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2024-08-27 17:29 PRESS RELEASES Investor Relations Popular , Inc. Announces Third Quarter 2021 Financial Results Search Entire IR Site Press Releases Only Filings Only Popular , Inc. Announces Third Quarter 2021 Financial Results Company Release - 10/20/2021 ⚫ Net income of $ 248.1 million in Q3 2021 , compared to net income of $ 218.1 million in Q2 2021 . • • Net interest margin of 2.77 % in Q3 2021 , compared to 2.91 % in Q2 2021 ; net interest margin on a taxable equivalent basis of 3.04 % in Q3 2021 , compared to 3.22 % in Q2 2021 . Credit Quality : ⚫ Non - performing loans held - in - portfolio ( " NPLs " ) decreased by $ 52.3 million from Q2 2021 ; NPLs to loans ratio at 2.2 % vs. 2.4 % in Q2 2021 ; ⚫ Net charge - offs ( " NCOS " ) increased by $ 10.1 million from Q2 2021 ; NCOs at 0.12 % of average loans held - in - portfolio vs. ( 0.02 % ) in Q2 2021 ; Allowance for credit losses ( " ACL " ) to loans held - in - portfolio at 2.49 % vs. 2.70 % in Q2 2021 ; and ACL to NPLs at 113.6 % vs. 114.7 % in Q2 2021 . Common Equity Tier 1 ratio of 17.36 % , Common Equity per Share of $ 74.66 and Tangible Book Value per Share of $ 66.01 at September 30 , 2021 . SAN JUAN , Puerto Rico -- ( BUSINESS WIRE ) -- Popular , Inc. ( the " Corporation , " " Popular , " " we , " " us , " " our " ) ( NASDAQ : BPOP ) reported net income of $ 248.1 million for the quarter ended September 30 , 2021 , compared to net income of $ 218.1 million for the quarter ended June 30 , 2021 . Ignacio Alvarez , President and Chief Executive Officer , said : " The third quarter was another strong quarter . We achieved net income of $ 248.1 million , driven by a reserve release of $ 61 million . The release reflects strong credit quality performance as well as a positive economic outlook . We continued to see higher credit and debit card spending , strong auto and mortgage originations as well as higher deposits . During the quarter we also continued to return capital to our shareholders , completing our $ 350 million accelerated repurchase program and announcing the redemption of $ 187 million in high - cost trust preferred securities . On October 15 , 2021 we also completed a bolt - on acquisition of a national equipment leasing platform that complements our existing healthcare lending vertical . I am extremely proud of the work our team has accomplished during 2021 as we continue to serve our clients and communities . " Significant Events Financial Highlights For the third quarter of 2021 , the Corporation recorded net income of $ 248.1 million , compared to a net income of $ 218.1 million for the previous quarter . The third quarter's results include a release in the allowance for credit losses of $ 61.2 million driven by improving credit quality and the improved macroeconomic outlook . Net Interest income was $ 489.4 million , an increase of $ 1.6 million compared to the previous quarter , mainly due to higher average earning assets and higher income from the loans issued under the U.S. Small Business Administration's ( " SBA " ) Paycheck Protection Program ( " PPP " ) , offset in part by a lower discount amortization of purchased credit deteriorated ( " PCD " ) loans . Net https://investor.popular.com/eng/press-releases/news-details/2021/Popular-Inc.-Announces-Third-Quarter-2021-Financial-Results/default.aspx 1/38