Popular, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Tax Rate Guidance for the First Quarter and Year 2016
January 26, 2016 at 08:07 am EST
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Popular, Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, on GAAP basis, the company's net interest income was $32,500,000, net interest income after provision for loan losses of $293,969,000, income before income tax of $120,599,000, and net income of $137,426,000 or $1.32 per basic and diluted share. For the quarter, on adjusted basis, the company's net interest income was $350,548,000 against $350,735,000 in third quarter of 2015. Net revenues were $434,538,000 against $420,080,000 in third quarter of 2015. Income before income tax was $129,106,000 against $119,320,000 in third quarter of 2015. Net income was $98,304,000 against $93,408,000 in third quarter of 2015.
For the year, the company's net interest income was $1,408,983,000, net interest income after provision for loan losses of $1,167,505,000, income from continuing operations before income tax of $398,825,000, income from continuing operations of $893,997,000, and net income of $895,344,000 or $8.65 per diluted share. Tangible common book value per common share was $42.18. On adjusted basis, the company's net interest income was $1,408,983,000, net interest income after provision for loan losses of $1,188,547,000, income from continuing operations before income tax of $489,200,000, income from continuing operations of $374,778,000, and net income of $374,778,000.
For 2016, the company expects quarterly tax rate for the full year to average between 27% and 29% as a result of the aforementioned effective U.S. tax rate.
Given the partial recapture of the DTA in U.S. subsidiary in 2015, beginning in the first quarter of 2016, GAAP results will incorporate an effective tax rate of approximately 44% on U.S. earnings.
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. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Tax Rate Guidance for the First Quarter and Year 2016