earnings: $1.90 | BPOP Message Board Posts


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Msg  10 of 15  at  4/20/2012 10:01:39 AM  by

mlkrborn


earnings: $1.90

Popular beats by $0.02 (BPOP) 1.82 : Reports Q1 (Mar) earnings of $0.05 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.03.

Net interest margin of 4.27% for Q1 2012 vs. 4.30% for Q4 2011.

Credit metrics, excluding covered loans: Non-performing loans held-in-portfolio declined for the second consecutive quarter, $56 million Q1 2012 vs. Q4 2011; Net charge-offs of $108 million at the lowest level since 2009; Commercial and construction non-performing loan inflows down for a second consecutive quarter and at the lowest level since 2009; Lower provision for loans losses Q1 2012 vs. Q4 2011 of $79.1 million driven by lower net charge-offs by $24.7 million, a net reduction related to changes in the allowance for loan losses methodology of $25.3 million, and lower provision for covered loans by $37.7 million.

Total ALLL to loans held-in-portfolio stands at 3.25% in Q1 2012 vs. 3.27% in Q4 2011; Non-interest income decreased by $25.5 million Q1 2012 vs. Q4 2011, mainly due to FDIC loss share expense of $15.3 million in Q1 2012, compared with income of $17.4 million in Q4 2011; due in part to $37.7 million of lower provision for loan losses on covered loans for Q1 2012 vs. Q4 2011; Operating expenses lower by $14.9 million Q1 2012 vs. Q4 2011.


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