Popular, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total interest income of $453,393,000 against $507,199,000 in the same period of last year. Net interest income was $344,780,000 against $354,575,000 in the same period of last year. Net interest income after provision for loan losses was $164,972,000 against $166,000 in the same period of last year. Income before income tax was $3,238,000 against loss before income tax of $238,905,000 in the same period of last year. Net income was $2,975,000 against net loss of $227,141,000 in the same period of last year. Net income applicable to common stock was $2,044,000 against net loss applicable to common stock of $227,451,000 in the same period of last year. The net interest margin was 4.30% for the fourth quarter of 2011 compared with 4.45% for the third quarter of 2011. The decrease in net interest income of $24.5 million for the fourth quarter of 2011 compared with the third quarter of 2011, was principally due to a reduction in loan yields, mainly in mortgage loans and the covered loan portfolio, and to a lower volume of investment and trading securities, partially offset by a reduction in the cost of deposits and the volume of borrowings. Return on average assets was 0.03% against negative return on average assets of 2.29% in the same period of last year. Return on average common equity was 0.21% against negative return on average common equity of 23.51% in the same period of last year. For the full year ended December 31, 2011, the company reported total interest income of $1,937,501,000 against $1,948,246,000 in the same period of last year. Net interest income was $1,431,992,000 against $1,294,865,000 in the same period of last year. Net interest income after provision for loan losses was $856,272,000 against $282,985,000 in the same period of last year. Income before income tax was $266,252,000 against $245,631,000 in the same period of last year. Net income was $151,325,000 against $137,401,000 in the same period of last year. Net income applicable to common stock was $147,602,000 against net loss applicable to common stock of $54,576,000 in the same period of last year. Net income per diluted common share was $0.14 against net loss per diluted common share of $0.06 in the same period of last year. The company said that it is able to achieve operational profitability for the first time since 2006 by maintaining strong margins, producing strong and stable top line revenue and continuing to reduce credit costs. The corporation's borrowings amounted to $4.3 billion as of December 31, 2011, compared with $5.3 billion as of September 30, 2011. The decrease in borrowings was mostly related to a reduction in principal of $714 million on the note issued to the FDIC as it was fully repaid during the fourth quarter. Return on average assets was 0.40% against 0.36% in the same period of last year. Return on average common equity was 4.01% against 4.37% in the same period of last year. Tangible common book value per common share (non-GAAP) as at December 31, 2011 was $3.08 against $2.98 at December 31, 2010. The company announced that it can continue to reduce credit costs and achieve net income of between $185 million and $200 million during 2012.