Popular, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net interest income of $376,342,000 compared to $351,417,000 a year ago. Income before income tax was $188,193,000 compared to $103,854,000 a year ago. Net income was $163,031,000 compared with $83,940,000 a year ago. Net income applicable to common stock was $162,100,000 or $1.57 per diluted share compared to $83,009,000 or $0.81 per diluted share a year ago. Adjusted non-GAAP net interest income was $376,342,000. Adjusted non-GAAP income before income tax was $95,835,000. Adjusted non-GAAP net income was $74,618,000. Return on average common equity was 14.59% compared to 8.50% a year ago. Return on average assets was 1.79% compared to 0.92% a year ago. Tangible common book value per common share (non-GAAP) was $37.56 against $32.55 a year ago.

For the year, the company reported net interest income of $1,432,580,000 compared to $1,376,633,000 a year ago. Income before income tax was $348,000,000 compared to $218,872,000 a year ago. Net income was $599,327,000 compared with $245,275,000 a year ago. Net income applicable to common stock was $595,604,000 or $5.78 per diluted share compared to $241,552,000 or $2.35 per diluted share a year ago. Return on average common equity was 14.43% compared to 6.37% a year ago. Return on average assets was 1.65% compared to 0.68% a year ago. Non-GAAP tangible common book value per common share was $37.56 against $32.55 a year ago.

Net charge-offs for the fourth quarter amounted to $35,400,000, or 0.66% of average non-covered loans held-in-portfolio (on an annualized basis), compared to $57,900,000, or 1.08% in the third quarter 2013. The decrease of $22,500,000 is mainly driven by higher recoveries of $16,500,000, which include an $8,900,000 recovery associated with an opportunistic sale of a portfolio of previously charged-off credit cards and personal loans in the BPPR segment. Excluding the effect of the previously charged-off consumer loans in BPPR, the net charge-offs ratio was 0.83%, an improvement of 25 basis points compared to the third quarter.