Popular Inc - BPOP STOCK NEWS

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) for Popular Life Re (PLRe), a life insurance subsidiary of Popular, Inc. (NASDAQ: BPOP). The ratings outlook is stable, reflecting PLRe's very strong balance sheet strength and adequate operating performance. However, the weak credit profile of its parent company negatively impacts PLRe's ratings. Factors supporting PLRe's ratings include a strong Best's Capital Adequacy Ratio and a high-quality investment portfolio, enhancing liquidity. The limited growth in business, attributed to natural disasters and the COVID-19 pandemic, is a significant concern. Improved market conditions following Hurricane Maria may present future growth opportunities for PLRe.

Popular, Inc. (NASDAQ:BPOP) reported a net income of $159.0 million for Q1 2023, down from $257.1 million in Q4 2022, which included a $68.2 million tax benefit. The net interest margin decreased to 3.22% from 3.28% in the previous quarter. Non-performing loans (NPLs) decreased by $27.1 million, resulting in an NPLs to loans ratio of 1.3%. Total loans increased by $260.6 million, while deposit balances fell by $273.3 million. The company issued $400 million in senior notes to redeem existing debt. Notable metrics include a Common Equity Tier 1 (CET1) ratio of 16.73% and a tangible book value per share of $50.15.

Popular, Inc. (NASDAQ: BPOP) has declared a monthly cash dividend of $0.132813 per share on its 6.375% Non-Cumulative Monthly Income Preferred Stock, 2003 Series A. This dividend is payable on May 1, 2023, to holders of record as of April 15, 2023.

Additionally, a monthly distribution of $0.127604 per security on its 6.125% Cumulative Monthly Income Trust Preferred Securities will also be made, payable on May 1, 2023, to holders of record as of April 15, 2023.

Popular, Inc. (NASDAQ:BPOP) has announced that it will report its financial results for the first quarter ending March 31, 2023, before the market opens on April 26, 2023. A conference call to discuss these results will take place on the same day at 11:00 a.m. Eastern Time, accessible via the company's website or through a toll-free dial-in. A replay of the call will be available for several weeks. Popular, a leading financial institution in Puerto Rico, provides a wide range of banking services and is a significant player among U.S. bank holding companies.

Popular, Inc. (NASDAQ:BPOP) has announced an agreement to sell $400 million of its 7.25% Senior Notes due 2028. The proceeds will be used to fully repay $300 million of its outstanding 6.125% Senior Notes due September 14, 2023. The new Senior Notes will pay interest semi-annually and mature on March 13, 2028. The offering is led by BofA Securities, Goldman Sachs, and Morgan Stanley as joint book-running managers, with closure expected around March 13, 2023. This press release does not constitute a redemption notice for the 2023 Senior Notes. For more details, interested parties should refer to the prospectus supplement filed with the SEC.

Popular, Inc. (NASDAQ: BPOP) announced a monthly cash dividend of $0.132813 per share for its 6.375% Non-Cumulative Monthly Income Preferred Stock, payable on March 31, 2023, to holders of record as of March 15, 2023.

The company also declared a monthly distribution of $0.127604 per security for its 6.125% Cumulative Monthly Income Trust Preferred Securities, payable on April 3, 2023, to holders of record as of March 15, 2023.

Popular, Inc. (NASDAQ: BPOP) has declared a quarterly cash dividend of $0.55 per share on its common stock. This dividend will be payable on April 3, 2023, to shareholders of record as of March 20, 2023. As the leading financial institution in Puerto Rico, Popular provides various banking services and ranks among the top 50 U.S. bank holding companies by assets, serving both Puerto Rico and the U.S. Virgin Islands.