• 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)--Apr. 23, 2026-- 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.”

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.

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 millionFDIC 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.

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.