BPOP: Asset Quality Improvements, Balance Sheet Growth Lead to Increased EPS Estimates; Maintaining Target Price; Reiterating Outperform Rating.

2Q19 Results: Popular reported a 2Q19 net income to common stockholders of $170.2 million, up 1.9% compared to the $167.0 million posted in 1Q19. On a per share basis, BPOP reported earnings of $1.76 compared to $1.69 in 1Q19. The 2Q19 results exceeded our $1.55 estimate and the median Street estimate of $1.56. The primary drivers of the outperformance versus our projections were a lower-than-expected loan loss provision and a lower effective tax rate. Highlights of the quarter include:

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Media Contact: Joseph Gladue, CFA, PRM

Joseph Gladue has over 30 years industry experience with over 25 years focused on banking research. Mr. Gladue was Director of Research at several firms including Cohen & Company and Merion Capital Group. Previously he was a senior research analyst at B. Riley and worked in finance at Bank of the Internet. Joe has covered small and mid-cap banks across the US and has also follow companies in other financial service industries. Joe also provides his banking expertise in the asset management arena for Bluestone Capital Partners. Joe can be reached at jgladue@aldensecurities.com, 215-572-8700.

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