Popular (BPOP) Reports Q3 EPS of $0.19

Popular (NASDAQ: BPOP) reported Q3 EPS of $0.19, versus $0.94 reported last year. Revenue for the quarter came in at $378.17 million versus the consensus estimate of $379.48 million.

• Net income of $20.7 million for the third quarter of 2017, reflecting $79.4 million in hurricane-associated expenses and an income tax benefit of $20.0 million
• Net interest margin of 3.96% in Q3 2017, compared to 4.02% in Q2 2017
• Credit Quality (excluding “covered” loans):
  • Non-performing loans held-in-portfolio (“NPLs”) as of Q3 2017 increased by $38.8 million from Q2 2017; NPLs to loans ratio as of Q3 at 2.5% vs. 2.4% in Q2 2017;
  • Net charge-offs (“NCOs”) decreased by $4.5 million; NCOs at 0.92% of average loans held-in-portfolio vs. 1.01% in Q2 2017;
  • Provision expense of $157.7 million, which includes a $66.4 million provision for loan losses related to the hurricanes and a $37.0 million provision related to the U.S. segment’s taxi medallion portfolio;
  • Allowance for loan losses of $613.9 million vs. $509.2 million in Q2 2017; allowance for loan losses to loans held-in-portfolio at 2.65% for Q3 vs. 2.22% in Q2 2017; and
  • Allowance for loan losses to NPLs at 104.8% for Q3 vs. 93.1% in Q2 2017.
• Common Equity Tier 1 ratio of 16.63%, Common Equity per Share of $51.31 and Tangible Book Value per Share of $44.79 at September 30, 2017

For earnings history and earnings-related data on Popular (BPOP) click here.

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