POPULAR, INC. - FORM 8-K - EX-99.1

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EX-99.2 - EX-99.2 - POPULAR, INC.	d20394dex992.htm
8-K - FORM 8-K - POPULAR, INC.	d20394d8k.htm

Exhibit 99.1

LOGO

Popular, Inc. Announces First Quarter 2021 Financial Results

•

Net income of $262.6 million in Q1 2021, compared to net income of $176.3 million in Q4 2020.

•

Net interest margin of 3.07% in Q1 2021, compared to 3.04% in Q4 2020; net interest margin on a taxable equivalent basis of 3.39% in Q1 2021, compared to 3.35% in Q4 2020.

•

Credit Quality:

•

Non-performing loans held-in-portfolio (“NPLs”) decreased by $39.6 million from Q4 2020; NPLs to loans ratio at 2.4% vs. 2.5% in Q4 2020;

•

Net charge-offs (“NCOs”) decreased by $21.0 million from Q4 2020; NCOs at 0.29% of average loans held-in-portfolio vs. 0.58% in Q4 2020;

•

Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.75% vs. 3.05% in Q4 2020; and

•

ACL to NPLs at 114.7% vs. 121.5% in Q4 2020.

•

Common Equity Tier 1 ratio of 17.15%, Common Equity per Share of $69.63 and Tangible Book Value per Share of $61.42 at March 31, 2021.

SAN JUAN, Puerto Rico — (BUSINESS WIRE) — Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $262.6 million for the quarter ended March 31, 2021, compared to net income of $176.3 million for the quarter ended December 31, 2020.

Ignacio Alvarez, President and Chief Executive Officer, said: “We got off to a strong start in 2021, earning $262.6 million in the quarter, and are optimistic about the economy and our opportunities for the remainder of the year. Our results include a benefit in the provision for credit losses of $82.2 million due to an improving macro-economic environment and lower credit losses. Even after the benefit, our allowance for credit losses stands at $800 million or 2.75% of loans-held-in-portfolio. Our capital levels remain strong, which, as evidenced by the recently announced capital actions for 2021, allows us to meet the needs of our customers as we prudently return capital to our shareholders.

Our colleagues continued to achieve impressive results under challenging circumstances. We experienced growth in our top line revenue, which benefited from PPP-related income and an increase in the value of our mortgage servicing rights. We also achieved record level of deposits and additional growth in active users of our digital platforms. Notwithstanding the demographic challenges we face in Puerto Rico, we added 12,000 new customers during the quarter. We also continue to support our small and middle market clients, approving close to 13,000 loans amounting to $478 million in PPP funding during the quarter.

I am especially proud of how we have partnered with local health authorities and community organizations by lending our facilities and personnel to help accelerate vaccination efforts in Puerto Rico. As the data has demonstrated, massive vaccination is key to controlling the virus, and we are encouraged by the pace of vaccination, particularly on the island. I am happy to report that 80% of our employees in Puerto Rico have received at least one dose of the vaccine. We still have more to do in our other markets, and we are committed to encouraging and facilitating vaccination opportunities to all our colleagues.

In alignment with our corporate values, we expanded our efforts to promote financial inclusion by making a $1.0 million investment in Greenwood, a digital banking platform designed to address the financial needs of Afro-American and Latinx consumers.”

Earnings Highlights


(Unaudited)	Quarters ended
(Dollars in thousands, except per share information)	31-Mar-21			31-Dec-20		31-Mar-20
Net interest income	$	479,112		$	471,616	$	473,095
Provision (reversal) for credit losses		(82,226	)		21,218		189,731

Net interest income after provision (reversal) for credit losses		561,338			450,398		283,364
Other non-interest income		153,653			144,847		126,643
Operating expenses		375,528			375,924		372,608

Income before income tax		339,463			219,321		37,399
Income tax expense		76,831			43,045		3,097

Net income	$	262,632		$	176,276	$	34,302

Net income applicable to common stock	$	262,279		$	175,923	$	33,602

Net income per common share - Basic	$	3.13		$	2.10	$	0.37

Net income per common share - Diluted	$	3.12		$	2.10	$	0.37

Significant Events

Financial Highlights

For the first quarter of 2021, the Corporation recorded net income of $262.6 million, compared to a net income of $176.3 million for the previous quarter. The results include a release of the allowance for credit losses of $82.2 million mainly due to the improved macroeconomic outlook and improving credit quality. Net Interest income was $479.1 million, an increase of $7.5 million compared to the previous quarter, driven by an increase in interest income and fees from the portfolio of loans under the U.S. Small Business Administration (“SBA”) Payment Protection Program (“PPP”). The net interest margin improved 3 basis points to 3.07%. Total assets grew by $0.9 billion from the previous quarter, mainly due to an increase in deposits across various sectors.

Capital Actions

On April 12, 2021, the Corporation announced the following capital actions:

•

an increase in the Corporation’s quarterly common stock dividend from $0.40 per share to $0.45 per share, commencing with the dividend payable in the third quarter of 2021, subject to the approval by the Corporation’s Board of Directors; and

•

common stock repurchases of up to $350 million during 2021.

The Corporation’s planned common stock repurchases may be executed in the open market or in privately negotiated transactions. The timing and exact amount of such repurchases will be subject to various factors, including market conditions and the Corporation’s capital position and financial performance.

Net interest income on a taxable equivalent basis – Non-GAAP financial measure

Net interest income, on a taxable equivalent basis, is presented with its different components in Table D for the quarters ended March 31, 2021 as compared with previous quarters. 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.

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 for the quarter ended March 31, 2021 was $479.1 million compared to $471.6 million in the previous quarter, an increase of $7.5 million. Net interest income, on a taxable equivalent basis, for the first quarter of 2021 was $529.8 million, an increase of $9.1 million when compared to $520.7 million in the fourth quarter of 2020.

The net interest margin increased 3 basis points to 3.07% compared to 3.04% in the previous quarter. The increase in the net interest margin resulted from higher PPP fees recognized and a lower cost of deposits. On a taxable equivalent basis, net interest margin for the first quarter of 2021 was 3.39 % compared to 3.35% in the fourth quarter of 2020, an increase of 4 basis points. The main variances in net interest income on a taxable equivalent basis were:

•

interest income from loans increased by $5.0 million in the quarter due to the following main variances:

•

Higher interest income from commercial loans by $8.8 million mostly driven by the increase in SBA PPP interest income and fees of $11.6 million resulting mainly from the repayment of loans. These positive variances were partially offset by the impact of two fewer days in the quarter or $3.7 million,

•

consumer loans, including credit cards decreased $93 million on average or $2.7 million in interest income,

•

the combined balance of auto and lease financing increased $118 million but income from the portfolio was impacted negatively by two fewer days in the quarter or $1.5 million.

Changes in portfolio composition, including the above-mentioned changes, resulted in an increase in the total loan yield of 15 basis points when compared to the previous quarter. The Corporation recognized income of $23.1 million related to loans issued under the SBA PPP program, compared to $11.5 million in the previous quarter. These loans have a yield of approximately 7.21% in this quarter compared to 3.23% last quarter, including the amortization of fees received under the program that at March 31, 2021 had $50.1 million in unamortized balance; and

•

lower interest expense on deposits by $3.2 million, or 3 basis points, due to lower interest cost at Popular Bank (“PB”)

The total net impact on net interest income of the two fewer days in this quarter when compared to the fourth quarter of 2020 is estimated at $7.7 million.

The net interest income for the Banco Popular de Puerto Rico (“BPPR”) segment amounted to $410.3 million for the quarter ended March 31, 2021, compared to $402.1 million in the previous quarter. The net interest margin for the first quarter of 2021 was 3.10%, an increase of 3 basis points when compared to 3.07% for the previous quarter. As discussed above, the net interest margin was positively impacted by higher interest income and fees from the repayment of PPP loans of approximately $11.2 million. The cost of interest-bearing deposits was 0.21%, compared to 0.22% for the previous quarter. Total cost of deposits for the quarter was 0.16%, compared to 0.17% reported in the fourth quarter of 2020.

Net interest income for PB was $79.2 million for the quarter ended March 31, 2021, compared to $79.6 million during the previous quarter. Net interest margin for the quarter was 3.35%, flat quarter over quarter. The cost of interest-bearing deposits was 0.66%, compared to 0.79% in the previous quarter, decreasing for the sixth consecutive quarter. Total cost of deposits for the quarter, including demand deposits, was 0.54%, compared to 0.65% reported in the fourth quarter of 2020.

Non-interest income

Non-interest income increased by $8.8 million to $153.7 million for the quarter ended March 31, 2021, compared to $144.9 million for the quarter ended December 31, 2020. The increase in non-interest income was primarily driven by:

•

higher income from mortgage banking activities by $7.6 million mainly due to a favorable variance in fair value adjustments on mortgage servicing rights (“MSRs”) of $9.2 million principally due to a decrease in estimated prepayments driven by increases in interest rates and higher gains on closed derivative positions by $4.7 million; partially offset by lower gains on securitization transactions by $6.0 million; and

•

higher other operating income by $5.8 million mainly due to higher net earnings from the combined portfolio of investments under the equity method by $3.5 million and a higher gain on sale of daily auto rental units by $2.0 million;

partially offset by:

•

an unfavorable variance in adjustments to indemnity reserves on previously sold loans of $2.9 million mainly due to higher provision expense related to loans previously sold with credit recourse.

Refer to Table B for further details.

Operating expenses

Operating expenses for the first quarter of 2021 totaled $375.5 million, a decrease of $0.4 million from the fourth quarter of 2020. The fourth quarter reflected $23.2 million in expenses related to PB’s New York branch optimization initiative. Additionally, during the fourth quarter of last year, the Corporation also reclassified $10.0 million of the provision expense for unfunded loan commitments to the provision for credit losses caption. Excluding these two items, the net increase would have been $12.8 million. The variance in operating expenses was driven primarily by:

•

Lower net occupancy expense by $16.8 million due to $19.0 million in costs related to the termination of real property leases associated with PB’s New York branch optimization initiative, including the impairment of the right-of-use assets during the fourth quarter of 2020;

•

lower professional fees by $4.1 million mainly due to lower advisory expenses by $4.9 million related to corporate initiatives; and

•

lower business promotion expenses by $3.9 million due to lower seasonal advertising expense by $2.7 million.

Partially offset by:

•

Higher personnel cost by $17.2 million due to $13.8 million in higher commission, incentives, and other bonuses, including higher performance shares and restricted stock expenses by $7.9 million; and higher expense related to annual employee incentives tied to the Corporation’s financial performance by $7.4 million; and

•

higher other operating expenses by $9.2 million mainly due to the reclassification, during the fourth quarter of 2020, of $10.0 million in provision for unfunded commitments from the other expenses line to the provision for credit losses, partially offset by $2.1 million in impairment losses on leasehold improvements associated with PB’s New York branch optimization initiative, also recorded in the fourth quarter of 2020.

Full-time equivalent employees were 8,469 as of March 31, 2021, compared to 8,522 as of December 31, 2020.

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

Income taxes

For the quarter ended March 31, 2021, the Corporation recorded an income tax expense of $76.8 million, compared to $43.0 million for the previous quarter. The increase in income tax expense was mainly attributable to higher income before tax during the first quarter of 2021. The effective tax rate (“ETR”) for the first quarter of 2021 was of 23%, compared to 20% for the previous quarter. The ETR of the Corporation is impacted by the composition and source of its taxable income. The increase in the ETR rate for the first quarter of 2021 was primarily attributed to higher income at the Puerto Rico marginal tax rate.

Credit Quality

During the first quarter of 2021, the Corporation exhibited improved credit quality metrics and lower credit costs, driven by the improving economic environment, which reflects the impact of the unprecedented amounts of government stimulus in response to the COVID-19 pandemic. We will continue to closely monitor economic conditions, the effect of the pandemic on our loan portfolios and associated risks. However, management believes that the improvement over the last few years in the risk profile of the Corporation’s loan portfolios, along with the government stimulus, positions Popular to operate successfully under the current environment.

The following presents credit quality results for the first quarter of 2021:

•

At March 31, 2021, total non-performing loans held-in-portfolio decreased by $39.6 million from December 31, 2020. BPPR’s NPLs decreased by $34.4 million, driven by lower mortgage NPLs by $23.6 million, reflective of the resumption of consistent loan payments following the end of the COVID-19 moratorium period. Construction NPLs decreased by $6.6 million mostly due to a previously reserved loan that was partially charged-off during the quarter. PB’s NPLs decreased by $5.2 million mostly related to a commercial loan transferred to loans-held-for-sale. Excluding government guaranteed loans, at March 31, 2021, the Corporation had 122,216 loans with an aggregate book value of $6.8 billion that had completed their moratorium period, of which 114,900 loans, or 94%, with an aggregate book value of $6.5 billion were current in their payments. At March 31, 2021, the ratio of NPLs to total loans held-in-portfolio was 2.4%, compared to 2.5% in the fourth quarter of 2020.

•

Inflows of NPLs held-in-portfolio, excluding consumer loans, decreased by $29.6 million quarter-over-quarter. In BPPR, total inflows decreased by $35.7 million driven by mortgage inflows decreasing by $32.0 million, as the prior quarter was impacted by an increase in mortgage inflow due to the delinquency progression at the expiration of the moratorium period. The NPL inflows at PB increased by $6.1 million during the quarter, mostly due to higher construction inflows related to a loan that reached 90 days past due during its renewal process. As of March 31, 2021, the loan was current.

•

NCOs decreased by $21.0 million from the fourth quarter of 2020. BPPR ‘s NCOs decreased by $21.7 million, primarily driven by lower commercial NCOs by $18.6 million, as the prior quarter included impairment charge-offs from previously reserved loans. Consumer NCOs decreased $12.5 million, mainly due to recoveries of $7.6 million related to the sale of previously fully charged-off loans during the first quarter of 2021. These decreases were partially offset by higher construction NCOs by $6.5 million related to a previously reserved loan that was partially charged-off during the quarter. During the first quarter of 2021, the Corporation’s ratio of annualized net charge-offs to average loans held-in-portfolio was 0.29%, compared to 0.58% in the fourth quarter of 2020. Refer to Table M for further information on net charge-offs and related ratios.

•

At March 31, 2021, the allowance for credit losses (“ACL”) reflected a decrease of $95.5 million from the fourth quarter of 2020 to $800.8 million. The ACL incorporates an updated economic outlook for the United States and Puerto Rico. The updated economic outlook is more favorable than previous forecasts prompting substantial reductions in reserves across different portfolios. These decreases in reserve levels were partially offset with qualitative reserves aimed at addressing uncertainties in specific portfolios, mainly in U.S. commercial real estate. The allowance for the BPPR and PB segments decreased by $58.1 million and $37.4 million, respectively. The ratio of the allowance for credit losses to loans held-in-portfolio was 2.75% in the first quarter of 2021, compared to 3.05% in the previous quarter. The ratio of the allowance for credit losses to NPLs held-in-portfolio stood at 114.7%, compared to 121.5% in the previous quarter.

•

Given that any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to estimate its ACL. The ACL is estimated by weighting the outputs of optimistic, baseline, and pessimistic scenarios. Among the three scenarios used to estimate the ACL, the baseline is assigned the highest probability, followed by the pessimistic scenario given the uncertainties in the economic outlook and downside risk. The current baseline scenario shows improvement in both 2021 GDP growth and unemployment when compared to previous estimates. The 2021 forecasted GDP growth is now at 4.9% for U.S. and 3.4% for P.R., compared to 4.1% and 2.5%, respectively, in the previous 2021 forecast. Expectations for 2022 also present an improvement over the prior forecast. The U.S. and P.R. forecasted unemployment rate average for 2021 is now 6.09% and 7.98%, respectively. This is an improvement over the previous estimate of 7.41% for the U.S. and 8.34% for P.R.

•

The provision for credit losses for the loans portfolios for the first quarter of 2021 decreased by $86.6 million to a benefit of $75.8 million, amid improved macroeconomic outlook and lower NCOs for the quarter. The provision for the BPPR segment decreased by $64.7 million, while the provision for the PB segment decreased by $21.8 million.

•

The provision for unfunded commitments for the first quarter of 2021 reflected a benefit of $6.2 million, compared to $2.6 million provision expense during the previous quarter, driven by the improvements in macroeconomic outlook and credit quality metrics. During the fourth quarter of 2020, the Corporation reclassified $10.0 million of the expense for unfunded loan commitments from other operating expenses to the provision for credit loss caption for a total provision for unfunded commitments of $12.6 million for the period. The provision for credit losses in our investment portfolio was a benefit of $0.2 million, compared to a benefit of $2.2 million in the fourth quarter of 2020. The provision for unfunded loan commitments, provision for credit losses on our loan and lease portfolios and provision for credit losses on our investment portfolio are aggregated and presented in the provision for credit losses caption in our Statement of Operations.

Non-Performing Assets


(Unaudited)
(In thousands)	31-Mar-21			31-Dec-20			31-Mar-20
Non-performing loans held-in-portfolio	$	698,142		$	737,774		$	768,675
Non-performing loans held-for-sale		3,549			2,738			10,679
Other real estate owned (“OREO”)		72,060			83,146			123,922

Total non-performing assets	$	773,751		$	823,658		$	903,276

Net charge-offs for the quarter	$	21,030		$	42,078		$	62,523

Ratios:
Loans held-in-portfolio	$	29,131,628		$	29,385,196		$	27,662,272
Non-performing loans held-in-portfolio to loans held-in-portfolio		2.40	%		2.51	%		2.78	%
Allowance for credit losses to loans held-in-portfolio		2.75			3.05			3.32
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		114.70			121.48			119.65

Refer to Table K for additional information.

Provision (Reversal) for Credit Losses - Loan Portfolios


(Unaudited)	Quarters ended
(In thousands)	31-Mar-21			31-Dec-20			31-Mar-20
Provision (reversal) for credit losses - loan portfolios:
BPPR	$	(39,976	)	$	24,756		$	113,004
Popular U.S.		(35,803	)		(13,971	)		75,991

Total provision (reversal) for credit losses - loan portfolios	$	(75,779	)	$	10,785		$	188,995

Credit Quality by Segment


(Unaudited)
(In thousands)	Quarters ended
BPPR	31-Mar-21			31-Dec-20			31-Mar-20
Provision (reversal) for credit losses - loan portfolios	$	(39,976	)	$	24,756		$	113,004
Net charge-offs		19,474			41,217			59,517
Total non-performing loans held-in-portfolio		665,978			700,377			735,683
Allowance / loans held-in-portfolio		3.20	%		3.43	%		3.74	%

	Quarters ended
Popular U.S.	31-Mar-21			31-Dec-20			31-Mar-20
Provision (reversal) for credit losses - loan portfolios	$	(35,803	)	$	(13,971	)	$	75,991
Net charge-offs		1,556			861			3,006
Total non-performing loans held-in-portfolio		32,164			37,397			32,992
Allowance / loans held-in-portfolio		1.53	%		2.00	%		2.19	%

Financial Condition Highlights


(Unaudited)
(In thousands)	31-Mar-21		31-Dec-20		31-Mar-20
Cash and money market investments	$	12,064,592	$	12,131,945	$	6,387,267
Investment securities		23,076,488		21,864,184		16,114,167
Loans		29,131,628		29,385,196		27,662,272
Total assets		66,870,268		65,926,000		52,803,639
Deposits		58,742,801		56,866,340		44,797,176
Borrowings		1,311,064		1,346,284		1,336,897
Total liabilities		60,972,709		59,897,313		47,134,034
Stockholders’ equity		5,897,559		6,028,687		5,669,605

Total assets increased by $0.9 billion from the fourth quarter of 2020, driven by:

•

an increase of $1.2 billion in debt securities available-for-sale, mainly due to purchases of U.S. treasury securities and agency mortgage-backed securities, partially offset by paydowns and a decrease in unrealized gains of $0.4 billion in this portfolio;

partially offset by:

•

a decrease of $0.3 billion in loans held-in-portfolio, mainly in commercial loans at BPPR, in part due to the repayments of PPP loans.

Total liabilities increased by $1.1 billion from the fourth quarter of 2020, mainly due to:

•

an increase of $1.9 billion in deposits mainly due to higher private demand deposits by $1.6 billion at BPPR and PB and higher savings account deposits at BPPR by $0.3 billion;

partially offset by:

•

a decrease of $0.8 billion in other liabilities, mainly due to the settlement of purchases of debt securities.

Stockholders’ equity decreased by approximately $131.1 million from the fourth quarter of 2020, principally due to lower accumulated unrealized gains on debt securities available-for-sale by $369.9 million, offset by net income for the quarter of $262.6 million, less declared dividends of $33.7 million on common stock and $0.4 million in dividends on preferred stock.

Common equity tier-1 ratio (“CET1”), common equity per share and tangible book value per share were 17.15%, $69.63 and $61.42, respectively, at March 31, 2021, compared to 16.26%, $71.30 and $63.07 at December 31, 2020. 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 about 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, capital market conditions, capital adequacy and liquidity, the effect of legal and regulatory proceedings (including as a result of any participation in and execution of government programs related to the COVID-19 pandemic), new accounting standards on the Corporation’s financial condition and results of operations, the scope and duration of the COVID-19 pandemic, actions taken by governmental authorities in response thereto, and the direct and indirect impact of the pandemic on Popular, our customers, service providers and third parties. 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 Annual Report on Form 10-K for the year ended December 31, 2020, and in our Form 10-Q for the quarter ended March 31, 2021 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. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services 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.

Conference Call

Popular will hold a conference call to discuss its financial results today Wednesday, April 28, 2021 at 11:00 a.m. Eastern Time. The call will be open to the public and broadcasted 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 the dial-in telephone number 1-866-235-1201 or 1-412-902-4127. There is no charge to access the call.

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 Friday, May 28, 2021. The replay dial-in is: 1-877-344-7529 or 1-412-317-0088. The replay passcode is 10153733.

An electronic version of this press release can be found at the Corporation’s website: www.popular.com.

Popular, Inc.

Financial Supplement to First Quarter 2021 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) - YEAR-TO-DATE [Left Blank]

Table F - Mortgage Banking Activities & Other Service Fees

Table G - Loans and Deposits

Table H - Loan Delinquency - PUERTO RICO OPERATIONS

Table I - Loan Delinquency - POPULAR U.S. OPERATIONS

Table J - Loan Delinquency - CONSOLIDATED

Table K - Non-Performing Assets

Table L - Activity in Non-Performing Loans

Table M - Allowance for Credit Losses, Net Charge-offs and Related Ratios

Table N - Allowance for Credit Losses - Loan Portfolios - CONSOLIDATED

Table O - Allowance for Credit Losses - Loan Portfolios - PUERTO RICO OPERATIONS

Table P - Allowance for Credit Losses - Loan Portfolios - POPULAR U.S. OPERATIONS

Table Q - Reconciliation to GAAP Financial Measures

POPULAR, INC.

Financial Supplement to First Quarter 2021 Earnings Release

Table A - Selected Ratios and Other Information

(Unaudited)


	Quarters ended
	31-Mar-21			31-Dec-20			31-Mar-20
Basic EPS	$	3.13		$	2.10		$	0.37
Diluted EPS	$	3.12		$	2.10		$	0.37
Average common shares outstanding		83,899,769			83,841,343			90,788,557
Average common shares outstanding - assuming dilution		84,051,935			83,940,412			90,892,961
Common shares outstanding at end of period		84,379,180			84,244,235			88,125,974
Market value per common share	$	70.32		$	56.32		$	35.00
Market capitalization - (In millions)	$	5,934		$	4,745		$	3,084
Return on average assets		1.61	%		1.08	%		0.27	%
Return on average common equity		18.76	%		12.68	%		2.50	%
Net interest margin (non-taxable equivalent basis)		3.07	%		3.04	%		3.94	%
Net interest margin (taxable equivalent basis) -non-GAAP		3.39	%		3.35	%		4.34	%
Common equity per share	$	69.63		$	71.30		$	64.08
Tangible common book value per common share (non-GAAP) [1]	$	61.42		$	63.07		$	56.17
Tangible common equity to tangible assets (non-GAAP) [1]		7.83	%		8.14	%		9.50	%
Return on average tangible common equity [1]		21.37	%		14.50	%		2.87	%
Tier 1 capital		17.22	%		16.33	%		15.79	%
Total capital		19.70	%		18.81	%		18.36	%
Tier 1 leverage		8.06	%		7.80	%		8.94	%
Common Equity Tier 1 capital		17.15	%		16.26	%		15.79	%
[1] Refer to Table Q for reconciliation to GAAP financial measures.

POPULAR, INC.

Financial Supplement to First Quarter 2021 Earnings Release

Table B - Consolidated Statement of Operations

(Unaudited)


	Quarters ended						Variance			Quarter ended			Variance
							Q1 2021						Q1 2021
(In thousands, except per share information)	31-Mar-21			31-Dec-20			vs. Q4 2020			31-Mar-20			vs. Q1 2020
Interest income:
Loans	$	434,649		$	430,988		$	3,661		$	450,446		$	(15,797	)
Money market investments		3,112			2,933			179			12,000			(8,888	)
Investment securities		85,690			85,502			188			87,912			(2,222	)

Total interest income		523,451			519,423			4,028			550,358			(26,907	)

Interest expense:
Deposits		30,201			33,420			(3,219	)		62,101			(31,900	)
Short-term borrowings		143			348			(205	)		1,048			(905	)
Long-term debt		13,995			14,039			(44	)		14,114			(119	)

Total interest expense		44,339			47,807			(3,468	)		77,263			(32,924	)

Net interest income		479,112			471,616			7,496			473,095			6,017
Provision (reversal) for credit losses		(82,226	)		21,218			(103,444	)		189,731			(271,957	)

Net interest income after provision (reversal) for credit losses		561,338			450,398			110,940			283,364			277,974
Service charges on deposit accounts		39,620			39,152			468			41,659			(2,039	)
Other service fees		70,628			71,156			(528	)		64,773			5,855
Mortgage banking activities		17,343			9,730			7,613			6,420			10,923
Net gain (loss), including impairment, on equity securities		421			1,410			(989	)		(2,728	)		3,149
Net (loss) profit on trading account debt securities		(45	)		440			(485	)		491			(536	)
Net gain on sale of loans, including valuation adjustments on loans held-for-sale		—			253			(253	)		957			(957	)
Adjustments (expense) to indemnity reserves on loans sold		(698	)		2,160			(2,858	)		(4,793	)		4,095
Other operating income		26,384			20,546			5,838			19,864			6,520

Total non-interest income		153,653			144,847			8,806			126,643			27,010

Operating expenses:
Personnel costs
Salaries		89,335			92,063			(2,728	)		92,256			(2,921	)
Commissions, incentives and other bonuses		33,218			19,399			13,819			25,258			7,960
Pension, postretirement and medical insurance		10,924			12,454			(1,530	)		9,638			1,286
Other personnel costs, including payroll taxes		26,002			18,351			7,651			19,679			6,323

Total personnel costs		159,479			142,267			17,212			146,831			12,648
Net occupancy expenses		26,013			42,793			(16,780	)		25,158			855
Equipment expenses		21,575			22,395			(820	)		21,605			(30	)
Other taxes		13,959			13,532			427			13,681			278
Professional fees
Collections, appraisals and other credit related fees		3,320			2,948			372			3,881			(561	)
Programming, processing and other technology services		66,366			66,483			(117	)		62,819			3,547
Legal fees, excluding collections		2,365			2,734			(369	)		2,986			(621	)
Other professional fees		27,897			31,865			(3,968	)		31,385			(3,488	)

Total professional fees		99,948			104,030			(4,082	)		101,071			(1,123	)
Communications		6,833			6,274			559			5,954			879
Business promotion		12,521			16,466			(3,945	)		14,197			(1,676	)
FDIC deposit insurance		5,968			6,880			(912	)		5,080			888
Other real estate owned (OREO) (income) expenses		(4,533	)		(4,000	)		(533	)		2,479			(7,012	)
Credit and debit card processing, volume, interchange and other expenses		12,454			13,209			(755	)		10,282			2,172
Other operating expenses Operational losses		7,896			4,992			2,904			8,374			(478	)


All other		12,364		6,034		6,330			15,423		(3,059	)

Total other operating expenses		20,260		11,026		9,234			23,797		(3,537	)

Amortization of intangibles		1,051		1,052		(1	)		2,473		(1,422	)

Total operating expenses		375,528		375,924		(396	)		372,608		2,920

Income before income tax		339,463		219,321		120,142			37,399		302,064
Income tax expense		76,831		43,045		33,786			3,097		73,734

Net income	$	262,632	$	176,276	$	86,356		$	34,302	$	228,330

Net income applicable to common stock	$	262,279	$	175,923	$	86,356		$	33,602	$	228,677

Net income per common share - basic	$	3.13	$	2.10	$	1.03		$	0.37	$	2.76

Net income per common share - diluted	$	3.12	$	2.10	$	1.02		$	0.37	$	2.75

Dividends Declared per Common Share	$	0.40	$	0.40	$	—		$	0.40	$	—

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table C - Consolidated Statement of Financial Condition

(Unaudited)


(In thousands)	31-Mar-21			31-Dec-20			31-Mar-20			Variance Q1 2021 vs. Q4 2020
Assets:
Cash and due from banks	$	495,915		$	491,065		$	445,551		$	4,850
Money market investments		11,568,677			11,640,880			5,941,716			(72,203	)
Trading account debt securities, at fair value		36,504			36,674			42,545			(170	)
Debt securities available-for-sale, at fair value		22,771,609			21,561,152			15,813,301			1,210,457
Debt securities held-to-maturity, at amortized cost		89,725			92,621			95,263			(2,896	)
Less: Allowance for credit losses		10,096			10,261			13,390			(165	)

Total debt securities held-to-maturity, net		79,629			82,360			81,873			(2,731	)

Equity securities		178,650			173,737			163,058			4,913
Loans held-for-sale, at lower of cost or fair value		84,214			99,455			87,855			(15,241	)
Loans held-in-portfolio		29,344,620			29,588,430			27,847,840			(243,810	)
Less: Unearned income		212,992			203,234			185,568			9,758
Allowance for credit losses		800,797			896,250			919,716			(95,453	)

Total loans held-in-portfolio, net		28,330,831			28,488,946			26,742,556			(158,115	)

Premises and equipment, net		508,023			510,241			552,007			(2,218	)
Other real estate		72,060			83,146			123,922			(11,086	)
Accrued income receivable		215,993			209,320			176,078			6,673
Mortgage servicing rights, at fair value		122,543			118,395			147,311			4,148
Other assets		1,713,083			1,737,041			1,788,437			(23,958	)
Goodwill		671,122			671,122			671,122			—
Other intangible assets		21,415			22,466			26,307			(1,051	)

Total assets	$	66,870,268		$	65,926,000		$	52,803,639		$	944,268

Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing	$	14,263,548		$	13,128,699		$	9,396,449		$	1,134,849
Interest bearing		44,479,253			43,737,641			35,400,727			741,612

Total deposits		58,742,801			56,866,340			44,797,176			1,876,461

Assets sold under agreements to repurchase		86,834			121,303			178,766			(34,469	)
Other short-term borrowings		—			—			100,000			—
Notes payable		1,224,230			1,224,981			1,058,131			(751	)
Other liabilities		918,844			1,684,689			999,961			(765,845	)

Total liabilities		60,972,709			59,897,313			47,134,034			1,075,396

Stockholders’ equity:
Preferred stock		22,143			22,143			22,143			—
Common stock		1,045			1,045			1,044			—
Surplus		4,571,919			4,571,534			4,366,300			385
Retained earnings		2,489,453			2,260,928			1,940,170			228,525
Treasury stock		(1,012,263	)		(1,016,954	)		(870,675	)		4,691
Accumulated other comprehensive (loss) income, net of tax		(174,738	)		189,991			210,623			(364,729	)

Total stockholders’ equity		5,897,559			6,028,687			5,669,605			(131,128	)

Total liabilities and stockholders’ equity	$	66,870,268		$	65,926,000		$	52,803,639		$	944,268

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

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

(Unaudited)


	Quarters ended																								Variance
	31-Mar-21								31-Dec-20								31-Mar-20								Q1 2021 vs. Q4 2020									Q1 2021 vs. Q1 2020
($ amounts in millions)	Average balance			Income / Expense		Yield / Rate			Average balance			Income / Expense		Yield / Rate			Average balance			Income / Expense		Yield / Rate			Average balance			Income / Expense			Yield / Rate			Average balance			Income / Expense			Yield / Rate
Assets:
Interest earning assets:
Money market, trading and investment securities	$	33,756		$	127.8		1.52	%	$	32,554		$	127.2		1.56	%	$	20,744		$	135.7		2.63	%	$	1,202		$	0.6			(0.04	)%	$	13,012		$	(7.9	)		(1.11	)%

Loans:
Commercial		13,624			179.0		5.33			13,610			170.2		4.98			12,342			183.2		5.97			14			8.8			0.35			1,282			(4.2	)		(0.64	)
Construction		911			11.9		5.30			928			12.8		5.48			861			13.2		6.16			(17	)		(0.9	)		(0.18	)		50			(1.3	)		(0.86	)
Mortgage		7,869			98.4		5.00			7,856			98.6		5.02			7,028			93.2		5.30			13			(0.2	)		(0.02	)		841			5.2			(0.30	)
Consumer		2,513			70.4		11.36			2,606			73.1		11.16			3,110			89.4		11.56			(93	)		(2.7	)		0.20			(597	)		(19.0	)		(0.20	)
Auto		3,203			68.2		8.63			3,130			68.8		8.74			2,992			67.7		9.10			73			(0.6	)		(0.11	)		211			0.5			(0.47	)
Lease financing		1,215			18.4		6.04			1,170			17.8		6.07			1,072			16.3		6.07			45			0.6			(0.03	)		143			2.1			(0.03	)

Total loans		29,335			446.3		6.15			29,300			441.3		6.00			27,405			463.0		6.79			35			5.0			0.15			1,930			(16.7	)		(0.64	)

Total interest earning assets	$	63,091		$	574.1		3.67	%	$	61,854		$	568.5		3.66	%	$	48,149		$	598.7		4.99	%	$	1,237		$	5.6			0.01	%	$	14,942		$	(24.6	)		(1.32	)%

Allowance for credit losses - loan portfolio		(890	)							(930	)							(808	)							40									(82	)
Allowance for credit losses - investment securities		(10	)							(12	)							(13	)							2									3
Other non-interest earning assets		3,895								4,054								4,026								(159	)								(131	)

Total average assets	$	66,086							$	64,966							$	51,354							$	1,120								$	14,732

Liabilities and Stockholders’ Equity:
Interest bearing deposits:
NOW and money market	$	22,674		$	8.3		0.15	%	$	21,829		$	8.7		0.16	%	$	16,229		$	25.3		0.63	%	$	845		$	(0.4	)		(0.01	)%	$	6,445		$	(17.0	)		(0.48	)%
Savings		14,364			7.0		0.20			13,890			7.5		0.22			10,724			11.7		0.44			474			(0.5	)		(0.02	)		3,640			(4.7	)		(0.24	)
Time deposits		7,265			14.9		0.83			7,656			17.2		0.89			7,691			25.1		1.31			(391	)		(2.3	)		(0.06	)		(426	)		(10.2	)		(0.48	)

Total interest-bearing deposits		44,303			30.2		0.28			43,375			33.4		0.31			34,644			62.1		0.72			928			(3.2	)		(0.03	)		9,659			(31.9	)		(0.44	)
Borrowings		1,344			14.1		4.23			1,354			14.4		4.26			1,327			15.2		4.59			(10	)		(0.3	)		(0.03	)		17			(1.1	)		(0.36	)

Total interest-bearing liabilities		45,647			44.3		0.39			44,729			47.8		0.43			35,971			77.3		0.86			918			(3.5	)		(0.04	)		9,676			(33.0	)		(0.47	)

Net interest spread							3.28	%							3.23	%							4.13	%								0.05	%								(0.85	)%

Non-interest bearing deposits		13,394								13,303								9,005								91									4,389
Other liabilities		1,351								1,393								897								(42	)								454
Stockholders’ equity		5,694								5,541								5,481								153									213

Total average liabilities and stockholders’ equity	$	66,086							$	64,966							$	51,354							$	1,120								$	14,732

Net interest income / margin on a taxable equivalent basis (Non-GAAP)				$	529.8		3.39	%				$	520.7		3.35	%				$	521.4		4.34	%				$	9.1			0.04	%				$	8.4			(0.95	)%
Taxable equivalent adjustment					50.7								49.1								48.3								1.6									2.4

Net interest income / margin non-taxable equivalent basis (GAAP)				$	479.1		3.07	%				$	471.6		3.04	%				$	473.1		3.94	%				$	7.5			0.03	%				$	6.0			(0.87	)%

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table E – 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 2021 Earnings Release

Table F - Mortgage Banking Activities and Other Service Fees

(Unaudited)

Mortgage Banking Activities


	Quarters ended									Variance
(In thousands)	31-Mar-21			31-Dec-20			31-Mar-20			Q1 2021 vs.Q4 2020			Q1 2021 vs.Q1 2020
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees	$	9,715		$	10,242		$	10,968		$	(527	)	$	(1,253	)
Mortgage servicing rights fair value adjustments		512			(8,695	)		(5,229	)		9,207			5,741
Total mortgage servicing fees, net of fair value adjustments		10,227			1,547			5,739			8,680			4,488
Net gain on sale of loans, including valuation on loans held-for-sale		4,975			10,826			3,986			(5,851	)		989
Trading account profit (loss):
Unrealized gains (losses) on outstanding derivative positions		—			4			(1,695	)		(4	)		1,695
Realized gains (losses) on closed derivative positions		2,502			(2,195	)		(1,610	)		4,697			4,112
Total trading account profit (loss)		2,502			(2,191	)		(3,305	)		4,693			5,807
Losses on repurchased loans, including interest advances^[1]		(361	)		(452	)		—			91			(361	)

Total mortgage banking activities	$	17,343		$	9,730		$	6,420		$	7,613		$	10,923

[1]

The Corporation, from time to time, repurchases delinquent loans from its GNMA servicing portfolio, in compliance with Guarantor guidelines, and may incur in losses related to previously advanced interest on delinquent loans. Effective for the quarter ended September 30, 2020, the Corporation has determined to present these losses as part of its Mortgage Banking Activities, which were previously presented with the indemnity reserves on loans sold component of non-interest income. The amount of these losses for prior years were considered immaterial for reclassification.

Other Service Fees


	Quarters ended						Variance
(In thousands)	31-Mar-21		31-Dec-20		31-Mar-20		Q1 2021 vs.Q4 2020			Q1 2021 vs.Q1 2020
Other service fees:
Debit card fees	$	11,577	$	11,210	$	10,237	$	367		$	1,340
Insurance fees		12,828		13,803		12,969		(975	)		(141	)
Credit card fees		28,691		27,986		23,186		705			5,505
Sale and administration of investment products		5,540		5,488		6,263		52			(723	)
Trust fees		5,842		5,499		5,260		343			582
Other fees		6,150		7,170		6,858		(1,020	)		(708	)

Total other service fees	$	70,628	$	71,156	$	64,773	$	(528	)	$	5,855

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table G - Loans and Deposits

(Unaudited)

Loans - Ending Balances


							Variance
(In thousands)	31-Mar-21		31-Dec-20		31-Mar-20		Q1 2021 vs.Q4 2020			Q1 2021 vs.Q1 2020
Loans held-in-portfolio:
Commercial	$	13,442,486	$	13,614,310	$	12,508,983	$	(171,824	)	$	933,503
Construction		907,736		926,208		912,801		(18,472	)		(5,065	)
Lease financing		1,244,956		1,197,661		1,088,542		47,295			156,414
Mortgage		7,808,852		7,890,680		7,094,757		(81,828	)		714,095
Auto		3,203,137		3,132,228		2,954,150		70,909			248,987
Consumer		2,524,461		2,624,109		3,103,039		(99,648	)		(578,578	)

Total loans held-in-portfolio	$	29,131,628	$	29,385,196	$	27,662,272	$	(253,568	)	$	1,469,356

Loans held-for-sale:
Commercial	$	3,549	$	2,738	$	10,679	$	811		$	(7,130	)
Mortgage		80,665		96,717		77,176		(16,052	)		3,489

Total loans held-for-sale	$	84,214	$	99,455	$	87,855	$	(15,241	)	$	(3,641	)

Total loans	$	29,215,842	$	29,484,651	$	27,750,127	$	(268,809	)	$	1,465,715

Deposits - Ending Balances


							Variance
(In thousands)	31-Mar-21		31-Dec-20		31-Mar-20		Q1 2021 vs. Q4 2020			Q1 2021 vs.Q1 2020
Demand deposits [1]	$	23,450,312	$	22,532,729	$	17,023,170	$	917,583		$	6,427,142
Savings, NOW and money market deposits (non-brokered)		27,356,136		26,390,565		18,786,042		965,571			8,570,094
Savings, NOW and money market deposits (brokered)		679,832		635,198		460,140		44,634			219,692
Time deposits (non-brokered)		7,143,221		7,130,749		8,404,525		12,472			(1,261,304	)
Time deposits (brokered CDs)		113,300		177,099		123,299		(63,799	)		(9,999	)

Total deposits	$	58,742,801	$	56,866,340	$	44,797,176	$	1,876,461		$	13,945,625

[1]	Includes interest and non-interest bearing demand deposits.

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table H - Loan Delinquency - Puerto Rico Operations

(Unaudited)


31-Mar-21
Puerto Rico
	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	$	196	$	—	$	814	$	1,010	$	137,097	$	138,107	$	814	$	—
Commercial real estate:
Non-owner occupied		939		25,406		76,524		102,869		1,958,129		2,060,998		76,524		—
Owner occupied		6,749		2,114		89,752		98,615		1,413,356		1,511,971		89,752		—
Commercial and industrial		3,870		650		34,333		38,853		4,032,359		4,071,212		33,773		560
Construction		639		—		14,877		15,516		145,081		160,597		14,877		—
Mortgage		175,930		83,770		1,211,935		1,471,635		5,204,344		6,675,979		390,781		821,154
Leasing		7,564		1,408		3,040		12,012		1,232,944		1,244,956		3,040		—
Consumer:
Credit cards		4,824		3,883		10,779		19,486		858,255		877,741		—		10,779
Home equity lines of credit		—		—		46		46		3,498		3,544		—		46
Personal		10,216		6,250		25,731		42,197		1,219,094		1,261,291		25,731		—
Auto		47,396		8,783		15,405		71,584		3,131,553		3,203,137		15,405		—
Other		360		375		15,489		16,224		108,508		124,732		15,281		208

Total	$	258,683	$	132,639	$	1,498,725	$	1,890,047	$	19,444,218	$	21,334,265	$	665,978	$	832,747


31-Dec-20
Puerto Rico
	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	$	796	$	—	$	505	$	1,301	$	150,979	$	152,280	$	505	$	—
Commercial real estate:
Non-owner occupied		2,189		3,503		77,137		82,829		1,924,504		2,007,333		77,137		—
Owner occupied		8,270		1,218		92,001		101,489		1,497,406		1,598,895		92,001		—
Commercial and industrial		10,223		775		35,012		46,010		4,183,098		4,229,108		34,449		563
Construction		—		—		21,497		21,497		135,609		157,106		21,497		—
Mortgage		195,602		87,726		1,428,824		1,712,152		5,057,991		6,770,143		414,343		1,014,481
Leasing		9,141		1,427		3,441		14,009		1,183,652		1,197,661		3,441		—
Consumer:
Credit cards		6,550		4,619		12,798		23,967		895,968		919,935		—		12,798
Home equity lines of credit		184		—		48		232		3,947		4,179		—		48
Personal		11,255		8,097		26,387		45,739		1,232,008		1,277,747		26,387		—
Auto		53,186		12,696		15,736		81,618		3,050,610		3,132,228		15,736		—
Other		304		483		15,052		15,839		110,826		126,665		14,881		171

Total	$	297,700	$	120,544	$	1,728,438	$	2,146,682	$	19,426,598	$	21,573,280	$	700,377	$	1,028,061


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	$	(600	)	$	—		$	309		$	(291	)	$	(13,882	)	$	(14,173	)	$	309		$	—
Commercial real estate:
Non-owner occupied		(1,250	)		21,903			(613	)		20,040			33,625			53,665			(613	)		—
Owner occupied		(1,521	)		896			(2,249	)		(2,874	)		(84,050	)		(86,924	)		(2,249	)		—
Commercial and industrial		(6,353	)		(125	)		(679	)		(7,157	)		(150,739	)		(157,896	)		(676	)		(3	)
Construction		639			—			(6,620	)		(5,981	)		9,472			3,491			(6,620	)		—
Mortgage		(19,672	)		(3,956	)		(216,889	)		(240,517	)		146,353			(94,164	)		(23,562	)		(193,327	)
Leasing		(1,577	)		(19	)		(401	)		(1,997	)		49,292			47,295			(401	)		—
Consumer:
Credit cards		(1,726	)		(736	)		(2,019	)		(4,481	)		(37,713	)		(42,194	)		—			(2,019	)
Home equity lines of credit		(184	)		—			(2	)		(186	)		(449	)		(635	)		—			(2	)
Personal		(1,039	)		(1,847	)		(656	)		(3,542	)		(12,914	)		(16,456	)		(656	)		—
Auto		(5,790	)		(3,913	)		(331	)		(10,034	)		80,943			70,909			(331	)		—
Other		56			(108	)		437			385			(2,318	)		(1,933	)		400			37

Total	$	(39,017	)	$	12,095		$	(229,713	)	$	(256,635	)	$	17,620		$	(239,015	)	$	(34,399	)	$	(195,314	)

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

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

(Unaudited)


March 31, 2021
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	$	30,185	$	—	$	—	$	30,185	$	1,724,802	$	1,754,987	$	—	$	—
Commercial real estate:
Non-owner occupied		8,280		—		392		8,672		2,034,383		2,043,055		392		—
Owner occupied		5,437		644		323		6,404		323,541		329,945		323		—
Commercial and industrial		7,226		1,321		1,201		9,748		1,522,463		1,532,211		1,192		9
Construction		11,110		—		7,523		18,633		728,506		747,139		7,523		—
Mortgage		13,032		1,762		14,793		29,587		1,103,286		1,132,873		14,793		—
Consumer:
Credit cards		—		—		—		—		22		22		—		—
Home equity lines of credit		121		10		6,855		6,986		82,631		89,617		6,855		—
Personal		1,156		666		1,086		2,908		162,540		165,448		1,086		—
Other		—		—		—		—		2,066		2,066		—		—

Total	$	76,547	$	4,403	$	32,173	$	113,123	$	7,684,240	$	7,797,363	$	32,164	$	9


December 31, 2020
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	$	5,273	$	—	$	1,894	$	7,167	$	1,736,544	$	1,743,711	$	1,894	$	—
Commercial real estate:
Non-owner occupied		924		3,640		669		5,233		1,988,577		1,993,810		669		—
Owner occupied		191		650		334		1,175		343,205		344,380		334		—
Commercial and industrial		1,117		72		3,091		4,280		1,540,513		1,544,793		3,091		—
Construction		21,312		—		7,560		28,872		740,230		769,102		7,560		—
Mortgage		33,422		15,464		14,864		63,750		1,056,787		1,120,537		14,864		—
Consumer:
Credit cards		—		—		3		3		28		31		—		3
Home equity lines of credit		236		342		7,491		8,069		86,502		94,571		7,491		—
Personal		1,486		1,342		1,474		4,302		194,936		199,238		1,474		—
Other		—		—		20		20		1,723		1,743		20		—

Total	$	63,961	$	21,510	$	37,400	$	122,871	$	7,689,045	$	7,811,916	$	37,397	$	3


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	$	24,912		$	—		$	(1,894	)	$	23,018		$	(11,742	)	$	11,276		$	(1,894	)	$	—
Commercial real estate:
Non-owner occupied		7,356			(3,640	)		(277	)		3,439			45,806			49,245			(277	)		—
Owner occupied		5,246			(6	)		(11	)		5,229			(19,664	)		(14,435	)		(11	)		—
Commercial and industrial		6,109			1,249			(1,890	)		5,468			(18,050	)		(12,582	)		(1,899	)		9
Construction		(10,202	)		—			(37	)		(10,239	)		(11,724	)		(21,963	)		(37	)		—
Mortgage		(20,390	)		(13,702	)		(71	)		(34,163	)		46,499			12,336			(71	)		—
Consumer:
Credit cards		—			—			(3	)		(3	)		(6	)		(9	)		—			-3
Home equity lines of credit		(115	)		(332	)		(636	)		(1,083	)		(3,871	)		(4,954	)		(636	)		—
Personal		(330	)		(676	)		(388	)		(1,394	)		(32,396	)		(33,790	)		(388	)		—
Other		—			—			(20	)		(20	)		343			323			(20	)		—

Total	$	12,586		$	(17,107	)	$	(5,227	)	$	(9,748	)	$	(4,805	)	$	(14,553	)	$	(5,233	)	$	6

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table J - Loan Delinquency - Consolidated

(Unaudited)


31-Mar-21
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	$	30,381	$	—	$	814	$	31,195	$	1,861,899	$	1,893,094	$	814	$	—
Commercial real estate:
Non-owner occupied		9,219		25,406		76,916		111,541		3,992,512		4,104,053		76,916		—
Owner occupied		12,186		2,758		90,075		105,019		1,736,897		1,841,916		90,075		—
Commercial and industrial		11,096		1,971		35,534		48,601		5,554,822		5,603,423		34,965		569
Construction		11,749		—		22,400		34,149		873,587		907,736		22,400		—
Mortgage		188,962		85,532		1,226,728		1,501,222		6,307,630		7,808,852		405,574		821,154
Leasing		7,564		1,408		3,040		12,012		1,232,944		1,244,956		3,040		—
Consumer:
Credit cards		4,824		3,883		10,779		19,486		858,277		877,763		—		10,779
Home equity lines of credit		121		10		6,901		7,032		86,129		93,161		6,855		46
Personal		11,372		6,916		26,817		45,105		1,381,634		1,426,739		26,817		—
Auto		47,396		8,783		15,405		71,584		3,131,553		3,203,137		15,405		—
Other		360		375		15,489		16,224		110,574		126,798		15,281		208

Total	$	335,230	$	137,042	$	1,530,898	$	2,003,170	$	27,128,458	$	29,131,628	$	698,142	$	832,756


31-Dec-20
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	$	6,069	$	—	$	2,399	$	8,468	$	1,887,523	$	1,895,991	$	2,399	$	—
Commercial real estate:
Non-owner occupied		3,113		7,143		77,806		88,062		3,913,081		4,001,143		77,806		—
Owner occupied		8,461		1,868		92,335		102,664		1,840,611		1,943,275		92,335		—
Commercial and industrial		11,340		847		38,103		50,290		5,723,611		5,773,901		37,540		563
Construction		21,312		—		29,057		50,369		875,839		926,208		29,057		—
Mortgage		229,024		103,190		1,443,688		1,775,902		6,114,778		7,890,680		429,207		1,014,481
Leasing		9,141		1,427		3,441		14,009		1,183,652		1,197,661		3,441		—
Consumer:
Credit cards		6,550		4,619		12,801		23,970		895,996		919,966		—		12,801
Home equity lines of credit		420		342		7,539		8,301		90,449		98,750		7,491		48
Personal		12,741		9,439		27,861		50,041		1,426,944		1,476,985		27,861		—
Auto		53,186		12,696		15,736		81,618		3,050,610		3,132,228		15,736		—
Other		304		483		15,072		15,859		112,549		128,408		14,901		171

Total	$	361,661	$	142,054	$	1,765,838	$	2,269,553	$	27,115,643	$	29,385,196	$	737,774	$	1,028,064


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	$	24,312		$	—		$	(1,585	)	$	22,727		$	(25,624	)	$	(2,897	)	$	(1,585	)	$	—
Commercial real estate:
Non-owner occupied		6,106			18,263			(890	)		23,479			79,431			102,910			(890	)		—
Owner occupied		3,725			890			(2,260	)		2,355			(103,714	)		(101,359	)		(2,260	)		—
Commercial and industrial		(244	)		1,124			(2,569	)		(1,689	)		(168,789	)		(170,478	)		(2,575	)		6
Construction		(9,563	)		—			(6,657	)		(16,220	)		(2,252	)		(18,472	)		(6,657	)		—
Mortgage		(40,062	)		(17,658	)		(216,960	)		(274,680	)		192,852			(81,828	)		(23,633	)		(193,327	)
Leasing		(1,577	)		(19	)		(401	)		(1,997	)		49,292			47,295			(401	)		—
Consumer:
Credit cards		(1,726	)		(736	)		(2,022	)		(4,484	)		(37,719	)		(42,203	)		—			(2,022	)
Home equity lines of credit		(299	)		(332	)		(638	)		(1,269	)		(4,320	)		(5,589	)		(636	)		(2	)
Personal		(1,369	)		(2,523	)		(1,044	)		(4,936	)		(45,310	)		(50,246	)		(1,044	)		—
Auto		(5,790	)		(3,913	)		(331	)		(10,034	)		80,943			70,909			(331	)		—
Other		56			(108	)		417			365			(1,975	)		(1,610	)		380			37

Total	$	(26,431	)	$	(5,012	)	$	(234,940	)	$	(266,383	)	$	12,815		$	(253,568	)	$	(39,632	)	$	(195,308	)

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table K - Non-Performing Assets

(Unaudited)


																			Variance
(Dollars in thousands)	31-Mar-21			As a % of loans HIP by category			31-Dec-20			As a % of loans HIP by category			31-Mar-20			As a % of loans HIP by category			Q1 2021 vs. Q4 2020			Q1 2021 vs. Q1 2020
Non-accrual loans:
Commercial	$	202,770			1.5	%	$	210,080			1.5	%	$	260,488			2.1	%	$	(7,310	)	$	(57,718	)
Construction		22,400			2.5			29,057			3.1			—			—			(6,657	)		22,400
Lease financing		3,040			0.2			3,441			0.3			4,076			0.4			(401	)		(1,036	)
Mortgage		405,574			5.2			429,207			5.4			416,641			5.9			(23,633	)		(11,067	)
Auto		15,405			0.5			15,736			0.5			26,431			0.9			(331	)		(11,026	)
Consumer		48,953			1.9			50,253			1.9			61,039			2.0			(1,300	)		(12,086	)
Total non-performing loans held-in-portfolio		698,142			2.4	%		737,774			2.5	%		768,675			2.8	%		(39,632	)		(70,533	)
Non-performing loans held-for-sale [1]		3,549						2,738						10,679						811			(7,130	)
Other real estate owned (“OREO”)		72,060						83,146						123,922						(11,086	)		(51,862	)

Total non-performing assets	$	773,751					$	823,658					$	903,276					$	(49,907	)	$	(129,525	)

Accruing loans past due 90 days or more [2]	$	832,756					$	1,028,064					$	471,301					$	(195,308	)	$	361,455

Ratios:
Non-performing assets to total assets		1.16	%					1.25	%					1.71	%
Non-performing loans held-in-portfolio to loans held-in-portfolio		2.40						2.51						2.78
Allowance for credit losses to loans held-in-portfolio		2.75						3.05						3.32
Allowance for credit losses to non-performing loans, excluding loans held-for-sale		114.70						121.48						119.65

[1]	There were $4 million in non-performing commercial loans held-for-sale as of March 31, 2021, $3 million for the quarter ended December 31, 2020 and $11 million for the quarter ended March 31, 2020.

[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 $29 million at March 31, 2021, related to the rebooking of loans previously pooled into GNMA securities, in which the Corporation had a buy-back option as further described below (December 31, 2020 - $57 million; March 31, 2020 - $111 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. While the borrowers for our serviced GNMA portfolio benefited from the moratorium, the delinquency status of these loans continued to be reported to GNMA without considering the moratorium. Additionally, these balances include $341 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of March 31, 2021 (December 31, 2020 - $329 million; March 31, 2020 - $222 million). Furthermore, the Corporation has approximately $58 million in reverse mortgage loans which are guaranteed by FHA, but which are currently not accruing interest. Due to the guaranteed nature of the loans, it is the Corporation’s policy to exclude these balances from non-performing assets (December 31, 2020 - $60 million; March 31, 2020 - $62 million).

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table L - Activity in Non-Performing Loans

(Unaudited)


Commercial loans held-in-portfolio:
	Quarter ended									Quarter ended
	31-Mar-21									31-Dec-20
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	204,092		$	5,988		$	210,080		$	241,984		$	7,754		$	249,738
Plus:
New non-performing loans		7,724			1,693			9,417			11,443			467			11,910
Advances on existing non-performing loans		—			6			6			—			330			330
Less:
Non-performing loans transferred to OREO		(3,850	)		—			(3,850	)		(63	)		—			(63	)
Non-performing loans charged-off		(2,391	)		(352	)		(2,743	)		(19,207	)		(272	)		(19,479	)
Loans returned to accrual status / loan collections		(4,712	)		(3,655	)		(8,367	)		(30,065	)		(2,291	)		(32,356	)
Loans transferred to held-for-sale		—			(1,773	)		(1,773	)		—			—			—

Ending balance NPLs	$	200,863		$	1,907		$	202,770		$	204,092		$	5,988		$	210,080


Construction loans held-in-portfolio:
	Quarter ended									Quarter ended
	31-Mar-21									31-Dec-20
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	21,497		$	7,560		$	29,057		$	21,514		$	9,069		$	30,583
Plus:
New non-performing loans		—			12,141			12,141			—			—			—
Less:
Non-performing loans charged-off		(6,620	)		—			(6,620	)		—			(1,509	)		(1,509	)
Loans returned to accrual status / loan collections		—			(12,178	)		(12,178	)		(17	)		—			(17	)

Ending balance NPLs	$	14,877		$	7,523		$	22,400		$	21,497		$	7,560		$	29,057


Mortgage loans held-in-portfolio:
	Quarter ended									Quarter ended
	31-Mar-21									31-Dec-20
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	414,343		$	14,864		$	429,207		$	370,060		$	14,484		$	384,544
Plus:
New non-performing loans		58,397			4,323			62,720			90,399			11,183			101,582
Advances on existing non-performing loans		—			5			5			—			81			81
Less:
Non-performing loans transferred to OREO		(801	)		—			(801	)		(730	)		—			(730	)
Non-performing loans charged-off		(8,722	)		(1	)		(8,723	)		(4,588	)		(31	)		(4,619	)
Loans returned to accrual status / loan collections		(72,436	)		(4,398	)		(76,834	)		(40,798	)		(10,853	)		(51,651	)

Ending balance NPLs	$	390,781		$	14,793		$	405,574		$	414,343		$	14,864		$	429,207


Total non-performing loans held-in-portfolio (excluding consumer):
	Quarter ended									Quarter ended
	31-Mar-21									31-Dec-20
(In thousands)	BPPR			Popular U.S.			Popular, Inc.			BPPR			Popular U.S.			Popular, Inc.
Beginning balance NPLs	$	639,932		$	28,412		$	668,344		$	633,558		$	31,307		$	664,865
Plus:
New non-performing loans		66,121			18,157			84,278			101,842			11,650			113,492
Advances on existing non-performing loans		—			11			11			—			411			411
Less:
Non-performing loans transferred to OREO		(4,651	)		—			(4,651	)		(793	)		—			(793	)
Non-performing loans charged-off		(17,733	)		(353	)		(18,086	)		(23,795	)		(1,812	)		(25,607	)
Loans returned to accrual status / loan collections		(77,148	)		(20,231	)		(97,379	)		(70,880	)		(13,144	)		(84,024	)
Loans transferred to held-for-sale		—			(1,773	)		(1,773	)		—			—			—

Ending balance NPLs	$	606,521		$	24,223		$	630,744		$	639,932		$	28,412		$	668,344

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table M - Allowance for Credit Losses, Net Charge-offs and Related Ratios

(Unaudited)


	Quarters ended
(Dollars in thousands)	31-Mar-21			31-Dec-20			31-Mar-20
Balance at beginning of period - loans held-in-portfolio	$	896,250		$	925,850		$	477,708
Impact of adopting CECL		—			—			315,107
Provision (reversal) for credit losses		(75,779	)		10,785			188,995
Initial allowance for credit losses - PCD Loans		1,356			1,693			429

		821,827			938,328			982,239

Net loans charged-off (recovered):
BPPR
Commercial		(1,434	)		17,171			580
Construction		5,917			(584	)		(19	)
Lease financing		118			996			3,307
Mortgage		8,303			4,579			5,538
Consumer		6,570			19,055			50,111

Total BPPR		19,474			41,217			59,517

Popular U.S.
Commercial		16			(1,739	)		(1	)
Construction		—			444			(155	)
Mortgage		(80	)		15			(1	)
Consumer		1,620			2,141			3,163

Total Popular U.S.		1,556			861			3,006

Total loans charged-off - Popular, Inc.		21,030			42,078			62,523

Balance at end of period - loans held-in-portfolio	$	800,797		$	896,250		$	919,716

Balance at beginning of period - unfunded commitments	$	15,851		$	13,295		$	8,717
Impact of adopting CECL		—			—			(5,460	)
Provision (reversal) for credit losses		(6,282	)		2,556			1,209

Balance at end of period - unfunded commitments [1]	$	9,569		$	15,851		$	4,466

POPULAR, INC.
Annualized net charge-offs to average loans held-in-portfolio		0.29	%		0.58	%		0.91	%
Provision (reversal) for credit losses - loan portfolios to net charge-offs		-360.34	%		25.63	%		302.28	%
BPPR
Annualized net charge-offs to average loans held-in-portfolio		0.36	%		0.77	%		1.18	%
Provision (reversal) for credit losses - loan portfolios to net charge-offs		-205.28	%		60.06	%		189.87	%
Popular U.S.
Annualized net charge-offs to average loans held-in-portfolio		0.08	%		0.04	%		0.17	%
Provision (reversal) for credit losses - loan portfolios to net charge-offs		N.M.			N.M.			N.M.

N.M. - Not meaningful.

[1]	Allowance for credit losses of unfunded commitments is presented as part of Other Liabilities in the Consolidated Statements of Financial Condition.

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table N - Allowance for Credit Losses “ACL”- Loan Portfolios - CONSOLIDATED

(Unaudited)


31-Mar-21
(Dollars in thousands)	Commercial			Construction			Mortgage			Lease financing			Consumer			Total
Total ACL	$	276,219		$	9,195		$	202,126		$	12,687		$	300,570		$	800,797
Total loans held-in-portfolio	$	13,442,486		$	907,736		$	7,808,852		$	1,244,956		$	5,727,598		$	29,131,628

ACL to loans held-in-portfolio		2.05	%		1.01	%		2.59	%		1.02	%		5.25	%		2.75	%


31-Dec-20
(Dollars in thousands)	Commercial			Construction			Mortgage			Lease financing			Consumer			Total
Total ACL	$	333,380		$	14,237		$	215,716		$	16,863		$	316,054		$	896,250
Total loans held-in-portfolio	$	13,614,310		$	926,208		$	7,890,680		$	1,197,661		$	5,756,337		$	29,385,196

ACL to loans held-in-portfolio		2.45	%		1.54	%		2.73	%		1.41	%		5.49	%		3.05	%


Variance
(Dollars in thousands)	Commercial			Construction			Mortgage			Lease financing			Consumer			Total
Total ACL	$	(57,161	)	$	(5,042	)	$	(13,590	)	$	(4,176	)	$	(15,484	)	$	(95,453	)
Total loans held-in-portfolio	$	(171,824	)	$	(18,472	)	$	(81,828	)	$	47,295		$	(28,739	)	$	(253,568	)

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table O - Allowance for Credit Losses “ACL”- Loan Portfolios - PUERTO RICO OPERATIONS

(Unaudited)


31-Mar-21
Puerto Rico
(In thousands)	Commercial			Construction			Mortgage			Lease financing			Consumer			Total
ACL	$	197,111		$	260		$	185,805		$	12,687		$	285,793		$	681,656
Loans held-in-portfolio	$	7,782,288		$	160,597		$	6,675,979		$	1,244,956		$	5,470,445		$	21,334,265

ACL to loans held-in-portfolio		2.53	%		0.16	%		2.78	%		1.02	%		5.22	%		3.20	%


31-Dec-20
Puerto Rico
(In thousands)	Commercial			Construction			Mortgage			Lease financing			Consumer			Total
ACL	$	225,323		$	4,871		$	195,557		$	16,863		$	297,136		$	739,750
Loans held-in-portfolio	$	7,987,616		$	157,106		$	6,770,143		$	1,197,661		$	5,460,754		$	21,573,280

ACL to loans held-in-portfolio		2.82	%		3.10	%		2.89	%		1.41	%		5.44	%		3.43	%


Variance
(In thousands)	Commercial			Construction			Mortgage			Lease financing			Consumer			Total
ACL	$	(28,212	)	$	(4,611	)	$	(9,752	)	$	(4,176	)	$	(11,343	)	$	(58,094	)
Loans held-in-portfolio	$	(205,328	)	$	3,491		$	(94,164	)	$	47,295		$	9,691		$	(239,015	)

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table P - Allowance for Credit Losses “ACL”- Loan Portfolios - POPULAR U.S. OPERATIONS

(Unaudited)


31-Mar-21
Popular U.S.
(In thousands)	Commercial			Construction			Mortgage			Consumer			Total
ACL	$	79,108		$	8,935		$	16,321		$	14,777		$	119,141
Loans held-in-portfolio	$	5,660,198		$	747,139		$	1,132,873		$	257,153		$	7,797,363

ACL to loans held-in-portfolio		1.40	%		1.20	%		1.44	%		5.75	%		1.53	%


31-Dec-20
Popular U.S.
(In thousands)	Commercial			Construction			Mortgage			Consumer			Total
ACL	$	108,057		$	9,366		$	20,159		$	18,918		$	156,500
Loans held-in-portfolio	$	5,626,694		$	769,102		$	1,120,537		$	295,583		$	7,811,916

ACL to loans held-in-portfolio		1.92	%		1.22	%		1.80	%		6.40	%		2.00	%


Variance
(In thousands)	Commercial			Construction			Mortgage			Consumer			Total
ACL	$	(28,949	)	$	(431	)	$	(3,838	)	$	(4,141	)	$	(37,359	)
Loans held-in-portfolio	$	33,504		$	(21,963	)	$	12,336		$	(38,430	)	$	(14,553	)

Popular, Inc.

Financial Supplement to First Quarter 2021 Earnings Release

Table Q - Reconciliation to GAAP Financial Measures

(Unaudited)


(In thousands, except share or per share information)	31-Mar-21			31-Dec-20			31-Mar-20
Total stockholders’ equity	$	5,897,559		$	6,028,687		$	5,669,605
Less: Preferred stock		(22,143	)		(22,143	)		(22,143	)
Less: Goodwill		(671,122	)		(671,122	)		(671,122	)
Less: Other intangibles		(21,415	)		(22,466	)		(26,307	)

Total tangible common equity	$	5,182,879		$	5,312,956		$	4,950,033

Total assets	$	66,870,268		$	65,926,000		$	52,803,639
Less: Goodwill		(671,122	)		(671,122	)		(671,122	)
Less: Other intangibles		(21,415	)		(22,466	)		(26,307	)

Total tangible assets	$	66,177,731		$	65,232,412		$	52,106,210

Tangible common equity to tangible assets		7.83	%		8.14	%		9.50	%
Common shares outstanding at end of period		84,379,180			84,244,235			88,125,974
Tangible book value per common share	$	61.42		$	63.07		$	56.17


	Quarterly average
Total stockholders’ equity [1]	$	5,693,672		$	5,540,456		$	5,481,179
Less: Preferred Stock		(22,143	)		(22,143	)		(38,768	)
Less: Goodwill		(671,121	)		(671,121	)		(671,121	)
Less: Other intangibles		(22,104	)		(23,166	)		(27,826	)

Total tangible equity	$	4,978,304		$	4,824,026		$	4,743,464
Return on average tangible common equity		21.37	%		14.50	%		2.87	%

[1]	Average balances exclude unrealized gains or losses on debt securities available-for-sale.

CONTACTS:

Popular, Inc.

Investor Relations:

Paul J. Cardillo, 212-417-6721

Investor Relations Officer

pcardillo@popular.com

Media Relations:

MC González Noguera, 787-366-8852

Executive Vice President and Chief Communications & Public Affairs Officer

mc.gonzalez@popular.com

POPULAR, INC. - FORM 8-K - EX-99.1 - April 28, 2021

Attached files