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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, 2017.
1Q17 Highlights
CEO Comment
José Rafael Fernández, President, Chief Executive Officer, and Vice Chairman of the Board, commented:
“OFG Bancorp once again delivered consistent quarterly earnings, generating $0.26 per share for the first quarter of 2017, with consistent quality in our performance, especially in light of our operating environment.
“Our overall results reflect the strength of our retail franchise, where we saw quarter over quarter and year over year increases in loan production and balances, deposits and customers.
“We continued to lead the way in deploying customer-facing banking technology in Puerto Rico, launching the first fully integrated online personal loans application. This is part of our highly successful strategy of differentiating ourselves in delivering unparalleled customer experience.
“As planned during the quarter, we significantly reduced our borrowing costs and balances and ended our remaining loss share agreement with the FDIC, as part of our ongoing efforts to optimize operating results.
“We continued to control credit quality in our challenging environment. This enabled us to dramatically lower credit risk levels, while enhancing our financial strength, as evidenced by our credit trends and capital ratios, which are significantly stronger today than they were five years ago.
“In mid-March, the Financial Oversight and Management Board and the Puerto Rico Government reached an agreement on a 10-year fiscal plan. Steps in the right direction such as this will help increase confidence among people and businesses in Puerto Rico. However, there is much more to be done to restore Puerto Rico’s fiscal stability, competitiveness and economic growth.
“To sum up, we are pleased with our performance and how we have proactively managed our business. While optimistic, we will continue to closely monitor local economic conditions.”
1Q17 Income Statement Highlights
The following compares data for the first quarter 2017 to the fourth quarter 2016, unless otherwise noted.
March 31, 2017 Balance Sheet Highlights
The following compares data at March 31, 2017 to December 31, 2016, unless otherwise noted.
Credit Quality Highlights
The following compares data at March 31, 2017 to December 31, 2016, unless otherwise noted.
Capital Position
The following compares data at March 31, 2017 to December 31, 2016, unless otherwise noted.
Capital continued to build and remains significantly above regulatory requirements for a well-capitalized institution.
Conference Call
A conference call to discuss OFG’s results for the first quarter 2017, outlook and related matters will be held today, Friday, April 21, 2017 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, 2017, can be found on the Webcasts, Presentations & Other Files page, on OFG’s Investor Relations website at www.ofgbancorp.com.
Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, management uses certain “non-GAAP financial measures” within the meaning of the SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. See Tables 9-1 and 9-2 in OFG’s above-mentioned Financial Supplement for reconciliation of GAAP to non-GAAP Measures and Calculations.
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, 2016, 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 53rd 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 wide range of retail and commercial banking, lending and wealth management products, services and technology, primarily in Puerto Rico, through 48 financial centers. Investor information can be found at www.ofgbancorp.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170421005273/en/
OFG BancorpPuerto Rico:Idalis Montalvo, 787-777-2847idalis.montalvo@orientalbank.comorUS:Steven Anreder, 212-532-3232sanreder@ofgbancorp.comorGary Fishman, 212-532-3232gfishman@ofgbancorp.com
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