Popular, Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017; Provides Consolidated Effective Tax Rate Guidance for the Year 2018
January 23, 2018 at 01:00 pm
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Popular, Inc. announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $387,216 against $355,405 a year ago. Net interest income after provision for loan losses of $315,728 against net interest income after provision for loan losses was $314,040 a year ago. Profit from continuing operations before income tax was $79,904 against loss from continuing operations before income tax of $7,006 a year ago. Loss from continuing operations was $102,154 against loss from continuing operations of $5,240 a year ago. Net loss applicable to common stock was $103,085,000 against net loss applicable to common stock of $5,036,000 a year ago. Diluted net loss per common share from continuing operations was $1.01 against diluted net loss per common share from continuing operations of $0.06 a year ago. Net loss per share applicable to common stock was $1.01 against net income per share applicable to common stock of $0.06 a year ago. Negative return on average assets was 0.94% against 0.04% reported last year. Negative return on average common equity was 7.67% against 0.38% reported last year. Tangible common book value per common share (non-GAAP) at the end of the period was $43.02 against $43.12 reported a year ago. Adjusted net income (Non-GAAP) was $66.2 million.
For the year, the company reported net interest income of $1,501,964 against net interest income of $1,422,055 a year ago. Net interest income after provision for loan losses was $1,176,540 against net interest income after provision for loan losses of $1,252,039 a year ago. Income from continuing operations before income tax was $338,511 against income from continuing operations before income tax of $294,340 a year ago. Income from continuing operations was of $107,681 against income from continuing operations of $215,556 a year ago. Net income applicable to common stock was $103,958,000 against net income applicable to common stock of $212,968,000 a year ago. Diluted net income per common share from continuing operations was $1.02 against diluted net income per common share from continuing operations of $2.05 a year ago. Net income per share applicable to common stock was $1.02 against net income applicable to common stock of $2.05 a year ago. Return on average assets was 0.26% against 0.58% reported last year. Return on average common equity was 1.96% against 4.07% reported last year. Adjusted net income (Non-GAAP) was $276.0 million.
For 2018, the Corporation expects its consolidated effective tax rate to range from 21% to 24%.
Popular, Inc. (Popular) is a financial holding company. The Company operates in two segments: Banco Popular de Puerto Rico (BPPR), which includes its Puerto Rico business, and Banco Popular North America (BPNA), which includes its the United States mainland business. The Company has operations in Puerto Rico, the United States and the Caribbean. The Company's BPPR segment provides retail, mortgage and commercial banking services through its banking subsidiary, Banco Popular de Puerto Rico, as well as auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. The Company's BPNA segment consists of Popular North America, Inc. (PNA) functioning as the holding company for its operations in the United States. It also operates PNA's subsidiary, E-LOAN, Inc. The banking operations of BPNA in the United States mainland are based in New York, Florida and New Jersey, conducted under the name of Popular Community Bank.
Popular, Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017; Provides Consolidated Effective Tax Rate Guidance for the Year 2018