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OFG Bancorp (Holding Company Only) Financial Information | 12 Months Ended
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Dec. 31, 2019
OFG Bancorp (Holding Company Only) Financial Information [Abstract] |
OFG Bancorp (Holding Company Only) Financial Information | NOTE 32 – 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 2019, 2018, and 2017, Oriental Insur ance paid $4.0 million, respectively, in dividends to Oriental. Oriental Financial Services did no t pay any dividends during 2019, 2018, and 2017. The following condensed financial information presents the financial position of the holding company only as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the years ended December 31, 2019, 2018 and 2017: OFG BANCORP CON DENSED STATEMENTS OF FINANCIAL POSITION INFORMATION (Holding Company Only)
|  | December 31,
|  | 2019 |  | 2018
|  | (In thousands)
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 27,932 |  | $ | 39,207
Investment in bank subsidiary, equity method |  |  | 1,027,633 |  |  | 983,718
Investment in nonbank subsidiaries, equity method |  |  | 32,803 |  |  | 19,341
Due from bank subsidiary, net |  |  | 40 |  |  | 40
Deferred tax asset, net |  |  | - |  |  | (1)
Other assets |  |  | 676 |  |  | 1,123
Total assets |  | $ | 1,089,084 |  | $ | 1,043,428
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Dividend payable |  |  | 5,222 |  |  | 5,219
Due to affiliates |  |  | - |  |  | 14
Accrued expenses and other liabilities |  |  | 2,301 |  |  | 2,235
Subordinated capital notes |  |  | 36,083 |  |  | 36,083
Total liabilities |  |  | 43,606 |  |  | 43,551
Stockholders’ equity |  |  | 1,045,478 |  |  | 999,877
Total liabilities and stockholders’ equity |  | $ | 1,089,084 |  | $ | 1,043,428
O FG BANCORP CON DENSED STATEMENTS OF OPERATIONS INFORMATION (Holding Company Only)
| Year Ended December 31,
| 2019 |  | 2018 |  |  | 2017
| (In thousands)
Income: |  |  |  |  |  |  |  |
Interest income | $ | 828 |  | $ | 477 |  | $ | 188
Investment trading activities, net and other |  | 5,308 |  |  | 6,003 |  |  | 4,511
Total income |  | 6,136 |  |  | 6,480 |  |  | 4,699
Expenses: |  |  |  |  |  |  |  |
Interest expense |  | 2,012 |  |  | 1,905 |  |  | 1,556
Operating expenses |  | 7,516 |  |  | 7,980 |  |  | 6,700
Total expenses |  | 9,528 |  |  | 9,885 |  |  | 8,256
Loss before income taxes |  | (3,392) |  |  | (3,405) |  |  | (3,557)
Income tax expense |  | 1,705 |  |  | 2,400 |  |  | 403
Loss before changes in undistributed earnings of subsidiaries |  | (5,097) |  |  | (5,805) |  |  | (3,960)
Equity in undistributed earnings from: |  |  |  |  |  |  |  |
Bank subsidiary |  | 56,114 |  |  | 87,128 |  |  | 51,612
Nonbank subsidiaries |  | 2,824 |  |  | 3,087 |  |  | 4,994
Net income | $ | 53,841 |  | $ | 84,410 |  | $ | 52,646
O FG BANCORP CON DENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION (Holding Company Only)
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
| (In thousands)
Net income | $ | 53,841 |  | $ | 84,410 |  | $ | 52,646
Other comprehensive loss before tax: |  |  |  |  |  |  |  |
Other comprehensive income from bank subsidiary |  | 9,955 |  |  | (8,014) |  |  | (4,545)
Other comprehensive loss before taxes |  | 9,955 |  |  | (8,014) |  |  | (4,545)
Income tax effect |  | - |  |  | - |  |  | -
Other comprehensive loss after taxes |  | 9,955 |  |  | (8,014) |  |  | (4,545)
Comprehensive income | $ | 63,796 |  | $ | 76,396 |  | $ | 48,101
OFG BANCORP CON DENSED STATEMENTS OF CASH FLOWS INFORMATION (Holding Company Only)
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net income | $ | 53,841 |  | $ | 84,410 |  | $ | 52,646
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Equity in undistributed earnings from banking subsidiary |  | (56,114) |  |  | (87,128) |  |  | (51,612)
Equity in undistributed earnings from nonbanking subsidiaries |  | (2,824) |  |  | (3,087) |  |  | (4,994)
Stock-based compensation |  | 2,134 |  |  | 1,401 |  |  | 1,109
Employee benefit adjustment |  | - |  |  | - |  |  | (99)
Deferred income tax, net |  | - |  |  | 2,230 |  |  | 414
Net decrease (increase) in other assets |  | 458 |  |  | 372 |  |  | (205)
Net (decrease) increase in accrued expenses and other liabilities |  | 64 |  |  | 203 |  |  | (1,185)
Dividends from banking subsidiary |  | 20,000 |  |  | 37,700 |  |  | 26,743
Dividends from non-banking subsidiary |  | 6,017 |  |  | 4,000 |  |  | 4,002
Net cash provided by operating activities |  | 23,576 |  |  | 40,101 |  |  | 26,819
Cash flows from investing activities: |  |  |  |  |  |  |  |
Net decrease in due from bank subsidiary, net |  | - |  |  | - |  |  | 307
Net decrease in due to non-bank subsidiary, net |  | (14) |  |  | 14 |  |  | -
Proceeds from sales of premises and equipment |  | 310 |  |  | 200 |  |  | -
Capital contribution to banking subsidiary |  | (1,720) |  |  | (1,105) |  |  | (788)
Capital contribution to non-banking subsidiary |  | (13,518) |  |  | (24) |  |  | (50)
Additions to premises and equipment |  | (319) |  |  | (97) |  |  | (19)
Net cash (used in) provided by investing activities |  | (15,261) |  |  | (1,012) |  |  | (550)
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from (payments to) exercise of stock options and lapsed restricted units, net |  | 1,294 |  |  | 508 |  |  | -
Dividends paid |  | (20,884) |  |  | (24,820) |  |  | (24,412)
Net cash used in financing activities |  | (19,590) |  |  | (24,312) |  |  | (24,412)
Net change in cash and cash equivalents |  | (11,275) |  |  | 14,777 |  |  | 1,857
Cash and cash equivalents at beginning of year |  | 39,207 |  |  | 24,430 |  |  | 22,573
Cash and cash equivalents at end of year | $ | 27,932 |  | $ | 39,207 |  | $ | 24,430

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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://www.xbrl.org/2003/role/disclosureRef -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 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -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 + Details
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