POPULAR Business Summary

Popular, Inc. (BPOP) is a leading financial services holding company that generates revenue primarily through net interest income from its extensive commercial, consumer, and mortgage loan portfolios, as well as non-interest income derived from service charges, asset management, and insurance brokerage fees. The company operates through two primary segments: Banco Popular de Puerto Rico (BPPR), which maintains a dominant market share in Puerto Rico and the U.S. Virgin Islands, and Popular Bank, which provides retail and commercial banking services in the mainland United States, specifically in New York, New Jersey, and Florida. BPOP competes directly with regional institutions such as First BanCorp (FBP), OFG Bancorp (OFG), and mainland peers like Ameris Bancorp (ABCB) and Citizens Financial Group (CFG). As the largest financial institution in Puerto Rico, Popular, Inc. occupies a systemic leadership position, leveraging its deep-rooted brand equity and extensive branch network to maintain a lower cost of deposits relative to its local and regional competitors. Founded in 1893, Popular, Inc. is currently led by President and CEO Javier D. Ferrer, who assumed the role in July 2025 following the retirement of Ignacio Alvarez. The executive leadership team includes Jorge J. García as Chief Financial Officer and Camille Burckhart as Chief Information and Digital Strategy Officer, who spearheads the firm’s digital transformation and fintech integration. The board of directors is chaired by Richard L. Carrión, a pivotal figure whose family has guided the institution for over a century. The company is a staple in institutional portfolios, with major investors including BlackRock, Vanguard, and Wellington Management, reflecting its long-standing stability and significance within the Caribbean and U.S. regional banking sectors.