Investment in equity method investees

6 Months Ended

Jun. 30, 2013

Equity Method Investments And Joint Ventures Abstract

Equity Method Investments Disclosure Text Block

Note12 - Investments in equity investees

During the quarter and six months ended June 30,2013, the Corporation recorded pre-tax earnings of $24.6 millionand $34.2million, respectively, from its equity investments, compared to $6.3 million and$21.9million for the quarter and six months ended June 30,2012, respectively. This includes $19.1 million and $18.5 million from its investment in EVERTEC for the quarter and six months ended June 30,2013, compared to a loss of$45 thousand andearnings of$1.7 million, for the corresponding periods in 2012. The carrying value of the Corporation's equity method investments was $266 million and $247million at June 30,2013 and December 31, 2012, respectively. The carrying value of the Corporation's investment in EVERTEC was $ 64million and $ 74million before intra-entity eliminations at June 30,2013and December 31, 2012, respectively. Refer to Note 23 for additional information on intra-entity eliminations.

The following table presents summarized financial information of EVERTEC:

			Quarters ended June 30,				Six months ended June 30,
			2013		2012		2013		2012
(in thousands)
Operating results:
	Total revenues	$	79,825	$	71,702	$	152,221	$	143,197
	Total expenses		149,772		74,535		216,645		141,445
	Income tax benefit		(5,012)		(88,526)		(4,961)		(87,472)
Net (loss) income		$	(64,935)	$	85,693	$	(59,463)	$	89,224
			June 30, 2013		December 31, 2012
(in thousands)
Balance Sheet:
	Total assets	$	947,281	$	977,745
	Total liabilities	$	780,604	$	855,290