We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
0.31 | 0.84% | 37.01 | 37.21 | 36.69 | 36.88 | 204,394 | 01:00:00 |
OFG Bancorp (NYSE:OFG) today reported results for the third quarter ended September 30, 2016.
3Q16 Highlights
CEO Comment
José Rafael Fernández, President, Chief Executive Officer, and Vice Chairman of the Board, commented: “OFG delivered another strong quarter. Diluted EPS of $0.26 was slightly better than the two prior quarters, and our Return on Average Assets at 0.91% and Return on Average Tangible Common Stockholders' Equity at 7.06% were the highest they’ve been in the last five quarters.
“We continue to deliver consistent earnings while being proactive in our business development strategies and prudently managing balance sheet risk. We are particularly pleased to have found an optimal exit point for the PREPA credit facility. This eliminated our single largest credit exposure and significantly reduced our Puerto Rico government related exposures. It also meaningfully increased our capital ratios and contributed to improved credit quality through a major reduction in non-performing loans.
“Oriental Bank’s franchise growth confirms the successful customer differentiation achieved in our business delivery model, emphasizing higher levels of advisory relationships and superior levels of service.
“New loan generation was good, with solid yield expansion. Retail and commercial deposits rose across all categories, due in part to continued growth in net new customers. We have been able to reduce borrowings, with an important reduction in interest expense and positive contribution to NIM. Non-interest revenues and expenses continue to be well managed, while Oriental seamlessly assumed the servicing of its originated residential mortgage loans portfolio.”
3Q16 Income Statement Highlights
The following compares data for the third quarter 2016 to the second quarter 2016, unless otherwise noted.
September 30, 2016 Balance Sheet Highlights
The following compares data as of September 30, 2016 to June 30, 2016, unless otherwise noted.
Credit Quality Highlights
The following compares data as of September 30, 2016 to June 30, 2016, unless otherwise noted.
Capital Position
The following compares data as of September 30, 2016 to June 30, 2016, unless otherwise noted.
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 third quarter 2016, outlook and related matters will be held today, Friday, October 21, 2016 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 third quarter ended September 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. See Tables 9-1 and 9-2 in OFG’s above-mentioned 3Q16 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, 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/20161021005334/en/
For OFG BancorpPuerto Rico:Idalis Montalvo, 787-777-2847idalis.montalvo@orientalbank.comorUS:Steven Anreder and Gary Fishman, 212-532-3232sanreder@ofgbancorp.comgfishman@ofgbancorp.com
1 Year OFG Bancorp Chart |
1 Month OFG Bancorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions