|Over a month ago|
OFG Bancorp raises quarterly dividend to 8c from 7c per share » 13:0201/2701/27/21
OFG Bancorp announced its…
OFG Bancorp announced its board increased the regular quarterly cash dividend by 14.3%, to 8c per common share, from 7c per share, for the quarter ending March 31. The dividend is payable April 15, to holders of record at March 31, 2021, with an ex-dividend date of March 30. Jose Rafael Fernandez, CEO, said: "The dividend increase reflects earnings and capital growth, despite COVID-19, from OFG's larger scale and stronger business activity."
OFG Bancorp: Q4 results reflect pre-tax merger, restructuring charges of $10.1M 07:4401/2501/25/21
OFG Bancorp reports Q4 EPS 42c, two estimates 45c » 07:3501/2501/25/21
Reports Q4 core revenue…
Reports Q4 core revenue $132.8M, two estimates $100.95M. Reports Q4 CET1 capital ratio 13.08%. Reports Q4 tangible book value $16.97. Jose Rafael Fernandez, president, CEO, and vice chairman of the board, said: "We had another quarter of strong performance in our core businesses, reflecting our larger scale, solid levels of new loan production, lower cost of funds, higher non-interest income, and reduced expenses. On a macro-basis, we are benefitting from the improved economic environment in Puerto Rico and the U.S. Virgin Islands due to the continuing nascent rebound from the easing of COVID-19 restrictions and from pandemic-related stimulus."
|Over a quarter ago|
OFG Bancorp reports Q3 EPS 50c, consensus 35c » 07:3310/2310/23/20
Reports Q3 core revenue…
Reports Q3 core revenue $127M, consensus $105.6M. Reports Q3 tangible book value per year $16.51. Reports Q3 CEt1 capital ratio 12.55%. Jose Rafael Fernandez, president, CEO, and vice chairman of the board, stated: "We had a strong third quarter performance in our core business. This was due to an improved macro-economic environment in Puerto Rico and the U.S. Virgin Islands coupled with our being resilient, agile, and more than ready to service the changing needs of our customers and communities. The macro-economic environment benefited from reduced Covid-19 related government restrictions on economic activity, combined with growing liquidity from the federal stimulus programs Puerto Rico is receiving following 2017's Hurricane Maria, the early 2020 earthquakes, and now the Covid-19 pandemic. Our success was driven by staying close to our customers and the communities we serve, providing the financial solutions they need as we enter what appears to be a nascent and potentially expanding recovery. Customer accounts grew, and digital migration expanded. Deposit gathering and loan production were robust. Credit quality continued to be under control. Operating efficiency improved, and the Scotiabank integration is proceeding on schedule. Return on average assets increased to 1.11%, return on average tangible common stockholders' equity expanded to 12.23%, and tangible book value, at $16.51 per share, continued to grow."
OFG Bancorp expects to complete integration of Scotiabank operations by year-end » 07:3807/2407/24/20
Jose Rafael Fernandez,…
Jose Rafael Fernandez, OFG Bancorp (OFG) President, CEO, and Vice Chairman of the Board, said, "Looking ahead, we expect to complete the integration of Scotiabank (BNS) operations as planned by the end of the year, improve efficiencies, and continue to invest for the future to further simplify our operations and enhance our ability to serve customers. While we still face much uncertainty regarding COVID-19 and its impact on the economy, we are in a strong financial position, ready to assist our customers during these trying times."
OFG Bancorp reports Q2 EPS 39c, consensus 22c » 07:3607/2407/24/20
Reports Q2 revenue…
Reports Q2 revenue $128.2M, consensus $114.66M. Reports Q2 book value per share $18.69. Reports Q2 CET1 capital ratio 12.03%. Reports Q2 net charge-offs 0.92%.
OFG Bancorp reports Q1 EPS 0c, consensus 43c » 07:3604/2904/29/20
Reports Q1 core net…
Reports Q1 core net revenue $131.3M, consensus $113.67M. Reports Q1 book value per share $18.33. Reports Q1 Tier 1 capital ratio 11.67%. Jose Rafael Fernandez, President, CEO, and Vice Chairman of the board, said: "The rapid spread around the world of Covid-19 is affecting everybody, personally and financially. Our heart goes out to those who have lost loved ones, are ill, or are suffering monetarily. Our priority going into the pandemic was to keep our employees safe while maintaining our nimble and proactive approach to business. OFG entered this crisis in a position of strength, and we remain well capitalized and highly liquid with a CET1 ratio of 11.67% and $1.6 billion in liquidity. Coming out of it, our goal is to maintain our strong capital and liquidity positions so we can continue to help customers now and throughout the inevitable recovery. Our first quarter performance confirms the strength of our business, balance sheet and franchise during this critical time. This is the direct result of the proactive and customer focused culture we have developed through the years, our ongoing technology investments, and the effective strategies we have put to work. We believe we are in a strong position going forward. In addition to closing the Scotiabank acquisition last year, we significantly reduced higher-cost non-core funding and sold a large portion of non-performing loans. During the first quarter, we increased our allowance for loan losses by $114 million, to a total of $231 million, equal to 3.41% of loans. In March, for our employees, we implemented a comprehensive program combining workplace safety, technology and special benefits. More than 90% are working on site or remote. For our retail and business customers, we launched payment relief programs, waived late charges and ATM and overdraft fees, and increased amounts that can be withdrawn or transferred electronically. As a result, we have achieved uninterrupted and superior levels of service through all channels while maintaining employee and customer safety and social distancing. The investments we made early on in our digital capabilities are helping customers continue to do banking. Our teams worked quickly to design and deploy a new digital forbearance tool as well as one for the SBA's Payroll Protection Program. More than 43% of retail customers who requested forbearance have done so digitally, and 100% of small businesses applied for PPP loans digitally. Technology is a core part of our strategy, and we will continue to look for new and innovative ways to help our customers. All of this has facilitated close communication with our customers, enabling us to provide the financial advice and resources they need to navigate this challenging time. For example, in the first round of PPP, we helped 900 small businesses with more than 25,000 employees access more than $140 million in loans. Our deepest appreciation goes to the front line first responders and healthcare professionals dealing with the coronavirus. We also want to thank our teams at OFG and Oriental on the other front line for doing an outstanding job helping consumers and businesses manage the financial challenges during this crisis. For more than half a century, we have been there to help customers manage their finances, own homes, buy cars, build businesses, protect themselves with insurance, and save for retirement. We're ready to help them now and will be for the decades ahead."
OFG Bancorp to adjourn annual meeting due to coronavirus concerns » 16:1104/1504/15/20
OFG Bancorp announced it…
OFG Bancorp announced it intends to convene and then immediately adjourn its Annual Meeting of Shareholders for up to 30 days due to public health concerns relating to the COVID-19 pandemic and related government actions, including Puerto Rico Gov. Wanda Vazquez's recent executive order extending Puerto Rico's stay at home restrictions through May 3. OFG's Annual Meeting is scheduled for 10:00 AM ET, Wednesday, April 22, 2020, at Oriental Center, 254 Munoz Rivera Avenue, Ground Floor, San Juan. The Meeting will be convened and then immediately adjourned to a time and place that will be announced later by news release. Stockholders should comply with applicable restrictions and not attend. The record date will remain February 27, 2020.