Popular, Inc. (NASDAQ:BPOP) Q2 2023 Earnings Conference Call July 26, 2023 11:00 AM ET Company Participants Paul Cardillo - Senior Vice President and Investor Relations Officer Ignacio Alvarez - President and Chief Executive Officer Carlos Vazquez - Executive Vice President and Chief Financial Officer Lidio Soriano - Executive Vice President and Chief Risk Officer Jorge Garcia - Senior Vice President and Corporate Comptroller Conference Call Participants Timur Braziler - Wells Fargo Securities Broderick Pre ...

Note 10 – Mortgage banking activities Note 11 – Transfers of financial assets and mortgage servicing assets | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|-------|-----------|-------|-----------|-------|-----------|---------|--------------| | (In thousands) \nAssets | | Level 1 | | Level 2 | | Level 3 | Initial | Fair Value | | Trading account debt securities: | | | | | | | | | | Mortgage-backed securities - GNMA | $ | - | $ | 77,894 | $ | - | $ | 77 ...

Popular, Inc. (NASDAQ:BPOP) Q1 2023 Earnings Conference Call April 26, 2023 11:00 AM ET Participants Paul Cardillo - Senior Vice President and Investor Relations Officer Javier Ferrer - COO Carlos Vazquez - CFO Lidio Soriano - CRO Analysts Brody Preston - UBS Timur Braziler - Wells Fargo Alex Twerdahl - Piper Sandler Kelly Motta - KBW Thomas Leddy - RBC Operator Good morning, ladies and gentlemen. Thank you for attending today’s Popular, Inc Q1 2023 Earnings Call. My name is Tia, and I will be your moderato ...

10.25 Asset Purchase Agreement, dated as of February 24, 2022, among Evertec, Inc. and Evertec Group, LLC, Popular, Inc. and Banco Popular de Puerto Rico (incorporated by reference to Exhibit 2.1 of Popular, Inc.'s Current Report on Form 8-K dated and filed on February 24, 2022). 31.2 Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1) * This exhibit is a management contract or compensatory plan or arrangement. Popular, Inc. has not filed as exhibits c ...

Popular, Inc. (NASDAQ:BPOP) Q4 2022 Earnings Conference Call January 25, 2023 10:00 AM ET Company Participants Paul Cardillo - Investor Relations Officer Ignacio Alvarez - Chief Executive Officer Javier Ferrer - Chief Operating Officer Carlos Vazquez - Chief Financial Officer Lidio Soriano - Chief Risk Officer Conference Call Participants Timur Braziler - Wells Fargo Securities Alex Twerdahl - Piper Sandler Kelly Motta - KBW Gerard Cassidy - RBC Operator Hello and welcome to today's Popular Fourth Quarter 2 ...

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

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

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

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

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