Popular : Q4 2022 Financial Tables

Popular, Inc.

Financial Supplement to Fourth Quarter 2022 Earnings Release

Table A - Selected Ratios and Other Information

Table B - Consolidated Statement of Operations

Table C - Consolidated Statement of Financial Condition

Table D - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - QUARTER

Table E - Analysis of Levels and Yields on a Taxable Equivalent Basis (Non-GAAP) - YEAR-TO-DATE

Table F - Mortgage Banking Activities and Other Service Fees

Table G - Loans and Deposits

Table H - Loan Delinquency - BPPR OPERATIONS

Table I - Loan Delinquency - POPULAR U.S. OPERATIONS

Table J - Loan Delinquency - CONSOLIDATED

Table K - Non-Performing Assets

Table L - Activity in Non-Performing Loans

Table M - Allowance for Credit Losses, Net Charge-offs and Related Ratios

Table N - Allowance for Credit Losses - Loan Portfolios - CONSOLIDATED

Table O - Allowance for Credit Losses - Loan Portfolios - BPPR OPERATIONS

Table P - Allowance for Credit Losses - Loan Portfolios - POPULAR U.S. OPERATIONS

Table Q - Reconciliation to GAAP Financial Measures

POPULAR, INC.

Financial Supplement to Fourth Quarter 2022 Earnings Release Table A - Selected Ratios and Other Information (Unaudited)

		Quarters ended		Years ended
	31-Dec-22	30-Sep-22	31-Dec-21	31-Dec-22	31-Dec-21
Basic EPS	$3.56	$5.71	$2.59	$14.65	$11.49
Diluted EPS	$3.56	$5.70	$2.58	$14.63	$11.46
Average common shares outstanding	72,101,177	73,955,184	79,477,823	75,147,263	81,263,027
Average common shares outstanding - assuming dilution	72,192,680	74,057,332	79,652,836	75,274,003	81,420,154
Common shares outstanding at end of period	71,853,720	72,673,344	79,851,169	71,853,720	79,851,169
Market value per common share	$66.32	$72.06	$82.04	$66.32	$82.04
Market capitalization - (In millions)	$4,765	$5,237	$6,551	$4,765	$6,551
Return on average assets	1.46%	2.31%	1.09%	1.52%	1.31%
Return on average common equity	16.59%	27.72%	13.74%	18.39%	16.22%
Net interest margin (non-taxable equivalent basis)	3.28%	3.32%	2.78%	3.11%	2.88%
Net interest margin (taxable equivalent basis) -non-GAAP	3.64%	3.71%	3.02%	3.46%	3.19%
Common equity per share	$56.66	$50.26	$74.48	$56.66	$74.48
Tangible common book value per common share (non-GAAP) [1]	$44.97	$38.69	$65.26	$44.97	$65.26
Tangible common equity to tangible assets (non-GAAP) [1]	4.84%	4.02%	7.01%	4.84%	7.01%
Return on average tangible common equity [1]	19.23%	31.86%	15.66%	21.13%	18.47%
Tier 1 capital	16.45%	16.10%	17.49%	16.45%	17.49%
Total capital	18.26%	17.92%	19.35%	18.26%	19.35%
Tier 1 leverage	8.15%	7.65%	7.41%	8.15%	7.41%
Common Equity Tier 1 capital	16.39%	16.04%	17.42%	16.39%	17.42%
[1] Refer to Table Q for reconciliation to GAAP financial measures.

POPULAR, INC.

Financial Supplement to Fourth Quarter 2022 Earnings Release Table B - Consolidated Statement of Operations (Unaudited)

	Quarters ended	Variance	Quarter ended	Variance	Years ended
			Q4 2022		Q4 2022
(In thousands, except per share information)	31-Dec-22	30-Sep-22	vs. Q3 2022	31-Dec-21	vs. Q4 2021	31-Dec-22	31-Dec-21
Interest income:
Loans	$522,042	$481,088	$40,954	$444,101	$77,941	$1,876,166	$1,747,827
Money market investments	50,908	36,966	13,942	6,847	44,061	118,080	21,147
Investment securities	140,244	133,181	7,063	88,315	51,929	471,665	353,663
Total interest income	713,194	651,235	61,959	539,263	173,931	2,465,911	2,122,637
Interest expense:
Deposits	139,338	60,897	78,441	26,331	113,007	252,845	111,621
Short-term borrowings	4,488	921	3,567	60	4,428	5,737	319
Long-term debt	9,802	9,798	4	11,589	(1,787)	39,970	53,107
Total interest expense	153,628	71,616	82,012	37,980	115,648	298,552	165,047
Net interest income	559,566	579,619	(20,053)	501,283	58,283	2,167,359	1,957,590
Provision for credit losses (benefit)	49,531	39,637	9,894	(33,050)	82,581	83,030	(193,464)
Net interest income after provision for credit losses (benefit)	510,035	539,982	(29,947)	534,333	(24,298)	2,084,329	2,151,054
Service charges on deposit accounts	34,682	40,006	(5,324)	41,613	(6,931)	157,210	162,698
Other service fees	89,022	86,402	2,620	83,793	5,229	334,009	311,248
Mortgage banking activities	6,562	9,448	(2,886)	17,035	(10,473)	42,450	50,133
Net gain on sale of debt securities	-	-	-	-	-	-	23
Net gain (loss), including impairment, on equity securities	317	(1,448)	1,765	(1,454)	1,771	(7,334)	131
Net gain (loss) on trading account debt securities	162	(274)	436	(355)	517	(784)	(389)
Net loss on sale of loans, including valuation adjustments on
loans held-for-sale	-	-	-	-	-	-	(73)
Adjustments to indemnity reserves on loans sold	(221)	1,715	(1,936)	1,398	(1,619)	919	4,406
Other operating income	27,941	290,645	(262,704)	22,647	5,294	370,592	113,951
Total non-interest income	158,465	426,494	(268,029)	164,677	(6,212)	897,062	642,128
Operating expenses:
Personnel costs
Salaries	116,503	115,887	616	96,830	19,673	432,910	371,644
Commissions, incentives and other bonuses	39,570	42,209	(2,639)	34,853	4,717	155,889	142,212
Pension, postretirement and medical insurance	12,452	17,120	(4,668)	13,971	(1,519)	56,085	52,077
Other personnel costs, including payroll taxes	21,612	18,627	2,985	14,818	6,794	74,880	65,869
Total personnel costs	190,137	193,843	(3,706)	160,472	29,665	719,764	631,802
Net occupancy expenses	27,812	27,420	392	26,755	1,057	106,169	102,226
Equipment expenses	9,828	8,735	1,093	9,656	172	35,626	32,919
Other taxes	16,142	15,966	176	15,160	982	63,603	56,783
Professional fees	49,159	47,662	1,497	32,607	16,552	172,043	126,721
Technology and software expenses	78,264	68,341	9,923	70,916	7,348	291,902	277,979
Processing and transactional services
Credit and debit cards	10,278	13,531	(3,253)	7,578	2,700	45,455	40,383
Other processing and transactional services	22,509	18,837	3,672	21,370	1,139	81,690	80,984
Total processing and transactional services	32,787	32,368	419	28,948	3,839	127,145	121,367
Communications	3,857	3,858	(1)	3,559	298	14,885	14,029
Business promotion
Rewards and customer loyal programs	13,538	14,344	(806)	11,752	1,786	51,832	38,919
Other business promotion	14,596	10,004	4,592	14,081	515	37,086	34,062
Total business promotion	28,134	24,348	3,786	25,833	2,301	88,918	72,981
FDIC deposit insurance	6,342	6,610	(268)	6,688	(346)	26,787	25,579
Other real estate owned (OREO) income	(9,180)	(2,444)	(6,736)	(3,860)	(5,320)	(22,143)	(14,414)

Other operating expenses
Operational losses	9,018	7,145	1,873	16,820	(7,802)	32,049	38,391
All other	18,614	32,448	(13,834)	17,795	819	77,397	53,778
Total other operating expenses	27,632	39,593	(11,961)	34,615	(6,983)	109,446	92,169
Amortization of intangibles	794	795	(1)	6,045	(5,251)	3,275	9,134
Goodwill impairment charge	-	9,000	(9,000)	-	-	9,000	-
Total operating expenses	461,708	476,095	(14,387)	417,394	44,314	1,746,420	1,549,275
Income before income tax	206,792	490,381	(283,589)	281,616	(74,824)	1,234,971	1,243,907
Income tax (benefit) expense	(50,347)	67,986	(118,333)	75,552	(125,899)	132,330	309,018
Net income	$257,139	$422,395	$(165,256)	$206,064	$51,075	$1,102,641	$934,889
Net income applicable to common stock	$256,786	$422,042	$(165,256)	$205,711	$51,075	$1,101,229	$933,477
Net income per common share - basic	$3.56	$5.71	$(2.15)	$2.59	$0.97	$14.65	$11.49
Net income per common share - diluted	$3.56	$5.70	$(2.14)	$2.58	$0.98	$14.63	$11.46
Dividends Declared per Common Share	$0.55	$0.55	$-	$0.45	$0.10	$2.20	$1.75

Popular, Inc.

Financial Supplement to Fourth Quarter 2022 Earnings Release Table C - Consolidated Statement of Financial Condition (Unaudited)

				Variance
				Q4 2022 vs.
(In thousands)	31-Dec-22	30-Sep-22	31-Dec-21	Q3 2022
Assets:
Cash and due from banks	$469,501	$2,017,312	$428,433	$(1,547,811)
Money market investments	5,614,595	3,975,048	17,536,719	1,639,547
Trading account debt securities, at fair value	27,723	30,271	29,711	(2,548)
Debt securities available-for-sale, at fair value	17,804,374	28,264,148	24,968,269	(10,459,774)
Debt securities held-to-maturity, at amortized cost	8,525,366	1,953,710	79,461	6,571,656
Less: Allowance for credit losses	6,911	7,210	8,096	(299)
Total debt securities held-to-maturity, net	8,518,455	1,946,500	71,365	6,571,955
Equity securities	195,854	185,923	189,977	9,931
Loans held-for-sale, at lower of cost or fair value	5,381	8,065	59,168	(2,684)
Loans held-in-portfolio	32,372,925	31,805,921	29,506,225	567,004
Less: Unearned income	295,156	282,733	265,668	12,423
Allowance for credit losses	720,302	703,096	695,366	17,206
Total loans held-in-portfolio, net	31,357,467	30,820,092	28,545,191	537,375
Premises and equipment, net	498,711	492,685	494,240	6,026
Other real estate	89,126	93,239	85,077	(4,113)
Accrued income receivable	240,195	224,307	203,096	15,888
Mortgage servicing rights, at fair value	128,350	130,541	121,570	(2,191)
Other assets	1,847,813	1,700,378	1,628,571	147,435
Goodwill	827,428	827,428	720,293	-
Other intangible assets	12,944	13,738	16,219	(794)
Total assets	$67,637,917	$70,729,675	$75,097,899	$(3,091,758)
Liabilities and Stockholders' Equity:
Liabilities:
Deposits:
Non-interest bearing	$15,960,557	$17,605,339	$15,684,482	$(1,644,782)
Interest bearing	45,266,670	47,213,988	51,320,606	(1,947,318)
Total deposits	61,227,227	64,819,327	67,005,088	(3,592,100)
Assets sold under agreements to repurchase	148,609	162,450	91,603	(13,841)
Other short-term borrowings	365,000	250,000	75,000	115,000
Notes payable	886,710	888,534	988,563	(1,824)
Other liabilities	916,946	934,526	968,248	(17,580)
Total liabilities	63,544,492	67,054,837	69,128,502	(3,510,345)
Stockholders' equity:
Preferred stock	22,143	22,143	22,143	-
Common stock	1,047	1,046	1,046	1
Surplus	4,790,993	4,652,508	4,650,182	138,485
Retained earnings	3,834,348	3,694,020	2,973,745	140,328
Treasury stock	(2,030,178)	(1,970,548)	(1,352,650)	(59,630)
Accumulated other comprehensive loss, net of tax	(2,524,928)	(2,724,331)	(325,069)	199,403
Total stockholders' equity	4,093,425	3,674,838	5,969,397	418,587
Total liabilities and stockholders' equity	$67,637,917	$70,729,675	$75,097,899	$(3,091,758)