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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OFG Bancorp | NYSE:OFG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.33 | 0.89% | 37.34 | 37.705 | 37.05 | 37.67 | 155,270 | 22:30:00 |
OFG Bancorp (NYSE:OFG) today reported results for the first quarter ended March 31, 2015.
1Q15 Highlights
CEO Comment
José Rafael Fernández, President, Chief Executive Officer, and Vice Chairman of the Board, commented:
“We’re clearly disappointed at being forced to take a provision against our PREPA credit, especially in light of our analysis that multiple ways exist for the government utility to repay its debts. Likewise, we remain concerned about the challenges businesses are forced to face in Puerto Rico’s heavily taxed, underperforming economy.
“On the plus side, we continued to grow Oriental Bank’s core franchise serving the commercial and consumer sectors. We prudently originated quality loans with strong pricing discipline. Despite normal reductions in our high-yielding acquired loan portfolios, our NIM at 5.42% and efficiency ratio at less than 52% are among the best in the industry. Additionally, Oriental’s retail deposit base and mortgage business are benefiting from successful marketing attracting an influx of new customers.
“Our outlook for 2015 calls for preserving our performance metrics and diligently managing expenses, albeit with a decline in earning assets and NIM. Most of the FDIC indemnification asset amortization will end in the second half, helping to offset reduced interest income from acquired loans.
“Operationally, we remain focused on building the Oriental franchise and further affirming our reputation as the best bank in Puerto Rico. We will continue to expand our customer base, deepen client relationships, and differentiate ourselves in terms of service and innovation.
“Our ultimate goals remain the same: maximize our profitability and capital; preserve our flexibility to pursue strategic alternatives; and deploy our strong capital base to increase shareholder return in a sustainable manner, as we have done before.”
1Q15 Income Statement Highlights
The following compares data for the first quarter 2015 to the fourth quarter 2014 unless otherwise noted.
1Q15 Business Activity Highlights
The following compares data for the first quarter 2015 to the fourth quarter 2014 unless otherwise noted.
March 31, 2015 Balance Sheet Highlights
The following compares data as of March 31, 2015 to December 31, 2014 or for the first quarter 2015 to the fourth quarter 2014 unless otherwise noted.
Credit Quality Highlights
The following compares data for the first quarter 2015 to the fourth quarter 2014 unless otherwise noted. This also excludes acquired loans and the PREPA credit and its provision.
Capital Position
The following compares data for the first quarter 2015 to the fourth quarter 2014.
Regulatory capital ratios continued to be significantly above requirements for a well-capitalized institution.
Conference Call
A conference call to discuss OFG’s results for the first quarter 2015, outlook and related matters will be held today, Friday, April 24, 2015 at 10:00 AM Eastern Time. The call will be accessible live via a webcast on OFG’s Investor Relations website at www.ofgbancorp.com. A webcast replay will be available shortly thereafter. Access the webcast link in advance to download any necessary software.
Financial Supplement
OFG’s Financial Supplement, with full financial tables for the first quarter ended March 31, 2015, can be found on the Webcasts, Presentations & Other Files page, on OFG’s Investor Relations website at www.ofgbancorp.com.
Forward Looking Statements
The information included in this document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to (i) the rate of growth in the economy and employment levels, as well as general business and economic conditions; (ii) changes in interest rates, as well as the magnitude of such changes; (iii) a credit default by the government of Puerto Rico; (iv) the fiscal and monetary policies of the federal government and its agencies; (v) changes in federal bank regulatory and supervisory policies, including required levels of capital; (vi) the relative strength or weakness of the consumer and commercial credit sectors and of the real estate market in Puerto Rico; (vii) the performance of the stock and bond markets; (viii) competition in the financial services industry; and (ix) possible legislative, tax or regulatory changes.
For a discussion of such factors and certain risks and uncertainties to which OFG is subject, see OFG’s annual report on Form 10-K for the year ended December 31, 2014, as well as its other filings with the U.S. Securities and Exchange Commission. Other than to the extent required by applicable law, including the requirements of applicable securities laws, OFG assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
About OFG Bancorp
Now in its 51st year in business, OFG Bancorp is a diversified financial holding company that operates under U.S. and Puerto Rico banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services and Oriental Insurance, provide a full range of commercial, consumer and mortgage banking services, as well as financial planning, trust, insurance, investment brokerage and investment banking services, primarily in Puerto Rico, through 53 financial centers and 332 ATMs. Investor information can be found at www.ofgbancorp.com.
OFG BancorpPuerto Rico:Alexandra López, 787-522-6970allopez@orientalbank.comorUS:Anreder& CompanySteven Anreder, steven.anreder@anreder.comGary Fishman, gary.fishman@anreder.com212-532-3232
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