It took me some time to get comfortable with the very weak Puerto Rican economy and a dilutive capital injection. But it looks like the credit indicators (NPLs, NPAs, 30-89) are finally starting to relent and capital ratios are improving. http://finance.yahoo.com/news/popular-inc-reports-net-income-130000110.html
Dominant position in Puerto Rico facing a weakened competition after the crisis. Already profitable with a PTPP probably in the $760 million range (too many one-offs), that could make it a 1.3-1.4% ROA bank in a more normal environment.
At 0.7x TBV and 3x PTPP it's very cheap.
Common equity per share $39.35
Tangible common book value per common share (non-GAAP) $32.55
Tangible common equity to tangible assets (non-GAAP) 9.38%