Unusually large upside call position opened in First Bancorp » 10:4007/0907/09/20
Unusually large upside…
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Popular price target lowered to $48 from $58 at RBC Capital » 06:4707/0707/07/20
RBC Capital analyst…
RBC Capital analyst Gerard Cassidy lowered the firm's price target on Popular to $48 from $58 citing his forecasts for higher loan loss provision this year and a lower net interest income in FY20-21. The analyst keeps an Outperform rating on the shares however, noting the company's "aggressive" capital returns, credit recovery, dominant market share allowing for better pricing, and de-risking of its balance sheet after it lowered the risk profile of its loan portfolio over the past 5 years.
|Over a week ago|
Banco Populars digital platform reaches 1M users during the pandemic » 11:0106/2306/23/20
Banco Popular reported…
Banco Popular reported that its digital platform Mi Banco has reached one million monthly active users. "Reaching one million active users of Mi Banco is a great honor, as it reflects the trust that customers have in our digital solutions," said Camille Burckhart, Chief Officer of Innovation, Technology & Operations at Popular, Inc. More than 70% of all Banco Popular customers have enrolled in Mi Banco, and 77% uses the platform on a monthly basis, the company said.
|Over a month ago|
Evertec suspends FY20 guidance due to COVID-19 uncertainty » 08:1105/0805/08/20
The company is suspending…
The company is suspending its financial outlook for 2020 given the uncertainty around the duration of the pandemic and its impact on the economy.
Evertec reports Q1 adj. EPS 46c, consensus 46c » 08:1005/0805/08/20
Reports Q1 revenue…
Reports Q1 revenue $121.94M, consensus $120.17M. Mac Schuessler, president and CEO stated, "First and foremost, we want to express our sympathies to those impacted by the pandemic and our gratitude to the essential workers on the front lines. At Evertec, we have learned from previous natural disasters to be resilient as well as to be focused on the safety of our team members and our customers. While we continue to monitor the pandemic's impact to our business, at this time, the depth and length of the impact is unclear, so we are suspending our annual guidance. We will continue our focus on our strategic initiatives that will build momentum for our growth strategy over the longer-term."
Popular processes $1.2B in SBA loans » 16:5205/0505/05/20
Popular announced today…
Popular announced today that, as of May 1, it had processed $1.2B in loans in the two rounds of the Small Business Administration's Paycheck Protection Program. These loans benefit 16,397 small and medium-sized businesses that employ more than 235,000 people. Of the total, $1.06 billion were granted through Banco Popular de Puerto Rico and $185 million through Popular Bank, Popular's banking subsidiary in the United States. The institution indicated that, since the start of the second round of the program on April 27, Banco Popular de Puerto Rico had processed 14,082 applications for $660 million in funds, of which $647 million were originated in Puerto Rico and $13 million in the Virgin Islands. Popular reported that, in Puerto Rico, it has so far processed 15,277 applications for a total of $1.04 billion in funds. These businesses employ more than 227,000 people. Of these, 61% percent have been for less than $25,000 and 31% for amounts between $25,000 and $150,000.
Popular reports Q1 EPS 37c, consensus $1.47 » 08:2404/3004/30/20
Reports Q1 CET1 capital…
Reports Q1 CET1 capital ratio 15.79%. Reports Q1 tangible book value per share $56.17. Reports Q1 net charge-offs .91%. Ignacio Alvarez, president and CEO, said: "The COVID-19 global pandemic has exposed the fragility of our economic and social systems and the need for greater collaboration between all sectors. I am hopeful that it will also reveal what we can accomplish when we come together in pursuit of a common goal. At Popular, the well-being of our customers, employees and communities is our priority. We have acted decisively to help our employees stay safe while we continue to offer essential banking services to our customers and communities. We have submitted more than $1.2 billion in loans, representing more than 15,000 small and medium size businesses, under the SBA's Payroll Protection Program. To date, we have received confirmation of SBA approval of $819 million of those submissions. We have also pledged more than $1 million dollars in support of COVID-19 emergency relief to non-profit organizations and health providers. I am deeply grateful to our colleagues for the efforts, commitment, and bravery exhibited under very difficult circumstances."
First BanCorp reports Q1 EPS 1c, consensus 16c » 07:4704/3004/30/20
Reports Q1 book value per…
Reports Q1 book value per share $9.92. Reports Q1 CET1 capital ratio 21.79%. Reports Q1 net charge-offs 0.78%.
OFG Bancorp reports Q1 EPS 0c, consensus 43c » 07:3604/2904/29/20
Reports Q1 core net…
Reports Q1 core net revenue $131.3M, consensus $113.67M. Reports Q1 book value per share $18.33. Reports Q1 Tier 1 capital ratio 11.67%. Jose Rafael Fernandez, President, CEO, and Vice Chairman of the board, said: "The rapid spread around the world of Covid-19 is affecting everybody, personally and financially. Our heart goes out to those who have lost loved ones, are ill, or are suffering monetarily. Our priority going into the pandemic was to keep our employees safe while maintaining our nimble and proactive approach to business. OFG entered this crisis in a position of strength, and we remain well capitalized and highly liquid with a CET1 ratio of 11.67% and $1.6 billion in liquidity. Coming out of it, our goal is to maintain our strong capital and liquidity positions so we can continue to help customers now and throughout the inevitable recovery. Our first quarter performance confirms the strength of our business, balance sheet and franchise during this critical time. This is the direct result of the proactive and customer focused culture we have developed through the years, our ongoing technology investments, and the effective strategies we have put to work. We believe we are in a strong position going forward. In addition to closing the Scotiabank acquisition last year, we significantly reduced higher-cost non-core funding and sold a large portion of non-performing loans. During the first quarter, we increased our allowance for loan losses by $114 million, to a total of $231 million, equal to 3.41% of loans. In March, for our employees, we implemented a comprehensive program combining workplace safety, technology and special benefits. More than 90% are working on site or remote. For our retail and business customers, we launched payment relief programs, waived late charges and ATM and overdraft fees, and increased amounts that can be withdrawn or transferred electronically. As a result, we have achieved uninterrupted and superior levels of service through all channels while maintaining employee and customer safety and social distancing. The investments we made early on in our digital capabilities are helping customers continue to do banking. Our teams worked quickly to design and deploy a new digital forbearance tool as well as one for the SBA's Payroll Protection Program. More than 43% of retail customers who requested forbearance have done so digitally, and 100% of small businesses applied for PPP loans digitally. Technology is a core part of our strategy, and we will continue to look for new and innovative ways to help our customers. All of this has facilitated close communication with our customers, enabling us to provide the financial advice and resources they need to navigate this challenging time. For example, in the first round of PPP, we helped 900 small businesses with more than 25,000 employees access more than $140 million in loans. Our deepest appreciation goes to the front line first responders and healthcare professionals dealing with the coronavirus. We also want to thank our teams at OFG and Oriental on the other front line for doing an outstanding job helping consumers and businesses manage the financial challenges during this crisis. For more than half a century, we have been there to help customers manage their finances, own homes, buy cars, build businesses, protect themselves with insurance, and save for retirement. We're ready to help them now and will be for the decades ahead."
OFG Bancorp to adjourn annual meeting due to coronavirus concerns » 16:1104/1504/15/20
OFG Bancorp announced it…
OFG Bancorp announced it intends to convene and then immediately adjourn its Annual Meeting of Shareholders for up to 30 days due to public health concerns relating to the COVID-19 pandemic and related government actions, including Puerto Rico Gov. Wanda Vazquez's recent executive order extending Puerto Rico's stay at home restrictions through May 3. OFG's Annual Meeting is scheduled for 10:00 AM ET, Wednesday, April 22, 2020, at Oriental Center, 254 Munoz Rivera Avenue, Ground Floor, San Juan. The Meeting will be convened and then immediately adjourned to a time and place that will be announced later by news release. Stockholders should comply with applicable restrictions and not attend. The record date will remain February 27, 2020.