Popular, Inc. announced that its shareholders approved the election of Joaquín Bacardí III to the company's board for a three-year term expiring in 2016. Bacardí is the president and CEO of Bacardi Corp.

Popular, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's net interest income was $345,347,000 compared to $337,582,000 a year ago. Net interest income after provision for loan losses was $121,491,000 compared to $236,859,000 a year ago. Loss before income tax was $177,184,000 compared to income of $64,600,000 a year ago. Net loss applicable to common stock was $121,237,000 or $1.18 per diluted share compared to income of $47,477,000 or $0.46 per diluted share a year ago. Negative return on average assets was 1.34% compared to return on average assets of 0.53% a year ago. Negative return on average common equity was 12.58% compared to return on average common equity of 5.16% a year ago. Non-GAAP tangible book value per share of $31.21 at March 31, 2013 compared to $31.23 at March 31, 2012. Net charge-offs for the first quarter were $244.5 million, or 4.66% of average non-covered loans held-in-portfolio on an annualized basis, compared with $100.9 million, or 1.94%, for the previous quarter. The bulk loan sale added $163.1 million in charge-offs at BPPR operations. Excluding the impact of the bulk loan sale, net charge-offs were $81.4 million or 1.55% of average non-covered loans-held-in portfolio, decreasing by $19.5 million from the fourth quarter of 2012. This decline was driven by improvements in the underlying credit performance.

Popular, Inc., Q1 2013 Earnings Call, Apr 18, 2013