of the Corporation is impacted by the composition source of its taxable income and tax credit activities. Upon an amendment to the Puerto Rico internal revenue code during the third quarter of 2025, the Corporation elected to treat certain single members LLCs as disregarded entities, as allowed by this amendment, on its 2024 corporate income tax return filed subsequent to the quarter end in October. It is expected that this election will lower our income tax expense by approximately $7.7 million during the fourth quarter of 2025, essentially reversing the year’s income tax expense related to this matter. We expect the ETR for the fourth quarter of 2025 to be within a range of 14% - 16% and within a range from 16% - 18% for the year 2025. 7
Page 8
Credit Quality During the third quarter of 2025, the Corporation’s credit quality metrics were affected by two significant unrelated commercial exposures, resulting in a $188.4 million increase in NPLs and $13.5 million in NCOs tied to these borrowers. These impacts stemmed from issues specific to the individual borrowers and are not indicative of a broader decline in portfolio credit quality. The first loan classified as NPL is a $158.3 million commercial and industrial facility issued to a telecommunications company in Puerto Rico experiencing reduced revenue due to operational challenges following a business acquisition and client attrition. The second loan classified as NPL is a $30.1 million commercial real estate facility, following a $13.5 million charge-off during the quarter, and is secured by a hotel property in Florida. Excluding these cases, credit quality metrics were stable. The Corporation continues to closely monitor the economic landscape and borrower performance, as economic uncertainty remains a key consideration. Management believes that the improvements in risk management practices over recent years and the overall credit risk profile of the loan portfolio position the Corporation to continue to operate successfully in the current environment. The following presents credit quality results for the third quarter of 2025: Non-Performing Loans and Net Charge Offs Total NPLs increased by $190.6 million to $502.2 million compared to the previous quarter. Excluding consumer loans, inflows of NPLs held-in-portfolio increased by $205.4 million in the third quarter of 2025. The ratio of NPLs to total loans held in the portfolio was 1.30% for the third quarter of 2025, compared to 0.82% for the previous quarter. NPLs variances per reporting segment include: • In the BPPR segment, NPLs increased by $195.7 million, primarily due to the classification of two significant commercial exposures with book values of $158.3 million and $30.1 million as NPLs. These classifications are attributable to borrower specific circumstances and management believes they are not a reflection of the broader credit quality within the portfolio. Excluding consumer loans, inflows to NPLs in the BPPR segment increased by $209.5 million compared to the previous quarter, largely driven by the previously mentioned commercial exposures. • In the PB segment, NPLs decreased by $5.1 million driven by lower commercial NPLs by $4.9 million. Inflows to NPLs, excluding consumer loans, decreased by $4.1 million quarter-over-quarter, mainly related to commercial loans. Total NCOs of $57.8 million increased by $15.6 million when compared to the second quarter of 2025. The Corporation’s ratio of annualized NCOs to average loans held-in-portfolio for the third quarter was 0.60%, compared to 0.45% in the second quarter of 2025. NCOs variances per reporting segment include: • In the BPPR segment, NCOs increased by $16.4 million, mostly due to a $13.5 million charge-off related to the $30.1 million commercial NPL inflow referenced above. Consumer NCOs increased by $3.7 million, mostly due to higher auto loans NCOs by $5.5 million, while the credit cards NCOs decreased by $2.0 million. • In the PB segment, NCOs decreased by $0.8 million, mostly due to lower consumer NCOs. Including other real estate owned (“OREO”) assets of $43.0 million, non-performing assets (“NPAs”) for the Corporation amounted to $545.2 million, an increase of $187.4 million during the period, driven by the increase in NPLs, as previously discussed, partially offset by a net reduction of $3.2 million in OREO assets, mainly due to the sale of residential properties at the BPPR segment, at a net gain. 8
Page 9
Allowance for Credit Losses and Provision for Credit Losses The ACL as of September 30, 2025 amounted to $786.2 million, an increase of $16.7 million when compared to the second quarter of 2025. The increase in ACL was primarily due to a specific reserve recognized for the $158.3 million commercial NPL inflow, partially offset by improvements in the credit quality of the consumer portfolio, as further described below. In the BPPR segment, the ACL increased by $16.1 million when compared to the previous quarter, mostly due to a $25.6 million increase in the reserves for commercial loans driven by the aforementioned NPL inflow, higher loan balances, and changes in macroeconomic scenarios. The ACL for mortgage loans increased by $2.6 million mostly due to changes in the macroeconomic scenarios. These increases were partially offset by a $11.6 million reduction in the reserves for consumer loans, mainly in the auto loans and credit card portfolios, reflecting improvements in credit quality. In the Popular U.S. segment, the ACL remained stable, increasing by $0.6 million from the previous quarter. The Corporation’s ratio of the ACL to loans held-in-portfolio was 2.03% in the third quarter of 2025, compared to 2.02% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio decreased to 156.6%, from 246.9% in the previous quarter, mainly due to the impact of the two commercial exposures previously mentioned. The provision for loan losses for the loan and lease portfolios for the third quarter of 2025 was $74.5 million, an increase of $25.0 million when compared to $49.5 million in the previous quarter. The provision for loan losses for the BPPR segment amounted to $72.6 million, compared to $43.2 million in the previous quarter. This increase was mainly driven by higher provision expenses for commercial loans, due to the impact of the above-mentioned large commercial exposures entering NPL status, partially offset by a lower provision for the consumer loan portfolio. The provision for loan losses for the PB segment amounted to $1.9 million, compared to $6.4 million in the prior quarter. The reduction in provision expense occurred mainly within the commercial loan portfolio. The provision for credit losses for the third quarter of $75.1 million includes the provision for loan and lease losses, along with the $0.8 million reserve related to unfunded loan commitments and the $0.2 million reserve release for the Corporation’s investment portfolio. Refer to Table L for breakdown of non-performing assets and related ratios and to Table N for allowance for credit losses, net charge-offs and related ratios. 9
Page 10
Non-Performing Assets (Unaudited) (In thousands) 30-Sep-25 30-Jun-25 30-Sep-24 Non-performing loans held-in-portfolio $502,202 $311,625 $361,398 Other real estate owned 42,950 46,126 63,028 Total non-performing assets $545,152 $357,751 $424,426 Net charge-offs for the quarter $ 57,788 $ 42,202 $ 58,529 Ratios: Loans held-in-portfolio $38,687,158 $38,185,178 $36,194,967 Non-performing loans held-in-portfolio to loans held-in-portfolio 1.30% 0.82% 1.00% Allowance for credit losses to loans held-in-portfolio 2.03 2.02 2.06 Allowance for credit losses to non-performing loans, excluding loans held-for-sale 156.55 246.93 205.96 Refer to Table L for additional information. Provision for Credit Losses (Benefit)- Loan Portfolios (Unaudited) Quarters ended Nine months ended (In thousands) 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 Provision for credit losses (benefit) - loan portfolios: BPPR $72,639 $43,150 $77,147 $168,479 $186,740 Popular U.S. 1,878 6,389 (4,378) 20,795 2,572 Total provision for credit losses (benefit) - loan portfolios $74,517 $49,539 $72,769 $189,274 $189,312 Credit Quality by Segment (Unaudited) (Dollars in thousands) Quarters ended BPPR 30-Sep-25 30-Jun-25 30-Sep-24 Provision for credit losses - loan portfolios $ 72,639 $ 43,150 $ 77,147 Net charge-offs 56,539 40,164 54,581 Total non-performing loans held-in-portfolio 453,369 257,648 288,815 Annualized net charge-offs to average loans held-in-portfolio 0.84% 0.61% 0.86% Allowance / loans held-in-portfolio 2.56% 2.53% 2.59% Allowance / non-performing loans held-in-portfolio 153.38% 263.63% 230.66% Quarters ended Popular U.S. 30-Sep-25 30-Jun-25 30-Sep-24 Provision for credit losses (benefit) - loan portfolios $ 1,878 $ 6,389 $ (4,378) Net charge-offs 1,249 2,038 3,948 Total non-performing loans held-in-portfolio 48,833 53,977 72,583 Annualized net charge-offs to average loans held-in-portfolio 0.04% 0.07% 0.15% Allowance / loans held-in-portfolio 0.79% 0.79% 0.75% Allowance / non-performing loans held-in-portfolio 186.07% 167.17% 107.66% 10
Page 11
Financial Condition Highlights (Unaudited) (In thousands) 30-Sep-25 30-Jun-25 30-Sep-24 Cash and money market investments $ 5,131,470 $ 6,741,417 $ 6,958,382 Investment securities 28,371,673 28,283,970 25,280,451 Loans 38,687,158 38,185,178 36,194,967 Total assets 75,065,798 76,065,090 71,323,074 Deposits 66,513,404 67,217,491 63,668,501 Borrowings 1,246,807 1,414,494 973,736 Total liabilities 68,950,126 70,111,072 65,532,560 Stockholders’ equity 6,115,672 5,954,018 5,790,514 11
Page 12
Total assets amounted to $75.1 billion at September 30, 2025, a decrease of $1.0 billion from the second quarter of 2025, driven by: • a decrease in money market investments of $1.6 billion, mainly driven by lower deposits, loan origination activity and the purchase of investments in U.S. Treasury securities; and • a decrease in securities held-to-maturity (“HTM”) of $108.6 million, driven by maturities and principal paydowns, partially offset by the amortization of $47.2 million of the discount related to U.S. Treasury securities previously reclassified from available-for-sale (“AFS”) to HTM; partially offset by: • an increase in loans held-in-portfolio by $502.0 million, driven by an increase of $356.8 million in the BPPR segment across most portfolios, particularly commercial, and mortgage loans, coupled with an increase of $145.2 million in the PB segment, mainly due to commercial and construction loans; and • an increase in AFS securities of $196.2 million, driven by an increase in investments in U.S. Treasury securities and a decrease in the unrealized losses of $105.9 million, partially offset by maturities and principal paydowns, mainly in mortgage-backed securities. Total liabilities decreased by $1.2 billion from the second quarter of 2025, driven by: • a decrease of $704.1 million in deposits, primarily driven by a decrease in P.R. public deposits of approximately $841.9 million, mainly due to annual contributions to the government’s pension reserve and debt service payments, and lower demand deposits by $240.6 million, mainly commercial deposits, partially offset by an increase in retail deposits of $185.4 million, primarily at BPPR, and an increase in high- cost deposits of $193.0 million, mainly at PB; P.R. public deposits totaled $20.1 billion and represented 30% of the Corporation’s total deposit portfolio at September 30, 2025; • a decrease in other liabilities of $289.2 million, mainly due to lower unsettled U.S. Treasury securities purchases; and • a decrease in other short-term borrowings of $150.0 million due to lower FHLB advances in PB. Stockholders’ equity increased by $161.7 million when compared to the second quarter of 2025 mainly due to the quarter’s net income of $211.3 million, a decrease in net unrealized losses in the portfolio of AFS securities of $94.7 million and the amortization of unrealized losses from securities previously reclassified to HTM of $37.8 million, net of tax, partially offset by an increase in Treasury Stock of $119.1 million, mainly due to common stock repurchases during the quarter, common and preferred dividends declared during the quarter of $50.7 million, and an unfavorable variance in foreign currency translation adjustments of $14.5 million from investments accounted for under the equity method. During the quarter and nine months ended September 30, 2025, Popular repurchased 1,000,862 shares of common stock for $119.4 million at an average price of $119.33, per share, and 3,407,821 shares of common stock for $353.7 million at an average price of $103.78, per share, respectively, as part of the 2024 and 2025 common stock repurchase programs previously announced. As of September 30, 2025, $429.0 million remained available for stock repurchase under the active repurchase authorization. The Corporation is in the process of completing its annual goodwill impairment test, using July 31, 2025, as the evaluation date. During the third quarter of 2025, an impairment charge of $13.0 million related to our U.S. based equipment leasing subsidiary was recognized. The Corporation expects to finalize its goodwill evaluation prior to the filing of its Form 10-Q for the quarter ended September 30, 2025, with the Securities and Exchange Commission. Any further impairment of goodwill would result in a non-cash expense, net of tax impact. A charge to earnings related to goodwill impairment would not materially impact regulatory capital and tangible capital calculations. 12
Page 13
Common Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 15.79%, $91.00 and $79.12, respectively, at September 30, 2025, compared to 15.91%, $87.31 and $75.41, respectively, at June 30, 2025. 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, the impact of the current or any future U.S. government shutdown and changes in and uncertainty regarding federal funding, tax and trade policies, and rulemaking, supervision, examination and enforcement priorities of the 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, our Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, and our Form 10-Q for the quarter ended September 30, 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, as well as auto and equipment leasing and financing in Puerto Rico. Popular also offers broker-dealer and insurance services in Puerto Rico 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. 13
Page 14
Conference Call Popular will hold a conference call to discuss its financial results today, Thursday, October 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 1-646-844-6383 (Local). The dial-in access code is 828640. 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 Saturday, November 22, 2025, 11:59 p.m. Eastern Time. The replay dial in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 785813. An electronic version of this press release can be found at the Corporation’s website: www.popular.com. 14
Page 15
Popular, Inc. Financial Supplement to Third 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) - QUARTER Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - QUARTER Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE Table G - Mortgage Banking Activities and Other Service Fees Table H - Consolidated Loans and Deposits Table I - Loan Delinquency - BPPR Operations Table J - Loan Delinquency - Popular U.S. Operations Table K - Loan Delinquency - Consolidated Table L - Non-Performing Assets Table M - Activity in Non-Performing Loans Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios Table O - Allowance for Credit Losses “ACL” - Loan Portfolios - BPPR Operations Table P - Allowance for Credit Losses “ACL” - Loan Portfolios - Popular U.S. Operations Table Q - Allowance for Credit Losses “ACL” - Loan Portfolios - Consolidated Table R - Reconciliation to GAAP Financial Measures 15
Page 16
POPULAR, INC. Financial Supplement to Third Quarter 2025 Earnings Release Table A - Selected Ratios and Other Information (Unaudited) Quarters ended Nine months ended 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 Basic EPS $ 3.15 $ 3.09 $ 2.16 $ 8.78 $ 6.06 Diluted EPS $ 3.14 $ 3.09 $ 2.16 $ 8.78 $ 6.05 Average common shares outstanding 67,058,260 68,050,361 71,807,136 68,121,447 71,882,273 Average common shares outstanding - assuming dilution 67,095,421 68,079,649 71,828,402 68,143,888 71,912,153 Common shares outstanding at end of period 66,959,866 67,937,468 71,787,349 66,959,866 71,787,349 Market value per common share $ 129.10 $ 110.21 $ 100.27 $ 129.10 $ 100.27 Market capitalization - (In millions) $ 8,645 $ 7,487 $ 7,198 $ 8,645 $ 7,198 Return on average assets 1.09% 1.11% 0.84% 1.06% 0.79% Return on average common equity 11.60% 11.77% 8.82% 11.15% 8.43% Net interest margin (non-taxable equivalent basis) 3.51% 3.49% 3.24% 3.46% 3.20% Net interest margin (taxable equivalent basis) -non-GAAP 3.90% 3.85% 3.47% 3.83% 3.44% Common equity per share $ 91.00 $ 87.31 $ 80.35 $ 91.00 $ 80.35 Tangible common book value per common share (non-GAAP) [1] $ 79.12 $ 75.41 $ 69.04 $ 79.12 $ 69.04 Tangible common equity to tangible assets (non-GAAP) [1] 7.13% 6.81% 7.03% 7.13% 7.03% Return on average tangible common equity [1] 13.06% 13.26% 9.98% 12.57% 9.56% Tier 1 capital 15.84% 15.96% 16.48% 15.84% 16.48% Total capital 17.58% 17.70% 18.24% 17.58% 18.24% Tier 1 leverage 8.48% 8.51% 8.67% 8.48% 8.67% Common Equity Tier 1 capital 15.79% 15.91% 16.42% 15.79% 16.42% [1] Refer to Table R for reconciliation to GAAP financial measures. 16
Page 17
POPULAR, INC. Financial Supplement to Third Quarter 2025 Earnings Release Table B - Consolidated Statement of Operations (Unaudited) Quarters ended Variance Quarter ended Variance Nine months ended Q3 2025 Q3 2025 (In thousands, except per share information) 30-Sep-25 30-Jun-25 vs. Q2 2025 30-Sep-24 vs. Q3 2024 30-Sep-25 30-Sep-24 Interest income: Loans $702,039 $684,587 $ 17,452 $ 664,731 $ 37,308 $2,053,299 $1,952,200 Money market investments 66,867 69,532 (2,665) 96,061 (29,194) 206,565 272,893 Investment securities 197,743 189,753 7,990 176,656 21,087 567,655 528,403 Total interest income 966,649 943,872 22,777 937,448 29,201 2,827,519 2,753,496 Interest expense: Deposits 303,432 295,058 8,374 350,985 (47,553) 896,353 1,020,420 Short-term borrowings 4,616 5,300 (684) 1,430 3,186 11,342 3,748 Long-term debt 12,096 11,965 131 12,560 (464) 36,173 37,799 Total interest expense 320,144 312,323 7,821 364,975 (44,831) 943,868 1,061,967 Net interest income 646,505 631,549 14,956 572,473 74,032 1,883,651 1,691,529 Provision for credit losses 75,125 48,941 26,184 71,448 3,677 188,147 190,840 Net interest income after provision for credit losses 571,380 582,608 (11,228) 501,025 70,355 1,695,504 1,500,689 Service charges on deposit accounts 39,077 38,826 251 38,315 762 116,957 113,283 Other service fees 101,376 100,522 854 98,748 2,628 296,406 289,883 Mortgage banking activities 2,771 4,872 (2,101) 2,670 101 11,332 12,753 Net gain (loss), including impairment, on equity securities 2,197 1,862 335 (546) 2,743 3,645 876 Net gain on trading account debt securities 398 538 (140) 817 (419) 1,456 1,455 Adjustments to indemnity reserves on loans sold 36 120 (84) 808 (772) 329 783 Other operating income 25,340 21,737 3,603 23,270 2,070 61,608 75,173 Total non-interest income 171,195 168,477 2,718 164,082 7,113 491,733 494,206 Operating expenses: Personnel costs Salaries 139,350 132,752 6,598 135,983 3,367 403,052 394,001 Commissions, incentives and other bonuses 35,309 40,551 (5,242) 26,350 8,959 113,846 95,587 Profit sharing 13,000 13,000 — — 13,000 26,000 — Pension, postretirement and medical insurance 18,749 18,458 291 16,387 2,362 51,773 50,391 Other personnel costs, including payroll taxes 26,580 24,594 1,986 23,136 3,444 80,385 74,678 Total personnel costs 232,988 229,355 3,633 201,856 31,132 675,056 614,657 Net occupancy expenses 26,083 29,140 (3,057) 28,031 (1,948) 82,441 83,764 Equipment expenses 5,313 5,789 (476) 9,349 (4,036) 16,404 28,578 Other taxes 17,967 18,632 (665) 17,757 210 55,324 47,465 Professional fees 25,808 28,108 (2,300) 26,708 (900) 80,741 93,370 Technology and software expenses 87,117 84,696 2,421 88,452 (1,335) 255,481 247,666 Processing and transactional services Credit and debit cards 14,728 13,044 1,684 11,761 2,967 40,698 37,644 Other processing and transactional services 23,680 24,817 (1,137) 22,559 1,121 73,352 69,966 Total processing and transactional services 38,408 37,861 547 34,320 4,088 114,050 107,610 Communications 4,836 5,010 (174) 5,229 (393) 14,750 14,143 Business promotion Rewards and customer loyalty programs 17,656 18,047 (391) 16,533 1,123 52,068 46,995 Other business promotion 9,648 8,338 1,310 9,104 544 25,296 25,080 Total business promotion 27,304 26,385 919 25,637 1,667 77,364 72,075 Deposit insurance 10,873 9,407 1,466 10,433 440 30,315 44,901 Other real estate owned (OREO) expense (income) (3,408) (4,124) 716 (2,674) (734) (10,862) (13,745) Other operating expenses Operational losses 1,634 6,185 (4,551) 5,769 (4,135) 13,957 21,153 All other 6,980 15,932 (8,952) 15,750 (8,770) 39,673 56,140 Total other operating expenses 8,614 22,117 (13,503) 21,519 (12,905) 53,630 77,293 Amortization of intangibles 384 385 (1) 704 (320) 1,366 2,233 Goodwill impairment 13,000 — 13,000 — 13,000 13,000 — Total operating expenses 495,287 492,761 2,526 467,321 27,966 1,459,060 1,420,010 Income before income tax 247,288 258,324 (11,036) 197,786 49,502 728,177 574,885 Income tax expense 35,971 47,884 (11,913) 42,463 (6,492) 128,918 138,490 Net income $211,317 $210,440 $ 877 $ 155,323 $ 55,994 $ 599,259 $ 436,395 Net income applicable to common stock $210,964 $210,087 $ 877 $ 154,970 $ 55,994 $ 598,200 $ 435,336 Net income per common share - basic $ 3.15 $ 3.09 $ 0.06 $ 2.16 $ 0.99 $ 8.78 $ 6.06 Net income per common share - diluted $ 3.14 $ 3.09 $ 0.05 $ 2.16 $ 0.98 $ 8.78 $ 6.05 Dividends Declared per Common Share $ 0.75 $ 0.70 $ 0.05 $ 0.62 $ 0.13 $ 2.15 $ 1.86 17
Page 18
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table C - Consolidated Statement of Financial Condition (Unaudited) Variance Q3 2025 vs. (In thousands) 30-Sep-25 30-Jun-25 30-Sep-24 Q2 2025 Assets: Cash and due from banks $ 377,079 $ 400,631 $ 427,594 $ (23,552) Money market investments 4,754,391 6,340,786 6,530,788 (1,586,395) Trading account debt securities, at fair value 33,122 29,643 30,843 3,479 Debt securities available-for-sale, at fair value 20,686,423 20,490,212 17,186,123 196,211 Debt securities held-to-maturity, at amortized cost 7,433,135 7,541,724 7,865,294 (108,589) Less: Allowance for credit losses 5,837 5,999 5,430 (162) Debt securities held-to-maturity, net 7,427,298 7,535,725 7,859,864 (108,427) Equity securities 218,993 222,391 198,191 (3,398) Loans held-for-sale, at lower of cost or fair value 7,783 2,898 5,509 4,885 Loans held-in-portfolio 39,111,956 38,611,834 36,599,612 500,122 Less: Unearned income 424,798 426,656 404,645 (1,858) Allowance for credit losses 786,220 769,485 744,320 16,735 Total loans held-in-portfolio, net 37,900,938 37,415,693 35,450,647 485,245 Premises and equipment, net 679,651 649,191 624,376 30,460 Other real estate 42,950 46,126 63,028 (3,176) Accrued income receivable 297,347 274,867 257,406 22,480 Mortgage servicing rights, at fair value 99,523 103,077 108,827 (3,554) Other assets 1,744,886 1,745,052 1,767,919 (166) Goodwill 789,954 802,954 804,428 (13,000) Other intangible assets 5,460 5,844 7,531 (384) Total assets $75,065,798 $76,065,090 $71,323,074 $ (999,292) Liabilities and Stockholders’ Equity: Liabilities: Deposits: Non-interest bearing $14,874,026 $15,114,614 $15,276,071 $ (240,588) Interest bearing 51,639,378 52,102,877 48,392,430 (463,499) Total deposits 66,513,404 67,217,491 63,668,501 (704,087) Assets sold under agreements to repurchase 56,853 56,043 55,360 810 Other short-term borrowings 400,000 550,000 — (150,000) Notes payable 789,954 808,451 918,376 (18,497) Other liabilities 1,189,915 1,479,087 890,323 (289,172) Total liabilities 68,950,126 70,111,072 65,532,560 (1,160,946) Stockholders’ equity: Preferred stock 22,143 22,143 22,143 — Common stock 1,049 1,049 1,048 — Surplus 4,920,767 4,919,950 4,853,869 817 Retained earnings 5,022,546 4,861,958 4,495,878 160,588 Treasury stock (2,574,573) (2,455,425) (2,069,430) (119,148) Accumulated other comprehensive loss, net of tax (1,276,260) (1,395,657) (1,512,994) 119,397 Total stockholders’ equity 6,115,672 5,954,018 5,790,514 161,654 Total liabilities and stockholders’ equity $75,065,798 $76,065,090 $71,323,074 $ (999,292) 18
Page 19
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) For the quarters ended September 30, 2025 and June 30, 2025 (Unaudited) Variance Average Volume Average Yields / Costs Interest Attributable to 30-Sep-25 30-Jun-25 Variance 30-Sep-25 30-Jun-25 Variance 30-Sep-25 30-Jun-25 Variance Rate Volume (In millions) (In thousands) $ 5,990 $ 6,251 $ (261) 4.43% 4.46% (0.03)% Money market investments $ 66,867 $ 69,532 $(2,665) $ 246 $(2,911) 28,957 28,809 148 3.42 3.29 0.13 Investment securities [1] 249,071 236,372 12,699 10,895 1,804 28 27 1 5.43 5.99 (0.56) Trading securities 391 407 (16) (35) 19 34,975 35,087 (112) 3.59 3.50 0.09 Total money market, investment and trading securities 316,329 306,311 10,018 11,106 (1,088) Loans: 19,229 18,676 553 6.72 6.73 (0.01) Commercial 325,869 313,493 12,376 3,031 9,345 1,549 1,459 90 8.24 8.19 0.05 Construction 32,184 29,806 2,378 526 1,852 1,981 1,963 18 7.26 7.18 0.08 Leasing 35,957 35,249 708 378 330 8,484 8,339 145 5.96 5.89 0.07 Mortgage 126,352 122,873 3,479 1,324 2,155 3,257 3,211 46 13.80 14.00 (0.20) Consumer 113,280 112,083 1,197 (476) 1,673 3,945 3,937 8 9.15 9.14 0.01 Auto 91,006 89,706 1,300 1,138 162 38,445 37,585 860 7.49 7.50 (0.01) Total loans 724,648 703,210 21,438 5,921 15,517 $73,420 $72,672 $ 748 5.63% 5.57% 0.06% Total earning assets $1,040,977 $1,009,521 $31,456 $17,027 $14,429 Interest bearing deposits: $ 8,184 $ 8,062 $ 122 1.77% 1.71% 0.06% NOW and money market $ 36,421 $ 34,288 $ 2,133 $ 967 $ 1,166 14,529 14,605 (76) 0.81 0.83 (0.02) Savings 29,772 30,378 (606) (351) (255) 8,825 8,532 293 3.16 3.15 0.01 Time deposits 70,196 67,032 3,164 728 2,436 20,766 20,333 433 3.19 3.22 (0.03) P.R. public deposits 167,043 163,360 3,683 139 3,544 52,304 51,532 772 2.30 2.29 0.01 Total interest bearing deposits 303,432 295,058 8,374 1,483 6,891 14,846 14,825 21 Non-interest bearing demand deposits 67,150 66,357 793 1.79 1.78 0.01 Total deposits 303,432 295,058 8,374 1,483 6,891 405 470 (65) 4.52 4.52 — Short-term borrowings 4,616 5,300 (684) 62 (746) 812 832 (20) 5.98 5.79 0.19 Other medium and long-term debt 12,096 11,965 131 198 (67) 53,521 52,834 687 2.37 2.36 0.01 Total interest bearing liabilities (excluding demand deposits) 320,144 312,323 7,821 1,743 6,078 5,053 5,013 40 Other sources of funds $73,420 $72,672 $ 748 1.73% 1.72% 0.01% Total source of funds 320,144 312,323 7,821 1,743 6,078 3.90% 3.85% 0.05% Net interest margin/income on a taxable equivalent basis (Non-GAAP) 720,833 697,198 23,635 $15,284 $ 8,351 3.26% 3.21% 0.05% Net interest spread Taxable equivalent adjustment 74,328 65,649 8,679 3.51% 3.49% 0.02% Net interest margin/income non-taxable equivalent basis (GAAP) $ 646,505 $ 631,549 $14,956 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. 19
Page 20
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) For the quarters ended September 30, 2025 and September 30, 2024 (Unaudited) Variance Average Volume Average Yields / Costs Interest Attributable to 30-Sep-25 30-Sep-24 Variance 30-Sep-25 30-Sep-24 Variance 30-Sep-25 30-Sep-24 Variance Rate Volume (In millions) (In thousands) $ 5,990 $ 7,033 $(1,043) 4.43% 5.43% (1.00)% Money market investments $ 66,867 $ 96,061 $(29,194) $(16,107) $(13,087) 28,957 27,569 1,388 3.42 2.92 0.50 Investment securities [1] 249,071 202,317 46,754 32,970 13,784 28 30 (2) 5.43 5.87 (0.44) Trading securities 391 436 (45) (31) (14) 34,975 34,632 343 3.59 3.43 0.16 Total money market, investment and trading securities 316,329 298,814 17,515 16,832 683 Loans: 19,229 17,798 1,431 6.72 6.90 (0.18) Commercial 325,869 308,734 17,135 (7,239) 24,374 1,549 1,129 420 8.24 8.85 (0.61) Construction 32,184 25,102 7,082 (1,732) 8,814 1,981 1,851 130 7.26 6.97 0.29 Leasing 35,957 32,241 3,716 1,378 2,338 8,484 7,911 573 5.96 5.73 0.23 Mortgage 126,352 113,409 12,943 4,523 8,420 3,257 3,211 46 13.80 14.08 (0.28) Consumer 113,280 112,423 857 (787) 1,644 3,945 3,879 66 9.15 8.94 0.21 Auto 91,006 87,189 3,817 2,338 1,479 38,445 35,779 2,666 7.49 7.56 (0.07) Total loans 724,648 679,098 45,550 (1,519) 47,069 $73,420 $70,411 $3,009 5.63% 5.53% 0.10% Total earning assets $1,040,977 $977,912 $ 63,065 $15,313 $47,752 Interest bearing deposits: $ 8,184 $ 7,387 $ 797 1.77% 2.04% (0.27)% NOW and money market $ 36,421 $ 37,857 $ (1,436) $ (4,891) $ 3,455 14,529 14,318 211 0.81 0.92 (0.11) Savings 29,772 33,134 (3,362) (3,981) 619 8,825 8,366 459 3.16 3.45 (0.29) Time deposits 70,196 72,503 (2,307) (6,096) 3,789 20,766 19,468 1,298 3.19 4.24 (1.05) P.R. public deposits 167,043 207,491 (40,448) (52,899) 12,451 52,304 49,539 2,765 2.30 2.82 (0.52) Total interest bearing deposits 303,432 350,985 (47,553) (67,867) 20,314 14,846 14,968 (122) Non-interest bearing demand deposits 67,150 64,507 2,643 1.79 2.16 (0.37) Total deposits 303,432 350,985 (47,553) (67,867) 20,314 405 101 304 4.52 5.62 (1.10) Short-term borrowings 4,616 1,431 3,185 (267) 3,452 812 950 (138) 5.98 5.32 0.66 Other medium and long- term debt 12,096 12,560 (464) 226 (690) 53,521 50,590 2,931 2.37 2.87 (0.50) Total interest bearing liabilities (excluding demand deposits) 320,144 364,976 (44,832) (67,908) 23,076 5,053 4,853 200 Other sources of funds $73,420 $70,411 $3,009 1.73% 2.06% (0.33)% Total source of funds 320,144 364,976 (44,832) (67,908) 23,076 3.90% 3.47% 0.43% Net interest margin/income on a taxable equivalent basis (Non-GAAP) 720,833 612,936 107,897 $83,221 $24,676 3.26% 2.66% 0.60% Net interest spread Taxable equivalent adjustment 74,328 40,464 33,864 3.51% 3.24% 0.27% Net interest margin/income non-taxable equivalent basis (GAAP) $ 646,505 $572,472 $ 74,033 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. 20
Page 21
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table F - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE (Unaudited) Variance Average Volume Average Yields / Costs Interest Attributable to 30-Sep-25 30-Sep-24 Variance 30-Sep-25 30-Sep-24 Variance 30-Sep-25 30-Sep-24 Variance Rate Volume (In millions) (In thousands) $ 6,205 $ 6,664 $ (459) 4.45% 5.47% (1.02)% Money market investments $ 206,565 $ 272,893 $ (66,328) $ (48,483) $(17,845) 28,729 28,271 458 3.28 2.88 0.40 Investment securities [1] 705,879 610,342 95,537 79,280 16,257 29 30 (1) 5.74 5.02 0.72 Trading securities 1,237 1,114 123 155 (32) 34,963 34,965 (2) 3.49 3.38 0.11 Total money market, investment and trading securities 913,681 884,349 29,332 30,952 (1,620) Loans: 18,802 17,707 1,095 6.72 6.87 (0.15) Commercial 945,330 910,241 35,089 (20,306) 55,395 1,440 1,064 376 8.19 8.97 (0.78) Construction 88,179 71,426 16,753 (6,722) 23,475 1,961 1,794 167 7.18 6.86 0.32 Leasing 105,650 92,292 13,358 4,501 8,857 8,331 7,818 513 5.89 5.67 0.22 Mortgage 368,141 332,626 35,515 13,125 22,390 3,224 3,209 15 14.10 13.94 0.16 Consumer 339,880 334,818 5,062 3,058 2,004 3,935 3,820 115 9.00 8.86 0.14 Auto 264,905 253,511 11,394 3,760 7,634 37,693 35,412 2,281 7.49 7.52 (0.03) Total loans 2,112,085 1,994,914 117,171 (2,584) 119,755 $72,656 $70,377 $2,279 5.57% 5.46% 0.11% Total earning assets $3,025,766 $2,879,263 $146,503 $ 28,368 $118,135 Interest bearing deposits: $ 8,077 $ 7,558 $ 519 1.73% 2.00% (0.27)% NOW and money market $ 104,711 $ 113,405 $ (8,694) $ (14,883) $ 6,189 14,547 14,579 (32) 0.84 0.93 (0.09) Savings 91,430 101,008 (9,578) (9,213) (365) 8,587 8,142 445 3.17 3.35 (0.18) Time deposits 203,909 204,014 (105) (11,631) 11,526 20,464 19,168 1,296 3.24 4.20 (0.96) P.R public deposits 496,303 601,993 (105,690) (144,853) 39,163 51,675 49,447 2,228 2.32 2.76 (0.44) Total interest bearing deposits 896,353 1,020,420 (124,067) (180,580) 56,513 14,778 15,075 (297) Non-interest bearing demand deposits 66,453 64,522 1,931 1.80 2.11 (0.31) Total deposits 896,353 1,020,420 (124,067) (180,580) 56,513 333 89 244 4.55 5.65 (1.10) Short-term borrowings 11,342 3,749 7,593 (669) 8,262 835 975 (140) 5.79 5.18 0.61 Other medium and long- term debt 36,173 37,799 (1,626) 3,875 (5,501) 52,843 50,511 2,332 2.39 2.81 (0.42) Total interest bearing liabilities (excluding demand deposits) 943,868 1,061,968 (118,100) (177,374) 59,274 5,035 4,791 244 Other sources of funds $72,656 $70,377 $2,279 1.74% 2.02% (0.28)% Total source of funds 943,868 1,061,968 (118,100) (177,374) 59,274 3.83% 3.44% 0.39% Net interest margin/income on a taxable equivalent basis (Non-GAAP) 2,081,898 1,817,295 264,603 $205,742 $ 58,861 3.18% 2.65% 0.53% Net interest spread Taxable equivalent adjustment 198,247 125,766 72,481 3.46% 3.20% 0.26% Net interest margin/income non-taxable equivalent basis (GAAP) $1,883,651 $1,691,529 $192,122 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. 21
Page 22
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table G - Mortgage Banking Activities and Other Service Fees (Unaudited) Mortgage Banking Activities Quarters ended Variance Nine months ended Variance (In thousands) 30-Sep-25 30-Jun-25 30-Sep-24 Q3 2025vs.Q2 2025 Q3 2025vs.Q3 2024 30-Sep-25 30-Sep-24 2025 vs.2024 Mortgage servicing fees, net of fair value adjustments: Mortgage servicing fees $ 6,744 $ 6,912 $ 7,559 $ (168) $ (815) $20,824 $22,912 $(2,088) Mortgage servicing rights fair value adjustments (3,835) (1,954) (4,896) (1,881) 1,061 (9,359) (10,280) 921 Total mortgage servicing fees, net of fair value adjustments 2,909 4,958 2,663 (2,049) 246 11,465 12,632 (1,167) Net (loss) gain on sale of loans, including valuation on loans held-for-sale (53) (37) 320 (16) (373) 103 396 (293) Trading account loss: Unrealized gains (losses) on outstanding derivative positions 51 (8) (44) 59 95 (44) 113 (157) Realized losses on closed derivative positions (122) (10) (261) (112) 139 (131) (249) 118 Total trading account loss (71) (18) (305) (53) 234 (175) (136) (39) Losses on repurchased loans, including interest advances (14) (31) (8) 17 (6) (61) (139) 78 Total mortgage banking activities $ 2,771 $ 4,872 $ 2,670 $ (2,101) $ 101 $11,332 $12,753 $(1,421) Other Service Fees Quarters ended Variance Nine months ended Variance (In thousands) 30-Sep-25 30-Jun-25 30-Sep-24 Q3 2025vs.Q2 2025 Q3 2025vs.Q3 2024 30-Sep-25 30-Sep-24 2025 vs.2024 Other service fees: Debit card fees $ 28,084 $ 27,918 $26,197 $ 166 $ 1,887 $ 82,434 $ 78,907 $3,527 Insurance fees 12,995 12,695 15,422 300 (2,427) 36,999 43,479 (6,480) Credit card fees 32,668 32,502 31,262 166 1,406 95,300 91,577 3,723 Sale and administration of investment products 9,459 9,058 8,387 401 1,072 27,490 23,664 3,826 Trust fees 6,998 6,626 6,715 372 283 19,924 20,044 (120) Other fees 11,172 11,723 10,765 (551) 407 34,259 32,212 2,047 Total other service fees $101,376 $100,522 $98,748 $ 854 $ 2,628 $296,406 $289,883 $6,523 22
Page 23
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table H - Consolidated Loans and Deposits (Unaudited) Loans - Ending Balances Variance (Dollars in thousands) 30-Sep-25 30-Jun-25 30-Sep-24 Q3 2025 vs.Q22025 % of Change Q3 2025 vs.Q32024 % of Change Loans held-in-portfolio: Commercial Commercial multi-family $ 2,489,589 $ 2,520,789 $ 2,405,302 $ (31,200) (1.24%) $ 84,287 3.50% Commercial real estate non-owner occupied 5,462,580 5,521,374 5,185,381 (58,794) (1.06%) 277,199 5.35% Commercial real estate owner occupied 3,090,724 3,003,855 3,092,393 86,869 2.89% (1,669) (0.05%) Commercial and industrial 8,245,639 8,043,752 7,400,553 201,887 2.51% 845,086 11.42% Total Commercial 19,288,532 19,089,770 18,083,629 198,762 1.04% 1,204,903 6.66% Construction 1,604,612 1,468,201 1,113,307 136,411 9.29% 491,305 44.13% Mortgage 8,558,408 8,444,427 7,993,348 113,981 1.35% 565,060 7.07% Leasing 1,998,651 1,983,068 1,887,052 15,583 0.79% 111,599 5.91% Consumer Credit cards 1,225,567 1,215,293 1,186,893 10,274 0.85% 38,674 3.26% Home equity lines of credit 78,890 77,479 69,691 1,411 1.82% 9,199 13.20% Personal 1,900,325 1,876,463 1,873,175 23,862 1.27% 27,150 1.45% Auto 3,850,953 3,861,702 3,818,607 (10,749) (0.28%) 32,346 0.85% Other 181,220 168,775 169,265 12,445 7.37% 11,955 7.06% Total Consumer 7,236,955 7,199,712 7,117,631 37,243 0.52% 119,324 1.68% Total loans held-in-portfolio $38,687,158 $38,185,178 $36,194,967 $ 501,980 1.31% $2,492,191 6.89% Loans held-for-sale: Mortgage $ 7,783 $ 2,898 $ 5,509 $ 4,885 168.56% $ 2,274 41.28% Total loans held-for-sale $ 7,783 $ 2,898 $ 5,509 $ 4,885 168.56% $ 2,274 41.28% Total loans $38,694,941 $38,188,076 $36,200,476 $ 506,865 1.33% $2,494,465 6.89% Deposits - Ending Balances Variance (In thousands) 30-Sep-25 30-Jun-25 30-Sep-24 Q3 2025 vs. Q22025 % of Change Q3 2025 vs.Q32024 % of Change Deposits excluding P.R. public deposits: Demand deposits $14,874,026 $15,114,614 $15,276,071 $ (240,588) (1.59%) $ (402,045) (2.63%) Savings, NOW and money market deposits (non-brokered) 21,739,958 21,554,606 20,584,328 185,352 0.86% 1,155,630 5.61% Savings, NOW and money market deposits (brokered) 883,471 829,506 735,231 53,965 6.51% 148,240 20.16% Time deposits (non-brokered) 8,014,080 7,938,858 7,363,477 75,222 0.95% 650,603 8.84% Time deposits (brokered CDs) 925,761 861,947 993,522 63,814 7.40% (67,761) (6.82%) Sub-total deposits excluding P.R. public deposits 46,437,296 46,299,531 44,952,629 137,765 0.30% 1,484,667 3.30% P.R. public deposits: Demand deposits [1] 12,487,246 12,376,316 11,088,511 110,930 0.90% 1,398,735 12.61% Savings, NOW and money market deposits (non-brokered) 6,907,309 7,743,663 6,903,370 (836,354) (10.80%) 3,939 0.06% Time deposits (non-brokered) 681,553 797,981 723,991 (116,428) (14.59%) (42,438) (5.86%) Sub-total P.R. public deposits 20,076,108 20,917,960 18,715,872 (841,852) (4.02%) 1,360,236 7.27% Total deposits $66,513,404 $67,217,491 $63,668,501 $ (704,087) (1.05%) $2,844,903 4.47% [1] Includes interest bearing demand deposits. 23
Page 24
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table I - Loan Delinquency -BPPR Operations (Unaudited) 30-Sep-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 $ 1,357 $ 1 $ 174 $ 1,532 $ 300,834 $ 302,366 $ 174 $ — Commercial real estate: Non-owner occupied 17,422 292 37,043 54,757 3,247,988 3,302,745 37,043 — Owner occupied 2,004 152 25,619 27,775 1,167,509 1,195,284 25,619 — Commercial and industrial 4,237 2,032 178,224 184,493 5,567,505 5,751,998 173,245 4,979 Construction 2,898 1,691 — 4,589 299,364 303,953 — — Mortgage 252,650 118,092 314,103 684,845 6,548,261 7,233,106 139,958 174,145 Leasing 23,537 5,372 7,747 36,656 1,961,995 1,998,651 7,747 — Consumer: Credit cards 13,556 9,917 25,625 49,098 1,176,469 1,225,567 — 25,625 Home equity lines of credit — — — — 1,693 1,693 — — Personal 19,826 11,353 18,375 49,554 1,773,594 1,823,148 18,375 — Auto 107,907 21,874 49,432 179,213 3,671,740 3,850,953 49,432 — Other 2,907 245 2,195 5,347 166,980 172,327 1,776 419 Total $448,301 $171,021 $658,537 $1,277,859 $25,883,932 $27,161,791 $453,369 $205,168 30-Jun-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 $ 6,337 $ — $ 174 $ 6,511 $ 299,852 $ 306,363 $ 174 $ — Commercial real estate: Non-owner occupied 113 1,679 6,084 7,876 3,322,108 3,329,984 6,084 — Owner occupied 1,087 2,098 27,320 30,505 1,171,601 1,202,106 27,320 — Commercial and industrial 4,657 2,449 12,652 19,758 5,574,966 5,594,724 8,588 4,064 Construction 3,720 — — 3,720 249,579 253,299 — — Mortgage 262,525 109,530 324,140 696,195 6,407,811 7,104,006 147,464 176,676 Leasing 23,109 5,629 7,976 36,714 1,946,354 1,983,068 7,976 — Consumer: Credit cards 14,184 9,360 25,201 48,745 1,166,545 1,215,290 — 25,201 Home equity lines of credit — — — — 1,809 1,809 — — Personal 19,022 11,917 17,499 48,438 1,743,772 1,792,210 17,499 — Auto 102,643 22,404 40,595 165,642 3,696,060 3,861,702 40,595 — Other 2,500 160 2,212 4,872 155,550 160,422 1,948 264 Total $439,897 $165,226 $463,853 $1,068,976 $25,736,007 $26,804,983 $257,648 $206,205 24
Page 25
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 $(4,980) $ 1 $ — $ (4,979) $ 982 $ (3,997) $ — $ — Commercial real estate: Non-owner occupied 17,309 (1,387) 30,959 46,881 (74,120) (27,239) 30,959 — Owner occupied 917 (1,946) (1,701) (2,730) (4,092) (6,822) (1,701) — Commercial and industrial (420) (417) 165,572 164,735 (7,461) 157,274 164,657 915 Construction (822) 1,691 — 869 49,785 50,654 — — Mortgage (9,875) 8,562 (10,037) (11,350) 140,450 129,100 (7,506) (2,531) Leasing 428 (257) (229) (58) 15,641 15,583 (229) — Consumer: Credit cards (628) 557 424 353 9,924 10,277 — 424 Home equity lines of credit — — — — (116) (116) — — Personal 804 (564) 876 1,116 29,822 30,938 876 — Auto 5,264 (530) 8,837 13,571 (24,320) (10,749) 8,837 — Other 407 85 (17) 475 11,430 11,905 (172) 155 Total $ 8,404 $5,795 $194,684 $208,883 $147,925 $356,808 $195,721 $(1,037) 25
Page 26
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table J - Loan Delinquency - Popular U.S. Operations (Unaudited) 30-Sep-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 $ — $ 2,638 $ 8,467 $11,105 $ 2,176,118 $ 2,187,223 $ 8,467 $ — Commercial real estate: Non-owner occupied 84 — 7,083 7,167 2,152,668 2,159,835 7,083 — Owner occupied 15,171 217 — 15,388 1,880,052 1,895,440 — — Commercial and industrial 14,949 — 1,434 16,383 2,477,258 2,493,641 1,246 188 Construction — — — — 1,300,659 1,300,659 — — Mortgage 1,298 4,988 27,809 34,095 1,291,207 1,325,302 27,809 — Consumer: Home equity lines of credit 395 335 3,257 3,987 73,210 77,197 3,257 — Personal 1,006 990 941 2,937 74,240 77,177 941 — Other — — 30 30 8,863 8,893 30 — Total $32,903 $ 9,168 $49,021 $91,092 $11,434,275 $11,525,367 $ 48,833 $ 188 30-Jun-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 $ — $ 4,675 $10,751 $15,426 $ 2,199,000 $ 2,214,426 $ 10,751 $ — Commercial real estate: Non-owner occupied 1,503 — 7,893 9,396 2,181,994 2,191,390 7,893 — Owner occupied 10,677 — 231 10,908 1,790,841 1,801,749 231 — Commercial and industrial 9,235 5,195 3,025 17,455 2,431,573 2,449,028 2,836 189 Construction — — — — 1,214,902 1,214,902 — — Mortgage 677 3,329 28,052 32,058 1,308,363 1,340,421 28,052 — Consumer: Credit cards — — — — 3 3 — — Home equity lines of credit 845 717 3,120 4,682 70,988 75,670 3,120 — Personal 1,045 532 1,094 2,671 81,582 84,253 1,094 — Other 694 1 — 695 7,658 8,353 — — Total $24,676 $14,449 $54,166 $93,291 $11,286,904 $11,380,195 $ 53,977 $ 189 26
Page 27
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 $ — $(2,037) $(2,284) $(4,321) $(22,882) $(27,203) $ (2,284) $ — Commercial real estate: Non-owner occupied (1,419) — (810) (2,229) (29,326) (31,555) (810) — Owner occupied 4,494 217 (231) 4,480 89,211 93,691 (231) — Commercial and industrial 5,714 (5,195) (1,591) (1,072) 45,685 44,613 (1,590) (1) Construction — — — — 85,757 85,757 — — Mortgage 621 1,659 (243) 2,037 (17,156) (15,119) (243) — Consumer: Credit cards — — — — (3) (3) — — Home equity lines of credit (450) (382) 137 (695) 2,222 1,527 137 — Personal (39) 458 (153) 266 (7,342) (7,076) (153) — Other (694) (1) 30 (665) 1,205 540 30 — Total $8,227 $(5,281) $(5,145) $(2,199) $147,371 $145,172 $ (5,144) $ (1) 27
Page 28
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table K - Loan Delinquency - Consolidated (Unaudited) 30-Sep-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 $ 1,357 $ 2,639 $ 8,641 $ 12,637 $ 2,476,952 $ 2,489,589 $ 8,641 $ — Commercial real estate: Non-owner occupied 17,506 292 44,126 61,924 5,400,656 5,462,580 44,126 — Owner occupied 17,175 369 25,619 43,163 3,047,561 3,090,724 25,619 — Commercial and industrial 19,186 2,032 179,658 200,876 8,044,763 8,245,639 174,491 5,167 Construction 2,898 1,691 — 4,589 1,600,023 1,604,612 — — Mortgage 253,948 123,080 341,912 718,940 7,839,468 8,558,408 167,767 174,145 Leasing 23,537 5,372 7,747 36,656 1,961,995 1,998,651 7,747 — Consumer: Credit cards 13,556 9,917 25,625 49,098 1,176,469 1,225,567 — 25,625 Home equity lines of credit 395 335 3,257 3,987 74,903 78,890 3,257 — Personal 20,832 12,343 19,316 52,491 1,847,834 1,900,325 19,316 — Auto 107,907 21,874 49,432 179,213 3,671,740 3,850,953 49,432 — Other 2,907 245 2,225 5,377 175,843 181,220 1,806 419 Total $481,204 $180,189 $707,558 $1,368,951 $37,318,207 $38,687,158 $502,202 $205,356 30-Jun-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 $ 6,337 $ 4,675 $ 10,925 $ 21,937 $ 2,498,852 $ 2,520,789 $ 10,925 $ — Commercial real estate: Non-owner occupied 1,616 1,679 13,977 17,272 5,504,102 5,521,374 13,977 — Owner occupied 11,764 2,098 27,551 41,413 2,962,442 3,003,855 27,551 — Commercial and industrial 13,892 7,644 15,677 37,213 8,006,539 8,043,752 11,424 4,253 Construction 3,720 — — 3,720 1,464,481 1,468,201 — — Mortgage 263,202 112,859 352,192 728,253 7,716,174 8,444,427 175,516 176,676 Leasing 23,109 5,629 7,976 36,714 1,946,354 1,983,068 7,976 — Consumer: Credit cards 14,184 9,360 25,201 48,745 1,166,548 1,215,293 — 25,201 Home equity lines of credit 845 717 3,120 4,682 72,797 77,479 3,120 — Personal 20,067 12,449 18,593 51,109 1,825,354 1,876,463 18,593 — Auto 102,643 22,404 40,595 165,642 3,696,060 3,861,702 40,595 — Other 3,194 161 2,212 5,567 163,208 168,775 1,948 264 Total $464,573 $179,675 $518,019 $1,162,267 $37,022,911 $38,185,178 $311,625 $206,394 28
Page 29
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 $(4,980) $(2,036) $ (2,284) $ (9,300) $ (21,900) $(31,200) $ (2,284) $ — Commercial real estate: Non-owner occupied 15,890 (1,387) 30,149 44,652 (103,446) (58,794) 30,149 — Owner occupied 5,411 (1,729) (1,932) 1,750 85,119 86,869 (1,932) — Commercial and industrial 5,294 (5,612) 163,981 163,663 38,224 201,887 163,067 914 Construction (822) 1,691 — 869 135,542 136,411 — — Mortgage (9,254) 10,221 (10,280) (9,313) 123,294 113,981 (7,749) (2,531) Leasing 428 (257) (229) (58) 15,641 15,583 (229) — Consumer: Credit cards (628) 557 424 353 9,921 10,274 — 424 Home equity lines of credit (450) (382) 137 (695) 2,106 1,411 137 — Personal 765 (106) 723 1,382 22,480 23,862 723 — Auto 5,264 (530) 8,837 13,571 (24,320) (10,749) 8,837 — Other (287) 84 13 (190) 12,635 12,445 (142) 155 Total $16,631 $ 514 $189,539 $206,684 $295,296 $501,980 $190,577 $(1,038) 29
Page 30
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table L - Non-Performing Assets (Unaudited) Variance (Dollars in thousands) 30-Sep-25 As a % ofloans HIP bycategory 30-Jun-25 As a % ofloans HIP bycategory 30-Sep-24 As a % ofloans HIP bycategory Q3 2025 vs.Q2 2025 Q3 2025 vs.Q3 2024 Non-accrual loans: Commercial Commercial multi-family $ 8,641 0.3% $ 10,925 0.4% $ 8,787 0.4% $ (2,284) $ (146) Commercial real estate non-owner occupied 44,126 0.8 13,977 0.3 9,775 0.2 30,149 34,351 Commercial real estate owner occupied 25,619 0.8 27,551 0.9 48,848 1.6 (1,932) (23,229) Commercial and industrial 174,491 2.1 11,424 0.1 24,885 0.3 163,067 149,606 Total Commercial 252,877 1.3 63,877 0.3 92,295 0.5 189,000 160,582 Mortgage 167,767 2.0 175,516 2.1 186,354 2.3 (7,749) (18,587) Leasing 7,747 0.4 7,976 0.4 7,367 0.4 (229) 380 Consumer Home equity lines of credit 3,257 4.1 3,120 4.0 3,834 5.5 137 (577) Personal 19,316 1.0 18,593 1.0 22,829 1.2 723 (3,513) Auto 49,432 1.3 40,595 1.1 47,828 1.3 8,837 1,604 Other 1,806 1.0 1,948 1.2 891 0.5 (142) 915 Total Consumer 73,811 1.0 64,256 0.9 75,382 1.1 9,555 (1,571) Total non-performing loans held-in-portfolio 502,202 1.3% 311,625 0.8% 361,398 1.0% 190,577 140,804 Other real estate owned (“OREO”) 42,950 46,126 63,028 (3,176) (20,078) Total non-performing assets [1] 545,152 357,751 424,426 187,401 120,726 Accruing loans past due 90 days or more [2] $205,356 $206,394 $233,971 $ (1,038) $(28,615) Ratios: Non-performing assets to total assets 0.73% 0.47% 0.60% Non-performing loans held-in-portfolio to loans held-in-portfolio 1.30 0.82 1.00 Allowance for credit losses to loans held-in-portfolio 2.03 2.02 2.06 Allowance for credit losses to non-performing loans, excluding loans held-for-sale 156.55 246.93 205.96 [1] There were no non-performing loans held-for-sale as of September 30, 2025, June 30, 2025 and September 30, 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 $9 million at September 30, 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 (June 30, 2025 - $8 million; September 30, 2024 - $9 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 $49 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of September 30, 2025 (June 30, 2025 - $52 million; September 30, 2024 - $70 million). Furthermore, the Corporation has approximately $29 million reverse mortgage loans which are guaranteed by FHA, as of September 30, 2025. Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-performing assets (June 30, 2025 - $29 million; September 30, 2024 - $32 million). 30
Page 31
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table M - Activity in Non-Performing Loans (Unaudited) Commercial loans held-in-portfolio: Quarter ended Quarter ended 30-Sep-25 30-Jun-25 (In thousands) BPPR Popular U.S. Popular, Inc. BPPR Popular U.S. Popular, Inc. Beginning balance NPLs $ 42,166 $ 21,711 $ 63,877 $42,597 $ 17,507 $ 60,104 Plus: New non-performing loans 211,193 1,775 212,968 1,768 5,632 7,400 Advances on existing non-performing loans — 48 48 — 20 20 Less: Non-performing loans transferred to OREO — — — (140) — (140) Non-performing loans charged-off (13,779) — (13,779) (403) (583) (986) Loans returned to accrual status / loan collections (3,499) (6,738) (10,237) (1,656) (865) (2,521) Ending balance NPLs $236,081 $ 16,796 $252,877 $42,166 $ 21,711 $ 63,877 Mortgage loans held-in-portfolio: Quarter ended Quarter ended 30-Sep-25 30-Jun-25 (In thousands) BPPR Popular U.S. Popular, Inc. BPPR Popular U.S. Popular, Inc. Beginning balance NPLs $147,464 $ 28,052 $175,516 $148,506 $ 29,087 $177,593 Plus: New non-performing loans 30,552 3,011 33,563 30,437 3,277 33,714 Less: Non-performing loans transferred to OREO (2,333) — (2,333) (2,245) (433) (2,678) Non-performing loans charged-off (75) — (75) (387) — (387) Loans returned to accrual status / loan collections (35,650) (3,254) (38,904) (28,847) (3,879) (32,726) Ending balance NPLs $139,958 $ 27,809 $167,767 $147,464 $ 28,052 $175,516 Total non-performing loans held-in-portfolio (excluding consumer): Quarter ended Quarter ended 30-Sep-25 30-Jun-25 (In thousands) BPPR Popular U.S. Popular, Inc. BPPR Popular U.S. Popular, Inc. Beginning balance NPLs $189,630 $ 49,763 $239,393 $191,103 $ 46,594 $237,697 Plus: New non-performing loans 241,745 4,786 246,531 32,205 8,909 41,114 Advances on existing non-performing loans — 48 48 — 20 20 Less: Non-performing loans transferred to OREO (2,333) — (2,333) (2,385) (433) (2,818) Non-performing loans charged-off (13,854) — (13,854) (790) (583) (1,373) Loans returned to accrual status / loan collections (39,149) (9,992) (49,141) (30,503) (4,744) (35,247) Ending balance NPLs $376,039 $ 44,605 $420,644 $189,630 $ 49,763 $239,393 31
Page 32
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table N - Allowance for Credit Losses, Net Charge-offs and Related Ratios (Unaudited) Quarters ended (In thousands) 30-Sep-25 30-Jun-25 30-Sep-24 Balance at beginning of period - loans held-in-portfolio $769,485 $762,148 $730,077 Provision for credit losses 74,517 49,539 72,769 Initial allowance for credit losses - PCD Loans 6 — 3 844,008 811,687 802,849 Net loans charge-off (recovered)- BPPR Commercial: Commercial multi-family (2) (6) — Commercial real estate non-owner occupied 12,614 (451) 10 Commercial real estate owner occupied (947) (1,005) (1,554) Commercial and industrial 1,467 1,436 4,729 Total Commercial 13,132 (26) 3,185 Construction — — (1,036) Mortgage (2,216) (2,429) (3,894) Leasing 2,054 2,736 2,256 Consumer: Credit cards 15,310 17,311 14,857 Home equity lines of credit (89) (307) (76) Personal 15,685 15,776 22,186 Auto 12,036 6,557 16,901 Other Consumer 627 546 202 Total Consumer 43,569 39,883 54,070 Total net charged-off BPPR $ 56,539 $ 40,164 $ 54,581 Net loans charge-off (recovered) - Popular U.S. Commercial: Commercial multi-family (60) 563 (5) Commercial real estate non-owner occupied — — (8) Commercial real estate owner occupied (16) (26) (19) Commercial and industrial 660 (205) 372 Total Commercial 584 332 340 Mortgage (36) (32) (46) Consumer: Home equity lines of credit (423) (579) (120) Personal 1,109 2,305 3,751 Other Consumer 15 12 23 Total Consumer 701 1,738 3,654 Total net charged-off Popular U.S. $ 1,249 $ 2,038 $ 3,948 Total loans net charged-off - Popular, Inc. $ 57,788 $ 42,202 $ 58,529 Balance at end of period - loans held-in-portfolio $786,220 $769,485 $744,320 Balance at beginning of period - unfunded commitments $ 13,053 $ 14,169 $ 18,884 Provision for credit losses (benefit) 770 (1,116) (500) Balance at end of period - unfunded commitments [1] $ 13,823 $ 13,053 $ 18,384 POPULAR, INC. Annualized net charge-offs (recoveries) to average loans held-in-portfolio 0.60% 0.45% 0.65% Provision for credit losses (benefit) - loan portfolios to net charge-offs 128.95% 117.39% 124.33% BPPR Annualized net charge-offs (recoveries) to average loans held-in-portfolio 0.84% 0.61% 0.86% Provision for credit losses (benefit) - loan portfolios to net charge-offs 128.48% 107.43% 141.34% Popular U.S. Annualized net charge-offs (recoveries) to average loans held-in-portfolio 0.04% 0.07% 0.15% Provision for credit losses (benefit) - loan portfolios to net charge-offs 150.36% 313.49% (110.89)% [1] Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition. 32
Page 33
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table O - Allowance for Credit Losses “ACL”- Loan Portfolios - BPPR Operations (Unaudited) 30-Sep-25 BPPR (Dollars in thousands) Total ACL Total loans held-in-portfolio ACL to loans held-in-portfolio Commercial: Commercial multi-family $ 3,521 $ 302,366 1.16% Commercial real estate - non-owner occupied 41,456 3,302,745 1.26% Commercial real estate - owner occupied 34,584 1,195,284 2.89% Commercial and industrial 151,955 5,751,998 2.64% Total commercial $231,516 $ 10,552,393 2.19% Construction 3,445 303,953 1.13% Mortgage 77,525 7,233,106 1.07% Leasing 19,220 1,998,651 0.96% Consumer: Credit cards 87,208 1,225,567 7.12% Home equity lines of credit 48 1,693 2.84% Personal 90,401 1,823,148 4.96% Auto 177,819 3,850,953 4.62% Other 8,173 172,327 4.74% Total consumer $363,649 $ 7,073,688 5.14% Total $695,355 $ 27,161,791 2.56% 30-Jun-25 BPPR (Dollars in thousands) Total ACL Total loans held-in-portfolio ACL to loans held-in-portfolio Commercial: Commercial multi-family $ 3,696 $ 306,363 1.21% Commercial real estate - non-owner occupied 43,139 3,329,984 1.30% Commercial real estate - owner occupied 35,848 1,202,106 2.98% Commercial and industrial 123,202 5,594,724 2.20% Total commercial $205,885 $ 10,433,177 1.97% Construction 3,075 253,299 1.21% Mortgage 74,966 7,104,006 1.06% Leasing 20,040 1,983,068 1.01% Consumer: Credit cards 92,306 1,215,290 7.60% Home equity lines of credit 54 1,809 2.99% Personal 92,891 1,792,210 5.18% Auto 182,274 3,861,702 4.72% Other 7,758 160,422 4.84% Total consumer $375,283 $ 7,031,433 5.34% Total $679,249 $ 26,804,983 2.53% 33
Page 34
Variance (Dollars in thousands) Total ACL Total loans held-in-portfolio ACL to loans held-in-portfolio Commercial: Commercial multi-family $ (175) $ (3,997) (0.05)% Commercial real estate - non-owner occupied (1,683) (27,239) (0.04)% Commercial real estate - owner occupied (1,264) (6,822) (0.09)% Commercial and industrial 28,753 157,274 0.44% Total commercial $25,631 $ 119,216 0.22% Construction 370 50,654 (0.08)% Mortgage 2,559 129,100 0.01% Leasing (820) 15,583 (0.05)% Consumer: Credit cards (5,098) 10,277 (0.48)% Home equity lines of credit (6) (116) (0.15)% Personal (2,490) 30,938 (0.22)% Auto (4,455) (10,749) (0.10)% Other 415 11,905 (0.10)% Total consumer $(11,634) $ 42,255 (0.20)% Total $16,106 $ 356,808 0.03% 34
Page 35
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table P - Allowance for Credit Losses “ACL”- Loan Portfolios - POPULAR U.S. Operations (Unaudited) 30-Sep-25 Popular U.S. (Dollars in thousands) Total ACL Total loans held-in-portfolio ACL to loans held-in-portfolio Commercial: Commercial multi-family $13,061 $ 2,187,223 0.60% Commercial real estate - non-owner occupied 17,389 2,159,835 0.81% Commercial real estate - owner occupied 14,607 1,895,440 0.77% Commercial and industrial 17,352 2,493,641 0.70% Total commercial $62,409 $ 8,736,139 0.71% Construction 7,659 1,300,659 0.59% Mortgage 9,456 1,325,302 0.71% Consumer: Home equity lines of credit 1,500 77,197 1.94% Personal 9,837 77,177 12.75% Other 4 8,893 0.04% Total consumer $11,341 $ 163,267 6.95% Total $90,865 $ 11,525,367 0.79% 30-Jun-25 Popular U.S. (Dollars in thousands) Total ACL Total loans held-in-portfolio ACL to loans held-in-portfolio Commercial: Commercial multi-family $13,085 $ 2,214,426 0.59% Commercial real estate - non-owner occupied 15,978 2,191,390 0.73% Commercial real estate - owner occupied 13,203 1,801,749 0.73% Commercial and industrial 18,160 2,449,028 0.74% Total commercial $60,426 $ 8,656,593 0.70% Construction 7,504 1,214,902 0.62% Mortgage 10,209 1,340,421 0.76% Consumer: Credit cards — 3 -% Home equity lines of credit 1,330 75,670 1.76% Personal 10,763 84,253 12.77% Other 4 8,353 0.05% Total consumer $12,097 $ 168,279 7.19% Total $90,236 $ 11,380,195 0.79% 35
Page 36
Variance (Dollars in thousands) Total ACL Total loans held-in-portfolio ACL to loans held-in-portfolio Commercial: Commercial multi-family $ (24) $ (27,203) 0.01% Commercial real estate - non-owner occupied 1,411 (31,555) 0.08% Commercial real estate - owner occupied 1,404 93,691 0.04% Commercial and industrial (808) 44,613 (0.04)% Total commercial $ 1,983 $ 79,546 0.01% Construction 155 85,757 (0.03)% Mortgage (753) (15,119) (0.05)% Consumer: Credit cards — (3) -% Home equity lines of credit 170 1,527 0.18% Personal (926) (7,076) (0.02)% Other — 540 (0.01)% Total consumer $ (756) $ (5,012) (0.24)% Total $ 629 $ 145,172 -% 36
Page 37
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table Q - Allowance for Credit Losses “ACL”- Loan Portfolios - Consolidated (Unaudited) 30-Sep-25 (Dollars in thousands) Total ACL Total loans held-in-portfolio ACL to loans held-in-portfolio Commercial: Commercial multi-family $ 16,582 $ 2,489,589 0.67% Commercial real estate - non-owner occupied 58,845 5,462,580 1.08% Commercial real estate - owner occupied 49,191 3,090,724 1.59% Commercial and industrial 169,307 8,245,639 2.05% Total commercial $293,925 $ 19,288,532 1.52% Construction 11,104 1,604,612 0.69% Mortgage 86,981 8,558,408 1.02% Leasing 19,220 1,998,651 0.96% Consumer: Credit cards 87,208 1,225,567 7.12% Home equity lines of credit 1,548 78,890 1.96% Personal 100,238 1,900,325 5.27% Auto 177,819 3,850,953 4.62% Other 8,177 181,220 4.51% Total consumer $374,990 $ 7,236,955 5.18% Total $786,220 $ 38,687,158 2.03% 30-Jun-25 (Dollars in thousands) Total ACL Total loans held-in-portfolio ACL to loans held-in-portfolio Commercial: Commercial multi-family $ 16,781 $ 2,520,789 0.67% Commercial real estate - non-owner occupied 59,117 5,521,374 1.07% Commercial real estate - owner occupied 49,051 3,003,855 1.63% Commercial and industrial 141,362 8,043,752 1.76% Total commercial $266,311 $ 19,089,770 1.40% Construction 10,579 1,468,201 0.72% Mortgage 85,175 8,444,427 1.01% Leasing 20,040 1,983,068 1.01% Consumer: Credit cards 92,306 1,215,293 7.60% Home equity lines of credit 1,384 77,479 1.79% Personal 103,654 1,876,463 5.52% Auto 182,274 3,861,702 4.72% Other 7,762 168,775 4.60% Total consumer $387,380 $ 7,199,712 5.38% Total $769,485 $ 38,185,178 2.02% 37
Page 38
Variance (Dollars in thousands) Total ACL Total loans held-in-portfolio ACL to loans held-in-portfolio Commercial: Commercial multi-family $ (199) $ (31,200) -% Commercial real estate - non-owner occupied (272) (58,794) 0.01% Commercial real estate - owner occupied 140 86,869 (0.04)% Commercial and industrial 27,945 201,887 0.29% Total commercial $27,614 $ 198,762 0.12% Construction 525 136,411 (0.03)% Mortgage 1,806 113,981 0.01% Leasing (820) 15,583 (0.05)% Consumer: Credit cards (5,098) 10,274 (0.48)% Home equity lines of credit 164 1,411 0.17% Personal (3,416) 23,862 (0.25)% Auto (4,455) (10,749) (0.10)% Other 415 12,445 (0.09)% Total consumer $(12,390) $ 37,243 (0.20)% Total $16,735 $ 501,980 0.01% 38
Page 39
Popular, Inc. Financial Supplement to Third Quarter 2025 Earnings Release Table R - Reconciliation to GAAP Financial Measures (Unaudited) (In thousands, except share or per share information) 30-Sep-25 30-Jun-25 30-Sep-24 Total stockholders’ equity $ 6,115,672 $ 5,954,018 $ 5,790,514 Less: Preferred stock (22,143) (22,143) (22,143) Less: Goodwill (789,954) (802,954) (804,428) Less: Other intangibles (5,460) (5,844) (7,531) Total tangible common equity $ 5,298,115 $ 5,123,077 $ 4,956,412 Total assets $75,065,798 $76,065,090 $71,323,074 Less: Goodwill (789,954) (802,954) (804,428) Less: Other intangibles (5,460) (5,844) (7,531) Total tangible assets $74,270,384 $75,256,292 $70,511,115 Tangible common equity to tangible assets 7.13% 6.81% 7.03% Common shares outstanding at end of period 66,959,866 67,937,468 71,787,349 Tangible book value per common share $ 79.12 $ 75.41 $ 69.04 Quarterly average Total stockholders’ equity [1] $6,943,541 $6,849,789 $6,460,517 Average unrealized (gains) losses on AFS securities transferred to HTM 296,934 334,183 550,971 Adjusted total stockholder’s equity 7,240,475 7,183,972 7,011,488 Less: Preferred Stock (22,143) (22,143) (22,143) Less: Goodwill (802,812) (802,953) (804,427) Less: Other intangibles (5,714) (6,096) (7,995) Total tangible equity $6,409,806 $6,352,780 $6,176,923 Return on average tangible common equity 13.06% 13.26% 9.98% [1] Average balances exclude unrealized gains or losses on debt securities available-for-sale. 39
Page 40
CONTACTS: Popular, Inc. Investor Relations: Paul J. Cardillo, 212-417-6721 Senior Vice President and Investor Relations Officer pcardillo@popular.com or Media Relations: MC González Noguera, 917-804-5253 Executive Vice President and Chief Communications & Public Affairs Officer mc.gonzalez@popular.com 40