Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 37

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 37
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IVE OFFICERS | 43 TABLE OF CONTENTS III Executive and Director Compensation

TABLE OF CONTENTS

Compensation Discussion and Analysis In this section, we describe the key features of Popular’s executive compensation program, 2024 compensation payments and rewards, and the factors that we considered in making 2024 compensation decisions regarding our NEOs. For 2024, Popular’s NEOs were:

| Ignacio Alvarez   |     | Chief Executive Officer (“CEO”)                                            |
| Jorge J. García   |     | Executive Vice President and Chief Financial Officer (“CFO”)               |
| Carlos Vázquez(1) |     | Former Executive Vice President and Chief Financial Officer (“Former CFO”) |
| Javier D. Ferrer  |     | President and Chief Operating Officer (“COO”)                              |
| Lidio V. Soriano  |     | Executive Vice President and Chief Risk Officer (“CRO”)                    |
| Manuel Chinea     |     | Executive Vice President, Chief Operating Officer of Popular Bank          |

| (1) | Mr. Vázquez voluntarily retired as CFO of the Corporation on March 31, 2024. He was succeeded by Mr. García, who was appointed CFO effective April 1, 2024. |

The Corporation reports its financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). A reconciliation of the GAAP to non-GAAP financial measures referred to herein is provided in Appendix Ato this Proxy Statement. This discussion includes statements regarding financial and operating performance targets in the specific context of Popular’s executive compensation program. Shareholders should not interpret these statements in any other context. Overview 2024 Corporate Performance and Highlights Popular closed 2024 on a strong footing, with a 10% increase in our adjusted net income. The Corporation’s 2024 adjusted net income of $646.1 million reflected strong loan growth in most segments accompanied by expanded net interest margins and stable credit quality. In addition, significant progress was made in our transformation efforts, which yielded new releases of process improvements and customer solutions, as well as a new culture framework. Popular’s GAAP net income for 2024 was $614.2 million, compared to $541.3 million for the year 2023. Excluding the $9.1 million after-tax impact of the Special Assessment imposed by the FDIC on insured depository institutions to recover losses to the deposit insurance fund in connection with the receivership of several failed banks in 2023 and the $22.9