Popular, Inc. (Banco Popular de Puerto Rico) - 10-Q quarterly report FY2023 Q1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form

10-Q

[X]

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended

March 31, 2023

[ ]

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number:

001-34084

POPULAR, INC.

(Exact name of registrant as specified in its charter)

Puerto Rico

66-0667416

(State or other jurisdiction of Incorporation or

(IRS Employer Identification Number)

organization)

Popular Center Building

209 Muñoz Rivera Avenue

Hato Rey

Puerto Rico

00918

(Address of principal executive offices)

(Zip code)

(

787

)

765-9800

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant (1) has filed all reports

required to be filed by Section 13 or 15(d) of the

Securities Exchange

Act of

1934 during

the preceding

12 months

(or for

such shorter

period that

the registrant

was

required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X]

Yes

[

]

Indicate by

check mark

whether the registrant

has submitted electronically

every Interactive

Data File

required to

submitted pursuant to

Rule 405 of

Regulation S-T (§

232.405 of this

chapter) during the

preceding 12 months

(or for

such shorter period that the registrant was required to submit such files).

[X]

Yes

[

]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,

smaller reporting company, or an emerging growth company.

See definitions of “large accelerated filer”, “accelerated

filer,” “smaller reporting company,”

and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

[X]

Accelerated filer [

]

Non-accelerated filer [

]

Smaller reporting company

[ ]

Emerging growth company

[ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended

transition period for complying with any new or revised financial accounting standards provided pursuant to Section

13(a) of the Exchange Act.

[

]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[

]

Yes

[X]

Indicate

the

number

outstanding

each

the

issuer’s

classes

common

stock,

the

latest

practicable date:

Common Stock, $0.01 par value,

71,974,054

shares outstanding as of May 8, 2023.

POPULAR, INC.

INDEX

Part I – Financial Information

Page

Item 1. Financial Statements

Unaudited Consolidated Statements of Financial Condition

at March 31, 2023 and

December 31, 2022

Unaudited Consolidated Statements of Operations for

the quarters

ended March 31, 2023 and 2022

Unaudited Consolidated Statements of Comprehensive

Income (Loss) for the

quarters

ended March 31, 2023 and 2022

Unaudited Consolidated Statements of Changes in Stockholders’

Equity for the

quarters ended March 31, 2023 and 2022

Unaudited Consolidated Statements of Cash Flows for

the quarters

ended March 31, 2023 and 2022

Notes to Unaudited Consolidated Financial Statements

Item 2. Management’s Discussion and Analysis of Financial

Condition and

Results of Operations

117

Item 3. Quantitative and Qualitative Disclosures about

Market Risk

156

Item 4. Controls and Procedures

156

Part II – Other Information

Item 1. Legal Proceedings

157

Item 1A. Risk Factors

157

Item 2. Unregistered Sales of Equity Securities and

Use of Proceeds

157

Item 3. Defaults Upon Senior Securities

158

Item 4. Mine Safety Disclosures

158

Item 5. Other information

158

Item 6. Exhibits

158

Signatures

159

Forward-Looking Information

This

Form 10-Q

contains “forward-looking

statements” within

the meaning

of the

U.S. Private

Securities Litigation

Reform Act

1995,

including,

without

limitation,

statements

about

Popular,

Inc.’s

(the

“Corporation,”

“Popular,”

“we,”

“us,”

“our”)

business,

financial condition, results

of operations, plans,

objectives and future

performance. These statements

are not

guarantees of future

performance,

are

based

management’s

current

expectations

and,

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 markets conditions, capital adequacy and liquidity,

and the effect

of legal and regulatory proceedings and new accounting

standards on the Corporation’s financial condition and results

of operations.

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.

Various factors, some of which

are beyond Popular’s control, could cause actual results to differ materially from those expressed in,

or implied by, such forward-looking statements. Factors that might cause such a

difference include, but are not limited to:

●

the

rate

growth

decline

the

economy

and

employment

levels,

well

general

business

and

economic

conditions

the

geographic

areas

serve

and,

particular,

the

Commonwealth

Puerto

Rico

(the

“Commonwealth” or “Puerto Rico”), where a significant

portion of our business is concentrated;

●

adverse

economic conditions,

including high

levels

and

ongoing increases

inflation

rates,

that

adversely

affect

housing prices, the job market, consumer confidence

and spending habits which may affect in turn, among

other things,

our level of non-performing assets, charge-offs and provision

expense;

●

changes in interest rates and market liquidity,

which may reduce interest margins, impact funding sources, reduce loan

originations, affect

our ability

to originate

and distribute

financial products

in the

primary and

secondary markets

and

impact the value of our investment portfolio and

our ability to return capital to our shareholders;

●

changes

regulatory

capital,

liquidity

and

resolution-related

requirements

applicable

financial

institutions

response to recent developments affecting the banking sector;

●

the

impact

bank

failures

adverse

developments

other

banks

and

negative

media

coverage

the

banking industry in general on investor and depositor

sentiment regarding the stability and liquidity of

banks;

●

the impact of the current fiscal and economic challenges of Puerto Rico and

the measures taken and to be taken by the

Puerto

Rico

Government

and

the

Federally-appointed

oversight

board

the

economy,

our

customers

and

our

business;

●

the impact of the pending debt

restructuring proceedings under Title III of the

Puerto Rico Oversight, Management and

Economic

Stability

Act

(“PROMESA”)

and

other

actions

taken

address

Puerto

Rico’s

fiscal

challenges on the value of our portfolio of Puerto Rico government securities and

loans to governmental entities and of

our

commercial,

mortgage

and

consumer

loan

portfolios

where

private

borrowers

could

directly

affected

governmental action;

●

the

amount of

Puerto Rico

public sector

deposits held

the Corporation,

whose future

balances are

uncertain and

difficult

predict

and

may

impacted

factors

such

the

amount

Federal

funds

received

the

P.R.

Government in connection with the COVID-19 pandemic and hurricane recovery assistance and the rate of expenditure

such

funds,

well

the

financial

condition,

liquidity

and

cash

management

practices

the

Puerto

Rico

Government and its instrumentalities;

●

unforeseen

catastrophic

events,

including

extreme

weather

events,

including

hurricanes,

other

natural

disasters,

man-made disasters,

acts of

violence or

war or

pandemics, epidemics

and other

health-related crises,

including any

resurgence of COVID-19, or the fear of any

such event occurring, any of which could cause adverse consequences for

our business, including, but not limited to, disruptions

in our operations;

●

our

ability

achieve

the

expected

benefits

from

our

transformation

initiative,

including

our

ability

achieve

our

targeted sustainable return on tangible common equity

of 14% by the end of 2025;

●

risks related to Popular’s acquisition of certain information technology and related assets formerly used by Evertec, Inc.

service certain

of Banco

Popular de

Puerto Rico’s

key channels,

as well

as the

entry into

amended and

restated

commercial

agreements

(the

“Evertec

Business

Acquisition

Transaction”),

including

Popular’s

ability

successfully

transition and integrate the assets

acquired as part of the

Evertec Business Acquisition Transaction, as

well as related

operations,

employees

and

third

party

contractors;

unexpected

costs,

including,

without

limitation,

costs

due

exposure to any unrecorded liabilities or issues not identified during due diligence investigation of the Evertec Business

Acquisition Transaction or

that are not

subject to indemnification or

reimbursement by Evertec, Inc.;

and business and

other risks arising from the extension of Popular’s

current commercial agreements with Evertec,

Inc.;

●

the fiscal and monetary policies of the federal government

and its agencies;

●

changes

federal

bank

regulatory

and

supervisory

policies,

including

required

levels

capital

and

the

impact

proposed capital standards on our capital ratios;

●

additional Federal Deposit Insurance Corporation (“FDIC”)

assessments;

●

regulatory approvals

that may

be necessary

to undertake

certain actions

or consummate

strategic transactions,

such

as acquisitions and dispositions;

●

the

relative strength

weakness

the

consumer and

commercial credit

sectors

and

the

real

estate markets

Puerto Rico and the other markets in which

our borrowers are located;

●

the performance of the stock and bond markets;

●

competition in the financial services industry;

●

possible legislative, tax or regulatory changes;

●

a failure

in or

breach of

our operational

or security

systems or

infrastructure or

those of

Evertec, Inc.,

our provider

core financial

transaction processing and

information technology services,

or of

third parties

providing services

to us,

including

result

cyberattacks, e-fraud,

denial-of-services and

computer intrusion,

that

might result

in,

among

other

things,

loss

breach

customer

data,

disruption

services,

reputational

damage

additional

costs

Popular;

●

changes in market rates and prices which may

adversely impact the value of financial assets

and liabilities;

●

potential judgments,

claims, damages,

penalties, fines,

enforcement actions

and

reputational damage

resulting from

pending

future

litigation

and

regulatory

government

investigations

actions,

including

result

our

participation in and execution of government programs

related to the COVID-19 pandemic;

●

changes in accounting standards, rules and interpretations;

●

our ability to grow our core businesses;

●

decisions to downsize, sell or close branches or business

units or otherwise change our business mix;

and

●

management’s ability to identify and manage these and

other risks.

Moreover,

the

outcome

legal

and

regulatory

proceedings,

discussed

“Part

II,

Item

Legal

Proceedings,”

inherently

uncertain and depends on judicial interpretations of law and the findings of regulators, judges and/or juries. Investors should refer to

the Corporation’s Annual

Report on Form

10-K for the

year ended December 31,

2022 (the “2022

Form 10-K”), as

well as “Part

II,

Item 1A”

of our

Quarterly Reports

on Form

10-Q for

a discussion

of such

factors and

certain risks

and uncertainties

to which

the

Corporation is subject.

All forward-looking

statements included

in this

Form 10-Q

are based

upon information

available to

Popular as

of the

date of

this

Form 10-Q, and other than as

required by law, including the

requirements of applicable securities laws, we assume no

obligation to

update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date

of such statements.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF FINANCIAL CONDITION

(UNAUDITED)

[UNAUDITED]

March 31,

December 31,

(In thousands, except share information)

2023

2022

Assets:

Cash and due from banks

462,013

469,501

Money market investments:

Time deposits with other banks

6,098,288

5,614,595

Total money market investments

6,098,288

5,614,595

Trading account debt securities, at fair value:

Other trading account debt securities

29,839

27,723

Debt securities available-for-sale, at fair

value:

Pledged securities with creditors’ right to repledge

106,094

129,203

Other debt securities available-for-sale

17,067,034

17,675,171

Debt securities held-to-maturity, at amortized cost:

Pledged securities with creditors’ right to repledge

26,676

26,496

Other debt securities held-to-maturity

8,536,376

8,498,870

Debt securities held-to-maturity (fair

value 2023 - $

8,597,920

; 2022 - $

8,440,196

)

8,563,052

8,525,366

Less – Allowance for credit losses

6,792

6,911

Debt securities held-to-maturity, net

8,556,260

8,518,455

Equity securities (realizable value 2023 -

186,744

; 2022 - $

196,665

)

185,917

195,854

Loans held-for-sale, at fair value

11,181

5,381

Loans held-in-portfolio

32,645,023

32,372,925

Less – Unearned income

306,650

295,156

Allowance for credit losses

689,120

720,302

Total loans held-in-portfolio, net

31,649,253

31,357,467

Premises and equipment, net

508,007

498,711

Other real estate

91,721

89,126

Accrued income receivable

239,815

240,195

Mortgage servicing rights, at fair value

127,475

128,350

Other assets

1,703,285

1,847,813

Goodwill

827,428

Other intangible assets

12,149

12,944

Total assets

67,675,759

67,637,917

Liabilities and Stockholders’ Equity

Liabilities:

Deposits:

Non-interest bearing

15,940,850

15,960,557

Interest bearing

45,013,038

45,266,670

Total deposits

60,953,888

61,227,227

Assets sold under agreements to repurchase

123,499

148,609

Other short-term borrowings

365,000

Notes payable

1,279,127

886,710

Other liabilities

848,520

916,946

Total liabilities

63,205,034

63,544,492

Commitments and contingencies (Refer

to Note 21)

Stockholders’ equity:

Preferred stock,

30,000,000

shares authorized;

885,726

shares issued and outstanding (2022 -

885,726

)

22,143

Common stock, $

0.01

par value;

170,000,000

shares authorized;

104,683,010

shares issued (2022 -

104,657,522

) and

71,965,984

shares outstanding (2022 -

71,853,720

)

1,047

Surplus

4,792,619

4,790,993

Retained earnings

3,982,140

3,834,348

Treasury stock - at cost,

32,717,026

shares (2022 -

32,803,802

)

(2,025,399)

(2,030,178)

Accumulated other comprehensive loss, net

of tax

(2,301,825)

(2,524,928)

Total stockholders’ equity

4,470,725

4,093,425

Total liabilities and stockholders’ equity

67,675,759

67,637,917

The accompanying notes are an integral part of

these Consolidated Financial Statements.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF OPERATIONS

(UNAUDITED)

Quarters ended March 31,

(In thousands, except per share information)

2023

2022

Interest income:

Loans

541,210

426,791

Money market investments

65,724

6,464

Investment securities

132,088

96,466

Total interest income

739,022

529,721

Interest expense:

Deposits

193,215

24,783

Short-term borrowings

2,885

Long-term debt

11,266

10,546

Total interest expense

207,366

35,409

Net interest income

531,656

494,312

Provision for credit losses (benefit)

47,637

(15,500)

Net interest income after provision for credit losses

(benefit)

484,019

509,812

Service charges on deposit accounts

34,678

40,713

Other service fees

90,076

77,134

Mortgage banking activities (Refer to Note 10)

7,400

12,865

Net gain (loss), including impairment on equity securities

1,100

(2,094)

Net gain (loss) on trading account debt securities

378

(723)

Adjustments to indemnity reserves on loans sold

612

(745)

Other operating income

27,717

27,542

Total non-interest income

161,961

154,692

Operating expenses:

Personnel costs

198,760

166,996

Net occupancy expenses

26,039

24,723

Equipment expenses

8,412

8,389

Other taxes

16,291

15,715

Professional fees

33,431

36,792

Technology and software expenses

68,559

70,535

Processing and transactional services

33,909

30,953

Communications

4,088

3,673

Business promotion

18,871

15,083

FDIC deposit insurance

8,865

7,372

Other real estate owned (OREO) income

(1,694)

(2,713)

Other operating expenses

24,361

23,930

Amortization of intangibles

795

891

Total operating expenses

440,687

402,339

Income before income tax

205,293

262,165

Income tax expense

46,314

50,479

Net Income

158,979

211,686

Net Income Applicable to Common Stock

158,626

211,333

Net Income per Common Share - Basic

2.22

2.69

Net Income per Common Share - Diluted

2.22

2.69

The accompanying notes are an integral part of

these Consolidated Financial Statements.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

Quarters ended March 31,

(In thousands)

2023

2022

Net income

158,979

211,686

Other comprehensive (loss) income before tax:

Foreign currency translation adjustment

(5,245)

(2,858)

Adjustment of pension and postretirement benefit plans

2,030

Amortization of net losses of pension and

postretirement benefit plans

4,813

3,911

Unrealized holding gains (losses) on debt securities arising

during the period

213,318

(1,219,023)

Amortization of unrealized losses of debt securities

transfer from available-for-sale to held-to-

maturity

42,040

Unrealized net (losses) gains on cash flow hedges

(30)

3,888

Reclassification adjustment for net gains included

in net income

(41)

(699)

Other comprehensive income (loss) before tax

254,855

(1,212,751)

Income tax (expense) benefit

(31,752)

140,582

Total other comprehensive income (loss), net of tax

223,103

(1,072,169)

Comprehensive income (loss), net of tax

382,082

(860,483)

Tax effect allocated to each component of other comprehensive income

(loss):

Quarters ended March 31,

(In thousands)

2023

2022

Adjustment of pension and postretirement benefit plans

(761)

Amortization of net losses of pension and

postretirement benefit plans

(1,805)

(1,467)

Unrealized holding gains (losses) on debt securities arising

during the period

(21,566)

143,193

Amortization of unrealized losses of debt securities

transfer from available-for-sale to held-to-

maturity

(8,407)

Unrealized net (losses) gains on cash flow hedges

(749)

Reclassification adjustment for net gains included

in net income

366

Income tax (expense) benefit

(31,752)

140,582

The accompanying notes are an integral part of

these Consolidated Financial Statements.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

Accumulated

other

Common

Preferred

Retained

Treasury

comprehensive

(In thousands)

stock

Surplus

earnings

stock

(loss) income

Total

Balance at December 31, 2021

1,046

22,143

4,650,182

2,973,745

(1,352,650)

(325,069)

5,969,397

Net income

211,686

Issuance of stock

1,199

Dividends declared:

Common stock

[1]

(42,074)

Preferred stock

(353)

Common stock purchases

[2]

(80,000)

(324,920)

(404,920)

Stock based compensation

(270)

8,750

8,480

Other comprehensive loss, net of tax

(1,072,169)

Balance at March 31, 2022

1,046

22,143

4,571,111

3,143,004

(1,668,820)

(1,397,238)

4,671,246

Balance at December 31, 2022

1,047

22,143

4,790,993

3,834,348

(2,030,178)

(2,524,928)

4,093,425

Cumulative effect of accounting change

28,752

Net income

158,979

Issuance of stock

1,567

Dividends declared:

Common stock

[1]

(39,586)

Preferred stock

(353)

Common stock purchases

(2,970)

Stock based compensation

7,749

7,808

Other comprehensive income, net of tax

223,103

Balance at March 31, 2023

1,047

22,143

4,792,619

3,982,140

(2,025,399)

(2,301,825)

4,470,725

[1]

Dividends declared per common share during the quarter

ended March 31, 2023 - $

0.55

(2022 - $

0.55

[2]

During the quarter

ended March 31,

2022, the Corporation

entered into a

400

million accelerated share

repurchase transaction with

respect to

its common stock, which was accounted for as a treasury

stock transaction. Refer to Note 18 for additional information.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

For the quarters ended

March 31,

Disclosure of changes in number of shares:

2023

2022

Preferred Stock:

Balance at beginning and end of period

885,726

Common Stock – Issued:

Balance at beginning of period

104,657,522

104,579,334

Issuance of stock

25,488

15,460

Balance at end of period

104,683,010

104,594,794

Treasury stock

(32,717,026)

(28,107,271)

Common Stock – Outstanding

71,965,984

76,487,523

The accompanying notes are an integral part of these Consolidated

Financial Statements.

POPULAR, INC.

CONSOLIDATED STATEMENTS

OF CASH FLOWS

(UNAUDITED)

Quarters ended March 31,

(In thousands)

2023

2022

Cash flows from operating activities:

Net income

158,979

211,686

Adjustments to reconcile net income to net cash provided

by operating activities:

Provision for credit losses (benefit)

47,637

(15,500)

Amortization of intangibles

795

891

Depreciation and amortization of premises and equipment

13,842

13,630

Net accretion of discounts and amortization of premiums and

deferred fees

(2,276)

15,843

Interest capitalized on loans subject to the temporary payment

moratorium or loss mitigation alternatives

(2,876)

(3,416)

Share-based compensation

7,873

8,276

Fair value adjustments on mortgage servicing rights

1,376

(1,017)

Adjustments to indemnity reserves on loans sold

(612)

745

Earnings from investments under the equity method, net

of dividends or distributions

(8,621)

(15,099)

Deferred income tax (benefit) expense

(2,064)

22,129

(Gain) loss on:

Disposition of premises and equipment and other productive

assets

(2,423)

(2,363)

Sale of loans, including valuation adjustments on loans

held-for-sale and mortgage banking activities

(264)

1,534

Sale of foreclosed assets, including write-downs

(5,228)

(7,566)

Acquisitions of loans held-for-sale

(2,861)

(55,134)

Proceeds from sale of loans held-for-sale

9,148

19,739

Net originations on loans held-for-sale

(21,790)

(98,356)

Net (increase) decrease in:

Trading debt securities

(1,055)

136,941

Equity securities

(3,731)

(111)

Accrued income receivable

314

(1,379)

Other assets

25,072

4,068

Net (decrease) increase in:

Interest payable

(2,846)

(7,106)

Pension and other postretirement benefits obligation

4,038

(196)

Other liabilities

(59,381)

(31,053)

Total adjustments

(5,933)

(14,500)

Net cash provided by operating activities

153,046

197,186

Cash flows from investing activities:

Net (increase) decrease in money market investments

(483,178)

7,467,248

Purchases of investment securities:

Available-for-sale

(3,960,443)

(5,747,659)

Equity

(11,927)

(845)

Proceeds from calls, paydowns, maturities and redemptions

of investment securities:

Available-for-sale

4,909,334

3,109,090

Held-to-maturity

3,818

4,114

Proceeds from sale of investment securities:

Equity

25,595

4,585

Net disbursements on loans

(155,538)

(236,365)

Proceeds from sale of loans

3,276

752

Acquisition of loan portfolios

(145,735)

(119,479)

Return of capital from equity method investments

249

Acquisition of premises and equipment

(36,062)

(15,205)

Proceeds from sale of:

Premises and equipment and other productive assets

1,972

578

Foreclosed assets

21,417

23,631

Net cash provided by investing activities

172,778

4,490,445

Cash flows from financing activities:

Net decrease in:

Deposits

(293,780)

(4,141,068)

Assets sold under agreements to repurchase

(25,110)

(18,784)

Other short-term borrowings

(365,000)

(75,000)

Payments of notes payable

(1,000)

Principal payments of finance leases

(804)

(833)

Proceeds from issuance of notes payable

394,178

Proceeds from issuance of common stock

1,567

1,199

Dividends paid

(39,878)

(36,289)

Net payments for repurchase of common stock

(282)

(400,604)

Payments related to tax withholding for share-based compensation

(2,688)

(4,316)

Net cash used in financing activities

(332,797)

(4,676,695)

Net (decrease) increase in cash and due from banks, and

restricted cash

(6,973)

10,936

Cash and due from banks, and restricted cash at beginning

of period

476,159

434,512

Cash and due from banks, and restricted cash at the end of

the period

469,186

445,448

The accompanying notes are an integral part of these Consolidated

Financial Statements.

Notes to Consolidated Financial

Statements

(Unaudited)

Note 1 -

Nature of operations

Note 2 -

Basis of presentation

Note 3 -

New accounting pronouncements

Note 4 -

Summary of significant accounting policies

Note 5 -

Restrictions on cash and due from banks and

certain securities

Note 6 -

Debt securities available-for-sale

Note 7 -

Debt securities held-to-maturity

Note 8 -

Loans

Note 9 -

Allowance for credit losses – loans held-in-

portfolio

Note 10 -

Mortgage banking activities

Note 11 -

Transfers of financial assets and mortgage

servicing assets

Note 12 -

Other real estate owned

Note 13 -

Other assets

Note 14 -

Goodwill and other intangible assets

Note 15 -

Deposits

Note 16 -

Borrowings

Note 17 -

Other liabilities

Note 18 -

Stockholders’ equity

Note 19 -

Other comprehensive loss

Note 20 -

Guarantees

Note 21 -

Commitments and contingencies

Note 22-

Non-consolidated variable interest entities

Note 23 -

Related party transactions

Note 24 -

Fair value measurement

Note 25 -

Fair value of financial instruments

Note 26 -

Net income per common share

100

Note 27 -

Revenue from contracts with customers

101

Note 28 -

Leases

103

Note 29 -

Pension and postretirement benefits

105

Note 30 -

Stock-based compensation

106

Note 31 -

Income taxes

108

Note 32 -

Supplemental disclosure on the consolidated

statements of cash flows

112

Note 33 -

Segment reporting

113

Note 1 – Nature of Operations

Nature of Operations

Popular,

Inc. (the

“Corporation” or

“Popular”) is

a diversified,

publicly-owned financial

holding company

subject to

the supervision

and

regulation

the

Board

Governors

the

Federal

Reserve

System.

The

Corporation

has

operations

Puerto

Rico,

the

mainland United

States (“U.S.”)

and the

U.S. and

British Virgin

Islands. In

Puerto Rico,

the Corporation

provides retail,

mortgage,

and

commercial

banking

services,

through

its

principal

banking

subsidiary,

Banco

Popular

Puerto

Rico

(“BPPR”),

well

investment

banking,

broker-dealer,

auto

and

equipment

leasing

and

financing,

and

insurance

services

through

specialized

subsidiaries. In

the U.S.

mainland, the

Corporation provides

retail, mortgage,

commercial banking

services, as

well as

equipment

leasing

and

financing,

through

its

New

York-chartered

banking

subsidiary,

Popular

Bank

(“PB”

“Popular

U.S.”),

which

has

branches located in New York, New Jersey, and Florida.

Note 2 – Basis of Presentation

Basis of Presentation

The consolidated interim financial statements have been prepared without audit. The Consolidated Statement of Financial Condition

data at

December 31,

2022 was

derived from

audited financial

statements. The

unaudited interim

financial statements

are, in

the

opinion

management,

fair

statement

the

results

for

the

periods

reported

and

include

all

necessary

adjustments,

all

normal recurring nature, for a fair statement of

such results.

Certain

information

and

note

disclosures

normally

included

financial

statements

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

have

been

condensed

omitted

from

the

unaudited

financial

statements

pursuant

the

rules

and

regulations

the

Securities

and

Exchange

Commission.

Accordingly,

these

financial

statements should be read in conjunction

with the audited Consolidated Financial Statements of the

Corporation for the year ended

December 31, 2022, included

in the 2022 Form

10-K. Operating results for

the interim periods disclosed herein

are not necessarily

indicative of the results that may be expected for

a full year or any future period.

The Corporation embarked on a

broad-based multi-year, technological and

business process transformation during the second

half

of 2022. The needs and expectations of

the Corporation’s clients, as well as

the competitive landscape, have evolved, requiring the

Corporation to

make

important

investments

its

technological infrastructure

and

adopt

agile

practices.

The

Corporation’s

technology and business transformation will be

a significant priority for the Corporation over the next

three years and beyond.

part

this

transformation,

the

Corporation

aims

expand

its

digital

capabilities,

modernize

our

technology

platform,

and

implement agile and

efficient business

processes across the

entire Corporation. To

facilitate the transparency

of the

progress with

the transformation initiative and to better portray the level of technology

related expenses categorized by the nature of the expense,

effective

in the

fourth quarter

2022,

the

Corporation has

separated technology,

professional fees

and

transactional and

items

processing related expenses as standalone expense categories in the

accompanying Consolidated Statement of Operations. There

were no

changes to

the total

operating expenses

presented.

Prior periods

amount in

the Consolidated

Financial Statements

and

related disclosures have been reclassified to conform

to the current presentation.

The following table provides the detail of

the reclassifications for each respective quarter:

31-Mar-22

Financial statement line item

As reported

Adjustments

Adjusted

Equipment expenses

23,479

(15,090)

8,389

Professional services

108,497

(71,705)

36,792

Technology and

software expenses

70,535

Processing and transactional services

30,953

Communications

6,147

(2,474)

3,673

Other expenses

36,149

(12,219)

23,930

Net effect on operating expenses

174,272

Use of Estimates in the Preparation of Financial Statements

The preparation of financial

statements in conformity with

accounting principles generally accepted in

the United States

of America

requires management to make

estimates and assumptions that

affect the reported

amounts of assets and

liabilities and contingent

assets

and

liabilities

the

date

the

financial

statements,

and

the

reported

amounts

revenues

and

expenses

during

the

reporting period. Actual results could differ from those estimates.

Note 3 - New accounting pronouncements

Recently Adopted Accounting Standards Updates

Standard

Description

Date of adoption

Effect on the financial statements

FASB ASU 2022-05,

Financial Services -

Insurance (Topic 944)

Transition for Sold

Contracts

The

FASB

issued

ASU

2022-05

December 2022, which

allows an insurance

entity to make

an accounting policy election

applying

the

Long-Duration

Contracts

(LDTI) transition guidance

on a transaction-

by-transaction

basis

the

contracts

have

been

derecognized

because

sale

disposal

and

the

insurance

entity

has

significant

continuing

involvement

with

the

derecognized contract.

January 1, 2023

The

Corporation

was

not

impacted

the

adoption

ASU

2022-05

during

the

first

quarter

2023

since

does

not

hold

Long-Duration

Contracts

(LDTI).

FASB ASU 2022-04,

Liabilities—Supplier

Finance Programs

(Subtopic 405-50)

Disclosure of Supplier

Finance Program

Obligations

The

FASB

issued

ASU

2022-04

September 2022, which requires to disclose

information

about

the

use

supplier

finance

programs

connection

with

the

purchase of goods and services.

January 1, 2023

The

Corporation

was

not

impacted

the

adoption

ASU

2022-04

during

the

first

quarter

2023

since

does

not use supplier finance programs.

FASB ASU 2022-02,

Financial Instruments—

Credit Losses (Topic 326)

Troubled Debt

Restructurings and

Vintage Disclosures

The

FASB

issued

ASU

2022-02

March

2022,

which

eliminates

the

accounting

guidance

for

troubled

debt

restructurings

(“TDRs”) in

Subtopic 310-40

Receivables—

Troubled

Debt

Restructurings

Creditors

and

requires

creditors

apply

the

loan

refinancing

and

restructuring

guidance

determine whether

a modification

results in

a new

loan or

a continuation

of an

existing

loan.

addition,

the

ASU

enhances

the

disclosure

requirements

for

certain

loan

refinancing

and

restructurings

creditors

when

borrower

experiencing

financial

difficulty

and

enhances

the

vintage

disclosure

requiring

the

disclosure

current-period

gross

write-offs

year

origination for financing

receivables and net

investments in leases.

January 1, 2023

The Corporation adopted ASU

2022-02

during

the

first

quarter

2023.

The

adoption

this

standard

resulted

enhanced disclosure for

loans modified

borrowers

with

financial

difficulties

and

the

disclosure

period

gross

charge

offs

vintage

year.

The

Corporation

anticipates

that

there

will

loans

subject

disclosure

under

the

new

standard

that

did

not

qualify

under

the

prior

guidance

given

the

removal of

the concession

requirement

for

such

disclosures.

The

amended

guidance eliminated

the requirement to

measure

the

effect

the

concession

from

a loan

modification, for

which the

Corporation

used

discounted

cash

flow

(“DCF”)

model.

The

impact

discontinuing the use of the DCF model

measure

the

concession

resulted in

release

the

allowance

for

credit

losses

("ACL")

million,

mainly

mortgage

loans

for

which

modifications

mostly

included

reduction

contractual

interest

rates

and

given

the

extended

maturity

term

these

loans,

this

resulted

increase

the

ACL

the

period

modification. For

the

transition

method

the

recognition

and

measurement of TDRs, the Corporation

has

elected

apply

the

modified

retrospective approach for the

adoption

this

standard.

Accordingly,

this

presented

adjustment

increase

million,

net

tax

effect,

the

beginning balance

of retained

earnings

on January 1, 2023.

Recently Adopted Accounting Standards Updates

Standard

Description

Date of adoption

Effect on the financial statements

FASB ASU 2022-01,

Derivatives and Hedging

(Topic 815) – Fair Value

Hedging—Portfolio Layer

Method

The

FASB

issued

ASU

2022-01

March

2022,

which

amends

ASC

Topic

815

allowing

non

prepayable

financial

assets

also

included

closed

portfolio

hedged

using

the

portfolio

layer

method.

This

amendment permits

an entity

apply

fair

value

hedging to

stated

amount

closed

portfolio

prepayable

and

non-

prepayable

financial

assets

without

considering

prepayment

risk

credit

risk

when measuring those assets.

January 1, 2023

The

Corporation

was

not

impacted

the adoption of ASU 2022-01 during the

first

quarter

2023

since

does

not

hold

derivatives

designated

fair

value hedges.

FASB ASU 2021-08,

Business Combinations

(Topic 805) – Accounting

for Contract Assets and

Contract Liabilities from

Contracts with Customers

The FASB

issued ASU

2021-08 in

October

2021,

which

amends

ASC

Topic

805

requiring

contract

assets

and

contract

liabilities arising

from revenue

contract with

customers

recognized

accordance

with ASC

Topic

606 on

the acquisition date

instead of fair value.

January 1, 2023

The

Corporation

was

not

impacted

the adoption of ASU 2021-08 during the

first

quarter

2023,

however,

will

consider

this

guidance

for

revenue

contracts with customers recognized as

part

business

combinations

entered

into on or after the effective date.

Accounting Standards Updates Not Yet Adopted

Standard

Description

Date of adoption

Effect on the financial statements

FASB ASU 2023-02,

Investments—Equity

Method and Joint

Ventures (Topic 323) -

Accounting for

Investments in Tax Credit

Structures Using the

Proportional Amortization

Method

The

FASB

issued

ASU

2023-02

March

2023,

which

amend

topic

ASC

323

permitting

the

election

apply

the

proportional amortization method to account

for

tax

equity

investments

that

generate

income

tax

credits

through

investment

low-income-housing

tax

credit

(LIHTC)

structures

and

other

tax

credit

programs

certain

conditions

are

met.

The

ASU

also

eliminates

the

application

the

subtopic

323-740

LIHTC

investment

not

accounted

for

using

the

proportional

amortization

method

and

instead

requires

the use of other guidance.

January 1, 2024

The Corporation

is currently

evaluating

the

impact

that

the

adoption

this

guidance

will

have

its

financial

statements

and

presentation

and

disclosures.

FASB ASU 2023-01,

Leases (Topic 842),

Lessors – Common

Control Arrangements

The

FASB

issued

ASU

2023-01

March

2023,

which

amends

ASC

Topic

842

and

requires

amortize

leasehold

improvements

associated

with

common

control

leases

over

the

useful

life

the

leasehold

improvements

the

common

control group as long

as the lessee controls

the

use

the

underlying assets

through a

lease.

addition,

the

ASU

requires

companies

account

for

leasehold

improvements

associated

with

common

control leases as a transfer between entities

under

common

control

through

adjustments

equity

if,

and

when,

the

lessee

longer

controls

the

use

the

underlying asset.

January 1, 2024

The Corporation

is currently

evaluating

the

impact

that

the

adoption

this

guidance

will

have

its

financial

statements

and

presentation

and

disclosures.

For other recently issued Accounting Standards

Updates not yet effective, refer to Note 3

to the Consolidated Financial Statements

included in the 2022 Form 10-K.

Note 4 – Summary of significant accounting

policies

The

accounting

and

financial

reporting

policies

Popular,

Inc.

and

its

subsidiaries

(the

“Corporation”) conform

with

accounting

principles generally accepted

in the

United States of

America and with

prevailing practices within

the financial services

industry.

description of the significant accounting and

financial reporting policies can be found on Note 2

to the 2022 Form 10-K.

In connection with the implementation of the Accounting Standards Update (“ASU”) 2022-02, the Corporation has modified its policy

related to

loan modifications.

As discussed

in Note

3, the

new accounting

guidance eliminates

the recognition

and measurement

principle of

TDRs.

The Corporation

has

also made

changes to

certain of

its

accounting policies

related to

its

loans portfolio

and

allowance for credit losses in connection with

this accounting standards update.

modification is

subject to

disclosure under

the new

ASU when

the Corporation

separately concludes

that both

of the

following

conditions exist:

1) the

debtor is experiencing

financial difficulties 2)

the modification constitutes

a reduction

in the

interest rate

the loan, a payment extension, a forgiveness of principal, or a more-than-insignificant payment delay. Determination that a borrower

is experiencing

financial difficulties

involves a

degree of

judgment. The identification

of loan

modifications to

debtors with

financial

difficulties is critical in the determination of the adequacy

of the ACL.

The

ASU

also

eliminates

the

requirement to

use

DCF

approach

estimated

credit

losses

for

modified

loans

with

borrowers

experiencing financial difficulties. The

entity can apply

a methodology similar to

the one used for

loans that were not

modified. The

Corporation applied a modified retrospective transition method for the implementation of ASU 2022-02 which

resulted in a reduction

of approximately $

million, $

million net of tax, in the reserve which was recorded as an

adjustment to the beginning balance of

retained earnings.

loan modified

with financial

difficulties is

typically in

non-accrual status

at the

time of

the modification.

These loans

continue in

non-accrual status until the borrower has demonstrated a willingness

and ability to make the restructured loan payments (at least

six

months of sustained performance after the modification (or one year for loans providing for quarterly or semi-annual payments)) and

management has concluded that it is probable

that the borrower would not be in payment

default in the foreseeable

future.

Refer

Note

the

Consolidated

Financial

Statements

for

additional

qualitative

information

loan

modifications

and

the

Corporation’s determination of the ACL.

Refer below for changes in accounting policies due

to the adoption of the new ASU and other

policy adoptions:

Loans

Effective on January 1, 2023,

newly originated mortgage loans held-for-sale are stated at fair

value, with changes recorded through

earnings.

Previously held-for-sale

were carried

the lower

its cost

or market

value. Fair

value is

generally determined

in the

aggregate and

is measured

based on

current market

prices for

similar loans,

outstanding investor

commitments, prices

of recent

sales

discounted

cash

flow

analyses

which

utilize

inputs

and

assumptions

which

are

believed

consistent

with

market

participants’ views.

Derivative instruments

Effective on

January 1,

2023, the

Corporation discontinued

the hedge

accounting treatment

of certain

forward contracts

for which

the

changes

fair

value

were

recorded,

net

taxes,

accumulated

other

comprehensive

income/(loss)

and

subsequently

reclassified to net

income (loss) in

the same

period that the

hedged transaction impacted

earnings. As a

result of this

change, the

changes in the fair

value of these forward contracts

are being recorded through net

income (loss). The Corporation utilizes

forward

contracts to hedge the

sale of mortgage-backed securities with

duration terms over one month.

Interest rate forwards are contracts

for the delayed delivery of securities, which the seller agrees to deliver on a specified future

date at a specified price or yield. These

forward contracts are hedging a forecasted transaction

and thus qualify for cash flow hedge accounting.

Based

the

election

apply

fair

value

accounting

for

its

mortgage

loans

held

for

sale,

effective

January

2023,

the

Corporation discontinued

the

hedge accounting

since

the

changes

the

fair

value

the

loans

expected

offset

the

changes in the fair value of the forward

contract, both of which are now recorded through

net income (loss).

Note 5 - Restrictions on cash and due from

banks and certain securities

BPPR is

required by

regulatory agencies

to maintain

average reserve

balances with

the Federal

Reserve Bank

of New

York

(the

“Fed”) or other banks.

Those required average reserve balances amounted

to $

2.8

billion at March 31, 2023

(December 31, 2022 -

2.8

billion). Cash

and due

from banks,

as well

as other

highly liquid

securities, are

used to

cover the

required average

reserve

balances.

At March 31,

2023, the Corporation

held $

million in restricted

assets in the

form of funds

deposited in money

market accounts,

debt

securities

available

for

sale

and

equity

securities

(December

31,

2022

million).

The

restricted

assets

held

debt

securities available for sale and equity securities consist primarily of assets

held for the Corporation’s non-qualified retirement plans

and fund deposits guaranteeing possible liens or encumbrances

over the title of insured properties.

Note 6 – Debt securities available-for-sale

The following tables present

the amortized cost, gross

unrealized gains and losses,

approximate fair value, weighted average

yield

and contractual maturities of debt securities available-for-sale

at March 31, 2023 and December 31, 2022.

At March 31, 2023

Gross

Weighted

Amortized

unrealized

Fair

average

(In thousands)

cost

gains

losses

value

yield

U.S. Treasury securities

Within 1 year

4,724,780

622

50,140

4,675,262

2.69

After 1 to 5 years

5,991,694

308,049

5,683,688

1.33

After 5 to 10 years

308,525

32,728

275,797

1.63

Total U.S. Treasury

securities

11,024,999

665

390,917

10,634,747

1.92

Collateralized mortgage obligations - federal agencies

After 1 to 5 years

13,109

733

12,376

1.58

After 5 to 10 years

34,671

2,230

32,441

1.80

After 10 years

123,200

9,279

113,955

2.56

Total collateralized

mortgage obligations - federal agencies

170,980

12,242

158,772

2.33

Mortgage-backed securities

Within 1 year

460

457

3.37

After 1 to 5 years

71,211

2,721

68,504

2.36

After 5 to 10 years

837,061

52,682

784,426

2.19

After 10 years

6,610,019

1,220

1,086,066

5,525,173

1.63

Total mortgage-backed

securities

7,518,751

1,281

1,141,472

6,378,560

1.70

Other

After 1 to 5 years

1,049

3.98

Total other

1,049

3.98

Total debt securities

available-for-sale

[1]

18,715,779

1,980

1,544,631

17,173,128

1.84

[1]

Includes $

10.3

billion pledged to secure government and trust

deposits, assets sold under agreements to repurchase, credit

facilities and loan

servicing agreements that the secured parties are not permitted

to sell or repledge the collateral, of which $

9.4

billion serve as collateral for public

funds.

The Corporation had unpledged Available for Sale

securities with a fair value of

6.7

billion that could be used to increase its borrowing

facilities.

At December 31, 2022

Gross

Weighted

Amortized

unrealized

Fair

average

(In thousands)

cost

gains

losses

value

yield

U.S. Treasury securities

Within 1 year

4,576,127

506

47,156

4,529,477

2.42

After 1 to 5 years

6,793,739

410,858

6,382,881

1.35

After 5 to 10 years

308,854

40,264

268,590

1.63

Total U.S. Treasury

securities

11,678,720

506

498,278

11,180,948

1.78

Collateralized mortgage obligations - federal agencies

After 1 to 5 years

3,914

213

3,701

1.77

After 5 to 10 years

47,979

3,428

44,551

1.73

After 10 years

127,639

10,719

116,944

2.53

Total collateralized

mortgage obligations - federal agencies

179,532

14,360

165,196

2.30

Mortgage-backed securities

After 1 to 5 years

74,328

3,428

70,911

2.33

After 5 to 10 years

866,757

58,997

807,803

2.16

After 10 years

6,762,150

932

1,184,626

5,578,456

1.61

Total mortgage-backed

securities

7,703,235

986

1,247,051

6,457,170

1.68

Other

After 1 to 5 years

1,062

1,060

3.98

Total other

1,062

1,060

3.98

Total debt securities

available-for-sale

[1]

19,562,549

1,516

1,759,691

17,804,374

1.75

[1]

Includes $

11.3

billion pledged to secure government and trust deposits,

assets sold under agreements to repurchase, credit facilities

and loan

servicing agreements that the secured parties are not permitted

to sell or repledge the collateral, of which $

10.3

billion serve as collateral for

public funds. The Corporation had unpledged Available

for Sale securities with a fair value of

6.4

billion that could be used to increase its

borrowing facilities.

The weighted

average yield

on debt

securities available-for-sale

is based

on amortized

cost; therefore,

does not

give

effect to

changes in fair value.

Debt

securities

not

due

single

contractual

maturity

date,

such

mortgage-backed

securities

and

collateralized

mortgage

obligations, are classified

in the period

of final contractual

maturity. The

expected maturities of

collateralized mortgage obligations,

mortgage-backed securities and certain other securities may

differ from their contractual maturities

because they may be subject to

prepayments or may be called by the issuer.

There were

debt securities sold during the quarters ended March

31, 2023 and 2022.

The

following

tables

present

the

Corporation’s

fair

value

and

gross

unrealized

losses

debt

securities

available-for-sale,

aggregated by investment category and length of

time that individual securities have been in a continuous

unrealized loss position at

March 31, 2023 and December 31, 2022.

At March 31, 2023

Less than 12 months

12 months or more

Total

Gross

Fair

unrealized

Fair

unrealized

Fair

unrealized

(In thousands)

value

losses

value

losses

value

losses

U.S. Treasury securities

2,162,329

42,295

6,598,099

348,622

8,760,428

390,917

Collateralized mortgage obligations - federal agencies

42,946

1,526

113,220

10,716

156,166

12,242

Mortgage-backed securities

440,122

22,396

5,881,221

1,119,076

6,321,343

1,141,472

Total debt securities

available-for-sale in an unrealized loss position

2,645,397

66,217

12,592,540

1,478,414

15,237,937

1,544,631

At December 31, 2022

Less than 12 months

12 months or more

Total

Gross

Fair

unrealized

Fair

unrealized

Fair

unrealized

(In thousands)

value

losses

value

losses

value

losses

U.S. Treasury securities

6,027,786

288,582

3,244,572

209,696

9,272,358

498,278

Collateralized mortgage obligations - federal agencies

139,845

10,655

22,661

3,705

162,506

14,360

Mortgage-backed securities

1,740,214

138,071

4,662,195

1,108,980

6,402,409

1,247,051

Other

Total debt securities

available-for-sale in an unrealized loss position

7,907,905

437,310

7,929,428

1,322,381

15,837,333

1,759,691

As of March 31, 2023, the portfolio of available-for-sale debt securities reflects gross unrealized losses of approximately $

1.5

billion,

driven mainly by fixed-rate U.S. Treasury Securities and

mortgage-backed securities, which have been impacted by a decline in fair

value as a result of the rising interest rate

environment.

The portfolio of available-for-sale debt securities is comprised mainly of U.S

Treasuries and obligations from the U.S. Government, its agencies or government sponsored entities, including FNMA, FHMLC and

GNMA. As discussed in Note 2 to the Consolidated Financial Statements in the 2022

Form 10-K, these securities carry an explicit or

implicit guarantee from the U.S. Government, are highly rated

by major rating agencies, and have a long history

of no credit losses.

Accordingly, the Corporation applies a zero-credit loss assumption and no ACL for

these securities has been established.

In October 2022, the

Corporation transferred U.S. Treasury securities

with a fair value

of $

6.5

billion (par value of

7.4

billion) from

its available-for-sale portfolio to its held-to-maturity portfolio.

Management changed its intent, given its ability to hold these securities

to maturity

due to

the Corporation’s

liquidity position

and its

intention to

reduce the

impact on

accumulated other

comprehensive

income (loss) (“AOCI”) and

tangible capital of further

increases in interest rates.

The securities were reclassified

at fair value at

the

time of

the transfer.

At the

date of

the transfer,

these securities

had pre-tax

unrealized losses of

873.0

million recorded

in AOCI.

This fair value discount is being accreted to interest income and the unrealized loss remaining in AOCI is being amortized, offsetting

each other through the remaining life of the securities.

There were no realized gains or losses recorded

as a result of this transfer.

Note 7 –Debt securities held-to-maturity

The following

tables present

the amortized

cost, allowance

for credit

losses, gross

unrealized gains

and losses,

approximate fair

value, weighted

average yield

and contractual

maturities of

debt securities

held-to-maturity at

March 31,

2023 and

December 31,

2022.

At March 31, 2023

Allowance

Carrying

Value

Gross

Weighted

Amortized

Book

[1]

for Credit

Net of

unrealized

Fair

average

(In thousands)

cost

Value

Losses

Allowance

gains

losses

value

yield

U.S. Treasury securities

Within 1 year

649,391

6,923

642,468

2.75

After 1 to 5 years

6,591,199

6,043,507

49,211

28,571

6,064,147

1.45

After 5 to 10 years

2,043,395

1,801,754

25,736

1,827,490

1.44

Total U.S. Treasury

securities

9,283,985

8,494,652

74,947

35,494

8,534,105

1.54

Obligations of Puerto Rico, States and

political subdivisions

Within 1 year

4,730

4,709

4,724

6.15

After 1 to 5 years

15,805

212

15,593

119

115

15,597

3.83

After 5 to 10 years

1,025

991

1,025

5.80

After 10 years

40,865

6,525

34,340

4,423

2,270

36,493

1.40

Total obligations of

Puerto Rico, States and

political subdivisions

62,425

6,792

55,633

4,594

2,388

57,839

2.45

Collateralized mortgage obligations - federal

agencies

After 1 to 5 years

6.44

Total collateralized

mortgage obligations -

federal agencies

6.44

Securities in wholly owned statutory business

trusts

After 10 years

5,959

6.33

Total securities

in wholly owned statutory

business trusts

5,959

6.33

Total debt securities

held-to-maturity [2]

9,352,385

8,563,052

6,792

8,556,260

79,542

37,882

8,597,920

1.55

[1]

Book value includes $

789

million of net unrealized loss which remains in Accumulated

other comprehensive income (AOCI) related to certain

securities transferred from available-for-sale securities

portfolio to the held-to-maturity securities portfolio as

discussed in Note 6.

[2]

Includes $

7.1

billion pledged to secure public and trust deposits that

the secured parties are not permitted to sell or repledge

the collateral.

The

Corporation had unpledged held-to-maturities securities with

a fair value of

1.3

billion that could be used to increase

its borrowing facilities.

At December 31, 2022

Allowance

Carrying

Value

Gross

Weighted

Amortized

Book

[1]

for Credit

Net of

unrealized

Fair

average

(In thousands)

cost

Value

Losses

Allowance

gains

losses

value

yield

U.S. Treasury securities

Within 1 year

499,034

6,203

492,831

2.83

After 1 to 5 years

6,147,568

5,640,767

59,806

5,580,961

1.49

After 5 to 10 years

2,638,238

2,313,666

14,857

2,298,809

1.41

Total U.S. Treasury

securities

9,284,840

8,453,467

80,866

8,372,601

1.54

Obligations of Puerto Rico, States and

political subdivisions

Within 1 year

4,530

4,522

4,527

6.08

After 1 to 5 years

19,105

234

18,871

150

18,939

4.24

After 5 to 10 years

1,025

991

1,025

5.80

After 10 years

41,261

6,635

34,626

4,729

2,229

37,126

1.40

Total obligations of

Puerto Rico, States and

political subdivisions

65,921

6,911

59,010

4,918

2,311

61,617

2.61

Collateralized mortgage obligations - federal

agencies

After 1 to 5 years

6.44

Total collateralized

mortgage obligations -

federal agencies

6.44

Securities in wholly owned statutory business

trusts

After 10 years

5,959

6.33

Total securities

in wholly owned statutory

business trusts

5,959

6.33

Total debt securities

held-to-maturity [2]

9,356,739

8,525,366

6,911

8,518,455

4,918

83,177

8,440,196

1.55

[1]

Book value includes $

831

million of net unrealized loss which remains in Accumulated

other comprehensive income (AOCI) related to certain

securities transferred from available-for-sale securities

portfolio to the held-to-maturity securities portfolio as

discussed in Note 6.

[2]

Includes $

6.9

billion pledged to secure public and trust deposits that

the secured parties are not permitted to sell or repledge

the collateral. The

Corporation had unpledged held-to-maturities securities with

a fair value of

1.5

billion that could be used to increase its borrowing

facilities.

Debt securities not due on a single contractual maturity date,

such as collateralized mortgage obligations, are classified in the period

of final

contractual maturity.

The expected

maturities of

collateralized mortgage

obligations and

certain other

securities may

differ

from their contractual maturities because they may be

subject to prepayments or may be called

by the issuer.

Credit Quality Indicators

The following describes the credit quality

indicators by major security type that

the Corporation considers in its’ estimate

to develop

the allowance for credit losses for investment securities

held-to-maturity.

As discussed in

Note 2 to

the Consolidated Financial Statements

in the 2022

Form 10-K, U.S.

Treasury securities carry

an explicit

guarantee

from

the

U.S.

Government

are

highly

rated

major

rating

agencies,

and

have

long

history

credit

losses.

Accordingly, the Corporation applies a zero-credit loss assumption and no ACL for

these securities has been established.

At March 31, 2023

and December 31, 2022, the

“Obligations of Puerto Rico, States and

political subdivisions” classified as held-to-

maturity,

includes

securities

issued by

municipalities

Puerto

Rico

that

are

generally

not

rated

credit

rating

agency.

This

includes $

million of general and special obligation bonds issued by three municipalities of Puerto Rico, that

are payable primarily

from

certain

property

taxes

imposed

the

issuing

municipality

(December

31,

2022

million).

the

case

general

obligations, they

also benefit

from a

pledge of

the full

faith, credit

and unlimited

taxing power

of the

issuing municipality,

which is

required by law to levy property taxes in an amount sufficient for the payment of

debt service on such general obligation bonds. The

Corporation performs periodic credit quality

reviews of these securities and

internally assigns standardized credit risk ratings

based

on its evaluation.

The Corporation considers these ratings

in its estimate to

develop the allowance for credit

losses associated with

these

securities.

For

the

definitions

the

obligor

risk

ratings,

refer

the

Credit

Quality

section

Note

the

Consolidated

Financial Statements.

The

following

presents

the

amortized

cost

basis

securities

held

the

Corporation

issued

municipalities

Puerto

Rico

aggregated by the internally assigned standardized

credit risk rating:

At March 31, 2023

At December 31, 2022

(In thousands)

Securities issued by Puerto Rico municipalities

Watch

2,905

13,735

Pass

18,655

10,925

Total

21,560

24,660

March

31,

2023,

the

portfolio

“Obligations

Puerto

Rico,

States

and

political

subdivisions”

also

includes

million

securities

issued

the

Puerto

Rico

Housing

Finance

Authority

(“HFA”),

government

instrumentality,

for

which

the

underlying

source of payment is second mortgage loans in Puerto Rico

residential properties (not the government), but for which HFA, provides

a guarantee

in the

event of default

and upon the

satisfaction of certain

other conditions (December

31, 2022 -

million). These

securities

are

not

rated

credit

rating

agency.

The

Corporation assesses

the

credit

risk

associated

with

these

securities

evaluating

the

refreshed

FICO

scores

representative sample

the

underlying borrowers.

March

31,

2023,

the

average

refreshed FICO

score

for the

representative sample,

comprised of

the

nominal value

of the

securities, used

for the

loss

estimate was

707

(compared to

and

707

respectively,

at December

31, 2022).

The

loss estimates

for this

portfolio was

based on the methodology established under CECL

for similar loan obligations. The Corporation does not

consider the government

guarantee when estimating the credit losses associated

with this portfolio.

further

deterioration

the

Puerto

Rico

economy

the

fiscal

health

the

Government

Puerto

Rico

and/or

its

instrumentalities (including if any of

the issuing municipalities become subject to

a debt restructuring proceeding under PROMESA)

could further affect the value of these securities, resulting in losses

to the Corporation.

Refer to

Note 21

to the

Consolidated Financial

Statements

for additional

information on

the Corporation’s

exposure to

the Puerto

Rico Government.

Delinquency status

At March 31, 2023 and December 31, 2022, there were

securities held-to-maturity in past due or non-performing

status.

Allowance for credit losses on debt securities held-to-maturity

The following table provides the

activity in the allowance for

credit losses related to debt securities

held-to-maturity by security type

at March 31, 2023 and March 31, 2022:

For the quarters ended March 31,

2023

2022

(In thousands)

Obligations of Puerto Rico, States and political subdivisions

Allowance for credit losses:

Beginning balance

6,911

8,096

Provision for credit losses (benefit)

(119)

(252)

Securities charged-off

Recoveries

Ending balance

6,792

7,844

The

allowance

for

credit

losses

for

the

Obligations

Puerto

Rico,

States

and

political

subdivisions

includes

0.3

million

for

securities issued by municipalities of

Puerto Rico, and $

6.5

million for bonds issued by

the Puerto Rico HFA,

which are secured by

second mortgage loans on

Puerto Rico residential properties (compared to

0.3

million and $

6.6

million, respectively, at

December

31, 2022).

Note 8 – Loans

For

summary

of the

accounting policies

related to

loans, interest

recognition

and

allowance for

credit

losses

refer to

Note

Summary of Significant Accounting Policies of the 2022

Form 10-K.

During the

quarter ended

March 31,

2023, the

Corporation recorded purchases

(including repurchases)

of mortgage

loans of

million,

consumer

loans

million

and

commercial

loans

million;

compared

purchases

(including

repurchases)

mortgage loans of

million, which include

million in PCD

loans, and consumer

loans of $

million during the

quarter ended

March 31, 2022.

The

Corporation performed

whole-loan

sales

involving

approximately $

million

residential mortgage

loans

and

million

commercial and construction loans

during the quarter ended

March 31, 2023 (March

31, 2022 -

million of residential mortgage

loans

and

million

commercial

loans).

Also,

during

the

quarter

ended

March

31,

2023,

the

Corporation

securitized

approximately $

million of mortgage

loans into Government

National Mortgage Association (“GNMA”)

mortgage-backed securities

and $

million of mortgage

loans into Federal

National Mortgage Association

(“FNMA”) mortgage-backed securities, compared

million and $

million, respectively, during the quarter ended March 31, 2022.

Delinquency status

The following tables present the

amortized cost basis of loans

held-in-portfolio (“HIP”), net of unearned

income, by past due status,

and by loan class including those that are in non-performing status or that are accruing

interest but are past due 90 days or more at

March 31, 2023 and December 31, 2022.

March 31, 2023

BPPR

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

650

185

835

291,971

292,806

185

Commercial real estate:

Non-owner occupied

2,739

1,584

22,856

27,179

2,858,304

2,885,483

22,856

Owner occupied

21,496

37,779

59,275

1,438,228

1,497,503

37,779

Commercial and industrial

17,934

793

31,847

50,574

3,883,859

3,934,433

30,132

1,715

Construction

8,081

147,268

155,349

Mortgage

183,187

81,729

515,752

780,668

5,336,016

6,116,684

224,075

291,677

Leasing

12,301

2,605

6,103

21,009

1,593,335

1,614,344

6,103

Consumer:

Credit cards

7,162

5,823

12,061

25,046

1,021,129

1,046,175

12,061

Home equity lines of credit

2,865

Personal

14,131

8,990

17,427

40,548

1,572,370

1,612,918

17,412

Auto

60,324

12,684

39,516

112,524

3,405,416

3,517,940

39,516

Other

1,264

1,091

2,404

127,608

130,012

921

170

Total

329,269

114,257

684,617

1,128,143

21,678,369

22,806,512

378,979

305,638

March 31, 2023

Popular U.S.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

421

2,043,130

2,043,551

421

Commercial real estate:

Non-owner occupied

16,033

207

16,240

1,748,952

1,765,192

207

Owner occupied

18,042

5,095

23,137

1,497,947

1,521,084

5,095

Commercial and industrial

13,779

5,570

19,352

2,045,857

2,065,209

5,325

245

Construction

7,165

536,482

543,647

Mortgage

22,041

1,499

14,719

38,259

1,250,964

1,289,223

14,719

Consumer:

Credit cards

Home equity lines of

credit

496

4,618

5,184

61,838

67,022

4,618

Personal

1,900

1,259

2,505

5,664

222,487

228,151

2,505

Other

514

516

8,245

8,761

514

Total

79,458

2,831

33,649

115,938

9,415,923

9,531,861

33,404

245

March 31, 2023

Popular, Inc.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

[2] [3]

loans

Commercial multi-family

650

606

1,256

2,335,101

2,336,357

606

Commercial real estate:

Non-owner occupied

18,772

1,584

23,063

43,419

4,607,256

4,650,675

23,063

Owner occupied

39,538

42,874

82,412

2,936,175

3,018,587

42,874

Commercial and industrial

31,713

796

37,417

69,926

5,929,716

5,999,642

35,457

1,960

Construction

15,246

683,750

698,996

Mortgage

[1]

205,228

83,228

530,471

818,927

6,586,980

7,405,907

238,794

291,677

Leasing

12,301

2,605

6,103

21,009

1,593,335

1,614,344

6,103

Consumer:

Credit cards

7,162

5,823

12,061

25,046

1,021,150

1,046,196

12,061

Home equity lines of credit

496

4,618

5,184

64,703

69,887

4,618

Personal

16,031

10,249

19,932

46,212

1,794,857

1,841,069

19,917

Auto

60,324

12,684

39,516

112,524

3,405,416

3,517,940

39,516

Other

1,266

1,605

2,920

135,853

138,773

1,435

170

Total

408,727

117,088

718,266

1,244,081

31,094,292

32,338,373

412,383

305,883

[1]

It is the Corporation’s policy to report delinquent residential

mortgage loans insured by Federal Housing Administration

(“FHA”) or guaranteed by

the U.S. Department of Veterans Affairs

(“VA”) as accruing loans past

due 90 days or more as opposed to non-performing

since the principal

repayment is insured.

These balances include $

167

million of residential mortgage loans insured by

FHA or guaranteed by the VA that

are no

longer accruing interest as of March 31, 2023. Furthermore, the

Corporation has approximately $

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.

[2]

Loans held-in-portfolio are net of $

307

million in unearned income and exclude $

million in loans held-for-sale.

[3]

Includes $

7.7

billion pledged to secure credit facilities and public funds

that the secured parties are not permitted to sell or

repledge the collateral,

of which $

5.1

billion were pledged at the Federal Home Loan Bank

("FHLB") as collateral for borrowings and $

2.6

billion at the Federal Reserve

Bank ("FRB") for discount window borrowings. The Corporation

had an available borrowing facility with the FHLB and

the discount window of

Federal Reserve Bank of New York

of $

2.8

billion and $

1.5

billion, respectively, as of

March 31, 2023.

December 31, 2022

BPPR

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

425

242

667

280,706

281,373

242

Commercial real estate:

Non-owner occupied

941

428

23,662

25,031

2,732,296

2,757,327

23,662

Owner occupied

729

245

23,990

24,964

1,563,092

1,588,056

23,990

Commercial and industrial

3,036

941

35,777

39,754

3,756,754

3,796,508

34,277

1,500

Construction

147,041

Mortgage

222,926

91,881

579,993

894,800

5,215,479

6,110,279

242,391

337,602

Leasing

11,983

3,563

5,941

21,487

1,564,252

1,585,739

5,941

Consumer:

Credit cards

7,106

5,049

11,910

24,065

1,017,766

1,041,831

11,910

Home equity lines of credit

2,954

Personal

13,232

8,752

18,082

40,066

1,545,621

1,585,687

18,082

Auto

68,868

19,243

40,978

129,089

3,383,441

3,512,530

40,978

Other

487

12,682

13,256

124,324

137,580

12,446

236

Total

329,733

130,189

753,257

1,213,179

21,333,726

22,546,905

402,009

351,248

December 31, 2022

Popular U.S.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

loans

Commercial multi-family

2,177

2,038,163

2,040,340

Commercial real estate:

Non-owner occupied

484

1,454

1,938

1,740,405

1,742,343

1,454

Owner occupied

5,095

1,485,398

1,490,493

5,095

Commercial and industrial

12,960

2,205

4,685

19,850

2,022,842

2,042,692

4,319

366

Construction

610,943

Mortgage

16,131

5,834

20,488

42,453

1,244,739

1,287,192

20,488

Consumer:

Credit cards

Home equity lines of credit

413

161

4,110

4,684

64,278

68,962

4,110

Personal

1,808

1,467

1,958

5,233

232,659

237,892

1,958

Other

9,960

9,968

Total

33,973

9,667

37,798

81,438

9,449,426

9,530,864

37,432

366

December 31, 2022

Popular, Inc.

Past due

Past due 90 days or more

30-59

60-89

90 days

Total

Non-accrual

Accruing

(In thousands)

days

or more

past due

Current

Loans HIP

[2]

[3]

loans

Commercial multi-family

2,602

242

2,844

2,318,869

2,321,713

242

Commercial real estate:

Non-owner occupied

1,425

428

25,116

26,969

4,472,701

4,499,670

25,116

Owner occupied

729

245

29,085

30,059

3,048,490

3,078,549

29,085

Commercial and industrial

15,996

3,146

40,462

59,604

5,779,596

5,839,200

38,596

1,866

Construction

757,984

Mortgage

[1]

239,057

97,715

600,481

937,253

6,460,218

7,397,471

262,879

337,602

Leasing

11,983

3,563

5,941

21,487

1,564,252

1,585,739

5,941

Consumer:

Credit cards

7,106

5,049

11,910

24,065

1,017,805

1,041,870

11,910

Home equity lines of credit

413

161

4,110

4,684

67,232

71,916

4,110

Personal

15,040

10,219

20,040

45,299

1,778,280

1,823,579

20,040

Auto

68,868

19,243

40,978

129,089

3,383,441

3,512,530

40,978

Other

487

12,690

13,264

134,284

147,548

12,454

236

Total

363,706

139,856

791,055

1,294,617

30,783,152

32,077,769

439,441

351,614

[1]

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.

These balances also include $

190

million of residential

mortgage loans insured by FHA or guaranteed by the VA

that are no longer accruing interest as of December

31, 2022. Furthermore, the

Corporation has approximately $

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.

[2]

Loans held-in-portfolio are net of $

295

million in unearned income and exclude $

million in loans held-for-sale.

[3]

Includes $

7.4

billion pledged to secure credit facilities and public funds

that the secured parties are not permitted to sell or

repledge the collateral,

of which $

4.8

billion were pledged at the Federal Home Loan Bank

(FHLB) as collateral for borrowings and $

2.6

billion at the Federal Reserve

Bank (FRB) for discount window borrowings. The Corporation

had an available borrowing facility with the FHLB and

the discount window of

Federal Reserve Bank of New York

of $

2.1

billion and $

1.4

billion, respectively, as of December

31, 2022.

Recognition of interest income on mortgage loans is generally discontinued when loans are 90 days or more in arrears on payments

of principal or interest. The Corporation discontinues the recognition of interest income on residential mortgage loans insured by the

FHA or

guaranteed by

when 15

months delinquent

as to

principal or

interest, since

the principal

repayment on

these loans

insured.

At March

31, 2023, mortgage

loans held-in-portfolio include

2.0

billion (December 31,

2022 -

.0 billion)

of loans

insured by the

FHA, or guaranteed by the VA of which $

0.3

billion (December 31, 2022 - $

0.3

billion) are 90 days or more past due. The portfolio of

guaranteed loans includes $

167

million of residential mortgage loans in Puerto Rico that are no longer accruing interest as of March

31, 2023

(December 31, 2022

- $

190

million). The Corporation

has approximately $

million in

reverse mortgage loans

in Puerto

Rico

which are

guaranteed by

FHA,

but which

are currently

not

accruing interest

March 31,

2023 (December

31, 2022

- $

million).

Loans with a delinquency status of

90 days past due as of

March 31, 2023 include $

million in loans previously pooled into GNMA

securities

(December

31,

2022

million).

Under

the

GNMA

program,

issuers

such

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

reflected on

the

financial statements

of BPPR

with

offsetting

liability.

Loans

our

serviced

GNMA

portfolio benefit

from payment

forbearance programs

but continue

to reflect

the contractual

delinquency until

the borrower

repays

deferred payments or completes a payment deferral

modification or other borrower assistance alternative.

The following tables present the amortized cost basis

of non-accrual loans as of March 31, 2023

and December 31, 2022 by class of

loans:

March 31, 2023

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Commercial multi-family

185

421

606

Commercial real estate non-owner occupied

19,324

3,532

207

19,324

3,739

Commercial real estate owner occupied

24,513

13,266

5,095

29,608

13,266

Commercial and industrial

17,551

12,581

5,325

17,551

17,906

Mortgage

103,316

120,759

227

14,492

103,543

135,251

Leasing

194

5,909

194

5,909

Consumer:

HELOCs

4,618

Personal

5,122

12,290

2,505

5,122

14,795

Auto

1,117

38,399

1,117

38,399

Other

263

658

514

263

1,172

Total

171,400

207,579

5,322

28,082

176,722

235,661

December 31, 2022

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Non-accrual

with no

allowance

Non-accrual

with

allowance

Commercial multi-family

242

Commercial real estate non-owner occupied

15,639

8,023

1,454

17,093

8,023

Commercial real estate owner occupied

9,070

14,920

5,095

14,165

14,920

Commercial and industrial

20,227

14,050

4,319

20,227

18,369

Mortgage

119,027

123,364

20,417

119,098

143,781

Leasing

458

5,483

458

5,483

Consumer:

HELOCs

4,110

Personal

4,623

13,459

1,958

4,623

15,417

Auto

1,177

39,801

1,177

39,801

Other

263

12,183

263

12,191

Total

170,484

231,525

6,620

30,812

177,104

262,337

Loans in non-accrual status with

no allowance at March 31,

2023 include $

176

million in collateral dependent loans

(December 31,

2022 - $

177

million). The Corporation recognized $

million in interest income on non-accrual loans during the quarter ended March

31, 2023 (March 31, 2022 - $

million).

The Corporation has

designated loans classified as

collateral dependent for

which the ACL

is measured based

on the fair

value of

the collateral less

cost to sell,

when foreclosure is

probable or when

the repayment is

expected to be

provided substantially by the

sale or

operation of

the collateral

and the

borrower is

experiencing financial

difficulty.

The fair

value of

the collateral

is based

appraisals, which may be

adjusted due to their

age, and the

type, location, and condition

of the property

or area or general

market

conditions to reflect the expected change in value between the effective date

of the appraisal and the measurement date. Appraisals

are updated every one to two years depending on

the type of loan and the total exposure of

the borrower.

The following tables present the amortized cost basis

of collateral-dependent loans, for which the ACL was measured

based on the

fair value of the collateral less cost to sell, by class

of loans and type of collateral as of March

31, 2023 and December 31, 2022:

March 31, 2023

(In thousands)

Real Estate

Auto

Equipment

Accounts

Receivables

Other

Total

BPPR

Commercial multi-family

1,316

Commercial real estate:

Non-owner occupied

180,090

Owner occupied

32,471

Commercial and industrial

1,070

8,397

18,995

28,484

Mortgage

106,168

Leasing

844

Consumer:

Personal

5,433

Auto

10,074

Other

263

Total BPPR

326,548

10,918

8,397

19,258

365,143

Popular U.S.

Commercial real estate:

Owner occupied

5,095

Commercial and industrial

2,000

2,074

Mortgage

775

Total Popular U.S.

5,870

2,000

7,944

Popular, Inc.

Commercial multi-family

1,316

Commercial real estate:

Non-owner occupied

180,090

Owner occupied

37,566

Commercial and industrial

1,070

8,397

20,995

30,558

Mortgage

106,943

Leasing

844

Consumer:

Personal

5,433

Auto

10,074

Other

263

Total Popular,

Inc.

332,418

10,918

8,397

21,258

373,087

December 31, 2022

(In thousands)

Real Estate

Auto

Equipment

Accounts

Receivables

Other

Total

BPPR

Commercial multi-family

1,329

Commercial real estate:

Non-owner occupied

202,980

Owner occupied

18,234

Commercial and industrial

1,345

9,853

20,985

32,215

Mortgage

128,069

Leasing

1,020

Consumer:

Personal

5,381

Auto

9,556

Other

263

Total BPPR

357,338

10,576

9,853

21,248

399,047

Popular U.S.

Commercial real estate:

Non-owner occupied

1,454

Owner occupied

5,095

Commercial and industrial

136

Mortgage

1,104

Total Popular U.S.

7,653

136

7,789

Popular, Inc.

Commercial multi-family

1,329

Commercial real estate:

Non-owner occupied

204,434

Owner occupied

23,329

Commercial and industrial

1,345

168

9,853

20,985

32,351

Mortgage

129,173

Leasing

1,020

Consumer:

Personal

5,381

Auto

9,556

Other

263

Total Popular,

Inc.

364,991

10,576

168

9,853

21,248

406,836

Purchased Credit Deteriorated (PCD) Loans

The Corporation has purchased loans during

the quarter for which there was, at acquisition, evidence

of more than insignificant

deterioration of credit quality since origination. The

carrying amount of those loans is as follows:

(In thousands)

March 31, 2023

March 31, 2022

Purchase price of loans at acquisition

255

2,002

Allowance for credit losses at acquisition

612

Non-credit discount / (premium) at acquisition

Par value of acquired loans at acquisition

332

2,713

Note 9 – Allowance for credit losses – loans

held-in-portfolio

The

Corporation follows

the current

expected credit

loss (“CECL”)

model, to

establish and

evaluate the

adequacy of

the ACL

provide for

expected losses

in the

loan portfolio.

This model

establishes a forward-looking

methodology that

reflects the

expected

credit losses over the lives of financial assets, starting when such

assets are first acquired or originated. In addition, CECL provides

that the initial ACL on purchased credit deteriorated (“PCD”) financial

assets be recorded as an increase to the

purchase price, with

subsequent

changes

the

allowance

recorded

credit

loss

expense.

The

provision

for

credit

losses

recorded

current

operations

based

this

methodology.

Loan

losses

are

charged

and

recoveries

are

credited

the

ACL.

The

Corporation’s

modeling framework includes competing

risk models that

generate lifetime default and

prepayment estimates as well

as other loan

level techniques to estimate loss severity.

These models combine credit risk factors, which include the

impact of loan modifications,

with macroeconomic expectations to derive the

lifetime expected loss.

At March

31, 2023, the

Corporation estimated the

ACL by

weighting the outputs

of optimistic, baseline,

and pessimistic scenarios.

Among the

three scenarios used

to estimate

the ACL, the

baseline is

assigned the highest

probability,

followed by the

pessimistic

scenario given the

uncertainties in the

economic outlook and

downside risk. The

weightings applied are subject

to evaluation on

quarterly basis as

part of the

ACL’s governance

process. The Corporation evaluates,

at least on

an annual basis, the

assumptions

tied to the CECL accounting framework. These

include the reasonable and supportable period

as well as the reversion window.

The

2023

annualized

GDP

growth

the

baseline

scenario

stands

2.1%

and

1.3%

for

Puerto

Rico

and

the

United

States,

respectively,

increasing from

1.3% and

0.7% in

the previous

quarter. The

2023 forecasted

average unemployment

rate continues

strong, improving quarter-over-quarter to

6.9% and 3.5%

for Puerto Rico

and the United

States, respectively,

from 7.8% and

4.0%

respectively, in the previous forecast.

The following

tables present

the changes

in the

ACL of

loans held-in-portfolio

and unfunded

commitments for

the quarters

ended

March 31, 2023 and 2022.

For the quarter ended March 31, 2023

BPPR

Impact of

Provision for

Allowance

for

Beginning

Adopting

credit losses

credit losses -

Ending

(In thousands)

Balance

ASU 2022-02

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

5,210

(454)

4,756

Commercial real estate non-owner occupied

52,475

1,284

135

53,894

Commercial real estate owner occupied

48,393

(1,161)

(2,730)

(3)

1,510

46,009

Commercial and industrial

68,217

(552)

9,819

(1,607)

1,165

77,042

Total Commercial

174,295

(1,713)

7,919

(1,610)

2,810

181,701

Construction

2,978

3,072

Mortgage

117,344

(33,556)

1,267

(846)

4,800

89,077

Leasing

20,618

(35)

734

(1,417)

1,090

20,990

Consumer

Credit Cards

58,670

15,570

(8,676)

2,389

67,953

HELOCs

103

(39)

(33)

100

Personal

96,369

(7,020)

11,104

(13,580)

1,535

88,408

Auto

129,735

(21)

8,319

(12,118)

4,914

130,829

Other

15,433

235

(11,007)

216

4,877

Total Consumer

300,310

(7,041)

35,189

(45,414)

9,123

292,167

Total - Loans

615,545

(42,345)

45,203

(49,287)

17,823

587,007

Allowance for credit losses - unfunded commitments:

Commercial

4,336

564

4,900

Construction

2,022

(76)

1,946

Ending balance - unfunded commitments [1]

6,358

488

6,846

[1]

Allowance for credit losses of unfunded commitments is

presented as part of Other Liabilities in the Consolidated

Statements of Financial Condition.

For the quarter ended March 31, 2023

Popular U.S.

Impact of

Provision for

Beginning

Adopting

credit losses -

Ending

(In thousands)

Balance

ASU 2022-02

(benefits)

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

21,101

(493)

20,610

Commercial real estate non-owner occupied

19,065

(2,961)

1,852

17,956

Commercial real estate owner occupied

8,688

(224)

8,488

Commercial and industrial

12,227

2,528

(499)

968

15,224

Total Commercial

61,081

(1,150)

(499)

2,846

62,278

Construction

1,268

(10)

1,258

Mortgage

17,910

(2,098)

(426)

15,400

Consumer

Credit Cards

(1)

HELOCs

2,439

(712)

(143)

269

1,853

Personal

22,057

(1,140)

4,191

(4,170)

383

21,321

Other

(53)

Total Consumer

24,498

(1,140)

3,529

(4,367)

657

23,177

Total - Loans

104,757

(3,238)

1,943

(4,866)

3,517

102,113

Allowance for credit losses - unfunded commitments:

Commercial

1,175

1,229

Construction

1,184

1,278

Consumer

(26)

Ending balance - unfunded commitments [1]

2,447

122

2,569

[1]

Allowance for credit losses of unfunded commitments is

presented as part of Other Liabilities in the Consolidated

Statements of Financial Condition.

For the quarter ended March 31, 2023

Popular Inc.

Impact

Provision for

Allowance

for

Beginning

of adopting

credit losses

credit losses -

Ending

(In thousands)

Balance

ASU 2022-02

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

26,311

(947)

25,366

Commercial real estate non-owner occupied

71,540

(1,677)

1,987

71,850

Commercial real estate owner occupied

57,081

(1,161)

(2,954)

(3)

1,534

54,497

Commercial and industrial

80,444

(552)

12,347

(2,106)

2,133

92,266

Total Commercial

235,376

(1,713)

6,769

(2,109)

5,656

243,979

Construction

4,246

4,330

Mortgage

135,254

(35,654)

841

(846)

4,814

104,477

Leasing

20,618

(35)

734

(1,417)

1,090

20,990

Consumer

Credit Cards

58,670

15,571

(8,677)

2,389

67,953

HELOCs

2,542

(751)

(176)

338

1,953

Personal

118,426

(8,160)

15,295

(17,750)

1,918

109,729

Auto

129,735

(21)

8,319

(12,118)

4,914

130,829

Other

15,435

284

(11,060)

221

4,880

Total Consumer

324,808

(8,181)

38,718

(49,781)

9,780

315,344

Total - Loans

720,302

(45,583)

47,146

(54,153)

21,340

689,120

Allowance for credit losses - unfunded commitments:

Commercial

5,511

618

6,129

Construction

3,206

3,224

Consumer

(26)

Ending balance - unfunded commitments [1]

8,805

610

9,415

[1]

Allowance for credit losses of unfunded commitments is

presented as part of Other Liabilities in the Consolidated

Statements of Financial Condition.

For the quarter ended March 31, 2022

BPPR

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

3,050

385

3,435

Commercial real estate non-owner occupied

45,211

6,244

184

51,639

Commercial real estate owner occupied

54,176

(10,091)

(118)

3,060

47,027

Commercial and industrial

49,491

(7,225)

(409)

1,513

43,370

Total Commercial

151,928

(10,687)

(527)

4,757

145,471

Construction

1,641

357

416

2,414

Mortgage

138,286

(10,528)

612

(1,321)

4,313

131,362

Leasing

17,578

386

(407)

841

18,398

Consumer

Credit Cards

43,499

3,701

(5,683)

2,265

43,782

HELOCs

(16)

(90)

Personal

71,022

1,613

(6,858)

1,777

67,554

Auto

154,498

2,693

(8,878)

4,017

152,330

Other

15,612

(180)

(556)

338

15,214

Total Consumer

284,729

7,811

(22,065)

8,491

278,966

Total - Loans

594,162

(12,661)

612

(24,320)

18,818

576,611

Allowance for credit losses - unfunded commitments:

Commercial

1,751

(104)

1,647

Construction

2,388

(464)

1,924

Ending balance - unfunded commitments [1]

4,139

(568)

3,571

[1]

Allowance for credit losses of unfunded commitments is

presented as part of Other Liabilities in the Consolidated

Statements of Financial Condition.

For the quarter ended March 31, 2022

Popular U.S.

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

25,418

(2,770)

22,655

Commercial real estate non-owner occupied

22,246

(6,851)

15,398

Commercial real estate owner occupied

6,053

3,836

112

10,001

Commercial and industrial

10,160

453

(127)

632

11,118

Total Commercial

63,877

(5,332)

(127)

754

59,172

Construction

4,722

(1,725)

1,128

4,125

Mortgage

16,192

1,632

17,844

Consumer

Credit Cards

(9)

HELOCs

3,708

(992)

(10)

919

3,625

Personal

12,700

4,616

(1,218)

313

16,411

Other

(77)

Total Consumer

16,413

3,681

(1,305)

1,251

20,040

Total - Loans

101,204

(1,744)

(1,432)

3,153

101,181

Allowance for credit losses - unfunded commitments:

Commercial

1,384

(66)

1,318

Construction

2,337

(202)

2,135

Consumer

(7)

Ending balance - unfunded commitments [1]

3,758

(275)

3,483

[1]

Allowance for credit losses of unfunded commitments is

presented as part of Other Liabilities in the Consolidated

Statements of Financial Condition.

For the quarter ended March 31, 2022

Popular Inc.

Provision for

Allowance for

Beginning

credit losses

credit losses -

Ending

(In thousands)

Balance

(benefit)

PCD Loans

Charge-offs

Recoveries

Balance

Allowance for credit losses - loans:

Commercial

Commercial multi-family

28,468

(2,385)

26,090

Commercial real estate non-owner occupied

67,457

(607)

187

67,037

Commercial real estate owner occupied

60,229

(6,255)

(118)

3,172

57,028

Commercial and industrial

59,651

(6,772)

(536)

2,145

54,488

Total Commercial

215,805

(16,019)

(654)

5,511

204,643

Construction

6,363

(1,368)

1,544

6,539

Mortgage

154,478

(8,896)

612

(1,321)

4,333

149,206

Leasing

17,578

386

(407)

841

18,398

Consumer

Credit Cards

43,499

3,692

(5,683)

2,274

43,782

HELOCs

3,806

(1,008)

(100)

1,013

3,711

Personal

83,722

6,229

(8,076)

2,090

83,965

Auto

154,498

2,693

(8,878)

4,017

152,330

Other

15,617

(114)

(633)

348

15,218

Total Consumer

301,142

11,492

(23,370)

9,742

299,006

Total - Loans

695,366

(14,405)

612

(25,752)

21,971

677,792

Allowance for credit losses - unfunded commitments:

Commercial

3,135

(170)

2,965

Construction

4,725

(666)

4,059

Consumer

(7)

Ending balance - unfunded commitments [1]

7,897

(843)

7,054

[1]

Allowance for credit losses of unfunded commitments is

presented as part of Other Liabilities in the Consolidated

Statements of Financial Condition.

Modifications

modification

constitutes

change

loan

terms

the

form

principal

forgiveness,

interest

rate

reduction,

other

than-

insignificant payment delay, term extension or combination of the above made

to a borrower experiencing financial difficulty.

The amount

of outstanding

commitments to

lend additional

funds to

debtors owing

receivables whose

terms have

been modified

during the quarter ended at March 31, 2023 amounted

to $

million related to the commercial loan portfolio.

The following tables show the amortized cost basis of the loans modified to borrowers experiencing financial difficulties at the end of

the reporting

period disaggregated

by class

of financing

receivable and

type

of concession

granted for

the quarter

ended March

31,2023. Loans modified to borrowers under financial difficulties that were fully paid down, charged-off

or foreclosed upon by period

end are not reported.

Loan Modifications Made to Borrowers Experiencing

Financial Difficulty for the quarter ended March 31,2023

Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

Mortgage

227

0.00

227

0.00

Consumer:

Credit cards

497

0.05

0.00

497

0.05

Personal

172

0.01

0.00

172

0.01

Other

0.00

Total

899

0.00

899

0.00

Term Extension

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

CRE owner occupied

1,754

0.12

0.00

1,754

0.06

Commercial and industrial

3,705

0.09

0.00

3,705

0.06

Construction

0.00

3,518

0.65

3,518

0.50

Mortgage

14,521

0.24

1,853

0.14

16,374

0.22

Consumer:

Personal

0.00

0.02

0.00

Total

20,006

0.09

5,425

0.06

25,431

0.08

Other-Than-Insignificant Payment Delays

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

CRE non-owner occupied

1,751

0.06

0.00

1,751

0.04

CRE owner occupied

13,156

0.88

13,744

0.90

26,900

0.89

Commercial and industrial

1,411

0.04

864

0.04

2,275

0.04

Consumer:

Other

0.03

0.00

0.02

Total

16,351

0.07

14,608

0.15

30,959

0.10

Combination - Term extension

and Interest Rate Reduction

BPPR

Popular U.S.

Popular, Inc.

(In thousands)

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

Amortized Cost

Basis at March

31,2023

% of total class of

Financing

Receivable

CRE owner occupied

101

0.01

0.00

101

0.00

Mortgage

10,473

0.17

328

0.03

10,801

0.15

Consumer:

Personal

422

0.03

0.00

422

0.02

Auto

0.00

Total

11,025

0.05

328

0.00

11,353

0.04

The following table describes the financial effect of the

modifications made to borrowers experiencing

financial difficulties:

For the quarter ended March 31, 2023

Interest rate reduction

Loan Type

Financial Effect

CRE Owner occupied

Reduced weighted-average contractual interest rate from

6.00

% to

5.25

Mortgage

Reduced weighted-average contractual interest rate from

5.69

% to

4.17

Consumer:

Credit cards

Reduced weighted-average contractual interest rate from

17.76

% to

4.47

Personal

Reduced weighted-average contractual interest rate from

16.97

% to

9.11

Auto

Reduced weighted-average contractual interest rate from

12.64

% to

12.62

Other

Reduced weighted-average contractual interest rate from

17.99

% to

Term extension

Loan Type

Financial Effect

CRE Owner occupied

Added a weighted-average

years to the life of loans, which reduced monthly

payment amount for the borrowers.

Commercial and industrial

Added a weighted-average

months to the life of loans, which reduced monthly

payment amount for the borrowers.

Construction

Added a weighted-average

months to the life of loans, which reduced monthly

payment amount for the borrowers.

Mortgage

Added a weighted-average

years to the life of loans, which reduced monthly payment

amount for the borrowers.

Consumer:

Personal

Added a weighted-average

years to the life of loans, which reduced monthly

payment amount for the borrowers.

Auto

Added a weighted-average

years to the life of loans, which reduced monthly

payment amount for the borrowers.

Other than insignificant payment delay

Loan Type

Financial Effect

CRE Non-owner occupied

Added a weighted-average

months to the life of loans, which reduced monthly

payment amount for the

borrowers.

CRE Owner occupied

Added a weighted-average

months to the life of loans, which reduced monthly

payment amount for the borrowers.

Commercial and industrial

Added a weighted-average

months to the life of loans, which reduced monthly

payment amount for the borrowers.

Consumer:

Other

Added a weighted-average

months to the life of loans, which reduced monthly

payment amount for the

borrowers.

The following table presents, by class, the performance

of loans that have been modified in the last

three months at March 31, 2023.

The

past

due

days

categories includes

all

loans modified

classified

non-accruing

the

time

the

modification.

These loans will continue in non-accrual status, and presented as past

due 90 days or more, until the borrower has

demonstrated a

willingness and ability to

make the restructured loan

payments (at least six

months of sustained

performance after the modification

(or one year for loans providing for

quarterly or semi-annual payments)) and management has concluded that it

is probable that the

borrower would not be in payment default in the

foreseeable future.

BPPR

For the period ended March 31, 2023

Past Due 90 days or more [1]

(In thousands)

30-59 days

60-89 days

Past due 90

days or more

Total past

due

Current

Total

With Payment

Default

Without

Payment Default

CRE Non-owner occupied

1,751

CRE Owner occupied

1,803

13,208

15,011

209

1,594

Commercial and industrial

142

4,974

5,116

114

Mortgage

1,202

180

7,518

8,900

16,321

25,221

7,518

Consumer:

Credit cards

163

334

497

Personal

232

238

382

620

232

Auto

Other

Total

1,229

226

9,824

11,279

37,002

48,281

333

9,491

[1] Loans that were in non-accrual status at the time

of modification are presented as past due until the borrower

has demonstrated a willingness and ability

to make the restructured loan payments. Payment default

is defined as a restructured loan becoming 90 days past

due after being modified, foreclosed or

charged-off, whichever occurs first. The recorded investment

as of period end is inclusive of all partial paydowns

and charge-offs since the modification

date. Loans modified with financial difficulty that

were fully paid down, charged-off or foreclosed upon

by period end are not reported.

Popular U.S.

For the period ended March 31, 2023

Past Due 90 days or more [1]

(In thousands)

30-59 days

60-89 days

Past due 90

days or more

Total past

due

Current

Total

With Payment

Default

Without

Payment Default

CRE Owner occupied

13,744

Commercial and industrial

864

Construction

3,518

Mortgage

104

2,077

2,181

104

Consumer:

Personal

Total

158

20,203

20,361

158

[1] Loans that were in non-accrual status at the time

of modification are presented as past due until the borrower

has demonstrated a willingness and ability

to make the restructured loan payments. Payment default

is defined as a restructured loan becoming 90 days past

due after being modified, foreclosed or

charged-off, whichever occurs first. The recorded investment

as of period end is inclusive of all partial paydowns

and charge-offs since the modification

date. Loans modified with financial difficulty that

were fully paid down, charged-off or foreclosed upon

by period end are not reported.

Popular Inc.

For the period ended March 31, 2023

Past Due 90 days or more [1]

(In thousands)

30-59 days

60-89 days

Past due 90

days or more

Total past

due

Current

Total

With Payment

Default

Without

Payment Default

CRE Non-owner occupied

1,751

CRE Owner occupied

1,803

26,952

28,755

209

1,594

Commercial and industrial

142

5,838

5,980

114

Construction

3,518

Mortgage

1,202

180

7,622

9,004

18,398

27,402

7,622

Consumer:

Credit cards

163

334

497

Personal

286

292

382

674

286

Auto

Other

Total

1,229

226

9,982

11,437

57,205

68,642

333

9,649

[1] Loans that were in non-accrual status at the time

of modification are presented as past due until the borrower

has demonstrated a willingness and ability

to make the restructured loan payments.

Payment default is defined as a restructured loan becoming

90 days past due after being modified, foreclosed

charged-off, whichever occurs first. The recorded inve

stment as of period end is inclusive of all partial

paydowns and charge-offs since the modification

date. Loans modified with financial difficulty that

were fully paid down, charged-off or foreclosed upon

by period end are not reported.

The

activity

modified

loans

borrowers

under

financial

difficulties

that

were

subject

payment

default

and

that

had

been

modified during the

quarter ended March 31,

2023 was considered immaterial

for the Corporation.

Payment default is defined

as a

restructured loan becoming 90 days past due after

being modified, foreclosed or charged-off, whichever occurs

first.

Legacy TDR Modifications

A modification of

a loan, prior

to ASU 2022-02,

constituted a troubled

debt restructuring (TDR)

when a borrower

was experiencing

financial difficulty

and the

modification constituted

a concession.

For a

summary of

the legacy

accounting policy

related to

TDRs,

refer to the Summary of Significant Accounting Policies

included in Note 2 to the 2022 Form 10-K.

The outstanding

balance of

loans classified

as TDRs

amounted to

1.6

billion at

December 31,

2022. The

amount of

outstanding

commitments to

lend additional

funds to

debtors owing

loans whose

terms have

been modified

in TDRs

amounted to

million

related to the commercial loan portfolio at December 31,

2022.

The following table presents

the outstanding balance of

loans classified as TDRs

according to their accruing

status and the related

allowance at December 31, 2022.

December 31, 2022

(In thousands)

Accruing

Non-Accruing

Total

Allowance

Loans held-in-portfolio:

Commercial

269,784

54,641

324,425

18,451

Mortgage

[1]

1,169,976

86,790

1,256,766

58,819

Leasing

1,154

1,178

Consumer

54,395

7,883

62,278

13,577

Loans held-in-portfolio

1,495,309

149,338

1,644,647

90,890

[1] At December 31, 2022, accruing mortgage loan TDRs include

725

million guaranteed by U.S. sponsored entities

at BPPR.

The

following table

presents

the

loan count

type

modification for

those

loans modified

a TDR

during the

quarter ended

March 31, 2022. Loans modified as TDRs for the

U.S. operations are considered insignificant to

the Corporation.

For the quarter ended March 31, 2022

Reduction in

interest rate

Extension of

maturity date

Combination of

reduction in interest

rate and extension of

maturity date

Other

Commercial real estate non-owner occupied

Commercial real estate owner occupied

Commercial and industrial

Mortgage

288

Consumer:

Credit cards

Personal

Auto

Total

288

The following table presents, by class, quantitative

information related to loans modified as TDRs

during the quarter ended March

31, 2022.

Popular, Inc.

For the quarter ended March 31, 2022

(In thousands)

Loan count

Pre-modification outstanding

recorded investment

Post-modification

outstanding recorded

investment

Increase (decrease) in the

allowance for loan losses as

a result of modification

Commercial real estate non-owner occupied

3,400

Commercial real estate owner occupied

729

727

Commercial and industrial

49,346

49,155

2,030

Mortgage

324

34,876

35,592

1,020

Consumer:

Credit cards

248

273

Personal

729

728

130

Auto

Total

420

89,356

89,903

3,190

The following table presents, by

class, TDRs that were subject to

payment default and that had been modified

as a TDR during the

twelve months preceding the default date.

Payment default is defined as a restructured loan becoming 90 days past due after being

modified,

foreclosed

charged-off,

whichever

occurs

first.

The

recorded

investment

period

end

inclusive

all

partial

paydowns

and

charge-offs

since

the

modification

date.

Loans

modified

TDR

that

were

fully

paid

down,

charged-off

foreclosed upon by period end are not reported.

Defaulted during the quarter ended March 31, 2022

(In thousands)

Loan count

Recorded investment as of first default date

Mortgage

1,870

Consumer:

Credit cards

127

Personal

128

Total

2,125

Credit Quality

The risk

rating system

provides for

the assignment

of ratings

at the

obligor level

based on

the financial

condition of

the borrower.

The

risk rating

analysis process

performed at

least

once a

year

or more

frequently if

events or

conditions change

which may

deteriorate the credit quality.

In the case of

consumer and mortgage loans, these

loans are classified considering their

delinquency

status at the end of the reporting period.

The following tables present the amortized cost basis, net of unearned income, of

loans held-in-portfolio based on the Corporation’s

assignment

obligor

risk

ratings

defined

March

31,

2023

and

December

31,

2022

and

the

gross

write-offs

recorded

vintage year. For

the definitions of the obligor risk ratings,

refer to the Credit Quality section of

Note 9 to the Consolidated Financial

Statements included in the 2022 Form 10-K:

March 31, 2023

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2023

2022

2021

2020

2019

Prior

Years

Total

BPPR

Commercial:

Commercial multi-family

Watch

6,867

18,365

4,378

29,610

Special mention

2,651

Substandard

3,234

100

3,334

Pass

28,087

138,361

22,771

20,740

16,039

30,943

270

257,211

Total commercial

multi-family

34,954

138,361

22,771

20,740

34,404

41,206

370

292,806

Commercial real estate non-owner occupied

Watch

348

11,102

13,622

14,506

68,267

107,845

Special Mention

29,425

19,841

63,115

49,505

5,000

166,886

Substandard

8,802

2,607

18,488

20,454

50,351

Pass

76,455

857,954

578,637

368,293

38,120

631,836

9,106

2,560,401

Total commercial

real estate non-

owner occupied

76,455

867,104

619,164

404,363

134,229

770,062

14,106

2,885,483

Commercial real estate owner occupied

Watch

11,755

4,457

9,329

4,148

95,445

600

125,734

Special Mention

2,417

1,534

6,147

66,300

13,834

90,241

Substandard

16,087

6,078

784

712

80,734

104,395

Doubtful

438

Pass

19,721

222,551

255,853

200,352

29,877

440,518

7,823

1,176,695

Total commercial

real estate owner

occupied

19,721

250,402

268,805

211,999

40,884

683,435

22,257

1,497,503

Year-to-Date gross

write-offs

Commercial and industrial

Watch

2,151

21,021

1,994

2,889

18,406

76,544

42,623

165,628

Special Mention

1,578

5,168

20,849

1,076

53,511

5,785

87,967

Substandard

5,418

766

1,137

1,813

2,588

29,834

44,565

86,121

Doubtful

Pass

228,133

758,835

578,791

275,748

164,951

328,693

1,259,501

3,594,652

Total commercial

and industrial

235,702

782,200

587,090

301,327

187,021

488,619

1,352,474

3,934,433

Year-to-Date gross

write-offs

172

609

767

1,607

Construction

Watch

35,764

4,792

40,556

Substandard

9,657

Pass

16,381

36,334

11,790

2,306

38,325

105,136

Total construction

52,145

41,126

21,447

2,306

38,325

155,349

Mortgage

Substandard

107

166

481

3,255

90,003

94,012

Pass

117,402

452,532

445,012

280,846

201,346

4,525,534

6,022,672

Total mortgage

117,402

452,639

445,178

281,327

204,601

4,615,537

6,116,684

Year-to-Date gross

write-offs

846

March 31, 2023

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2023

2022

2021

2020

2019

Prior

Years

Total

BPPR

Leasing

Substandard

1,065

1,819

623

1,293

1,250

6,050

Loss

Pass

193,921

595,135

399,400

218,226

130,385

71,173

1,608,240

Total leasing

193,921

596,254

401,219

218,849

131,678

72,423

1,614,344

Year-to-Date gross

write-offs

640

634

1,417

Consumer:

Credit cards

Substandard

12,058

Loss

Pass

1,034,114

Total credit cards

1,046,175

Year-to-Date gross

write-offs

8,676

HELOCs

Pass

2,865

Total HELOCs

2,865

Year-to-Date gross

write-offs

Personal

Substandard

1,879

2,078

545

1,493

10,640

1,073

17,708

Loss

105

141

297

Pass

225,516

734,207

281,093

89,554

100,679

137,702

26,162

1,594,913

Total Personal

225,516

736,191

283,312

90,116

102,204

148,344

27,235

1,612,918

Year-to-Date gross

write-offs

5,105

4,533

1,372

1,449

1,119

13,580

Auto

Substandard

8,772

11,611

9,978

8,858

5,505

44,724

Loss

Pass

292,535

1,094,296

895,350

539,897

381,528

269,514

3,473,120

Total Auto

292,535

1,103,118

906,970

549,896

390,402

275,019

3,517,940

Year-to-Date gross

write-offs

6,034

3,168

1,633

1,200

12,118

Other consumer

Substandard

550

170

828

Loss

263

Pass

7,750

28,099

16,877

6,725

4,002

5,788

59,680

128,921

Total Other

consumer

7,750

28,099

16,877

6,815

4,020

6,601

59,850

130,012

Year-to-Date gross

write-offs

11,000

11,007

Total Puerto Rico

1,203,956

5,006,513

3,592,512

2,106,879

1,231,749

7,101,246

2,536,422

27,235

22,806,512

March 31, 2023

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2023

2022

2021

2020

2019

Prior

Years

Total

Popular U.S.

Commercial:

Commercial multi-family

Watch

747

6,182

61,528

44,317

112,774

Special mention

1,181

22,401

23,582

Substandard

14,893

10,661

25,554

Pass

10,788

507,984

398,506

234,898

227,384

496,971

5,110

1,881,641

Total commercial

multi-family

10,788

508,731

398,506

242,261

303,805

574,350

5,110

2,043,551

Commercial real estate non-owner occupied

Watch

2,155

1,241

3,339

52,379

59,114

Special Mention

1,347

75,149

76,496

Substandard

2,844

2,138

1,750

3,420

10,152

Pass

28,126

549,487

204,917

246,309

108,845

474,644

7,102

1,619,430

Total commercial

real estate non-

owner occupied

28,126

549,487

209,916

249,688

115,281

605,592

7,102

1,765,192

Commercial real estate owner occupied

Watch

1,191

55,949

57,140

Special Mention

3,860

6,192

892

10,944

Substandard

7,365

45,975

53,340

Pass

47,027

361,856

417,522

114,090

77,271

376,040

5,854

1,399,660

Total commercial

real estate owner

occupied

47,027

361,856

417,522

119,141

90,828

478,856

5,854

1,521,084

Commercial and industrial

Watch

2,320

11,947

2,532

1,474

1,783

8,747

3,641

32,444

Special Mention

1,174

1,296

279

267

3,092

Substandard

255

584

176

134

4,219

2,089

3,477

10,934

Loss

315

408

Pass

15,362

224,336

368,242

356,952

190,287

531,348

331,804

2,018,331

Total commercial

and industrial

17,937

238,096

372,246

358,877

196,871

542,257

338,925

2,065,209

Year-to-Date gross

write-offs

257

218

499

Construction

Watch

12,364

6,909

37,626

56,899

Substandard

1,423

9,260

10,683

Pass

9,512

208,550

134,923

46,418

73,785

2,877

476,065

Total construction

9,512

208,550

147,287

47,841

80,694

49,763

543,647

Mortgage

Substandard

1,595

3,608

9,516

14,719

Pass

26,786

230,092

299,773

243,692

181,334

292,827

1,274,504

Total mortgage

26,786

230,092

301,368

243,692

184,942

302,343

1,289,223

March 31, 2023

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2023

2022

2021

2020

2019

Prior

Years

Total

Popular U.S.

Consumer:

Credit cards

Pass

Total credit cards

Year-to-Date gross

write-offs

HELOCs

Substandard

2,162

1,551

3,733

Loss

111

775

886

Pass

8,645

41,072

12,686

62,403

Total HELOCs

10,918

41,092

15,012

67,022

Year-to-Date gross

write-offs

143

Personal

Substandard

1,035

226

175

188

1,710

Loss

107

528

796

Pass

20,044

147,255

39,982

5,756

10,285

2,323

225,645

Total Personal

20,044

148,383

40,315

5,887

10,483

3,039

228,151

Year-to-Date gross

write-offs

2,331

1,191

271

281

4,170

Other consumer

Substandard

514

Pass

8,247

Total Other

consumer

8,761

Year-to-Date gross

write-offs

Total Popular U.S.

160,220

2,245,195

1,887,160

1,267,387

982,904

2,567,118

406,865

15,012

9,531,861

March 31, 2023

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2023

2022

2021

2020

2019

Prior

Years

Total

Popular, Inc.

Commercial:

Commercial multi-family

Watch

6,867

747

6,182

79,893

48,695

142,384

Special mention

1,181

25,052

26,233

Substandard

14,893

13,895

100

28,888

Pass

38,875

646,345

421,277

255,638

243,423

527,914

5,380

2,138,852

Total commercial

multi-family

45,742

647,092

421,277

263,001

338,209

615,556

5,480

2,336,357

Commercial real estate non-owner occupied

Watch

348

13,257

14,863

17,845

120,646

166,959

Special Mention

29,425

19,841

64,462

124,654

5,000

243,382

Substandard

8,802

2,844

4,745

20,238

23,874

60,503

Pass

104,581

1,407,441

783,554

614,602

146,965

1,106,480

16,208

4,179,831

Total commercial

real estate non-

owner occupied

104,581

1,416,591

829,080

654,051

249,510

1,375,654

21,208

4,650,675

Commercial real estate owner occupied

Watch

11,755

4,457

10,520

4,148

151,394

600

182,874

Special Mention

2,417

5,394

12,339

67,192

13,834

101,185

Substandard

16,087

6,078

784

8,077

126,709

157,735

Doubtful

438

Pass

66,748

584,407

673,375

314,442

107,148

816,558

13,677

2,576,355

Total commercial

real estate owner

occupied

66,748

612,258

686,327

331,140

131,712

1,162,291

28,111

3,018,587

Year-to-Date gross

write-offs

Commercial and industrial

Watch

4,471

32,968

4,526

4,363

20,189

85,291

46,264

198,072

Special Mention

2,752

6,464

21,128

1,343

53,584

5,788

91,059

Substandard

5,673

1,350

1,313

1,947

6,807

31,923

48,042

97,055

Doubtful

Loss

315

408

Pass

243,495

983,171

947,033

632,700

355,238

860,041

1,591,305

5,612,983

Total commercial

and industrial

253,639

1,020,296

959,336

660,204

383,892

1,030,876

1,691,399

5,999,642

Year-to-Date gross

write-offs

429

218

617

767

2,106

March 31, 2023

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2023

2022

2021

2020

2019

Prior

Years

Total

Popular, Inc.

Construction

Watch

35,764

17,156

6,909

37,626

97,455

Substandard

11,080

9,260

20,340

Pass

9,512

224,931

171,257

58,208

76,091

2,877

38,325

581,201

Total construction

9,512

260,695

188,413

69,288

83,000

49,763

38,325

698,996

Mortgage

Substandard

107

1,761

481

6,863

99,519

108,731

Pass

144,188

682,624

744,785

524,538

382,680

4,818,361

7,297,176

Total mortgage

144,188

682,731

746,546

525,019

389,543

4,917,880

7,405,907

Year-to-Date gross

write-offs

846

Substandard

1,065

1,819

623

1,293

1,250

6,050

Loss

Pass

193,921

595,135

399,400

218,226

130,385

71,173

1,608,240

Total leasing

193,921

596,254

401,219

218,849

131,678

72,423

1,614,344

Year-to-Date gross

write-offs

640

634

1,417

March 31, 2023

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2023

2022

2021

2020

2019

Prior

Years

Total

Popular, Inc.

Consumer:

Credit cards

Substandard

12,058

Loss

Pass

1,034,135

Total credit cards

1,046,196

Year-to-Date gross

write-offs

8,677

HELOCs

Substandard

2,162

1,551

3,733

Loss

111

775

886

Pass

8,645

43,937

12,686

65,268

Total HELOCs

10,918

43,957

15,012

69,887

Year-to-Date gross

write-offs

176

Personal

Substandard

2,914

2,304

631

1,668

10,828

1,073

19,418

Loss

198

248

530

1,093

Pass

245,560

881,462

321,075

95,310

110,964

140,025

26,162

1,820,558

Total Personal

245,560

884,574

323,627

96,003

112,687

151,383

27,235

1,841,069

Year-to-Date gross

write-offs

7,436

5,724

1,643

1,730

1,215

17,750

Auto

Substandard

8,772

11,611

9,978

8,858

5,505

44,724

Loss

Pass

292,535

1,094,296

895,350

539,897

381,528

269,514

3,473,120

Total Auto

292,535

1,103,118

906,970

549,896

390,402

275,019

3,517,940

Year-to-Date gross

write-offs

6,034

3,168

1,633

1,200

12,118

Other consumer

Substandard

550

684

1,342

Loss

263

Pass

7,750

28,099

16,877

6,725

4,002

5,788

67,927

137,168

Total Other

consumer

7,750

28,099

16,877

6,815

4,020

6,601

68,611

138,773

Year-to-Date gross

write-offs

11,053

11,060

Total Popular Inc.

1,364,176

7,251,708

5,479,672

3,374,266

2,214,653

9,668,364

2,943,287

42,247

32,338,373

December 31, 2022

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2022

2021

2020

2019

2018

Prior

Years

Total

BPPR

Commercial:

Commercial multi-family

Watch

18,508

4,687

23,195

Special mention

2,692

Substandard

3,326

100

3,426

Pass

137,411

22,850

20,821

16,145

24,640

30,193

252,060

Total commercial

multi-family

137,411

22,850

20,821

34,653

24,640

40,898

100

281,373

Commercial real estate non-owner occupied

Watch

173

36,228

14,045

14,942

7,777

99,269

172,434

Special Mention

4,361

19,970

7,517

25,540

57,388

Substandard

8,933

3,209

19,004

25,490

21,064

77,700

Pass

855,839

585,690

294,086

94,056

35,105

568,893

16,136

2,449,805

Total commercial

real estate non-

owner occupied

864,945

626,279

331,310

135,519

68,372

714,766

16,136

2,757,327

Commercial real estate owner occupied

Watch

2,296

5,271

9,447

4,275

31,649

71,568

124,506

Special Mention

284

1,684

6,578

1,076

61,460

71,092

Substandard

16,205

6,177

802

800

770

84,205

108,959

Doubtful

505

Pass

227,404

258,473

274,333

30,691

68,029

407,322

16,742

1,282,994

Total commercial

real estate owner

occupied

245,915

270,205

286,266

42,344

101,524

625,060

16,742

1,588,056

Commercial and industrial

Watch

32,376

2,185

15,493

18,829

15,483

51,602

56,508

192,476

Special Mention

2,537

2,479

5,770

1,139

6,767

46,040

6,283

71,015

Substandard

789

1,276

1,600

3,138

11,536

40,636

46,226

105,201

Doubtful

179

Loss

144

Pass

793,662

684,647

211,013

177,265

65,197

292,173

1,203,536

3,427,493

Total commercial

and industrial

829,364

690,587

233,905

200,371

99,058

430,526

1,312,697

3,796,508

Construction

Watch

35,446

3,116

141

38,801

Substandard

9,629

Pass

13,044

34,387

15,961

2,262

32,957

98,611

Total construction

48,490

37,503

25,688

2,262

33,098

147,041

Mortgage

Substandard

574

687

3,926

4,227

93,959

103,373

Pass

449,286

451,027

285,026

204,170

237,007

4,380,390

6,006,906

Total mortgage

449,286

451,601

285,713

208,096

241,234

4,474,349

6,110,279

Leasing

Substandard

953

1,491

941

1,172

1,127

215

5,899

Loss

Pass

672,294

428,889

237,939

146,231

79,451

14,994

1,579,798

Total leasing

673,247

430,380

238,880

147,424

80,578

15,230

1,585,739

December 31, 2022

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2022

2021

2020

2019

2018

Prior

Years

Total

BPPR

Consumer:

Credit cards

Substandard

11,907

Loss

Pass

1,029,921

Total credit cards

1,041,831

HELOCs

Pass

2,954

Total HELOCs

2,954

Personal

Substandard

1,330

2,001

764

1,774

503

10,831

1,285

18,488

Loss

115

Pass

841,564

320,809

103,337

117,568

46,555

109,543

27,708

1,567,084

Total Personal

842,894

322,810

104,154

119,362

47,089

120,384

28,994

1,585,687

Auto

Substandard

6,764

11,171

10,466

10,243

4,597

2,382

45,623

Loss

158

Pass

1,156,654

961,571

588,200

426,169

248,328

85,827

3,466,749

Total Auto

1,163,441

972,783

598,714

436,437

252,932

88,223

3,512,530

Other consumer

Substandard

100

593

543

242

10,902

12,380

Loss

263

303

Pass

29,557

17,439

6,967

4,201

4,553

1,942

60,238

124,897

Total Other

consumer

29,557

17,439

7,067

4,794

5,359

2,224

71,140

137,580

Total Puerto Rico

5,284,550

3,842,437

2,132,518

1,331,262

920,786

6,511,660

2,494,698

28,994

22,546,905

December 31, 2022

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2022

2021

2020

2019

2018

Prior

Years

Total

Popular U.S.

Commercial:

Commercial multi-family

Watch

750

917

6,218

85,579

9,633

52,835

155,932

Special mention

1,198

14,491

8,372

24,061

Substandard

9,305

7,373

2,941

19,619

Pass

503,010

399,397

238,903

210,295

138,723

347,615

2,785

1,840,728

Total commercial

multi-family

503,760

400,314

246,319

305,179

170,220

411,763

2,785

2,040,340

Commercial real estate non-owner occupied

Watch

2,167

13,622

3,355

26,931

29,849

75,924

Special Mention

1,353

75,269

76,622

Substandard

2,864

2,149

3,220

1,429

4,722

14,384

Pass

552,258

209,338

211,449

109,781

100,065

383,409

9,113

1,575,413

Total commercial

real estate non-

owner occupied

552,258

214,369

227,220

117,709

128,425

493,249

9,113

1,742,343

Commercial real estate owner occupied

Watch

1,197

1,079

6,095

55,005

63,376

Special Mention

3,886

901

4,787

Substandard

7,403

11,165

33,586

52,154

Pass

363,655

422,959

114,988

82,971

119,565

258,881

7,157

1,370,176

Total commercial

real estate owner

occupied

363,655

422,959

120,071

91,453

136,825

348,373

7,157

1,490,493

Commercial and industrial

Watch

12,328

2,218

2,022

2,049

8,438

532

4,291

31,878

Special Mention

1,262

1,130

314

244

3,013

Substandard

260

935

4,278

315

1,829

1,408

9,099

Loss

292

525

192

1,088

Pass

185,318

341,855

368,398

202,301

171,528

376,045

352,169

1,997,614

Total commercial

and industrial

199,460

346,663

370,809

208,947

180,533

378,409

357,871

2,042,692

Construction

Watch

12,085

6,979

18,310

34,126

71,500

Special Mention

Substandard

1,423

6,540

2,095

10,058

Pass

164,272

146,062

91,486

93,118

10,863

23,581

529,382

Total construction

164,272

158,150

92,909

100,097

35,713

59,802

610,943

Mortgage

Substandard

2,009

3,478

4,048

1,156

9,798

20,489

Pass

236,595

303,204

243,468

183,846

58,026

241,564

1,266,703

Total mortgage

236,595

305,213

246,946

187,894

59,182

251,362

1,287,192

December 31, 2022

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2022

2021

2020

2019

2018

Prior

Years

Total

Popular U.S.

Consumer:

Credit cards

Pass

Total credit cards

HELOCs

Substandard

2,146

1,402

3,568

Loss

538

542

Pass

9,169

41,724

13,959

64,852

Total HELOCs

11,319

41,744

15,899

68,962

Personal

Substandard

621

454

149

238

1,538

Loss

421

Pass

165,153

46,320

7,339

13,443

2,021

1,657

235,933

Total Personal

165,774

46,774

7,488

13,681

2,091

2,084

237,892

Other consumer

Substandard

Pass

9,960

Total Other

consumer

9,968

Total Popular U.S.

2,185,774

1,894,442

1,311,762

1,024,960

712,989

1,956,361

428,677

15,899

9,530,864

December 31, 2022

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2022

2021

2020

2019

2018

Prior

Years

Total

Popular, Inc.

Commercial:

Commercial multi-family

Watch

750

917

6,218

104,087

9,633

57,522

179,127

Special mention

1,198

14,491

11,064

26,753

Substandard

9,305

7,373

6,267

100

23,045

Pass

640,421

422,247

259,724

226,440

163,363

377,808

2,785

2,092,788

Total commercial

multi-family

641,171

423,164

267,140

339,832

194,860

452,661

2,885

2,321,713

Commercial real estate non-owner occupied

Watch

173

38,395

27,667

18,297

34,708

129,118

248,358

Special Mention

4,361

19,970

8,870

100,809

134,010

Substandard

8,933

2,864

5,358

22,224

26,919

25,786

92,084

Pass

1,408,097

795,028

505,535

203,837

135,170

952,302

25,249

4,025,218

Total commercial

real estate non-

owner occupied

1,417,203

840,648

558,530

253,228

196,797

1,208,015

25,249

4,499,670

Commercial real estate owner occupied

Watch

2,296

5,271

10,644

5,354

37,744

126,573

187,882

Special Mention

284

5,570

6,578

1,076

62,361

75,879

Substandard

16,205

6,177

802

8,203

11,935

117,791

161,113

Doubtful

505

Pass

591,059

681,432

389,321

113,662

187,594

666,203

23,899

2,653,170

Total commercial

real estate owner

occupied

609,570

693,164

406,337

133,797

238,349

973,433

23,899

3,078,549

Commercial and industrial

Watch

44,704

4,403

17,515

20,878

23,921

52,134

60,799

224,354

Special Mention

3,799

3,609

6,084

1,383

6,827

46,040

6,286

74,028

Substandard

1,049

2,211

1,674

7,416

11,851

42,465

47,634

114,300

Doubtful

179

Loss

292

525

192

144

1,232

Pass

978,980

1,026,502

579,411

379,566

236,725

668,218

1,555,705

5,425,107

Total commercial

and industrial

1,028,824

1,037,250

604,714

409,318

279,591

808,935

1,670,568

5,839,200

December 31, 2022

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2022

2021

2020

2019

2018

Prior

Years

Total

Popular, Inc.

Construction

Watch

35,446

15,201

6,979

18,310

34,126

141

110,301

Special Mention

Substandard

11,052

6,540

2,095

19,687

Pass

177,316

180,449

107,447

95,380

10,863

23,581

32,957

627,993

Total construction

212,762

195,653

118,597

102,359

35,713

59,802

33,098

757,984

Mortgage

Substandard

2,583

4,165

7,974

5,383

103,757

123,862

Pass

685,881

754,231

528,494

388,016

295,033

4,621,954

7,273,609

Total mortgage

685,881

756,814

532,659

395,990

300,416

4,725,711

7,397,471

Leasing

Substandard

953

1,491

941

1,172

1,127

215

5,899

Loss

Pass

672,294

428,889

237,939

146,231

79,451

14,994

1,579,798

Total leasing

673,247

430,380

238,880

147,424

80,578

15,230

1,585,739

December 31, 2022

Term Loans

Revolving

Loans

Amortized

Cost Basis

Revolving

Loans

Converted to

Term Loans

Amortized

Cost Basis

Amortized Cost Basis by Origination Year

(In thousands)

2022

2021

2020

2019

2018

Prior

Years

Total

Popular, Inc.

Consumer:

Credit cards

Substandard

11,907

Loss

Pass

1,029,960

Total credit cards

1,041,870

HELOCs

Substandard

2,146

1,402

3,568

Loss

538

542

Pass

9,169

44,678

13,959

67,806

Total HELOCs

11,319

44,698

15,899

71,916

Personal

Substandard

1,951

2,455

913

2,012

573

10,837

1,285

20,026

Loss

431

536

Pass

1,006,717

367,129

110,676

131,011

48,576

111,200

27,708

1,803,017

Total Personal

1,008,668

369,584

111,642

133,043

49,180

122,468

28,994

1,823,579

Auto

Substandard

6,764

11,171

10,466

10,243

4,597

2,382

45,623

Loss

158

Pass

1,156,654

961,571

588,200

426,169

248,328

85,827

3,466,749

Total Auto

1,163,441

972,783

598,714

436,437

252,932

88,223

3,512,530

Other consumer

Substandard

100

593

543

242

10,910

12,388

Loss

263

303

Pass

29,557

17,439

6,967

4,201

4,553

1,942

70,198

134,857

Total Other

consumer

29,557

17,439

7,067

4,794

5,359

2,224

81,108

147,548

Total Popular Inc.

7,470,324

5,736,879

3,444,280

2,356,222

1,633,775

8,468,021

2,923,375

44,893

32,077,769

Note 10 – Mortgage banking activities

Income

from

mortgage

banking

activities

includes

mortgage

servicing

fees

earned

connection

with

administering

residential

mortgage

loans

and

valuation

adjustments

mortgage

servicing

rights.

also

includes

gain

sales

and

securitizations

residential mortgage

loans, losses

on repurchased

loans, including

interest advances,

and trading

gains and

losses on

derivative

contracts

used

hedge

the

Corporation’s

securitization

activities.

addition,

fair

value

valuation

adjustments

residential

mortgage loans held for sale, if any, are recorded as part of the mortgage

banking activities.

The following table presents the components of mortgage

banking activities:

Quarters ended March 31,

(In thousands)

2023

2022

Mortgage servicing fees, net of fair value adjustments:

Mortgage servicing fees

8,689

9,323

Mortgage servicing rights fair value adjustments

(1,376)

1,088

Total mortgage

servicing fees, net of fair value adjustments

7,313

10,411

Net gain (loss) on sale of loans, including valuation on loans

held-for-sale

[1]

263

(1,534)

Trading account (loss) profit:

Unrealized (loss) gains on outstanding derivative positions

(131)

Realized gains on closed derivative positions

4,135

Total trading account

(loss) profit

(75)

4,137

Losses on repurchased loans, including interest advances

(101)

(149)

Total mortgage

banking activities

7,400

12,865

[1]

Effective on January 1, 2023, loans held-for-sale

are stated at fair value. Prior to such date, loans held-for-sale

were stated

at lower-of-cost-or-market.

Note 11 – Transfers of financial assets and mortgage servicing assets

The

Corporation

typically

transfers

conforming

residential

mortgage

loans

conjunction

with

GNMA,

FNMA

and

FHLMC

securitization transactions

whereby the

loans are

exchanged for

cash or

securities and

servicing rights.

As seller,

the Corporation

has made

certain representations

and warranties

with respect

to the

originally transferred

loans and,

in the

past, has

sold certain

loans

with

credit

recourse

government-sponsored

entity,

namely

FNMA.

Refer

Note

the

Consolidated

Financial

Statements for a description of such arrangements.

liabilities were incurred as a result of these securitizations during the quarters ended March 31, 2023 and 2022 because they did

not contain

any credit

recourse arrangements.

During the

quarter ended

March 31,

2023, the

Corporation recorded

a net

gain of

0.1

million (March 31, 2022 - a net gain of $

1.1

million) related to the residential mortgage

loans securitized.

The

following tables

present the

initial fair

value of

the

assets obtained

proceeds from

residential mortgage

loans securitized

during the quarters ended March 31, 2023 and

2022:

Proceeds Obtained During the Quarter Ended March

31, 2023

(In thousands)

Level 1

Level 2

Level 3

Initial Fair Value

Assets

Trading account debt securities:

Mortgage-backed securities - GNMA

1,067

Mortgage-backed securities - FNMA

9,899

Total trading account

debt securities

10,966

Mortgage servicing rights

278

Total

10,966

278

11,244

Proceeds Obtained During the Quarter Ended March

31, 2022

(In thousands)

Level 1

Level 2

Level 3

Initial Fair Value

Assets

Trading account debt securities:

Mortgage-backed securities - GNMA

77,894

Mortgage-backed securities - FNMA

57,690

Mortgage-backed securities - FHLMC

7,118

Total trading account

debt securities

142,702

Mortgage servicing rights

2,409

Total

142,702

2,409

145,111

During the quarter ended March 31, 2023, the Corporation retained servicing rights on whole loan sales involving approximately $

million in principal

balance outstanding (March 31,

2022 - $

million), with net

realized gains of approximately

0.2

million (March

31, 2022 -

gains of $

0.2

million). All loan

sales performed during the

quarters ended March 31,

2023 and 2022

were without credit

recourse agreements.

The Corporation recognizes as assets the rights to service loans for others,

whether these rights are purchased or result from asset

transfers such as sales and securitizations. These mortgage

servicing rights (“MSRs”) are measured at fair

value.

The

Corporation

uses

discounted

cash

flow

model

estimate

the

fair

value

MSRs.

The

discounted

cash

flow

model

incorporates

assumptions

that

market

participants

would

use

estimating

future

net

servicing

income,

including

estimates

prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, prepayment and late

fees, among other considerations. Prepayment speeds are

adjusted for the loans’ characteristics and portfolio behavior.

The following

table presents

the changes

in MSRs

measured using

the fair

value method

for the

quarters ended

March 31,

2023

and 2022.

Residential MSRs

(In thousands)

March 31, 2023

March 31, 2022

Fair value at beginning of period

128,350

121,570

Additions

501

2,771

Changes due to payments on loans

[1]

(2,422)

(2,983)

Reduction due to loan repurchases

(240)

(252)

Changes in fair value due to changes in valuation model inputs

or assumptions

1,286

4,252

Fair value at end of period

[2]

127,475

125,358

[1] Represents changes due to collection / realization of expected cash flows over time.

[2] At March 31, 2023, PB had MSRs amounting to $

.0 million (March 31, 2022 - $

1.8

million).

Residential mortgage loans serviced for others were

10.9

billion at March 31, 2023 (December 31,

2022 - $

11.1

billion).

Net mortgage servicing fees, a component of mortgage banking activities in the Consolidated Statements of Operations, include the

changes from period to period in the fair value of the MSRs, including changes due to collection / realization of expected cash flows.

The banking

subsidiaries receive servicing

fees based

on a

percentage of the

outstanding loan balance.

These servicing fees

are

credited

income

when

they

are

collected.

March

31,

2023,

those

weighted

average

mortgage

servicing

fees

were

0.31

(March 31, 2022 -

0.31

%). Under these servicing agreements, the banking subsidiaries do not generally earn significant prepayment

penalty fees on the underlying loans serviced.

The section

below includes

information on

assumptions used

in the

valuation model

of the

MSRs, originated

and purchased.

Key

economic assumptions used

in measuring the

servicing rights derived

from loans securitized

or sold by

the Corporation during

the

quarters ended March 31, 2023 and 2022 were

as follows:

Quarters ended

March 31, 2023

March 31, 2022

BPPR

Prepayment speed

6.7

7.3

5.2

10.0

Weighted average life (in years)

8.9

8.0

9.4

6.9

Discount rate (annual rate)

9.5

10.5

10.3

10.0

Key

economic

assumptions

used

estimate

the

fair

value

MSRs

derived

from

sales

and

securitizations

mortgage

loans

performed

the

banking

subsidiaries

and

servicing

rights

purchased

from

other

financial

institutions,

and

the

sensitivity

immediate changes in those assumptions, were as follows

as of the end of the periods reported:

Originated MSRs

Purchased MSRs

March 31,

December 31,

March 31,

December 31,

(In thousands)

2023

2022

2023

2022

Fair value of servicing rights

41,143

41,548

86,332

86,802

Weighted average life (in years)

6.7

6.8

6.9

Weighted average prepayment speed (annual

rate)

6.0

5.9

7.0

Impact on fair value of 10% adverse change

(707)

(730)

(1,557)

(1,602)

Impact on fair value of 20% adverse change

(1,387)

(1,433)

(3,056)

(3,143)

Weighted average discount rate (annual rate)

11.3

11.2

11.0

Impact on fair value of 10% adverse change

(1,449)

(1,485)

(3,192)

(3,256)

Impact on fair value of 20% adverse change

(2,806)

(2,876)

(6,182)

(6,304)

The sensitivity analyses presented in the table above for servicing rights are hypothetical and should be used with caution. As the

figures indicate, changes in fair value based on a 10 and 20 percent variation in assumptions generally cannot be extrapolated

because the relationship of the change in assumption to the change in fair value may not be linear. Also, in the sensitivity tables

included herein, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without

changing any other assumption. In reality, changes in one factor may result in changes in another (for example, increases in market

interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities.

March

31,

2023,

the

Corporation

serviced

0.6

billion

residential

mortgage

loans

with

credit

recourse

the

Corporation

(December 31, 2022 - $

0.6

billion). Also refer to Note 20 to the Consolidated Financial Statements for information on changes in the

Corporation’s liability of estimated losses related to loans

serviced with credit recourse.

Under the GNMA

securitizations, the Corporation, as

servicer, has

the right to

repurchase (but not the

obligation), at its

option and

without

GNMA’s

prior

authorization,

any

loan

that

collateral

for

GNMA

guaranteed

mortgage-backed

security

when

certain

delinquency

criteria

are

met.

the

time

that

individual

loans

meet

GNMA’s

specified

delinquency

criteria

and

are

eligible

for

repurchase, the Corporation is deemed to have regained effective control over these loans if the Corporation was the pool issuer. At

March 31,

2023, the Corporation had

recorded $

million in

mortgage loans on

its Consolidated Statements

of Financial Condition

this

buy-back

option

program

(December

31,

2022

million).

Loans

our

serviced

GNMA

portfolio

benefit from

payment forbearance programs

but continue to

reflect the contractual

delinquency until the

borrower repays deferred

payments or

completes a payment deferral modification or other borrower assistance alternative. As long as the Corporation continues to service

the

loans

that

continue

collateral

GNMA

guaranteed

mortgage-backed

security,

the

MSR

recognized

the

Corporation.

During the quarter ended March 31,

2023, the Corporation repurchased approximately $

million (March 31, 2022 -

million) of

mortgage

loans

from

its

GNMA

servicing

portfolio.

The

determination

repurchase

these

loans

was

based

the

economic

benefits of the

transaction, which results in

a reduction of

the servicing costs

for these severely

delinquent loans, mainly

related to

principal and interest advances. The risk associated with

the loans is reduced due to their

guaranteed nature. The Corporation may

place these loans under modification programs offered by FHA, VA or United States Department of Agriculture (USDA)

or other loss

mitigation programs offered by the Corporation,

and once brought back to current status, these may be either retained in portfolio or

re-sold in the secondary market.

Note 12 – Other real estate owned

The following tables present the

activity related to Other Real Estate

Owned (“OREO”),

for the quarters

ended March 31, 2023 and

2022.

For the quarter ended March 31, 2023

OREO

(In thousands)

Commercial/Construction

Mortgage

Total

Balance at beginning of period

12,500

76,626

89,126

Write-downs in value

(194)

(751)

(945)

Additions

1,023

18,675

19,698

Sales

(941)

(15,099)

(16,040)

Other adjustments

(118)

Ending balance

12,388

79,333

91,721

For the quarter ended March 31, 2022

OREO

(In thousands)

Commercial/Construction

Mortgage

Total

Balance at beginning of period

15,017

70,060

85,077

Write-downs in value

(364)

(328)

(692)

Additions

2,687

19,240

21,927

Sales

(1,980)

(13,543)

(15,523)

Other adjustments

108

(330)

(222)

Ending balance

15,468

75,099

90,567

Note 13 − Other assets

The caption of other assets in the consolidated

statements of financial condition consists of the following

major categories:

(In thousands)

March 31, 2023

December 31, 2022

Net deferred tax assets (net of valuation allowance)

907,689

953,676

Investments under the equity method

210,923

210,001

Prepaid taxes

34,585

39,405

Other prepaid expenses

32,131

33,384

Capitalized software costs

80,097

81,862

Derivative assets

19,365

19,229

Trades receivable from brokers and counterparties

10,638

35,099

Receivables from investments maturities

25,000

125,000

Principal, interest and escrow servicing advances

56,952

41,916

Guaranteed mortgage loan claims receivable

59,738

59,659

Operating ROU assets (Note 28)

119,895

125,573

Finance ROU assets (Note 28)

19,856

18,884

Others

126,416

104,125

Total other assets

1,703,285

1,847,813

The Corporation regularly incurs in

capitalizable costs associated with software development or

licensing which are recorded within

the Other Assets line item in the accompanying Consolidated Statements of Financial Condition.

In addition, the Corporation incurs

costs

associated

with

hosting

arrangements

that

are

service

contracts

that

are

also

recorded

within

Other

Assets.

The

hosting

arrangements can

include capitalizable

implementation costs

that are

amortized during

the term

of the

hosting arrangement.

The

following

table

summarizes

the

composition

acquired

developed

software

costs

well

costs

hosting

arrangements:

Gross Carrying

Accumulated

Net

Carrying

(In thousands)

Amount

Amortization

Value

March 31, 2023

Software development costs

65,817

19,930

45,887

Software license costs

41,298

18,658

22,640

Cloud computing arrangements

21,244

9,674

11,570

Total Capitalized

software costs [1] [2]

128,359

48,262

80,097

December 31, 2022

Software development costs

63,609

16,803

46,806

Software license costs

37,165

14,164

23,001

Cloud computing arrangements

20,745

8,690

12,055

Total Capitalized

software costs [1] [2]

121,519

39,657

81,862

[1]

Software intangible assets is presented as part of Other

Assets in the Consolidated Statements of Financial

Condition.

[2]

The tables above excludes assets which have been fully

amortized.

Total

amortization expense for

all capitalized software

and hosting arrangement

cost, reflected as

part of

technology and software

expenses in the consolidated statement of operations,

is as follows:

Quarters ended March 31,

(In thousands)

2023

2022

Software development and license costs

14,991

11,755

Cloud computing arrangements

984

958

Total amortization

expense

15,975

12,713

Note 14 – Goodwill and other intangible assets

Goodwill

There were

changes in the carrying amount of goodwill for

the quarters ended March 31, 2023 and 2022.

The following tables present the gross amount of

goodwill and accumulated impairment losses by

reportable segments:

March 31, 2023

Balance at

March 31,

Accumulated

March 31,

2023

impairment

2023

(In thousands)

(gross amounts)

losses

(net amounts)

Banco Popular de Puerto Rico

440,184

3,801

436,383

Popular U.S.

564,456

173,411

391,045

Total Popular,

Inc.

1,004,640

177,212

827,428

December 31, 2022

Balance at

December 31,

Accumulated

December 31,

2022

impairment

2022

(In thousands)

(gross amounts)

losses

(net amounts)

Banco Popular de Puerto Rico

440,184

3,801

436,383

Popular U.S.

564,456

173,411

391,045

Total Popular,

Inc.

1,004,640

177,212

827,428

Other Intangible Assets

The following table reflects the components of

other intangible assets subject to amortization:

Gross Carrying

Accumulated

Net

Carrying

(In thousands)

Amount

Amortization

Value

March 31, 2023

Core deposits

12,810

10,355

2,455

Other customer relationships

14,286

5,352

8,934

Total other intangible

assets

27,096

15,707

11,389

December 31, 2022

Core deposits

12,810

10,034

2,776

Other customer relationships

14,286

4,878

9,408

Total other intangible

assets

27,096

14,912

12,184

During the

quarter ended

March 31,

2023,

the

Corporation recognized

0.8

million

amortization expense

related to

intangible

assets with definite useful lives (March 31, 2022

- $

0.9

million).

The following

table presents

the estimated

amortization of

the intangible

assets with

definite useful

lives for

each of

the following

periods:

(In thousands)

Remaining 2023

2,384

Year 2024

2,938

Year 2025

1,750

Year 2026

1,440

Year 2027

959

Later years

1,918

Note 15 – Deposits

Total deposits as of the end of the periods presented consisted of:

(In thousands)

March 31, 2023

December 31, 2022

Savings accounts

15,168,450

14,746,329

NOW, money market and other interest

bearing demand deposits

22,438,462

23,738,940

Total savings, NOW,

money market and other interest bearing demand

deposits

37,606,912

38,485,269

Certificates of deposit:

Under $250,000

4,690,631

4,235,651

$250,000 and over

2,715,495

2,545,750

Total certificates

of deposit

7,406,126

6,781,401

Total interest bearing

deposits

45,013,038

45,266,670

Non- interest bearing deposits

15,940,850

15,960,557

Total deposits

60,953,888

61,227,227

A summary of certificates of deposits by maturity at

March 31, 2023 follows:

(In thousands)

2023

3,522,720

2024

1,753,093

2025

818,396

2026

512,800

2027

456,013

2028 and thereafter

343,104

Total certificates of

deposit

7,406,126

At March 31, 2023, the Corporation had brokered

deposits amounting to $

1.2

billion (December 31, 2022 - $

1.1

billion).

The aggregate amount of overdrafts in demand

deposit accounts that were reclassified to loans was

5.4

million at March 31, 2023

(December 31, 2022 - $

6.3

million).

At March

31, 2023,

Puerto Rico

public sector

deposits amounted

15.5

billion. Puerto

Rico public

sector deposits

are interest

bearing

accounts.

Public

deposit

balances

are

difficult

predict.

For

example,

the

receipt

the

Puerto

Rico

Government

hurricane recovery related Federal assistance and seasonal

tax collections could increase public deposit balances at BPPR.

On the

other hand,

the amount and

timing of

reductions in balances

are likely to

be impacted by,

for example, the

speed at

which federal

assistance is

distributed,

the financial

condition, liquidity

and cash

management practices

of the

Puerto Rico

Government and

its

instrumentalities

and

the

implementation

fiscal

and

debt

adjustment

plans

approved

pursuant

PROMESA

other

actions

mandated

the

Fiscal

Oversight

and

Management

Board

for

Puerto

Rico

(the

“Oversight

Board”).

Generally,

these

deposits

require

that

the

bank

pledge

high

credit

quality

securities

collateral, therefore,

liquidity

risk

arising from

public sector

deposit

outflows are lower.

Note 16 – Borrowings

Assets sold under agreements to repurchase

Assets sold under agreements to repurchase amounted

to $

123

million at March 31, 2023 and $

149

million at December 31, 2022.

The Corporation’s

repurchase transactions are

overcollateralized with the

securities detailed in

the table

below.

The Corporation’s

repurchase

agreements

have

right

set-off

with

the

respective

counterparty

under

the

supplemental

terms

the

master

repurchase agreements.

In an

event of

default,

each party

has a

right of

set-off against

the other

party for

amounts owed

in the

agreement

and

any

other

amount

obligation

owed

respect

any

other

agreement

transaction

between

them.

Pursuant to the

Corporation’s accounting policy,

the repurchase agreements

are not offset

with other repurchase

agreements held

with the same counterparty.

The following table

presents information related to

the Corporation’s repurchase

transactions accounted for as

secured borrowings

that are collateralized with

debt securities available-for-sale, debt securities

held-to-maturity, other assets

held-for-trading purposes

or which have been obtained under agreements to resell.

It is the Corporation’s policy to maintain effective control over assets

sold

under agreements

to repurchase;

accordingly,

such securities

continue to

be carried

on the

Consolidated Statements

of Financial

Condition.

Repurchase agreements accounted for as secured borrowings

March 31, 2023

December 31, 2022

Repurchase

(In thousands)

liability

U.S. Treasury securities

Within 30 days

17,521

410

After 30 to 90 days

21,607

30,739

After 90 days

8,788

17,521

Total U.S. Treasury

securities

47,916

48,670

Mortgage-backed securities

Within 30 days

25,106

98,984

After 30 to 90 days

791

After 90 days

49,474

Total mortgage-backed

securities

75,371

99,775

Collateralized mortgage obligations

Within 30 days

212

164

Total collateralized

mortgage obligations

212

164

Total

123,499

148,609

Repurchase agreements in this portfolio

are generally short-term, often overnight.

As such our risk

is very limited.

We manage the

liquidity risks arising from secured

funding by sourcing funding globally from

a diverse group of counterparties, providing

a range of

securities collateral and pursuing longer durations,

when appropriate.

Other short-term borrowings

There

were

other

short-term

borrowings

outstanding

March

31,

2023,

compared

365

million

FHLB

Advances

December 31, 2022.

Notes Payable

The following table presents the composition of notes

payable at March 31, 2023 and December

31, 2022.

(In thousands)

March 31, 2023

December 31, 2022

Advances with the FHLB with maturities ranging from

2023

through

2029

paying interest at

monthly

fixed rates ranging from

0.39

% to

3.18

388,282

389,282

Unsecured senior debt securities with maturities ranging

from

2023

2028

paying interest

semiannually

at fixed rates ranging from

6.125

% to

7.25

%, net of debt issuance costs of $

7,481

692,519

299,109

Junior subordinated deferrable interest debentures (related to

trust preferred securities) maturing on

2034

with fixed interest rates ranging from

6.125

% to

6.564

%, net of debt issuance costs of $

308

198,326

198,319

Total notes payable

1,279,127

886,710

Note: Refer to the 2022 Form 10-K for rates information

at December 31, 2022.

A breakdown of borrowings by contractual maturities

at March 31, 2023 is included in the table

below.

Assets sold under

(In thousands)

agreements to

repurchase

Notes payable

Total

2023

118,894

341,687

460,581

2024

4,605

91,943

96,548

2025

139,920

2026

74,500

Later years

631,077

Total borrowings

123,499

1,279,127

1,402,626

At March

31, 2023

and December 31,

2022, the

Corporation had FHLB

borrowing facilities whereby

the Corporation could

borrow

up to

3.4

billion and $

3.3

billion, respectively,

of which $

0.4

billion and $

0.8

billion, respectively,

were used. In

addition, at March

31, 2023 and December 31, 2022, the Corporation had placed $

0.3

billion and $

0.4

billion, respectively, of the available FHLB credit

facility as collateral for

municipal letters of credit

to secure deposits. The

FHLB borrowing facilities are

collateralized with

securities

and loans held-in-portfolio, and do not have restrictive

covenants or callable features.

Also, at March 31,

2023, the Corporation has a

borrowing facility at the discount

window of the Federal Reserve Bank

of New York

amounting to

1.5

billion (December 31,

2022 -

1.4

billion), which remained

unused at March

31, 2023

and December

31, 2022.

The facility is a collateralized source of credit that

is highly reliable even under difficult market conditions.

Note 17 − Other liabilities

The caption of other liabilities in the consolidated

statements of financial condition consists of the following

major categories:

(In thousands)

March 31, 2023

December 31, 2022

Accrued expenses

286,567

337,284

Accrued interest payable

36,442

39,288

Accounts payable

87,642

76,456

Dividends payable

39,586

39,525

Trades payable

402

9,461

Liability for GNMA loans sold with an option to repurchase

7,086

14,271

Reserves for loan indemnifications

6,472

7,520

Reserve for operational losses

37,165

39,266

Operating lease liabilities (Note 28)

131,438

137,290

Finance lease liabilities (Note 28)

25,729

24,737

Pension benefit obligation

7,544

8,290

Postretirement benefit obligation

118,308

118,336

Others

64,139

65,222

Total other liabilities

848,520

916,946

Note 18 – Stockholders’

equity

As of March 31,

2023, stockholders’ equity totaled $

4.5

billion. During the quarter

ended March 31, 2023, the

Corporation declared

cash dividends of $

0.55

(2022 - $

0.55

) per common share amounting to

39.6

million (2022 - $

42.0

million). The quarterly dividend

declared to stockholders of record as of the close

of business on

March 20, 2023

was paid on

April 3, 2023

Accelerated share repurchase transaction (“ASR”)

March

2022,

the

Corporation announced

that

February 28,

2022

entered

into

400

million

ASR

transactions

with

respect to

its common

stock, which

was accounted

for as

a treasury

transaction. As

a result

of the

receipt of

the initial

3,483,942

shares,

the

Corporation

recognized

stockholders’

equity

approximately

320

million

treasury

stock

and

million

reduction of capital surplus.

The Corporation completed the

transaction on July

12, 2022 and received

1,582,922

additional shares

common stock

and

recognized $

120

million in

treasury stock

with a

corresponding increase

in its

capital surplus.

total, the

Corporation repurchased a total of

5,066,864

shares at an average purchased price of $

78.9443

under the ASR.

Note 19 – Other comprehensive loss

The following

table presents

changes in

accumulated other

comprehensive loss

by component

for the

quarters ended

March 31,

2023 and 2022.

Changes in Accumulated Other Comprehensive Loss

by Component [1]

Quarters ended March 31,

(In thousands)

2023

2022

Foreign currency translation

Beginning Balance

(56,735)

(67,307)

Other comprehensive loss

(5,245)

(2,858)

Net change

(5,245)

(2,858)

Ending balance

(61,980)

(70,165)

Adjustment of pension and

postretirement benefit plans

Beginning Balance

(144,335)

(158,994)

Other comprehensive loss before reclassifications

1,269

Amounts reclassified from accumulated other comprehensive

loss for

amortization of net losses

3,008

2,444

Net change

3,008

3,713

Ending balance

(141,327)

(155,281)

Unrealized net holding losses on

debt securities

Beginning Balance

(2,323,903)

(96,120)

Other comprehensive income (loss) before reclasifications

191,752

(1,075,830)

Amounts reclassified from accumulated other comprehensive loss

for

amortization of net unrealized losses of debt securities

transferred from

available-for-sale to held-to-maturity

33,633

Net change

225,385

(1,075,830)

Ending balance

(2,098,518)

(1,171,950)

Unrealized net gains on cash

flow hedges

Beginning Balance

(2,648)

Other comprehensive (loss) income before reclassifications

(19)

3,139

Amounts reclassified from accumulated other comprehensive

gains

(26)

(333)

Net change

(45)

2,806

Ending balance

158

Total

(2,301,825)

(1,397,238)

[1] All amounts presented are net of tax.

The following table

presents the amounts

reclassified out of

each component of

accumulated other comprehensive loss

during the

quarters ended March 31, 2023 and 2022.

Reclassifications Out of Accumulated Other Comprehensive

Loss

Affected Line Item in the

Quarters ended March 31,

(In thousands)

Consolidated Statements of Operations

2023

2022

Adjustment of pension and postretirement benefit plans

Amortization of net losses

Other operating expenses

(4,813)

(3,911)

Total before tax

(4,813)

(3,911)

Income tax benefit

1,805

1,467

Total net of tax

(3,008)

(2,444)

Unrealized holding losses on debts securities

Amortization of unrealized net losses of debt

securities transferred to held-to-maturity

Investment securities

(42,040)

Total before tax

(42,040)

Income tax benefit

8,407

Total net of tax

(33,633)

Unrealized net gains on cash flow hedges

Forward contracts

Mortgage banking activities

978

Interest rate swaps

Other operating income

(279)

Total before tax

699

Income tax expense

(15)

(366)

Total net of tax

333

Total reclassification

adjustments, net of tax

(36,615)

(2,111)

Note 20 – Guarantees

March

31,

2023

the

Corporation

had

liability

0.2

million

(December

31,

2022

0.3

million),

which

represents

the

unamortized balance of the obligations

undertaken in issuing the

guarantees under the standby letters

of credit. Management does

not anticipate any material losses related to these

instruments.

From time to time, the Corporation securitized mortgage loans into guaranteed mortgage-backed securities subject to limited, and in

certain instances, lifetime credit

recourse on the loans

that serve as

collateral for the

mortgage-backed securities. The Corporation

has not

sold any

mortgage loans

subject to

credit recourse

since 2009.

At March

31, 2023,

the Corporation

serviced $

0.6

billion

(December 31,

2022 -

0.6

billion) in residential

mortgage loans

subject to

credit recourse

provisions, principally loans

associated

with FNMA

and FHLMC

residential mortgage

loan securitization

programs. In

the event

of any

customer default,

pursuant to

the

credit recourse

provided, the

Corporation is

required to

repurchase the

loan or

reimburse the

third party

investor for

the incurred

loss.

The

maximum

potential

amount

future

payments

that

the

Corporation

would

required

make

under

the

recourse

arrangements

the

event

nonperformance by

the

borrowers

equivalent

the

total

outstanding

balance

the

residential

mortgage

loans

serviced

with

recourse

and

interest,

applicable.

During

the

quarter

ended

March

31,

2023,

the

Corporation

repurchased approximately $

million of unpaid principal balance in mortgage loans subject to the credit recourse provisions (March

31,

2022

million).

the

event

nonperformance

the

borrower,

the

Corporation

has

rights

the

underlying

collateral

securing the

mortgage loan. The

Corporation suffers

ultimate losses on

these loans when

the proceeds from

a foreclosure sale

the property underlying

a defaulted mortgage

loan are less

than the outstanding

principal balance of

the loan plus

any uncollected

interest

advanced

and

the

costs

holding

and

disposing

the

property.

March

31,

2023

the

Corporation’s

liability

established to cover the estimated credit loss exposure related to loans sold

or serviced with credit recourse amounted to $

million

(December 31, 2022 - $

million).

The following table shows the changes in the Corporation’s liability of estimated losses related to loans serviced with credit recourse

provisions during the quarters ended March 31, 2023

and 2022.

Quarters ended March 31,

(In thousands)

2023

2022

Balance as of beginning of period

6,897

11,800

Provision (benefit) for recourse liability

(654)

Net charge-offs

(379)

(1,511)

Balance as of end of period

5,864

10,335

When the

Corporation sells or

securitizes mortgage loans,

it generally makes

customary representations and

warranties regarding

the characteristics of the loans

sold. To

the extent the loans do

not meet specified characteristics, the Corporation may

be required

repurchase such

loans

indemnify for

losses

and

bear

any

subsequent

loss

the

loans.

During

the

quarter

ended

March 31,

2023, the

Corporation purchased

134

thousand under

representation and

warranty arrangements

compared to

927

thousand

during the

quarter ended

March

31,

2022. A

substantial amount

these

loans reinstate

performing status

have

mortgage insurance, and thus the ultimate losses

on the loans are not deemed significant.

From

time

time, the

Corporation sells

loans and

agrees to

indemnify the

purchaser for

credit

losses

any

breach

certain

representations and warranties made in connection with

the sale. At March 31,

2023, the Corporation’s liability for

estimated losses

associated

with

indemnifications

and

representations

and

warranties

loans

sold

BPPR

amounted

0.6

million

(December 31, 2022 - $

0.6

million).

Servicing agreements

relating to

the mortgage-backed

securities programs

of FNMA,

FHLMC and

GNMA, and

to mortgage

loans

sold or serviced to certain other investors, including FHLMC,

require the Corporation to advance funds to make

scheduled payments

of principal,

interest, taxes

and insurance,

if such

payments have

not been

received from

the borrowers.

At March

31, 2023,

the

Corporation serviced

10.9

billion in

mortgage loans

for third-parties,

including the

loans serviced

with credit

recourse (December

31, 2022

- $

11.1

billion). The

Corporation generally

recovers funds

advanced pursuant

to these

arrangements from

the mortgage

owner, from

liquidation proceeds when the

mortgage loan is foreclosed

or, in

the case of

FHA/VA loans,

under the applicable FHA

and

insurance

and

guarantees

programs.

However,

the

meantime,

the

Corporation

must

absorb

the

cost

the

funds

advances

during

the

time

the

advance

outstanding.

The

Corporation

must

also

bear

the

costs

attempting

collect

delinquent and defaulted mortgage loans. In

addition, if a defaulted loan

is not cured, the mortgage

loan would be canceled as

part

of the foreclosure proceedings and the Corporation

would not receive any future servicing income with

respect to that loan. At March

31,

2023,

the

outstanding

balance

funds

advanced

the

Corporation under

such

mortgage

loan

servicing

agreements

was

approximately

million

(December

31,

2022

million).

the

extent

the

mortgage

loans

underlying

the

Corporation’s

servicing portfolio experience

increased delinquencies, the Corporation

would be required

to dedicate additional

cash resources to

comply with its obligation to advance funds as well

as incur additional administrative costs related

to increases in collection efforts.

Popular,

Inc. Holding

Company (“PIHC”) fully

and unconditionally guarantees

certain borrowing

obligations issued by

certain of

its

100

% owned consolidated

subsidiaries amounting to

million at March

31, 2023 and

December 31, 2022.

In addition, at

March

31,

2023

and

December

31,

2022,

PIHC

fully

and

unconditionally

guaranteed

subordinated

basis

193

million

capital

securities (trust preferred securities) issued by

wholly-owned issuing trust entities to the

extent set forth in the

applicable guarantee

agreement. Refer

to Note

18 to

the Consolidated

Financial Statements

in the

2022 Form

10-K for

further information

on the

trust

preferred securities.

Note 21 – Commitments and contingencies

Off-balance sheet risk

The Corporation

is a

party to

financial instruments

with off-balance

sheet credit

risk in

the normal

course of

business to

meet the

financial needs of its customers. These financial instruments

include loan commitments, letters of credit and standby

letters of credit.

These instruments involve,

to varying

degrees, elements of

credit and

interest rate

risk in

excess of

the amount

recognized in

the

consolidated statements of financial condition.

The

Corporation’s

exposure

credit

loss

the

event

nonperformance

the

other

party

the

financial

instrument

for

commitments to extend credit, standby

letters of credit and financial

guarantees is represented by the

contractual notional amounts

of those instruments. The

Corporation uses the same

credit policies in

making these commitments and conditional

obligations as it

does for those reflected on the consolidated statements

of financial condition.

Financial instruments with

off-balance sheet credit

risk, whose contract

amounts represent potential credit

risk as of

the end of

the

periods presented were as follows:

(In thousands)

March 31, 2023

December 31, 2022

Commitments to extend credit:

Credit card lines

5,956,261

5,853,990

Commercial and construction lines of credit

4,727,401

4,425,825

Other consumer unused credit commitments

249,773

250,271

Commercial letters of credit

1,982

3,351

Standby letters of credit

28,938

27,868

Commitments to originate or fund mortgage loans

36,662

45,170

At March

31, 2023

and December

31, 2022,

the Corporation

maintained a

reserve of

approximately $

9.4

million and

8.8

million,

respectively, for potential losses associated with unfunded loan commitments

related to commercial

and construction lines of credit.

Other commitments

At March 31,

2023 and December 31,

2022, the Corporation also

maintained other non-credit commitments for

approximately $

4.8

million, primarily for the acquisition of other investments.

Business concentration

Since the Corporation’s business activities are concentrated primarily in Puerto Rico, its results of operations and financial condition

are dependent

upon the

general trends

of the

Puerto Rico

economy and,

in particular,

the residential

and commercial

real estate

markets. The concentration

of the Corporation’s

operations in Puerto Rico

exposes it to

greater risk than other

banking companies

with a wider geographic base. Its

asset and revenue composition by geographical area

is presented in Note 33

to the Consolidated

Financial Statements.

Puerto

Rico

has

faced

significant

fiscal

and

economic

challenges

for

over

decade.

response

such

challenges,

the

U.S.

Congress enacted the

Puerto Rico Oversight

Management and Economic Stability

Act (“PROMESA”) in

2016, which, among

other

things,

established

the

Oversight

Board

and

framework

for

the

restructuring

the

debts

the

Commonwealth,

its

instrumentalities and

municipalities.

The

Commonwealth and

several

its

instrumentalities have

commenced

debt

restructuring

proceedings under

PROMESA. As

of the

date of

this report,

while municipalities

have been

designated as

covered entities

under

PROMESA,

municipality

has

commenced,

has

been

authorized

the

Oversight

Board

commence,

any

such

debt

restructuring proceeding under PROMESA.

March 31,

2023, the

Corporation’s

direct exposure

the Puerto

Rico

government and

its

instrumentalities and

municipalities

totaled $

353

million, of which

324

million were outstanding

374

million and $

327

million at December

31, 2022). Of

the amount

outstanding,

302

million

consists

loans

and

million

are

securities

302

million

and

million

December 31,

2022).

Substantially all

of the

amount outstanding

at March

31, 2023

and December

31, 2022

were obligations from

various Puerto

Rico

municipalities. In most cases, these were “general obligations” of a municipality, to

which the applicable municipality has pledged its

good

faith,

credit

and

unlimited taxing

power,

“special

obligations”

municipality,

which

the

applicable

municipality

has

pledged other revenues. At March 31, 2023,

% of the Corporation’s exposure to municipal loans and securities

was concentrated

in the municipalities of San Juan, Guaynabo, Carolina

and Bayamón.

The following table details the loans and investments representing the Corporation’s direct exposure to

the Puerto Rico government

according to their maturities as of March 31, 2023:

(In thousands)

Investment

Portfolio

Loans

Total Outstanding

Total Exposure

Central Government

After 1 to 5 years

After 5 to 10 years

After 10 years

Total Central

Government

Municipalities

Within 1 year

4,730

20,243

24,973

After 1 to 5 years

15,805

101,009

116,814

145,814

After 5 to 10 years

1,025

131,202

132,227

After 10 years

49,831

Total Municipalities

21,560

302,285

323,845

352,845

Total Direct Government

Exposure

21,601

302,285

323,886

352,886

In addition, at March

31, 2023, the Corporation had

245

million in loans insured

or securities issued by

Puerto Rico governmental

entities but for

which the principal

source of

repayment is non-governmental

251

million at December

31, 2022). These

included

204

million

residential

mortgage

loans

insured

the

Puerto

Rico

Housing

Finance

Authority

(“HFA”),

governmental

instrumentality

that

has

been

designated

covered

entity

under

PROMESA

(December

31,

2022

209

million).

These

mortgage loans

are secured

by first

mortgages on

Puerto Rico

residential properties

and the

HFA

insurance covers

losses in

the

event of a

borrower default and upon

the satisfaction of certain

other conditions. The Corporation

also had at March

31, 2023, $

million in

bonds issued by

HFA which

are secured by

second mortgage loans

on Puerto Rico

residential properties, and

for which

HFA also provides

insurance to cover losses in the

event of a borrower default and

upon the satisfaction of certain other

conditions

(December 31,

2022 -

million). In

the event

that the

mortgage loans

insured by

HFA

and held

by the

Corporation directly

those serving

as collateral

for the

HFA

bonds default

and the

collateral is

insufficient to

satisfy the

outstanding balance

of these

loans,

HFA’s

ability

honor

its

insurance

will

depend, among

other factors,

the

financial

condition

HFA

the

time

such

obligations

become

due

and

payable. The

Corporation does

not consider

the

government guarantee

when

estimating the

credit

losses

associated

with

this

portfolio.

Although

the

Governor

currently

authorized

local

legislation

impose

temporary

moratorium on the financial obligations of the HFA, a moratorium on

such obligations has not been imposed as of

the date hereof.

BPPR’s

commercial loan

portfolio also

includes loans

private borrowers

who

are service

providers, lessors,

suppliers or

have

other relationships with the government. These

borrowers could be negatively affected by

the Commonwealth’s fiscal crisis and

the

ongoing

Title

III

proceedings

under

PROMESA.

Similarly,

BPPR’s

mortgage

and

consumer

loan

portfolios

include

loans

government

employees

and

retirees,

which

could

also

negatively

affected

fiscal

measures

such

employee

layoffs

furloughs or reductions in pension benefits.

addition, $

1.6

billion of

residential mortgages,

million of

Small Business

Administration (“SBA”)

loans under

the Paycheck

Protection Program (“PPP”) and

million commercial loans were

insured or guaranteed

by the U.S.

Government or its agencies

at March 31, 2023 (compared to $

1.6

billion, $

million and $

million, respectively, at December 31, 2022). The Corporation also

had U.S. Treasury

and obligations from the

U.S. Government, its

agencies or government sponsored

entities within the

portfolio

available-for-sale and held-to-maturity securities as described

in Note 6 and 7 to the Consolidated Financial

Statements.

March

31,

2023, the

Corporation has

operations in

the

United

States

Virgin

Islands

(the

“USVI”) and

has

approximately

million

direct

exposure

USVI

government

entities

(December

31,

2022

million).

The

USVI

has

been

experiencing

number of

fiscal and

economic challenges

that could

adversely affect

the ability

of its

public corporations

and instrumentalities

service their outstanding debt obligations.

At March

31, 2023,

the Corporation

has operations

in the

British Virgin

Islands (“BVI”),

which has

been negatively affected

by the

COVID-19

pandemic,

particularly

reduction

the

tourism

activity

which

accounts

for

significant

portion

its

economy.

Although

the

Corporation

has

significant

exposure

single

borrower

the

BVI,

has

loan

portfolio

amounting

approximately

210

million

comprised

various

retail

and

commercial

clients,

compared

loan

portfolio

214

million

December 31, 2022.

Legal Proceedings

The

nature

Popular’s

business

ordinarily

generates

claims,

litigation,

investigations,

and

legal

and

administrative

cases

and

proceedings

(collectively,

“Legal Proceedings”).

When the

Corporation determines

that

has

meritorious

defenses to

the

claims

asserted, it vigorously defends itself. The Corporation will consider the settlement of cases (including cases where it has meritorious

defenses) when, in management’s judgment,

it is in the

best interest of the Corporation

and its stockholders to do

so. On at least

quarterly basis, Popular assesses its liabilities and contingencies relating

to outstanding Legal Proceedings utilizing the most current

information

available.

For

matters

where

probable

that

the

Corporation

will

incur

material

loss

and

the

amount

can

reasonably estimated,

the Corporation

establishes an

accrual for

the loss.

Once established,

the accrual

is adjusted

on at

least a

quarterly

basis

reflect

any

relevant

developments,

appropriate.

For

matters

where

material

loss

not

probable,

the

amount of the loss cannot be reasonably estimated,

no accrual is established.

In certain cases,

exposure to loss

exists in

excess of any

accrual to the

extent such loss

is reasonably possible,

but not

probable.

Management believes and

estimates that the

range of reasonably

possible losses (with

respect to those

matters where such

limits

may be

determined, in

excess of amounts

accrued) for current

Legal Proceedings ranged

from $

to approximately $

16.04

million

March

31,

2023.

certain

cases,

management

cannot

reasonably

estimate

the

possible

loss

this

time.

Any

estimate

involves significant judgment, given the

varying stages of the

Legal Proceedings (including the fact

that many of them

are currently

in preliminary stages), the

existence of multiple

defendants in several of

the current Legal Proceedings

whose share of liability

has

yet to be determined, the numerous unresolved issues in

many of the Legal Proceedings, and the inherent uncertainty

of the various

potential

outcomes

such

Legal

Proceedings.

Accordingly,

management’s

estimate

will

change

from

time-to-time,

and

actual

losses may be more or less than the current estimate.

While the

outcome of

Legal Proceedings

is inherently

uncertain, based

on information

currently available,

advice of

counsel, and

available

insurance

coverage,

management

believes

that

the

amount

has

already

accrued

adequate

and

any

incremental

liability arising from

the Legal Proceedings

in matters in

which a loss

amount can be

reasonably estimated will not

have a material

adverse effect

on the Corporation’s

consolidated financial position.

However, in

the event

of unexpected future

developments, it is

possible that

the ultimate

resolution of

these matters

in a

reporting period, if

unfavorable, could have

a material

adverse effect

the Corporation’s consolidated financial position for that period.

Set forth below is a description of the Corporation’s

significant Legal Proceedings.

BANCO POPULAR DE PUERTO RICO

Mortgage-Related Litigation

BPPR was

named a

defendant in

a putative

class action

captioned Yiries

Josef Saad

Maura v.

Banco Popular,

et al.

on behalf

residential

customers

the

defendant

banks

who

have

allegedly

been

subject

illegal

foreclosures

and/or

loan

modifications

through

their

mortgage

servicers.

Plaintiffs

contend

that

when

they

sought

reduce

their

loan

payments,

defendants

failed

provide them with such reduced loan payments, instead subjecting them to lengthy loss mitigation processes while filing foreclosure

claims

against

them

parallel,

all

violation

the

Truth

Lending

Act

(“TILA”),

the

Real

Estate

Settlement

Procedures

Act

(“RESPA”),

the Equal

Credit Opportunity Act

(“ECOA”), the

Fair Credit

Reporting Act

(“FCRA”), the

Fair Debt

Collection Practices

Act (“FDCPA”)

and other consumer-protection laws

and regulations. Plaintiffs did

not include a specific

amount of damages in

their

complaint. After waiving service

of process, BPPR filed

a motion to

dismiss the complaint

(as did most

co-defendants, separately).

BPPR

further

filed

motion

oppose

class

certification,

which the

Court

granted

September

2018.

April

2019,

the

Court

entered an

Opinion and

Order granting

BPPR’s and

several other

defendants’ motions

to dismiss

with prejudice.

Plaintiffs filed

Motion for Reconsideration in April 2019, which Popular timely opposed. In September 2019, the Court issued an Amended Opinion

and Order dismissing plaintiffs’ claims against all

defendants, denying the reconsideration requests and other pending motions, and

issuing final

judgment.

In October

2019, plaintiffs

filed a

Motion for

Reconsideration of

the Court’s

Amended Opinion

and Order,

which was denied

in December 2019.

In January

2020, plaintiffs filed

a Notice

of Appeal to

the U.S. Court

of Appeals for

the First

Circuit.

Plaintiffs filed their

appeal brief in

July 2020, Appellees

filed their brief

in September 2020,

and Appellants filed

their reply

brief in January 2021. On March

13, 2023, the U.S. Court of

Appeals for the First Circuit entered

judgment affirming the trial court’s

order dismissing

the complaint.

March 23,

2023, Plaintiffs

filed

Petition for

Rehearing and/or

Rehearing en

Banc,

which is

pending resolution.

Insufficient Funds and Overdraft Fees Class Actions

In February

2020, BPPR

was served

with a

putative class

action complaint captioned

Soto-Melendez v.

Banco Popular

de Puerto

Rico, filed before the United States District

Court for the District of Puerto Rico.

The complaint alleges breach of contract, breach of

the covenant of good faith and fair dealing

and unjust enrichment due to BPPR’s purported practice of (a)

assessing more than one

insufficient funds fee (“NSF Fees”) on the

same ACH “item” or transaction and (b) charging

both NSF Fees and overdraft fees (“OD

Fees”) on

the same

ACH item

or transaction,

and is

filed on

behalf of

all persons

who during

the applicable

statute of

limitations

period

were

charged

NSF

Fees

and/or

Fees

pursuant

these

purported

practices.

April

2020,

BPPR

filed

motion

dismiss the case. In April

2021, the Court issued an order granting

in part and denying in part

BPPR’s motion to dismiss; the

unjust

enrichment claim

was dismissed,

whereas the

breach of

contract and

covenant of

good faith

and fair

dealing claims

survived the

motion.

In March

2022, BPPR

was also

named as

a defendant

on a

putative class

action complaint captioned

Orama-Caraballo v.

Banco

Popular,

filed before

the U.S.

District Court

for the

District of

Puerto Rico

by the

same Plaintiffs’

attorneys of

the Soto-Melendez

complaint. Similar to the claims set forth in the Soto-Melendez complaint, Plaintiffs allege breach of contract, breach of the covenant

of good faith and

fair dealing, and unjust enrichment

due to the bank’s

purported practice of (a) assessing more

than one NSF Fee

the

same

“item” and

(b)

charging

both

NSF

Fees

and

Fees

the

same

“item”

but

included

allegations

with

respect

“checks” in addition to ACH payments.

During a

mediation hearing

held in

April 2022,

the parties

in both

the Soto

Melendez and

Orama-Caraballo complaints

reached a

settlement in principle on a

class-wide basis subject to final court

approval. The parties filed before the

Court a notice of settlement

and a

request to

stay the

proceedings in

both cases

and, on

August 15,

2022, the

parties submitted

the class

action settlement

agreement for the Court's preliminary approval.

On November 23, 2022, the Court issued an

order granting preliminary approval of

the settlement

agreement and,

March 14,

2023, it

held a

hearing granting

final

approval to

the settlement

agreement. These

matters are now closed.

Popular was also named as

a defendant on a putative class

action complaint captioned Golden v.

Popular, Inc. filed

in March 2020

before

the

U.S.

District

Court

for

the

Southern

District

New

York,

seeking

damages,

restitution

and

injunctive

relief.

Plaintiff

alleged breach

of contract,

violation

the covenant

good faith

and

fair

dealing, unjust

enrichment and

violation

New York

consumer protection law

due to Popular’s

purported practice of

charging OD

Fees on transactions

that, under plaintiffs’

theory,

not overdraw the

account. Plaintiff described Popular’s

purported practice of charging

OD Fees as

“Authorize Positive, Purportedly

Settle

Negative”

(“APPSN”)

transactions

and

alleged

that

Popular

assesses

Fees

over

authorized

transactions

for

which

sufficient funds

are held for

settlement.

In August 2020,

Popular filed a

Motion to Dismiss

on several grounds,

including failure to

state a

claim against

Popular,

Inc. and

improper venue.

In October

2020, Plaintiff

filed a

Notice of

Voluntary

Dismissal before the

U.S. District Court for the Southern District of New York and, simultaneously, filed an identical complaint in the U.S. District Court for

the

District

the

Virgin

Islands

against

Popular,

Inc.,

Popular

Bank

and

BPPR.

November

2020,

Plaintiff

filed

Notice

Voluntary

Dismissal against

Popular,

Inc.

and Popular

Bank following

a Motion

Dismiss filed

on behalf

of such

entities, which

argued failure

to state

a claim

and lack

of minimum

contacts of

such parties

with the

U.S.V.I.

district court

jurisdiction. BPPR,

the

only defendant remaining in the case, was served

with process in November 2020 and filed

a Motion to Dismiss in January 2021.

October

2021,

the

District

Court,

notwithstanding that

BPPR’s

Motion

Dismiss

remained

pending

resolution,

held

initial

scheduling

conference

and,

thereafter,

issued

trial

management

order

where

scheduled

the

deadline

for

all

discovery

for

November 2022, and several other

trial-related deadlines for June 2023.

During a mediation hearing held

on October 14, 2022, the

parties in the

Golden action reached a

settlement in principle

on a class-wide

basis subject to

final court approval.

On October 19,

2022, the

parties filed

before the

Court a

notice of

settlement and

a request

to stay

the proceedings

while Plaintiffs

submitted a

motion for the

preliminary approval of the

class action settlement. On

January 19, 2023, the

parties filed the motion

for preliminary

approval

the

settlement

agreement.

March

31,

2023,

the

Court

issued

order

granting

preliminary

approval

the

settlement agreement and scheduled the final approval

hearing for September 8, 2023.

On January

31, 2022,

Popular was

also named

as a

defendant on

a putative

class action

complaint captioned

Lipsett v.

Popular,

Inc. d/b/a Banco Popular, filed before the U.S. District Court for the Southern District

of New York, seeking damages, restitution and

injunctive relief. Similar to the claims set forth in the

aforementioned Golden complaint, Plaintiff alleges breach of contract, including

violations of the covenant of good faith and

fair dealing, as a result of Popular’s purported practice of

charging OD Fees for APPSN

transactions.

The complaint further alleged that

Popular assesses OD Fees

over authorized transactions for

which sufficient funds

are held for settlement. Popular waived service of process

and filed a Motion to Compel Arbitration. In response to Popular’s

motion,

Plaintiff filed a Notice of Voluntary Dismissal in April 2022.

On May

13, 2022,

Plaintiff in

the Lipsett

complaint filed

a new

complaint captioned

Lipsett v.

Banco Popular

North America

d/b/a

Popular

Community Bank

with the

same

allegations of

his

previous complaint

against Popular.

On June

10,

2022,

after serving

Plaintiff

with a

written notice

election to

arbitrate the

claims

asserted in

the complaint

which went

unanswered, Popular

Bank

(“PB”) filed

a Pre-Motion

Conference motion

related to

a new

Motion to

Compel Arbitration.

After Plaintiff

responded to

the Pre-

Motion conference

motion,

on September

2022, the

Court

allowed PB

file its

Motion to

Compel Arbitration,

which it

did on

September 8, 2022. Plaintiff opposed such motion on

October 13, 2022, and PB filed its reply

on November 3, 2022.

On December 9, 2022, the

Court issued a Decision and

Order denying PB’s Motion to

Compel Arbitration. On December 20, 2022,

filed

Notice

Appeal

with the

United States

Court

Appeals for

the Second

Circuit.

On January

31,

2022, the

Court

Appeals issued

a briefing

schedule granting

PB until

April 6,

2023 to

file its

appeal brief.

The Court

of Appeals

also scheduled

“CAMP” mediation conference, which was held on

February 21, 2023. No settlement was reached

during the mediation. On April 5,

2023, PB filed its appeal brief and, on April 10,

2023, Plaintiff filed a scheduling request to file his opposition

brief by July 5, 2023.

Cyber Incident Related Litigation

BPPR was named

defendant in a

putative class action

complaint filed before

the U.S. District

Court for the

District of Puerto

Rico,

captioned

Rosa

Rivera

Marrero

Banco

Popular

Puerto

Rico.

Plaintiff

contends

BPPR

failed

properly

secure

and

safeguard

the

class

members’

personally

identifiable

information

(“PII”)

which

was

purportedly

exposed

through

data

breach

experienced

BPPR’s

vendor

June

2021.

Such

data

breach,

which

alleged

involved

BPPR’s

files,

occurred

via

the

exploitation

alleged vulnerability

in Accellion

FTA,

legacy software

product

developed by

Accellion, Inc

used by

BPPR’s

vendor. Plaintiff

further alleges that, during the data

breach, an unauthorized actor removed one

or more documents that contained

PII of the plaintiff

and purported class members. Plaintiff demands injunctive relief

requesting, among other things, BPPR to

protect

all data

collected through

the course

of its

business in

accordance with

all applicable

regulations, industry

standards and

federal,

state or local laws, as well as

an award for damages, attorneys’ fees, costs and litigation expenses. BPPR was served with

process

on May 27, 2022

and, on August 1, 2022,

filed a Motion to

Dismiss. On August 15,

2022, Plaintiff filed her

opposition to the Motion

to Dismiss and, on September 14, 2022, BPPR filed a reply in support of its Motion to Dismiss. On March 31,

2023, the U.S. District

Court for

the District

of Puerto

Rico issued

an Opinion

and Order

granting BPPR’s

Motion to

Dismiss for

lack of

jurisdiction, and

entered a judgement dismissing the complaint without prejudice.

Plaintiff’s notice of appeal is due on May 3, 2023. Since plaintiff did

not file a notice of appeal, the judgment became

final. This matter is now closed.

POPULAR SECURITIES

Puerto Rico Bonds and Closed-End Investment

Funds

The volatility

in prices

and declines

in value

that Puerto

Rico municipal

bonds and

closed-end investment

companies that

invest

primarily in

Puerto Rico

municipal bonds experienced

following August

2013 have

led to

regulatory inquiries, customer

complaints

and

arbitrations

for

most

broker-dealers

Puerto

Rico,

including

Popular

Securities.

Popular

Securities

has

received

customer

complaints

and,

March

31,

2023,

was

named

respondent

(among

other

broker-dealers)

pending

arbitration

proceedings with

initial claimed

amounts of

approximately $

10.4

million in

the aggregate.

While Popular

Securities believes

it has

meritorious defenses to the claims asserted in these proceedings,

it has often determined that it is in its best interest to settle certain

claims

rather

than

expend

the

money

and

resources required

see

such

cases

completion.

The

Puerto

Rico

Government’s

defaults and

non-payment of

its various

debt obligations,

as well

as the

Oversight Board

decision to

pursue restructurings

under

Title III and

Title VI of

PROMESA, have impacted the number of

customer complaints (and claimed damages) filed

against Popular

Securities concerning Puerto Rico bonds and closed-end investment companies that invest primarily in Puerto

Rico bonds. Adverse

results

the

arbitration

proceedings

described

above,

significant

increase

customer

complaints,

could

have

material

adverse effect on Popular.

In October 2021, a panel in an arbitration proceeding with claimed damages arising from trading losses of approximately $

million

ordered

Popular

Securities

pay

claimants

approximately

6.9

million

compensatory

damages

and

expenses.

November

2021,

the

claimants

in such

arbitration proceeding

filed

a complaint

captioned Trinidad

García v.

Popular,

Inc.

et.

al.

before the

United

States

District

Court

for

the

District

Puerto

Rico

against

Popular,

Inc.,

BPPR

and

Popular

Securities

(the

“Popular

Defendants”) alleging, inter alia,

that they sustained monetary

losses as a

result of the Popular

Defendants’ anticompetitive, unfair,

and

predatory

practices,

including

tying

arrangements

prohibited

the

Bank

Holding

Company

Act.

Plaintiffs

claim

that

the

Popular Defendants caused them to

enter a tying arrangement scheme whereby

BPPR allegedly would extend secured credit

lines

to the Plaintiffs on

the conditions that they transfer

their portfolios to Popular

Securities to be used

as pledged collateral and

obtain

additional investment

services and

products solely

from Popular

Securities, not

from any

of its

competitors. Plaintiffs

also invoke

federal

court’s

supplemental jurisdiction

allege

several

state

law claims

against

the Popular

Defendants, including

contractual

fault, fault in causing losses in value of the pledge collateral, breach of contract, request for specific compliance thereof,

fault in pre-

contractual negotiations, emotional distress, and punitive damages. In January 2022, Plaintiffs filed an Amended Complaint, and the

Popular Defendants were served with summons on that same date. Plaintiffs demand no less than $

390

million in damages, plus an

award for costs and attorney's fees. The

Popular Defendants filed a Motion to Dismiss

on March 21, 2022, which Plaintiffs

opposed

on June 10, 2022. Popular

filed its reply in support

of the Motion to Dismiss

on June 30, 2022, and

Plaintiffs sur-replied on July 27,

2022.

February 9,

2023, the

Popular Defendants

executed a

global

settlement agreement

with Plaintiffs

resolving all

controversies

between

the

parties,

including

those

arising

from

the

aforementioned

case.

After

the

parties

filed

stipulation

dismissal,

February 15, 2023, the United States District Court for the District of Puerto Rico issued an order dismissing the case

with prejudice

and stating that a judgment shall be entered accordingly.

This matter is now closed.

PROMESA Title III Proceedings

2017,

the

Oversight

Board

engaged

the

law

firm

Kobre &

Kim

carry

out

independent

investigation

behalf

the

Oversight Board

regarding, among

other things,

the causes

of the

Puerto Rico

financial crisis.

Popular,

Inc.,

BPPR and

Popular

Securities

(collectively,

the

“Popular Companies”)

were

served

by,

and

cooperated

with,

the

Oversight

Board

connection with

requests

for

the

preservation

and

voluntary

production

certain

documents

and

witnesses

with

respect

Kobre

Kim’s

independent

investigation.

In August

2018, Kobre & Kim

issued its

Final Report,

which contained various

references to

the Popular

Companies, including

allegation that

Popular Securities

participated as

an underwriter

in the

Commonwealth’s 2014

issuance of

government obligation

bonds

notwithstanding

having

allegedly

advised

against

it.

The

report

noted

that

such

allegation

could

give

rise

unjust

enrichment claim against the Corporation and could also serve as a basis to equitably subordinate claims filed by the Corporation in

the Title III proceeding to other third-party claims.

After the publication of the Final Report, the Oversight Board created a special claims committee (“SCC”) and, before the end of the

applicable two-year statute of limitations for the filing of such claims pursuant

to the U.S. Bankruptcy Code, the SCC, along

with the

Commonwealth’s

Unsecured Creditors’

Committee (“UCC”),

filed

various

avoidance, fraudulent

transfer and

other claims

against

third parties, including government vendors and

financial institutions and other professionals involved in

bond issuances then being

challenged as

invalid by the

SCC and

the UCC.

The Popular

Companies, the SCC

and the

UCC entered into

a tolling

agreement

with respect to potential claims the SCC and the UCC,

on behalf of the Commonwealth or other Title III

debtors, may assert against

the Popular Companies for the avoidance and recovery of payments and/or transfers made to the Popular Companies or as a result

of any role

of the Popular Companies

in the offering

of the aforementioned challenged

bond issuances. In January

2022, the SCC,

the UCC and the Popular Companies executed a settlement agreement as to potential claims related to the avoidance and recovery

of payments and/or

transfers made to the

Popular Companies. Potential claims

being pursued by

the SCC and

the UCC, including

claims tolled

under existing tolling

agreements, were transferred

to a

newly created Puerto

Rico Avoidance Action

Trust as

part of

the approval of the Commonwealth of Puerto Rico’s Plan

of Adjustment. On March 28, 2023, the Popular

Companies and the Puerto

Rico Avoidance Action Trust executed a settlement agreement as to potential claims related to the role of the Popular Companies in

the offering of the challenged bond issuances. This matter

is now closed.

Note 22 – Non-consolidated variable interest

entities

The Corporation is

involved with

three

statutory trusts which

it created to

issue trust preferred

securities to the

public. These trusts

are deemed to be variable interest entities (“VIEs”) since the equity investors at risk have no substantial decision-making rights. The

Corporation does not

hold any variable

interest in the

trusts, and therefore,

cannot be the

trusts’ primary beneficiary.

Furthermore,

the

Corporation concluded

that

it did

not

hold

controlling financial

interest

these

trusts

since the

decisions

the

trusts

are

predetermined through

the trust

documents and the

guarantee of

the trust

preferred securities is

irrelevant since

in substance

the

sponsor is guaranteeing its own debt.

Also, the

Corporation is

involved with

various special

purpose entities

mainly in

guaranteed mortgage

securitization transactions,

including

GNMA

and

FNMA.

The

Corporation

has

also

engaged

securitization

transactions

with

FHLMC,

but

considers

its

exposure

the

form

servicing

fees

and

servicing

advances

not

significant

March

31,

2023

These

special

purpose

entities

are

deemed

VIEs

since

they

lack

equity

investments

risk.

The

Corporation’s

continuing

involvement

these

guaranteed loan

securitizations includes

owning certain

beneficial interests in

the form

of securities as

well as

the servicing

rights

retained. The Corporation is not required to provide additional financial support to

any of the variable interest entities to which it has

transferred

the

financial

assets.

The

mortgage-backed

securities,

the

extent

retained,

are

classified

the

Corporation’s

Consolidated

Statements

Financial

Condition

available-for-sale

trading

securities.

The

Corporation

concluded

that,

essentially,

these

entities

(FNMA

and

GNMA)

control

the

design

their

respective

VIEs,

dictate

the

quality

and

nature

the

collateral, require

the underlying

insurance, set

the servicing

standards via

the servicing

guides and

can change

them at

will, and

can remove a

primary servicer with cause,

and without cause in

the case of

FNMA. Moreover, through

their guarantee obligations,

agencies (FNMA and GNMA) have the obligation

to absorb losses that could be potentially significant

to the VIE.

The

Corporation

holds

variable

interests

these

VIEs

the

form

agency

mortgage-backed

securities

and

collateralized

mortgage obligations, including those securities originated by the Corporation and those acquired from

third parties. Additionally, the

Corporation holds agency mortgage-backed securities

and agency collateralized mortgage obligations

issued by third party

VIEs in

which

has

other

form

continuing

involvement. Refer

Note

the

Consolidated

Financial

Statements

for

additional

information on the debt securities outstanding at March 31,

2023 and December 31, 2022, which are classified

as available-for-sale

and

trading

securities

the

Corporation’s

Consolidated

Statements

Financial

Condition.

addition,

the

Corporation

holds

variable

interests

the

form

servicing

fees,

since

retains

the

right

service

the

transferred

loans

those

government-

sponsored special purpose entities (“SPEs”) and may also purchase the right to service loans in other government-sponsored SPEs

that were transferred to those SPEs by a third-party.

The following

table presents

the carrying

amount and

classification of

the assets

related to

the Corporation’s

variable interests

non-consolidated VIEs

and the

maximum exposure

to loss

as a

result of

the Corporation’s

involvement as

servicer of

GNMA and

FNMA loans at March 31, 2023 and December

31, 2022.

(In thousands)

March 31, 2023

December 31, 2022

Assets

Servicing assets:

Mortgage servicing rights

98,184

99,614

Total servicing

assets

98,184

99,614

Other assets:

Servicing advances

5,942

6,157

Total other assets

5,942

6,157

Total assets

104,126

105,771

Maximum exposure to loss

104,126

105,771

The size of

the non-consolidated VIEs,

in which the

Corporation has a

variable interest in

the form

of servicing fees,

measured as

the total unpaid principal balance of the loans,

amounted to $

7.5

billion at March 31, 2023 (December 31, 2022 - $

7.7

billion).

The Corporation

determined that

the maximum

exposure to

loss includes

the fair

value of

the MSRs

and the

assumption that

the

servicing advances at March

31, 2023 and December

31, 2022, will not

be recovered. The agency

debt securities are not

included

as part of the maximum exposure to loss since

they are guaranteed by the related agencies.

ASU 2009-17 requires that an ongoing primary beneficiary assessment should be made to determine whether the Corporation is the

primary beneficiary of any of the VIEs it is

involved with. The conclusion on the assessment of these non-consolidated VIEs has not

changed

since

their

initial

evaluation.

The

Corporation

concluded

that

still

not

the

primary

beneficiary

these

VIEs,

and

therefore, these VIEs are not required to be consolidated

in the Corporation’s financial statements at March 31,

2023.

Note 23 – Related party transactions

The Corporation

considers its

equity method

investees as

related parties.

The following

provides information

on transactions

with

equity method investees considered related parties.

EVERTEC

Until

August

15,

2022,

the

Corporation

had

investment

Evertec,

Inc.

(“Evertec”)

which

provides

various

processing

and

information

technology services

the

Corporation and

its

subsidiaries

and

gave

BPPR

access to

the

ATH

network owned

and

operated

Evertec.

This

investment

was

accounted

for

under

the

equity

method.

The

Corporation

recorded

0.6

million

dividends from its investment in Evertec during

the quarter ended March 31, 2022.

On July 1, 2022, BPPR completed its previously announced

acquisition of certain assets from Evertec Group,

LLC (“Evertec Group”)

service

certain

BPPR

channels.

connection

with

the

Evertec

Business

Acquisition

Transaction,

BPPR

also

entered

into

amended and

restated service

agreements with

Evertec Group

pursuant to

which Evertec

Group will

continue to

provide various

information

technology

and

transaction

processing

services

Popular,

BPPR

and

their

respective

subsidiaries.

part

the

transaction,

BPPR

and

Evertec

entered

into

revenue

sharing

structure

for

BPPR

connection

with

its

merchant

acquiring

relationship

with

Evertec.

August

15,

2022,

the

Corporation completed

the

sale

its

remaining

common

stock

Evertec. As a

result, the Corporation discontinued accounting

for its proportionate share

of Evertec’s income

(loss) and changes in

stockholder’s equity under the equity method

of accounting in the third quarter of 2022.

The following

table presents

the Corporation’s

proportionate share

of Evertec’s

income (loss)

and changes

in stockholders’

equity

for the quarter ended March 31, 2022.

Quarter ended March 31,

(In thousands)

2022

Share of income from

investment in Evertec

6,318

Share of other changes in Evertec's stockholders' equity

1,787

Share of Evertec's changes in equity recognized in income

8,105

The following table presents

the impact of transactions and

service payments between the Corporation and Evertec

(as an affiliate)

and

their

impact

the

results

operations

for

the

quarter

ended

March

31,

2022.

Items

that

represent

expenses

the

Corporation are presented with parenthesis.

Quarter ended March 31,

(In thousands)

2022

sponsored

mortgage-backed securities

classified

“trading” and

hedging

the

market

risk

with

“TBA”

(to-be-announced)

market

transactions.

The

objective

derive

spread

income

from

the

portfolio

and

not

benefit

from

short-term

market

movements. In

addition, BPPR

uses forward

contracts or

TBAs to

hedge its

securitization pipeline.

Risks related

to variations

interest rates

and market volatility

are hedged

with TBAs

that have

characteristics similar to

that of

the forecasted security

and its

conversion timeline.

At March 31,

2023, the Corporation held trading

securities with a fair

value of $30

million, representing approximately 0.04% of

the

Corporation’s total

assets,

compared with

$28 million

and 0.04%,

respectively,

at December

31, 2022.

As shown

in Table

11,

the

trading portfolio consists

principally of mortgage-backed

securities and U.S.

Treasuries, which

at March

31, 2023 were

investment

grade

securities.

March

31,

2023

and

December

31,

2022,

the

trading

portfolio

also

included

$0.1

million

Puerto

Rico

government obligations.

Trading instruments are

recognized at fair value,

with changes resulting from fluctuations

in market prices,

interest rates or

exchange rates reported in

current period earnings. The

Corporation recognized net trading

account gain of $

378

thousand and a net trading account loss of

$723 thousand, respectively, for the quarters ended March 31, 2023 and

2022.

138

Table 11

- Trading Portfolio

March 31, 2023

December 31, 2022

(Dollars in thousands)

Amount

Weighted

Average Yield

[1]

Amount

Weighted

Average Yield

[1]

Mortgage-backed securities

13,967

5.80

14,223

5.79

U.S. Treasury securities

15,462

4.14

13,069

3.26

Collateralized mortgage obligations

133

5.44

160

5.51

Puerto Rico government obligations

0.44

0.45

Interest-only strips

199

12.00

207

12.00

Other (includes related trading derivatives)

4.23

Total

29,839

4.97

27,723

4.63

[1] Not on a taxable equivalent basis.

The Corporation’s trading activities are

limited by internal policies. For each

of the two subsidiaries, the

market risk assumed under

trading

activities

measured

the

5-day

net

value-at-risk

(“VAR”),

with

confidence

level

99%.

The

VAR

measures

the

maximum estimated loss that may occur over a

5-day holding period, given a 99% probability.

The

Corporation’s

trading

portfolio

had

5-day

VAR

approximately

$0.4

million

for

the

last

week

March

2023.

There

are

numerous assumptions

and estimates

associated with

VAR

modeling, and

actual results

could differ

from these

assumptions and

estimates. Backtesting is

performed to compare

actual results

against maximum estimated

losses, in order

to evaluate

model and

assumptions accuracy.

In the opinion of management, the size and composition

of the trading portfolio does not represent

a significant source of market risk

for the Corporation.

Liquidity

The objective

of effective

liquidity management

is to

ensure that

the Corporation

has sufficient

liquidity to

meet all

of its

financial

obligations, finance

expected future

growth,

fund

planned capital

distributions and

maintain a

reasonable safety

margin for

cash

needs under

both normal

and stressed market

conditions. The Board

of Directors

is responsible

for establishing the

Corporation’s

tolerance for liquidity risk,

including approving relevant risk limits and

policies. The Board of

Directors has delegated the monitoring

these risks

the Board’s

Risk Management

Committee and

the Asset/Liability

Management Committee.

The management

liquidity

risk,

long-term

and

day-to-day

basis,

the

responsibility

the

Corporate

Treasury

Division.

The

Corporation’s

Corporate

Treasurer

responsible

for

implementing

the

policies

and

procedures

approved

the

Board

Directors

and

for

monitoring

the

Corporation’s

liquidity

position

ongoing

basis.

Also,

the

Corporate

Treasury

Division coordinates

corporate

wide

liquidity

management

strategies

and

activities

with

the

reportable

segments,

oversees

policy

breaches

and

manages

the

escalation process.

The

Financial and

Operational Risk

Management Division

responsible for

the independent

monitoring and

reporting of adherence with established policies.

institution’s liquidity

may be

pressured if,

for example,

it experiences

a sudden

and unexpected

substantial cash

outflow due

deposit outflows

(whether due

to a

loss of

confidence by

depositors, or

other reasons)

exogenous events

such as

the COVID-19

pandemic), a

downgrading of

its credit

rating, or

some other

event that

causes counterparties

to avoid

exposure to

the institution.

Factors that the Corporation does not control, such as the

economic outlook, adverse ratings of its principal markets, perceptions of

the financial services industry and regulatory changes,

could also affect its ability to obtain funding.

The Corporation

has adopted

policies and

limits to

monitor the

Corporation’s liquidity

position and

that of

its banking

subsidiaries.

Additionally, contingency funding

plans are used to

model various stress events

of different magnitudes and

affecting different time

horizons that assist

management in evaluating

the size of

the liquidity

buffers needed if

those stress events

occur. However,

such

models

may

not

predict

accurately

how

the

market

and

customers

might

react

every

event,

and

are

dependent

many

assumptions.

139

Deposits, including

customer deposits,

brokered deposits

and public

funds deposits,

continue to

be the

most significant

source of

funds for the

Corporation, funding

90% of the

Corporation’s total assets

at March 31,

2023 and 91%

at December 31,

2022.

The

ratio

total

ending

loans

deposits

was

53%

March

31,

2023,

compared

52%

December 31,

2022.

addition

traditional deposits, the Corporation maintains borrowing

arrangements, which amounted to approximately

$1.4 billion in outstanding

balances at

March 31,

2023 (December

31, 2022

- $1.4

billion). A

detailed description

of the

Corporation’s borrowings,

including

their terms,

is included

in Note

16 to

the Consolidated

Financial Statements. Also,

the Consolidated Statements

of Cash

Flows in

the accompanying Consolidated Financial Statements provide

information on the Corporation’s cash inflows and outflows.

The

following

sections

provide

further

information

the

Corporation’s

major

funding

activities

and

needs,

well

the

risks

involved in these activities.

Banking Subsidiaries

Primary

sources of

funding

for the

Corporation’s

banking subsidiaries

(BPPR and

or,

collectively,

“the banking

subsidiaries”)

include

retail,

commercial

and

public

sector

deposits,

brokered

deposits,

unpledged

investment

securities,

mortgage

loan

securitization and, to a lesser extent, loan sales. In

addition, the Corporation maintains borrowing facilities with the FHLB and at the

discount window

of the

Federal Reserve

Bank of

New York

(the “FRB”)

and has

a considerable

amount of

collateral pledged

that

can be used to raise funds under these facilities.

During the first quarter of 2023 the Corporation had

no material incremental use of its available liquidity sources. At

March 31,2023,

the Corporation’s available liquidity

increased to $18.3 billion from

$17.0 billion on December

31, 2022. The liquidity sources

of the

Corporation at March 31,2023 are presented in

Table 12:

Table 12 - Liquidity Sources

31-Mar-23

31-Dec-22

(In thousands)

BPPR

Popular U.S.

Total

BPPR

Popular U.S.

Total

Unpledged securities and unused funding

sources:

Money market (excess funds at the

Federal Reserve Bank)

5,181,531

909,613

6,091,144

5,240,100

367,966

5,608,066

Unpledged securities

7,690,887

273,980

7,964,867

7,494,189

326,599

7,820,788

FHLB borrowing capacity

1,623,246

1,127,316

2,750,562

1,389,579

722,005

2,111,584

Discount window of the Federal Reserve

Bank borrowing capacity

1,132,411

331,753

1,464,164

1,090,308

329,385

1,419,693

Total available liquidity

15,628,075

2,642,662

18,270,737

15,214,176

1,745,955

16,960,131

Refer

Note

the

Consolidated

Financial

Statements

for

additional

information

the

Corporation’s

borrowing

facilities

available through its banking subsidiaries.

The principal

uses of

funds for

the banking

subsidiaries include

loan originations,

investment portfolio

purchases, loan

purchases

and repurchases, repayment of outstanding obligations (including deposits), advances on certain serviced portfolios and operational

expenses. Also, the

banking subsidiaries assume liquidity

risk related to collateral

posting requirements for certain

activities mainly

connection

with

contractual

commitments,

recourse

provisions,

servicing

advances,

derivatives

and

credit

card

licensing

agreements.

The banking

subsidiaries maintain

sufficient funding

capacity to

address large

increases in

funding requirements

such as

deposit

outflows.

The

Corporation has

established

liquidity

guidelines

that

require

the

banking

subsidiaries

have

sufficient

liquidity

cover all short-term borrowings and a portion of deposits.

The Corporation’s ability to compete

successfully in the marketplace for

deposits, excluding brokered deposits, depends on various

factors, including pricing, service, convenience

and financial stability as

reflected by operating results and

financial condition, credit

ratings (by

nationally recognized credit

rating agencies), customer

confidence, and

importantly,

FDIC deposit

insurance coverage.

Deposits at all of the Corporation’s banking subsidiaries are federally insured

(subject to FDIC limits) and this is expected to mitigate

the potential effect of the aforementioned risks.

140

Deposits are a

key source of

funding as they

tend to be

less volatile than institutional

borrowings and their cost

is less sensitive

changes in

market rates.

Refer to

Table

7 for

a breakdown

of deposits

by major

types. Core

deposits are

generated from

a large

base

consumer,

corporate

and

public

sector

customers.

Core

deposits

include certificate

deposit

under

$250,000,

all

non-

interest bearing deposits, and

savings deposits.

Core deposits exclude brokered

deposits. Core deposits have

historically provided

the Corporation

with a

sizable source

of relatively

stable and

low-cost funds.

Core deposits

totaled $57.0

billion, or

94% of

total

deposits, at March

31, 2023, compared

with $57.6 billion,

or 94% of

total deposits, at

December 31, 2022.

Core deposits financed

89% of the Corporation’s earning assets at March 31,

2023, compared with 90% at December 31,

2022.

The distribution

by maturity of

certificates of

deposits with denominations

of $250,000 and

over at

March 31,

2023 is

presented in

the table that follows:

Table 13 - Distribution by

Maturity of Certificate of Deposits of $250,000 and Over

(In thousands)

3 months or less

1,768,494

Over 3 to 12 months

589,257

Over 1 year to 3 years

210,633

Over 3 years

147,111

Total

2,715,495

The

Corporation

had

$1.2

billion

brokered

deposits

March

31,

2023,

which

financed

approximately

its

total

assets

(December 31, 2022 -

$1.1 billion and 2%,

respectively).

In the event that

any of the Corporation’s

banking subsidiaries’ regulatory

capital

ratios fall

below those

required

a well-capitalized

institution or

are subject

to capital

restrictions by

the regulators,

that

banking subsidiary faces

the risk of

not being able

to raise or

maintain brokered deposits

and faces limitations

on the rate

paid on

deposits, which

may hinder

the Corporation’s

ability to

effectively compete

in its

retail markets

and could

affect its

deposit raising

efforts.

Deposits from the public sector represent an important source of funds for the Corporation. As of March 31, 2023, total public sector

deposits were $15.5 billion,

compared to $15.8 billion at December 31, 2022. Generally, these deposits require that the bank pledge

high credit quality securities as collateral; therefore, liquidity risks arising from public sector deposit outflows are lower given that the

bank receives its

collateral in return.

This, now unpledged,

collateral can either

be financed via

repurchase agreements or

sold for

cash.

However,

there

are

some

timing

differences

between the

time

the

deposit

outflow occurs

and

when the

bank receives

its

collateral. Additionally,

the Corporation mainly

utilizes fixed-rate U.S.

Treasury debt

securities as collateral.

While these securities

have limited credit risk, they are subject to market

value risk based on changes in the interest rate environment.

When interest rates

increase, the value of this collateral decreases and could result in the Corporation having to provide additional collateral to cover the

same

amount

deposit

liabilities.

This

additional

collateral

could

reduce

unpledged

securities

otherwise

available

liquidity

sources to the Corporation.

At March 31, 2023, management believes that the banking subsidiaries had sufficient current and projected

liquidity sources to meet

their

anticipated

cash

flow

obligations,

well

special

needs

and

off-balance

sheet

commitments,

the

ordinary

course

business and have sufficient

liquidity resources to address a

stress event. Although the

banking subsidiaries have historically been

able to replace

maturing deposits and advances,

no assurance can

be given that

they would be

able to replace

those funds in

the

future if the

Corporation’s financial condition

or general market

conditions were to

deteriorate. The Corporation’s

financial flexibility

will

severely constrained

the

banking subsidiaries

are

unable to

maintain access

funding

adequate

financing is

not

available to accommodate future financing needs at acceptable interest rates. The

banking subsidiaries also are required to deposit

cash or qualifying securities to meet margin requirements on repurchase

agreements and other collateralized borrowing facilities. To

the extent that

the value of securities

previously pledged as collateral

declines because of market

changes, the Corporation will

required to

deposit additional cash

or securities to

meet its

margin requirements, thereby

adversely affecting its

liquidity. Finally,

management

required

rely

heavily

expensive

funding

sources

meet

its

future

growth,

revenues

may

not

increase proportionately to cover costs. In this

case, profitability would be adversely affected.

The Corporation

monitors uninsured

deposits under

applicable FDIC

regulations.

Additionally,

the Corporation

monitors accounts

with balances over $250,000.

While the Corporation has a

diverse deposit base from retail, commercial,

corporate and government

clients,

well

wholesale funding

sources such

brokered deposits,

considers

balance

excess

$250,000 to

have a

141

higher

potential

liquidity

risk.

Table

reflects

the

aggregate

balance

deposit

accounts

excess

$250,000,

including

collateralized public funds and deposits outside of the

U.S. and its territories.

Collateralized public funds, as presented in Table

14,

represent public

deposit balances from

governmental entities in

the U.S. and

its territories, including

Puerto Rico

and the U.S.V.I.,

that are collateralized based

on such jurisdictions’ applicable collateral

requirements. On March 31,2023,

deposits with balances in

excess

$250,000,

excluding

foreign

deposits

(mainly

deposits

the

British

Virgin

Islands)

intercompany

deposits

and

collateralized

public

funds,

were

$11.4

billion

22%

BPPR

and

$2.4

billion

25%

Popular

U.S.,

compared

available

liquidity sources of $15.6 billion at BPPR and $2.6

billion at Popular U.S.

Table 14 - Deposits

31-Mar-23

Popular, Inc.

(In thousands)

BPPR

% of Total

Popular U.S.

% of Total

(Consolidated)

% of Total

Deposits:

Deposits balances under $250,000 [1]

24,823,608

5,979,010

30,802,618

Transactional deposits balances over

$250,000

9,503,850

2,151,732

11,655,582

Time deposits balances over $250,000

1,869,792

255,322

2,125,114

Uninsured foreign deposits

412,444

Collateralized public funds

15,712,622

245,508

15,958,130

Intercompany deposits

134,110

986,943

Total deposits

52,456,426

100

9,618,515

100

60,953,888

100

[1] Includes the first $250,000 in balances of transactional

and time deposit accounts with balances in excess

of $250,000.

31-Dec-22

Popular, Inc.

(In thousands)

BPPR

% of Total

Popular U.S.

% of Total

(Consolidated)

% of Total

Deposits

Deposits balances under $250,000 [1]

24,505,697

5,231,417

29,737,114

Transactional deposits balances over

$250,000

9,957,877

2,674,841

12,632,718

Time deposits balances over $250,000

1,920,455

167,067

2,087,522

Uninsured foreign deposits

425,855

Collateralized public funds

16,233,342

110,676

16,344,018

Intercompany deposits

135,172

482,167

Total deposits

53,178,398

100

8,666,168

100

61,227,227

100

[1] Includes the first $250,000 in balances of transactional

and time deposit accounts with balances in excess

of $250,000.

Bank Holding Companies

The principal

sources of

funding for

the BHCs,

which are

Popular,

Inc.

(holding company

only) and

PNA, include

cash on

hand,

investment

securities,

dividends

received from

banking

and

non-banking subsidiaries,

asset sales,

credit

facilities

available from

affiliate banking subsidiaries and proceeds from potential securities offerings.

Dividends from banking and non-banking subsidiaries

are subject to various regulatory limits

and authorization requirements that are further described

below and that may limit the

ability

of those subsidiaries to act as a source of

funding to the BHCs.

142

The

principal

use

these

funds

includes

the

repayment

debt,

and

interest

payments

holders

senior

debt

and

junior

subordinated

deferrable

interest

(related

trust

preferred

securities),

the

payment

dividends

common

stockholders,

repurchases of the Corporation’s securities and capitalizing its

banking subsidiaries.

The outstanding balance of notes

payable at the BHCs

amounted to $891 million at

March 31, 2023 and

$497 million at December

31, 2022.

The contractual maturities of the BHCs notes payable

at March 31, 2023 are presented in Table 15.

Table 15

- Distribution of BHC's Notes Payable by Contractual

Maturity

Year

(In thousands)

2023

299,426

Later years

591,419

Total

890,845

The Corporation’s

6.125% unsecured

senior debt

securities mature

in September

of 2023.

As of

March 31,

2023, the

BHCs had

cash

and

money markets

investments totaling

$593

million

and

borrowing potential

$211

million

from

its

secured

facility

with

BPPR. The BHCs’ liquidity position continues to be adequate

with sufficient cash on hand, investments and other sources of liquidity

which are expected to be enough to meet all interest

payments and dividend obligations during the

foreseeable future. On March 13,

2023,

the

Corporation

issued

$400

million

aggregate

principal

amount

7.25%

Senior

Notes

due

2028

(the

“Notes”)

underwritten public offering. The Corporation intends to use a portion of the proceeds

of the offering to redeem or repay $300 million

aggregate principal

amount of

its

outstanding 6.125%

Senior

Notes due

September 2023.

For the

remainder of

year

2023, debt

service at

the BHCs

is approximately

$40 million,

including $8

million from

the 6.125%

unsecured senior

debt through

maturity in

September

2023.

Additionally,

the

Corporation’s

latest

quarterly

dividend

was

$0.55

per

approximately

$40

million

per

quarter.

The BHCs have in

the past borrowed in the

corporate debt market primarily to finance

their non-banking subsidiaries and refinance

debt obligations. These

sources of funding

are more costly

due to the

fact that

two out of

the three principal

credit rating agencies

rate the Corporation below “investment grade”, which

affects the Corporation’s cost and

ability to raise funds in

the capital markets.

Factors that the Corporation

does not control, such

as the economic outlook,

interest rate volatility,

inflation, disruptions in the

debt

market, among others,

could also affect

its ability to

obtain funding. The

Corporation has an

automatic shelf registration

statement

filed and effective

with the Securities and Exchange

Commission, which permits the Corporation

to issue an

unspecified amount of

debt or equity securities.

Non-Banking Subsidiaries

The

principal

sources

funding

for

the

non-banking

subsidiaries

include

internally

generated

cash

flows

from

operations,

loan

sales, repurchase agreements, capital

injections and borrowed funds

from their direct

parent companies or the

holding companies.

The principal uses of funds for the non-banking

subsidiaries include repayment of maturing debt,

operational expenses and payment

of dividends to the

BHCs. The liquidity needs

of the non-banking subsidiaries

are minimal since most

of them are

funded internally

from operating cash flows or from intercompany borrowings

or capital contributions from their holding companies.

Dividends

During the

quarter ended March

31, 2023,

the Corporation

declared cash

dividends of

$0.55 per common

share outstanding ($40

million in the

aggregate). The dividends for the

Corporation’s Series A preferred

stock amounted to $0.4

million. During the quarter

ended

March

31,

2023,

the

BHCs

received

dividends

amounting

$50

million

from

BPPR.

Dividends

from

BPPR

constitute

Popular, Inc.’s primary source of liquidity.

Other Funding Sources and Capital

In addition

to cash

reserves held

at the

FRB that

totaled $

6.1 billion

at March

31,2023,

the debt

securities portfolio

provides an

additional

source

liquidity,

which

may

realized

through

either

securities

sales,

collateralized

borrowings

repurchase

agreements.

The

Corporation’s

debt

securities

portfolio

consists

primarily

liquid

U.S.

government

debt

securities,

U.S.

government

sponsored

agency

debt

securities,

U.S.

government

sponsored

agency

mortgage-backed

securities,

and

U.S.

government

sponsored

agency

collateralized

mortgage

obligations

that

can

used

raise

funds

the

repo

markets.

The

143

availability

the

repurchase

agreement

would

subject

having

sufficient

unpledged

collateral

available

the

time

the

transactions are to be consummated, in addition to overall liquidity and risk appetite of the various counterparties. The Corporation’s

unpledged debt securities amounted to $ 8.0 billion at March 31, 2023

and $ 7.8 billion at December 31, 2022. A substantial portion

of these

debt securities

could be

used to

raise financing

in the

U.S. money

markets or

from secured

lending sources,

subject to

changes in their fair market value and customary adjustments

(haircuts).

Additional liquidity may

be provided through

loan maturities, prepayments

and sales. The

loan portfolio can

also be used

to obtain

funding in the capital markets. In particular,

mortgage loans and some types of consumer loans, have

secondary markets which the

Corporation could use.

Off-Balance Sheet arrangements and other commitments

In the ordinary course

of business, the Corporation

engages in financial transactions that

are not recorded on

the balance sheet or

may be recorded on the balance sheet in amounts that are different than the full contract or notional amount of the transaction. As a

provider of

financial services,

the Corporation

routinely enters

into commitments

with off-balance

sheet risk

to meet

the financial

needs of

its customers. These

commitments may include

loan commitments and

standby letters of

credit. These commitments

are

subject

the

same

credit

policies

and

approval

process

used

for

on-balance

sheet

instruments.

These

instruments

involve,

varying degrees, elements

of credit and

interest rate risk

in excess of

the amount recognized

in the statement

of financial position.

Refer to

Note 21

to the

Consolidated Financial

Statements for

information on

the Corporation’s

commitments to

extent credit

and

other non-credit commitments.

Other types

of off-balance

sheet arrangements

that the

Corporation enters

in the

ordinary course

of business

include derivatives,

operating

leases

and

provision

guarantees,

indemnifications,

and

representation

and

warranties.

Refer

Note

the

Consolidated Financial Statements for information on operating leases and

to Note 20 to the

Consolidated Financial Statements for

detailed

discussion

the

Corporation’s

obligations

under

credit

recourse

and

representation

and

warranties

arrangements.

The Corporation monitors its cash requirements, including

its contractual obligations and debt commitments.

FDIC Special Assessments

On March

12 and

13, 2023,

following the

closures of

Silicon Valley

Bank (“SVB”)

and Signature Bank

and the

appointment of the

FDIC as the

receiver for those

banks, the FDIC announced

that, under the

systemic risk exception set

forth in the

Federal Deposit

Insurance Act (“FDIA”),

all insured and

uninsured deposits of those

banks were transferred to

the respective bridge

banks for SVB

and Signature Bank.

The FDIC

also announced

that, as

required by

the FDIA,

any losses

to the

Deposit Insurance

Fund (“DIF”)

to support

uninsured

depositors

would

recovered

special

assessment.

Under

the

FDIA,

the

assessment

may

insured

depository

institutions,

depository

institution

holding

companies

(with

the

concurrence

the

Treasury

Secretary),

both,

the

FDIC

determines to

appropriate.

March 2023

testimony

before

Congress, the

Chairman of

the

FDIC

stated

that

the

FDIC

then

preliminarily estimated the

losses to the

DIF of

resolving SVB and

Signature Bank to

be $22.5

billion in the

aggregate.

The FDIA

provides that the special assessment will be prescribed through regulation, and the Chairman also noted in the same

testimony that

the FDIC

intends to

issue a

proposed rulemaking

for the

assessment in

May 2023.

The FDIC

has discretion

with respect

to the

design and

timeframe for

any special

assessment, and,

under the

FDIA, the

FDIC may

consider the

types of

entities that

benefit

from the action taken, economic conditions, the effects on the industry, and such other factors as the FDIC deems appropriate.

The

timing, amount and

allocation of the special

assessment that will be

imposed on banking organizations

is uncertain, but

the impact

of the special assessment on our noninterest

expense and results of operations may be

material.

Financial information of guarantor and issuers of registered

guaranteed securities

The Corporation (not

including any of

its subsidiaries, “PIHC”)

is the parent

holding company of

Popular North America

“PNA” and

has other subsidiaries through which it

conducts its financial services operations. PNA is

an operating, 100% subsidiary of Popular,

Inc.

Holding Company

(“PIHC”) and

is the

holding company

of its

wholly-owned subsidiaries:

Equity One,

Inc.

and PB,

including

PB’s wholly-owned subsidiaries Popular Equipment Finance,

LLC, Popular Insurance Agency, U.S.A., and E-LOAN, Inc.

PNA

has

issued

junior

subordinated

debentures

guaranteed

PIHC

(together

with

PNA,

the

“obligor

group”)

purchased

statutory trusts

established by

the Corporation.

These debentures

were purchased

by the

statutory trust

using the

proceeds from

144

trust preferred securities issued to the public (referred to as

“capital securities”), together with the proceeds of the related issuances

of common securities of the trusts.

PIHC

fully

and

unconditionally

guarantees

the

junior

subordinated

debentures

issued

PNA.

PIHC’s

obligation

make

guarantee payment may be satisfied by direct

payment of the required amounts to the

holders of the applicable capital securities or

by causing the applicable trust to pay such amounts to such holders. Each guarantee does not apply to any payment of distributions

the

applicable

trust

except

the

extent

such

trust

has

funds

available

for

such

payments.

PIHC

does

not

make

interest

payments on the

debentures held by such

trust, such trust

will not pay

distributions on the

applicable capital securities and

will not

have

funds

available

for

such

payments.

PIHC’s

guarantee

PNA’s

junior

subordinated

debentures

unsecured

and

ranks

subordinate and junior in

right of payment to

all the PIHC’s other

liabilities in the same manner

as the applicable debentures as

set

forth in the applicable indentures; and equally with all other guarantees

that the PIHC issues. The guarantee constitutes a guarantee

payment

and

not

collection,

which means

that

the

guaranteed party

may

sue

the

guarantor to

enforce its

rights

under the

respective guarantee without suing any other person

or entity.

The

principal

sources

funding

for

PIHC

and

PNA

have

included

dividends

received

from

their

banking

and

non-banking

subsidiaries, asset

sales and

proceeds from

the issuance

of debt

and equity.

As further

described below,

in the

Risk to

Liquidity

section, various statutory

provisions limit the

amount of dividends

an insured depository

institution may pay

to its holding

company

without regulatory approval.

The following

summarized financial information

presents the financial

position of

the obligor

group, on a

combined basis

at March

31, 2023

and December

31, 2022,

and the

results of

their operations

for the

period ended

March 31,

2023 and

March 31,

2022.

Investments in and

equity in the

earnings from the

other subsidiaries and

affiliates that are

not members of

the obligor group

have

been excluded.

The

summarized

financial

information

the

obligor

group

presented

combined

basis

with

intercompany

balances

and

transactions

between

entities

the

obligor

group

eliminated.

The

obligor

group's

amounts

due

from,

amounts

due

and

transactions with

subsidiaries and

affiliates

have been

presented in

separate line

items, if

they are

material.

addition, related

parties transactions are presented separately.

145

Table 16 - Summarized Statement

of Condition

(In thousands)

March 31, 2023

December 31, 2022

Assets

Cash and money market investments

593,315

203,083

Investment securities

27,406

24,815

Accounts receivables from non-obligor subsidiaries

15,060

16,853

Other loans (net of allowance for credit losses of $215 (2022

- $370))

27,671

27,826

Investment in equity method investees

5,350

Other assets

66,733

45,278

Total assets

735,535

323,205

Liabilities and Stockholders' deficit

Accounts payable to non-obligor subsidiaries

10,101

3,709

Notes payable

890,845

497,428

Other liabilities

116,276

112,847

Stockholders' deficit

(281,687)

(290,779)

Total liabilities and

stockholders' deficit

735,535

323,205

Table 17 - Summarized Statement

of Operations

For the quarters ended

(In thousands)

March 31, 2023

March 31, 2022

Income:

Dividends from non-obligor subsidiaries

50,000

450,000

Interest income from non-obligor subsidiaries and affiliates

810

204

Earnings from investments in equity method investees

8,105

Other operating income

1,146

(755)

Total income

51,956

457,554

Expenses:

Services provided by non-obligor subsidiaries and affiliates

(net of

reimbursement by subsidiaries for services provided by parent

$56,071 (2022 - $51,707))

4,989

3,867

Other operating expenses

4,486

4,637

Total expenses

9,475

8,504

Net income

42,481

449,050

During the

quarter ended

March 31,

2022, the

obligor group

recorded $0.6

million

dividend receivable

from

its

direct

equity method investees.

Risks to Liquidity

Total lines of credit outstanding, or available borrowing capacity under lines of credit are not necessarily

a measure of the total credit

available

continuing

basis.

Some

these

lines

could

subject

collateral

requirements,

changes

the

value

the

collateral, standards of

creditworthiness, leverage ratios

and other regulatory

requirements, among other factors.

Derivatives, such

those

embedded

long-term

repurchase

transactions

interest

rate

swaps,

and

off-balance

sheet

exposures,

such

146

recourse, performance bonds

or credit card

arrangements, are subject

to collateral requirements.

As their fair

value increases, the

collateral requirements may increase, thereby reducing

the balance of unpledged securities.

The importance of

the Puerto Rico

market for the

Corporation is an

additional risk factor

that could affect

its financing activities.

the case

of a

deterioration in economic

and fiscal conditions

in Puerto Rico,

the credit quality

of the

Corporation could be

affected

and result

in higher

credit costs.

Refer to

the Geographic

and Government

Risk section

of this

MD&A for

some highlights

on the

current status of the Puerto Rico economy and the ongoing

fiscal crisis.

Factors that the Corporation does not control, such as the economic

outlook and credit ratings of its principal markets and regulatory

changes,

could also

affect

its

ability to

obtain funding.

order to

prepare for

the

possibility of

such scenario,

management

has

adopted

contingency

plans

for

raising

financing

under

stress

scenarios

when

important

sources

funds

that

are

usually

fully

available

are

temporarily

unavailable. These

plans call

for

using

alternate

funding

mechanisms,

such

the

pledging

certain

asset classes

and accessing

secured credit

lines and

loan facilities

put in

place with

the FHLB

and the

FRB. The

Corporation is

subject to

positive tangible

capital

requirements to

utilize secured

loan facilities

with the

FHLB that

could

result in

a limitation

borrowing amounts or maturity terms, even if the Corporation

exceeds well-capitalized regulatory capital levels.

The credit

ratings of

Popular’s debt

obligations are

a relevant

factor for

liquidity because

they impact

the Corporation’s

ability to

borrow

the

capital

markets,

its

cost

and

access

funding

sources.

Credit

ratings

are

based

the

financial

strength,

credit

quality and

concentrations in

the loan

portfolio, the

level and

volatility of

earnings, capital

adequacy,

the quality

of management,

geographic concentration

in Puerto

Rico, the

liquidity of

the balance

sheet, the

availability of

a significant

base of

core retail

and

commercial deposits, and the Corporation’s ability to access

a broad array of wholesale funding sources,

among other factors.

Furthermore,

various

statutory

provisions

limit

the

amount

dividends

insured

depository

institution

may

pay

its

holding

company without

regulatory approval. A

member bank must

obtain the

approval of

the Federal

Reserve Board

for any

dividend, if

the total

of all

dividends declared

by the

member bank

during the

calendar year

would exceed

the total

of its

net income

for that

year,

combined with

its retained

net income

for the

preceding two

years, after

considering those

years’ dividend

activity,

less any

required transfers to surplus or to a

fund for the retirement of any

preferred stock. During the quarter ended March 31,

2023, BPPR

declared cash dividends of $50 million. At March 31, 2023, BPPR can declare a dividend of approximately $259 million without prior

approval of the Federal Reserve Board due to its retained income, declared

dividend activity and transfers to statutory reserves over

the measurement

period.

In addition,

a member

bank may

not declare

or pay

a dividend

in an

amount greater

than its

undivided

profits as reported in its Report of Condition and Income,

unless the member bank has received the

approval of the Federal Reserve

Board. A

member bank

also may

not permit

any portion

of its

permanent capital to

be withdrawn

unless the

withdrawal has

been

approved by

the Federal

Reserve Board. Pursuant

to these

requirements, PB may

not declare

or pay

a dividend

without the

prior

approval of the

Federal Reserve Board and

the NYSDFS. The

ability of a

bank subsidiary to

up-stream dividends to its

BHC could

thus

impacted

its

financial

performance

and

capital,

including

tangible

and

regulatory

capital,

thus

potentially

limiting

the

amount

cash

moving

the

BHCs

from

the

banking

subsidiaries.

This

could,

turn,

affect

the

BHCs

ability

declare

dividends on its outstanding common and preferred

stock, repurchase its securities or meet its debt obligations,

for example.

The Corporation’s banking subsidiaries have historically not

used unsecured capital market borrowings to finance

its operations, and

therefore are less sensitive to the level and

changes in the Corporation’s overall credit ratings.

Obligations Subject to Rating Triggers or Collateral Requirements

The

Corporation’s

banking

subsidiaries

currently

not

issue

unsecured

senior

debt,

these

banking

subsidiaries

are

funded

primarily with

deposits and

secured borrowings.

The banking

subsidiaries had

$8.7 million

in deposits

at March

31, 2023

that are

subject to rating triggers.

In addition,

certain mortgage servicing

and custodial agreements

that BPPR

has with

third parties

include rating covenants.

In the

event of a credit rating downgrade, the third parties have the right to require the institution to engage a substitute cash custodian for

escrow

deposits

and/or

increase

collateral

levels

securing

the

recourse

obligations.

Also,

discussed

Note

the

Consolidated

Financial

Statements,

the

Corporation

services

residential

mortgage

loans

subject

credit

recourse

provisions.

Certain

contractual

agreements

require

the

Corporation

post

collateral

secure

such

recourse

obligations

the

institution’s

required

credit

ratings

are

not

maintained.

Collateral

pledged

the

Corporation

secure

recourse

obligations

amounted

approximately

$28.2

million

March

31,

2023.

The

Corporation

could

required

post

additional

collateral

under

the

agreements.

Management

expects

that

would

able

meet

additional

collateral

requirements

and

when

needed.

The

requirements

post

collateral under

certain

agreements or

the

loss

escrow deposits

could

reduce

the

Corporation’s liquidity

resources and impact its operating results.

147

Credit Risk

Geographic and Government Risk

The Corporation is exposed to geographic and government risk.

The Corporation’s assets and revenue composition by geographical

area and by business segment reporting are presented

in Note 33 to the Consolidated Financial Statements.

Commonwealth of Puerto Rico

significant portion

our financial

activities and

credit

exposure is

concentrated in

the

Commonwealth of

Puerto Rico

(“Puerto

Rico”), which has faced severe economic and fiscal

challenges in the past and may face additional

challenges in the future.

Economic Performance.

Puerto

Rico’s

economy suffered

severe and

prolonged recession

from

2007

2017,

with real

gross national

product (“GNP”)

contracting approximately 15%

during this

period. In 2017,

Hurricane María caused

significant damage and

destruction across the

island, resulting in further economic contraction. Puerto Rico’s

economy has been gradually recovering since 2018, in

part aided by

the large amount

of federal disaster

relief and recovery

assistance funds injected

into the Puerto

Rico economy in

connection with

Hurricane María

and other

recent natural

disasters. This

growth was

interrupted by

the economic

shock caused

by the

COVID-19

pandemic in 2020, but has since resumed, in part

aided by additional federal assistance from

pandemic-related stimulus measures.

The

latest

Puerto

Rico

Economic Activity

Index,

published

the

Economic

Development Bank

for

Puerto

Rico

(the

“Economic

Activity Index”), reflected a 0.6% and

0.2% decrease in January and February

2023, respectively, compared to

the same months in

2022. During January and February

2023, the Economic Activity Index

increased by 0.5% and 0.3%,

respectively, in

a month-over-

month basis.

The Economic Activity Index is a coincident indicator of ongoing

economic activity but not a direct measurement of real

GNP.

In February

2023, the

Puerto Rico

Planning Board

revised its

real GNP

forecast for

the current

fiscal year

(July 2022-June

2023) from 1.7% growth to 0.7% growth, citing

an anticipated deacceleration in the global economy.

While the

Puerto Rico

economy has

not directly

tracked the

United States

economy in

recent years,

many of

the external

factors

that impact

the Puerto

Rico economy

are affected

by the

policies and performance

of the

United States

economy.

These external

factors include

the level

of interest

rates and

the rate

of inflation.

Inflation in

the United

States, as

measured by the

United States

Consumer Price Index (published by the U.S.

Bureau of Labor Statistics), increased 5.0% during

the 12-month period ended March

2023, mainly driven by pent-up demand and supply-chain

disruptions caused by the pandemic.

During the same period, inflation in

Puerto Rico, as measured by the Puerto Rico Consumer Price Index (published by the Department of Labor and Human Resources

of Puerto

Rico), increased 5.1%

for similar

reasons. The rate

of inflation has

slowed down

in recent months,

following a

mid-2022

peak, as the Federal Reserve has implemented a series

of benchmark interest rate increases. The speed and

scope of the inflation

slowdown will

inform if

and how

much

interest rates

will continue

increase, as

well how

these changes

will

impact the

United

States and Puerto Rico economies.

Fiscal Challenges.

As the

Puerto Rico

economy contracted, the

government’s public

debt rose

rapidly,

in part

from borrowing to

cover deficits

to pay

debt service,

pension benefits and

other government

expenditures. By 2016,

the Puerto

Rico government had

over $120

billion in

combined debt and unfunded pension liabilities, had

lost access to the capital markets, and was in

the midst of a fiscal crisis.

Puerto

Rico’s

escalating fiscal

and economic

challenges

and imminent

widespread defaults

its

public debt

prompted the

U.S.

Congress to

enact the

Puerto Rico

Oversight, Management,

and Economic

Stability Act

(“PROMESA”) in

June 2016.

PROMESA

created the “Oversight Board” with ample powers over Puerto Rico’s fiscal and economic affairs and those of its public corporations,

instrumentalities and municipalities (collectively,

“PR Government Entities”). Pursuant

to PROMESA, the

Oversight Board will be

place

until

market

access

restored

and

balanced

budgets

are

produced

for

least

four

consecutive

years.

PROMESA

also

established two

mechanisms for

the restructuring

of the

obligations of

PR Government

Entities: (a)

Title III,

which provides

an in-

court process that incorporates many of the

powers and provisions of the U.S. Bankruptcy Code

and permits adjustment of a broad

148

range of obligations, and

(b) Title VI,

which provides for a

largely out-of-court process through which

modifications to financial debt

can be accepted by a supermajority of creditors

and bind holdouts.

Since 2017, Puerto Rico and several

of its instrumentalities have availed themselves

of the debt restructuring mechanisms of Titles

III and VI of PROMESA. The Puerto Rico government emerged from Title III of PROMESA in March 2022. Several instrumentalities,

including Government

Development Bank for

Puerto Rico,

the Puerto

Rico Sales

Tax

Financing Corporation, and

the Puerto

Rico

Highways

and

Transportation

Authority,

have

also

completed

debt

restructurings

under

Titles

III

PROMESA.

While

the

majority

the

debt

has

already

been

restructured,

some

Government

Entities

still

face

significant

fiscal

challenges.

For

example, the

Puerto Rico

Electric Power

Authority is

still in

the process

of restructuring

its debts

under Title

III of

PROMESA and

other PR Government

Entities, such as

the Puerto Rico

Industrial Development Company,

have defaulted on

their bonds but

have

not commenced debt restructuring proceedings under

PROMESA.

Municipalities.

Puerto Rico’s fiscal and economic challenges have

also adversely impacted its municipalities. Budgetary subsidies to municipalities

have

gradually

declined

recent

years

and

are

scheduled

ultimately

eliminated

fiscal

year

2025

part

the

fiscal

measures

required

the

Oversight

Board.

According

the

latest

Puerto

Rico

fiscal

plan

certified

the

Oversight

Board,

municipalities

have

made

little

progress

towards

implementing

the

fiscal

discipline

required

reduce

reliance

these

budgetary appropriations and this

lack of fiscal

management may threaten the

ability of certain

municipalities to provide

necessary

services, such as health, sanitation, public safety

and emergency services to their residents, forcing them

to prioritize expenditures.

Municipalities

are

subject

PROMESA

and,

the

Oversight

Board’s

request,

are

required

submit

fiscal

plans

and

annual

budgets

the

Oversight

Board

for

its

review

and

approval.

They

are

also

required to

seek

Oversight

Board

approval

issue,

guarantee

modify

their

debts

and

enter

into

contracts

with an

aggregate

value

$10

million

more.

With

the

Oversight

Board’s approval, municipalities are also eligible to avail themselves of the debt restructuring processes provided by PROMESA. To

date, however, no municipality has been subject to any such debt restructuring

process.

Exposure of the Corporation

The credit

quality of BPPR’s

loan portfolio

reflects, among other

things, the

general economic conditions

in Puerto

Rico and

other

adverse conditions affecting Puerto

Rico consumers and businesses.

Deterioration in the Puerto

Rico economy has resulted

in the

past, and could

result in the future,

in higher delinquencies, greater

charge-offs and increased losses,

which could materially affect

our financial condition and results of operations.

At March

31, 2023,

the Corporation’s

direct exposure

to PR

Government Entities

totaled $353

million, of

which $324

million were

outstanding, compared

$374 million

December 31,

2022, of

which $327

million

were outstanding.

deterioration in

Puerto

Rico’s fiscal and

economic situation could adversely

affect the value

of our Puerto

Rico government obligations, resulting

in losses

us.

the

amount

outstanding,

$302

million

consists

loans

and

$22

million

are

securities

($302

million

and

$25

million,

respectively, at

December 31, 2022).

All of the

Corporation’s direct exposure

outstanding at March

31, 2023 were

obligations from

various

Puerto

Rico

municipalities.

most

cases,

these

were

“general

obligations”

municipality,

which

the

applicable

municipality

has

pledged its

good

faith, credit

and unlimited

taxing power,

“special obligations”

a municipality,

which the

applicable municipality has pledged basic property tax or sales tax revenues.

At March 31, 2023, 73% of the Corporation’s exposure

municipal

loans

and

securities

was

concentrated

the

municipalities

San

Juan,

Guaynabo,

Carolina

and

Bayamón.

For

additional discussion of the Corporation’s direct exposure to the Puerto

Rico government and its instrumentalities and municipalities,

refer to Note 21 – Commitments and Contingencies

to the Consolidated Financial Statements.

In addition, at March

31, 2023, the Corporation had

$245 million in loans

insured or securities issued by

Puerto Rico governmental

entities, but for

which the principal source

of repayment is

non-governmental ($251 million at December 31, 2022).

These included

$204 million in

residential mortgage loans insured

by the Puerto

Rico Housing Finance Authority

(“HFA”), a

PR Government Entity

(December 31, 2022 - $209 million). These mortgage loans are secured by first mortgages on Puerto

Rico residential properties and

the

HFA

insurance

covers

losses

the

event

borrower

default

and

upon

the

satisfaction

certain

other

conditions.

The

Corporation also

had

March

31,

2023,

$41

million

in bonds

issued by

HFA

which

are secured

second

mortgage

loans on

Puerto Rico residential properties, and for which HFA also provides insurance to

cover losses in the event of a borrower default, and

upon the satisfaction of certain

other conditions (December 31, 2022 - $42

million). In the event that

the mortgage loans insured by

HFA and held

by the Corporation directly or those serving

as collateral for the HFA

bonds default and the collateral is

insufficient to

satisfy the outstanding balance of these loans, HFA’s

ability to honor its insurance will depend, among other factors, on the financial

149

condition

HFA

the

time

such

obligations

become

due

and

payable.

The

Corporation

does

not

consider

the

government

guarantee when estimating the credit losses associated

with this portfolio.

BPPR’s

commercial loan

portfolio also

includes loans

private borrowers

who

are service

providers, lessors,

suppliers or

have

other relationships with the government. These borrowers could be negatively

affected by a deterioration in the fiscal

and economic

situation

Government

Entities.

Similarly,

BPPR’s

mortgage

and

consumer

loan

portfolios

include

loans

government

employees

and

retirees,

which

could

also

negatively

affected

fiscal

measures,

such

employee

layoffs

furloughs

reductions in pension benefits, if the fiscal and economic

situation deteriorates.

As of March 31, 2023, BPPR had $15.5 billion in deposits from the Puerto Rico government, its instrumentalities, and municipalities.

The

rate

which

public

deposit

balances

may

decline is

uncertain and

difficult

predict.

The

amount

and

timing

any

such

reduction is

likely to

be impacted

by,

for example,

the speed

at which

federal assistance

is distributed

and the

financial condition,

liquidity and cash management practices of such entities,

as well as on the ability of BPPR to

maintain these customer relationships.

The

Corporation may

also have

direct

exposure with

regards to

avoidance and

other causes

action initiated

by the

Oversight

Board on behalf of the Commonwealth or other Title III debtors. For additional information regarding such exposure, refer to Note 21

to the Consolidated Financial Statements.

United States Virgin Islands

The

Corporation

has

operations

the

United

States

Virgin

Islands

(the

“USVI”)

and

has

credit

exposure

USVI

government

entities.

The USVI has

been experiencing a

number of fiscal

and economic challenges,

which could adversely

affect the

ability of its

public

corporations and instrumentalities to service their outstanding

debt obligations. PROMESA does not apply to the USVI

and, as such,

there

currently

federal

legislation

permitting

the

restructuring

the

debts

the

USVI

and

its

public

corporations

and

instrumentalities.

the extent that

the fiscal condition

of the USVI

continues to deteriorate, the

U.S. Congress or the

Government of the

USVI may

enact legislation allowing for the restructuring of the

financial obligations of USVI government entities or imposing

a stay on creditor

remedies, including by making PROMESA applicable

to the USVI.

At March

31, 2023,

the Corporation

had approximately

$28 million

in direct

exposure to

USVI government

entities (December 31,

2022 - $28 million).

British Virgin Islands

The Corporation has operations in the British Virgin Islands (“BVI”), which has been negatively affected by the COVID-19 pandemic,

particularly as

a reduction

in the

tourism activity

which accounts

for a

significant portion

of its

economy.

Although the

Corporation

has no

significant exposure to

a single

borrower in

the BVI,

at March 31,

2023, it

has a

loan portfolio amounting

to approximately

$210 million comprised of various retail and commercial

clients, compared to a loan portfolio of $214 million

at December 31, 2022.

U.S. Government

As further detailed in Notes

6 and 7 to the

Consolidated Financial Statements, a substantial portion of the

Corporation’s investment

securities

represented exposure

the

U.S.

Government in

the

form

U.S. Government

Popular, Inc. (Banco Popular de Puerto Rico) - 10-Q quarterly report FY2023 Q1

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