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OFG Bancorp Reports 2Q13 Results

Stocks in this article: OFG

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.

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