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Popular, Inc. (NASDAQ:BPOP) reported Q4 2021 net income of $206.1 million, down from $248.1 million in Q3 2021, and an annual net income of $934.9 million, up from $506.6 million in 2020. The net interest margin was 2.78%, slightly improved from 2.77% in Q3 2021. Non-performing loans (NPLs) decreased by $85 million to a ratio of 1.9%. The company announced a 22% dividend increase and a $500 million stock repurchase program for 2022, reflecting strong capital position and revenue diversity.
Popular, Inc. (NASDAQ:BPOP) reported a net income of $248.1 million for Q3 2021, up from $218.1 million in Q2 2021, attributed to a $61 million reserve release due to improved credit quality and economic outlook. Net interest margin decreased to 2.77% from 2.91%, but net interest income rose to $489.4 million. Non-performing loans decreased by $52.3 million, with a ratio of 2.2% of loans. The company completed a $350 million accelerated share repurchase and a $159 million acquisition of K2 Capital Group.
Popular, Inc. (NASDAQ: BPOP) announced a redemption notice for all outstanding 6.70% Cumulative Monthly Income Trust Preferred Securities on November 1, 2021. The total amount for redemption is approximately $186.7 million, with a payment of $25.139583 per security. Following this redemption, Popular plans to delist the Popular Capital Trust I (NASDAQ: BPOPN) from the Nasdaq Global Select Market. Holders will receive payments automatically through The Depository Trust Corporation (DTC) without action required on their part.
Popular, Inc. (NASDAQ: BPOP) has declared a monthly cash dividend of $0.132813 for its 6.375% Non-Cumulative Monthly Income Preferred Stock, 2003 Series A, payable on September 30, 2021. Holders of record as of September 15, 2021 are eligible. Additionally, the company announced monthly distributions for its Trust Preferred Securities: $0.139583 for 6.700% Cumulative Trust Preferred Securities (BPOPN) and $0.127604 for 6.125% Cumulative Trust Preferred Securities (BPOPM), both payable on October 1, 2021.
