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TheStreet Open House

Oriental Financial Group Reports 4Q12 & 2012 Results

Stocks in this article: OFG

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.

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