Form 8-K

8-K — POPULAR, INC.

Accession: 0001193125-26-171797

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0000763901

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — d96899d8k.htm (Primary)

EX-99.1 (d96899dex991.htm)

EX-99.2 (d96899dex992.htm)

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8-K

8-K (Primary)

Filename: d96899d8k.htm · Sequence: 1

8-K

false 0000763901 0000763901 2026-04-23 2026-04-23 0000763901 us-gaap:CommonStockMember 2026-04-23 2026-04-23 0000763901 us-gaap:CumulativePreferredStockMember 2026-04-23 2026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2026

POPULAR, INC.

(Exact name of registrant as specified in its charter)

Puerto Rico

001-34084

66-0667416

(State or other jurisdiction of

incorporation or organization)

(Commission

File Number)

(IRS Employer

Identification Number)

209 Muñoz Rivera Avenue

Hato Rey, Puerto Rico

00918

(Address of principal executive offices)

(Zip code)

(787) 765-9800

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 23, 2026, Popular, Inc. (the “Corporation”) issued a press release announcing its unaudited financial results for the quarter ended March 31, 2026, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Corporation’s filings under the Securities Act of 1933, as amended, unless otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

The Corporation is furnishing information regarding its conference call to discuss its financial results for the quarter ended March 31, 2026. A copy of the presentation to be used by the Corporation on the conference call is attached hereto as Exhibit 99.2.

The information furnished pursuant to this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Corporation’s filings under the Securities Act of 1933, as amended, unless otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

Exhibits 99.1 and 99.2 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.

99.1

Press Release dated April 23, 2026 – First Quarter 2026 Financial Results.

99.2

Popular, Inc. Conference Call Presentation – First Quarter 2026 Financial Results.

101

Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).

104

Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

POPULAR, INC.

(Registrant)

Date: April 23, 2026

By:

/s/ Denissa M. Rodríguez

Denissa M. Rodríguez

Senior Vice President and Corporate Comptroller

EX-99.1

Filename: d96899dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Popular, Inc. Announces First Quarter 2026 Financial

Results

•

Net income of $245.7 million in Q1 2026, compared to net income of $233.9 million in Q4 2025.

•

Compared to adjusted net income in Q4 2025 of $224.2 million, which excluded a $9.7 million, net of

tax, partial reversal of the FDIC special assessment reserve, net income increased by $21.5 million when compared to Q4 2025.

•

Earnings per share (“EPS”) of $3.78 in Q1 2026 vs. $3.53 in Q4 2025.

•

Net interest income of $670.2 million in Q1 2026, an increase of $12.6 million compared to Q4 2025:

•

Net interest margin of 3.66% in Q1 2026, compared to 3.61% in Q4 2025; net interest margin on a taxable

equivalent basis of 4.14% in Q1 2026, compared to 4.03% in Q4 2025.

•

Non-interest income of $165.6 million in Q1 2026, a decrease of

$0.7 million when compared to $166.3 million in Q4 2025.

•

Operating expenses of $467.3 million, a decrease of $5.9 million when compared to

$473.2 million in Q4 2025.

•

Excluding the partial reversal of the FDIC special assessment reserve of $15.3 million in Q4 2025,

operating expenses decreased by $21.2 million when compared to Q4 2025.

•

Credit quality metrics:

•

Non-performing loans held-in-portfolio (“NPLs”) decreased by $40.2 million from Q4 2025; NPLs to loans ratio decreased to 1.17% from 1.27% in Q4 2025.

•

Net charge-offs (“NCOs”) increased by $10.4 million from Q4 2025 to $60.0 million,

mainly due to a single $11.1 million commercial loan charge-off, previously placed in non-accrual in Q3 2025. Annualized NCOs to average loans held-in-portfolio at 0.61% vs. 0.51% in Q4 2025.

•

Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.10% vs. 2.05% in Q4 2025; and

•

ACL to NPLs at 179.8% vs. 162.2% in Q4 2025.

•

Loans held-in-portfolio,

excluding loans held-for-sale, amounted to $39.3 billion, a decrease of $37.8 million from Q4 2025; average quarterly loan balances, excluding loans held-for-sale, higher by $434.9 million.

•

Money market and investment securities increased by $803.7 million from Q4 2025 to $33.6 billion;

average quarterly balances increased by $959.4 million.

•

Deposits at $67.6 billion, increasing by $1.4 billion from Q4 2025.

•

This includes an increase of $250.1 million in P.R. public deposits; excluding P.R. public deposits,

total deposits increased by $1.2 billion; average quarterly deposits increased by $1.1 billion, including an increase of $711.0 million in P.R. public deposits.

•

Common Equity Tier 1 ratio of 15.92%, Common Equity per share of $97.27 and Tangible Book Value per share of

$84.98 ($2.33 above Q4 2025).

•

Capital actions for the first quarter of 2026 included the repurchase of 1,155,398 shares of common stock for

$155.2 million, at an average price of $134.31 per share, and the payment and declaration of a quarterly common stock dividend of $0.75 per share. As of March 31, 2026, a total of $126.0 million remained available for stock

repurchases under our currently active authorization.

•

Return on average tangible common equity (“ROTCE”) of 15.46% in Q1 2026 vs. 14.39% in Q4 2025.

SAN JUAN, Puerto Rico – (BUSINESS WIRE) – Popular, Inc. (the “Corporation,” “Popular,”

“we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $245.7 million for the quarter ended March 31, 2026, compared to net income of $233.9 million for the quarter ended December 31, 2025.

“We delivered a strong start to 2026, with net income of $246 million and earnings per share of $3.78, up 38% and 48%, respectively,

year-over-year, reflecting disciplined execution across our businesses and continued momentum throughout the franchise,” said Javier D. Ferrer, President and Chief Executive Officer of Popular, Inc. “Our results

quarter-over-quarter were driven by higher net interest income, an expanding net interest margin and, importantly, lower operating expenses. We also returned $204 million to our shareholders through buybacks and dividends.”

“We continue to invest in our businesses and expand our operational capabilities in support of our strategic objectives. We know that when we deliver

for our customers, our businesses thrive and our shareholders are rewarded.”

“The Puerto Rico and United States economies remained resilient,

with healthy business performance and consumer activity. We remain attentive to the evolving geopolitical and macroeconomic landscape, focused on maintaining our disciplined approach and being a source of strength for those who depend on

us.”

“Our diversified business model, combined with robust capital and liquidity levels, positions us well to support our customers and create

long-term value for our shareholders.”

“We are pleased to have delivered a ROTCE of 15.5% this quarter, up from 14.4% in the fourth

quarter of 2025 and from 11.4% in the same quarter a year ago. This is a meaningful step forward in our journey toward a sustainable, through-the-cycle, 14% objective.”

“I want to express my sincere gratitude to our employees — it is their daily commitment to our customers, our communities, and each other that

makes these results possible.”

Earnings Highlights

(Unaudited)

Quarters ended

(Dollars in thousands, except per share information)

31-Mar-26

31-Dec-25

31-Mar-25

Net interest income

670,180

657,552

605,597

Provision for credit losses

75,886

72,016

64,081

Net interest income after provision for credit losses

594,294

585,536

541,516

Other non-interest income

165,626

166,286

152,061

Operating expenses

467,310

473,206

471,012

Income before income tax

292,610

278,616

222,565

Income tax expense

46,936

44,716

45,063

Net income

245,674

233,900

177,502

Net income applicable to common stock

245,321

233,547

177,149

Net income per common share - basic

3.78

3.53

2.56

Net income per common share - diluted

3.78

3.53

2.56

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 and E for the quarter ended March 31, 2026. 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.

Adjusted net income

In addition to analyzing the

Corporation’s results on a reported basis, management monitors the “Adjusted net income” of the Corporation and excludes the impact of certain transactions on the results of its operations. Management believes that the

“Adjusted net income” provides meaningful information about the underlying performance of the Corporation’s ongoing operations. The “Adjusted net income” is a non-GAAP financial

measure. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

The following table presents the reconciliation of the net income to the adjusted net income (non-GAAP) for

the quarter ended December 31, 2025. There were no adjustments to net income for the quarter ended March 31, 2026.

Adjusted Net Income for the Quarter Ended December 31, 2025

(Non-GAAP)

(Unaudited)

(In thousands)

Income before

income tax

Income tax

expense(benefit)

Impact on

net Income

U.S. GAAP Net income

278,616

44,716

233,900

Non-GAAP Adjustments:

FDIC Special Assessment [1]

(15,323

)

5,622

(9,701

)

Adjusted net income (Non-GAAP)

263,293

39,094

224,199

[1]

Partial reversal of the FDIC special assessment reserve imposed in connection with the receivership of several

failed banks in 2023. Refer to the Operating Expenses section of this press release for additional information.

Net Interest Income and Net Interest Margin

Net interest income (“NII”) for the first quarter of 2026 was $670.2 million, an increase of $12.6 million when compared to the

previous quarter. This increase was driven by lower interest expense on deposits by $22.1 million, primarily due to the lower cost of P.R. public deposits by $13.7 million, or 31 basis points, and lower cost of deposits in Popular

Bank by $7.4 million, or 18 basis points, due to repricing across most deposit products. Higher income from U.S. Treasury securities by $5.9 million also contributed to higher NII, driven by higher average deposit balances by

$1.1 billion during the quarter due to a combination of higher retail, commercial and P.R. public deposits, which supported the re-investment of maturities and purchases of U.S. treasuries. This increase

in NII was partially offset by lower income from loans by $7.7 million, primarily attributable to the impact of two fewer days in the period, partially offset by higher average loan balances in the commercial and construction portfolios in both

banks and in the mortgage loan portfolio in BPPR, as well as higher loan yields in the auto loan and credit card portfolios. In addition, lower income from money market investments by $4.0 million, or 28 basis points, negatively impacted NII

during the quarter, reflecting the full quarter impact of short-term market rate cuts by the Federal Open Market Committee in the fourth quarter of 2025. The overall impact in NII of the two fewer days in the quarter was lower NII by

$10.3 million.

Net interest margin (“NIM”) of 3.66% in the first quarter of 2026 increased five basis points, compared to 3.61% in the

previous quarter, primarily due to the reduction in costs of P.R. public deposits and high-cost deposits in Popular Bank described above.

Excluding P.R.

public deposits, average deposits increased by $383.5 million. Total deposit costs decreased by 12 basis points quarter-over-quarter to 1.56%. Excluding P.R. public deposits, total deposit costs decreased by five basis points to 1.09% compared

to the previous quarter.

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

Net interest income on a taxable equivalent basis for the first quarter of 2026 was $757.8 million, an increase of $24.0 million

when compared to the previous quarter. Net interest margin on a taxable equivalent basis for the first quarter of 2026 was 4.14%, an increase of 11 basis points, driven by higher average balance and yields of U.S. Treasuries and higher average

balance of mortgage and commercial loans during the period. Interest income on a taxable equivalent basis includes interest income on U.S. Treasuries and income from certain loans in BPPR portfolios, which are both tax exempt

in Puerto Rico.

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

For the BPPR segment, net interest income for the first quarter of 2026 was $567.9 million, an increase of $13.4 million over the previous

quarter. Net interest margin increased by seven basis points to 3.85%. Total deposit costs decreased by 11 basis points to 1.31%.

The main drivers of

higher net interest income for the BPPR segment include:

•

lower interest expense on deposits by $14.7 million, or 15 basis points, mainly driven by lower

cost of P.R. public deposits (linked to short-term market rates), which decreased by $13.7 million, or 31 basis points, reflecting the full quarter effect of the decline in short-term market rates during the fourth quarter of 2025; and

•

higher income from investment securities by $5.9 million, or four basis points, due to higher average

balances in U.S. Treasury securities attributable to higher purchase and reinvestment activity in higher yielding U.S. Treasuries driven by higher deposit average balances by $1.3 billion;

partially offset by:

•

lower income from money market investments by $3.4 million primarily due to a lower yield by 28 basis

points when compared to the fourth quarter to 2025 as a result of the decline in short term market rates; and

•

lower interest income from loans by $3.2 million, primarily attributable to the impact of two fewer

days in the period, partially offset by average loan balance growth of $369.5 million in the commercial and mortgage loan portfolios.

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

Net interest income for the Popular Bank segment in Q1 2026 was $111.7 million, higher by $0.1 million when compared to the previous

quarter. Net interest margin increased by four basis points to 3.15%. Total deposit costs decreased by 16 basis points during the quarter to 2.69%.

The

main drivers for the net interest income for the Popular Bank segment include:

•

lower interest expense on interest-bearing deposits by $7.4 million, or 18 basis points, attributable

to repricing across most deposit products but mainly from high-cost online savings and time deposits;

partially offset by:

•

lower interest income from loans by $4.5 million, or six basis points, driven by fewer days when

compared to the previous quarter along with a lower yield in the commercial loan portfolio primarily attributable to a single loan payoff that occurred in Q4 2025 and lower prepayment penalty fees; and

•

higher interest expense on short term borrowings by $1.2 million due to higher short-term FHLB advances.

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 $165.6 million for the quarter ended March 31, 2026, a decrease of

$0.7 million when compared to $166.3 million for the previous quarter. The main variances in non-interest income include:

•

lower other service fees by $3.6 million, mainly driven by lower debit and credit card fees by

$1.2 million, lower purchase volume when compared to the seasonal increase in the fourth quarter of 2025, and lower insurance fees by $1.9 million mainly due to contingent insurance commissions, which are typically recognized during the

fourth quarter;

partially offset by:

•

higher income from equity securities of $2.8 million mainly due to a favorable quarter-over-quarter variance

of $3.5 million in the valuation of securities held for deferred benefit plans, which have an offsetting effect in personnel costs, which during Q1 2026 had a $1.2 million positive market adjustment as compared to a decrease of

$2.3 million in Q4.

Refer to Table B for further details.

Operating expenses

Operating expenses for the

first quarter of 2026 totaled $467.3 million, a decrease of $5.9 million when compared to the fourth quarter of 2025. Excluding the partial reversal of the FDIC special assessment reserve of $15.3 million in Q4 2025, operating

expenses decreased by $21.2 million when compared to Q4 2025.

The other factors that contributed to lower total operating expenses were:

•

lower personnel costs by $14.1 million, primarily due to a profit-sharing accrual of $12.8 million

during the fourth quarter of 2025 and lower salaries from fewer days in the quarter;

•

lower business promotion expenses by $7.1 million mainly due to lower customer rewards programs expenses in

our credit card business, as well as lower advertising, sponsorship and corporate communication expenses that are seasonally higher in the fourth quarter of the year; and

•

lower professional fees by $3.8 million mainly due to fees related to corporate initiatives and IT projects

such as the ERP implementation project and lower cost associated with regulatory compliance activities;

partially offset

by:

•

higher deposit insurance by $15.9 million due to the $15.3 million FDIC special assessment partial

reversal recorded in the fourth quarter of 2025; and

•

higher technology and software expenses by $3.0 million mainly due to continuing investments in technology

and transformation initiatives.

Full-time equivalent employees were 9,191 as of March 31, 2026, compared to 9,238 as of

December 31, 2025.

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

Income taxes

For the first quarter of 2026, the

Corporation recorded an income tax expense of $46.9 million, compared to an income tax expense of $44.7 million for the previous quarter. The increase in income tax expense of $2.2 million is mainly driven by higher income before tax,

partially offset by higher exempt income.

The effective tax rate (“ETR”) of the Corporation is impacted by the composition source of its

taxable income and tax credit activities. The ETR for the first quarter of 2026 was 16.0%, in line with the previous quarter.

Credit Quality

During the first quarter of 2026, the Corporation’s credit quality metrics remained stable. The Corporation continues to closely monitor the

economic landscape and borrower performance, as macro-economic uncertainty and increased volatility remain key considerations. 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 first quarter of 2026:

Non-Performing Loans and Net Charge Offs

Total NPLs decreased by $40.2 million to $458.1 million compared to the previous quarter. Excluding consumer loans, inflows of NPLs held-in-portfolio decreased by $7.0 million in the first quarter of 2026. The ratio of NPLs to total loans held in the portfolio was 1.17% for the first quarter of 2026,

compared to 1.27% for the previous quarter. NPLs variances per reporting segment include:

•

In the BPPR segment, NPLs decreased by $38.4 million, primarily driven by reductions in commercial, consumer

and mortgage NPLs of $17.6 million, $17.5 million and $3.0 million, respectively. The decrease in commercial NPLs was mainly driven by an $11.1 million charge-off related to a commercial

real estate facility classified as NPL in the third quarter of 2025. The improvement in consumer NPLs was primarily due to a $16.8 million reduction in auto NPLs driven by increased payment activity. Excluding consumer loans, inflows to NPLs in

the BPPR segment decreased by $2.4 million compared to the previous quarter.

•

In the PB segment, NPLs remained stable quarter-over-quarter, decreasing by $1.8 million. Excluding consumer

loans, inflows to NPLs decreased by $4.6 million compared to the previous quarter.

Including other real estate owned

(“OREO”) assets of $45.7 million, non-performing assets (“NPAs”) for the Corporation amounted to $503.8 million, a decrease of $37.0 million when compared to the previous

quarter.

Total NCOs of $60.0 million increased by $10.4 million when compared to the fourth quarter of 2025. NCOs during the fourth quarter

included $5.3 million in recoveries from the sale of previously charged off auto and credit card loans. The Corporation’s ratio of annualized NCOs to average loans

held-in-portfolio for the first quarter was 0.61%, compared to 0.51% in the fourth quarter of 2025.

NCOs variances per reporting segment include:

•

In the BPPR segment, NCOs increased by $9.8 million, mostly due to the above referenced $11.1 million

commercial NCO.

•

In the PB segment, NCOs increased by $0.6 million.

Allowance for Credit Losses and Provision for Credit Losses

The ACL as of March 31, 2026 amounted to $823.7 million, an increase of $15.6 million when compared to the fourth quarter of 2025. The increase

in the ACL was primarily in the BPPR segment.

•

In the BPPR segment, the ACL increased by $14.3 million when compared to the previous quarter, mostly due to

a $22.3 million increase in reserves for commercial loans driven by higher specific reserves for a single-borrower exposure in non-accrual and other loan modifications. The ACL for mortgage loans

increased by $3.1 million, mostly due to changes in the macroeconomic scenarios. These increases were partially offset by a $12.4 million decrease in the ACL for consumer loans, mainly in the auto portfolio, reflecting improvements in

credit quality.

•

In the PB segment, the ACL remained stable, increasing by $1.4 million from the previous quarter.

The Corporation’s ratio of the ACL to loans

held-in-portfolio was 2.10% in the first quarter of 2026, compared to 2.05% in the previous quarter. The ratio of the ACL to NPLs held-in-portfolio increased to 179.8%, from 162.2% in the previous quarter.

The provision for loan losses for

the loan and lease portfolios for the first quarter of 2026 was $75.7 million, an increase of $4.3 million when compared to $71.4 million in the previous quarter. The provision for loan losses for the BPPR segment amounted to

$73.3 million, compared to $71.7 million in the previous quarter. This increase was primarily driven by higher provision expenses for commercial loans of $14.5 million, mainly due to specific reserves for two unrelated commercial

exposures in BPPR. The provision for mortgage loans increased by $10.6 million; during the previous quarter, changes in credit quality generated a release of $10.2 million in the mortgage loan portfolio. These increases were partially

offset by a lower provision for the consumer loan portfolio of $24.2 million, mainly in the auto loan and unsecured loan portfolios, as a result of changes in credit quality and lower reserve build-up

requirements due to slower origination activity. The provision for loan losses for the PB segment amounted to $2.4 million, compared to a release of $0.3 million in the prior quarter.

Including the provision for unfunded loan commitments and the provision related to the Corporation’s investment portfolio, the provision for credit

losses for the first quarter was $75.9 million.

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.

Non-Performing Assets

(Unaudited)

(In thousands)

31-Mar-26

31-Dec-25

31-Mar-25

Non-performing loans held-in-portfolio

458,117

498,343

314,069

Other real estate owned

45,680

42,433

52,114

Total non-performing assets

503,797

540,776

366,183

Net charge-offs for the quarter

60,023

49,592

49,103

Ratios:

Loans

held-in-portfolio

39,289,702

39,327,518

37,254,032

Non-performing loans held-in-portfolio to loans held-in-portfolio

1.17

1.27

0.84

Allowance for credit losses to loans held-in-portfolio

2.10

2.05

Allowance for credit losses to non-performing loans,

excluding loans held-for-sale

179.81

162.15

242.67

Refer to Table L for additional information.

Provision for Credit Losses (Benefit) - Loan Portfolios

(Unaudited)

Quarters ended

(In thousands)

31-Mar-26

31-Dec-25

31-Mar-25

Provision for credit losses (benefit) - loan portfolios:

BPPR

73,298

71,734

52,690

Popular U.S.

2,391

(308

)

12,528

Total provision for credit losses (benefit) - loan portfolios

75,689

71,426

65,218

Credit Quality by Segment

(Unaudited)

(Dollars in thousands)

Quarters ended

BPPR

31-Mar-26

31-Dec-25

31-Mar-25

Provision for credit losses - loan portfolios

73,298

71,734

52,690

Net charge-offs

58,990

49,171

47,102

Total non-performing loans

held-in-portfolio

420,273

458,709

262,006

Annualized net charge-offs to average loans held-in-portfolio

0.85

0.72

Allowance / loans

held-in-portfolio

2.65

2.60

2.59

Allowance / non-performing loans held-in-portfolio

174.23

156.51

258.11

Quarters ended

Popular U.S.

31-Mar-26

31-Dec-25

31-Mar-25

Provision for credit losses (benefit) - loan portfolios

2,391

(308

)

12,528

Net charge-offs

1,033

421

2,001

Total non-performing loans

held-in-portfolio

37,844

39,634

52,063

Annualized net charge-offs to average loans held-in-portfolio

0.04

0.01

0.07

Allowance / loans

held-in-portfolio

0.79

0.77

Allowance / non-performing loans held-in-portfolio

241.77

227.42

164.96

Financial Condition Highlights

(Unaudited)

(In thousands)

31-Mar-26

31-Dec-25

31-Mar-25

Cash and money market investments

5,040,621

5,029,261

6,575,193

Investment securities

28,943,544

28,168,918

27,375,396

Loans

39,289,702

39,327,518

37,254,032

Total assets

76,131,018

75,348,267

74,038,606

Deposits

67,611,316

66,190,093

65,819,255

Borrowings

1,119,557

1,448,578

1,090,417

Total liabilities

69,819,932

69,099,188

68,238,911

Stockholders’ equity

6,311,086

6,249,079

5,799,695

Total assets amounted to $76.1 billion at March 31, 2026, an increase of $782.8 million from

the fourth quarter of 2025, driven by:

•

an increase in available-for-sale

(“AFS”) securities of $1.2 billion, driven by reinvestment in U.S. Treasury securities, partially offset by maturities and principal paydowns, mainly in mortgage-backed securities (“MBS”);

partially offset by:

•

a decrease in held-to-maturity

(“HTM”) securities of $365.0 million, driven by maturities and principal paydowns, partially offset by the amortization of $46.9 million of the discount related to U.S. Treasury securities previously reclassified from AFS to

HTM.

Total liabilities increased by $720.7 million from the fourth quarter of 2025, driven by:

•

an increase of $1.4 billion in deposits, primarily driven by an increase at BPPR of $1.2 billion,

including higher balances across both retail and commercial accounts, driven by growth in total retail deposit accounts and increased balances from commercial deposits, and an increase in P.R. public deposits of approximately $250.1 million,

reflecting an inflow of federal funds and funds from tax collections, partially offset by seasonal disbursements related to tax refunds. At quarter end, P.R. public deposits totaled $19.7 billion;

partially offset by:

•

a decrease in other liabilities of $375.9 million, mainly due to lower unsettled U.S. Treasury security

purchases by $298.3 million; and

•

a decrease in other short-term borrowings of $300.0 million due to lower FHLB advances in PB.

Stockholders’ equity increased by $62.0 million when compared to the fourth quarter of 2025 mainly due to the

quarter’s net income of $245.7 million and the amortization of unrealized losses from securities previously reclassified to HTM of $37.5 million, net of tax, partially offset by an increase in Treasury Stock of $152.4 million,

mainly due to common stock repurchases during the quarter, the common and preferred dividends declared during the quarter of $48.9 million, and an increase in net unrealized losses in the portfolio of AFS securities of $25.3 million.

During the quarter ended March 31, 2026, Popular repurchased 1,155,398 shares of common stock for $155.2 million at an average price of $134.31 per

share. As of March 31, 2026, $126.0 million remained available for stock repurchase under the active repurchase authorization.

Common

Equity Tier 1 ratio (“CET1”), common equity per share and tangible book value per share were 15.92%, $97.27 and $84.98, respectively, at March 31, 2026, compared to 15.72%, $94.75 and $82.65, respectively, at December 31, 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, our ability to execute capital actions, including with respect to share repurchases and dividends, the imposition of additional or special FDIC assessments, or increases

thereto, the occurrence of any cyber-security event, 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 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, 2025 and our Form 10-Q for the quarters ended March 31, 2026 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 and commercial banking services through its New

York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.

Conference Call

Popular will hold a conference call to discuss its financial results today, Thursday, April 23, 2026 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.

Following the live webcast, a replay will be archived in the investor relations section of Popular’s website.

Popular, Inc.

Financial Supplement to First Quarter 2026 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 [Left Blank]

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

POPULAR, INC.

Financial Supplement to First Quarter 2026 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)

Quarters ended

31-Mar-26

31-Dec-25

31-Mar-25

Basic EPS

3.78

3.53

2.56

Diluted EPS

3.78

3.53

2.56

Average common shares outstanding

64,818,440

65,997,636

69,280,137

Average common shares outstanding - assuming dilution

64,877,543

66,030,817

69,307,681

Common shares outstanding at end of period

64,654,788

65,719,385

68,984,148

Market value per common share

134.17

124.52

92.37

Market capitalization - (In millions)

8,675

8,183

6,372

Return on average assets

1.29

1.23

0.96

Return on average common equity

13.76

12.81

10.07

Net interest margin (non-taxable equivalent

basis)

3.66

3.61

3.40

Net interest margin (taxable equivalent basis) -non-GAAP

4.14

4.03

3.73

Common equity per share

97.27

94.75

83.75

Tangible common book value per common share (non-GAAP)

[1]

84.98

82.65

72.02

Tangible common equity to tangible assets (non-GAAP)

[1]

7.29

6.78

Return on average tangible common equity [1]

15.46

14.39

11.36

Tier 1 capital

15.98

15.77

16.16

Total capital

17.71

17.50

17.91

Tier 1 leverage

8.60

8.65

8.50

Common Equity Tier 1 capital

15.92

15.72

16.11

[1]

Refer to Table R for reconciliation to GAAP financial measures.

POPULAR, INC.

Financial Supplement to First Quarter 2026 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)

Quarters ended

Variance

Quarter ended

Variance

Q1 2026

(In thousands, except per share information)

31-Mar-26

31-Dec-25

vs. Q4 2025

31-Mar-25

vs. Q1 2025

Interest income:

Loans

702,149

709,819

(7,670

)

666,673

35,476

Money market investments

44,240

48,221

(3,981

)

70,166

(25,926

)

Investment securities

200,827

197,450

3,377

180,159

20,668

Total interest income

947,216

955,490

(8,274

)

916,998

30,218

Interest expense:

Deposits

259,418

281,543

(22,125

)

297,863

(38,445

)

Short-term borrowings

5,703

4,476

1,227

1,426

4,277

Long-term debt

11,915

11,919

)

12,112

(197

)

Total interest expense

277,036

297,938

(20,902

)

311,401

(34,365

)

Net interest income

670,180

657,552

12,628

605,597

64,583

Provision for credit losses

75,886

72,016

3,870

64,081

11,805

Net interest income after provision for credit losses

594,294

585,536

8,758

541,516

52,778

Service charges on deposit accounts

38,766

38,911

(145

)

39,054

(288

)

Other service fees

102,921

106,505

(3,584

)

94,508

8,413

Mortgage banking activities

4,213

3,624

589

3,689

524

Net gain (loss), including impairment, on equity securities

1,029

(2,049

)

3,078

(414

)

1,443

Net gain on trading account debt securities

261

452

(191

)

520

(259

)

Adjustments to indemnity reserves on loans sold

(503

)

538

173

(138

)

Other operating income

18,401

19,346

(945

)

14,531

3,870

Total non-interest income

165,626

166,286

(660

)

152,061

13,565

Operating expenses:

Personnel costs

Salaries

134,813

139,665

(4,852

)

130,950

3,863

Commissions, incentives and other bonuses

34,903

36,394

(1,491

)

37,986

(3,083

)

Profit sharing

(1,203

)

12,801

(14,004

)

—

(1,203

)

Pension, postretirement and medical insurance

14,896

17,556

(2,660

)

14,566

330

Other personnel costs, including payroll taxes

32,660

23,742

8,918

29,211

3,449

Total personnel costs

216,069

230,158

(14,089

)

212,713

3,356

Net occupancy expenses

27,299

27,772

(473

)

27,218

Equipment expenses

5,229

5,706

(477

)

5,302

(73

)

Other taxes

17,677

17,615

18,725

(1,048

)

Professional fees

25,553

29,357

(3,804

)

26,825

(1,272

)

Technology and software expenses

89,139

86,124

3,015

83,668

5,471

Processing and transactional services

Credit and debit cards

14,206

15,470

(1,264

)

12,926

1,280

Other processing and transactional services

24,881

22,866

2,015

24,855

Total processing and transactional services

39,087

38,336

751

37,781

1,306

Communications

4,509

4,520

(11

)

4,904

(395

)

Business promotion

Rewards and customer loyalty programs

15,392

17,741

(2,349

)

16,365

(973

)

Other business promotion

7,468

12,178

(4,710

)

7,310

158

Total business promotion

22,860

29,919

(7,059

)

23,675

(815

)

Deposit insurance

9,917

(5,946

)

15,863

10,035

(118

)

Other real estate owned (OREO) expense (income)

(4,618

)

(2,531

)

(2,087

)

(3,330

)

(1,288

)

Other operating expenses

Operational losses

3,975

2,624

1,351

6,138

(2,163

)

All other

10,230

9,168

1,062

16,761

(6,531

)

Total other operating expenses

14,205

11,792

2,413

22,899

(8,694

)

Amortization of intangibles

384

—

597

(213

)

Total operating expenses

467,310

473,206

(5,896

)

471,012

(3,702

)

Income before income tax

292,610

278,616

13,994

222,565

70,045

Income tax expense

46,936

44,716

2,220

45,063

1,873

Net income

245,674

233,900

11,774

177,502

68,172

Net income applicable to common stock

245,321

233,547

11,774

177,149

68,172

Net income per common share - basic

3.78

3.53

0.25

2.56

1.22

Net income per common share - diluted

3.78

3.53

0.25

2.56

1.22

Dividends Declared per Common Share

0.75

—

0.70

0.05

Popular, Inc.

Financial Supplement to First Quarter 2026 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)

Variance

Q1 2026 vs.

(In thousands)

31-Mar-26

31-Dec-25

31-Mar-25

Q4 2025

Assets:

Cash and due from banks

384,922

402,755

380,165

(17,833

)

Money market investments

4,655,699

4,626,506

6,195,028

29,193

Trading account debt securities, at fair value

30,449

36,569

28,477

(6,120

)

Debt securities

available-for-sale, at fair value

21,733,269

20,574,972

19,493,180

1,158,297

Debt securities

held-to-maturity, at amortized cost

6,962,659

7,327,529

7,648,718

(364,870

)

Less: Allowance for credit losses

5,900

5,812

5,481

Debt securities

held-to-maturity, net

6,956,759

7,321,717

7,643,237

(364,958

)

Equity securities

217,167

229,848

205,021

(12,681

)

Loans

held-for-sale, at lower of cost or fair value

5,603

9,998

5,077

(4,395

)

Loans

held-in-portfolio

39,703,844

39,749,142

37,675,070

(45,298

)

Less: Unearned income

414,142

421,624

421,038

(7,482

)

Allowance for credit losses

823,729

808,056

762,148

15,673

Total loans

held-in-portfolio, net

38,465,973

38,519,462

36,491,884

(53,489

)

Premises and equipment, net

706,233

685,820

625,237

20,413

Other real estate

45,680

42,433

52,114

3,247

Accrued income receivable

308,617

300,824

262,720

7,793

Mortgage servicing rights, at fair value

94,232

96,356

104,743

(2,124

)

Other assets

1,731,769

1,705,977

1,742,540

25,792

Goodwill

789,954

802,954

—

Other intangible assets

4,692

5,076

6,229

(384

)

Total assets

76,131,018

75,348,267

74,038,606

782,751

Liabilities and Stockholders’ Equity:

Liabilities:

Deposits:

Non-interest bearing

15,785,788

15,304,209

15,160,801

481,579

Interest bearing

51,825,528

50,885,884

50,658,454

939,644

Total deposits

67,611,316

66,190,093

65,819,255

1,421,223

Assets sold under agreements to repurchase

34,576

39,001

57,268

(4,425

)

Other short-term borrowings

350,000

650,000

200,000

(300,000

)

Notes payable

734,981

759,577

833,149

(24,596

)

Other liabilities

1,089,059

1,460,517

1,329,239

(371,458

)

Total liabilities

69,819,932

69,099,188

68,238,911

720,744

Stockholders’ equity:

Preferred stock

22,143

—

Common stock

1,049

—

Surplus

4,928,636

4,924,296

4,912,886

4,340

Retained earnings

5,403,176

5,206,497

4,699,697

196,679

Treasury stock

(2,875,230

)

(2,722,819

)

(2,346,093

)

(152,411

)

Accumulated other comprehensive loss, net of tax

(1,168,688

)

(1,182,087

)

(1,489,987

)

13,399

Total stockholders’ equity

6,311,086

6,249,079

5,799,695

62,007

Total liabilities and stockholders’ equity

76,131,018

75,348,267

74,038,606

782,751

Popular, Inc.

Financial Supplement to First Quarter 2026 Earnings Release

Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)

For the quarters ended March 31, 2026 and December 31, 2025

(Unaudited)

Average Volume

Average Yields / Costs

Interest

Variance

Attributable to

31-Mar-26

31-Dec-25

Variance

31-Mar-26

31-Dec-25

Variance

31-Mar-26

31-Dec-25

Variance

Rate

Volume

(In millions)

(In thousands)

4,850

4,810

3.70

3.98

(0.28

Money market investments

44,240

48,221

(3,981

)

(4,385

)

404

29,810

28,892

918

3.52

3.43

0.09

Investment securities [1]

258,897

249,672

9,225

9,195

5.56

5.26

0.30

Trading securities

463

430

34,694

33,734

960

3.54

3.51

0.03

Total money market, investment and trading securities

303,600

298,323

5,277

(4,340

)

9,617

Loans:

19,723

19,395

328

6.71

6.75

(0.04

)

Commercial

326,387

330,093

(3,706

)

(9,231

)

5,525

1,697

1,639

8.14

8.20

(0.06

)

Construction

34,068

33,871

197

(969

)

1,166

1,985

1,991

)

7.35

7.27

0.08

Leasing

36,459

36,178

281

391

(110

)

8,664

8,591

6.08

6.02

0.06

Mortgage

131,679

129,278

2,401

1,307

1,094

3,309

3,294

13.86

13.59

0.27

Consumer

113,129

112,828

301

(268

)

569

3,892

3,933

(41

)

9.33

9.20

0.13

Auto

89,496

91,216

(1,720

)

(778

)

(942

)

39,270

38,843

427

7.53

7.51

0.02

Total loans

731,218

733,464

(2,246

)

(9,548

)

7,302

73,964

72,577

1,387

5.66

5.65

0.01

Total earning assets

1,034,818

1,031,787

3,031

(13,888

)

16,919

Interest bearing deposits:

8,554

8,354

200

1.62

1.74

(0.12

NOW and money market

34,159

36,632

(2,473

)

(3,502

)

1,029

14,633

14,532

101

0.77

0.79

(0.02

)

Savings

27,714

29,095

(1,381

)

(1,177

)

(204

)

8,714

8,859

(145

)

2.99

3.08

(0.09

)

Time deposits

64,243

68,777

(4,534

)

(3,244

)

(1,290

)

20,362

19,651

711

2.66

2.97

(0.31

)

P.R. public deposits

133,302

147,039

(13,737

)

(18,689

)

4,952

52,263

51,396

867

2.01

2.17

(0.16

)

Total interest bearing deposits

259,418

281,543

(22,125

)

(26,612

)

4,487

15,101

14,874

227

Non-interest bearing demand deposits

67,364

66,270

1,094

1.56

1.68

(0.12

)

Total deposits

259,418

281,543

(22,125

)

(26,612

)

4,487

597

425

172

3.88

4.18

(0.30

)

Short-term borrowings

5,703

4,476

1,227

(443

)

1,670

772

792

(20

)

6.26

6.04

0.22

Other medium and long-term debt

11,915

11,919

)

344

(348

)

53,632

52,613

1,019

2.09

2.24

(0.15

)

Total interest bearing liabilities (excluding demand deposits)

277,036

297,938

(20,902

)

(26,711

)

5,809

5,231

5,090

141

Other sources of funds

73,964

72,577

1,387

1.52

1.62

(0.10

Total source of funds

277,036

297,938

(20,902

)

(26,711

)

5,809

4.14

4.03

0.11

Net interest margin/ income on a taxable equivalent basis

(Non-GAAP)

757,782

733,849

23,933

12,823

11,110

3.57

3.41

0.16

Net interest spread

Taxable equivalent adjustment

87,602

76,297

11,305

3.66

3.61

0.05

Net interest margin/ income non-taxable equivalent

basis (GAAP)

670,180

657,552

12,628

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.

Popular, Inc.

Financial Supplement to First Quarter 2026 Earnings Release

Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP)

For the quarters ended March 31, 2026 and March 31, 2025

(Unaudited)

Average Volume

Average Yields / Costs

Interest

Variance Attributable

31-Mar-26

31-Mar-25

Variance

31-Mar-26

31-Mar-25

Variance

31-Mar-26

31-Mar-25

Variance

Rate

Volume

(In millions)

(In thousands)

4,850

6,379

(1,529

)

3.70

4.46

(0.76

Money market investments

44,240

70,166

(25,926

)

(10,784

)

(15,142

)

29,810

28,415

1,395

3.52

3.14

0.38

Investment securities [1]

258,897

220,435

38,462

24,348

14,114

5.56

5.82

(0.26

)

Trading securities

463

440

(20

)

34,694

34,825

(131

)

3.54

3.38

0.16

Total money market, investment and trading securities

303,600

291,041

12,559

13,544

(985

)

Loans:

19,723

18,489

1,234

6.71

—

Commercial

326,387

305,968

20,419

20,416

1,697

1,309

388

8.14

8.11

0.03

Construction

34,068

26,190

7,878

102

7,776

1,985

1,930

7.35

7.14

0.21

Leasing

36,459

34,444

2,015

1,015

1,000

8,664

8,168

496

6.08

5.82

0.26

Mortgage

131,679

118,917

12,762

5,360

7,402

3,309

3,203

106

13.86

14.04

(0.18

)

Consumer

113,129

110,859

2,270

(1,351

)

3,621

3,892

3,907

(15

)

9.33

9.12

0.21

Auto

89,496

87,850

1,646

1,980

(334

)

39,270

37,006

2,264

7.53

7.48

0.05

Total loans

731,218

684,228

46,990

7,109

39,881

73,964

71,831

2,133

5.66

5.49

0.17

Total earning assets

1,034,818

975,269

59,549

20,653

38,896

Interest bearing deposits:

8,554

7,983

571

1.62

1.73

(0.11

NOW and money market

34,159

34,002

157

(4,227

)

4,384

14,633

14,507

126

0.77

0.87

(0.10

)

Savings

27,714

31,280

(3,566

)

(2,118

)

(1,448

)

8,714

8,400

314

2.99

3.22

(0.23

)

Time deposits

64,243

66,681

(2,438

)

(4,969

)

2,531

20,362

20,286

2.66

3.32

(0.66

)

P.R. public deposits

133,302

165,900

(32,598

)

(33,046

)

448

52,263

51,176

1,087

2.01

2.36

(0.35

)

Total interest bearing deposits

259,418

297,863

(38,445

)

(44,360

)

5,915

15,101

14,682

419

Non-interest bearing demand deposits

67,364

65,858

1,506

1.56

1.83

(0.27

)

Total deposits

259,418

297,863

(38,445

)

(44,360

)

5,915

597

121

476

3.88

4.77

(0.89

)

Short-term borrowings

5,703

1,426

4,277

(284

)

4,561

772

862

(90

)

6.26

5.66

0.60

Other medium and long-term debt

11,915

12,112

(197

)

1,223

(1,420

)

53,632

52,159

1,473

2.09

2.42

(0.33

)

Total interest bearing liabilities (excluding demand deposits)

277,036

311,401

(34,365

)

(43,421

)

9,056

5,231

4,990

241

Other sources of funds

73,964

71,831

2,133

1.52

1.76

(0.24

Total source of funds

277,036

311,401

(34,365

)

(43,421

)

9,056

4.14

3.73

0.41

Net interest margin/ income on a taxable equivalent basis

(Non-GAAP)

757,782

663,868

93,914

64,074

29,840

3.57

3.07

0.50

Net interest spread

Taxable equivalent adjustment

87,602

58,271

29,331

3.66

3.40

0.26

Net interest margin/ income non-taxable equivalent

basis (GAAP)

670,180

605,597

64,583

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]

Popular, Inc.

Financial Supplement to First Quarter 2026 Earnings Release

Table F – Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE

[THIS PAGE INTENTIONALLY LEFT BLANK]

Popular, Inc.

Financial Supplement to First Quarter 2026 Earnings Release

Table G - Mortgage Banking Activities and Other Service Fees

(Unaudited)

Mortgage Banking Activities

Quarters ended

Variance

(In thousands)

31-Mar-26

31-Dec-25

31-Mar-25

Q1 2026 vs.Q4

2025

Mortgage servicing fees, net of fair value adjustments:

Mortgage servicing fees

6,483

6,805

7,168

(322

)

Mortgage servicing rights fair value adjustments

(2,639

)

(3,521

)

(3,570

)

882

Total mortgage servicing fees, net of fair value adjustments

3,844

3,284

3,598

560

Net gain (loss) on sale of loans, including valuation on loans held-for-sale

317

505

193

(188

)

Trading account (loss) profit:

Unrealized (losses) gains on outstanding derivative positions

(45

)

(87

)

120

Realized (losses) gains on closed derivative positions

(18

)

(53

)

Total trading account (loss) profit

(98

)

(86

)

155

Losses on repurchased loans, including interest advances

)

(67

)

(16

)

Total mortgage banking activities

4,214

3,624

3,689

590

Other Service Fees

Quarters ended

Variance

(In thousands)

31-Mar-26

31-Dec-25

31-Mar-25

Q1 2026 vs.Q4

2025

Other service fees:

Debit card fees

30,009

30,399

26,432

(390

)

Insurance fees

12,525

14,465

11,309

(1,940

)

Credit card fees

32,000

32,772

30,130

(772

)

Sale and administration of investment products

10,187

10,203

8,973

(16

)

Trust fees

7,339

7,276

6,300

Other fees

10,861

11,390

11,364

(529

)

Total other service fees

102,921

106,505

94,508

(3,584

)

Popular, Inc.

Financial Supplement to First Quarter 2026 Earnings Release

Table H - Consolidated Loans and Deposits

(Unaudited)

Loans - Ending Balances

Variance

(Dollars in thousands)

31-Mar-26

31-Dec-25

31-Mar-25

Q1 2026 vs.Q4

2025

% of Change

Q1 2026 vs.Q1

2025

% of Change

Loans

held-in-portfolio:

Commercial

Commercial multi-family

2,427,295

2,455,790

2,374,915

(28,495

)

(1.16

52,380

2.21

Commercial real estate non-owner occupied

5,543,451

5,543,284

5,540,603

167

0.00

2,848

0.05

Commercial real estate owner occupied

3,212,356

3,153,080

2,956,559

59,276

1.88

255,797

8.65

Commercial and industrial

8,565,559

8,607,412

7,693,523

(41,853

)

(0.49

872,036

11.33

Total Commercial

19,748,661

19,759,566

18,565,600

(10,905

)

(0.06

1,183,061

6.37

Construction

1,674,193

1,674,899

1,358,979

(706

)

(0.04

315,214

23.19

Mortgage

8,712,361

8,649,440

8,273,753

62,921

0.73

438,608

5.30

Leasing

1,986,165

2,001,365

1,949,705

(15,200

)

(0.76

36,460

1.87

Consumer

Credit cards

1,214,199

1,256,717

1,187,777

(42,518

)

(3.38

26,422

2.22

Home equity lines of credit

79,764

78,692

77,109

1,072

1.36

2,655

3.44

Personal

1,913,281

1,906,228

1,850,023

7,053

0.37

63,258

3.42

Auto

3,783,904

3,819,812

3,820,242

(35,908

)

(0.94

(36,338

)

(0.95

Other

177,174

180,799

170,844

(3,625

)

(2.00

6,330

3.71

Total Consumer

7,168,322

7,242,248

7,105,995

(73,926

)

(1.02

62,327

0.88

Total loans

held-in-portfolio

39,289,702

39,327,518

37,254,032

(37,816

)

(0.10

2,035,670

5.46

Loans

held-for-sale:

Mortgage

5,603

9,998

5,077

(4,395

)

(43.96

526

10.36

Total loans

held-for-sale

5,603

9,998

5,077

(4,395

)

(43.96

526

10.36

Total loans

39,295,305

39,337,516

37,259,109

(42,211

)

(0.11

2,036,196

5.46

Deposits - Ending Balances

Variance

(In thousands)

31-Mar-26

31-Dec-25

31-Mar-25 [2]

Q1 2026 vs. Q4

2025

% of Change

Q1 2026 vs.Q1

2025

% of Change

Deposits excluding P.R. public deposits:

Demand deposits

15,778,435

15,298,712

15,160,801

479,723

3.14

617,634

4.07

Savings, NOW and money market deposits

(non-brokered)

23,208,340

22,655,936

22,581,355

552,404

2.44

626,985

2.78

Savings, NOW and money market deposits (brokered)

82,417

87,566

95,861

(5,149

)

(5.88

(13,444

)

(14.02

Time deposits (non-brokered)

7,958,260

7,861,848

7,689,656

96,412

1.23

268,604

3.49

Time deposits (brokered CDs)

914,526

866,772

668,922

47,754

5.51

245,604

36.72

Sub-total deposits excluding P.R. public deposits

47,941,978

46,770,834

46,196,595

1,171,144

2.50

1,745,383

3.78

P.R. public deposits:

Demand deposits [1]

11,967,888

11,534,301

11,157,254

433,587

3.76

810,634

7.27

Savings, NOW and money market deposits

(non-brokered)

6,828,306

7,134,217

7,655,847

(305,911

)

(4.29

(827,541

)

(10.81

Time deposits (non-brokered)

873,144

750,741

809,559

122,403

16.30

63,585

7.85

Sub-total P.R. public deposits

19,669,338

19,419,259

19,622,660

250,079

1.29

46,678

0.24

Total deposits

67,611,316

66,190,093

65,819,255

1,421,223

2.15

1,792,061

2.72

[1]

Includes interest bearing demand deposits.

[2]

Savings, NOW and money market deposits include reciprocal deposits of $821 million as of March 31,

2026 (December 31, 2025 - $780 million; March 31, 2025 - $726 million) that were categorized as brokered deposits during 2025 and recharacterized as non-brokered on 2026. Similarly, Time deposits

include reciprocal deposits of $86.9 million as of March 31, 2026 (December 31, 2025 - $92.6 million; March 31, 2025 - $144 million) that were categorized as brokered deposits during 2025 and recharacterized as non-brokered on 2026. The presentation for March 31, 2025 and December 31, 2025 has been adjusted to conform to the presentation for March 31, 2026.

Popular, Inc.

Financial Supplement to First Quarter 2026 Earnings Release

Table I - Loan Delinquency -BPPR Operations

(Unaudited)

31-Mar-26

BPPR

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

2,717

7,927

—

10,644

332,447

343,091

—

Commercial real estate:

Non-owner occupied

3,123

—

26,457

29,580

3,362,611

3,392,191

26,457

—

Owner occupied

2,114

664

14,192

16,970

1,131,241

1,148,211

14,192

—

Commercial and industrial

5,792

2,240

190,205

198,237

5,742,028

5,940,265

185,993

4,212

Construction

13,635

—

13,635

399,144

412,779

—

Mortgage

218,044

102,818

325,321

646,183

6,789,562

7,435,745

129,367

195,954

Leasing

21,261

3,938

8,892

34,091

1,952,074

1,986,165

8,892

—

Consumer:

Credit cards

12,351

8,721

25,395

46,467

1,167,725

1,214,192

—

25,395

Home equity lines of credit

—

120

—

120

1,778

1,898

—

Personal

18,601

11,212

15,976

45,789

1,805,275

1,851,064

15,755

221

Auto

81,112

13,038

35,390

129,540

3,654,364

3,783,904

35,390

—

Other

574

135

4,663

5,372

162,036

167,408

4,227

436

Total

379,324

150,813

646,491

1,176,628

26,500,285

27,676,913

420,273

226,218

31-Dec-25

BPPR

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

6,579

155

112

6,846

296,502

303,348

112

—

Commercial real estate:

Non-owner occupied

2,457

299

35,692

38,448

3,356,682

3,395,130

35,692

—

Owner occupied

2,760

681

24,567

28,008

1,168,585

1,196,593

24,567

—

Commercial and industrial

8,864

3,760

187,222

199,846

5,770,227

5,970,073

183,914

3,308

Construction

17,283

—

17,283

340,258

357,541

—

Mortgage

261,145

133,124

329,613

723,882

6,624,085

7,347,967

132,373

197,240

Leasing

23,748

4,640

9,179

37,567

1,963,798

2,001,365

9,179

—

Consumer:

Credit cards

13,700

10,617

27,529

51,846

1,204,885

1,256,731

—

27,529

Home equity lines of credit

—

1,908

—

Personal

19,608

11,894

19,082

50,584

1,785,818

1,836,402

18,863

219

Auto

109,103

25,495

52,200

186,798

3,633,014

3,819,812

52,200

—

Other

927

2,688

2,285

5,900

165,858

171,758

1,809

476

Total

466,174

193,353

687,481

1,347,008

26,311,620

27,658,628

458,709

228,772

Variance

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

(3,862

)

7,772

(112

)

3,798

35,945

39,743

(112

)

—

Commercial real estate:

Non-owner occupied

666

(299

)

(9,235

)

(8,868

)

5,929

(2,939

)

(9,235

)

—

Owner occupied

(646

)

(17

)

(10,375

)

(11,038

)

(37,344

)

(48,382

)

(10,375

)

—

Commercial and industrial

(3,072

)

(1,520

)

2,983

(1,609

)

(28,199

)

(29,808

)

2,079

904

Construction

(3,648

)

—

(3,648

)

58,886

55,238

—

Mortgage

(43,101

)

(30,306

)

(4,292

)

(77,699

)

165,477

87,778

(3,006

)

(1,286

)

Leasing

(2,487

)

(702

)

(287

)

(3,476

)

(11,724

)

(15,200

)

(287

)

—

Consumer:

Credit cards

(1,349

)

(1,896

)

(2,134

)

(5,379

)

(37,160

)

(42,539

)

—

(2,134

)

Home equity lines of credit

—

120

—

120

(130

)

(10

)

—

Personal

(1,007

)

(682

)

(3,106

)

(4,795

)

19,457

14,662

(3,108

)

Auto

(27,991

)

(12,457

)

(16,810

)

(57,258

)

21,350

(35,908

)

(16,810

)

—

Other

(353

)

(2,553

)

2,378

(528

)

(3,822

)

(4,350

)

2,418

(40

)

Total

(86,850

)

(42,540

)

(40,990

)

(170,380

)

188,665

18,285

(38,436

)

(2,554

)

Popular, Inc.

Financial Supplement to First Quarter 2026 Earnings Release

Table J - Loan Delinquency - Popular U.S. Operations

(Unaudited)

31-Mar-26

Popular U.S.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

5,733

—

10,962

16,695

2,067,509

2,084,204

10,962

—

Commercial real estate:

Non-owner occupied

10,282

1,930

6,987

19,199

2,132,061

2,151,260

6,987

—

Owner occupied

21,202

1,610

—

22,812

2,041,333

2,064,145

—

Commercial and industrial

11,660

4,404

6,693

22,757

2,602,537

2,625,294

6,524

169

Construction

6,903

—

6,903

1,254,511

1,261,414

—

Mortgage

25,877

1,552

9,700

37,129

1,239,487

1,276,616

9,700

—

Consumer:

Credit cards

—

Home equity lines of credit

660

252

2,766

3,678

74,188

77,866

2,766

—

Personal

1,062

523

905

2,490

59,727

62,217

905

—

Other

—

9,764

9,766

—

Total

83,381

10,271

38,013

131,665

11,481,124

11,612,789

37,844

169

31-Dec-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

or more

past due

Current

Loans HIP

loans

Commercial multi-family

9,500

—

8,636

18,136

2,134,306

2,152,442

8,636

—

Commercial real estate:

Non-owner occupied

—

1,600

7,020

8,620

2,139,534

2,148,154

7,020

—

Owner occupied

—

1,956,487

—

Commercial and industrial

7,608

928

6,686

15,222

2,622,117

2,637,339

6,498

188

Construction

—

1,317,358

—

Mortgage

15,596

6,400

13,422

35,418

1,266,055

1,301,473

13,422

—

Consumer:

Credit cards

—

(14

)

(14

)

—

Home equity lines of credit

1,282

2,796

4,160

72,624

76,784

2,796

—

Personal

983

832

1,233

3,048

66,778

69,826

1,233

—

Other

—

9,012

9,041

—

Total

34,969

9,842

39,822

84,633

11,584,257

11,668,890

39,634

188

Variance

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

(3,767

)

—

2,326

(1,441

)

(66,797

)

(68,238

)

2,326

—

Commercial real estate:

Non-owner occupied

10,282

330

(33

)

10,579

(7,473

)

3,106

(33

)

—

Owner occupied

21,202

1,610

—

22,812

84,846

107,658

—

Commercial and industrial

4,052

3,476

7,535

(19,580

)

(12,045

)

(19

)

Construction

6,903

—

6,903

(62,847

)

(55,944

)

—

Mortgage

10,281

(4,848

)

(3,722

)

1,711

(26,568

)

(24,857

)

(3,722

)

—

Consumer:

Credit cards

—

Home equity lines of credit

(622

)

170

(30

)

(482

)

1,564

1,082

(30

)

—

Personal

(309

)

(328

)

(558

)

(7,051

)

(7,609

)

(328

)

—

Other

—

(29

)

(27

)

752

725

(29

)

—

Total

48,412

429

(1,809

)

47,032

(103,133

)

(56,101

)

(1,790

)

(19

)

Popular, Inc.

Financial Supplement to First Quarter 2026 Earnings Release

Table K - Loan Delinquency - Consolidated

(Unaudited)

31-Mar-26

Popular, Inc.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

8,450

7,927

10,962

27,339

2,399,956

2,427,295

10,962

—

Commercial real estate:

Non-owner occupied

13,405

1,930

33,444

48,779

5,494,672

5,543,451

33,444

—

Owner occupied

23,316

2,274

14,192

39,782

3,172,574

3,212,356

14,192

—

Commercial and industrial

17,452

6,644

196,898

220,994

8,344,565

8,565,559

192,517

4,381

Construction

20,538

—

20,538

1,653,655

1,674,193

—

Mortgage

243,921

104,370

335,021

683,312

8,029,049

8,712,361

139,067

195,954

Leasing

21,261

3,938

8,892

34,091

1,952,074

1,986,165

8,892

—

Consumer:

Credit cards

12,351

8,721

25,395

46,467

1,167,732

1,214,199

—

25,395

Home equity lines of credit

660

372

2,766

3,798

75,966

79,764

2,766

—

Personal

19,663

11,735

16,881

48,279

1,865,002

1,913,281

16,660

221

Auto

81,112

13,038

35,390

129,540

3,654,364

3,783,904

35,390

—

Other

576

135

4,663

5,374

171,800

177,174

4,227

436

Total

462,705

161,084

684,504

1,308,293

37,981,409

39,289,702

458,117

226,387

31-Dec-25

Popular, Inc.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

16,079

155

8,748

24,982

2,430,808

2,455,790

8,748

—

Commercial real estate:

Non-owner occupied

2,457

1,899

42,712

47,068

5,496,216

5,543,284

42,712

—

Owner occupied

2,760

681

24,567

28,008

3,125,072

3,153,080

24,567

—

Commercial and industrial

16,472

4,688

193,908

215,068

8,392,344

8,607,412

190,412

3,496

Construction

17,283

—

17,283

1,657,616

1,674,899

—

Mortgage

276,741

139,524

343,035

759,300

7,890,140

8,649,440

145,795

197,240

Leasing

23,748

4,640

9,179

37,567

1,963,798

2,001,365

9,179

—

Consumer:

Credit cards

13,700

10,617

27,529

51,846

1,204,871

1,256,717

—

27,529

Home equity lines of credit

1,282

2,796

4,160

74,532

78,692

2,796

—

Personal

20,591

12,726

20,315

53,632

1,852,596

1,906,228

20,096

219

Auto

109,103

25,495

52,200

186,798

3,633,014

3,819,812

52,200

—

Other

927

2,688

2,314

5,929

174,870

180,799

1,838

476

Total

501,143

203,195

727,303

1,431,641

37,895,877

39,327,518

498,343

228,960

Variance

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

(7,629

)

7,772

2,214

2,357

(30,852

)

(28,495

)

2,214

—

Commercial real estate:

Non-owner occupied

10,948

(9,268

)

1,711

(1,544

)

167

(9,268

)

—

Owner occupied

20,556

1,593

(10,375

)

11,774

47,502

59,276

(10,375

)

—

Commercial and industrial

980

1,956

2,990

5,926

(47,779

)

(41,853

)

2,105

885

Construction

3,255

—

3,255

(3,961

)

(706

)

—

Mortgage

(32,820

)

(35,154

)

(8,014

)

(75,988

)

138,909

62,921

(6,728

)

(1,286

)

Leasing

(2,487

)

(702

)

(287

)

(3,476

)

(11,724

)

(15,200

)

(287

)

—

Consumer:

Credit cards

(1,349

)

(1,896

)

(2,134

)

(5,379

)

(37,139

)

(42,518

)

—

(2,134

)

Home equity lines of credit

(622

)

290

(30

)

(362

)

1,434

1,072

(30

)

—

Personal

(928

)

(991

)

(3,434

)

(5,353

)

12,406

7,053

(3,436

)

Auto

(27,991

)

(12,457

)

(16,810

)

(57,258

)

21,350

(35,908

)

(16,810

)

—

Other

(351

)

(2,553

)

2,349

(555

)

(3,070

)

(3,625

)

2,389

(40

)

Total

(38,438

)

(42,111

)

(42,799

)

(123,348

)

85,532

(37,816

)

(40,226

)

(2,573

)

Popular, Inc.

Financial Supplement to First Quarter 2026 Earnings Release

Table L - Non-Performing Assets

(Unaudited)

Variance

(Dollars in thousands)

31-Mar-26

As a % of

loans HIP by