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OFG Bancorp (OFG)

Now in its 56th year in business, OFG Bancorp is a diversified financial holding company that operates under U.S., Puerto Rico and U.S. Virgin Islands 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 and U.S. Virgin Islands.

Company profile

Ticker
OFG
Exchange
CEO
Jose Fernandez
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
ORIENTAL FINANCIAL GROUP INC
SEC CIK
Subsidiaries
A) ORIENTAL BANK – an FDIC insured non-member commercial bank • 1.Oriental International Bank Inc. • 2.OFG USA, LLC • B) ORIENTAL FINANCIAL SERVICES LLC • C) ORIENTAL INSURANCE LLC • D) OFG REINSURANCE LTD • E) ORIENTAL PENSION CONSULTANTS, INC • G) OFG VENTURES LLC ...
IRS number
660538893

OFG stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.31B 1.31B 1.31B 1.31B 1.31B 1.31B
Cash burn (monthly) 182.82M 121.7M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 245.14M 163.19M n/a n/a n/a n/a
Cash remaining 1.06B 1.14B n/a n/a n/a n/a
Runway (months of cash) 5.8 9.4 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
29 Jun 22 Kumar Ganesh Common Stock Option exercise Acquire M No No 0 1,700 0 151,199
29 Jun 22 Kumar Ganesh Restricted Units Common Stock Option exercise Acquire M No No 0 1,700 0 28,951
16 May 22 Perez Edwin Restricted Units Common Stock Grant Acquire A No No 0 3,700 0 11,290
3 May 22 Rafael A Velez-Dominguez Common Stock Buy Acquire P No No 27.4728 7,275 199.86K 7,275
29 Apr 22 Maritza Arizmendi Restricted Units Common Stock Grant Acquire A No No 0 4,750 0 11,284
25 Apr 22 Colon Jorge Common Stock Buy Acquire P No No 26.08 4,229 110.29K 95,784
25 Apr 22 Colon Jorge Common Stock Buy Acquire P No No 26.078 500 13.04K 91,555
25 Apr 22 Colon Jorge Common Stock Buy Acquire P No No 26.07 105 2.74K 91,055
25 Apr 22 Colon Jorge Common Stock Buy Acquire P No No 26 8,381 217.91K 90,950
25 Apr 22 Colon Jorge Common Stock Buy Acquire P No No 25.985 400 10.39K 82,569
91.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 164 164
Opened positions 15 24 -37.5%
Closed positions 15 9 +66.7%
Increased positions 47 41 +14.6%
Reduced positions 71 72 -1.4%
13F shares Current Prev Q Change
Total value 3.1B 2.61B +18.9%
Total shares 44.56M 45.72M -2.5%
Total puts 0 16.9K EXIT
Total calls 11.4K 18.1K -37.0%
Total put/call ratio 0.9
Largest owners Shares Value Change
BLK Blackrock 7.24M $192.76M +0.3%
Vanguard 5.86M $156.19M +0.2%
Dimensional Fund Advisors 3.84M $102.24M +1.0%
Barrow Hanley Mewhinney & Strauss 2.99M $79.67M -1.6%
FMR 2.91M $77.62M +0.4%
STT State Street 2.3M $61.65M +6.9%
Stilwell Value 1.74M $46.35M 0.0%
LSV Asset Management 1.2M $31.94M +18.9%
Nuveen Asset Management 988.39K $27.24M -0.6%
Geode Capital Management 871.9K $23.23M +0.0%
Largest transactions Shares Bought/sold Change
Arctis Global 0 -640.27K EXIT
Kennedy Capital Management 0 -344.99K EXIT
LSV Asset Management 1.2M +190.91K +18.9%
Jupiter Asset Management 177.25K +177.25K NEW
Wellington Management 832.17K -153.82K -15.6%
STT State Street 2.3M +148.01K +6.9%
GS Goldman Sachs 566.28K -129.94K -18.7%
AMP Ameriprise Financial 743K -108.1K -12.7%
State of New Jersey Common Pension Fund D 0 -105.59K EXIT
Renaissance Technologies 0 -105.4K EXIT

Financial report summary

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Risks
  • Most of our business is conducted in Puerto Rico, whose economic and government fiscal and liquidity challenges, as well as the impact of two major hurricanes in 2017 and earthquakes and a pandemic beginning in 2020, have adversely impacted and may continue to adversely impact us.
  • Puerto Rico and the USVI are susceptible to earthquakes, hurricanes and major storms, the severity of which could be heightened by the effect of climate change, which could further deteriorate their economy and infrastructure.
  • Changes in interest rates could adversely affect OFG’s results of operations and financial condition.
  • Changes in the method pursuant to which the LIBOR and other benchmark rates are determined could adversely impact our business and results of operations.
  • We are exposed to credit risk in connection with our loans to certain government agencies and municipalities of Puerto Rico, and the restructuring of Puerto Rico government’s debt could adversely affect the value of such loans.
  • Heightened credit risk could require us to increase our provision for credit losses, which could have a material adverse effect on our results of operations and financial condition.
  • We are subject to default and other risks in connection with mortgage loan originations.
  • A continuing decline in the real estate market would likely result in an increase in delinquencies, defaults and foreclosures and in a reduction in loan origination activity, which would adversely affect our financial results.
  • We may experience losses related to fraud and theft.
  • We are subject to security and operational risks related to our use of technology, including the risk of cyber-attack or cyber theft.
  • We rely on third parties to provide services and systems essential to the operation of our business, and any failure, interruption or termination of such services or systems could have a material adverse effect on our financial condition and results of operations.
  • Non-Compliance with the USA Patriot Act, Bank Secrecy Act, or other laws and regulations could result in fines and other sanctions.
  • Consumer protection laws and the Durbin Amendment may reduce our noninterest income.
  • Our risk management policies, procedures and systems may be inadequate to mitigate all risks inherent in our various businesses.
  • Our business could be adversely affected if we cannot maintain access to stable funding sources.
  • Our ability to receive dividends from our subsidiaries could affect our liquidity and ability to pay dividends to our shareholders.
  • Failure to keep pace with technological change could adversely affect OFG’s results of operations and financial condition.
  • We operate in a highly regulated industry and may be adversely affected by changes in federal and local laws and regulations.
  • Reputational risk and social factors may impact our results.
  • Changes in accounting standards issued by the Financial Accounting Standards Board (“FASB”) or other standard-setting bodies may adversely affect our financial statements.
  • Our goodwill and other intangible assets could be determined to be impaired in the future and could decrease OFG’s earnings.
  • Legislative and other measures that may be taken by Puerto Rico governmental authorities could materially increase our tax burden or otherwise adversely affect our financial condition, results of operations or cash flows.
Management Discussion
  • ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • Please read the following discussion and analysis of our financial condition and results of operations together with “Note about Forward-Looking Statements,” Part I, Item 1 “Business,” Part I, Item 1A “Risk Factors,” and our consolidated financial statements and related notes included under Item 8 of this annual report on Form 10-K. We have omitted discussion of 2019 results where it would be redundant to the discussion previously included in Item 7 of our 2020 annual report on Form 10-K.
  • In July 2021, OFG announced that its Board of Directors approved a stock repurchase program to purchase $50 million of its common stock in the open market. As of December 31, 2021, OFG completed the stock repurchase program and has repurchased approximately 2.1 million shares of its common stock for a total aggregate purchase price of $49.9 million at an average of $24.29 per share.

Content analysis

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H.S. sophomore Avg
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