OFG Bancorp Posts $10.9M Net Income in Second Quarter
SAN JUAN – OFG Bancorp, the bank holding company of Oriental Bank, reported Friday that net income available to shareholders for the second quarter of 2016 (2Q16) was in line with the preceding quarter and surpassed the year-ago quarter.
OFG generated $10.9 million, or $0.25 per share fully diluted, in 2Q16 compared with $10.7 million, or $0.24 per share, in 1Q16. In the year-ago quarter, OFG reported a net loss of $6.6 million, or ($0.15) per share, primarily due to non-recurring charges.
Oriental Bank’s overall performance continued strong during the quarter, at $237.8 million, up 5.1% from the preceding quarter, with increased activity in auto, mortgage, and consumer loans.
Banking and wealth management fee revenue increased 6.8% from 1Q16.
Credit quality continued its positive trajectory. Net charge-offs (excluding acquired loans) declined to 1.21% from 1.30% in 1Q16. Early and total delinquency rates dropped from the previous and year-ago quarters. Non-performing loan rates fell to the lowest level in the last five quarters.
“OFG delivered another good quarter, demonstrating strong consistency in our financial results. Diluted EPS of $0.25 was slightly better than 1Q16 as we continued to focus on building our franchise while continuously adapting to our environment,” José Rafael Fernández, president, CEO and vice chairman, commented.