Business
Popular, Inc. Announces First Quarter 2024 Financial Results
Net income of $103.3 million in Q1 2024, compared to net income of $94.6 million in Q4 2023. Q1 2024 results include an after-tax impact of $9.1 million
About this update from Popular, Inc.
[{"type":"text","content":"\n\nNet income of $103.3 million in Q1 2024, compared to net income of $94.6 million in Q4 2023.\n\n\n\nQ1 2024 results include an after-tax impact of $9.1 million related to the FDIC Special Assessment compared to $45.3 million in Q4 2023, as well as a $22.9 million expense related to taxes due from prior period distributions from the Corporation’s U.S. based subsidiary, as explained further below.\n\n\n\nExcluding the after-tax impact of the FDIC Special Assessment and the tax expense related to prior period intercompany distributions, adjusted net income was $135.2 million and $139.9 million for Q1 2024 and Q4 2023, respectively.\n\n\n\nNet interest income amounted to $550.7 million, an increase of $16.6 million compared to Q4 2023.\n\n\n\nNet interest margin of 3.16% in Q1 2024, compared to 3.08% in Q4 2023; net interest margin on a taxable equivalent basis of 3.38% in Q1 2024, compared to 3.26% in Q4 2023.\n\n\n\nNon-interest income of $163.8 million, compared to $168.7 million in Q4 2023.\n\n\n\nOperating expenses amounted to $483.1 million, a decrease of $48.0 million compared to Q4 2023. Excluding the impact of the FDIC Special Assessment in Q1 2024 and Q4 2023, and expenses associated with the prior period intercompany distributions, operating expenses increased by $2.7 million.\n\n\n\n\nCredit Quality:\n\n\nNon-performing loans held-in-portfolio (“NPLs”) decreased by $3.5 million from Q4 2023; NPLs to loans ratio flat at 1.0%;\n\n\n\nNet charge-offs (“NCOs”) increased by $5.3 million from Q4 2023; annualized NCOs at 0.71% of average loans held-in-portfolio vs. 0.66% in Q4 2023;\n\n\n\nAllowance for credit losses (“ACL”) to loans held-in-portfolio at 2.11% vs. 2.08% in Q4 2023; and\n\n\n\nACL to NPLs at 208.8% vs. 204.0% in Q4 2023.\n\n\n\n\n\n\nLoans ending balances, excluding loans held-for-sale, increased by $53.8 million and by $615.5 million in average quarterly balances, from Q4 2023.\n\n\n\nEnding deposit balances increased by $190.5 million while average quarterly balances increased by $767.2 million, from Q4 2023.\n\n\n\nCommon Equity Tier 1 ratio of 16.36%, Common Equity per Share of $71.32 and Tangible Book Value per Share of $60.06 at March 31, 2024.\n\n\n\n SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $103.3 mi...