POPULAR (BPOP) director adds 91 RSUs from dividend equivalents, holds 57.6K shares

Rhea-AI Filing Summary

POPULAR, INC. director Alejandro M. Ballester received 91 Restricted Stock Units (RSUs) tied to dividend equivalents. These RSUs convert into an equal number of common shares on a one-for-one basis. Following the grant, he holds 15,915 RSUs and 57,587.716 common shares directly, plus 365.678 shares held indirectly through his son.

Insights

Insider transactions analyst

Routine RSU dividend-equivalent grant with modest scale and no sales.

Director Alejandro M. Ballester received a grant of 91 Restricted Stock Units as dividend equivalents on existing RSUs. This is a compensation-related acquisition, not an open-market purchase, and does not change cash holdings.

The filing shows post-transaction positions of 15,915 RSUs and 57,587.716 directly held common shares, plus 365.678 shares held indirectly through his son. No shares were sold or disposed of in this filing, making the activity routine from a governance perspective.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider BALLESTER ALEJANDRO M

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	91	$0.00	--
holding	Common Stock Par Value $0.01 per share	--	--	--
holding	Common Stock Par Value $0.01 per share	--	--	--

Holdings After Transaction: Restricted Stock Units — 15,915 shares (Direct); Common Stock Par Value $0.01 per share — 57,587.716 shares (Direct); Common Stock Par Value $0.01 per share — 365.678 shares (Indirect, By son)

Footnotes (1)

1. Includes139.043 shares acquired pursuant to reinvestment of dividends paid by the Corporation. The shares were acquired in transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder. Includes 1.843 shares acquired pursuant to reinvestment of dividends paid by the Corporation. The shares were acquired in transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder. Restricted stock units convert into common stock on a one-for-one basis. Reflects Restricted Stock Units ("RSUs") received by the reporting person as a result of dividend equivalents accrued with respect to outstanding RSUs granted to the reporting person. Dividend equivalents are accrued at the same rate and at the same time as dividends are paid to ordinary shareholders. Dividend equivalents on RSUs are subject to the same terms and conditions as the underlying RSUs. Restricted stock units are converted into an equivalent number of shares of common stock and issued to the reporting person in equal annual installments on each 15th of August of the first five years following the date of termination of service as a director.

Key Figures

RSU grant: 91 RSUs RSUs outstanding: 15,915 RSUs Direct common shares: 57,587.716 shares +3 more

6 metrics

RSU grant 91 RSUs Restricted Stock Units granted as dividend equivalents on 2026-04-01

RSUs outstanding 15,915 RSUs Total Restricted Stock Units held after the grant

Direct common shares 57,587.716 shares Direct POPULAR, INC. common stock holdings after transaction

Indirect common shares 365.678 shares Indirect holdings reported as held by son

Dividend reinvestment shares (direct) 139.043 shares Common shares acquired via dividend reinvestment under Rule 16a-11

Dividend reinvestment shares (indirect) 1.843 shares Indirect shares acquired via dividend reinvestment under Rule 16a-11

Key Terms

Restricted Stock Units, dividend equivalents, Section 16 of the Securities Exchange Act of 1934, Rule 16a-11, +1 more

5 terms

Restricted Stock Units financial

"Reflects Restricted Stock Units ("RSUs") received by the reporting person as a result of dividend equivalents"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

dividend equivalents financial

"Dividend equivalents are accrued at the same rate and at the same time as dividends are paid"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

Section 16 of the Securities Exchange Act of 1934 regulatory

"transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11"

A provision of federal securities law that requires company insiders—directors, officers and large shareholders—to publicly report their stock holdings and trades and to surrender any “short-swing” profits from purchases and sales within a six-month window. It acts like a rule that forces leaders to announce their trades and prevents quick buy-sell windfalls, giving investors transparency into insider activity and reducing opportunities for unfair gain.

Rule 16a-11 regulatory

"exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder"

dividend reinvestment financial

"Includes 1.843 shares acquired pursuant to reinvestment of dividends paid by the Corporation"

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BALLESTER ALEJANDRO M

(Last) (First) (Middle)

P.O. BOX 364548

(Street)

SAN JUAN PUERTO RICO 00936-4548

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
POPULAR, INC. [ BPOP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock Par Value $0.01 per share								57,587.716(1)	D
Common Stock Par Value $0.01 per share								365.678(2)	I	By son

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(3)	04/01/2026		A(4)		91		(5)	(5)	Common Stock Par Value $0.01 per share	91	$0	15,915	D

Explanation of Responses:

1. Includes139.043 shares acquired pursuant to reinvestment of dividends paid by the Corporation. The shares were acquired in transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder.

2. Includes 1.843 shares acquired pursuant to reinvestment of dividends paid by the Corporation. The shares were acquired in transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder.

3. Restricted stock units convert into common stock on a one-for-one basis.

4. Reflects Restricted Stock Units ("RSUs") received by the reporting person as a result of dividend equivalents accrued with respect to outstanding RSUs granted to the reporting person. Dividend equivalents are accrued at the same rate and at the same time as dividends are paid to ordinary shareholders. Dividend equivalents on RSUs are subject to the same terms and conditions as the underlying RSUs.

5. Restricted stock units are converted into an equivalent number of shares of common stock and issued to the reporting person in equal annual installments on each 15th of August of the first five years following the date of termination of service as a director.

	Marie Reyes-Rodriguez, Attorney-in-act	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did POPULAR, INC. (BPOP) director Alejandro M. Ballester report?

He reported receiving 91 Restricted Stock Units as a grant. These RSUs came from dividend equivalents on existing RSUs and convert into the same number of common shares. The transaction is compensation-related, with no open-market buying or selling of POPULAR, INC. common stock.

How many Restricted Stock Units does Alejandro M. Ballester hold in POPULAR, INC. after this Form 4?

After the grant, he holds 15,915 Restricted Stock Units. The 91 new RSUs were added to his existing balance. Each RSU converts into one share of POPULAR, INC. common stock under the company’s director compensation terms described in the filing footnotes.

What are Alejandro M. Ballester’s common stock holdings in POPULAR, INC. (BPOP) after the reported transactions?

He holds 57,587.716 common shares directly and 365.678 indirectly. The indirect holdings are reported as held by his son. These amounts reflect ownership positions as of the transaction date, separate from his 15,915 outstanding Restricted Stock Units.

How do dividend equivalents affect Alejandro M. Ballester’s RSUs at POPULAR, INC.?

Dividend equivalents increase his RSU balance over time. When POPULAR, INC. pays cash dividends, equivalent amounts are credited as additional RSUs. In this filing, 91 RSUs were granted as such equivalents, mirroring dividends that ordinary shareholders received in cash.

Do the reported POPULAR, INC. Form 4 transactions involve any stock sales by Alejandro M. Ballester?

No stock sales or disposals are reported in this Form 4. The only transaction is an acquisition of 91 RSUs from dividend equivalents. The other entries simply update his direct and indirect common stock holdings without indicating any sale activity.