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Popular, Inc. Announces Third Quarter Financial Results

The dial-in phone number in the next to last paragraph of text should read: 1-877-415-3183 (sted 877-515-3183 or 857-244-7326).

The corrected release reads: 

POPULAR, INC. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS

Popular, Inc. (the “Corporation” or “Popular”) (NASDAQ:BPOP) reported net income of $229.1 million for the quarter ended September 30, 2013, compared to net income of $327.5 million for the quarter ended June 30, 2013.

Mr. Richard L. Carrión, Chairman of the Board and Chief Executive Officer, said: “We continue to generate strong revenues from our core businesses with a net interest margin and capital levels above peer averages. Credit metrics continue to improve, reaching new lows despite the sluggish environment on the island. As a result of our strong capital position, improved asset quality and solid financial performance, I am pleased to mention that we have filed an application to repay TARP. While we are hopeful our application will be approved, we cannot speculate on the timing or the conditionality, if any, of an approval.”

                 
Earnings Highlights
(Unaudited)
    Quarters ended Nine months ended
(Dollars in thousands, except per share information)   30-Sep-13   30-Jun-13   30-Sep-12 30-Sep-13   30-Sep-12
Net interest income $ 354,206 $ 355,719 $ 344,439 $ 1,056,238 $ 1,025,216
Provision for loan losses – non-covered loans 55,230 223,908 83,589 485,438 247,846
Provision for loan losses – covered loans [1]   17,433     25,500     22,619   60,489     78,284  
Net interest income after provision for loan losses 281,543 106,311 238,231 510,311 699,086
FDIC loss share expense (14,866 ) (3,755 ) (6,707 ) (44,887 ) (19,387 )
Other non-interest income [2] 306,825 297,118 138,081 664,266 400,119
Operating expenses [2]   326,599     309,586     307,033   969,883     964,800  
Income before income tax 246,903 90,088 62,572 159,807 115,018
Income tax expense (benefit)   17,768     (237,380 )   15,384   (276,489 )   (46,317 )
Net income   $ 229,135     $ 327,468     $ 47,188   $ 436,296     $ 161,335  
Net income applicable to common stock   $ 228,204     $ 326,537     $ 46,257   $ 433,504     $ 158,543  
Net income per common share - basic   $ 2.22     $ 3.18     $ 0.45   $ 4.22     $ 1.55  
Net income per common share - diluted   $ 2.22     $ 3.17     $ 0.45   $ 4.21     $ 1.55  
 
[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 of 2013, 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.
 




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