Popular Q1 net income $159.0M, down 38% from Q4; NIM 3.22%; $400M notes issued

POPULAR, INC.

2023-Q1 EPS reported $2.22

Net income $159.0M, down from $257.1M in Q4 (which included $68.2M tax benefit); diluted EPS $2.22 vs $3.56.
Net interest margin 3.22% (taxable equivalent 3.46%), down from 3.28% (3.64%) in Q4 2022.
NPLs decreased $27.1M to 1.3% of loans; NCOs annualized 0.41% vs 0.39%; ACL coverage 2.13%.
Loans increased $260.6M, deposits decreased $273.3M; total borrowings flat at $1.4B.
Issued $400M 7.25% Senior Notes due 2028; intends to redeem $300M 6.125% notes due Sep 2023.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

POPULAR, INC. reported the quarter ended March 31, 2023 results: net income $159.0 million, EPS $2.22 per diluted share.

Period: the quarter ended March 31, 2023
Net income: $159.0 million
EPS: $2.22 per diluted share
Result: reported results

Exact text from the filing

Popular, Inc. (the “Corporation,” “Popular,” “we,” “us,” “our”) (NASDAQ:BPOP) reported net income of $159.0 million for the quarter ended March 31, 2023, compared to net income of $257.1 million for the quarter ended December 31, 2022.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

POPULAR, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-116885

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