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Section 1: 10-Q (FORM 10-Q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File Number 001-12647

 

OFG Bancorp

Incorporated in the Commonwealth of Puerto Rico, IRS Employer Identification No. 66-0538893

 

Principal Executive Offices:

254 Muñoz Rivera Avenue

San Juan, Puerto Rico 00918

Telephone Number: (787) 771-6800

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common shares, par value $1.00 per share

OFG

New York Stock Exchange

7.125% Noncumulative Monthly Income Preferred Stock, Series A ($25.00 liquidation preference per share)

 

OFG.PRA

New York Stock Exchange

7.0% Noncumulative Monthly Income Preferred Stock, Series B ($25.00 liquidation preference per share)

 

OFG.PRB

New York Stock Exchange

7.125% Noncumulative Perpetual Preferred Stock, Series D ($25.00 liquidation preference per share)

 

OFG.PRD

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

Number of shares outstanding of the registrant’s common stock, as of the latest practicable date:

 

51,342,232 common shares ($1.00 par value per share) outstanding as of July 31, 2020

 


 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

Page

Item 1.

Financial Statements

 

 

Unaudited Consolidated Statements of Financial Condition

3

 

Unaudited Consolidated Statements of Operations

5

 

Unaudited Consolidated Statements of Comprehensive Income

7

 

Unaudited Consolidated Statements of Changes in Stockholders’ Equity

8

 

Unaudited Consolidated Statements of Cash Flows

9

 

Notes to Unaudited Consolidated Financial Statements

 

 

 

 

 

 

Note 1 – Significant Accounting Policies

12

 

 

Note 2 – Business Combinations

19

 

 

Note 3 – Restricted Cash

22

 

 

Note 4 – Investment Securities

22

 

 

Note 5 – Loans

27

 

 

Note 6 – Allowance for Credit Losses

42

 

 

Note 7 – Foreclosed Real Estate

45

 

 

Note 8 – Servicing Assets

45

 

 

Note 9 – Derivatives

47

 

 

Note 10 – Core Deposit, customer relationship intangible and other intangibles

48

 

 

Note 11 – Accrued Interest Receivable and Other Assets

48

 

 

Note 12 – Deposits and Related Interest

49

 

 

Note 13 – Borrowings and Related Interest

50

 

 

Note 14 – Offsetting of Financial Assets and Liabilities

52

 

 

Note 15 – Income Taxes

54

 

 

Note 16 – Regulatory Capital Requirements

55

 

 

Note 17 – Stockholders’ Equity

58

 

 

Note 18 – Accumulated Other Comprehensive Income

59

 

 

Note 19 – Earnings per Common Share

62

 

 

Note 20 – Guarantees

62

 

 

Note 21 – Commitments and Contingencies

64

 

 

Note 22 – Operating Leases

65

 

 

Note 23 – Fair Value of Financial Instruments

68

 

 

Note 24 – Banking and Financial Service Revenues

74

 

 

Note 25 – Business Segments

76

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

79

 

 

Critical Accounting Policies and Estimates

81

 

 

Selected Financial Data

83

 

 

Financial Highlights of the First Quarter of 2020

85

 

 

Analysis of Results of Operations

86

 

 

Analysis of Financial Condition

99

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

121

Item 4.

Controls and Procedures

125

PART II – OTHER INFORMATION

 

Item 1.

Legal Proceedings

126

Item 1A.

Risk Factors

126

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

127

Item 3.

Default upon Senior Securities

127

Item 4.

Mine Safety Disclosures

127

Item 5.

Other Information

127

Item 6.

Exhibits

128

Signatures

129

 

 


 

FORWARD-LOOKING STATEMENTS

 

The information included in this quarterly report on Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to the financial condition, results of operations, plans, objectives, future performance and business of OFG Bancorp (“we,” “our,” “us” or “Oriental”), including, but not limited to, statements with respect to the adequacy of the allowance for loan losses, delinquency trends, market risk and the impact of interest rate changes, capital markets conditions, capital adequacy and liquidity, and the effect of legal proceedings and new accounting standards on Oriental’s financial condition and results of operations. All statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements.

 

These statements are not guarantees of future performance and involve certain risks, uncertainties, estimates and assumptions by management that are difficult to predict. Various factors, some of which by their nature are beyond Oriental’s control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Factors that might cause such a difference include, but are not limited to:

 

the rate of growth in the economy and employment levels, as well as general business and economic conditions;

changes in interest rates, as well as the magnitude of such changes;

a credit default by municipalities of the government of Puerto Rico;

amendments to the fiscal plan approved by the Financial Oversight and Management Board for Puerto Rico;

determinations in the court-supervised debt-restructuring process under Title III of PROMESA for the Puerto Rico government and all of its agencies, including some of its public corporations;

unforeseen or catastrophic events, including extreme weather events, other natural disasters, man-made disasters or the emergence of pandemics, which could cause a disruption in our operations or other adverse consequences for our business;

the impact of property, credit and other losses in Puerto Rico as a result of hurricanes, earthquakes and other natural disasters;

the amount of government, private and philanthropic financial assistance for the reconstruction of Puerto Rico’s critical infrastructure, which suffered catastrophic damages caused by hurricane Maria and recent earthquakes;

the pace and magnitude of Puerto Rico’s economic recovery;

the fiscal and monetary policies of the federal government and its agencies;

changes in federal bank regulatory and supervisory policies, including required levels of capital;

the relative strength or weakness of the commercial and consumer credit sectors and the real estate market in Puerto Rico;

the performance of the stock and bond markets;

competition in the financial services industry;

possible legislative, tax or regulatory changes;

difficulties in integrating the acquired Puerto Rico operations of Scotiabank de Puerto Rico (“SBPR”) and certain branch assets and liabilities of The Bank of Nova Scotia (“BNS”) in Puerto Rico and the U.S. Virgin Islands (the “Scotiabank PR & USVI Acquisition”) into the Company’s operations;

the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the U.S., P.R., and/or global economy, financial market conditions and our business, results of operations and financial condition; and

the impact of the actions taken by federal and local governmental authorities to try and contain the virus or address the impact of the virus on the United States and Puerto Rico economy (including, without limitation, the CARES Act), and the resulting effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers;

 

 

1


 

Other possible events or factors that could cause results or performance to differ materially from those expressed in these forward-looking statements include the following: negative economic conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of non-performing assets, charge-offs and provision expense; changes in interest rates and market liquidity which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; adverse movements and volatility in debt and equity capital markets; changes in market rates and prices which may adversely impact the value of financial assets and liabilities; risk of impairment of investment securities, goodwill, other intangible assets or deferred tax assets; liabilities resulting from litigation and regulatory investigations; changes in accounting standards, rules and interpretations; increased competition; Oriental’s ability to grow its core businesses; decisions to downsize, sell or close units or otherwise change Oriental’s business mix; and management’s ability to identify and manage these and other risks.

Other factors not identified above, including those described under the headings “Risk Factors”, "Quantitative and Qualitative Disclosures about Market Risk" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and in our Annual Report on Form 10-K for the year ended December 31, 2019 may also cause actual results to differ materially from those described in our forward-looking statements.

All forward-looking statements included in this quarterly report on Form 10-Q are based upon information available to Oriental as of the date of this report, and other than as required by law, including the requirements of applicable securities laws, Oriental assumes no obligation to update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

2


 

OFG BANCORP

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

AS OF JUNE 30, 2020 AND DECEMBER 31, 2019

 

 

 

June 30,

 

December 31,

 

 

2020

 

2019

 

 

(In thousands)

ASSETS

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

Cash and due from banks

 

$

1,888,965

 

$

844,532

Money market investments

 

 

10,022

 

 

6,775

Total cash and cash equivalents

 

 

1,898,987

 

 

851,307

Restricted cash

 

 

1,050

 

 

1,450

Investments:

 

 

 

 

 

 

Trading securities, at fair value, with amortized cost of $162 (December 31, 2019 - $182)

 

 

22

 

 

37

Investment securities available-for-sale, at fair value, with amortized cost of $529,985

 

 

 

 

 

 

and allowance for credit losses of $0 (December 31, 2019, amortized cost $1,074,475)

 

 

540,239

 

 

1,074,169

Federal Home Loan Bank (FHLB) stock, at cost

 

 

8,366

 

 

13,048

Other investments

 

 

1,076

 

 

560

Total investments

 

 

549,703

 

 

1,087,814

Loans:

 

 

 

 

 

 

Loans held-for-sale, at lower of cost or fair value

 

 

19,432

 

 

19,591

Loans held for investment, net of allowance for credit losses of $232,701 (December 31, 2019 - $116,539)

 

 

6,719,811

 

 

6,622,256

Total loans

 

 

6,739,243

 

 

6,641,847

Other assets:

 

 

 

 

 

 

Foreclosed real estate

 

 

24,792

 

 

29,909

Accrued interest receivable

 

 

82,483

 

 

37,120

Deferred tax asset, net

 

 

186,730

 

 

176,740

Premises and equipment, net

 

 

82,234

 

 

81,105

Customers' liability on acceptances

 

 

20,034

 

 

21,599

Core deposit, customer relationship and other intangibles

 

 

51,406

 

 

56,965

Servicing assets

 

 

47,926

 

 

50,779

Goodwill

 

 

86,069

 

 

86,069

Operating lease right-of-use assets

 

 

34,692

 

 

39,112

Other assets

 

 

127,370

 

 

135,845

Total assets

 

$

9,932,719

 

$

9,297,661

 

 

 

 

 

 

 

See notes to unaudited consolidated financial statements

3


 

OFG BANCORP

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

AS OF JUNE 30, 2020 AND DECEMBER 31, 2019 (CONTINUED)

 

 

 

June 30,

 

December 31,

 

 

2020

 

2019

 

 

(In thousands)

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Demand deposits

 

$

4,370,419

 

$

3,579,115

Savings accounts

 

 

2,017,180

 

 

1,836,480

Time deposits

 

 

2,154,327

 

 

2,283,015

Total deposits

 

 

8,541,926

 

 

7,698,610

Borrowings:

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

 

-

 

 

190,274

Advances from FHLB

 

 

67,518

 

 

78,009

Subordinated capital notes

 

 

36,083

 

 

36,083

Other borrowings

 

 

822

 

 

1,195

Total borrowings

 

 

104,423

 

 

305,561

Other liabilities:

 

 

 

 

 

 

Derivative liabilities

 

 

2,078

 

 

913

Acceptances executed and outstanding

 

 

20,034

 

 

21,599

Operating lease liabilities

 

 

35,694

 

 

39,840

Accrued expenses and other liabilities

 

 

187,280

 

 

185,660

Total liabilities

 

 

8,891,435

 

 

8,252,183

Commitments and contingencies (See Note 18)

 

 

nil

 

 

nil

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock; 10,000,000 shares authorized;

 

 

 

 

 

 

1,340,000 shares of Series A, 1,380,000 shares of Series B, and 960,000 shares of Series D issued and outstanding

 

 

 

 

 

 

(December 31, 2019 - 1,340,000 shares; 1,380,000 shares; and 960,000 shares) $25 liquidation value

 

 

92,000

 

 

92,000

Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 51,342,232 shares outstanding (December 31, 2019 - 59,885,234;

 

 

 

 

 

 

51,398,956 )

 

 

59,885

 

 

59,885

Additional paid-in capital

 

 

621,860

 

 

621,515

Legal surplus

 

 

98,347

 

 

95,779

Retained earnings

 

 

264,725

 

 

279,646

Treasury stock, at cost, 8,543,002 shares (December 31, 2019 - 8,486,278 shares)

 

 

(103,121)

 

 

(102,339)

Accumulated other comprehensive income (loss), net of tax of $-590 (December 31, 2019 - $206)

 

 

7,588

 

 

(1,008)

Total stockholders’ equity

 

 

1,041,284

 

 

1,045,478

Total liabilities and stockholders’ equity

 

$

9,932,719

 

$

9,297,661

 

 

 

 

 

 

 

See notes to unaudited consolidated financial statements

4


 

OFG BANCORP

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE QUARTERS AND SIX-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019

 

Quarter Ended June 30,

 

Six-Month Period Ended June 30,

 

2020

 

2019

 

2020

 

2019

 

(In thousands, except per share data)

Interest income:

 

 

 

 

 

 

 

 

 

 

 

Loans

$

118,532

 

$

85,080

 

$

234,967

 

$

169,199

Mortgage-backed securities

 

1,619

 

 

5,987

 

 

4,392

 

 

13,912

Investment securities and other

 

1,541

 

 

3,188

 

 

6,030

 

 

5,854

Total interest income

 

121,692

 

 

94,255

 

 

245,389

 

 

188,965

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

15,445

 

 

9,991

 

 

32,065

 

 

19,040

Securities sold under agreements to repurchase

 

335

 

 

2,106

 

 

1,335

 

 

4,892

Advances from FHLB and other borrowings

 

505

 

 

559

 

 

1,045

 

 

1,121

Subordinated capital notes

 

347

 

 

514

 

 

783

 

 

1,038

Total interest expense

 

16,632

 

 

13,170

 

 

35,228

 

 

26,091

Net interest income

 

105,060

 

 

81,085

 

 

210,161

 

 

162,874

Provision for credit losses

 

17,696

 

 

17,705

 

 

64,827

 

 

29,954

Net interest income after provision for credit losses

 

87,364