Business
Popular, Inc. Announces First Quarter 2020 Financial Results
Net income of $34.3 million in Q1 2020, compared to net income of $166.8 million in Q4 2019. Net interest margin of 3.94% in Q1 2020, compared to 3.83% in Q4
About this update from Popular, Inc.
[{"type":"text","content":"\n\nNet income of $34.3 million in Q1 2020, compared to net income of $166.8 million in Q4 2019.\n\n\nNet interest margin of 3.94% in Q1 2020, compared to 3.83% in Q4 2019; Net interest margin on a taxable equivalent basis of 4.34% in Q1 2020, compared to 4.20% in Q4 2019.\n\n\nQ1 2020 results reflect the impact of the adoption of the Current Expected Credit Losses (“CECL”) accounting standard. \n\n\nCredit Quality:\n\n\nNon-performing loans held-in-portfolio (“NPLs”) increased by $240.8 million from Q4 2019, mostly due to the effect of the adoption of CECL on previously acquired credit deteriorated loans; excluding this impact, NPLs decreased by $26.7 million; NPLs to loans ratio at 2.8% vs. 1.9% in Q4 2019;\n\n\nNet charge-offs (“NCOs”) decreased by $19.4 million from Q4 2019; NCOs at 0.91% of average loans held-in-portfolio vs. 1.21% in Q4 2019;\n\n\nAllowance for credit losses (“ACL”) to loans held-in-portfolio at 3.32% vs. 1.74% in Q4 2019; and\n\n\nACL to NPLs at 119.7% vs. 90.5% in Q4 2019.\n\n\n\n\nCommon Equity Tier 1 ratio of 15.79%, Common Equity per Share of $64.08 and Tangible Book Value per Share of $56.17 at March 31, 2020.\n\n\n SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $34.3 million for the quarter ended March 31, 2020, compared to net income of $166.8 million for the quarter ended December 31, 2019.\n\n\nIgnacio Alvarez, President and Chief Executive Officer, said: “The COVID-19 global pandemic has exposed the fragility of our economic and social systems and the need for greater collaboration between all sectors. I am hopeful that it will also reveal what we can accomplish when we come together in pursuit of a common goal. At Popular, the well-being of our customers, employees and communities is our priority. We have acted decisively to help our employees stay safe while we continue to offer essential banking services to our customers and communities. We have submitted more than $1.2 billion in loans, representing more than 15,000 small and medium size businesses, under the SBA’s Payroll Protection Program. To date, we have received confirmation of SBA approval of $819 million of those submissions. We have also pledged more than $1 million dollars in support of COVID-19 emergency relief to non-profit organizatio...