SAN JUAN, Puerto Rico, January 30, 2018 – OFG Bancorp (NYSE: OFG) today reported results for the fourth quarter and year ended December 31, 2017. 4Q17 results reflected a strong recovery following hurricanes Irma and Maria, which struck the island in September 2017.
4Q17 Summary
- Net income available to shareholders increased to $13.6 million, or $0.30 per share fully diluted, from a net loss of $146 thousand, or $0.00 per share, in 3Q17. OFG reported net income of $12.1 million, or $0.27 per share fully diluted, in 4Q16.
- 4Q17 results included $5.4 million in loan loss provision, pre-tax, based on new data available on the potential impact of the hurricanes. Excluding that additional provision, 4Q17 adjusted net income available to shareholders totaled $16.9 million, or $0.37 per share fully diluted.
CEO Comment
José Rafael Fernández, President, Chief Executive Officer, and Vice Chairman of the Board, commented: “OFG’s fourth quarter results were strong considering the impact of the hurricanes, the slow restoration of electricity, and the resultant uncertainties. We are encouraged with how our commercial clients and retail customers have responded.
“Total net loans increased more than $90 million from 3Q17. New loan generation increased more than 32% from 3Q17, rivaling our best quarter of the year. All our outreach with commercial clients following the hurricanes is building a strong pipeline for new loan business. Auto loan production had one of its best quarters. During the month of December, consumer lending returned to approximately 70% of pre-hurricanes production; average monthly net new customer acquisition returned to pre-hurricanes levels, and bank service revenues began to recover with more retail point of sale terminals back on line. At December 31, customer deposits were up $267 million from June 30. Thus far, we haven’t seen any signs outmigration is affecting our customer base.
“4Q17 results are a testament to our successful effort restoring operations quickly after the hurricanes. Our clientele and the communities we serve clearly appreciated our efforts. We are starting to see momentum build despite a very challenging environment. With the expected benefit from an influx of substantial funds from the federal government as well as from insurance recoveries over the next two years, the short-term outlook is hopeful.”
About OFG Bancorp
Now in its 54th year in business, OFG Bancorp is a diversified financial holding company that operates under U.S. and Puerto Rico banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services and Oriental Insurance, provide a wide range of retail and commercial banking, lending and wealth management products, services and technology, primarily in Puerto Rico, through 48 financial centers. Investor information can be found at www.ofgbancorp.com.
Contact: Idalis Montalvo ([email protected]) at 787.777.2847
