OFG Bancorp Announces Earnings Results for the Second Quarter of 2017; Provides Earnings Guidance for the Second Half of 2017 and Tax Rate Guidance for the Full Year 2017
July 21, 2017 at 07:30 am EDT
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OFG Bancorp announced earnings results for the second quarter of 2017. For the quarter, the company reported net income available to shareholders of $13.6 million, or $0.30 per share fully diluted, compared to $10.9 million, or $0.25 per share fully diluted, in the year ago. Tangible book value per common share at $15.51 was up 1.2% and 3.7%, respectively.
The company committed on delivering earnings over the next 2 quarters in the $0.25 to $0.27 per share range as outlined at the beginning of this year 2017.
The company now forecasts its 2017 effective tax rate (ETR) to be 29.15% as compared to its previously stated 38% estimate.
OFG Bancorp is a financial holding company. The Company is engaged in providing banking and financial services through its subsidiaries. The Company operates through three segments: Banking, Wealth Management and Treasury. The Company provides banking and financial services to its clients through a range of banking and financial solutions, including commercial, consumer, auto, and mortgage lending; checking and savings accounts; financial planning, insurance, financial service, and investment brokerage, and corporate and individual trust and retirement services. The Company provides these services through various subsidiaries, including a commercial bank, Oriental Bank; a securities broker-dealer, Oriental Financial Services Corp. (Oriental Financial Services); an insurance agency, Oriental Insurance, LLC (Oriental Insurance), and a retirement plan administrator, Oriental Pension Consultants, Inc. (OPC).
OFG Bancorp Announces Earnings Results for the Second Quarter of 2017; Provides Earnings Guidance for the Second Half of 2017 and Tax Rate Guidance for the Full Year 2017
OFG BANCORP 
