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Popular, Inc. Announces Second Quarter Financial Results

Popular, Inc. (the “Corporation” or “Popular”) (NASDAQ:BPOP) reported net income of $327.5 million for the quarter ended June 30, 2013, compared to a net loss of $120.3 million for the quarter ended March 31, 2013.

Mr. Richard L. Carrión, Chairman of the Board and Chief Executive Officer, said: “The quarter reflects two notable sources of strength: capital and revenue-generating capacity. Our capital base and revenues have continued to grow while we have aggressively reduced our non-performing assets to pre-crisis levels. We continue to increase our financial flexibility and to leverage the strengths of our leading Puerto Rico franchise to drive shareholder value.”

Earnings Highlights
 
    Quarters ended   Six months ended
(Dollars in thousands, except per share information)   30-Jun-13   31-Mar-13   30-Jun-12 30-Jun-13   30-Jun-12
Net interest income   $ 355,719   $ 346,313   $ 342,179 $ 702,032   $ 680,777
Provision for loan losses – non-covered loans 223,908 206,300 81,743 430,208 164,257
Provision for loan losses – covered loans [1]   25,500     17,556       37,456     43,056       55,665  
Net interest income after provision for loan losses 106,311 122,457 222,980 228,768 460,855
FDIC loss share (expense) income (3,755 ) (26,266 ) 2,575 (30,021 ) (12,680 )
Other non-interest income [2] 297,118 60,323 106,857 357,441 262,038
Operating expenses [2]   309,586     333,698       344,566     643,284       657,767  
Income (loss) before income tax 90,088 (177,184 ) (12,154 ) (87,096 ) 52,446
Income tax (benefit)   (237,380 )   (56,877 )     (77,893 )   (294,257 )     (61,701 )
Net income (loss)   $ 327,468     $ (120,307 )   $ 65,739   $ 207,161     $ 114,147  
Net income (loss) applicable to common stock   $ 326,537     $ (121,237 )   $ 64,809   $ 205,300     $ 112,286  
Net income (loss) per common share - basic and diluted   $ 3.18     $ (1.18 )   $ 0.63   $ 2.00     $ 1.10  
   
[1] Covered loans represent loans acquired in the Westernbank FDIC-assisted transaction that are covered under FDIC loss sharing agreements.
[2] During the second quarter, the Corporation discontinued the elimination of its proportionate ownership share of intercompany transactions with EVERTEC from their respective revenue and expense categories to reflect them as an equity pick-up adjustment in Other Operating Income. This results in a gross up of operating expenses with a corresponding increase in other operating income. The results of operations for all periods presented have been adjusted to reflect this change.




Stock quotes in this article: BPOP 

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