| dirasurilos | Data: Joi, 01.10.2015, 17:16:32 | Mesaj # 1 |
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| After a few cloudy quarters with a lot of adjustments for taxrelated items and other moving parts, Popular, Inc. (NASDAQ:BPOP) turned in similarly cloudy
results this quarter. Fortunately, the messy earnings picture was preannounced,
and this time had a lot more to do with the sale of the bank's Central Florida
and Illinois operations; resulting in a net gain of $1.2 million
http://www.valentinorockstudsale.com/ and $24.6 million respectively.
This has been a busy year for Popular, to say the least, but even after last
quarter's TARP repayment and this quarter's asset sale, I expect more of the
same in Q4 when the sale of the bank's Californian operations is expected to
close.
Going forward, asset quality is still in focus, and Valentino Rockstud Shoes
this quarter's results showed small improvements in the nonperforming balance.
As it stands now, nonperforming loans (excluding covered loans) are at $621.9
million and OREO has held steady at $135 million. Allowances amount to 2.89% of
the loan portfolio, and they cover nonperforming loans by 95.96%. Not so bad,
but maintenance of these levels required provision charges of $90 million this
quarter, and $221 million YTD.
Based on adjusted earnings of $90.5 million in Q3, the bank's earnings picture looks to be finding some traction, but I doubt we see any major moves
Valentino Shoes before
the inflow of nonperforming assets warrants a much lower provision charge.
Additionally, past provision charges add up to an almost completely covered loan
portfolio, which opens the door for recoveries, should the already classified
nonperformers turn around. This bank still requires a lot of work but I think it
will pull through, and I remain bullish on Popular.
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