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OFG is making it's recovery.
If Mr Market get's 15% out of OFG, I will get 172%.
If Mr Market get's 15% out of OFG, I will get 172%.
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OFG is making it's run...
It was making it's run. I had to stick to my sell rules and get out at $13.98.
So, I only got about 3% out of it, but it is a profit...small profit, but still a profit.
I'll be back in stalking mode for a lower entry.Last edited by Websman; 09-08-2005, 06:59 PM.Comment
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Watching OFG
If you are watching OFG, here's a chart, and a plan.
First, she's headed south to $13.00. That will make a double bottom for her.
Then, support SHOULD hold there. We will watch for a proper entry at that level. Could make a nice ride from $13 to $15, a 15% gain for those of you counting. . . .
Here's she is, Miss Puerto Rico . . . .
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Sounds like a great plan Newborn. I like it it!
$13 sounds like a real bargain.Comment
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$12-
Can get her in the $12's this morning. But inflation is coming and all the banking stocks are going to take a hit here.Originally posted by WebsmanComment
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Upgrade
Well, its about freaking time someone upgraded this stock!
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OFG will NOT follow the rest of the Puerto Rican banks into the ground:
Because they are earning $$!Comment
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Jiesen,
Yikes , I seriously thought of bying DRL last year. Was it IBD that was hypeing it ?
billyjoeComment
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I don't know if "those we do not speak of" were hyping it or not, but I do remember it being pretty fiercely touted by analysts and reporters a while back.
I'm not surprised that it made it onto many top 100 lists though, due to the meteoric rise over the past few years (before this one).
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Jiesen,
I'm always suspicious of foreign stocks . While there might be a little prejudice involved , my suspicions have saved me many times.
billyjoeComment
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OFG declares 0.14 dividend: current yield is over 4%
It's been a pretty rough ride with OFG, but the dividend is holding strong:
Oriental Financial Group Declares Regular Quarterly Cash Dividend of $0.14 Per Common Share
Tuesday November 29, 1:58 pm ET
SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Nov. 29, 2005--Oriental Financial Group Inc. (NYSE: OFG - News), a leading financial holding company in Puerto Rico, today announced that its Board of Directors declared a regular quarterly cash dividend of $0.14 per common share for the quarter ending December 31, 2005, payable on January 16, 2006, to holders of record on December 30, 2005, with an ex-dividend date of December 28, 2005.Comment
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Oriental Financial Group Reports Net Income Available to Common Shareholders of $7.3 Million for the Three Months and $14.5 Million for the Six-Month Transition Period Ended December 31, 2005
Thursday April 13, 11:23 am ET
SAN JUAN, Puerto Rico--(BUSINESS WIRE)--April 13, 2006--Oriental Financial Group Inc. (NYSE: OFG - News) today announced results for the quarter and the six-month transition period ended December 31, 2005.
Net income available to common shareholders totaled $7.3 million, compared to $14.4 million in the corresponding year ago quarter and $7.2 million in the preceding quarter ended September 30, 2005. Earnings per common share fully diluted were $0.29, compared to $0.55 in the December 2004 quarter and $0.29 in the September 2005 quarter. Book value per share at December 31, 2005 equaled $11.14, compared to $10.17 at December 31, 2004 and $11.06 at September 30, 2005. Stockholders' equity at December 31, 2005 totaled $341.8 million, approximately level with the preceding quarter and 7.4% greater than a year ago. Total financial assets managed and owned at December 31, 2005 were $7.55 billion, up 5.3% year over year and 2.2% sequentially.
Jose Rafael Fernandez, President and CEO, said December 2005 quarter results primarily reflect the effects of rising short-term interest rates and corresponding interest margin compression, which continues to be a challenge for the Group. The Federal Reserve Board has increased short-term rates 350 basis points since June 2004. The December 2005 quarter also reflects a decline in non-interest income from reduced sales of mortgage loans and a lower gain on sale of securities as compared to the December 2004 quarter.
Mr. Fernandez noted that the Group continued to achieve progress during the quarter in a number of strategically important areas, demonstrating the underlying strength of its franchise:- Interest income from loans increased 17.7% year over year (3.1% sequentially), on a 17.6% increase in the loan portfolio.
- Banking service revenues increased 17.9% year over year, assisted by the Group's expanding service levels and branch network. During the quarter, the Group relocated an office to a new, expanded branch in Arecibo, the largest city geographically in Puerto Rico.
- The Group was authorized by the Federal National Mortgage Association to sell Fannie Mae conforming mortgage loans directly into the secondary market. The Group also launched an instant pre-approval service on its website for single family home and apartment mortgages.
- Trust assets managed increased 5.9% year over year and 1.3% sequentially, to $1.88 billion, reflecting the success of the Group's wealth management business.
The Group's results for periods prior to the December 2005 quarter include restatements resulting from the conclusion of the reevaluation of the accounting treatment of two separate matters that were disclosed initially on March 15, 2006.
In the first matter, certain mortgage-related transactions with R-G Premier Bank of Puerto Rico recorded in prior periods as purchases of residential mortgage loans secured by first lien mortgages were reclassified as commercial loans secured by such first lien mortgages. Such transactions had an outstanding principal balance of approximately $82 million as of March 31, 2006. This revised classification did not result in the need to adjust the allowance for loan losses or any change in stockholders' equity, net income or earnings per share for any period, and did not have an impact on compliance with regulatory capital requirements. The Group has requested a waiver, which it expects to obtain, from the Office of the Commissioner of Financial Institutions of Puerto Rico with respect to the statutory limit for loans to a single borrower as it relates to these transactions.
In the second matter, certain employee stock option awards, which had non-traditional anti-dilution provisions, were accounted for as variable awards as opposed to fixed awards. While this has resulted in non-cash adjustments to previously reported stockholders' equity, net income and earnings per share, and adjustments to total average shares outstanding and equivalents, for periods through September 30, 2005, the net effect of such adjustments had no impact on total stockholders' equity at December 31, 2005. The effect on stockholders' equity and net income for the September 30, 2005 quarter and the past five fiscal years is detailed in an accompanying table.
With the conclusion of these matters, the Group expects to file its report on Form 10-K for the six-month transition period ended December 31, 2005 by the end of April 2006 or shortly thereafter. As previously disclosed, the transition report is required because the Group changed its fiscal year-end from June 30th to December 31st.
Net Interest Income
The decline in net interest income in the December 2005 quarter reflected rates on interest bearing liabilities rising faster than the yields on interest earning assets, as the Group's borrowings are primarily short-term, which are more sensitive to rising rates. Interest income for the quarter totaled $54.3 million, an increase of 13.3% over the December 2004 quarter and 6.8% sequentially. Interest income from loans rose 17.7% over the December 2004 quarter and 3.1% over the September 2005 quarter due to higher volume from increased loan production and retention of mortgage loans. Interest income from securities rose 11.5% over the December 2004 quarter and 8.4% over the September 2005 quarter, also due to higher volume.
Interest expense of $37.2 million increased 49.8% over the December 2004 quarter and 11.2% sequentially. Such increase principally reflected a 54.4% year over year rise in the cost of repurchase agreements. The resulting net interest income for the quarter was $17.1 million compared to $17.3 million in the September 2005 quarter and $23.1 million in the December 2004 quarter. The interest rate margin was 1.58%, only 6 basis points lower when compared to 1.64% in the preceding quarter. Interest rate margin was 2.31% in the December 2004 quarter.
Non-Interest Income
Banking service revenues were $2.3 million for the December 2005 quarter, an increase of 17.9% from the December 2004 quarter and 1.4% sequentially. This growth was due to the Group's ongoing strategies to increase fee revenue, which was enhanced by the addition of the Miramar branch (the Group's 24th) in July and the newly expanded Arecibo branch in December. Financial service revenues were $3.6 million for the December 2005 quarter, a decrease of 8.6% from the December 2004 quarter and 8.7% from the preceding quarter. The decline was due to temporary softness for investment transactions in Puerto Rico financial markets, as well as the Group's continuing transition to a wealth management model, which generates ongoing asset-based fees versus one-time transaction fees.
Mortgage banking activities generated $0.6 million, versus $3.5 million in the December 2004 quarter, which included significant mortgage sales, and $1.1 million in the September 2005 quarter. The net gain on securities was $0.3 million, the same as in the preceding quarter, but down from $2.4 million a year ago. The declines in mortgage banking and net gain on securities reflected the Group's strategy subsequent to the December 2004 quarter of retaining a higher amount of mortgages, as well as profitable investment securities, to obtain recurring interest income.
Non-Interest Expenses
Non-interest expenses totaled $16.4 million, compared to $18.5 million in the December 2004 quarter, which included $3.0 million in non-cash, option-related compensation expense, and $15.4 million in the September 2005 quarter. The December 2005 quarter included higher professional service fees related to the Group's change in fiscal year; start-up expenses related to new and expanded branches; and acceleration of amortization of existing leasehold improvements in anticipation of the Group's move to new corporate offices expected in May 2006. Such corporate offices will consolidate all of the Group's non-branch operations, enhancing efficiencies and resulting in a net reduction of rent. In addition, the Group plans to add nine new branches in the next four years, for a total of 33, and upgrade others.
Financial Assets
Total financial assets managed and owned at December 31, 2005 were $7.55 billion, a 5.3% increase year over year and a 2.2% increase from the preceding quarter. Expanded trust, loan and investment securities volume accounted for this growth. Trust assets managed totaled $1.88 billion, an increase of 5.9% year over year and 1.3% sequentially. Broker-dealer assets gathered amounted to $1.13 billion, a decline of 8.5% year over year and 1.0% sequentially. Assets owned were $4.54 billion, up 9.1% year over year and 3.4% sequentially.
Investment Securities
Investment securities were $3.48 billion at December 31, 2005, an increase of 5.4% year over year and 3.0% sequentially. Investments increased $245.2 million from June 30, 2005, primarily due to the purchase of AAA and AA-rated U.S. agency notes to offset pre-payments of mortgage backed securities. Despite this temporary increase, the Group's objective continues to be focused on maintaining its investment portfolio on a level with June 30, 2005, preferring to grow the loan portfolio, in particular variable rate loans, to increase interest income.
Lending Activities
Total loans were $903.3 million at December 31, 2005, up 17.6% from a year ago and 0.4% sequentially. Mortgage loans were $645.9 million at December 31, 2005, increasing 11.3% year over year and 2.4% on a sequential quarter basis. Residential mortgage loan production was $61.4 million, 9.8% greater year over year and down 16.3% sequentially. Commercial loans, mainly secured by real estate, were $228.2 million at December 31, 2005, a 31.5% year over year increase and a 2.3% decline from September 30, 2005. Commercial production during the December 2005 quarter was $9.8 million versus $26.4 million a year ago and $23.0 million in the preceding quarter. Consumer loans were $35.5 million at December 31, 2005, representing increases of 45.7% year over year and 13.6% sequentially. Consumer loan production was $8.1 million in the December 2005 quarter, up 47.3% year over year and 32.6% from the September 2005 quarter.
Interest Bearing Liabilities
Deposits of $1.30 billion at December 31, 2005 represent an increase of 21.8% year over year and a decline of 0.5% on a sequential quarter basis. The year over year growth primarily reflected brokered CDs issued prior to June 30, 2005. Borrowings at December 31, 2005 totaled $2.82 billion, an increase of 3.6% year over year and 8.2% on a sequential quarter basis, primarily due to the Group's increased use of repurchase agreements. While the Group's long-term strategy is to use deposits rather than borrowings to fund asset growth, from time to time it is more cost-effective for the Group to use repurchase agreements, as it did in the December 2005 quarter.
Credit Quality
Provision for loan losses for the six-month period ended December 31, 2005 was $1.9 million. This compares to $1.8 million in the year ago period and exceeds net charge-offs of $1.8 million (0.38% of average loans outstanding) for the six-month period ended December 31, 2005. The provision is based on an analysis by the Group of the credit quality and composition of its loan portfolio to maintain the allowance at an adequate level.
At December 31, 2005, non-performing loans were $28.4 million, down 5.6% from a year ago and level with September 30, 2005. Non-performing loans to total loans were 3.12%, level with the sequential quarter and down from 3.87% a year ago. Non-performing assets to total assets were 0.73%, down from 0.79% a year ago and 0.75% at September 30, 2005. Non-performing assets at December 31, 2005 included foreclosed properties of $4.8 million versus $2.7 million at December 31, 2004.
Capital
The Group continues to be a well-capitalized institution, with ratios that are significantly above regulatory capital adequacy guidelines. At December 31, 2005, Tier 1 Leverage Capital Ratio was 10.13% (more than 2.5 times the minimum of 4.00%), Tier 1 Risk-Based Capital Ratio was 34.68% (more than 8 times the minimum of 4.00%), and Total Risk-Based Capital Ratio was 35.19% (more than 4 times the minimum of 8.00%).
Stock Repurchase Program
As previously disclosed, on August 30, 2005, the Board of Directors approved a new stock repurchase program for up to $12.1 million of the Group's outstanding shares of common stock. Pursuant to this program, the Group repurchased 200,000 shares of its common stock at an average price of $11.62 each, for a total $2,324,000 during the three-month period ended December 31, 2005, and repurchased 345,000 shares at an average price of $13.56 each, for a total of $4,679,000 during the three-month period ended September 30, 2005.
About Oriental Financial Group
Oriental Financial Group Inc. (www.OrientalOnline.com) is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. Now in its 41st year in business, Oriental provides comprehensive financial services to its clients throughout Puerto Rico and offers third party pension plan administration through its wholly owned subsidiary, Caribbean Pension Consultants, Inc. The Group's core businesses include a full range of mortgage, commercial and consumer banking services offered through 24 financial centers in Puerto Rico, as well as financial planning, trust, insurance, investment brokerage and investment banking services.
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 as a result of developments occurring after the date of issuance.Comment
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yikes!
Puerto Rico's got some 'splainin' to do... but could this happen in the US?
Puerto Rico Imposes Partial Shutdown
By MANUEL RIVERA, Associated Press Writer 31 minutes ago
SAN JUAN, Puerto Rico - Schools closed. Building permits were on hold. Renewing a driver's license was impossible.
Many basic functions of Puerto Rico's government were unavailable Monday as the U.S. commonwealth ran out of money and imposed a partial public-sector shutdown — putting nearly 100,000 people — including 40,000 teachers — out of work and granting an unscheduled holiday to 500,000 public school students.
The shutdown — the first in Puerto Rico's history — happened despite last-minute attempts by members of the legislature and Gov. Anibal Acevedo Vila to agree on a bailout plan.
Police and other emergency services were not affected, but dozens of public offices were either shuttered or partially closed. Hundreds of government employees stood in the rain outside the capitol to protest the politicians' failure to avoid the shutdown, and to spur them into resolving the impasse.
"I'm not earning any money and the kids don't have classes," said Sonia Ortiz, a 44-year-old teacher and single mother of two who attended the protest. "I have savings but not enough."
A protest late in the afternoon in San Juan's financial district turned into a confrontation between police and masked youths, who scrawled graffiti calling for revolution. Officers used nightsticks to disperse the protesters and one youth was taken away in an ambulance. There were no reports of arrests.
Puerto Rico is saddled with a $740 million budget shortfall because the legislature and the governor have been unable to agree on a spending plan since 2004. Conflicting sales tax proposals have been floated that would allow the island to secure a line of credit so it could pay public salaries through the end of the fiscal year on June 30. The island currently has no sales tax.
"They have to solve this quickly," said Juan Marrero, a shop owner in a San Juan suburb, whose business was hurt by the closure of a nearby elementary school.
All 1,600 public schools on the island closed Monday, two weeks before the end of the academic year, along with 43 government agencies. Acevedo blamed "legislative inaction."
"As of 8 a.m. this morning, I don't have in hand a single legislative proposal that resolves this crisis," he told reporters.
Overnight, the leader of the Senate proposed a 5.9 percent sales tax that he said would raise enough money to pay off an emergency $532 million line of credit that the government needs to finish the fiscal year.
Leaders in the House of Representatives said they would support only a 4 percent tax.
Acevedo insisted that 7 percent sales tax was necessary, saying anything less would only postpone the crisis until July 1, when the next fiscal year begins.
Members of the New Progressive Party, which controls the legislature, have blamed the governor for the crisis. The two sides never agreed on the 2005 or the 2006 budgets, and the government is using the 2004 budget to operate as debts pile up.
The government is Puerto Rico's largest employer, with some 200,000 workers. Salaries make up about 80 percent of the government's operational costs.Comment
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Sure it can happen
Jiesen,
You know it can happen here. Gov't is Puerto Rico's largest employer. When that happens here--and we are going that way--then the crunch can come.Comment
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no WAY, Jose!
pinche cabron...
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