Popular, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Net Charge-Offs for the Fourth Quarter 2012
January 24, 2013 at 10:30 am EST
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Popular, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported $84 million in net income included a $27 million after-tax gain or equity pick-up from 49% interest in EVERTEC. Excluding this gain, net income amounted to $57 million for the fourth quarter, which was marked by another strong performance from core businesses and continued improvement in credit. The sequential increase of $10 million in net income was driven by greater interest income, lower loss estimates for covered portfolio and further declines in funding costs. Tangible book value per share at quarter end stood at $32.55. Net income applicable to common stock of $83.0 million, or 81 cents per share, compared to $2.0 million, or 2 cents per share, in the quarter ended Dec. 31, 2011.
For the full year, net income was $245 million. Net income applicable to common stock was $241.6 million, or $2.35 per share, compared to $147.6 million, or $1.44 per share, in 2011.
Net charge-offs amounted to $101 million for the fourth quarter of 2012 compared with $96 million a quarter ago and $126 million in the year-ago quarter.
Popular, Inc. (Popular) is a financial holding company. The Company operates in two segments: Banco Popular de Puerto Rico (BPPR), which includes its Puerto Rico business, and Banco Popular North America (BPNA), which includes its the United States mainland business. The Company has operations in Puerto Rico, the United States and the Caribbean. The Company's BPPR segment provides retail, mortgage and commercial banking services through its banking subsidiary, Banco Popular de Puerto Rico, as well as auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. The Company's BPNA segment consists of Popular North America, Inc. (PNA) functioning as the holding company for its operations in the United States. It also operates PNA's subsidiary, E-LOAN, Inc. The banking operations of BPNA in the United States mainland are based in New York, Florida and New Jersey, conducted under the name of Popular Community Bank.
Popular, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Net Charge-Offs for the Fourth Quarter 2012