Financial stock to watch: OFG Bancorp (NYSE: OFG)

Free $100 Forex No-Deposit Bonus

OFG Bancorp (NYSE: OFG), stock fell over 2% on 21st October, 2019 (as of  11:34 am GMT-4 ; Source: Google finance). For the third quarter 2019, the company included $40.5 million pre-tax from items that has negatively impacted the results, mainly due to the decision to sell mostly non-performing loans, partially offset by $13 million pre-tax from items that benefited results, such as the sale of available-for-sale mortgage-backed securities (MBS) and of fully charged-off loans, and the adjustment to the qualitative factors of the allowance for loan and lease losses.

Image result for OFG Bancorp

 

The company has recently announced that the Virgin Islands Banking Board has approved the first regulatory step related to the acquisition by OFG’s Oriental Bank of Scotiabank’s US Virgin Island operations. As per the permit Oriental is authorized to organize a bank in the Territory. To assume Scotiabank’s operations and start serving customers in the USVI, Oriental also require a license and approval from the Board and approvals from federal and Puerto Rico regulators.

Moreover, for the third quarter 2019, OFG reported the net income available to shareholders of $5.8 million, which reflects the impact of several strategic transactions, compared to $19.6 million in the third quarter 2018. Book value per common share grew 3.1% to $18.84. Tangible Book Value per common share expanded 5.4% to $17.11.

Additionally, at the end of September, 2019, the loans has risen by 1.2% to $4.41 billion. Average core deposits increased by 3.4% to $4.56 billion, and its non-core funding has fallen 41.7% by quarter end. New loan origination of $291.4 million reflected Oriental Bank’s success in targeting small business customers and the company’s growing consumer banking business. Net Interest Margin remained strong at 5.35%, the company’s total delinquency rate improved, and capital metrics continued to increase to new multi-year highs.

OFG in the third quarter of FY 19 has reported the adjusted earnings per share of 48 cents, beating the analysts’ estimates for the adjusted earnings per share of 45 cents. The company had reported the adjusted revenue of $102.9 million in the third quarter of FY 19, beating the analysts’ estimates. Further, the company had already declared a regular quarterly cash dividend of $0.07 per common share for the quarter ending September 30, 2019.

Copyright © 2019. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.