• The Bank of America of Puerto Rico.
• A diversified regional bank like US Bancorp, with its core market in Puerto Rico.

• Deposits: Popular offers a range of checking, savings, and money market accounts for individuals and businesses.
• Loans: The company provides various lending products, including commercial, residential mortgage, and consumer loans.
• Credit Cards: Popular issues credit cards to both individual consumers and businesses.
• Wealth Management: This service includes investment advisory, brokerage, and trust services for individuals and institutions.

Popular, Inc. (symbol: BPOP) is a financial holding company that operates primarily through its banking subsidiaries, Banco Popular de Puerto Rico and Popular Bank. As such, it sells financial products and services primarily to individuals and businesses, rather than to a few major corporate customers.

The company serves the following categories of customers:

1. Individual Consumers: This category includes individuals and families who utilize a wide range of personal banking services such as checking and savings accounts, mortgage loans, auto loans, personal loans, credit cards, and other consumer financing products.
2. Small and Medium-sized Businesses (SMBs): Popular provides commercial banking services to a diverse portfolio of small and medium-sized businesses. These services include business checking and savings accounts, commercial loans, lines of credit, treasury management services, and merchant services to help businesses manage their finances and operations.
3. Corporations and Institutional Clients: This category encompasses larger businesses, corporations, and institutional clients that require more comprehensive financial solutions. These services can include larger-scale commercial and industrial loans, specialized cash management solutions, international trade financing, and other tailored banking services to meet their complex financial needs.

Javier D. Ferrer President & Chief Executive Officer
Mr. Ferrer has been the President and Chief Executive Officer of Popular, Banco Popular de Puerto Rico, and Popular Bank since July 1, 2025. He previously served as President of Popular, BPPR, and Popular Bank since May 2024 and as Chief Operating Officer of Popular and BPPR from January 2022 to June 2025. Mr. Ferrer joined Popular in 2014 as Chief Legal Officer and General Counsel. Prior to joining Popular, he was a founding partner of Pietrantoni Méndez & Alvarez LLC, a law firm based in San Juan, Puerto Rico. He also served as President/Vice-President Chairman of the Board for the Government Development Bank for Puerto Rico.

Jorge J. García Executive Vice President and Chief Financial Officer
Mr. García has been Executive Vice President and Chief Financial Officer of Popular since April 1, 2024. He previously served as Senior Vice President, Corporate Comptroller, and Chief Accounting Officer of Popular from March 2012 to April 2024. Mr. García joined Popular in 2005. From June 2009 to March 2012, he was Senior Vice President and Director of Finance and Accounting of Popular Bank, Popular’s banking subsidiary in the mainland United States.

Jose R. Coleman Tio Executive Vice President, Chief Legal Officer & Corporate Secretary
Mr. Coleman Tio has been the Executive Vice President, Chief Legal Officer, and General Counsel of Popular since February 2022, also serving as Corporate Secretary. He held the position of Deputy General Counsel and Senior Vice President from February 2017 to December 2021. Prior to Popular, he held various roles at the Government Development Bank for Puerto Rico from January 2013 to May 2016, including General Counsel and Executive Vice President.

Eli S. Sepúlveda Executive Vice President, Commercial Credit and Services Group
Mr. Sepúlveda has served as Executive Vice President of Popular since February 2010 and of Banco Popular de Puerto Rico (BPPR) since December 2009. He has been the supervisor in charge of the Commercial Credit and Services Group since May 2023, and previously led the Commercial Credit Group in Puerto Rico from January 2010 to April 2023. Mr. Sepúlveda has been a member of the Board of Managers of the Puerto Rico Idea Seed Fund, LLC since December 2016.

Camille Burckhart Executive Vice President, Chief Information & Digital Strategy Officer, Innovation Technology & Operations Group
Ms. Burckhart serves as Executive Vice President, Chief Information & Digital Strategy Officer, Innovation Technology & Operations Group at Popular, Inc.

Fintech and Neobanks. These digital-first financial institutions offer lower fees, superior user experiences, and often target specific demographics, directly competing with traditional banks for deposits, lending, and payment services. Their lean operational models and technology-driven approaches allow them to erode market share from established players like BPOP, particularly among younger and digitally-savvy customers who prioritize convenience and cost-effectiveness over physical branch networks.

Big Tech's expansion into Financial Services. Companies such as Apple, Google, Amazon, and Meta are increasingly leveraging their vast customer bases, data insights, and technological prowess to offer financial products and services, including payments, lending, and even partnerships for banking accounts. While often operating through partnerships with existing banks, these tech giants can disintermediate traditional financial institutions from the customer relationship, owning the user interface and potentially capturing lucrative revenue streams, thereby reducing traditional banks to backend utility providers.

Popular, Inc. (BPOP) primarily offers retail, mortgage, and commercial banking products and services across Puerto Rico, the United States (specifically Florida, New York, and New Jersey), and the British Virgin Islands. The addressable markets for their main products and services vary by region and product type.

United States Market

• Commercial Banking: The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025 and is projected to reach USD 915.45 billion by 2030, with a compound annual growth rate (CAGR) of 4.56%. Another estimate values the U.S. commercial banking market at USD 1.6 trillion in 2025.
• Retail Banking: The U.S. retail banking market is valued at USD 0.87 trillion in 2025 and is forecasted to reach USD 1.08 trillion by 2030, growing at a CAGR of 4.22% during that period. This market is also projected to increase by USD 92.1 billion at a CAGR of 4.2% between 2024 and 2029.
• Mortgage Lending: The U.S. home loan market is substantial, reaching USD 2.29 trillion in 2025 and forecasted to grow to USD 3.02 trillion by 2030, with a CAGR of 5.63%. Separately, the mortgage lender market size was valued at USD 1.15 trillion in 2024, is projected to reach USD 1.29 trillion in 2025 (CAGR of 12.1%), and is expected to grow to USD 2.04 trillion by 2029 (CAGR of 12.2%).

Puerto Rico Market

In Puerto Rico, Popular, Inc. is a dominant financial institution. While a single comprehensive market size figure for all banking services is not readily available, several indicators highlight the market's scale:

• Overall Banking Sector: As of December 2019, commercial banks in Puerto Rico managed approximately USD 59 billion in deposit balances. The total loan and lease balances held by commercial banks in Puerto Rico reached USD 45.5 billion as of December 2019, representing about 76% of the total market.
• Lending Activity: In 2019, commercial banks originated approximately USD 6.1 billion in personal consumer, mortgage, and commercial loans. The banking sector's loan portfolio increased by 8.2% in 2023, driven by personal consumer, auto, and commercial lending activity.
• Mortgage Lending: The mortgage portfolio represents 25% of the total lending business for the banking industry in Puerto Rico. Mortgage originations in Puerto Rico were approximately USD 1.9 billion in 2023. The Puerto Rico Home Mortgage Finance Market is expected to register a CAGR of greater than 1.5% during the forecast period.

1. Robust Loan Growth, particularly in Commercial and Construction Lending: Popular, Inc. has demonstrated consistent loan growth, especially in its commercial and construction portfolios in both Puerto Rico (BPPR) and U.S. operations. In Q3 2025, loans held in portfolio increased by $502 million, or 1.3% quarter-over-quarter, driven primarily by these segments. This trend is expected to continue, with loan growth serving as a key driver for net interest income (NII) expansion. Popular has signaled a 4%-5% loan growth target for 2025.
2. Expansion of Net Interest Margin (NIM): The company has successfully expanded its net interest margin, which increased by 2 basis points to 3.51% in Q3 2025. On a fully taxable equivalent basis, the margin saw an even stronger increase of 5 basis points to 3.90%. This expansion is attributed to higher average deposit balances, disciplined deposit pricing, and higher income from investment securities. NII for 2025 is projected to grow by 10% to 11%, supported by fixed asset repricing and further NIM expansion.
3. Growth in Wealth Management Business: Popular's broker-dealer assets under management increased by $905 million to $11.7 billion, representing 8% growth since Q4 2024. This demonstrates momentum in its wealth management business, suggesting that continued expansion in this area will contribute to non-interest income growth.
4. Digital Transformation and Enhanced Digital Banking Capabilities: Popular is actively advancing its digital transformation, including the launch of fully online loan origination processes and the expansion of digital banking capabilities. These planned investments in digital platforms and infrastructure are expected to enhance customer experience, improve operational efficiency, and strengthen long-term revenue growth through increased customer acquisition and operational scale. Analysts highlight the positive impact of enhanced digital services on customer growth.
5. Strategic Focus on Customer Centricity and Operational Efficiency: Popular introduced a new strategic framework in its Q3 2025 presentation, emphasizing customer centricity, operational efficiency, and performance excellence. While not direct revenue drivers, these interconnected priorities are expected to position the company for sustainable growth. Operational efficiency gains from digital upgrades are noted as boosting long-term margins and contributing to revenue stability.

Share Repurchases

• Popular, Inc. repurchased approximately 1.0 million shares for $119.4 million in Q3 2025.
• In Q2 2025, 1,136,390 shares were repurchased for $112.0 million.
• During 2024, the company repurchased 2.26 million shares of common stock for approximately $217.3 million under a $500 million authorization.
• A new common stock repurchase program of up to $500 million was authorized on July 16, 2025, in addition to the $500 million program announced on July 24, 2024. As of July 15, 2025, approximately $32.8 million remained available under the 2024 program.

Capital Expenditures

• Popular, Inc.'s capital expenditures were $213.41 million in 2024.
• Capital expenditures were $208.04 million in 2023.
• In 2022, capital expenditures amounted to $103.79 million.