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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

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