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OFG Bancorp (Holding Company Only) Financial Information | 12 Months Ended
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Dec. 31, 2018
OFG Bancorp (Holding Company Only) Financial Information [Abstract] |
OFG Bancorp (Holding Company Only) Financial Information | NOTE 30 – OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION As a bank holding company subject to the regulations and supervisory guidance of the Federal Reserve Board, Oriental generally should inform the Federal Reserve Board and eliminate, defer or significantly reduce its dividends if: (i) its net income availab le 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 earnings 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 Oriental may also be affected by other regulatory requirements and poli cies, such as the maintenance of certain regulatory capital levels. Du ring 201 8, 2017 and 2016, Oriental Insurance paid $4.0 million, $4.0 million and $5.0 million, respectively, in dividends to Oriental. Oriental Financial Services paid $1.0 million in dividends to Oriental during 2016 but did not pay any dividends during 2017 and 2018. The following condensed financial information presents the financial position of the holding company only as of December 31, 2018 and 2017, and the results of i ts operations and its cash flows for the years ended December 31, 2018, 2017 and 2016: OFG BANCORP CON DENSED STATEMENTS OF FINANCIAL POSITION INFORMATION (Holding Company Only)
|  | December 31,
|  | 2018 |  | 2017
|  | (In thousands)
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 39,207 |  | $ | 24,430
Investment in bank subsidiary, equity method |  |  | 983,718 |  |  | 941,198
Investment in nonbank subsidiaries, equity method |  |  | 19,341 |  |  | 20,231
Due from bank subsidiary,net |  |  | 40 |  |  | 22
Deferred tax asset, net |  |  | - |  |  | 2,230
Other assets |  |  | 1,122 |  |  | 1,616
Total assets |  | $ | 1,043,428 |  | $ | 989,727
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Dividend payable |  |  | 5,219 |  |  | 6,504
Due to affiliates |  |  | 14 |  |  | -
Accrued expenses and other liabilities |  |  | 2,235 |  |  | 2,033
Subordinated capital notes |  |  | 36,083 |  |  | 36,083
Total liabilities |  |  | 43,551 |  |  | 44,620
Stockholders’ equity |  |  | 999,877 |  |  | 945,107
Total liabilities and stockholders’ equity |  | $ | 1,043,428 |  | $ | 989,727
O FG BANCORP CON DENSED STATEMENTS OF OPERATIONS INFORMATION (Holding Company Only)
| Year Ended December 31,
| 2018 |  | 2017 |  |  | 2016
| (In thousands)
Income: |  |  |  |  |  |  |  |
Interest income | $ | 477 |  | $ | 188 |  | $ | 174
Gain on sale of securities |  | - |  |  | - |  |  | 211
Investment trading activities, net and other |  | 6,003 |  |  | 4,511 |  |  | 4,066
Total income |  | 6,480 |  |  | 4,699 |  |  | 4,451
Expenses: |  |  |  |  |  |  |  |
Interest expense |  | 1,905 |  |  | 1,556 |  |  | 1,370
Operating expenses |  | 7,980 |  |  | 6,700 |  |  | 7,179
Total expenses |  | 9,885 |  |  | 8,256 |  |  | 8,549
Loss before income taxes |  | (3,405) |  |  | (3,557) |  |  | (4,098)
Income tax expense |  | 2,400 |  |  | 403 |  |  | 518
Loss before changes in undistributed earnings of subsidiaries |  | (5,805) |  |  | (3,960) |  |  | (4,616)
Equity in undistributed earnings from: |  |  |  |  |  |  |  |
Bank subsidiary |  | 87,128 |  |  | 51,612 |  |  | 58,580
Nonbank subsidiaries |  | 3,087 |  |  | 4,994 |  |  | 5,222
Net income | $ | 84,410 |  | $ | 52,646 |  | $ | 59,186
O FG BANCORP CON DENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION (Holding Company Only)
| Year ended December 31,
| 2018 |  | 2017 |  | 2016
| (In thousands)
Net income | $ | 84,410 |  | $ | 52,646 |  | $ | 59,186
Other comprehensive loss before tax: |  |  |  |  |  |  |  |
Unrealized loss on securities available-for-sale |  | - |  |  | - |  |  | (204)
Other comprehensive income from bank subsidiary |  | (8,014) |  |  | (4,545) |  |  | (12,238)
Other comprehensive loss before taxes |  | (8,014) |  |  | (4,545) |  |  | (12,442)
Income tax effect |  | - |  |  | - |  |  | 41
Other comprehensive loss after taxes |  | (8,014) |  |  | (4,545) |  |  | (12,401)
Comprehensive income | $ | 76,396 |  | $ | 48,101 |  | $ | 46,785
OFG BANCORP CON DENSED STATEMENTS OF CASH FLOWS INFORMATION (Holding Company Only)
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net income | $ | 84,410 |  | $ | 52,646 |  | $ | 59,186
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Equity in undistributed earnings from banking subsidiary |  | (87,128) |  |  | (51,612) |  |  | (58,580)
Equity in undistributed earnings from nonbanking subsidiaries |  | (3,087) |  |  | (4,994) |  |  | (5,222)
Amortization of investment securities premiums, net of accretion of discounts |  | - |  |  | - |  |  | 12
Realized gain on sale of securities |  | - |  |  | - |  |  | 211
Stock-based compensation |  | 1,401 |  |  | 1,109 |  |  | 1,270
Employee benefit adjustment |  | - |  |  | (99) |  |  | -
Deferred income tax, net |  | 2,230 |  |  | 414 |  |  | 444
Net decrease (increase) in other assets |  | 372 |  |  | (205) |  |  | 42
Net (decrease) increase in accrued expenses and other liabilities |  | 203 |  |  | (1,185) |  |  | 800
Dividends from banking subsidiary |  | 37,700 |  |  | 26,743 |  |  | 17,600
Dividends from non-banking subsidiary |  | 4,000 |  |  | 4,002 |  |  | 6,000
Net cash provided by operating activities |  | 40,101 |  |  | 26,819 |  |  | 21,763
Cash flows from investing activities: |  |  |  |  |  |  |  |
Maturities and redemptions of investment securities available-for-sale |  | - |  |  | - |  |  | 702
Proceeds from sales of investment securities available-for-sale |  | - |  |  | - |  |  | 4,888
Net decrease in due from bank subsidiary, net |  | - |  |  | 307 |  |  | 317
Net decrease in due to non-bank subsidiary, net |  | 14 |  |  | - |  |  | -
Proceeds from sales of premises and equipment |  | 200 |  |  | - |  |  | 324
Capital contribution to banking subsidiary |  | (1,105) |  |  | (788) |  |  | (894)
Capital contribution to non-banking subsidiary |  | (24) |  |  | (50) |  |  | (68)
Additions to premises and equipment |  | (97) |  |  | (19) |  |  | (381)
Net cash (used in) provided by investing activities |  | (1,012) |  |  | (550) |  |  | 4,888
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from (payments to) exercise of stock options and lapsed restricted units, net |  | 508 |  |  | - |  |  | (315)
Dividends paid |  | (24,820) |  |  | (24,412) |  |  | (24,003)
Net cash used in financing activities |  | (24,312) |  |  | (24,412) |  |  | (24,318)
Net change in cash and cash equivalents |  | 14,777 |  |  | 1,857 |  |  | 2,333
Cash and cash equivalents at beginning of year |  | 24,430 |  |  | 22,573 |  |  | 20,240
Cash and cash equivalents at end of year | $ | 39,207 |  | $ | 24,430 |  | $ | 22,573

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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