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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 | |
---|---|---|---|---|---|---|---|---|
0.59 | 1.63% | 36.70 | 37.37 | 36.29 | 36.48 | 164,048 | 01:00:00 |
OFG Bancorp (NYSE:OFG) today reported results for the second quarter ended June 30, 2016.
2Q16 Highlights
CEO Comment
José Rafael Fernández, President, Chief Executive Officer, and Vice Chairman of the Board, commented:
“OFG delivered another good quarter, demonstrating strong consistency in our financial results. Diluted EPS of $0.25 was slightly better than 1Q16 as we continued to focus on building our franchise while continuously adapting to our environment.
“New loan generation remained robust, underscoring our growing retail franchise. NIM remained in line. Credit quality continued to be solid as a result of maintaining our prudent lending standards and proactive collection program. Our Puerto Rico government related loan exposure continued to decrease. Expenses are being well contained, with the efficiency ratio the best it has been in more than a year. As a result, tangible book value has increased.
“We are continuing to build franchise value by differentiating Oriental from others with technology that makes banking easier and more accessible, with superior levels of service. During 2Q16, we introduced the Oriental Biz mobile app, adding mobile check capture for small business customers. We were the first to introduce this feature for retail customers in Puerto Rico in 2013, and now we are the first to introduce this feature to small commercial clients on the island. During 2Q16, we also introduced Cardless Cash, another first for Puerto Rico, for making ATM withdrawals quickly without using an ATM/debit card. All of these are attracting a steady influx of new customers.
“Enactment of the Puerto Rico Oversight, Management and Economic Stability Act, or PROMESA, provides a clearer path to address Puerto Rico’s fiscal challenges and more importantly creates a congressional committee to focus on Puerto Rico’s economic development. As it is, the economy continues to fare reasonably well, despite some headlines to the contrary. We are also pleased the PREPA restructuring continues to move ahead for the benefit of its customers, Puerto Rico, and creditors alike.”
2Q16 Income Statement Highlights
The following compares data for the second quarter 2016 to the first quarter 2016 unless otherwise noted.
June 30, 2016 Balance Sheet Highlights
The following compares data as of June 30, 2016 to March 31, 2016 unless otherwise noted.
Credit Quality Highlights
The following compares data for the second quarter 2016 to the first quarter 2016 unless otherwise noted.
Capital Position
The following compares data for the second quarter 2016 to the first quarter 2016.
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 second quarter 2016, outlook and related matters will be held today, Friday, July 22, 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 second quarter ended June 30, 2016, 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.
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, 2015, 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 52nd 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 48 financial centers. Investor information can be found at www.ofgbancorp.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160722005279/en/
For OFG BancorpPuerto Rico:Alexandra López, 787-522-6970allopez@orientalbank.comorUS:Steven Anreder, 212-532-3232sanreder@ofgbancorp.comorGary Fishman, 212-532-3232gfishman@ofgbancorp.com
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