Popular(US:BPOP)2025-10-23 11:00Financial Performance - Net income for Q3 2025 was $211.3 million, a slight increase from $210.4 million in Q2 2025[2] - Earnings per share (EPS) rose to $3.15 in Q3 2025, compared to $3.09 in Q2 2025[2] - Non-interest income for Q3 2025 was $171.2 million, an increase from $168.5 million in Q2 2025[2] - Basic EPS for Q3 2025 increased to $3.15 from $3.09 in Q2 2025 and $2.16 in Q3 2024, representing a year-over-year growth of 46%[57] - Net income applicable to common stock for Q3 2025 was $210.96 million, slightly up from $210.09 million in Q2 2025 and significantly higher than $154.97 million in Q3 2024[59] - Market capitalization reached $8.645 billion as of September 30, 2025, compared to $7.487 billion at the end of Q2 2025, reflecting a growth of 15.4%[57] - Return on average common equity for Q3 2025 was 11.60%, compared to 11.77% in Q2 2025 and 8.82% in Q3 2024[57] Income and Expenses - Net interest income increased by $15.0 million to $646.5 million in Q3 2025, with a net interest margin of 3.51%, up from 3.49% in Q2 2025[2] - Operating expenses totaled $495.3 million, up from $492.8 million in Q2 2025[2] - Total operating expenses for Q3 2025 were $495.29 million, a slight increase from $492.76 million in Q2 2025 and $467.32 million in Q3 2024[59] - Total interest income for Q3 2025 was $966.65 million, up 2.43% from Q2 2025 and 3.23% from Q3 2024[59] Loans and Credit Quality - Non-performing loans (NPLs) increased to $190.6 million, raising the NPLs to loans ratio to 1.30% from 0.82% in Q2 2025[2] - Total non-performing loans (NPLs) increased by $190.6 million to $502.2 million, with the NPL ratio rising to 1.30% from 0.82% in the previous quarter[31][38] - The allowance for credit losses (ACL) as of September 30, 2025, was $786.2 million, an increase of $16.7 million from the previous quarter, with an ACL to loans ratio of 2.03%[33][35] - The provision for loan losses for Q3 2025 was $74.5 million, up $25.0 million from $49.5 million in Q2 2025, primarily due to higher provisions for commercial loans[36][39] - The Corporation's net charge-offs (NCOs) for the quarter were $57.8 million, an increase of $15.6 million compared to the previous quarter[31][38] - Total past due loans increased to $91,092 thousand, with $49,021 thousand past due for 90 days or more[75] - Total non-performing loans held-in-portfolio increased to $502,202 thousand, representing 1.3% of loans held-in-portfolio, up from 0.8% in the previous quarter[80] Assets and Liabilities - Total assets amounted to $75.1 billion at September 30, 2025, a decrease of $1.0 billion from the second quarter of 2025[42] - Total liabilities decreased by $1.2 billion from the second quarter of 2025[42] - Stockholders' equity increased by $161.7 million compared to the second quarter of 2025, primarily due to net income of $211.3 million[42] - Total stockholders' equity increased to $6,115,672 thousand as of September 30, 2025, compared to $5,954,018 thousand in the previous quarter[91] Capital Ratios - Common Equity Tier 1 ratio stood at 15.79%, with Tangible Book Value per share increasing to $79.12[2] - The Tier 1 capital ratio stood at 15.84% as of September 30, 2025, compared to 15.96% in Q2 2025 and 16.48% in Q3 2024[57] - The ACL to NPLs ratio decreased to 156.6% from 246.9% in the previous quarter, reflecting the impact of two significant commercial exposures[35] - Tangible common equity to tangible assets ratio improved to 7.13% from 6.81% in the previous quarter[91] Shareholder Actions - The company repurchased 1,000,862 shares for $119.4 million, raising the common stock dividend to $0.75 per share from $0.70[2] - As of September 30, 2025, $429.0 million remained available for stock repurchase under the active repurchase authorization[43] - The company declared dividends of $0.75 per common share for Q3 2025, an increase from $0.70 in Q2 2025 and $0.62 in Q3 2024[59]