OFG BANCORP Holding Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Financial Information Of Parent Company Only Disclosure Abstract

CondensedConsolidatingBalanceSheetTableTextBlock


	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

CondensedConsolidatingStatementOfOperationsTableTextBlock

	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

CondensedConsolidatingOtherComprenhensiveIncomeTableTextBlock


	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

CondensedConsolidatingStatementOfCashFlowsTableTextBlock


	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