Financial Performance - Net income for the quarter ended June 30, 2024, was $177,789 thousand, up $26,629 thousand from the prior year[281]. - For the quarter ended June 30, 2024, the Corporation recorded net income of $177.8 million, an increase of 17.6% compared to $151.2 million for the same quarter of the previous year[290]. - Adjusted net income for the six months ended June 30, 2024, was $313,008 thousand, reflecting non-GAAP adjustments[285]. - Net income for the six months ended June 30, 2024, was $271.2 million, compared to $89.2 million for the same period in 2023[381]. - Banco Popular de Puerto Rico reported a net income of $157.2 million for Q2 2024, compared to $131.8 million in Q2 2023, attributed to higher net interest income and service fees[317]. Asset and Liability Management - As of June 30, 2024, total assets increased to $72,845,072 thousand, up $2,086,917 thousand from December 31, 2023[280]. - The Corporation's total liabilities were $67.5 billion at June 30, 2024, an increase of $1.9 billion from December 31, 2023[334]. - Stockholders' equity rose to $5.4 billion, an increase of $225.7 million, driven by net income of $281.1 million for the six months ended June 30, 2024[342]. - The Corporation's borrowings decreased to $1.0 billion as of June 30, 2024, down from $1.1 billion at the end of 2023[341]. - The Corporation's total deposits reached $54.5 billion at BPPR and $11.9 billion at Popular U.S. as of June 30, 2024, with a total of $65.5 billion consolidated[366]. Loan and Credit Quality - Loans reached $35,599,845 thousand, reflecting a $530,573 thousand increase compared to December 31, 2023[280]. - The total allowance for credit losses for loans held-in-portfolio amounted to $730.1 million as of June 30, 2024, with a ratio of 2.05% to loans held-in-portfolio, slightly down from 2.08% at December 31, 2023[306]. - The provision for loan losses for the six months ended June 30, 2024, was $116.5 million, an increase from $82.8 million for the same period in 2023[304]. - Total non-performing assets (NPAs) decreased by $26 million compared to December 31, 2023, with non-performing loans (NPLs) held-in-portfolio decreasing by $16 million[400]. - The allowance for credit losses to loans held-in-portfolio ratio was 2.56%, up from 2.05% in the previous period, indicating a strengthening of reserves[403]. Interest Income and Margin - Net interest income for the quarter ended June 30, 2024, was $568,312 thousand, an increase of $36,644 thousand from the same quarter in 2023[281]. - Net interest margin for the second quarter of 2024 was 3.22%, an increase of 8 basis points from 3.14% in the same quarter of the previous year[290]. - Taxable equivalent net interest income reached $1.2 billion, up by $75.6 million from the same period in 2023[301]. - Higher interest income from investment securities increased by $112.7 million, driven by a 75 basis point rise in yield due to reinvestment of maturities[301]. - The net interest margin for the six months ended June 30, 2024, was 3.36%, up from 3.26% for the same quarter in the previous year, driven by higher yields from investment securities and loans[321]. Dividends and Stockholder Returns - The Corporation announced a common stock repurchase program of up to $500 million on July 24, 2024[278]. - The quarterly common stock dividend will increase from $0.62 to $0.70 per share starting in the first quarter of 2025, pending Board approval[278]. - The Corporation declared cash dividends of $1.24 per common share for the six months ended June 30, 2024, totaling approximately $89.7 million[371]. - The Corporation's latest quarterly dividend was $0.62 per share, amounting to approximately $45 million per quarter[370]. Economic and Market Conditions - The Puerto Rico economy's real GNP is estimated to have grown by 2.8% during fiscal year 2024, with a projected growth of 1.4% for fiscal year 2025[387]. - Inflation in Puerto Rico increased by 2.5% during the 12-month period ended April 2024, compared to a 3.0% increase in the U.S.[388]. - The Economic Activity Index for Puerto Rico reflected a 2.0% year-over-year decline in April 2024[387]. Operating Expenses - Operating expenses for Q2 2024 increased to $469.6 million, a rise of $9.3 million compared to Q2 2023, primarily due to higher technology, personnel costs, and FDIC insurance expenses[310]. - For the first half of 2024, operating expenses totaled $952.7 million, an increase of $51.7 million year-over-year, with personnel costs contributing $22.6 million to the variance[311]. Credit Loss Provisions - The Corporation recorded a provision for credit losses of $46.8 million, up from $37.2 million in the same quarter of the previous year, driven by loan growth and higher reserves in the auto leasing portfolio[291]. - The provision for credit losses for the period ended June 30, 2024, was $44.2 million, an increase from $35.7 million for the same period in 2023[418]. - The total commercial loans held-in-portfolio was $17,728,126 thousand, with total commercial ACL at $260,087 thousand, resulting in an ACL to loans ratio of 1.47%[420].

Investors in Popular, Inc. (BPOP) need to pay close attention to the stock based on moves in the options market lately. That is because the Aug 16, 2024 $80.00 Put had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also m ...

Data by YCharts High Yield Stock #1 There are good reasons for the recovery in its stock price: High Yield Stock #2 However, the company has seen volume demand for its smokable products decline significantly and in fact has seen its volume declines accelerate recently, indicating that its core business model is not sustainable for the long term, and continued price hikes will only go so far in propping up the company's profits. While there is hope that some of its external growth investments will bear fruit ...

Popular (BPOP) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. Therefore, t ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks. One company value investors might notice is Popular (BPOP) . BPOP is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 10.56, while its industry has an average P/E of 11.94. Over the past ...

Kwanchanok Taen-onAs many of my loyal followers and readers know, I’m a big fan of the net lease juggernaut known as Realty Income (O). I’ve been a shareholder in the San Diego-based REIT for over a decade, and I’ve witnessed the evolution of the company – from a small landlord to Taco Bell to a gigantic net lease consolidator with over 15,500 properties in all 50 states and Europe. Based on fundamentals, there is little doubt that Realty Income deserves space in an intelligent REIT portfolio. The stalw ...

Popular, Inc. (NASDAQ:BPOP) Q2 2024 Earnings Conference Call July 24, 2024 11:00 AM ET Company Participants Paul Cardillo - IR Officer Ignacio Alvarez - CEO Jorge Garcia - CFO Lidio Soriano - CRO Conference Call Participants Kelly Motta - KBW Timur Braziler - Wells Fargo Jared Shaw - Barclays Thomas Leddy - RBC Operator Hello, and welcome to the Popular, Inc. 2Q Earnings Call. My name is Elliot, and I will be coordinating your call today. [Operator Instructions] I'd now like to hand over to Paul Cardillo, I ...

Financial Performance - Net income for Q2 2024 was $177.8 million, up from $103.3 million in Q1 2024, representing a 72% increase[7]. - Excluding certain transactions, adjusted net income increased by $42.6 million compared to adjusted net income of $135.2 million in Q1 2024[8]. - Basic EPS for the quarter ended June 30, 2024, was $2.47, up from $1.43 in the previous quarter and $2.10 a year ago[65]. - Net income for Q2 2024 was $177,789 thousand, a significant increase of 72.1% compared to $103,283 thousand in Q2 2023[75]. - Diluted net income per common share for Q2 2024 was $2.46, compared to $1.43 in Q2 2023, representing a growth of 72.0%[75]. Income and Revenue - Total interest income for Q2 2024 was $921,907 thousand, an increase of 3.1% from Q1 2024 and up 15.9% from Q2 2023[74]. - Net interest income reached $568.3 million, an increase of $17.6 million from Q1 2024[8]. - Non-interest income was $166.3 million, compared to $163.8 million in Q1 2024[8]. - Total non-interest income for Q2 2024 was $166,306 thousand, an increase of 1.5% from Q1 2024[74]. - Non-interest income rose to $166.3 million in Q2 2024, an increase of $2.5 million from $163.8 million in Q1 2024, primarily driven by higher service fees[29]. Expenses and Efficiency - Operating expenses totaled $469.6 million in Q2 2024, a decrease of $13.5 million from Q1 2024, but increased by $7.2 million compared to adjusted expenses[34]. - Total operating expenses decreased to $469,576 thousand in Q2 2024, down 2.8% from $483,113 thousand in Q1 2024[75]. - The total personnel costs for Q2 2024 were $197,424 thousand, a decrease of 8.3% from Q1 2024[74]. Asset and Deposit Growth - Total assets increased to $72.8 billion as of June 30, 2024, up $1.9 billion from the previous quarter, driven by higher cash and money market investments, securities available-for-sale, and loans held-in-portfolio[55]. - Ending deposit balances rose to $65.5 billion, an increase of $1.7 billion from Q1 2024[9]. - Total deposits rose to $65,530,862 thousand, reflecting an increase of $1,722,078 thousand compared to the prior quarter[77]. - Deposits rose by $1.7 billion, primarily in the Puerto Rico public sector, with time deposit balances at Popular Bank increasing despite demand deposit outflows at BPPR[56]. Credit Quality and Allowance for Credit Losses - Credit quality metrics improved, with non-performing loans decreasing by $12.3 million and net charge-offs down by $8.6 million from Q1 2024[8]. - Non-performing loans decreased by $12.3 million to $341.8 million as of June 30, 2024, with a ratio of non-performing loans to total loans held-in-portfolio at 1.0%[40]. - The allowance for credit losses was $730.1 million as of June 30, 2024, with a ratio of 2.05% to loans held-in-portfolio, down from 2.11% in the previous quarter[45]. - The provision for credit losses for Q2 2024 was $44.2 million, significantly lower than $72.4 million in Q1 2024, reflecting improvements in credit quality[47]. - The total allowance for credit losses (ACL) reached $730,077,000, representing 2.05% of total loans held-in-portfolio of $35,591,620,000 as of June 30, 2024[110]. Stockholder Returns and Capital Management - The company announced a 13% increase in its quarterly common stock dividend, raising it from $0.62 to $0.70 per share[12]. - A common stock repurchase authorization of up to $500 million was also announced[14]. - Stockholders' equity increased by $195.4 million from the first quarter of 2024, mainly due to net income of $177.8 million and changes in accumulated other comprehensive loss[57]. - Total stockholders' equity increased to $5,372,678,000 as of June 30, 2024, compared to $5,177,314,000 on March 31, 2024[122]. Market Performance - Market capitalization reached $6.399 billion as of June 30, 2024, compared to $6.368 billion in the previous quarter[65]. - Return on average assets increased to 0.97% for the quarter, compared to 0.57% in the previous quarter[65]. - Return on average common equity rose to 10.38% from 6.07% in the previous quarter[65]. Employee Metrics - Full-time equivalent employees increased to 9,241 as of June 30, 2024, from 9,132 as of March 31, 2024[35].

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Revenues are expected to be $728.83 million, up 5.3% from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction mo ...