Popular (NASDAQ: BPOP) reported Q4 EPS of $1.72, $0.15 better than the analyst estimate of $1.57.

Ignacio Alvarez, President and Chief Executive Officer, said: “2019 was an outstanding year during which we achieved record core earnings. During the year, we increased EPS and TBV by 14% and 17%, respectively, and grew our customer base in Puerto Rico by 45,000, reflecting the strength of our franchise.

While we exhibited strong performance throughout the year, the results for the fourth quarter reflected the cumulative impact of the three recent interest rate cuts. The reduction in rates negatively impacted our net interest income and margin for the quarter. However, the fundamentals of our business remained solid with fee income demonstrating continued strength and achieving loan growth in both Puerto Rico and the U.S. We continue to pursue opportunities for expense management and operational efficiencies as we implement additional investments in our people, technology and businesses to position the institution for strong and sustainable long-term results.

We are proud of our accomplishments during 2019 and optimistic about our prospects for 2020. Yet, we are deeply saddened by the seismic events that have impacted the southern part of the island this month, including a magnitude 6.4 earthquake on January 7th. The damage is mainly concentrated in sixteen municipalities in the southern region. Fortunately, none of our employees suffered physical harm and our facilities are in sound condition. We resumed operations on the day following the earthquake and have provided uninterrupted service since then. While the impact on our operations was limited, many residents in the south suffered significant damages to their homes, public schools remain closed and the ensuing aftershocks have made it difficult for people in the region to regain a sense of normalcy.

As we have done in the past, we swiftly responded through our foundation, which has close ties with non-profit organizations and communities in the south, to bring immediate assistance to affected areas. A little more than two years ago Puerto Rico faced, and managed through, Hurricane Maria, an island-wide disaster with different and widespread challenges. Although the scale of these events is not comparable to Maria, we remain attentive to the impact it could have in some sectors of the economy, such as hospitality. The people of Puerto Rico are demonstrating overwhelming solidarity and support and are facing this situation with the resolve to move forward. We will continue working with them, confident that Puerto Rico will once again demonstrate its spirit and its ability to rebuild.”

For earnings history and earnings-related data on Popular (BPOP) click here.