This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Oriental Financial Group Reports Second Quarter 2012 Results

Oriental Financial Group Inc. (NYSE: OFG) today announced results for the second quarter ended June 30, 2012.

2Q12 Financial Summary

  • Income per common share (diluted) of $0.34 compares to $0.23 in the preceding 2012 quarter and $0.56 in the year ago quarter.
  • Income available to common shareholders of $13.8 million compares to $9.5 million in the preceding 2012 quarter and $25.3 million in the year ago quarter.
  • Book value per share of $15.32 at June 30, 2012 compares to $15.27 at March 31, 2012 and $14.91 at June 30, 2011.
  • Cash dividends per common share of $0.06 are up 20% from the year ago quarter.

As compared to the year ago period, the second quarter of 2012 reflects a reduced investment securities portfolio, higher premium amortization on those securities, and the absence of a $3.0 million benefit from the settlement of various tax contingencies.

Over the past year, Oriental has sold securities to lock in gains, deleveraged the balance sheet, reduced wholesale funding costs, and built up its cash position, putting the Company in a favorable position to move forward with its recently announced plan to acquire the Puerto Rico operations of Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) for $500 million in cash.

CEO Comment

“We are continuing to move in the right direction for achieving our goals for 2012,” said José Rafael Fernández, President, Chief Executive Officer and Vice Chairman of the Board.

“The investments made to expand our banking capabilities, the active management of our risk exposures, and the transformation of our financial model, have resulted in a growth oriented franchise with a very strong capital position.

“During the quarter, we continued to benefit from new commercial, consumer and auto lending; lower cost of deposits as well as reduced cost of wholesale funding; and increased banking activity and cross selling of services from our growing customer base. We also continued to effectively manage non-interest expenses, while reducing our reliance on investment securities.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs