Popular, Inc. Announces First Quarter 2022 Financial Results

• Net income of $211.7 million in Q1 2022, compared to net income of $206.1 million in Q4 2021.
• Net interest margin of 2.75% in Q1 2022, compared to 2.78% in Q4 2021; net interest margin on a taxable equivalent basis of 3.05% in Q1 2022, compared to 3.02% in Q4 2021.
• Credit Quality:
  • Non-performing loans held-in-portfolio (“NPLs”) decreased by $28.0 million from Q4 2021; NPLs to loans ratio at 1.8% vs. 1.9% in Q4 2021;
  • Net charge-offs (“NCOs”) were $3.8 million, compared to a net recovery of $7.9 million in Q4 2021; NCOs at 0.05% of average loans held-in-portfolio vs. (0.11%) in Q4 2021;
  • Allowance for credit losses (“ACL”) to loans held-in-portfolio at 2.29% vs. 2.38% in Q4 2021; and
  • ACL to NPLs at 130.4% vs. 126.9% in Q4 2021.
• Common Equity Tier 1 ratio of 16.26%, Common Equity per Share of $60.78 and Tangible Book Value per Share of $51.16 at March 31, 2022.

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $211.7 million for the quarter ended March 31, 2022, compared to net income of $206.1 million for the quarter ended December 31, 2021.

Ignacio Alvarez, President and Chief Executive Officer, said: “We had a solid quarter with net income of $212 million, building on the momentum of our record 2021 results. We saw broad-based loan growth, across geographies and most business lines, while maintaining strong asset quality metrics. Net charge-offs were five basis points for the quarter. We continued to see deposit growth from our private sector clients. Our deposit franchise in Puerto Rico will be an even greater source of strength as interest rates rise as expected. Our capital ratios remained strong, allowing us to continue to return capital to our shareholders and increase our common stock dividend. Going forward, we remain optimistic about the economic outlook, yet cognizant of the possible challenges to the macroeconomic environment resulting from the war in Ukraine, inflation and the evolving health situation.

I am thankful to our team who have continued to perform at a high level and deliver results under a myriad of changing conditions. Finally, our thoughts and prayers are with the people of Ukraine as they suffer the horrible consequences of the war.”

Earnings Highlights
(Unaudited)	Quarters ended
(Dollars in thousands, except per share information)	31-Mar-22		31-Dec-21		31-Mar-21
Net interest income	$494,312		$501,283		$479,112
Provision for credit losses (benefit)	(15,500	)	(33,050	)	(82,226	)
Net interest income after provision for credit losses (benefit)	509,812		534,333		561,338
Other non-interest income	154,692		164,677		153,653
Operating expenses	402,339		417,394		375,528
Income before income tax	262,165		281,616		339,463
Income tax expense	50,479		75,552		76,831
Net income	$211,686		$206,064		$262,632
Net income applicable to common stock	$211,333		$205,711		$262,279
Net income per common share - Basic	$2.69		$2.59		$3.13
Net income per common share - Diluted	$2.69		$2.58		$3.12

Significant Events

Entry into Asset Purchase Agreement with Evertec; Renegotiation and Extension of Commercial Agreements

On February 24, 2022, the Corporation and Banco Popular de Puerto Rico (“BPPR”), entered into an Asset Purchase Agreement (the “Purchase Agreement”), with Evertec, Inc. (“EVERTEC”) and Evertec Group, LLC, a wholly owned subsidiary of EVERTEC (“EVERTEC Group”), pursuant to which BPPR will purchase from EVERTEC Group certain information technology and related assets currently used by EVERTEC to service certain of BPPR’s key channels (the “Acquired Assets”) under the Amended and Restated Master Service Agreement (the “MSA”), dated September 30, 2010, among the Corporation, BPPR and EVERTEC. In connection with the purchase of the Acquired Assets, BPPR will assume certain liabilities relating to the Acquired Assets (together with the purchase of the Acquired Assets, the “Transaction”). The Transaction is expected to close on or about June 30, 2022, subject to the satisfaction of certain closing conditions.

In connection with the consummation of the Transaction (the “Closing”), the Corporation will transfer to EVERTEC Group, as consideration for the Transaction, shares of EVERTEC’s common stock (“EVERTEC Common Stock”) having an aggregate value of approximately $197 million, subject to certain purchase price adjustments, based on a price per share of $42.84, which value was determined at the time of entering into the Purchase Agreement. As a result of this transfer, the Corporation expects that its percentage ownership of the outstanding shares of EVERTEC Common Stock will be reduced from its current level, which is approximately 16.2%, to approximately 10.5% immediately following the Closing. As part of the transaction, the Corporation has also agreed to reduce its voting interest in EVERTEC below 4.5%, whether through selling shares of EVERTEC common stock or a conversion of such shares into non-voting preferred stock. The Corporation expects to sell down its stake in EVERTEC below 4.5% following the closing and intends to return to shareholders, via common stock repurchases, the after-tax gains resulting from such sale, subject to the receipt of regulatory approvals.

Additionally, as part of the Closing, the Corporation and BPPR will also enter with EVERTEC into, among other commercial agreements, a Second Amended and Restated Master Services Agreement (the “Second A&R MSA”), pursuant to which EVERTEC Group will continue to provide various key information technology and various transaction processing services to the Corporation, BPPR and their respective subsidiaries, which services are provided under the currently effective MSA.

Capital Actions

On March 1, 2022 the Corporation announced that on February 28, 2022 it entered into an accelerated share repurchase agreement (the “ASR Agreement”) to repurchase an aggregate of $400 million of Popular’s common stock. Popular previously disclosed in a press release on January 12, 2022 its plan to repurchase up to $500 million of its common stock as part of its planned capital actions for 2022.

Under the terms of the ASR Agreement, on March 2, 2022 the Corporation made an initial payment of $400 million and received an initial delivery of 3,483,942 shares of Popular’s Common Stock (the “Initial Shares”).

The transaction was accounted for as a treasury stock transaction. Furthermore, as a result of the receipt of the Initial Shares, the Corporation recognized in shareholders’ equity approximately $320 million in treasury stock and $80 million as a reduction of capital surplus. Upon the final settlement of the ASR Agreement, the Corporation expects to further adjust its treasury stock and capital surplus accounts to reflect the final delivery or receipt of cash or shares, which will depend on the volume-weighted average price of the Corporation’s common stock during the term of the ASR Agreement, less a discount. The final settlement of the ASR Agreement is expected to occur no later than the third quarter of 2022.

Popular expects to execute during the remainder of the year, in the open market or in privately negotiated transactions, the remaining $100 million in common stock repurchases contemplated as part of the Corporation’s 2022 capital actions announced in January 2022. The timing and exact amount of such additional repurchases will be subject to various factors, including market conditions and the Corporation’s capital position and financial performance.

On February 23, 2022, the Corporation’s Board of Directors approved a quarterly cash dividend of $0.55 per share, an increase from the previous $0.45 per share quarterly dividend, on its outstanding common stock. The dividend was paid on April 1, 2022 to shareholders of record at the close of business on March 15, 2022.

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 quarter ended March 31, 2022, and comparable periods. 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, 2022 was $494.3 million compared to $501.3 million in the previous quarter, a decrease of $7.0 million. Net interest income, on a taxable equivalent basis, for the first quarter of 2022 was $548.1 million, an increase of $4.2 million when compared to $543.9 million in the last quarter of 2021. The increase in the taxable equivalent adjustment results from BPPR’s higher volume of tax-free investment securities in Puerto Rico.

Net interest margin for the quarter was 2.75% compared to 2.78% in the last quarter of 2021. On a taxable equivalent basis, net interest margin for the first quarter of 2022 was 3.05% compared to 3.02% in the fourth quarter of 2021. The main variances in net interest income on a taxable equivalent basis were:

• higher interest income from money markets, trading and investment securities by $18.4 million resulting from a higher volume by $540 million, in turn driven by an increase in the average U.S. Treasury portfolio by $4.2 billion, partially offset by lower volume of money market investments by $3.1 billion and higher yields by 17 basis points driven by higher market rates and the composition of the portfolio; and
• higher interest income from consumer loans mainly driven by a higher average volume in both P.R. and the U.S.

partially offset by:

• lower interest income from commercial loans by $16.5 million resulting from lower income form loans under the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) by $12.6 million, lower interest income from the repayment of purchased credit deteriorated (“PCD”) loans and the impact of 2 fewer days in the quarter or approximately $4.1 million. This negative effect was offset in part by an increase of $346 million in the average volume of commercial loans, at both P.R. and the U.S segments, for a $4.4 million benefit;
• a decrease in auto and lease financing income of $1.6 million mainly driven by two fewer days in the quarter when compared to the prior quarter, partially offset by higher loan volume by $62 million.

The Corporation recognized income of $10.6 million related to loans issued under the SBA PPP, compared to $23.2 million in the previous quarter. These loans carried a yield of approximately 17.01% in this quarter, including the amortization of fees received under the program, compared to 17.86% last quarter. This portfolio of loans issued under the SBA PPP declined by $141 million in BPPR to a balance of $114 million and declined by $39 million in Popular Bank (“PB” or “Popular U.S.”) to a balance of $59 million. On March 31, 2022, the portfolio at BPPR and PB had a remaining aggregate balance of unamortized fees of $8.1 million.

Net interest income for the BPPR segment amounted to $415.2 million for the first quarter of 2022, compared to $425.9 million for the fourth quarter of 2021. Net interest margin for the first quarter of 2022 was 2.67% a decrease of 6 basis points when compared to 2.73% for the previous quarter. As discussed above, net interest margin was negatively impacted by lower SBA PPP income and lower payment of PCD loans, partially offset by the positive impact of higher investment securities balances. The cost of interest-bearing and total deposits remained unchanged from the previous quarter at 0.16% and 0.12%, respectively.

Net interest income for PB was $86.5 million for the quarter ended March 31, 2022, compared to $83.2 million during the previous quarter. Net interest margin for the quarter was 3.56% compared to 3.47% the previous quarter. The increase in net interest income results mainly from a higher volume of commercial and consumer loans. The lower cost on deposits also resulted in a benefit to PB’s net interest margin. The cost of interest-bearing deposits was 0.46% or 6 basis points lower than the 0.52% reported in the last quarter of 2021, while the total cost of deposits, including demand deposits, was 0.36%, compared to 0.40% in the previous quarter.

Non-interest income

Non-interest income decreased by $10.0 million to $154.7 million for the quarter ended March 31, 2022, compared to $164.7 million for the quarter ended December 31, 2021. The variance in non-interest income was primarily driven by:

• lower other service fees by $6.7 million, mainly due to lower insurance fees by $3.7 million principally resulting from contingent insurance commissions that are typically recognized during the fourth quarter and lower credit card fees by $2.0 million mainly in interchange income due to seasonal purchasing activity in the previous quarter; and
• lower income from mortgage banking activities by $4.2 million mainly due to a loss on sale of loans and securitization activities of $1.5 million, compared to a gain of $5.4 in the previous quarter due to a lower volume of transactions and lower market rates, partially offset by higher realized gains on closed derivative positions by $3.4 million;

partially offset by:

• higher other operating income by $4.9 million mainly due to higher earnings from the portfolio of equity method investments and higher income from the sale of auto rental units.

Refer to Table B for further details.

Operating expenses

Operating expenses for the first quarter of 2022 totaled $402.3 million, a decrease of $15.1 million when compared to the fourth quarter of 2021. The variance in operating expenses was driven primarily by:

• lower net occupancy expenses by $2.0 million due to lower rent and electricity expenses;
• lower business promotion expenses by $10.8 million mainly due to lower advertising and promotion expenses by $5.7 million a result of seasonal activities during the fourth quarter of 2021, lower donations by $2.8 million and lower credit cards rewards expense as a result of transactional volumes by $1.7 million;
• lower other operating expenses by $11.4 million due to the effect during the previous quarter of an impairment charge on undeveloped properties by $5.0 million and lower sundry losses by $5.0 million mainly related to the termination of a white label credit card contract during prior quarter; and
• lower amortization of intangibles by $5.2 million due to an impairment write-down of a trademark during the fourth quarter of 2021.

partially offset by:

• higher personnel cost by $6.5 million mainly due to higher performance shares and restricted stock expenses by $6.3 million; higher payroll taxes by $5.1 million; partially offset by $3.1 million in lower incentives related to the profit-sharing plan which is tied to the Corporation’s financial performance;
• higher professional fees by $3.4 million mainly due to higher advisory expenses related to corporate initiatives; and
• higher credit and debit card processing and other expenses by $3.8 million due in part to lower volume incentives.

Full-time equivalent employees were 8,492 as of March 31, 2022, compared to 8,351 as of December 31, 2021.

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

Income taxes

For the quarter ended March 31, 2022, the Corporation recorded an income tax expense of $50.5 million, compared to $75.6 million for the previous quarter. The decrease in income tax expense was mainly attributable to lower income before tax and higher exempt income during the first quarter of 2022. The effective tax rate (“ETR”) for the first quarter of 2022 was 19.3%, compared to 27% in the fourth quarter of 2021. The ETR of the Corporation is impacted by the composition and source of its taxable income. The Corporation expects its ETR for the year 2022 to be within a range from 18% to 20%.

Credit Quality

During the first quarter of 2022, the Corporation continued to exhibit strong credit quality trends and low credit costs with low level of NCOs and decreasing NPLs. We continue to closely monitor changes on borrower performance and in the pace of economic recovery, given the rising interest rate environment and geopolitical uncertainty. However, management believes that the improvement over the last few years in the risk profile of the Corporation’s loan portfolios positions Popular to operate successfully under the current environment.

The following presents credit quality results for the first quarter of 2022:

• At March 31, 2022, total non-performing loans held-in-portfolio decreased by $28.0 million from December 31, 2021. BPPR’s NPLs decreased by $27.5 million, mostly driven by lower mortgage NPLs by $27.3 million. The mortgage NPLs decrease was mainly due to the combined effects of collection efforts, increased foreclosure activity and the sustained low levels of early delinquency compared with pre-pandemic trends. PB’s NPLs remained flat quarter-over-quarter. At March 31, 2022, the ratio of NPLs to total loans held-in-portfolio was 1.8%, compared to 1.9% in the fourth quarter of 2021.
• Inflows of NPLs held-in-portfolio, excluding consumer loans, remained flat quarter-over-quarter. In BPPR, total inflows increased by $5.3 million, mostly driven by higher commercial and mortgage inflows of $3.8 million and $2.0 million, respectively. Mortgage inflows continued trending lower than pre-pandemic levels. NPL inflows at PB decreased by $4.9 million during the quarter, mostly driven by a decrease of $7.2 million in mortgage inflows, as the prior quarter included the impact of loans that did not resume payment after the end of COVID-19-related payment deferral periods.
• NCOs amounted to $3.8 million, an unfavorable variance of $11.7 million when compared to the fourth quarter. BPPR‘s NCOs increased by $13.1 million, as the prior quarter included recoveries from the resolution of certain commercial non-performing loans. During the first quarter of 2022, the Corporation’s ratio of annualized net charge-offs to average loans held-in-portfolio was 0.05%, compared to (0.11%) in the fourth quarter of 2021. Refer to Table M for further information on net charge-offs and related ratios.
• At March 31, 2022, the ACL decreased by $17.6 million, or 2.5%, from the fourth quarter of 2021 to $677.8 million. The ACL incorporated updated macroeconomic scenarios for Puerto Rico and the United States. Given that any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios to estimate its ACL. The baseline scenario continues to be assigned the highest probability, followed by the pessimistic scenario.
• The current baseline forecast continues to show a favorable economic scenario. 2022 annualized GDP growth of 3.5% and 3.7% is expected for Puerto Rico and United States, respectively. This represents a reduction for both Puerto Rico and United States since last quarter’s GDP growth forecast was 4.0% and 4.6%, respectively. Changes in assumptions related to fiscal stimulus and higher energy prices contributed to the reduction. The 2022 average unemployment rate is forecasted at 7.3% and 3.6% for Puerto Rico and United States, respectively. This is consistent with previous expectations for both regions. Puerto Rico’s unemployment rate forecast benefits from the Bureau of Labor Statistics (“BLS”) revisions that show a stronger than expected labor market.
• In BPPR, the ACL decreased by $17.6 million, mainly driven by reductions in qualitative reserves due to substantial improvements in employment levels in Puerto Rico. Recent updates by the BLS show that employment levels in Puerto Rico have already surpassed pre-pandemic levels. This contributed to a lower commercial, mortgage and consumer loans ACL. The decrease in qualitative reserves was partially offset by the impact of higher loan volumes and changes in the macroeconomic scenario. The ACL for the PB segment remained flat quarter-over-quarter as higher loan volumes in both the commercial real estate and consumer portfolios offset reductions in qualitative reserves. The ratio of the allowance for credit losses to loans held-in-portfolio was 2.29% in the first quarter of 2022, compared to 2.38% in the previous quarter. The ratio of the allowance for credit losses to NPLs held-in-portfolio stood at 130.4%, compared to 126.9% in the previous quarter.
• The provision for credit losses for the loan portfolios for the first quarter of 2022 reflected a benefit of $14.4 million, compared to a benefit of $31.4 million in the previous quarter, reflecting the previously mentioned changes in the allowance for credit losses. The provision for the BPPR segment was a benefit of $12.7 million, compared to a benefit of $30.6 million in the previous quarter, while the provision for the PB segment was a benefit of $1.7 million, compared to a benefit of $0.9 million in the previous quarter.
• The provision for unfunded commitments for the first quarter of 2022 reflected a benefit of $0.8 million, compared to a benefit of $0.5 million in the previous quarter. The provision for credit losses in our investment portfolio was a benefit of $0.3 million, compared to a benefit of $1.1 million in the fourth quarter of 2021. 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-22		31-Dec-21		31-Mar-21
Non-performing loans held-in-portfolio	$519,921		$547,877		$698,142
Non-performing loans held-for-sale	-		-		3,549
Other real estate owned (“OREO”)	90,567		85,077		72,060
Total non-performing assets	$610,488		$632,954		$773,751
Net charge-offs (recoveries) for the quarter	$3,781		$(7,881	)	$21,030
Ratios:
Loans held-in-portfolio	$29,588,190		$29,240,557		$29,131,628
Non-performing loans held-in-portfolio to loans held-in-portfolio	1.76	%	1.87	%	2.40	%
Allowance for credit losses to loans held-in-portfolio	2.29		2.38		2.75
Allowance for credit losses to non-performing loans, excluding loans held-for-sale	130.36		126.92		114.70
Refer to Table K for additional information.

Provision for Credit Losses (Benefit) - Loan Portfolios
(Unaudited)	Quarters ended
(In thousands)	31-Mar-22		31-Dec-21		31-Mar-21
Provision for credit losses (benefit) - loan portfolios:
BPPR	$(12,661	)	$(30,562	)	$(39,976	)
Popular U.S.	(1,744	)	(859	)	(35,803	)
Total provision for credit losses (benefit) - loan portfolios	$(14,405	)	$(31,421	)	$(75,779	)

Credit Quality by Segment
(Unaudited)
(In thousands)	Quarters ended
BPPR	31-Mar-22		31-Dec-21		31-Mar-21
Provision for credit losses (benefit) - loan portfolios	$(12,661	)	$(30,562	)	$(39,976	)
Net charge-offs (recoveries)	5,502		(7,615	)	19,474
Total non-performing loans held-in-portfolio	486,816		514,289		665,978
Allowance / loans held-in-portfolio	2.74	%	2.85	%	3.20	%
Allowance / non-performing loans held-in-portfolio	118.45	%	115.53	%	102.35	%
	Quarters ended
Popular U.S.	31-Mar-22		31-Dec-21		31-Mar-21
Provision for credit losses (benefit) - loan portfolios	$(1,744	)	$(859	)	$(35,803	)
Net charge-offs (recoveries)	(1,721	)	(266	)	1,556
Total non-performing loans held-in-portfolio	33,105		33,588		32,164
Allowance / loans held-in-portfolio	1.18	%	1.21	%	1.53	%
Allowance / non-performing loans held-in-portfolio	305.64	%	301.31	%	370.42	%

Financial Condition Highlights
(Unaudited)
(In thousands)	31-Mar-22	31-Dec-21	31-Mar-21
Cash and money market investments	$10,508,840	$17,965,152	$12,064,592
Investment securities	26,658,289	25,267,418	23,076,488
Loans	29,588,190	29,240,557	29,131,628
Total assets	69,525,082	75,097,899	66,870,268
Deposits	62,862,295	67,005,088	58,742,801
Borrowings	1,060,706	1,155,166	1,311,064
Total liabilities	64,853,836	69,128,502	60,972,709
Stockholders’ equity	4,671,246	5,969,397	5,897,559

Total assets decreased by $5.6 billion from the fourth quarter of 2021, driven by:

• a decrease of $7.5 billion in money market investments, mainly due to lower Puerto Rico public sector deposits and purchases of U.S. Treasury securities;

partially offset by:

• an increase of $1.4 billion in debt securities available-for-sale, mainly due to purchases of U.S. Treasury securities, offset in part by maturities and paydowns of U.S. Treasury and agency mortgage-backed securities; and
• an increase in loans held-in-portfolio by $0.4 billion, mainly due to loan growth in the commercial portfolios in both Puerto Rico and the U.S. (mainly in the health care sector at PB) and construction portfolios, and purchases of third-party lending consumer loans, partially offset by a decrease in the mortgage portfolio, mainly due to loan payoffs and amortizations.

Total liabilities decreased by $4.3 billion from the fourth quarter of 2021, driven by:

• a decrease of $4.1 billion in deposits, mainly due to lower Puerto Rico public sector deposits by $5.5 billion at BPPR as a result of the payments made by Puerto Rico pursuant to the Plan of Adjustment for Puerto Rico under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”); and
• a decrease in borrowings of $94 million, mainly due to the maturity during this quarter of $75 million in short-term borrowings.

Stockholders' equity decreased by $1.3 billion from the fourth quarter of 2021, principally due to an increase in accumulated unrealized losses on debt securities available-for-sale by $1.1 billion due to a decline in fair value of fixed-rate debt securities as a result of the rising interest rate environment, the impact of the $400 million ASR and declared quarterly common stock dividends, partially offset by the net income of $211.7 million for the quarter.

Common equity tier-1 ratio (“CET1”), common equity per share and tangible book value per share were 16.26%, $60.78 and $51.16, respectively, at March 31, 2022, compared to 17.42%, $74.48 and $65.26 at December 31, 2021. 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, new accounting standards on the Corporation’s financial condition and results of operations, the scope and duration of the COVID-19 pandemic (including the appearance of new strains of the virus), 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. Other factors include the length of time necessary for Popular to consummate the Transaction; the ability to satisfy the conditions to the closing thereof; the receipt of any regulatory approvals necessary to effect the Transaction and the contemplated return to shareholders of net gains resulting from a sale of EVERTEC shares effected in connection with the consummation of the Transaction; the ability to successfully transition and integrate the assets acquired as part of the Transaction, related operations, employees and third party contractors; unexpected costs, including, without limitation, costs due to exposure to any unrecorded liabilities or issues not identified during due diligence investigation of the Transaction or that are not subject to indemnification or reimbursement by EVERTEC; risks that Popular may be affected by operational and other risks arising from the acquisition of the acquired assets or by adverse effects on relationships with customers, employees and service providers and business and other risks arising from the extension of Popular’s current commercial agreements with EVERTEC. 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, 2021, and in our Form 10-Q for the quarter ended March 31, 2022 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 Tuesday, April 26, 2022 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 1-844-200-6205 (Toll Free) or 1-646-904-5544 (Local). The dial-in access code is 659646.

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 Tuesday, May 24, 2022. The replay dial-in is: 1-866-813-9403 or 1-929-458-6194. The replay passcode is 408334.

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 2022 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 2022 Earnings Release
Table A - Selected Ratios and Other Information
(Unaudited)
	Quarters ended
	31-Mar-22	31-Dec-21	31-Mar-21
Basic EPS	$2.69	$2.59	$3.13
Diluted EPS	$2.69	$2.58	$3.12
Average common shares outstanding	78,443,706	79,477,823	83,899,769
Average common shares outstanding - assuming dilution	78,595,463	79,652,836	84,051,935
Common shares outstanding at end of period	76,487,523	79,851,169	84,379,180
Market value per common share	$81.74	$82.04	$70.32
Market capitalization - (In millions)	$6,252	$6,551	$5,934
Return on average assets	1.14%	1.09%	1.61%
Return on average common equity	14.38%	13.74%	18.76%
Net interest margin (non-taxable equivalent basis)	2.75%	2.78%	3.07%
Net interest margin (taxable equivalent basis) -non-GAAP	3.05%	3.02%	3.39%
Common equity per share	$60.78	$74.48	$69.63
Tangible common book value per common share (non-GAAP) [1]	$51.16	$65.26	$61.42
Tangible common equity to tangible assets (non-GAAP) [1]	5.69%	7.01%	7.83%
Return on average tangible common equity [1]	16.40%	15.66%	21.37%
Tier 1 capital	16.33%	17.49%	17.15%
Total capital	18.19%	19.35%	19.62%
Tier 1 leverage	6.98%	7.41%	8.06%
Common Equity Tier 1 capital	16.26%	17.42%	17.08%
[1] Refer to Table Q for reconciliation to GAAP financial measures.

POPULAR, INC.
Financial Supplement to First Quarter 2022 Earnings Release
Table B - Consolidated Statement of Operations
(Unaudited)
	Quarters ended				Variance		Quarter ended		Variance
					Q1 2022				Q1 2022
(In thousands, except per share information)	31-Mar-22		31-Dec-21		vs. Q4 2021		31-Mar-21		vs. Q1 2021
Interest income:
Loans	$426,791		$444,101		$(17,310	)	$434,649		$(7,858	)
Money market investments	6,464		6,847		(383	)	3,112		3,352
Investment securities	96,466		88,315		8,151		85,690		10,776
Total interest income	529,721		539,263		(9,542	)	523,451		6,270
Interest expense:
Deposits	24,783		26,331		(1,548	)	30,201		(5,418	)
Short-term borrowings	80		60		20		143		(63	)
Long-term debt	10,546		11,589		(1,043	)	13,995		(3,449	)
Total interest expense	35,409		37,980		(2,571	)	44,339		(8,930	)
Net interest income	494,312		501,283		(6,971	)	479,112		15,200
Provision for credit losses (benefit)	(15,500	)	(33,050	)	17,550		(82,226	)	66,726
Net interest income after provision for credit losses (benefit)	509,812		534,333		(24,521	)	561,338		(51,526	)
Service charges on deposit accounts	40,713		41,613		(900	)	39,620		1,093
Other service fees	77,134		83,793		(6,659	)	70,628		6,506
Mortgage banking activities	12,865		17,035		(4,170	)	17,343		(4,478	)
Net (loss) gain, including impairment, on equity securities	(2,094	)	(1,454	)	(640	)	421		(2,515	)
Net loss on trading account debt securities	(723	)	(355	)	(368	)	(45	)	(678	)
Adjustments (expense) to indemnity reserves on loans sold	(745	)	1,398		(2,143	)	(698	)	(47	)
Other operating income	27,542		22,647		4,895		26,384		1,158
Total non-interest income	154,692		164,677		(9,985	)	153,653		1,039
Operating expenses:
Personnel costs
Salaries	98,673		96,830		1,843		89,335		9,338
Commissions, incentives and other bonuses	31,339		27,611		3,728		33,218		(1,879	)
Pension, postretirement and medical insurance	12,783		13,971		(1,188	)	10,924		1,859
Other personnel costs, including payroll taxes	24,201		22,060		2,141		26,002		(1,801	)
Total personnel costs	166,996		160,472		6,524		159,479		7,517
Net occupancy expenses	24,723		26,755		(2,032	)	26,013		(1,290	)
Equipment expenses	23,479		25,180		(1,701	)	21,575		1,904
Other taxes	15,715		15,160		555		13,959		1,756
Professional fees
Collections, appraisals and other credit related fees	2,226		3,227		(1,001	)	3,320		(1,094	)
Programming, processing and other technology services	69,374		69,647		(273	)	66,366		3,008
Legal fees, excluding collections	3,954		3,445		509		2,365		1,589
Other professional fees	32,943		28,736		4,207		27,897		5,046
Total professional fees	108,497		105,055		3,442		99,948		8,549
Communications	6,147		6,263		(116	)	6,833		(686	)
Business promotion	15,083		25,833		(10,750	)	12,521		2,562
FDIC deposit insurance	7,372		6,688		684		5,968		1,404
Other real estate owned (OREO) income	(2,713	)	(3,860	)	1,147		(4,533	)	1,820
Credit and debit card processing, volume, interchange and other expenses	12,509		8,757		3,752		12,454		55
Other operating expenses
Operational losses	11,825		16,820		(4,995	)	7,896		3,929
All other	11,815		18,226		(6,411	)	12,364		(549	)
Total other operating expenses	23,640		35,046		(11,406	)	20,260		3,380
Amortization of intangibles	891		6,045		(5,154	)	1,051		(160	)
Total operating expenses	402,339		417,394		(15,055	)	375,528		26,811
Income before income tax	262,165		281,616		(19,451	)	339,463		(77,298	)
Income tax expense	50,479		75,552		(25,073	)	76,831		(26,352	)
Net income	$211,686		$206,064		$5,622		$262,632		$(50,946	)
Net income applicable to common stock	$211,333		$205,711		$5,622		$262,279		$(50,946	)
Net income per common share - basic	$2.69		$2.59		$0.10		$3.13		$(0.44	)
Net income per common share - diluted	$2.69		$2.58		$0.11		$3.12		$(0.43	)
Dividends Declared per Common Share	$0.55		$0.45		$0.10		$0.40		$0.15

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table C - Consolidated Statement of Financial Condition
(Unaudited)
							Variance
							Q1 2022 vs.
(In thousands)	31-Mar-22		31-Dec-21		31-Mar-21		Q4 2021
Assets:
Cash and due from banks	$439,148		$428,433		$495,915		$10,715
Money market investments	10,069,692		17,536,719		11,568,677		(7,467,027	)
Trading account debt securities, at fair value	36,042		29,711		36,504		6,331
Debt securities available-for-sale, at fair value	26,359,915		24,968,269		22,771,609		1,391,646
Debt securities held-to-maturity, at amortized cost	75,984		79,461		89,725		(3,477	)
Less: Allowance for credit losses	7,844		8,096		10,096		(252	)
Total debt securities held-to-maturity, net	68,140		71,365		79,629		(3,225	)
Equity securities	186,348		189,977		178,650		(3,629	)
Loans held-for-sale, at lower of cost or fair value	55,150		59,168		84,214		(4,018	)
Loans held-in-portfolio	29,856,356		29,506,225		29,344,620		350,131
Less: Unearned income	268,166		265,668		212,992		2,498
Allowance for credit losses	677,792		695,366		800,797		(17,574	)
Total loans held-in-portfolio, net	28,910,398		28,545,191		28,330,831		365,207
Premises and equipment, net	488,390		494,240		508,023		(5,850	)
Other real estate	90,567		85,077		72,060		5,490
Accrued income receivable	204,466		203,096		215,993		1,370
Mortgage servicing rights, at fair value	125,358		121,570		122,543		3,788
Other assets	1,755,847		1,628,571		1,713,083		127,276
Goodwill	720,293		720,293		671,122		-
Other intangible assets	15,328		16,219		21,415		(891	)
Total assets	$69,525,082		$75,097,899		$66,870,268		$(5,572,817	)
Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing	$16,096,666		$15,684,482		$14,263,548		$412,184
Interest bearing	46,765,629		51,320,606		44,479,253		(4,554,977	)
Total deposits	62,862,295		67,005,088		58,742,801		(4,142,793	)
Assets sold under agreements to repurchase	72,819		91,603		86,834		(18,784	)
Other short-term borrowings	-		75,000		-		(75,000	)
Notes payable	987,887		988,563		1,224,230		(676	)
Other liabilities	930,835		968,248		918,844		(37,413	)
Total liabilities	64,853,836		69,128,502		60,972,709		(4,274,666	)
Stockholders’ equity:
Preferred stock	22,143		22,143		22,143		-
Common stock	1,046		1,046		1,045		-
Surplus	4,571,111		4,650,182		4,571,919		(79,071	)
Retained earnings	3,143,004		2,973,745		2,489,453		169,259
Treasury stock	(1,668,820	)	(1,352,650	)	(1,012,263	)	(316,170	)
Accumulated other comprehensive loss, net of tax	(1,397,238	)	(325,069	)	(174,738	)	(1,072,169	)
Total stockholders’ equity	4,671,246		5,969,397		5,897,559		(1,298,151	)
Total liabilities and stockholders’ equity	$69,525,082		$75,097,899		$66,870,268		$(5,572,817	)

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - QUARTER
(Unaudited)
	Quarters ended															Variance
	31-Mar-22					31-Dec-21					31-Mar-21					Q1 2022 vs. Q4 2021							Q1 2022 vs. Q1 2021
($ 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	$43,304		$144.8	1.35	%	$42,764		$126.4	1.18	%	$33,756		$127.8	1.52	%	$540		$18.4		0.17		%	$9,548		$17.0		(0.17	)	%
Loans:
Commercial	13,741		172.1	5.08		13,395		188.6	5.59		13,624		179.0	5.33		346		(16.5	)	(0.51	)		117		(6.9	)	(0.25	)
Construction	726		9.8	5.45		777		10.7	5.46		911		11.9	5.30		(51	)	(0.9	)	(0.01	)		(185	)	(2.1	)	0.15
Mortgage	7,388		96.8	5.24		7,504		96.4	5.14		7,869		98.4	5.00		(116	)	0.4		0.10			(481	)	(1.6	)	0.24
Consumer	2,538		70.0	11.19		2,471		68.1	10.93		2,513		70.4	11.36		67		1.9		0.26			25		(0.4	)	(0.17	)
Auto	3,460		69.3	8.12		3,432		71.3	8.24		3,203		68.2	8.63		28		(2.0	)	(0.12	)		257		1.1		(0.51	)
Lease financing	1,393		20.7	5.95		1,359		20.3	5.97		1,215		18.4	6.04		34		0.4		(0.02	)		178		2.3		(0.09	)
Total loans	29,246		438.7	6.06		28,938		455.4	6.26		29,335		446.3	6.15		308		(16.7	)	(0.20	)		(89	)	(7.6	)	(0.09	)
Total interest earning assets	$72,550		$583.5	3.25	%	$71,702		$581.8	3.23	%	$63,091		$574.1	3.67	%	$848		$1.7		0.02		%	$9,459		$9.4		(0.42	)	%
Allowance for credit losses - loan portfolio	(695	)				(719	)				(890	)				24							195
Allowance for credit losses - investment securities	(8	)				(9	)				(10	)				1							2
Other non-interest earning assets	3,782					3,844					3,895					(62	)						(113	)
Total average assets	$75,629					$74,818					$66,086					$811							$9,543
Liabilities and Stockholders' Equity:
Interest bearing deposits:
NOW and money market	$28,289		$7.3	0.10	%	$28,205		$7.7	0.11	%	$22,674		$8.3	0.15	%	$84		$(0.4	)	(0.01	)	%	$5,615		$(1.0	)	(0.05	)	%
Savings	16,434		6.6	0.16		16,324		6.8	0.17		14,364		7.0	0.20		110		(0.2	)	(0.01	)		2,070		(0.4	)	(0.04	)
Time deposits	6,737		10.9	0.66		6,793		11.8	0.69		7,265		14.9	0.83		(56	)	(0.9	)	(0.03	)		(528	)	(4.0	)	(0.17	)
Total interest-bearing deposits	51,460		24.8	0.20		51,322		26.3	0.20		44,303		30.2	0.31		138		(1.5	)	-			7,157		(5.4	)	(0.11	)
Borrowings	1,105		10.6	3.87		1,163		11.6	4.01		1,344		14.1	4.23		(58	)	(1.0	)	(0.14	)		(239	)	(3.5	)	(0.36	)
Total interest-bearing liabilities	52,565		35.4	0.27		52,485		37.9	0.29		45,647		44.3	0.39		80		(2.5	)	(0.02	)		6,918		(8.9	)	(0.12	)
Net interest spread				2.98	%				2.94	%				3.28	%					0.04		%					(0.30	)	%
Non-interest bearing deposits	16,142					15,455					13,394					687							2,748
Other liabilities	939					917					1,351					22							(412	)
Stockholders' equity	5,983					5,961					5,694					22							289
Total average liabilities and stockholders' equity	$75,629					$74,818					$66,086					$811							$9,543
Net interest income / margin on a taxable equivalent basis (Non-GAAP)			$548.1	3.05	%			$543.9	3.02	%			$529.8	3.39	%			$4.2		0.03		%			$18.3		(0.34	)	%
Taxable equivalent adjustment			53.8					42.6					50.7					11.2							3.1
Net interest income / margin non-taxable equivalent basis (GAAP)			$494.3	2.75	%			$501.3	2.78	%			$479.1	3.07	%			($7.0	)	(0.03	)	%			$15.2		(0.32	)	%

Popular, Inc.

Financial Supplement to First Quarter 2022 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 2022 Earnings Release
Table F - Mortgage Banking Activities and Other Service Fees
(Unaudited)
Mortgage Banking Activities
	Quarters ended						Variance
(In thousands)	31-Mar-22		31-Dec-21		31-Mar-21		Q1 2022 vs.Q4 2021		Q1 2022 vs.Q1 2021
Mortgage servicing fees, net of fair value adjustments:
Mortgage servicing fees	$9,323		$9,492		$9,715		$(169	)	$(392	)
Mortgage servicing rights fair value adjustments	1,088		1,500		512		(412	)	576
Total mortgage servicing fees, net of fair value adjustments	10,411		10,992		10,227		(581	)	184
Net (loss) gain on sale of loans, including valuation on loans held-for-sale	(1,534	)	5,428		4,975		(6,962	)	(6,509	)
Trading account profit:
Unrealized gains on outstanding derivative positions	2		-		-		2		2
Realized gains on closed derivative positions	4,135		691		2,502		3,444		1,633
Total trading account profit	4,137		691		2,502		3,446		1,635
Losses on repurchased loans, including interest advances	(149	)	(76	)	(361	)	(73	)	212
Total mortgage banking activities	$12,865		$17,035		$17,343		$(4,170	)	$(4,478	)

Other Service Fees
	Quarters ended			Variance
(In thousands)	31-Mar-22	31-Dec-21	31-Mar-21	Q1 2022 vs.Q4 2021		Q1 2022 vs.Q1 2021
Other service fees:
Debit card fees	$11,779	$12,392	$11,577	$(613	)	$202
Insurance fees	14,156	17,848	12,828	(3,692	)	1,328
Credit card fees	33,642	35,649	28,691	(2,007	)	4,951
Sale and administration of investment products	5,791	5,908	5,540	(117	)	251
Trust fees	5,927	5,858	5,842	69		85
Other fees	5,839	6,138	6,150	(299	)	(311	)
Total other service fees	$77,134	$83,793	$70,628	$(6,659	)	$6,506

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table G - Loans and Deposits
(Unaudited)
Loans - Ending Balances
				Variance
(In thousands)	31-Mar-22	31-Dec-21	31-Mar-21	Q1 2022 vs.Q4 2021		Q1 2022 vs.Q1 2021
Loans held-in-portfolio:
Commercial	$14,028,246	$13,732,701	$13,442,486	$295,545		$585,760
Construction	744,783	716,220	907,736	28,563		(162,953	)
Leasing	1,426,122	1,381,319	1,244,956	44,803		181,166
Mortgage	7,326,346	7,427,196	7,808,852	(100,850	)	(482,506	)
Auto	3,430,162	3,412,187	3,203,137	17,975		227,025
Consumer	2,632,531	2,570,934	2,524,461	61,597		108,070
Total loans held-in-portfolio	$29,588,190	$29,240,557	$29,131,628	$347,633		$456,562
Loans held-for-sale:
Commercial	$-	$-	$3,549	$-		$(3,549	)
Mortgage	55,150	59,168	80,665	(4,018	)	(25,515	)
Total loans held-for-sale	$55,150	$59,168	$84,214	$(4,018	)	$(29,064	)
Total loans	$29,643,340	$29,299,725	$29,215,842	$343,615		$427,498

Deposits - Ending Balances
				Variance
(In thousands)	31-Mar-22	31-Dec-21	31-Mar-21	Q1 2022 vs. Q4 2021		Q1 2022 vs. Q1 2021
Demand deposits [1]	$25,684,715	$25,889,732	$23,450,312	$(205,017	)	$2,234,403
Savings, NOW and money market deposits (non-brokered)	29,318,333	33,674,134	27,356,136	(4,355,801	)	1,962,197
Savings, NOW and money market deposits (brokered)	768,558	729,073	679,832	39,485		88,726
Time deposits (non-brokered)	6,964,848	6,685,938	7,143,221	278,910		(178,373	)
Time deposits (brokered CDs)	125,841	26,211	113,300	99,630		12,541
Total deposits	$62,862,295	$67,005,088	$58,742,801	$(4,142,793	)	$4,119,494
[1] Includes interest and non-interest bearing demand deposits.

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table H - Loan Delinquency - Puerto Rico Operations
(Unaudited)
31-Mar-22
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	$	2,130	$	189	$	274	$	2,593	$	160,648	$	163,241	$	274	$	-
Commercial real estate:
Non-owner occupied		3,646		93		20,627		24,366		2,536,174		2,560,540		20,627		-
Owner occupied		4,024		50		49,732		53,806		1,396,696		1,450,502		49,732		-
Commercial and industrial		1,218		169		48,167		49,554		3,333,918		3,383,472		47,149		1,018
Construction		715		-		-		715		126,610		127,325		-		-
Mortgage		182,397		79,374		736,338		998,109		5,125,554		6,123,663		306,560		429,778
Leasing		9,819		2,446		3,766		16,031		1,410,091		1,426,122		3,766		-
Consumer:
Credit cards		5,817		3,728		9,049		18,594		896,966		915,560		-		9,049
Home equity lines of credit		-		-		23		23		3,093		3,116		-		23
Personal		10,215		6,184		19,157		35,556		1,267,920		1,303,476		19,157		-
Auto		51,497		11,353		27,514		90,364		3,339,798		3,430,162		27,514		-
Other		537		37		12,184		12,758		112,322		125,080		12,037		147
Total	$	272,015	$	103,623	$	926,831	$	1,302,469	$	19,709,790	$	21,012,259	$	486,816	$	440,015
31-Dec-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	$	314	$	-	$	272	$	586	$	154,183	$	154,769	$	272	$	-
Commercial real estate:
Non-owner occupied		2,399		136		20,716		23,251		2,266,672		2,289,923		20,716		-
Owner occupied		3,329		278		54,335		57,942		1,365,787		1,423,729		54,335		-
Commercial and industrial		3,438		1,727		45,242		50,407		3,478,041		3,528,448		44,724		518
Construction		-		-		485		485		86,626		87,111		485		-
Mortgage		217,830		81,754		805,245		1,104,829		5,147,037		6,251,866		333,887		471,358
Leasing		9,240		2,037		3,102		14,379		1,366,940		1,381,319		3,102		-
Consumer:
Credit cards		5,768		3,520		8,577		17,865		901,986		919,851		-		8,577
Home equity lines of credit		46		-		23		69		3,502		3,571		-		23
Personal		10,027		6,072		21,235		37,334		1,250,726		1,288,060		21,235		-
Auto		59,128		15,019		23,085		97,232		3,314,955		3,412,187		23,085		-
Other		432		714		12,621		13,767		110,781		124,548		12,448		173
Total	$	311,951	$	111,257	$	994,938	$	1,418,146	$	19,447,236	$	20,865,382	$	514,289	$	480,649

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	$	1,816		$	189		$	2		$	2,007		$	6,465		$	8,472		$	2		$	-
Commercial real estate:
Non-owner occupied		1,247			(43	)		(89	)		1,115			269,502			270,617			(89	)		-
Owner occupied		695			(228	)		(4,603	)		(4,136	)		30,909			26,773			(4,603	)		-
Commercial and industrial		(2,220	)		(1,558	)		2,925			(853	)		(144,123	)		(144,976	)		2,425			500
Construction		715			-			(485	)		230			39,984			40,214			(485	)		-
Mortgage		(35,433	)		(2,380	)		(68,907	)		(106,720	)		(21,483	)		(128,203	)		(27,327	)		(41,580	)
Leasing		579			409			664			1,652			43,151			44,803			664			-
Consumer:
Credit cards		49			208			472			729			(5,020	)		(4,291	)		-			472
Home equity lines of credit		(46	)		-			-			(46	)		(409	)		(455	)		-			-
Personal		188			112			(2,078	)		(1,778	)		17,194			15,416			(2,078	)		-
Auto		(7,631	)		(3,666	)		4,429			(6,868	)		24,843			17,975			4,429			-
Other		105			(677	)		(437	)		(1,009	)		1,541			532			(411	)		(26	)
Total	$	(39,936	)	$	(7,634	)	$	(68,107	)	$	(115,677	)	$	262,554		$	146,877		$	(27,473	)	$	(40,634	)

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table I - Loan Delinquency - Popular U.S. Operations
(Unaudited)
31-Mar-22
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	$	-	$	-	$	-	$	-	$	1,865,623	$	1,865,623	$	-	$	-
Commercial real estate:
Non-owner occupied		902		740		374		2,016		1,391,874		1,393,890		374		-
Owner occupied		6,385		-		677		7,062		1,398,580		1,405,642		677		-
Commercial and industrial		10,925		602		4,891		16,418		1,788,918		1,805,336		4,352		539
Construction		-		-		-		-		617,458		617,458		-		-
Mortgage		13,006		1,069		21,826		35,901		1,166,782		1,202,683		21,826		-
Consumer:
Credit cards		-		-		-		-		26		26		-		-
Home equity lines of credit		259		15		5,248		5,522		68,437		73,959		5,248		-
Personal		739		558		627		1,924		203,381		205,305		627		-
Other		-		1		1		2		6,007		6,009		1		-
Total	$	32,216	$	2,985	$	33,644	$	68,845	$	8,507,086	$	8,575,931	$	33,105	$	539
31-Dec-21
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	$	3,826	$	-	$	-	$	3,826	$	1,804,035	$	1,807,861	$	-	$	-
Commercial real estate:
Non-owner occupied		5,721		683		622		7,026		2,316,441		2,323,467		622		-
Owner occupied		1,095		-		1,013		2,108		392,265		394,373		1,013		-
Commercial and industrial		9,410		2,680		4,015		16,105		1,794,026		1,810,131		3,897		118
Construction		-		-		-		-		629,109		629,109		-		-
Mortgage		11,711		2,573		21,969		36,253		1,139,077		1,175,330		21,969		-
Consumer:
Credit cards		-		-		-		-		10		10		-		-
Home equity lines of credit		71		34		5,406		5,511		69,780		75,291		5,406		-
Personal		863		574		681		2,118		152,827		154,945		681		-
Other		-		-		-		-		4,658		4,658		-		-
Total	$	32,697	$	6,544	$	33,706	$	72,947	$	8,302,228	$	8,375,175	$	33,588	$	118

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	$	(3,826	)	$	-		$	-		$	(3,826	)	$	61,588		$	57,762		$	-		$	-
Commercial real estate:
Non-owner occupied		(4,819	)		57			(248	)		(5,010	)		(924,567	)		(929,577	)		(248	)		-
Owner occupied		5,290			-			(336	)		4,954			1,006,315			1,011,269			(336	)		-
Commercial and industrial		1,515			(2,078	)		876			313			(5,108	)		(4,795	)		455			421
Construction		-			-			-			-			(11,651	)		(11,651	)		-			-
Mortgage		1,295			(1,504	)		(143	)		(352	)		27,705			27,353			(143	)		-
Consumer:
Credit cards		-			-			-			-			16			16			-			-
Home equity lines of credit		188			(19	)		(158	)		11			(1,343	)		(1,332	)		(158	)		-
Personal		(124	)		(16	)		(54	)		(194	)		50,554			50,360			(54	)		-
Other		-			1			1			2			1,349			1,351			1			-
Total	$	(481	)	$	(3,559	)	$	(62	)	$	(4,102	)	$	204,858		$	200,756		$	(483	)	$	421

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table J - Loan Delinquency - Consolidated
(Unaudited)
31-Mar-22
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	$	2,130		$	189		$	274		$	2,593		$	2,026,271		$	2,028,864		$	274		$	-
Commercial real estate:
Non-owner occupied		4,548			833			21,001			26,382			3,928,048			3,954,430			21,001			-
Owner occupied		10,409			50			50,409			60,868			2,795,276			2,856,144			50,409			-
Commercial and industrial		12,143			771			53,058			65,972			5,122,836			5,188,808			51,501			1,557
Construction		715			-			-			715			744,068			744,783			-			-
Mortgage		195,403			80,443			758,164			1,034,010			6,292,336			7,326,346			328,386			429,778
Leasing		9,819			2,446			3,766			16,031			1,410,091			1,426,122			3,766			-
Consumer:
Credit cards		5,817			3,728			9,049			18,594			896,992			915,586			-			9,049
Home equity lines of credit		259			15			5,271			5,545			71,530			77,075			5,248			23
Personal		10,954			6,742			19,784			37,480			1,471,301			1,508,781			19,784			-
Auto		51,497			11,353			27,514			90,364			3,339,798			3,430,162			27,514			-
Other		537			38			12,185			12,760			118,329			131,089			12,038			147
Total	$	304,231		$	106,608		$	960,475		$	1,371,314		$	28,216,876		$	29,588,190		$	519,921		$	440,554
31-Dec-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	$	4,140		$	-		$	272		$	4,412		$	1,958,218		$	1,962,630		$	272		$	-
Commercial real estate:
Non-owner occupied		8,120			819			21,338			30,277			4,583,113			4,613,390			21,338			-
Owner occupied		4,424			278			55,348			60,050			1,758,052			1,818,102			55,348			-
Commercial and industrial		12,848			4,407			49,257			66,512			5,272,067			5,338,579			48,621			636
Construction		-			-			485			485			715,735			716,220			485			-
Mortgage		229,541			84,327			827,214			1,141,082			6,286,114			7,427,196			355,856			471,358
Leasing		9,240			2,037			3,102			14,379			1,366,940			1,381,319			3,102			-
Consumer:
Credit cards		5,768			3,520			8,577			17,865			901,996			919,861			-			8,577
Home equity lines of credit		117			34			5,429			5,580			73,282			78,862			5,406			23
Personal		10,890			6,646			21,916			39,452			1,403,553			1,443,005			21,916			-
Auto		59,128			15,019			23,085			97,232			3,314,955			3,412,187			23,085			-
Other		432			714			12,621			13,767			115,439			129,206			12,448			173
Total	$	344,648		$	117,801		$	1,028,644		$	1,491,093		$	27,749,464		$	29,240,557		$	547,877		$	480,767
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	$	(2,010	)	$	189		$	2		$	(1,819	)	$	68,053		$	66,234		$	2		$	-
Commercial real estate:
Non-owner occupied		(3,572	)		14			(337	)		(3,895	)		(655,065	)		(658,960	)		(337	)		-
Owner occupied		5,985			(228	)		(4,939	)		818			1,037,224			1,038,042			(4,939	)		-
Commercial and industrial		(705	)		(3,636	)		3,801			(540	)		(149,231	)		(149,771	)		2,880			921
Construction		715			-			(485	)		230			28,333			28,563			(485	)		-
Mortgage		(34,138	)		(3,884	)		(69,050	)		(107,072	)		6,222			(100,850	)		(27,470	)		(41,580	)
Leasing		579			409			664			1,652			43,151			44,803			664			-
Consumer:
Credit cards		49			208			472			729			(5,004	)		(4,275	)		-			472
Home equity lines of credit		142			(19	)		(158	)		(35	)		(1,752	)		(1,787	)		(158	)		-
Personal		64			96			(2,132	)		(1,972	)		67,748			65,776			(2,132	)		-
Auto		(7,631	)		(3,666	)		4,429			(6,868	)		24,843			17,975			4,429			-
Other		105			(676	)		(436	)		(1,007	)		2,890			1,883			(410	)		(26	)
Total	$	(40,417	)	$	(11,193	)	$	(68,169	)	$	(119,779	)	$	467,412		$	347,633		$	(27,956	)	$	(40,213	)

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table K - Non-Performing Assets
(Unaudited)
										Variance
(Dollars in thousands)	31-Mar-22	As a % of loans HIP by category		31-Dec-21	As a % of loans HIP by category		31-Mar-21	As a % of loans HIP by category		Q1 2022 vs. Q4 2021		Q1 2022 vs. Q1 2021
Non-accrual loans:
Commercial	$123,185	0.9	%	$125,579	0.9	%	$202,770	1.5	%	$(2,394	)	$(79,585	)
Construction	-	-		485	0.1		22,400	2.5		(485	)	(22,400	)
Leasing	3,766	0.3		3,102	0.2		3,040	0.2		664		726
Mortgage	328,386	4.5		355,856	4.8		405,574	5.2		(27,470	)	(77,188	)
Auto	27,514	0.8		23,085	0.7		15,405	0.5		4,429		12,109
Consumer	37,070	1.4		39,770	1.5		48,953	1.9		(2,700	)	(11,883	)
Total non-performing loans held-in-portfolio	519,921	1.8	%	547,877	1.9	%	698,142	2.4	%	(27,956	)	(178,221	)
Non-performing loans held-for-sale [1]	-			-			3,549			-		(3,549	)
Other real estate owned (“OREO”)	90,567			85,077			72,060			5,490		18,507
Total non-performing assets	$610,488			$632,954			$773,751			$(22,466	)	$(163,263	)
Accruing loans past due 90 days or more [2]	$440,554			$480,767			$832,756			$(40,213	)	$(392,202	)
Ratios:
Non-performing assets to total assets	0.88	%		0.84	%		1.16	%
Non-performing loans held-in-portfolio to loans held-in-portfolio	1.76			1.87			2.40
Allowance for credit losses to loans held-in-portfolio	2.29			2.38			2.75
Allowance for credit losses to non-performing loans, excluding loans held-for-sale	130.36			126.92			114.70
[1] There were no non-performing loans held-for-sale as of March 31, 2022 and December 31, 2021 (March 31, 2021 - $4 million in commercial loans).
[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 $13 million at March 31, 2022, 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, 2021 - $13 million; March 31, 2021 - $29 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. These balances include $266 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of March 31, 2022 (December 31, 2021 - $304 million; March 31, 2021 - $341 million). Furthermore, the Corporation has approximately $45 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, 2021 - $50 million; March 31, 2021 - $58 million).

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table L - Activity in Non-Performing Loans
(Unaudited)
Commercial loans held-in-portfolio:
	Quarter ended						Quarter ended
	31-Mar-22						31-Dec-21
(In thousands)	BPPR		Popular U.S.		Popular, Inc.		BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs	$120,047		$5,532		$125,579		$183,394		$2,787		$186,181
Plus:
New non-performing loans	6,127		2,999		9,126		2,297		3,208		5,505
Advances on existing non-performing loans	-		2,505		2,505		-		35		35
Less:
Non-performing loans transferred to OREO	(3,052	)	-		(3,052	)	(996	)	-		(996	)
Non-performing loans charged-off	(256	)	(73	)	(329	)	(2,412	)	(66	)	(2,478	)
Loans returned to accrual status / loan collections	(5,084	)	(5,560	)	(10,644	)	(62,236	)	(432	)	(62,668	)
Ending balance NPLs	$117,782		$5,403		$123,185		$120,047		$5,532		$125,579
Construction loans held-in-portfolio:
	Quarter ended						Quarter ended
	31-Mar-22						31-Dec-21
(In thousands)	BPPR		Popular U.S.		Popular, Inc.		BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs	$485		$-		$485		$14,877		$-		$14,877
Plus:
New non-performing loans	-		-		-		481		-		481
Less:
Loans returned to accrual status / loan collections	(485	)	-		(485	)	(14,873	)	-		(14,873	)
Ending balance NPLs	$-		$-		$-		$485		$-		$485
Mortgage loans held-in-portfolio:
	Quarter ended						Quarter ended
	31-Mar-22						31-Dec-21
(In thousands)	BPPR		Popular U.S.		Popular, Inc.		BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs	$333,887		$21,969		$355,856		$354,555		$14,488		$369,043
Plus:
New non-performing loans	38,193		4,800		42,993		36,210		12,084		48,294
Advances on existing non-performing loans	-		134		134		-		14		14
Less:
Non-performing loans transferred to OREO	(10,344	)	(85	)	(10,429	)	(7,116	)	-		(7,116	)
Non-performing loans charged-off	(467	)	-		(467	)	(366	)	(26	)	(392	)
Loans returned to accrual status / loan collections	(54,709	)	(4,992	)	(59,701	)	(49,396	)	(4,591	)	(53,987	)
Ending balance NPLs	$306,560		$21,826		$328,386		$333,887		$21,969		$355,856
Total non-performing loans held-in-portfolio (excluding consumer):
	Quarter ended						Quarter ended
	31-Mar-22						31-Dec-21
(In thousands)	BPPR		Popular U.S.		Popular, Inc.		BPPR		Popular U.S.		Popular, Inc.
Beginning balance NPLs	$454,419		$27,501		$481,920		$552,826		$17,275		$570,101
Plus:
New non-performing loans	44,320		7,799		52,119		38,988		15,292		54,280
Advances on existing non-performing loans	-		2,639		2,639		-		49		49
Less:
Non-performing loans transferred to OREO	(13,396	)	(85	)	(13,481	)	(8,112	)	-		(8,112	)
Non-performing loans charged-off	(723	)	(73	)	(796	)	(2,778	)	(92	)	(2,870	)
Loans returned to accrual status / loan collections	(60,278	)	(10,552	)	(70,830	)	(126,505	)	(5,023	)	(131,528	)
Ending balance NPLs	$424,342		$27,229		$451,571		$454,419		$27,501		$481,920

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table M - Allowance for Credit Losses, Net Charge-offs and Related Ratios
(Unaudited)
	Quarters ended
(Dollars in thousands)	31-Mar-22			31-Dec-21			31-Mar-21
Balance at beginning of period - loans held-in-portfolio	$695,366			$718,575			$896,250
Provision for credit losses (benefit)	(14,405	)		(31,421	)		(75,779	)
Initial allowance for credit losses - PCD Loans	612			331			1,356
	681,573			687,485			821,827
Net loans charged-off (recovered):
BPPR
Commercial	(4,230	)		(11,346	)		(1,434	)
Construction	(416	)		(1,518	)		5,917
Lease financing	(434	)		564			118
Mortgage	(2,992	)		(4,398	)		8,303
Consumer	13,574			9,083			6,570
Total BPPR	5,502			(7,615	)		19,474
Popular U.S.
Commercial	(627	)		(387	)		16
Construction	(1,128	)		(213	)		-
Mortgage	(20	)		569			(80	)
Consumer	54			(235	)		1,620
Total Popular U.S.	(1,721	)		(266	)		1,556
Total loans charged-off (recovered) - Popular, Inc.	3,781			(7,881	)		21,030
Balance at end of period - loans held-in-portfolio	$677,792			$695,366			$800,797
Balance at beginning of period - unfunded commitments	$7,897			$8,400			$15,851
Provision for credit losses (benefit)	(843	)		(503	)		(6,282	)
Balance at end of period - unfunded commitments [1]	$7,054			$7,897			$9,569
POPULAR, INC.
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.05		%	(0.11	)	%	0.29		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	(380.98	)	%	N.M.			(360.34	)	%
BPPR
Annualized net charge-offs (recoveries) to average loans held-in-portfolio	0.11		%	(0.15	)	%	0.36		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	(230.12	)	%	N.M.			(205.28	)	%
Popular U.S.
Annualized net charge-offs to average loans held-in-portfolio	(0.08	)	%	(0.01	)	%	0.08		%
Provision for credit losses (benefit) - loan portfolios to net charge-offs	101.34		%	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 2022 Earnings Release
Table N - Allowance for Credit Losses "ACL"- Loan Portfolios - CONSOLIDATED
(Unaudited)
31-Mar-22
(Dollars in thousands)	Commercial			Construction		Mortgage			Lease financing		Consumer			Total
Total ACL	$204,643			$6,539		$149,206			$18,398		$299,006			$677,792
Total loans held-in-portfolio	$14,028,246			$744,783		$7,326,346			$1,426,122		$6,062,693			$29,588,190
ACL to loans held-in-portfolio	1.46		%	0.88	%	2.04		%	1.29	%	4.93		%	2.29		%
31-Dec-21
(Dollars in thousands)	Commercial			Construction		Mortgage			Lease financing		Consumer			Total
Total ACL	$215,805			$6,363		$154,478			$17,578		$301,142			$695,366
Total loans held-in-portfolio	$13,732,701			$716,220		$7,427,196			$1,381,319		$5,983,121			$29,240,557
ACL to loans held-in-portfolio	1.57		%	0.89	%	2.08		%	1.27	%	5.03		%	2.38		%
Variance
(Dollars in thousands)	Commercial			Construction		Mortgage			Lease financing		Consumer			Total
Total ACL	$(11,162	)		$176		$(5,272	)		$820		$(2,136	)		$(17,574	)
Total loans held-in-portfolio	$295,545			$28,563		$(100,850	)		$44,803		$79,572			$347,633

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table O - Allowance for Credit Losses "ACL"- Loan Portfolios - PUERTO RICO OPERATIONS
(Unaudited)
31-Mar-22
Puerto Rico
(In thousands)	Commercial			Construction		Mortgage			Lease financing		Consumer			Total
ACL	$145,471			$2,414		$131,362			$18,398		$278,966			$576,611
Loans held-in-portfolio	$7,557,755			$127,325		$6,123,663			$1,426,122		$5,777,394			$21,012,259
ACL to loans held-in-portfolio	1.92		%	1.90	%	2.15		%	1.29	%	4.83		%	2.74		%
31-Dec-21
Puerto Rico
(In thousands)	Commercial			Construction		Mortgage			Lease financing		Consumer			Total
ACL	$151,928			$1,641		$138,286			$17,578		$284,729			$594,162
Loans held-in-portfolio	$7,396,869			$87,111		$6,251,866			$1,381,319		$5,748,217			$20,865,382
ACL to loans held-in-portfolio	2.05		%	1.88	%	2.21		%	1.27	%	4.95		%	2.85		%
Variance
(In thousands)	Commercial			Construction		Mortgage			Lease financing		Consumer			Total
ACL	$(6,457	)		$773		$(6,924	)		$820		$(5,763	)		$(17,551	)
Loans held-in-portfolio	$160,886			$40,214		$(128,203	)		$44,803		$29,177			$146,877

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table P - Allowance for Credit Losses "ACL"- Loan Portfolios - POPULAR U.S. OPERATIONS
(Unaudited)
31-Mar-22
Popular U.S.
(In thousands)	Commercial			Construction			Mortgage		Consumer		Total
ACL	$59,172			$4,125			$17,844		$20,040		$101,181
Loans held-in-portfolio	$6,470,491			$617,458			$1,202,683		$285,299		$8,575,931
ACL to loans held-in-portfolio	0.91		%	0.67		%	1.48	%	7.02	%	1.18		%
31-Dec-21
Popular U.S.
(In thousands)	Commercial			Construction			Mortgage		Consumer		Total
ACL	$63,877			$4,722			$16,192		$16,413		$101,204
Loans held-in-portfolio	$6,335,832			$629,109			$1,175,330		$234,904		$8,375,175
ACL to loans held-in-portfolio	1.01		%	0.75		%	1.38	%	6.99	%	1.21		%
Variance
(In thousands)	Commercial			Construction			Mortgage		Consumer		Total
ACL	$(4,705	)		$(597	)		$1,652		$3,627		$(23	)
Loans held-in-portfolio	$134,659			$(11,651	)		$27,353		$50,395		$200,756

Popular, Inc.
Financial Supplement to First Quarter 2022 Earnings Release
Table Q - Reconciliation to GAAP Financial Measures
(Unaudited)
(In thousands, except share or per share information)	31-Mar-22			31-Dec-21			31-Mar-21
Total stockholders’ equity	$4,671,246			$5,969,397			$5,897,559
Less: Preferred stock	(22,143	)		(22,143	)		(22,143	)
Less: Goodwill	(720,293	)		(720,293	)		(671,122	)
Less: Other intangibles	(15,328	)		(16,219	)		(21,415	)
Total tangible common equity	$3,913,482			$5,210,742			$5,182,879
Total assets	$69,525,082			$75,097,899			$66,870,268
Less: Goodwill	(720,293	)		(720,293	)		(671,122	)
Less: Other intangibles	(15,328	)		(16,219	)		(21,415	)
Total tangible assets	$68,789,461			$74,361,387			$66,177,731
Tangible common equity to tangible assets	5.69		%	7.01		%	7.83		%
Common shares outstanding at end of period	76,487,523			79,851,169			84,379,180
Tangible book value per common share	$51.16			$65.26			$61.42
	Quarterly average
Total stockholders’ equity [1]	$5,983,309			$5,961,214			$5,693,672
Less: Preferred Stock	(22,143	)		(22,143	)		(22,143	)
Less: Goodwill	(720,292	)		(706,184	)		(671,121	)
Less: Other intangibles	(15,881	)		(19,889	)		(22,104	)
Total tangible equity	$5,224,993			$5,212,998			$4,978,304
Return on average tangible common equity	16.40		%	15.66		%	21.37		%
[1] Average balances exclude unrealized gains or losses on debt securities available-for-sale.