secwatch.observer — SEC 8-K summary
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Issuer:     POPULAR, INC. (BPOP)
CIK:        0000763901
Form:       8-K
Filed at:   2023-07-26T23:59:59+00:00
Accession:  0001193125-23-194095
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Popular Q2 2023 net income $151.2M, down 5% QoQ; NIM narrows to 3.14%
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- Net income $151.2M ($2.10 diluted EPS) vs $159.0M ($2.22) in Q1 2023; net interest income stable at $531.7M.
- Net interest margin 3.14% (3.29% tax-equiv) vs 3.22% in Q1; deposit costs rose but loan growth offset.
- Loans grew $692.5M and deposits increased $3.1B from Q1; non-performing loans fell $26.9M.
- Credit quality improved: annualized NCOs 0.29% (vs 0.41% in Q1); ACL to NPLs at 181.6%.
- CET1 ratio 16.87%, tangible book value $51.37; to redeem $300M of 6.125% notes on Aug 14.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763901/000119312523194095/0001193125-23-194095-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763901/000119312523194095/d523281d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-194095

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