OFG Bancorp reports Q4 EPS 45c, consensus 42c
Net income available to shareholders of $23.1M or 45c per fully diluted share compared to 3Q18's $19.6M or 42c per share and 4Q17's $13.6M or 30c per share. Originated loan growth of 3.0% from the preceding quarter to $3.66B, with new loan production of $323M, continuing to exceed $300M for the fourth consecutive quarter. Strong performance metrics, with net interest margin of 5.26%, return on average assets of 1.50%, return on average tangible common stockholders' equity of 11.67%, and efficiency ratio of 51.06%. Record total stockholders' equity of approximately $1B, with book value per common share of $17.90, tangible book value per common share of $16.15, and capital metrics at multi-year highs. Common equity increased $84M and preferred dividend payments dropped 53.0% from the preceding quarter with the conversion into common stock of the Series C 8.750% Non-Cumulative Convertible Perpetual Preferred Stock.