secwatch.observer — SEC 8-K summary
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Issuer:     POPULAR, INC. (BPOP)
CIK:        0000763901
Form:       8-K
Filed at:   2022-07-28T23:59:59+00:00
Accession:  0001193125-22-204191
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Popular Q2 net income $211.4M flat QoQ; net interest margin expands 34 bps to 3.09%
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- Net income $211.4M ($2.77 diluted EPS) vs $211.7M ($2.69) in Q1 2022; revenue up on higher NII and non-interest income.
- Net interest margin rose 34 bps to 3.09% (taxable-equivalent 3.45%) driven by higher rates and loan growth.
- Completed Evertec channel acquisition on July 1, 2022; paid with 4.59M Evertec shares valued at $169M, recording ~$112M after-tax gain.
- Completed $400M accelerated share repurchase on July 12, 2022, buying back 5.07M shares at $78.94 average.
- Credit quality improved: NPLs fell $42M to 1.57% of loans; net charge-offs low at 0.08% annualized; ACL coverage 142.7% of NPLs.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763901/000119312522204191/0001193125-22-204191-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763901/000119312522204191/d203637d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-204191

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