- 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.
OFG Bancorp Reports 2Q13 Results
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