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