Popular (BPOP) Reports Q4 Loss of $1.01, Beats on Revenues

Popular (NASDAQ: BPOP) reported Q4 EPS of ($1.01), versus $0.65 reported last year. Revenue for the quarter came in at $387.22 million versus the consensus estimate of $380.46 million.

• Net loss of $102.2 million for the fourth quarter of 2017, reflecting a non-cash income tax expense of $168.4 million, related to the impact of the Federal Tax Cut and Jobs Act on the Corporation’s U.S. deferred tax asset
• Fourth quarter adjusted net income of $66.2 million
• Net income of $107.7 million and adjusted net income of $276.0 million for the year 2017
• Net interest margin of 3.90% in Q4 2017, compared to 3.96% in Q3 2017
• Credit Quality (excluding “covered” loans):
  • Non-performing loans held-in-portfolio (“NPLs”) decreased by $35.0 million from Q3 2017; NPLs to loans ratio at 2.3% vs. 2.5% in Q3 2017;
  • Net charge-offs (“NCOs”) increased by $40.7 million; NCOs at 1.61% of average loans held-in-portfolio vs. 0.92% in Q3 2017. The fourth quarter results include $31.6 million related to the U.S. taxi medallion portfolio;
  • Provision expense of $70.0 million vs. $157.7 million in Q3 2017;
  • Allowance for loan losses of $590.2 million vs. $613.9 million in Q3 2017; allowance for loan losses to loans held-in-portfolio at 2.43% vs. 2.65% in Q3 2017; and
  • Allowance for loan losses to NPLs at 107.1% vs. 104.8% in Q3 2017.
  • Common Equity Tier 1 ratio of 16.30%, Common Equity per Share of $49.51 and Tangible Book Value per Share of $43.02 at December 31, 2017

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

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