secwatch.observer — SEC 8-K summary
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Issuer:     POPULAR, INC. (BPOP)
CIK:        0000763901
Form:       8-K
Filed at:   2023-04-26T23:59:59+00:00
Accession:  0001193125-23-116885
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Popular Q1 net income $159.0M, down 38% from Q4; NIM 3.22%; $400M notes issued
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- Net income $159.0M, down from $257.1M in Q4 (which included $68.2M tax benefit); diluted EPS $2.22 vs $3.56.
- Net interest margin 3.22% (taxable equivalent 3.46%), down from 3.28% (3.64%) in Q4 2022.
- NPLs decreased $27.1M to 1.3% of loans; NCOs annualized 0.41% vs 0.39%; ACL coverage 2.13%.
- Loans increased $260.6M, deposits decreased $273.3M; total borrowings flat at $1.4B.
- Issued $400M 7.25% Senior Notes due 2028; intends to redeem $300M 6.125% notes due Sep 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763901/000119312523116885/0001193125-23-116885-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763901/000119312523116885/d461985d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-116885

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer