SAN JUAN, Puerto Rico, October 25, 2017 – OFG Bancorp (NYSE: OFG) today reported results for the third quarter ended September 30, 2017. Results were significantly impacted by Hurricanes Irma and Maria, which struck the island on September 7 and 20, 2017, respectively.
3Q17 Summary
- Net loss to shareholders was $146 thousand or $0.00 per share. This compares to a profit of $13.6 million, or $0.30 per share fully diluted, in 2Q17 and a profit of $11.7 million, or $0.26 per share fully diluted, in the year ago 3Q16.
- Tangible book value per common share was $15.49 and tangible common equity ratio was 10.98%, with common equity Tier 1 capital ratio of 14.89%, Tier 1 risk-based capital ratio of 19.53%, and total risk-based capital ratio of 20.82%.
- Based on current assessments of information available for the impact of the hurricanes on our credit portfolio, 3Q17 results included an additional $27.0 million in loan loss provision, pre-tax.
- Excluding this provision, adjusted net income available to shareholders totaled $18.8 million or $0.40 per share fully diluted.
CEO Comment
José Rafael Fernández, President, Chief Executive Officer, and Vice Chairman of the Board, commented: “Hurricanes Irma and Maria devastated Puerto Rico and exposed the fragility of our infrastructure and economy. Our deepest sympathy and concern goes out to everyone who has suffered. That includes our own staff and customers.
“Due to our investments in technology, OFG’s digital channels, core banking and electronic funds transfer systems continued to function uninterrupted during and after the hurricanes. Within days after Maria, we started opening branches and ATMs with no limits on teller withdrawals, and we were able to serve our clients regardless of which branches they chose. Today, we have 20 branches and 142 ATMs open, in addition to our digital and phone channels.
“After Irma, Oriental was the only bank to offer fee waivers for late payments. Following Maria, we continued to assist our customers by offering automatic payment deferrals and 90-day extensions for most loan categories. With our strong capital position, OFG is well prepared to endure the challenges ahead.”
About OFG Bancorp
Now in its 53rd 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.
