This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Oriental Financial Group Reports 4Q12 & 2012 Results

Oriental Financial Group Inc. (NYSE: OFG) today reported results for the fourth quarter and year ended December 31, 2012.

HIGHLIGHTS

  • Acquisition of Banco Bilbao Vizcaya Argentaria, S.A.’s Puerto Rico operations (BBVA PR) and related deleveraging of the investment securities portfolio have transformed Oriental in line with its major strategies
  • Combination of BBVA PR and Oriental has created a larger, diversified and growth oriented banking platform
  • Due to a higher than originally estimated valuation for BBVA PR, there was almost no dilution to book value per share. As a result, estimated time to earn back tangible book value has been significantly reduced.
  • Strong core performance in 4Q12 and 2012; however, as anticipated, non-recurring items primarily related to the acquisition and deleveraging negatively affected results
  • 2012 net income available to common shareholders of $14.6 million, equal to $0.35 per common share
  • 2013 outlook strong, based on initial EPS guidance

CEO COMMENT

“Oriental is now in a very solid position, financially and operationally, to realize the benefits of the combination with BBVA PR,” said José Rafael Fernández, President, Chief Executive Officer and Vice Chairman of the Board.

“We want to thank our customers for their continuing support, placing their trust in our ability to serve them. We also want to thank our employees for their enthusiasm and contribution. Employee morale is high, and integration is well underway. We are very pleased with the momentum that we have as an organization and the initial progress that we’ve made deploying our lending and deposit gathering initiatives.

“Unencumbered by legacy issues, Oriental is poised to realize its potential as one of Puerto Rico’s leading banking institutions, with our strong capital and significantly improved market position.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

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