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News Breaks
August 21, 2014
08:54 EDTOFGOFG Bancorp outlook has improved, says Sterne Agee
After meeting with OFG's management, Sterne Agee thinks the stock's risk/reward ratio is attractive at current levels, given what the firm sees as its improving earning power, solid capital levels and a lower risk balance sheet relative to Puerto Rican peers. The firm keeps a $21.50 price target and Buy rating on the shares.
News For OFG From The Last 14 Days
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April 24, 2015
07:31 EDTOFGOFG Bancorp reports Q1 EPS 21c ex-items, consensus 21c
Net charge offs declined slightly to $8.6M as the company continued to adjust its collection efforts to evolving credit trends. The quarter was adversely affected by: $24.0 million provision related to placing on non-accrual status a 7.5%, $200 million participation in a fuel purchase line of credit with the Puerto Rico Electric Power Authority, a government utility. $7.9 million less in loan interest income, primarily due to lower acquired balances and yields. This includes a $1.7 million decline from fewer days and lower cost recoveries 1Q15 versus 4Q14. $4.8 million in provisions for covered loans, increasing the allowance to $70.7 million. The commercial loss share coverage with the FDIC is coming to an end on June 30, 2015.

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