This Day On The Street
Continue to site
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

OFG Bancorp Reports 2Q13 Results

OFG Bancorp (NYSE: OFG) reported today results for the second quarter ended June 30, 2013.

2Q13 Financial Summary
  • Income available to common shareholders increased to $34.1 million, or $0.68 per share diluted, compared to $13.8 million, or $0.34 per share, in the second quarter of 2012, and $17.7 million, or $0.37 per share, in the first quarter of 2013.
  • Net Interest Margin was 5.56% compared to 4.71% in the preceding quarter.
  • Second quarter results reflect the positive impact of a $37.0 million reduction in tax provisions stemming from the increase in deferred tax assets as a result of enactment during the quarter of amendments to the Puerto Rico Income Tax Code (the “Tax Code Amendments”), and a $2.1 million recovery from the sale of a claim in the Lehman Brothers bankruptcy.
  • The quarter’s results also reflect the negative impact of $21.0 million in additional provision for loan and lease losses due to reclassification to held-for-sale of $59.0 million of non-performing residential mortgage loans, $7.1 million in additional amortization of the FDIC Indemnification Asset from stepped up cost recoveries on certain loan pools, and $5.3 million in planned integration expenses.
  • For the six months ended June 30, 2013, income available to common shareholders increased to $51.8 million, or $1.05 per share diluted, compared to $23.2 million, or $0.57 per share, in the year ago period.

CEO’s Comment

“The second quarter was an excellent one for OFG Bancorp,” said José Rafael Fernández, President, Chief Executive Officer and Vice Chairman of the Board. “Our results, both organic and with the quarter specific items, were strong.”

“Strategically, Oriental is growing in Puerto Rico as a major player with a solid track record for consistent, quality service in retail and commercial banking and financial services. Operationally, we are demonstrating our ability to smoothly integrate OFG and the former BBVA-PR businesses into a larger, more effective platform.

1 of 3

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
Only $9.95
14-Days Free
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs