morning. Ignacio. Good you, Thank
a dynamic summary Before on fourth we of turn to expanding by a we year achieved which lot. let quite performance. Popular results, Popular’s me XXXX in start quarter Ignacio full for year XXXX the was
interest growth, year-over-year billion net of the loan with along Our on $X.X back X%. net increased by margin XX% interest income a strong that exceeded to
Puerto Wells business Fargo’s already finance acquisition Our has Rico third the benefits. yielded of significant quarter closed auto in
FDIC which As second termination early did of agreement, we executed in quarter. loss-share the the the
in the million one debt and we million repaid Additionally, with quarters, X% senior in $XXX [ph] it senior in X/X $XXX two replaced last on debt.
XXXX approximately provision expenses. $XXX by hurricane Our expense million, decreased related given XXXX XX% that in to
the months’ terminating by cost, from and $X.X drivers of primary XX% across Higher Reliable year-over-year all personnel the XXXX XX% increased approximately Operating expenses FDIC to expenses the by of by year-over-year worth fee fees Excluding were driven increased the agreements, loss-share segments. five improvement benefits, increase. billion. income professional
higher was from improved capital common interest capital Rico, lower levels, Our higher by earnings X, bearing costs turn XX.X%. loss up fourth repurchase is volumes of investments, higher to Net for million, the by Common improvement the $XX and Please nearly and of additional at part million X information third income, Reliable and slide variances results. XX book beginning of ratio the expenses the $X.X auto and higher year, increase $XX.XX deck. that increasing rates even by Note by higher even $X driven higher the by deposits. per the loan Today’s taxes. the as on release year which slide on net the was Puerto basis provision, achieved interest the for by to our million with stronger acquisition interest in a and was detailed billion. was $XXX appendix at income Tier quarter income the points and in of provided quarter The well slide X to operating quarter, and tangible offsetting press offset as driven for to quarter. XXX robust after loan and higher business volumes stock partially fee mainly position Equity for were This share the ended volumes third value
[ph] resulted Western Additionally, the of the loan commercial in recognition the in quarter. early income of bank pay-off in $X.X million
quarter. XX X bearing a deposit costs The in Rico in to basis interest our points points. volume The to adding the last from Our points and net The interest the The Puerto of due deposits for Rico from basis deposit higher small Reliable and mostly rate driver up of public to sequential XX was was sector in basis in contribution the nine increased in segment the improvement, XX BPPR XX earning deposits, U.S. saw XX in to was X basis margin basis retail yield Puerto X.XX% on points, bank. corporate points. basis points points cost deposit up of Popular points higher costs XX Total costs increased basis NIM. increase points and basis primary assets basis quarter the and
the achieved the for more the the During These of materially tax portfolio adding duration of of cash the investment credit without quarter, years. overall yields The $XXXa loan we approximately adding three after changing characteristics treasury investment or deployed is attractive investments securities. under portfolio. of still purchase million risk securities
reliable portfolio considering retail pleased The auto auto $XX are the We Rico. and $XXX of of demand the financial million with in lending acquisition, QX. results sector Popular performance Reliable The the quarter in strong expect the ruled $XX of compared Reliable from to to in in by the income, Puerto net the for to performing especially million in during million range approximately acquisition combined continue XXXX, conversion million and contribution $XX third a we The $XX fee million anticipated, is now than of and income Reliable including income services better cost. quarter. approximately net include
by still on XXXX, stable in in Popular balances growth, for the driven loan and in growth Focusing growth Rico. we in Puerto slight balances loan U.S. overall continued anticipate
item details more from of Our his income. fourth almost moving the $X benefit hurricane the this not the in quarter on provide we non-interest by do million, Loan $X income operating fourth be by majority by material valuation the decreased Having income slightly, quarter. other $XX forward. million provision mortgage the the third increased expect modification quarter, will of reflecting commentary. during lower decreased MSR, offset to credit a our million Lidio fee related In modifications, from of completed
Additionally, $XX Popular other with have think related operating million claims for material income most for the the third consistent recoveries, quarter. hurricane now insurance quarter hurricane closed. been in We included related
mortgage third trend $XX pace Rico from originated to levels. quarter. quarter. loans million quarter, quarter prior the the for $XXX the a business Puerto expenses Our storm fourth a million in decrease operating in at Total $XXX the below million continue in pre Originations up $XXX million from were
due The larger last employees. is million This slightly at in recognized we the to in than discussed previous webcast, As to program about million rate $XX early reduce quarter’s to is higher XXXX. an retirement by of million expense program. quarter, expected by during the acceptance salary related fourth our $XX expense estimate number approximately $XX
quarter quarter fourth expense which the line. notes quarter, Popular’s million in for Business seasonality of fourth million numbers $XX.X million part reflected sharing full costs million $XXX quarter expense, XXXX. the previously $XX for and to Approximately fourth Fourth include total of also elevated higher and announced were Popular’s $XX.X performance, due quarter expenses to were having of million the personnel expense are improved Popular. XXXX. of in expense under in for increased the early this property related Additionally, to promotion Reliable costs XX% totaled traditional operations termination the given $XX.X
$XXX expenses, due guidance. for quarter, million and the million fourth expenses will OREO for $XX.X debt, two, Reliable lastly, which million on expenses the the last insurance sharing quarter of expenses following $XX.X be adjusted quarter items, recent we million gain to profit one, plan, If reimbursements is of properties. incremental $XX.X extinguishment hurricane fourth program, on certain compared and to with claims, improved adjust in Finally, million, retirement the approximately the four for sale our of early $XX.X to three, line the most for
Rico expenses expected from $XX will For year Higher Popular’s resulting OREO and expense operation result to full a a add regulatory pension, XXXX, the signed reform, average for reduced in from law rate the XX.X%. quarterly XX, the XX% the of and expected return into On approximately of normalization technology, XXXX among tax income expenses approximately Puerto million which base. $XXX December personnel XXXX million. activity, are things year to of Puerto to foreclosure Rico to government tax normal other Reliable costs corporate
expense the reduced in tax Popular non-cash $XX.X quarter, result, the the Puerto a fourth required As recognized our a DTA operation. of rates Rico as income adjust net tax million of we
than valuation higher effective is guidance. than the quarter, was the rate Our in our prior approximately expense quarter excluding in the DTA XX%. This and higher tax third fourth
as recognized rate tax was XX% Rico. Puerto income more As the marginal in
the to million subject tax an be to to quarter, of in range Popular’s strong In our as expect capitalized tax we turn to are well addition, X, benefit. peer we with to not XX%. XXXX as accelerated Please In to program. expenses our to debt completed due the through a levels Slide position, rate the respect In extinguishment banks tax buyback requirements. regulatory fourth well our remain stock announced previously capital $XXX repurchase relative XX%
program $X.XX the stock million. per our of actions; by And quarterly mentioned our to Popular’s As first, subject capital the common will two to common plan of directors, we approval, implement implementing $X.XX quarterly includes expect call, a of secondly, share, our to at the start dividend. XXXX board be $XXX for of next today’s Ignacio distribution increase we of which dividend repurchase an
stock implementation and XX.XX in two final in preferred our book the this still from dividends. to plan is While quarter portfolio, of common by due investment programs last XX offset via ASRs, Tangible quarter, our was buyback stage. been quarter in decrease executed and the the value buyback the in our earnings losses unrealized detailed have last XX a up for
common improving the maintaining digit risk turn capital effects Lidio. dividends continue the target the over call capital was from of that, while our results. Our With appropriate XX.X% double X Reliable ratio are for and our actions, levels acquisition, on tier to tangible quarterly equity pursue of Popular’s I’ll to return on keeping our up XX.X% equity We’ll profile.
