Popular, Inc. · NASDAQ:BPOP
Popular — Q1 2026 Earnings Presentation
34 slides from Popular's earnings presentation, Apr 23, 2026
Slide 1: Investor Presentation First Quarter 2026
Investor Presentation First Quarter 2026
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation 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 an
Slide 3: Strategic Framework
Strategic Framework BE THE #1 BANK FOR OUR CUSTOMERS Meet customers where they are. We are their first choice, always one step ahead, fostering loyalty and deepening relationships at every stage of their lives, to drive growth BE SIMPLE AND EFFICIENT Deliver solutions faster, improve productivity, a
Slide 4: Q1 2026 Highlights
Q1 2026 Highlights Financial Highlights Quarter Highlights ($ in millions, except per share information) Income Statement Q1 2026 Q4 2025 Change Q1 2025 Highlights: Net Income $ 246 $ 234 $ 12 $ 178 • Net income increased $12 million to $246 million Adjusted Net Income 1 246 224 22 178 • Net interes
Slide 5: Q1 2026 Business Highlights
Q1 2026 Business Highlights BPPR Popular U.S. ($ in millions) Q1 2026 Q4 2025 Change Q1 2025 ($ in millions) Q1 2026 Q4 2025 Change Q1 2025 Net Income $ 204 $ 190 $ 14 $ 166 Net Income $ 37 $ 33 $ 4 $ 15 Net Interest Margin 3.85% 3.78% 0.07% 3.63% Net Interest Margin 3.15% 3.11% 0.04% 2.74% Loans He
Slide 6: Financial Summary
Financial Summary Quarterly Results (unaudited) ($ in thousands, except EPS) Q1 2026 Q4 2025 Variance Net interest income $ 670,180 $ 657,552 $ 12,628 Provision for credit losses 75,886 72,016 3,870 Net interest income after provision for credit losses $ 594,294 $ 585,536 $ 8,758 Banking fees 111,63
Slide 7: Net Interest Income and NIM Dynamics
Net Interest Income and NIM Dynamics Quarter Highlights: Earning Assets (ending balances, $ in billions)1 • Net interest income increased by $13 million to $670 million $70.8 $72.8 $71.8 $72.1 $72.9 • Net interest margin increased 5 bps to 3.66% 70.0 0 0.1 4 $37.3 $38.2 $38.7 $39.3 $39.3 ‐ Primarily
Slide 8: Non-Interest Income
Non-Interest Income Quarter Highlights: Change vs. • Non-interest income of $166 million Q4 Q1 remained flat when compared to Q4 ($ in millions) Q1 2026 Q4 2025 Variance Q1 2025 2025 2025 • Non-interest income increased 9% YoY Service charges on deposits $ 38.8 $ 38.9 $ (0.1) $ 39.1 (0%) (1%) ‐ Debi
Slide 9: Operating Expenses
Operating Expenses Quarter Highlights: Change vs. • Operating expenses of $467 million Q4 Q1 decreased by $6 million compared to Q4 ($ in millions) Q1 2026 Q4 2025 Variance Q1 2025 2025 2025 ‐ Lower personnel cost due to Q4 profit Salaries $ 134.8 $ 139.7 $ (4.9) $ 130.9 (3%) 3% sharing of $12.8 mil
Slide 10: Capital
Capital Quarter Highlights: • Repurchased $155 million in common stock at an average price of $134.31 per share and paid quarterly common stock dividend of $0.75 per share - Since January 1, 2024, we have repurchased $874 million in common stock - $126 million remained under our active common stock
Slide 11: Non-Performing Assets
Non-Performing Assets Quarter Highlights: Non-Performing Assets • Non-Performing Assets (NPAs) and Non-Performing Loans ($ in millions) (NPLs) decreased by $37 million and $40 million, respectively 600 $545 $541 0.040000000 • NPL inflows decreased by $9 million, driven by lower $504 0.035000000 500
Slide 12: NCOs and Allowance for Credit Losses
NCOs and Allowance for Credit Losses Quarter Highlights: • NCOs increased $10 million to $60 million, mainly driven by a BPPR commercial real estate loan classified as NPL in the third quarter of 2025. NCO Ratio increased 10 bps to 0.61%. NCOs in Q4 included $5 million in recoveries from the sale of
Slide 13: Driving Value
Driving Value Market leader in Puerto Rico • Extensive customer base with 2.1 million customers • Solid deposit franchise and a well diversified loan portfolio • Distinct multichannel experience with top digital solutions and an unmatched branch network • Diversified business model, strong capital a
Slide 14: Guidance
Guidance 2026 Guidance 2026 Guidance (GAAP Basis) Q1 2026 Update Commentary Net Interest Income 5%-7% increase for the year High-end of the guidance range Driven by higher volume of P.R. deposits Non-Interest Income $160 million - $165 million per quarter Unchanged NCOs 55 bps-70 bps annualized Unch
Slide 15: Footnotes
Footnotes Slide 4: 1- Adjusted net income represents a non-GAAP financial measure. See the Corporation's earnings press release, Form 10-Q and Form 10-K filed, or to be filed, with the U.S. Securities and Exchange Commission for the applicable periods’ GAAP to non-GAAP reconciliation 2- Fully taxabl
Slide 16: Appendix
Investor Presentation First Quarter 2026 Appendix
Slide 17: Corporate Structure
Corporate Structure Franchise Summary Corporate Structure Industry Financial Services Headquarters San Juan, Puerto Rico Assets = $76 billion Assets $76 billion (among top 50 BHCs in the U.S.) Popular Holding Co. Banco Popular Popular’s North (including Popular de Securities Insurance America, equit
Slide 18: Q1 2026 vs. Q4 2025 Business Segments
Q1 2026 vs. Q4 2025 Business Segments Financial Results BPPR Popular U.S. (Unaudited) ($ in millions) Q1 2026 Q4 2025 Variance Q1 2026 Q4 2025 Variance Net interest income $ 568 $ 555 $ 13 $ 112 $ 111 $ 1 Provision for credit losses 74 72 2 3 - 3 Net interest income after provision for credit losses
Slide 19: Loan Composition and Yields
Loan Composition and Yields Highlights: Loans Held-in-Portfolio Average • Loans held in portfolio decreased by $38 (ending balances, Yields million driven by Popular U.S. $ in millions) Q1 2026 Q4 2025 Variance Q1 2026 (FTE) • Average loan yields FTE at 7.53% increased Commercial $ 19,749 $ 19,760 $
Slide 20: Funding Profile and Deposit Composition
Funding Profile and Deposit Composition Highlights: Funding Sources • Deposits at $67.6 billion in Q1, with P.R. public deposits at 19.7 (ending balances, $ in billions) billion, representing 30% of total deposits $1.1 • Total deposit costs, excluding P.R. public deposits, demonstrate the stability
Slide 21: Deposit Beta
Deposit Beta • BPPR's retail and commercial accounts are low beta products and will react more slowly to changes in short-term interest rates • High beta P.R. public deposits represent 30% of total deposits - P.R. public deposits are linked to market rates but respond with a lag to changes in three-
Slide 22: Investment Portfolio
Investment Portfolio Quarter Highlights: $ in millions Q1 2026 Variance to Q4 2025 • Conservative investment portfolio, with the majority Amortized % of Book Gain / Maturity / Amortized Gain / invested in short to intermediate U.S. Treasuries, Description Cost Portfolio Value (Loss) Yield WAL1 Cost
Slide 23: Allowance for Credit Losses – Q1 2026
Allowance for Credit Losses – Q1 2026 ACL Movement: ACL Movement • Moody’s baseline forecast shows strong 2026 U.S. ($ in millions) economic growth 830 $8 $824 $34 $808 • Increased reserves due to changes in employment 810 $34 variables, and incremental qualitative reserves for the 790 770 U.S. CRE
Slide 24: Commercial and Industrial Portfolio
Commercial and Industrial Portfolio Highlights: Commercial and Industrial Portfolio • Commercial and Industrial (“C&I”) credit quality ($ in millions) $8,598 $8,555 $8,238 remained stable $7,689 $8,037 6.2% 8,000 $2,637 $2,625 ‐ NPLs at $192 million, impacted by a $155 million single 7,000 $2,445 $2
Slide 25: Non-Owner Occupied CRE Portfolio
Non-Owner Occupied CRE Portfolio Highlights: Non-Owner Occupied CRE • Non-Owner Occupied CRE (CRE NOO) exposure mainly in ($ in millions) $5,541 $5,521 $5,543 $5,543 retail, hotels and office space $5,463 • Office exposure limited to 1.7% of total loan portfolio and 5,000 $2,227 $2,191 $2,160 $2,148
Slide 26: Multifamily Loan Portfolio
Multifamily Loan Portfolio Highlights: Multifamily Loans • 86% of the portfolio concentrated in Popular U.S. ($ in millions) $2,521 $2,521 $2,456 • Strong credit risk profile with low levels of delinquency, 2,500 $2,375 $2,427 NCOs and classified loans $2,214 $2,187 $2,152 1.6% $2,067 $2,084 ‐ New Y
Slide 27: P.R. Mortgage Loan Portfolio
P.R. Mortgage Loan Portfolio Highlights: • 44% of the P.R. mortgage loan portfolio is comprised of U.S. government guaranteed loans • Over the last five years, origination average FICO scores above 750 and LTV of approximately 70% • Delinquency and NCO levels for the period remained below the histor
Slide 28: Auto Loan Portfolio
Auto Loan Portfolio Highlights: Delinquency Avg. 2011-2019 03/31/2026 • Improvements in credit quality of originations ($in millions) 6.17% 3.42% • Auto balances have remained stable, with recent quarter- 4500 0.07 over-quarter declining trend 4000 $3,707 $3,773 $3,819 $3,821 $3,820 $3,862 $3,851 $3
Slide 29: Auto Lease Portfolio
Auto Lease Portfolio Highlights: Delinquency Avg. 2011-2019 03/31/2026 • Auto lease balances have grown steadily, but experienced ($in millions) 2.06% 1.72% a decline in the most recent quarter 2500 0.06 • Delinquency and NCO levels for the period remained $1,887 $1,925 $1,950 $1,983 $1,999 $2,001 $
Slide 30: P.R. Personal Loan Portfolio
P.R. Personal Loan Portfolio Highlights: Delinquency Avg. 2011-2019 03/31/2026 • Portfolio balances have remained stable but growing at a ($ in millions) 3.61% 2.47% slower pace since 2024 due to tightening measures • Delinquency remained below the historical average $1,823 $1,836 $1,851 $1,746 $1,7
Slide 31: Credit Cards Portfolio
Credit Cards Portfolio Highlights: Delinquency Avg. 2011-2019 03/31/2026 • Overall balances have grown steadily, but experienced a ($in millions) 3.74% 3.83% decline in the most recent quarter • Delinquency and NCOs remain above historical 1400 $1,257 $1,214 0.06 $1,187 $1,218 $1,188 $1,215 $1,226 b
Slide 32: P.R. Public Sector Exposure
P.R. Public Sector Exposure • Substantially all the Corporation’s direct exposure outstanding in Q1 were obligations from various Puerto Rico municipalities. As of March 31, 2026, our direct exposure outstanding to P.R. municipalities amounted to $340 million, flat when compared to the prior quarter
Slide 33: Popular's Credit Ratings
Popular’s Credit Ratings Senior Unsecured Senior Ratings Unsecured Ratings Fitch BBB- Stable Outlook S&P BB+ Positive Outlook Moody’s Ba1 Positive Outlook 2019 2020 2021 2022 2025 2026 April April Moody’s June Moody's upgrades to Fitch upgrades upgrades to B1 May March Ba3 from B1 to BBB- from April
Slide 34: Investor Presentation First Quarter 2026
Investor Presentation First Quarter 2026