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2024-08-27 17:36 PRESS RELEASES Investor Relations Popular , Inc. Announces First Quarter 2021 Financial Results Search Entire IR Site Press Releases Only Filings Only Popular , Inc. Announces First Quarter 2021 Financial Results Company Release - 4/28/2021 ⚫ Net income of $ 262.6 million in Q1 2021 , compared to net income of $ 176.3 million in Q4 2020 . • Net interest margin of 3.07 % in Q1 2021 , compared to 3.04 % in Q4 2020 ; net interest margin on a taxable equivalent basis of 3.39 % in Q1 2021 , compared to 3.35 % in Q4 2020 . Credit Quality : ⚫ Non - performing loans held - in - portfolio ( " NPLs " ) decreased by $ 39.6 million from Q4 2020 ; NPLs to loans ratio at 2.4 % vs. 2.5 % in Q4 2020 ; ⚫ Net charge - offs ( " NCOS " ) decreased by $ 21.0 million from Q4 2020 ; NCOs at 0.29 % of average loans held - in - portfolio vs. 0.58 % in Q4 2020 ; • Allowance for credit losses ( " ACL " ) to loans held - in - portfolio at 2.75 % vs. 3.05 % in Q4 2020 ; and ACL to NPLs at 114.7 % vs. 121.5 % in Q4 2020 . Common Equity Tier 1 ratio of 17.15 % , Common Equity per Share of $ 69.63 and Tangible Book Value per Share of $ 61.42 at March 31 , 2021 . SAN JUAN , Puerto Rico -- ( BUSINESS WIRE ) -- Popular , Inc. ( the " Corporation , " " Popular , " " we , " " us , " " our " ) ( NASDAQ : BPOP ) reported net income of $ 262.6 million for the quarter ended March 31 , 2021 , compared to net income of $ 176.3 million for the quarter ended December 31 , 2020 . Ignacio Alvarez , President and Chief Executive Officer , said : " We got off to a strong start in 2021 , earning $ 262.6 million in the quarter , and are optimistic about the economy and our opportunities for the remainder of the year . Our results include a benefit in the provision for credit losses of $ 82.2 million due to an improving macro - economic environment and lower credit losses . Even after the benefit , our allowance for credit losses stands at $ 800 million or 2.75 % of loans - held - in- portfolio . Our capital levels remain strong , which , as evidenced by the recently announced capital actions for 2021 , allows us to meet the needs of our customers as we prudently return capital to our shareholders . Our colleagues continued to achieve impressive results under challenging circumstances . We experienced growth in our top line revenue , which benefited from PPP - related income and an increase in the value of our mortgage servicing rights . We also achieved record level of deposits and additional growth in active users of our digital platforms . Notwithstanding the demographic challenges we face in Puerto Rico , we added 12,000 new customers during the quarter . We also continue to support our small and middle market clients , approving close to 13,000 loans amounting to $ 478 million in PPP funding during the quarter . I am especially proud of how we have partnered with local health authorities and community organizations by lending our facilities and personnel to help accelerate vaccination efforts in Puerto Rico . As the data has demonstrated , massive vaccination is key to controlling the virus , and we are encouraged by the pace of vaccination , particularly on the island . I am happy to report that 80 % of our employees in Puerto Rico have received at least one dose of the vaccine . We still have more to do in our other markets , and we are committed to encouraging and facilitating vaccination opportunities to all our colleagues . https://investor.popular.com/eng/press-releases/news-details/2021/Popular-Inc.-Announces-First-Quarter-2021-Financial-Results/default.aspx 1/33