Oriental Financial Group Inc. (OFG, Financial) filed Quarterly Report for the period ended 2009-03-31.
Oriental Financial Group provides a wide variety of financial services through a full-service commercial bank with its main office located in San Juan Puerto Rico and sixteen branches located throughout Puerto Rico. The Bank directly or through its broker-dealer subsidiary Oriental Financial Services Corp. offers commercial and consumer leasing consumer lending investment money management and brokerage services corporate and individual trust services and mortgage lending. Oriental Financial Group Inc. has a market cap of $262.4 million; its shares were traded at around $10.84 with a P/E ratio of 4.2 and P/S ratio of 0.7. The dividend yield of Oriental Financial Group Inc. stocks is 1.5%. Oriental Financial Group Inc. had an annual average earning growth of 27.3% over the past 10 years. GuruFocus rated Oriental Financial Group Inc. the business predictability rank of 2-star.
For the quarter ended March 31, 2009, the Groups income available to common shareholders totaled $23.5 million, compared to $15.6 million in the comparable year-ago quarter. Earnings per basic and fully diluted common share were $0.97 for the quarter ended March 31, 2009, compared to $0.65 per basic and $0.64 per fully diluted common share in the same year-ago quarter.
The Groups total financial assets include owned assets and the assets managed by the trust division, the securities broker-dealer subsidiary, and the private pension plan administration subsidiary. At March 31, 2009, total financial assets reached $9.192 billion, compared to $9.108 billion at December 31, 2008, a 1.0% increase. When compared to December 31, 2008, there was 4.5% increase in assets owned as of March 31, 2009, while assets managed by the trust division and the broker-dealer subsidiary decreased from $2.9 billion as of December 31, 2008 to $2.7 billion as of March 31, 2009.
The Groups trust division offers various types of individual retirement accounts (IRA) and manages 401(K) and Keogh retirement plans and custodian and corporate trust accounts, while Caribbean Pension Consultants, Inc. (CPC) manages the administration of private pension plans. At March 31, 2009, total assets managed by the Groups trust division and CPC amounted to $1.618 billion, compared to $1.706 billion at December 31, 2008. The Groups broker-dealer subsidiary offers a wide array of investment alternatives to its client base, such as tax-advantaged fixed income securities, mutual funds, stocks, bonds and money management wrap-fee programs. At March 31, 2009, total assets gathered by the broker-dealer from its customer investment accounts decreased to $1.088 billion, compared to $1.196 billion at December 31, 2008.
The investment portfolio amounted to $4.576 billion at March 31, 2009, a 15.98% increase compared to $3.946 billion at December 31, 2008, while the loan portfolio decreased 1.61% to $1.199 billion at March 31, 2009, compared to $1.219 billion at December 31, 2008.
The mortgage loan portfolio totaled $999.1 million at March 31, 2009, a 1.3% decrease from $1.012 billion at March 31, 2008, and a decrease of 2.4%, from $1.023 million at December 31, 2008. Nevertheless, mortgage loan production for the quarter ended March 31, 2009, totaled $67.9 million, which represents a 37.8% increase compared to the same period last year.
Read the The complete Report
Oriental Financial Group provides a wide variety of financial services through a full-service commercial bank with its main office located in San Juan Puerto Rico and sixteen branches located throughout Puerto Rico. The Bank directly or through its broker-dealer subsidiary Oriental Financial Services Corp. offers commercial and consumer leasing consumer lending investment money management and brokerage services corporate and individual trust services and mortgage lending. Oriental Financial Group Inc. has a market cap of $262.4 million; its shares were traded at around $10.84 with a P/E ratio of 4.2 and P/S ratio of 0.7. The dividend yield of Oriental Financial Group Inc. stocks is 1.5%. Oriental Financial Group Inc. had an annual average earning growth of 27.3% over the past 10 years. GuruFocus rated Oriental Financial Group Inc. the business predictability rank of 2-star.
Highlight of Business Operations:
During the quarter ended March 31, 2009, the strategies in place enabled the Group to continue to perform well despite the turbulent credit market and the recession in Puerto Rico. Highlights of the quarter include strong sequential increases in residential mortgage and commercial loan production, retail deposits increased 10.73%, or $116.2 million, from December 31, 2008, sequential increase of 75.9% in mortgage banking activities, sequential increase of 3.0% in net interest income, stockholders equity increased $58.0 million during the quarter, book value per common share increased to $10.38 from $7.96 at December 31, 2008, and a gain of $10.3 million on the sale of securities.For the quarter ended March 31, 2009, the Groups income available to common shareholders totaled $23.5 million, compared to $15.6 million in the comparable year-ago quarter. Earnings per basic and fully diluted common share were $0.97 for the quarter ended March 31, 2009, compared to $0.65 per basic and $0.64 per fully diluted common share in the same year-ago quarter.
The Groups total financial assets include owned assets and the assets managed by the trust division, the securities broker-dealer subsidiary, and the private pension plan administration subsidiary. At March 31, 2009, total financial assets reached $9.192 billion, compared to $9.108 billion at December 31, 2008, a 1.0% increase. When compared to December 31, 2008, there was 4.5% increase in assets owned as of March 31, 2009, while assets managed by the trust division and the broker-dealer subsidiary decreased from $2.9 billion as of December 31, 2008 to $2.7 billion as of March 31, 2009.
The Groups trust division offers various types of individual retirement accounts (IRA) and manages 401(K) and Keogh retirement plans and custodian and corporate trust accounts, while Caribbean Pension Consultants, Inc. (CPC) manages the administration of private pension plans. At March 31, 2009, total assets managed by the Groups trust division and CPC amounted to $1.618 billion, compared to $1.706 billion at December 31, 2008. The Groups broker-dealer subsidiary offers a wide array of investment alternatives to its client base, such as tax-advantaged fixed income securities, mutual funds, stocks, bonds and money management wrap-fee programs. At March 31, 2009, total assets gathered by the broker-dealer from its customer investment accounts decreased to $1.088 billion, compared to $1.196 billion at December 31, 2008.
The investment portfolio amounted to $4.576 billion at March 31, 2009, a 15.98% increase compared to $3.946 billion at December 31, 2008, while the loan portfolio decreased 1.61% to $1.199 billion at March 31, 2009, compared to $1.219 billion at December 31, 2008.
The mortgage loan portfolio totaled $999.1 million at March 31, 2009, a 1.3% decrease from $1.012 billion at March 31, 2008, and a decrease of 2.4%, from $1.023 million at December 31, 2008. Nevertheless, mortgage loan production for the quarter ended March 31, 2009, totaled $67.9 million, which represents a 37.8% increase compared to the same period last year.
Read the The complete Report
