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Popular posts Q4'16 loss on arbitration-related charge

Popular Inc. on Jan. 24 reported a net loss applicable to common stock of $5.0 million, or 6 cents per share, for the fourth quarter of 2016, compared to net income applicable to common stock of $136.5 million, or $1.32 per share, in the corresponding period of 2015.

The Hato Rey, Puerto Rico-based company incurred an FDIC arbitration-related pretax charge of $116.8 million during the most recent quarter, slightly higher than the initially flagged $115 million.

Adjusted net income for the quarter was $88.5 million.

The S&P Capital IQ consensus estimate for normalized EPS was 87 cents in the fourth quarter of 2016.

Net interest margin for the quarter was 4.02%, compared to the linked quarter's 4.12% and the year-ago period's 4.42%. Total nonperforming assets were $774.4 million as of Dec. 31, 2016, compared to $805.4 million as of Sept. 30, 2016, and $842.8 million as of Dec. 31, 2015.

Net charge-offs for the quarter, excluding covered loans, were $56.2 million, compared to $35.1 million for the prior quarter and $82.9 million in the same quarter a year ago. The quarter's provision for loan losses for non-covered loans was $40.9 million, compared to $42.6 million in the previous period and $57.7 million in the year-ago period.

In a separate release, the board of Popular said it declared a quarterly dividend of 25 cents per share, up from 15 cents per share. The dividend is payable April 3 to shareholders of record as of March 17.

The board also approved the company's plan to repurchase up to $75 million of its common stock.