SAN JUAN, Puerto Rico--(BUSINESS WIRE)--
OFG Bancorp (NYSE:OFG) today announced its Board of Directors increased
the quarterly cash dividend per common share and the Company repurchased
more common shares in the open market.
The Board increased the regular quarterly cash dividend 25%, to $0.10
from $0.08 per share, for the fourth quarter ending December 31, 2014.
On an annualized basis, the dividend expands to $0.40 per share, from
$0.32, and represents a 2.7% yield based on yesterday’s closing price of
$15.00. The dividend is payable January 15, 2015, to holders of record
December 31, 2014, with a December 29, 2014 ex-dividend date. OFG has
now raised its quarterly dividend three times over the past four years.
OFG also announced it repurchased 444,613 common shares to date in the
2014 fourth quarter, at an average price of $14.65 per share, for a
total of $6.5 million. Year to date, OFG repurchased 1,152,113 common
shares (equal to 2.52% of total shares issued and outstanding as of
12/31/13), at an average price of $14.66 each, for a total of $16.9
million.
As a result, OFG Bancorp has returned 42.3% of its annualized earnings
in 2014 to investors comprised of common stock dividends (21.1%) and
shares repurchased (21.2%). The new increased common stock dividend will
not have a material impact on the anti-dilution effect of the Series C
preferred shares outstanding.
José Rafael Fernández, President, Chief Executive Officer and Vice
Chairman of the Board, said, “The 25% increase in our common stock
dividend and the 1,152,113 shares repurchased this year reflect the
continued soundness and profitability of our banking and wealth
management businesses; greater growth in book value than originally
anticipated; and the Board’s policy of regularly reviewing how best to
maximize return to shareholders.”
About OFG Bancorp
Now in its 50th year in business, OFG Bancorp is a
diversified financial holding company that operates under U.S. and
Puerto Rico banking laws and regulations. Its three principal
subsidiaries, Oriental Bank, Oriental Financial Services and Oriental
Insurance, provide a full range of commercial, consumer and mortgage
banking services, as well as financial planning, trust, insurance,
investment brokerage and investment banking services, primarily in
Puerto Rico, through 55 financial centers. Investor information can be
found at www.ofgbancorp.com.
Puerto Rico:
OFG Bancorp,
Alexandra López, 787-522-6970
allopez@orientalbank.com
or
US:
Anreder&
Company
212- 532-3232
Steven Anreder, steven.anreder@anreder.com
Gary
Fishman, gary.fishman@anreder.com
Source: OFG Bancorp