Exhibit 99
![]() | Puerto Rico Contact: Marilyn Santiago-Colón, Oriental Financial Group Inc. (787) 993-4648 U.S. Contact: Steven Anreder and Gary Fishman, Anreder & Company (212) 532-3232 |
ORIENTAL FINANCIAL GROUP REPORTS FIRST QUARTER 2010 INCOME
AVAILABLE TO COMMON SHAREHOLDERS OF $10.7 MILLION
AVAILABLE TO COMMON SHAREHOLDERS OF $10.7 MILLION
Increased Capital, Book Value per Common Share and Retail Deposits,
Steady Loan Origination and Good Credit Performance
Steady Loan Origination and Good Credit Performance
SAN JUAN, Puerto Rico, April 20, 2010 — Oriental Financial Group Inc. (NYSE: OFG) today announced income available to common shareholders for the first quarter ended March 31, 2010 of $10.7 million, equal to $0.41 per diluted share.
“We continued to perform well in a very challenging environment from both a financial and credit point of view,” said José Rafael Fernández, President and Chief Executive Officer. “Oriental produced solid results, and our stockholders’ equity increased $134 million from December 31, 2009, due to our recent capital raise, net income for the quarter, and an improvement in the fair value of our investment securities portfolio.”
“Oriental’s niche market approach to the integrated delivery of services to mid and high net worth clients continued to perform well as the Group expanded market share based on its service proposition and capital strength, as opposed to using interest rates to attract loans or deposits,” Mr. Fernández continued.
“As a result of our capital raise and performance this quarter, we are well positioned for growth in the Puerto Rico banking market.”
Oriental’s first quarter 2010 income available to common shareholders compares to $23.5 million, or $0.97 per diluted share, in the year-ago quarter, which benefitted from non-core, non-interest income of $10.6 million, primarily from gains on sale of securities.
Key Highlights
• | Significant improvement in capital.As of March 31, 2010, total stockholders’ equity of $464.2 million increased 40.6% from December 31, 2009, book value per common share of $11.97 rose 10.6%, and tangible common equity to tangible assets of 6.06% improved 209 basis points. This reflects, among other factors, net proceeds of approximately $94.5 million from the Group’s March 2010 common stock offering. |
• | Steady commercial and mortgage loan originationOriental produced a total of $74.6 million of loans during the quarter, reflecting $52.3 million in residential mortgage originations and $20.1 million in commercial originations. | |
• | Minor reduction in net interest income.Net interest income of $29.4 million was 4% lower than the year ago quarter. This reflected the sale of non-agency securities in the December 2009 and January 2010, and lower yields from holding a greater amount of assets in cash in line with the Group’s strategy of preparing for rising interest rates. | |
• | Continued growth in core retail deposits.These deposits increased 5.8%, or $81.1 million, sequentially and 24.6%, or $293.9 million, year over year, and contributed to a reduction in cost of funds. At the same time, Oriental reduced brokered deposits to $144.9 million, representing declines of $58.4 million sequentially and $307.4 million year over year. | |
• | Strong non-interest income in the face of a challenging local economy.Core non-interest income increased 11.6% year over year, to $7.4 million, reflecting increases in both financial and banking service revenues. | |
• | Net credit losses remain low.Net credit losses at $1.3 million fell 44.2% year over year and dropped to 0.46% of average loans outstanding compared to 0.78%. The allowance for loan losses stood at $26.0 million (2.24% of total loans) at March 31, 2010, compared to $15.1 million (1.25% of total loans) at March 31, 2009. | |
• | Control over non-interest expenses.Non-interest expenses of $20.4 million declined 4.7% sequentially and increased only $1.1 million year over year, largely due to higher FDIC insurance premiums, which were instituted industry wide in the third quarter of 2009. |
Other Financial Data
• | Total loans, net, at $1.13 billion, declined marginally from $1.14 billion in the preceding quarter, reflecting pay down of residential mortgages and an increase in commercial loans. The Group sells most of its conforming mortgages, which represented approximately 90% of first quarter production, into the secondary market, and retains servicing rights. | |
• | Non-performing loans increased $4.9 million from the preceding quarter. The Group’s non-performing loans generally reflect the economic environment in Puerto Rico. The Group does not expect non-performing loans to result in significantly higher losses as most are well-collateralized with adequate loan-to-value ratios. |
• | Total investments of $4.6 billion at March 31, 2010 declined 6.8% from December 31, 2009, reflecting the previously discussed changes in the portfolio. Approximately 96% of the Group’s portfolio consists of fixed-rate mortgage-backed securities or notes, guaranteed or issued by FNMA, FHLMC or GNMA, and U.S. agency senior debt obligations, backed by a U.S. government sponsored entity or the full faith and credit of the U.S. government. | |
• | Non-core, non-interest income of $0.7 million, primarily reflecting gains on sales of securities of $12.0 million and a loss on derivative activities of $10.6 million as a result of negative valuations on existing interest rate swaps. | |
• | The Group maintains regulatory capital ratios well above the requirements for a well-capitalized institution. At March 31, 2010, the Leverage Capital Ratio was 7.82%, Tier-1 Risk-Based Capital Ratio was 23.55%, and Total Risk-Based Capital Ratio was 24.73%. | |
• | Common shares outstanding at March 31, 2010 of $33.1 million increased $8.9 million from December 31, 2009, reflecting the Group’s March 2010 offering. |
Non-GAAP Financial Measures
From time to time, the Group uses certain non-GAAP measures of financial performance to supplement the financial statements presented in accordance with GAAP. The Group presents non-GAAP measures when its management believes that the additional information is useful and meaningful to investors. Non-GAAP measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP.
The Group’s management has reported and discussed the results of operations herein both on a GAAP basis and on a pre-tax operating income basis (as defined as net interest income after provision for loan losses and core non-interest income from banking and financial service revenues, less non-interest expenses, and as calculated on the accompanying table). The Group’s management believes that, given the nature of the items excluded from the definition of pre-tax operating income, it is useful to state what the results of operations would have been without them so that investors can see the financial trends from the Group’s continuing business.
Tangible common equity consists of common equity less goodwill. Management believes that the ratios of tangible common equity to total assets and to risk-weighted assets assist investors in analyzing the Group’s capital position.
Conference Call
A conference call to discuss the Group’s results, outlook and related matters will be held on Wednesday, April 21, 2010 at 11:30 AM Eastern & Puerto Rico Time. The call will be accessible live via a webcast on the Group’s Investor Relations website atwww.orientalfg.com. A webcast replay will be available shortly thereafter. Access the webcast link in advance to download any necessary software.
About Oriental Financial Group
Oriental Financial Group Inc. is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. Now in its 46th year in business, Oriental provides a full range of mortgage, commercial and consumer banking services through 21 Oriental Group financial centers in Puerto Rico, as well as financial planning, trust, insurance, investment brokerage and investment banking services. Investor information about Oriental can be found atwww.orientalfg.com.
Forward-Looking Statements
This news release may contain forward-looking statements that reflect management’s beliefs and expectations and are subject to risks and uncertainties inherent to the Group’s business, including, without limitation, the effect of economic and market conditions, the level and volatility of interest rates, and other risks and considerations detailed in the Group’s filings with the Securities and Exchange Commission. These or other factors could cause actual results to differ materially from forward-looking statements. The Group also disclaims any obligations to update information contained in this news release because of developments occurring after the date of issuance.
# # #
![]() | ORIENTAL FINANCIAL GROUP Financial Summary (NYSE: OFG) |
QUARTER ENDED | ||||||||||||||||
31-Mar-10 | 31-Mar-09 | % | 31-Dec-09 | |||||||||||||
Summary of Operations (Dollars in thousands, except per share data): | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans | $ | 17,598 | $ | 18,320 | -3.9 | % | $ | 17,798 | ||||||||
Mortgage-backed securities | 43,594 | 50,708 | -14.0 | % | 46,837 | |||||||||||
Investment securities | 9,063 | 14,723 | -38.4 | % | 10,209 | |||||||||||
Short term investments | 42 | 180 | -76.7 | % | 23 | |||||||||||
Total interest income | 70,297 | 83,931 | -16.2 | % | 74,867 | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 11,243 | 13,823 | -18.7 | % | 12,731 | |||||||||||
Securities sold under agreements to repurchase | 25,285 | 35,799 | -29.4 | % | 25,818 | |||||||||||
Advances from FHLB, term notes, and other borrowings | 3,012 | 3,096 | -2.7 | % | 3,103 | |||||||||||
FDIC-guaranteed term notes | 1,021 | 112 | 811.6 | % | 1,021 | |||||||||||
Subordinated capital notes | 298 | 436 | -31.7 | % | 307 | |||||||||||
Total interest expense | 40,859 | 53,266 | -23.3 | % | 42,980 | |||||||||||
Net interest income | 29,438 | 30,665 | -4.0 | % | 31,887 | |||||||||||
Provision for loan losses | 4,014 | 3,200 | 25.4 | % | 4,400 | |||||||||||
Net interest income after provision for loan losses | 25,424 | 27,465 | -7.4 | % | 27,487 | |||||||||||
Non-Interest Income (Loss): | ||||||||||||||||
Financial service revenues | 3,978 | 3,114 | 27.7 | % | 4,309 | |||||||||||
Banking service revenues | 1,647 | 1,393 | 18.2 | % | 1,640 | |||||||||||
Investment banking revenues (losses) | — | (12 | ) | — | — | |||||||||||
Mortgage banking activities | 1,797 | 2,153 | -16.5 | % | 2,537 | |||||||||||
Total banking and financial service revenues | 7,422 | 6,648 | 11.6 | % | 8,486 | |||||||||||
Net gain (loss) on: | ||||||||||||||||
Sales of securities | 12,020 | 10,340 | 16.2 | % | (52,003 | ) | ||||||||||
Other than temporary impairments on securities | (632 | ) | — | -100.0 | % | (47,399 | ) | |||||||||
Derivatives | (10,636 | ) | 434 | -100.0 | % | 9,149 | ||||||||||
Trading securities | (3 | ) | (27 | ) | 88.9 | % | 137 | |||||||||
Foreclosed real estate | (117 | ) | (162 | ) | 27.8 | % | 6 | |||||||||
Other investments | 9 | 13 | -30.8 | % | 9 | |||||||||||
Other | 14 | — | 100.0 | % | 10 | |||||||||||
Total non-interest income (loss) | 8,077 | 17,246 | -53.2 | % | (81,605 | ) | ||||||||||
Non-Interest Expenses: | ||||||||||||||||
Compensation and employee benefits | 8,250 | 7,724 | 6.8 | % | 8,345 | |||||||||||
Occupancy and equipment | 3,594 | 3,489 | 3.0 | % | 3,768 | |||||||||||
Professional and service fees | 2,153 | 2,608 | -17.4 | % | 2,968 | |||||||||||
Insurance | 1,833 | 815 | 124.9 | % | 1,673 | |||||||||||
Taxes, other than payroll and income taxes | 857 | 646 | 32.7 | % | 875 | |||||||||||
Advertising and business promotion | 699 | 1,204 | -41.9 | % | 880 | |||||||||||
Electronic banking charges | 678 | 540 | 25.6 | % | 587 | |||||||||||
Loan servicing expenses | 427 | 383 | 11.5 | % | 419 | |||||||||||
Communication | 342 | 379 | -9.8 | % | 404 | |||||||||||
Directors and investor relations | 315 | 349 | -9.7 | % | 344 | |||||||||||
Clearing and wrap fees expenses | 297 | 330 | -10.0 | % | 317 | |||||||||||
Printing, postage, stationery and supplies | 203 | 256 | -20.7 | % | 237 | |||||||||||
Other | 745 | 550 | 35.5 | % | 589 | |||||||||||
Total non-interest expenses | 20,393 | 19,273 | 5.8 | % | 21,406 | |||||||||||
Income (loss) before income taxes | 13,108 | 25,438 | -48.5 | % | (75,524 | ) | ||||||||||
Income tax expense (benefit) | 1,172 | 690 | 69.9 | % | (1,479 | ) | ||||||||||
Net income (loss) | 11,936 | 24,748 | -51.8 | % | (74,045 | ) | ||||||||||
Less: Dividends on preferred stock | (1,201 | ) | (1,201 | ) | — | (1,201 | ) | |||||||||
Income available (loss) to common shareholders | $ | 10,735 | $ | 23,547 | -54.4 | % | $ | (75,246 | ) | |||||||
PRE-TAX OPERATING INCOME | ||||||||||||||||
Net interest income after provision for loan losses | $ | 25,424 | $ | 27,465 | -7.4 | % | $ | 27,487 | ||||||||
Core non-interest income Financial service revenues | 3,978 | 3,114 | 27.7 | % | 4,309 | |||||||||||
Banking service revenues | 1,647 | 1,393 | 18.2 | % | 1,640 | |||||||||||
Investment banking revenues (losses) | — | (12 | ) | — | — | |||||||||||
Mortgage banking activities | 1,797 | 2,153 | -16.5 | % | 2,537 | |||||||||||
Total core non-interest income | 7,422 | 6,648 | 11.6 | % | 8,486 | |||||||||||
Less non interest expenses | (20,393 | ) | (19,273 | ) | -5.8 | % | (21,406 | ) | ||||||||
Total pre-tax operating income | $ | 12,453 | $ | 14,840 | -16.1 | % | $ | 14,567 | ||||||||
Page 1 of 6
![]() | ORIENTAL FINANCIAL GROUP Financial Summary (NYSE: OFG) |
QUARTER ENDED | ||||||||||||||||
31-Mar-10 | 31-Mar-09 | % | 31-Dec-09 | |||||||||||||
(Dollars in thousands, except per share data): | ||||||||||||||||
INCOME (LOSS) PER COMMON SHARE | ||||||||||||||||
Basic | $ | 0.42 | $ | 0.97 | -56.7 | % | ($3.10 | ) | ||||||||
Diluted | $ | 0.41 | $ | 0.97 | -57.7 | % | ($3.09 | ) | ||||||||
COMMON STOCK DATA | ||||||||||||||||
Average common shares outstanding | 25,857 | 24,245 | 6.6 | % | 24,303 | |||||||||||
Average potential common shares-options | 75 | 3 | 100.0 | % | 51 | |||||||||||
Total average shares outstanding and equivalents | 25,931 | 24,248 | 6.9 | % | 24,354 | |||||||||||
Cash dividends per share of common stock | $ | 0.04 | $ | 0.04 | — | $ | 0.04 | |||||||||
Cash dividends declared on common shares | $ | 1,322 | $ | 972 | 36.0 | % | $ | 972 | ||||||||
Pay-out ratio | 9.76 | % | 4.12 | % | 136.6 | % | -1.29 | % | ||||||||
SELECTED FINANCIAL DATA | ||||||||||||||||
PERFORMANCE RATIOS: | ||||||||||||||||
Return on average assets | 0.73 | % | 1.53 | % | -52.3 | % | -4.49 | % | ||||||||
Return on average common equity | 13.39 | % | 49.14 | % | -72.8 | % | -103.93 | % | ||||||||
Efficiency ratio | 55.33 | % | 51.65 | % | 7.1 | % | 53.02 | % | ||||||||
TAX EQUIVALENT SPREAD | ||||||||||||||||
Interest-earning assets | 4.50 | % | 5.43 | % | -17.1 | % | 4.94 | % | ||||||||
Tax equivalent adjustment | 1.49 | % | 1.68 | % | -11.3 | % | 1.78 | % | ||||||||
Interest-earning assets — tax equivalent | 5.99 | % | 7.11 | % | -15.8 | % | 6.72 | % | ||||||||
Interest-bearing liabilities | 2.88 | % | 3.64 | % | -20.9 | % | 2.98 | % | ||||||||
Tax equivalent interest rate spread | 3.11 | % | 3.47 | % | -10.4 | % | 3.74 | % | ||||||||
Tax equivalent interest rate margin | 3.37 | % | 3.66 | % | -7.9 | % | 3.89 | % | ||||||||
NORMAL SPREAD | ||||||||||||||||
Investments | 4.13 | % | 5.27 | % | -21.6 | % | 4.65 | % | ||||||||
Loans | 6.17 | % | 6.09 | % | 1.3 | % | 6.15 | % | ||||||||
Interest-earning assets | 4.50 | % | 5.43 | % | -17.1 | % | 4.94 | % | ||||||||
Deposits | 2.71 | % | 3.27 | % | -17.1 | % | 2.90 | % | ||||||||
Borrowings | 2.95 | % | 3.79 | % | -22.2 | % | 3.01 | % | ||||||||
Interest-bearing liabilities | 2.88 | % | 3.64 | % | -20.9 | % | 2.98 | % | ||||||||
Interest rate spread | 1.62 | % | 1.79 | % | -9.5 | % | 1.96 | % | ||||||||
Interest rate margin | 1.88 | % | 1.98 | % | -5.1 | % | 2.11 | % | ||||||||
AVERAGE BALANCES | ||||||||||||||||
Investments | $ | 5,106,338 | $ | 4,980,245 | 2.5 | % | $ | 4,907,790 | ||||||||
Loans | 1,140,111 | 1,203,736 | -5.3 | % | 1,158,245 | |||||||||||
Interest-earning assets | $ | 6,246,449 | $ | 6,183,981 | 1.0 | % | $ | 6,066,035 | ||||||||
Deposits | $ | 1,658,924 | $ | 1,689,300 | -1.8 | % | $ | 1,755,052 | ||||||||
Borrowings | 4,018,051 | 4,159,397 | -3.4 | % | 4,022,421 | |||||||||||
Interest-bearing liabilities | $ | 5,676,975 | $ | 5,848,697 | -2.9 | % | $ | 5,777,473 | ||||||||
Page 2 of 6
![]() | ORIENTAL FINANCIAL GROUP Financial Summary (NYSE: OFG) |
AS OF | ||||||||||||||||
31-Mar-10 | 31-Mar-09 | % | 31-Dec-09 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
BALANCE SHEET | ||||||||||||||||
Cash and due from banks | $ | 468,081 | $ | 293,750 | 59.3 | % | $ | 277,123 | ||||||||
Investments: | ||||||||||||||||
Trading securities | 293 | 608 | -51.8 | % | 523 | |||||||||||
Investment securities available-for-sale, at fair value with amortized cost of $4,673,956 (March 31, 2009 - $4,648,495, December 31, 2009 - $5,044,017) FNMA and FHLMC certificates | 3,277,247 | 2,191,097 | 49.6 | % | 2,764,173 | |||||||||||
Obligations of US Government sponsored agencies | 595,501 | 669,543 | -11.1 | % | 1,007,091 | |||||||||||
Non-agency collateralized mortgage obligations | 71,197 | 501,243 | -85.8 | % | 446,037 | |||||||||||
CMO’s issued by US Government sponsored agencies | 248,713 | 677,555 | -63.3 | % | 286,508 | |||||||||||
GNMA certificates | 317,559 | 309,886 | 2.5 | % | 346,103 | |||||||||||
Structured credit investments | 40,090 | 133,815 | -70.0 | % | 38,382 | |||||||||||
Puerto Rico Government and agency obligations | 66,513 | 72,394 | -8.1 | % | 65,365 | |||||||||||
Total investment securities available-for-sale | 4,616,819 | 4,555,533 | 1.3 | % | 4,953,659 | |||||||||||
Federal Home Loan Bank (FHLB) stock, at cost | 19,937 | 19,812 | 0.6 | % | 19,937 | |||||||||||
Other investments | 150 | 150 | — | 150 | ||||||||||||
Total investments | 4,637,199 | 4,576,103 | 1.3 | % | 4,974,269 | |||||||||||
Securities sold but not yet delivered | 116,747 | 289,565 | -59.7 | % | - | |||||||||||
Loans: | ||||||||||||||||
Mortgage loans | 906,282 | 968,334 | -6.4 | % | 918,935 | |||||||||||
Commercial loans (including commercial loans with real estate collateral) | 203,739 | 194,145 | 4.9 | % | 197,777 | |||||||||||
Consumer loans | 22,954 | 21,330 | 7.6 | % | 22,864 | |||||||||||
Loans receivable, gross | 1,132,975 | 1,183,809 | -4.3 | % | 1,139,576 | |||||||||||
Less: Deferred loan fees, net | (3,504 | ) | (3,509 | ) | 0.1 | % | (3,496 | ) | ||||||||
Loans receivable | 1,129,471 | 1,180,300 | -4.3 | % | 1,136,080 | |||||||||||
Allowance for loan losses | (25,977 | ) | (15,147 | ) | -71.5 | % | (23,272 | ) | ||||||||
Loans receivable, net | 1,103,494 | 1,165,153 | -5.3 | % | 1,112,808 | |||||||||||
Mortgage loans held for sale | 27,785 | 34,278 | -18.9 | % | 27,261 | |||||||||||
Total loans, net | 1,131,279 | 1,199,431 | -5.7 | % | 1,140,069 | |||||||||||
Accrued interest receivable | 37,100 | 38,585 | -3.8 | % | 33,656 | |||||||||||
Deferred tax asset, net | 32,186 | 23,422 | 37.4 | % | 31,685 | |||||||||||
Prepaid FDIC Insurance | 20,996 | — | 100.0 | % | 22,568 | |||||||||||
Premises and equipment, net | 18,571 | 21,540 | -13.8 | % | 19,775 | |||||||||||
Foreclosed real estate | 9,918 | 9,681 | 2.4 | % | 9,347 | |||||||||||
Investment in equity indexed options | 7,875 | 3,052 | 158.0 | % | 6,464 | |||||||||||
Servicing asset | 7,569 | 3,467 | 118.3 | % | 7,120 | |||||||||||
Mortgage tax credits | 3,819 | 5,047 | -24.3 | % | 3,819 | |||||||||||
Other prepaid expenses | 3,496 | 2,817 | 24.1 | % | 4,269 | |||||||||||
Debt issuance costs | 3,223 | 4,381 | -26.4 | % | 3,531 | |||||||||||
Goodwill | 2,006 | 2,006 | — | 2,006 | ||||||||||||
Investment in statutory trust | 1,086 | 1,086 | — | 1,086 | ||||||||||||
Derivative asset | 49 | — | 100.0 | % | 8,511 | |||||||||||
Accounts receivable and other assets | 7,320 | 12,013 | -39.1 | % | 5,535 | |||||||||||
Total assets | $ | 6,508,520 | $ | 6,485,946 | 0.3 | % | $ | 6,550,833 | ||||||||
Page 3 of 6
![]() | ORIENTAL FINANCIAL GROUP Financial Summary (NYSE: OFG) |
AS OF | ||||||||||||||||
31-Mar-10 | 31-Mar-09 | % | 31-Dec-09 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Deposits: | ||||||||||||||||
Non-interest bearing demand deposits | $ | 90,925 | $ | 72,533 | 25.4 | % | $ | 73,548 | ||||||||
Interest-bearing savings and demand deposits | 747,505 | 551,354 | 35.6 | % | 706,750 | |||||||||||
Individual retirement accounts | 317,620 | 286,043 | 11.0 | % | 312,843 | |||||||||||
Retail certificates of deposit | 330,641 | 282,901 | 16.9 | % | 312,410 | |||||||||||
Total retail deposits | 1,486,691 | 1,192,831 | 24.6 | % | 1,405,551 | |||||||||||
Institutional deposits | 184,763 | 161,168 | 14.6 | % | 136,683 | |||||||||||
Brokered deposits | 144,879 | 452,247 | -68.0 | % | 203,267 | |||||||||||
Total deposits | 1,816,333 | 1,806,246 | 0.6 | % | 1,745,501 | |||||||||||
Borrowings: | ||||||||||||||||
Federal funds purchased and other short term borrowings | 37,953 | 44,310 | -13.3 | % | 49,179 | |||||||||||
Securities sold under agreements to repurchase | 3,557,149 | 3,757,411 | -5.3 | % | 3,557,308 | |||||||||||
Advances from FHLB | 281,687 | 281,675 | — | 281,753 | ||||||||||||
FDIC-guaranteed term notes | 105,112 | 105,112 | — | 105,834 | ||||||||||||
Subordinated capital notes | 36,083 | 36,083 | — | 36,083 | ||||||||||||
Total borrowings | 4,017,984 | 4,224,591 | -4.9 | % | 4,030,157 | |||||||||||
Total interest-bearing liabilities | 5,834,317 | 6,030,837 | -3.3 | % | 5,775,658 | |||||||||||
Securities purchased but not yet received | 171,813 | 112,628 | 52.5 | % | 413,359 | |||||||||||
Accrued expenses and other liabilities | 38,216 | 23,130 | 63.3 | % | 31,650 | |||||||||||
Total liabilities | 6,044,346 | 6,166,595 | -2.0 | % | 6,220,667 | |||||||||||
Preferred Equity | 68,000 | 68,000 | — | 68,000 | ||||||||||||
�� | ||||||||||||||||
Common Equity: | ||||||||||||||||
Common stock | 34,479 | 25,739 | 34.0 | % | 25,739 | |||||||||||
Additional paid-in capital | 299,542 | 212,784 | 40.8 | % | 213,445 | |||||||||||
Legal surplus | 46,480 | 45,471 | 2.2 | % | 45,279 | |||||||||||
Retained earnings | 85,796 | 71,353 | 20.2 | % | 77,584 | |||||||||||
Treasury stock, at cost | (17,127 | ) | (17,164 | ) | 0.2 | % | (17,142 | ) | ||||||||
Accumulated other comprehensive loss | (52,996 | ) | (86,832 | ) | 39.0 | % | (82,739 | ) | ||||||||
Total common equity | 396,174 | 251,351 | 57.6 | % | 262,166 | |||||||||||
Total stockholders’ equity | 464,174 | 319,351 | 45.3 | % | 330,166 | |||||||||||
Total liabilities and stockholders’ equity | $ | 6,508,520 | $ | 6,485,946 | 0.3 | % | $ | 6,550,833 | ||||||||
SELECTED FINANCIAL DATA AT PERIOD-END | ||||||||||||||||
Common shares outstanding at end of period | 33,103 | 24,223 | 36.7 | % | 24,235 | |||||||||||
Book value per common share | $ | 11.97 | $ | 10.38 | 15.3 | % | $ | 10.82 | ||||||||
Trust Assets Managed | 1,688,831 | 1,617,855 | 4.4 | % | $ | 1,818,498 | ||||||||||
Broker-Dealer Assets Gathered | 1,301,080 | 1,087,781 | 19.6 | % | 1,269,284 | |||||||||||
Total Assets Managed | 2,989,911 | 2,705,636 | 10.5 | % | 3,087,782 | |||||||||||
Assets owned | 6,508,520 | 6,485,946 | 0.3 | % | 6,550,833 | |||||||||||
Total financial assets managed and owned | $ | 9,498,431 | $ | 9,191,582 | 3.3 | % | $ | 9,638,615 | ||||||||
Number of financial centers | 21 | 23 | -8.7 | % | 21 |
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![]() | ORIENTAL FINANCIAL GROUP Financial Summary (NYSE: OFG) |
AS OF | ||||||||||||||||
31-Mar-10 | 31-Mar-09 | % | 31-Dec-09 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
CAPITAL RATIOS | ||||||||||||||||
Leverage Capital Ratio | 7.82 | % | 6.54 | % | 19.6 | % | 6.52 | % | ||||||||
Leverage Capital Ratio Required | 4.00 | % | 4.00 | % | 4.00 | % | ||||||||||
Actual Tier 1 Capital | $ | 518,423 | $ | 416,955 | 24.3 | % | $ | 414,702 | ||||||||
Tier 1 Capital Required | $ | 265,217 | $ | 254,836 | 4.1 | % | $ | 254,323 | ||||||||
Excess over regulatory requirement | $ | 253,206 | $ | 162,119 | 56.2 | % | $ | 160,379 | ||||||||
Tier 1 Risk-Based Capital Ratio | 23.55 | % | 16.20 | % | 45.4 | % | 18.79 | % | ||||||||
Tier 1 Risk-Based Capital Ratio Required | 4.00 | % | 4.00 | % | 4.00 | % | ||||||||||
Actual Tier 1 Risk-Based Capital | $ | 518,423 | $ | 416,955 | 24.3 | % | $ | 414,702 | ||||||||
Tier 1 Risk-Based Capital Required | $ | 88,069 | $ | 102,926 | -14.4 | % | $ | 88,295 | ||||||||
Excess over regulatory requirement | $ | 430,354 | $ | 314,029 | 37.0 | % | $ | 326,407 | ||||||||
Risk-Weighted Assets | $ | 2,201,715 | $ | 2,573,148 | -14.4 | % | $ | 2,207,383 | ||||||||
Total Risk-Based Capital Ratio | 24.73 | % | 16.79 | % | 47.3 | % | 19.84 | % | ||||||||
Total Risk-Based Capital Ratio Required | 8.00 | % | 8.00 | % | 8.00 | % | ||||||||||
Actual Total Risk-Based Capital | $ | 544,400 | $ | 432,102 | 26.0 | % | $ | 437,975 | ||||||||
Total Risk-Based Capital Required | $ | 176,137 | $ | 205,852 | -14.4 | % | $ | 176,591 | ||||||||
Excess over regulatory requirement | $ | 368,263 | $ | 226,250 | 62.8 | % | $ | 261,384 | ||||||||
Risk-Weighted Assets | $ | 2,201,715 | $ | 2,573,148 | -14.4 | % | $ | 2,207,383 | ||||||||
Tangible common equity to total assets | 6.06 | % | 3.84 | % | 57.7 | % | 3.97 | % | ||||||||
Tangible common equity to risk-weighted assets | 17.90 | % | 9.69 | % | 84.8 | % | 11.79 | % | ||||||||
Total equity to total assets | 7.13 | % | 4.93 | % | 44.7 | % | 5.04 | % | ||||||||
Total equity to risk-weighted assets | 21.08 | % | 12.41 | % | 69.9 | % | 14.96 | % |
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![]() | ORIENTAL FINANCIAL GROUP Financial Summary (NYSE: OFG) |
QUARTER ENDED | ||||||||||||||||
31-Mar-10 | 31-Mar-09 | % | 31-Dec-09 | |||||||||||||
Dollars in thousands) | ||||||||||||||||
Loan Production and Purchases Summary: | ||||||||||||||||
Mortgage loans production | $ | 52,310 | $ | 65,731 | -20.4 | % | $ | 63,214 | ||||||||
Mortgage loans purchased | 3,499 | 2,176 | 60.8 | % | 5,013 | |||||||||||
Total mortgage | 55,809 | 67,907 | -17.8 | % | 68,227 | |||||||||||
Commercial | 20,070 | 18,067 | 11.1 | % | 21,746 | |||||||||||
Consumer | 2,232 | 1,305 | 71.0 | % | 3,392 | |||||||||||
Total loan production and purchases | $ | 78,111 | $ | 87,279 | -10.5 | % | $ | 93,365 | ||||||||
CREDIT DATA | ||||||||||||||||
Net credit losses: | ||||||||||||||||
Mortgage | $ | 1,096 | $ | 1,396 | -21.5 | % | $ | 717 | ||||||||
Commercial | 99 | 598 | -83.4 | % | 408 | |||||||||||
Consumer | 115 | 352 | -67.3 | % | 179 | |||||||||||
Total net credit losses | $ | 1,310 | $ | 2,346 | -44.2 | % | $ | 1,304 | ||||||||
Net credit losses to average loans outstanding | 0.46 | % | 0.78 | % | -41.0 | % | 0.45 | % | ||||||||
AS OF | ||||||||||||||||
31-Mar-10 | 31-Mar-09 | % | 31-Dec-09 | |||||||||||||
Allowance for loan losses | $ | 25,977 | $ | 15,147 | 71.5 | % | $ | 23,272 | ||||||||
Allowance coverage ratios: | ||||||||||||||||
Allowance for loan losses to total loans | 2.24 | % | 1.25 | % | 79.2 | % | 2.00 | % | ||||||||
Allowance for loan losses to non-performing loans | 23.77 | % | 17.50 | % | 35.8 | % | 22.30 | % | ||||||||
Allowance for loan losses to non-residential non-performing loans | 155.01 | % | 157.29 | % | -1.4 | % | 144.25 | % | ||||||||
Non-performing assets summary: | ||||||||||||||||
Mortgage | $ | 92,532 | $ | 76,911 | 20.3 | % | $ | 88,238 | ||||||||
Commercial, mainly real estate | 16,156 | 8,847 | 82.6 | % | 15,688 | |||||||||||
Consumer | 602 | 783 | -23.1 | % | 445 | |||||||||||
Non-performing loans | 109,290 | 86,541 | 26.3 | % | 104,371 | |||||||||||
Foreclosed properties | 9,918 | 9,681 | 2.4 | % | 9,347 | |||||||||||
Non-performing assets | $ | 119,208 | $ | 96,222 | 23.9 | % | $ | 113,718 | ||||||||
Non-performing loans to total loans | 9.44 | % | 7.13 | % | 32.4 | % | 8.97 | % | ||||||||
Non-performing loans to total assets | 1.68 | % | 1.33 | % | 26.3 | % | 1.59 | % | ||||||||
Non-performing assets to total assets | 1.83 | % | 1.48 | % | 23.6 | % | 1.74 | % | ||||||||
Non-performing assets to total capital | 25.68 | % | 30.13 | % | -14.8 | % | 34.44 | % | ||||||||
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