Popular(BPOP) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $177.5 million, slightly down from$ 177.8 million in Q4 2024[2] - EPS rose to $2.56 in Q1 2025, compared to$ 2.51 in Q4 2024[4] - Net income for Q1 2025 was $177.502 million, a slight decrease from$ 177.817 million in Q4 2024, but a significant increase from $103.283 million in Q1 2024, reflecting a year-over-year growth of 71.8%[63] - The effective tax rate for the first quarter of 2025 was 20.2%, compared to 19.8% for the previous quarter[29] - Return on average common equity improved to 10.07% in Q1 2025, compared to 9.94% in Q4 2024 and 6.07% in Q1 2024[60] - The return on average tangible common equity for the first quarter of 2025 is reported at 11.36%, an increase from 11.22% in the previous quarter[101] Income and Revenue - Net interest income increased to$ 605.6 million in Q1 2025, up $14.8 million from Q4 2024[4] - Total interest income for Q1 2025 was$ 916.998 million, a slight decrease of 0.3% from $919.767 million in Q4 2024, but an increase of 2.6% from$ 894.141 million in Q1 2024[62] - Net interest income after provision for credit losses rose to $541.516 million in Q1 2025, up 3.2% from$ 524.657 million in Q4 2024 and 13.3% from $478.146 million in Q1 2024[62] - Total non-interest income decreased to$ 152.1 million in Q1 2025, down from $164.7 million in Q4 2024[4] - Total non-interest income decreased to$ 152.061 million in Q1 2025, down 7.7% from $164.703 million in Q4 2024, but relatively stable compared to$ 163.818 million in Q1 2024[62] Assets and Liabilities - Total assets amounted to $74.0 billion at March 31, 2025, an increase of$ 993.2 million from the previous quarter[45] - Total liabilities increased to $68,238,911 thousand, up by$ 806,594 thousand from the prior quarter[64] - Total stockholders' equity increased to $5,799,695 thousand from the previous quarter, primarily due to net income of$ 177.5 million[45] - The total assets of the company reached $74,038,606,000 as of March 31, 2025, up from$ 73,045,383,000 at the end of 2024[101] Loans and Credit Quality - Loans held in portfolio rose to $37.3 billion, an increase of$ 146.4 million from Q4 2024[4] - Non-performing loans decreased by $36.7 million, with the NPLs to loans ratio at 0.84%[4] - The provision for loan losses for the first quarter of 2025 was$ 65.2 million, a decrease from $69.1 million in the previous quarter[39] - Net charge-offs for the quarter were$ 49.1 million, down $18.3 million from the fourth quarter of 2024, with an annualized NCO ratio of 0.53%[31][42] - Total non-performing assets decreased to$ 366.2 million as of March 31, 2025, from $408.0 million in the previous quarter[42] - The total current loans amount to$ 36.113 billion, reflecting a stable loan portfolio[85] - The total loans held-in-portfolio increased to $37.254 billion from$ 37.107 billion, indicating growth in the loan portfolio[85] Capital and Ratios - Common Equity Tier 1 ratio stood at 16.11% as of March 31, 2025[4] - Tier 1 capital ratio remained strong at 16.16% in Q1 2025, slightly up from 16.08% in Q4 2024[60] - The allowance for credit losses (ACL) as of March 31, 2025, was $762.1 million, an increase of$ 16.1 million from the previous quarter, resulting in an ACL to loans ratio of 2.05%[36][38] - The allowance for credit losses to loans held-in-portfolio increased to 2.05% from 2.01%[85] Shareholder Actions - Capital actions included the repurchase of 1,270,569 shares for $122.3 million during Q1 2025[4] - The Corporation repurchased 1.3 million shares of common stock at an average price of$ 96.24 during the first quarter of 2025[47] Market Performance - The market capitalization of Popular, Inc. was $6.372 billion as of March 31, 2025, down from$ 6.597 billion at the end of Q4 2024[60]