XML 80 R24.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders' Equity [Abstract]

Stockholders' Equity

NOTE 17 – STOCKHOLDERS’ EQUITY

Preferred Stock and Common Stock

At both March 31, 2020 and December 31, 2019, preferred and common stock paid-in capital amounted $92.0 million and $59.9 million, respectively.

Additional Paid-in Capital

Additional paid-in capital represents contributed capital in excess of par value of common and preferred stock net of the costs of issuance. As of both March 31, 2020 and December 31, 2019, accumulated issuance costs charged against additional paid-in capital amounted to $13.6 million and $10.1 million for common and preferred stock, respectively.

Legal Surplus

The Puerto Rico Banking Act requires that a minimum of 10% of the Bank’s net income for the year be transferred to a reserve fund until such fund (legal surplus) equals the total paid in capital on common and preferred stock. At March 31, 2020 and December 31, 2019, the Bank’s legal surplus amounted to $95.9 million and $95.8 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders.

Treasury Stock

Under Oriental’s current stock repurchase program, it is authorized to purchase in the open market up to $5.5 million of its outstanding shares of common stock. The shares of common stock repurchased are to be held by Oriental as treasury shares. During the quarter ended March 31, 2020, Oriental purchased 175,000 shares under this program for a total of $2.2 million, at an average price of $12.69 per share. During the quarter ended March 31, 2019, Oriental did not repurchase any shares under the program.

At March 31, 2020 the number of shares that may yet be purchased under the $70 million program is estimated at ,492885, and was calculated by dividing the remaining balance of $5.5 million by $11.18 (closing price of Oriental's common stock at March 31, 2020).The activity in connection with common shares held in treasury by Oriental for the quarters ended March 31, 2020 and 2019 is set forth below:

		Quarter Ended March 31,
		2020					2019
				Dollar					Dollar
		Shares		Amount			Shares		Amount
		(In thousands, except shares data)
Beginning of period	$	8,486,278		$	102,339		8,591,310		$	103,633
Common shares used upon lapse of restricted stock units and options		(103,042)			(1,276)		(34,507)			(437)
Common shares repurchased as part of the stock repurchase program		175,000			2,226		-			-
End of period	$	8,558,236		$	103,289		8,556,803		$	103,196