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Popular, Inc. Reports Net Income Of $47.2 Million For The Quarter Ended September 30, 2012

Popular, Inc. (“the Corporation” or “Popular”) (NASDAQ:BPOP) reported net income of $47.2 million for the quarter ended September 30, 2012, compared with net income of $65.7 million for the quarter ended June 30, 2012.

Mr. Richard L. Carrión, Chairman of the Board and Chief Executive Officer, said: “Third quarter results reflected continued strength and stability in our revenues, further declines in non-performing loans and charge-offs, and increases in our already strong capital ratios. Our number one priority is continuing to reduce non-performing assets, which will improve returns and increase our strategic and financial flexibility.”

Earnings Highlights – Third Quarter 2012
    Quarters ended
(Dollars in thousands, except per share information)   30-Sep-12   30-Jun-12   30-Sep-11
Net interest income   $ 343,426   $ 341,200   $ 369,311
Provision for loan losses – non-covered loans 83,589 81,743 150,703
Provision for loan losses – covered loans [1]   22,619   37,456   25,573
Net interest income after provision for loan losses 237,218 222,001 193,035
FDIC loss share (expense) income (6,707) 2,575 (5,361)
Other non-interest income 122,416 91,149 127,751
Operating expenses   290,355   327,879   282,355
Income (loss) before income tax 62,572 (12,154) 33,070
Income tax expense (benefit)   15,384   (77,893)   5,537
Net income   $ 47,188   $ 65,739   $ 27,533
Net income applicable to common stock   $ 46,257   $ 64,809   $ 26,602
Net income per common share - basic and diluted [2]   $0.45   $0.63   $0.26

[1] Covered loans represent loans acquired in the Westernbank FDIC-assisted transaction that are covered under FDIC loss sharing agreements.

[2] Per share data has been adjusted to retroactively reflect the 1-for-10 reverse stock split effected on May 29, 2012.

Financial Impact of FDIC-Assisted Transaction
(In thousands)   30-Sep-12   30-Jun-12   30-Sep-11

Income Statement
Interest income on covered loans $ 70,584 $ 79,094 $ 105,809
Total FDIC loss share (expense) income (6,707) 2,575 (5,361)
Other non-interest income 310 310 -
Provision for loan losses   22,619   37,456   25,573
Total revenues less provision for loan losses   $ 41,568   $ 44,523   $ 74,875

Balance Sheet
Loans covered under loss-sharing agreement with FDIC $ 3,903,867 $ 4,016,330 $ 4,512,423
FDIC loss share asset 1,559,057 1,631,594 1,895,059
FDIC true-up payment obligation   103,189   100,198   96,720

See additional details on accounting for FDIC-Assisted transaction in Table O.

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