This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: BPOP

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.

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs