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OFG BANCORP   FYE=12 (December)

Annual - Income Statement - Company Specific

Fiscal period2020201920182017201620152014201320122011
Period End Date12/31/202012/31/201912/31/201812/31/201712/31/201612/31/201512/31/201412/31/201312/31/201212/31/2011
Loans457.44339.88321.38312.42321.95367.62435.55443.90----
Loans not covered under shared-loss agreements with the FDIC----------------80.0268.60
Loans covered under shared-loss agreements with the FDIC----------------85.3867.67
Short term investments--------------------
Mortgage-Backed Securities7.5619.8531.1926.9930.5235.3444.8440.9388.51151.92
Investment securities--------------------
Investment securities and other8.3514.077.856.234.133.614.878.806.909.11
Total Interest Income473.35373.80360.42345.65356.59406.57485.26493.63260.81297.30
Deposits60.2039.3632.9530.3029.2527.0333.9540.9829.6545.50
Subordinated capital notes1.392.011.901.562.923.523.995.111.481.23
Advances from FHLB, term notes and other borrowings1.992.211.882.406.199.079.198.6210.9112.27
Note Payable to the FDIC--------------------
Securities Sold under Agreements to Repurchase1.347.427.797.2218.8129.5729.6529.2560.5893.28
FDIC-guaranteed term notes----------------0.914.08
Total Interest Expense64.9251.0044.5341.4857.1769.2076.7883.96103.52156.36
Net Interest Income408.43322.79315.89304.17299.43337.37408.48409.67157.29140.93
Provision for loan losses92.6796.7956.11113.14--161.5060.6472.89----
Provision for non-covered loan and lease losses----------------13.8515.20
Provision for covered loan and lease losses, net----------------9.83(1.39)
Provision for loan and lease losses, excluding acquired Eurobank--------65.08----------
Net interest income after provision for loan losses315.76226.00259.79191.03234.35175.87347.84336.78133.61127.12
Insurance commissions and fees--------------------
Commissions and fees from fiduciary activities--------------------
Banking service revenues62.5842.8743.64--41.6541.4740.7144.2413.5712.66
Commissions and fees from broker, investment banking and insurance activities--------------------
Wealth management revenues31.7926.2225.9325.7927.4329.0429.8630.9225.35--
Net gain (loss)on:Securities available-for-sale4.738.270.00--12.212.57----74.2128.00
Net gain (loss) on:Derivatives------0.13(0.07)(0.19)(0.61)(1.53)(42.05)(12.38)
Net gain (loss) on: Other than temporary impairments--------------------
Net gain (loss) on: Other investments--------------------
Credit-related other-than-temporary impairments on securities------------------(15.02)
Portion of loss on securities recognized in other comprenhensive income--------------------
Net gain (loss) on: Sales of securities and derivative activities------6.90----4.37------
Net gain (loss)on: Loans--------------------
Net gain (loss) on:Mortgage banking activities16.504.284.774.055.026.137.3810.998.719.88
Net gain (loss) on:Trading securities--------------------
Other non-interest (loss) income1.480.555.761.036.16(2.14)1.370.670.34(3.08)
Financial service revenues------------------20.57
Investment banking revenues--------------------
Banking service revenues------39.47------------
Loss on early extinguishment of subordinated capital notes(0.06)(0.01)0.00(0.08)------------
Net gain (loss)on: Premises and equipment--------------------
Leasing revenues--------------------
Net gain (loss) on: Mortgage tax credits--------------------
Net gain (loss) on: Foreclosed real estate--------------------
Early extinguishment of repurchase agreements--------(12.00)----1.06(26.05)(4.79)
Net gain (loss)on: Bargain purchase from FDIC-assisted acquisition7.340.320.00--------------
Accretion of FDIC loss-share indemnification asset--------(13.58)(42.81)(65.76)(69.27)(25.81)(3.38)
Fair value adjustment on FDIC equity appreciation instrument----------20.00--------
Net impairment losses recognized in earnings----------(1.49)--------
True-up payment obligation----------------(2.22)--
Gain on FDIC shared-loss coverage in sale of loans------1.40------------
Total Non Interest Income124.3582.4980.1078.6966.8252.5817.3217.1026.0632.46
Compensation and employees’ benefits132.9382.5376.5279.7576.7679.0085.2891.9645.7845.55
Advertising and business promotion5.855.215.085.625.496.457.017.036.255.98
Occupancy and equipment47.2830.0533.0832.5630.3033.4734.7134.4117.5317.53
Insurance11.423.316.255.229.119.578.838.806.746.64
Merger and restructuring charges16.0824.050.000.00------17.664.990.00
Other15.8310.2510.115.328.689.7411.628.183.613.45
Communication4.073.323.453.423.383.813.433.381.631.50
Printing, postage, stationery and supplies3.852.472.222.442.562.582.533.461.251.26
Taxes, other than payroll and income taxes13.838.759.029.199.789.4614.4115.543.504.72
Professional and service fees17.1414.6312.4412.4112.2414.9716.0021.3217.5022.81
Directors and investor relations1.171.221.091.071.091.091.111.101.041.31
Loan servicing expenses6.754.854.814.698.259.207.577.593.313.98
Electronic banking charges34.7021.2421.2319.3220.7121.8919.0816.706.275.71
Clearing and wrap fees expenses--------------------
Foreclosure expenses------------25.1316.487.633.83
Credit related expenses--------10.2711.09--------
Loss on sale of foreclosed real estate and other repossessed assets7.7711.5013.5512.6310.2830.55--------
Information technology expenses20.829.878.238.017.125.656.0210.554.77--
COVID 19 expenses5.800.000.00--------------
Total Non-Interest expense345.29233.24207.08201.63215.99248.51242.73264.14131.81124.26
Income Before Income Taxes94.8375.25132.8068.0985.18(20.06)122.4389.7427.8635.32
Income tax expense20.5021.4148.3915.4425.99(17.55)37.25(8.71)3.300.87
Deferred income tax expense (benefit)27.85(4.07)14.77(3.66)23.23(37.33)24.16(11.07)1.51(1.56)
Current income tax expense (benefit)(7.35)25.4833.6219.102.7719.7813.102.361.792.43
Income Before Extraordinary Income & Accounting Change--------------------
Cumulative effect of change in accounting principle--------------------
Consolidated Net Income (Loss)74.3353.8484.4152.6559.19(2.50)85.1898.4524.5634.45
Dividends on Preferred Stock6.516.5112.0213.8613.8613.8613.8613.869.944.80
Deemed dividend on preferred stock beneficial conversion feature--------------------
Non-convertible preferred stock (Series A and B)--------6.516.516.516.516.264.80
Convertible Preferred Stock (Series C)--------7.357.357.357.353.68--
Net Income (Loss) Available to Common Shareholders67.8247.3372.3938.7845.32(16.37)71.3284.5814.6229.65
Basic before cumulative effect of change in accounting principle--------------------
Net Earnings Per Share (Basic)1.320.921.590.881.03(0.37)1.581.850.350.67
Diluted before cumulative effect of change in accounting principle--------------------
Net Earnings Per Share (Diluted)1.320.921.520.881.03(0.37)1.501.730.350.67
Weighted Average Shares Outstanding (Basic)51.3651.3445.4043.9443.9151.4645.0245.7141.6344.43
Weighted Average Shares Outstanding (Diluted)51.5651.7251.3551.1051.0951.4652.3353.0345.3044.52