OFG Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 31, 2017 at 06:00 pm IST
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OFG Bancorp announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter the company reported Net income available to shareholders increased to $12.1 million, or $0.27 per share fully diluted compared to a loss of $4.4 million, or $0.10 per share, a year ago Total interest income was $86,794,000 against $92,907,000 a year ago. Net interest income was $74,213,000 against $75,622,000 a year ago. Tangible book value (Non-GAAP) was $15.08 against $14.53 a year ago. Income before income taxes was $26,404,000 against loss before income taxes of $20,840,000 a year ago. Return on average assets was 0.96% compared to negative of 0.05% a year ago. Return on average tangible common stockholders' equity was 7.31% compared to negative of 2.75% a year ago.
For the full year the company reported net income available to shareholders was $45.3 million, or $1.03 per share fully diluted, compared to a loss of $16.4 million, or $0.37 per share, in 2015. The company announced that Capital continued to grow as tangible book value per common share expanded 3.8% to $15.08 and book value per common share grew 3.1% to $17.18. Total interest income was $356,952,000 against $406,568,000 a year ago. Net interest income was $299,427,000 against $337,372,000 a year ago. Income before income taxes was $85,180,000 against loss before income taxes of $20,058,000 a year ago. Return on average assets was 0.88% compared to negative of 0.03% a year ago. Return on average tangible common stockholders' equity was 6.94% compared to negative of 2.47% a year ago.
The company announced net charge-offs for the fourth quarter ended December 31, 2016. For the quarter, the company reported net charge-offs of $13,506,000 against $12,737,000 a year ago.
OFG Bancorp is a financial holding company. The Company is engaged in providing banking and financial services through its subsidiaries. The Company operates through three segments: Banking, Wealth Management and Treasury. The Company provides banking and financial services to its clients through a range of banking and financial solutions, including commercial, consumer, auto, and mortgage lending; checking and savings accounts; financial planning, insurance, financial service, and investment brokerage, and corporate and individual trust and retirement services. The Company provides these services through various subsidiaries, including a commercial bank, Oriental Bank; a securities broker-dealer, Oriental Financial Services Corp. (Oriental Financial Services); an insurance agency, Oriental Insurance, LLC (Oriental Insurance), and a retirement plan administrator, Oriental Pension Consultants, Inc. (OPC).
OFG Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016