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Popular, Inc. (NYSE: BPOP) | Company Profile, History, Competitors

 

Popular, Inc. (NYSE: BPOP) is a financial services company with key operations in Puerto Rico and United States. As of 2017, it has 7,784 employees through its operations. It was founded in 1893 and headquartered in San Juan, Puerto Rico.

It has two main divisions: BPPR and BPNA, which holds its operations for its Puerto Rico and United States businesses.

BPPR
BPOP conducts its Puerto Rico operations through Banco Popular de Puerto Rico (BPPR). As of 2017, it has 173 branches in Puerto Rico. It provides a full range of banking services to individual and corporate customers in the Puerto Rico market. For retail customers, it offers deposit accounts consumer loans, auto loans, mortgages and credit cards. For companies, it offers commercial loans and auto/equipment lease financing. BPOP also offers insurance through Popular Insurance and their reinsurance vehicle Popular Life RE.

BPNA
BPOP conducts is US operations through Banco Popular North America (BPNA). As of 2017, it has 51 branches in New York, New Jersey and Florida. BPNA is run as a community bank offering a wide range of financial services and products to the US market. BPNA also operates a specialty lending business focuses on condos, healthcare and assisted living.

History

It was founded in 1893. In 1984, it became incorporated as a financial holding company.

Competitors

There are three publicly traded banks competing in Puerto Rico. These are Popular, Inc., FirstBank and OFG Bancorp.

Management

Ignacio Alvarez (CEO): Ignacio Alvarez serves as CEO since 2014. Prior, he served in various roles at the company including COO and Chief Legal Officer. He had also served as a professor at University of Puerto Rico.

Carlos J. Vazquez (CFO): Carlos Vazquez serves as CFO since 2013. Prior, he served in various roles at the company including SVP of Credit and Chief Risk Officer.

Financials

 $ USD in millions    2013
2014
 2015  2016  2017
 Book Value $4,576
$4,217
$5,055 
$5,148 
$5,504 
 Net Interest Margin % 4.44%
3.38%
4.87%
 4.54%  4.27%
 Net Charge-Off Rate % 1.33%
1.05%
1.19%
0.74%
1.00%%
 Loan/Deposit Ratio % 93%
89%
85%
77%
70%






 Net Interest Income $1,345
$945
 $1,409 
 $1,422 
 $1,502 
 Net Income $596
($317)
$892 
 $213 
 $104 
 EPS $5.78
($3.08)
$8.66 
$2.06 
$1.02 

Loan Portfolio (2017)

 Type  Amount ($bn)  %
 Commercial and Industrial
 $3.9  16%
 Commercial Real Estate
 $7.6  31%
 Construction $0.9
4%
 Legacy  $0.1  0%
 Leases
 $0.8  3%
 Consumer
 $3.8  16%
 Mortgage  $7.3  30%
 Total  $24.3  100%

Deposit Portfolio (2017)

 Type  Amount ($bn)  %
 Non-Interest Bearing
 $8.4  24%
 Interest Bearing
 $27.0  76%
 Total  $35.4  100%

Banking Locations (2017)

 BPRA Segment  Locations
 Puerto Rico
168 
 U.S. Virgin Islands
 8 
 British Virgin Islands
 1 
 New York
 1 
 Total  178 

 BPNA Segment  Locations
 New York
34 
 New Jersey
 6 
 Florida
 11 
 Total  51