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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 | |
---|---|---|---|---|---|---|---|---|
0.209 | 0.57% | 37.079 | 37.15 | 36.88 | 36.89 | 52,533 | 19:05:51 |
OFG Bancorp (NYSE:OFG) today reported results for the second quarter ended June 30, 2015.
José Rafael Fernández, President, Chief Executive Officer, and Vice Chairman of the Board, commented, “While a few quarter specific items caused us to post a loss in 2Q15, our core business performed well and capital continues to be strong.”
2Q15 Highlights
CEO Comment
In commenting on 2Q15 results, Mr. Fernández stated, “This quarter demonstrates our discipline in navigating one of the most difficult operating environments in banking today.
“Our core business performed well as we continued to grow Oriental Bank’s franchise serving the commercial and consumer sectors. We experienced strong generation of quality loans with good pricing discipline, strong fee revenue levels, and good core expense management. Oriental’s retail deposit base and mortgage and consumer loan businesses continued to benefit from successful marketing attracting new customers. In addition, credit continued to improve as evidenced, among other things, by lower provisions and net charge-offs while we maintained provisions at 1.20-1.25% of net charge-offs, increasing the allowance levels.
“However, the absence of tax-free interest income from the PREPA and PRASA loans was a drag on NIM and earnings in general. With the scheduled expiration of our commercial loss share agreement with the FDIC, we incurred a final write down of the remaining amortization asset for covered commercial loans. In addition, we de-risked our non-covered portfolio by updating valuations of certain underlying collaterals and adopted a restitution program in our broker-dealer subsidiary.
“Looking ahead, prevailing economic conditions in Puerto Rico are challenging and uncertain. Our strategy is to be vigilant in managing our risk exposure and the factors under our control. We urge the Central Government to act quickly and in cooperation with the investment community to restart the Puerto Rico economy, which has now been stalled for nearly a decade.
“Our ultimate goals remain the same: build the Oriental franchise, further affirming our reputation as the best bank in Puerto Rico; 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.”
2Q15 Income Statement Highlights
The following compares data for the second quarter 2015 to the first quarter 2015 unless otherwise noted.
2Q15 Business Activity Highlights
The following compares data for the second quarter 2015 to the first quarter 2015 unless otherwise noted.
June 30, 2015 Balance Sheet Highlights
The following compares data as of June 30, 2015 to March 31, 2015 or for the second quarter 2015 to the first quarter 2015 unless otherwise noted.
Credit Quality Highlights
The following compares data for the second quarter 2015 to the first quarter 2015 unless otherwise noted.
Capital Position
The following compares data for the second quarter 2015 to the first quarter 2015.
Conference Call
A conference call to discuss OFG’s results for the second quarter 2015, outlook and related matters will be held today, Friday, July 24, 2015 at 11:15 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 second quarter ended June 30, 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 52 financial centers and 332 ATMs. Investor information can be found at www.ofgbancorp.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150724005214/en/
OFG BancorpPuerto Rico:Alexandra López, 787-522-6970allopez@orientalbank.comorUS:Steven Anredersanreder@ofgbancorp.comorGary Fishman, 212-532-3232gfishman@ofgbancorp.com
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