XML 49 R34.htm IDEA: XBRL DOCUMENT
v3.3.1.900

OFG BANCORP Holding Company Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2015
Condensed Financial Information Of Parent Company Only Disclosure Abstract |
CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock | NOTE 27 – OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION As a bank holding company subject to the regulations and supervisory guidance of the Federal Reserve Board, the Company generally should inform the Federal Reserve Board and eliminate, defer or significantly reduce its dividends if: (i) its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) its prospective rate of earnin gs retention is not consistent with its capital needs and overall current and prospective financial condition; or (iii) it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. The payment of dividends by the Bank to the Company may also be affected by other regulatory requirements and policies, such as the maintenance of certain regulatory capital levels. During 2015, Oriental Insurance and Oriental Financial Services did not make any payments in dividends to the C ompany. During 2014, Oriental Insurance and Oriental Financial Services paid $2.70 million and $3.2 million, respectively, in dividends to the Company. During 2013, Oriental Insurance and Oriental Financial Services paid $12.4 million and $3.2 million, r espective ly, in dividends to the Company. The following condensed financial information presents the financial position of the holding company only as of December 31, 2015 and 2014, and the results of its operations and its cash flows for the years ended December 31, 2015, 2014 and 201 3: OFG BANCORP CON DENSED STATEMENTS OF FINANCIAL POSITION INFORMATION (Holding Company Only)
|  | December 31,
|  | 2015 |  | 2014
|  | (In thousands)
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 20,240 |  | $ | 16,824
Investment securities available-for-sale, at fair value |  |  | 6,017 |  |  | 8,244
Investment in bank subsidiary, equity method |  |  | 890,449 |  |  | 943,664
Investment in nonbank subsidiaries, equity method |  |  | 19,137 |  |  | 17,071
Due from bank subsidiary, net |  |  | 119 |  |  | 87
Deferred tax asset, net |  |  | 3,047 |  |  | -
Other assets |  |  | 2,042 |  |  | 2,089
Total assets |  | $ | 941,051 |  | $ | 987,979
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Dividend payable |  |  | 6,098 |  |  | 7,927
Deferred tax liabilities, net |  |  | - |  |  | 75
Due to affiliates |  |  | 9 |  |  | 9
Accrued expenses and other liabilities |  |  | 1,784 |  |  | 1,688
Subordinated capital notes |  |  | 36,083 |  |  | 36,083
Total liabilities |  |  | 43,974 |  |  | 45,782
Stockholders’ equity |  |  | 897,077 |  |  | 942,197
Total liabilities and stockholders’ equity |  | $ | 941,051 |  | $ | 987,979
O FG BANCORP CON DENSED STATEMENTS OF OPERATIONS INFORMATION (Holding Company Only)
| Year Ended December 31,
| 2015 |  | 2014 |  |  | 2013
| (In thousands)
Income: |  |  |  |  |  |  |  |
Interest income | $ | 321 |  | $ | 404 |  | $ | 400
Investment trading activities, net and other |  | 4,007 |  |  | 4,308 |  |  | 3,668
Total income |  | 4,328 |  |  | 4,712 |  |  | 4,068
Expenses: |  |  |  |  |  |  |  |
Interest expense |  | 1,222 |  |  | 1,201 |  |  | 1,219
Operating expenses |  | 6,866 |  |  | 6,607 |  |  | 6,003
Total expenses |  | 8,088 |  |  | 7,808 |  |  | 7,222
(Loss) before income taxes |  | (3,760) |  |  | (3,096) |  |  | (3,154)
Income tax expense (benefit) |  | 3,088 |  |  | - |  |  | (2)
(Loss) before changes in undistributed earnings of subsidiaries |  | (672) |  |  | (3,096) |  |  | (3,156)
Bank subsidiary |  | (3,804) |  |  | 84,787 |  |  | 98,133
Nonbank subsidiaries |  | 1,972 |  |  | 3,490 |  |  | 3,469
Net (loss) income | $ | (2,504) |  | $ | 85,181 |  | $ | 98,446
O FG BANCORP CON DENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION (Holding Company Only)
| Year ended December 31,
| 2015 |  | 2014 |  | 2013
| (In thousands)
Net (loss) income | $ | (2,504) |  | $ | 85,181 |  | $ | 98,446
Other comprehensive (loss) income before tax: |  |  |  |  |  |  |  |
Unrealized (loss) gain on securities available-for-sale |  | (170) |  |  | 209 |  |  | (519)
Other comprehensive (loss) income from Bank subsidiary |  | (5,578) |  |  | 16,361 |  |  | (52,249)
Other comprehensive (loss) income before taxes |  | (5,748) |  |  | 16,570 |  |  | (52,768)
Income tax effect |  | 34 |  |  | (50) |  |  | 79
Other comprehensive income (loss) after taxes |  | (5,714) |  |  | 16,520 |  |  | (52,689)
Comprehensive income (loss) | $ | (8,218) |  | $ | 101,701 |  | $ | 45,757
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net (loss) income | $ | (2,504) |  | $ | 85,181 |  | $ | 98,446
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Equity in undistributed earnings from banking subsidiary |  | 3,804 |  |  | (84,787) |  |  | (98,133)
Equity in undistributed earnings from nonbanking subsidiaries |  | (1,972) |  |  | (3,490) |  |  | (3,469)
Amortization of investment securities premiums, net of accretion of discounts |  | 44 |  |  | 21 |  |  | 141
Other impairments on securities |  | - |  |  | 62 |  |  | 7
Stock-based compensation |  | 1,637 |  |  | 1,036 |  |  | 1,823
Deferred income tax, net |  | (3,088) |  |  | - |  |  | 2,272
Net decrease in other assets |  | 148 |  |  | 554 |  |  | 11
Net (decrease) in accrued expenses, other liabilities, and dividend payable |  | (221) |  |  | (696) |  |  | (2,051)
Dividends from banking subsidiary |  | 45,000 |  |  | 28,000 |  |  | -
Dividends from non-banking subsidiary |  | - |  |  | 5,900 |  |  | 15,600
Net cash provided by operating activities |  | 42,848 |  |  | 31,781 |  |  | 14,647
Cash flows from investing activities: |  |  |  |  |  |  |  |
Maturities and redemptions of investment securities available-for-sale |  | 2,013 |  |  | 1,318 |  |  | 4,676
Net (increase) decrease in due from bank subsidiary, net |  | 317 |  |  | (218) |  |  | 2,461
Capital contribution to banking subsidiary |  | (1,167) |  |  | (892) |  |  | (1,385)
Capital contribution to non-banking subsidiary |  | (94) |  |  | (76) |  |  | (99)
Additions to premises and equipment |  | (132) |  |  | - |  |  | -
Net cash provided by investing activities |  | 937 |  |  | 132 |  |  | 5,653
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from (payments to) exercise of stock options and lapsed restricted units, net |  | 204 |  |  | 643 |  |  | (572)
Proceeds from issuance of common stock, net |  | - |  |  | - |  |  | (16)
Proceeds from issuance of preferred stock, net |  | - |  |  | - |  |  | (25)
Purchase of treasury stock |  | (8,950) |  |  | (16,948) |  |  | -
Dividends paid |  | (31,623) |  |  | (28,341) |  |  | (24,651)
Net cash used in financing activities |  | (40,369) |  |  | (44,646) |  |  | (25,264)
Net change in cash and cash equivalents |  | 3,416 |  |  | (12,733) |  |  | (4,964)
Cash and cash equivalents at beginning of year |  | 16,824 |  |  | 29,557 |  |  | 34,521
Cash and cash equivalents at end of year | $ | 20,240 |  | $ | 16,824 |  | $ | 29,557

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration