|
|||||||||
|
Declares Regular Quarterly Cash Dividend of $0.15 Per Common Share
SAN JUAN, Puerto Rico, September 5, 2002 -- Oriental
Financial Group (NYSE:OFG) announced today that its Board of Directors
declared a regular cash dividend of $0.15 per common share for the first
quarter of the current fiscal year, which ends on September 30, 2002. The cash
dividend is payable on October 15, 2002 to shareholders of record on September
30, 2002 with an ex-dividend date of September 26, 2002.
About Oriental Financial Group
This release may contain forward-looking statements that reflect
management's beliefs and expectations and are subject to risks and
uncertainties inherent to the Group's businesses, including, without
limitation: the effect of economic and market conditions, the level and
volatility of interest rates and securities, the actions undertaken by both
current and potential competitors, the impact of current, pending or future
legislation and regulation both in the United States and in Puerto Rico, and
the potential effects of technological changes.
Net Income Jumps to New Record of $38.5 Million in Fiscal 2002
SAN JUAN, Puerto Rico, July 22, 2002 -- Oriental
Financial Group, Inc. (NYSE:OFG) today reported that net income for the
fiscal year ended June 30, 2002 hit a new record of more than $38.5 million,
compared to $8.5 million for the same period in fiscal 2001, an increase of
354.1 percent, according to Jose Enrique Fernandez, president and chief
executive officer of the financial institution. On a per common share basis,
earnings were up 478.4 percent to $2.50 (fully diluted) for the twelve-month
period, compared to $0.43 per share for the same period in fiscal 2001.
"Oriental's outstanding earnings performance in each quarter of fiscal
2002 is indicative of the continuing growth being achieved in our core profit
centers," said Fernandez. Core operating income (excluding gains and losses
from the sale of securities, trading, sale of property and derivative
activities) grew by 166 percent to $38.0 million in fiscal 2002, compared to
$14.3 million in fiscal 2001.
Net income for the quarter ended June 30, 2002 reached the highest level
ever, climbing to $11.0 million, an increase of 255.3 percent from the
$3.1 million earned in the same quarter in fiscal 2001. Earnings per common
share (fully diluted) rose by 300 percent to $0.71 from $0.18 per share in the
fourth quarter of fiscal 2001.
"We continued to invest in new marketing, technology and human resources
that will assure our long-term growth from financial planning and investment
services, mortgage originations, insurance services, consumer and commercial
banking and investment banking," Fernandez emphasized.
Oriental maintains the highest return on equity (ROE) and a superior
return on assets (ROA) when compared to its peer group. ROE rose to 36.13
percent and ROA was 1.70 percent for the twelve-month period ended June 30,
2002. Moreover, shareholders' equity grew to $166.3 million for the fiscal
year ended June 30, 2002, up 46.6 percent from $113.5 million for fiscal 2001.
The Group also maintained its solid capital position with a tier-1 leverage
ratio of 7.8 percent, a tier-1 risk-based ratio of 21.76 percent and a total
risk-based capital ratio of 22.10 percent.
"The positioning of Oriental as the first and only financial institution
in Puerto Rico to integrate financial planning strategies for clients into its
core service lines has enabled us to consistently improve the ability to
gather assets, which rose to nearly $5 billion as of June 30, 2002," Fernandez
noted. "The increase in total assets of 11.2 percent demonstrates that our
client base continues to be attracted to the unique mix of investment
brokerage, trust and banking products we offer."
"Furthermore, our policy of lending on the basis of collateral has
substantially reduced the exposure to credit risk and enhanced the quality of
the loan portfolio during fiscal 2002," Fernandez pointed out. The total loan
portfolio grew to $581.5 million in fiscal 2002, compared to $466.5 million in
the previous fiscal year, with approximately 89 percent in residential
mortgages, seven percent in commercial (mostly secured by real estate) and
four percent in consumer loans (principally home equity loans). In total,
interest-earning assets grew to $2.42 billion in fiscal 2002, up 23 percent
from $1.97 billion the previous fiscal year.
Net interest income after provision for loan losses was up 117.4 percent
to $56.9 million in fiscal 2002, compared to $26.2 million in fiscal 2001.
Fourth quarter results showed a substantial increase of 73.9 percent in net
interest income after provision for loan losses, reaching $16.4 million in
fiscal 2002, compared with $9.4 million in fiscal 2001.
Recurring non-interest income (mostly fee income) also increased for the
12-month period to June 30, 2002, growing by 10.3 percent to $27.2 million
from $24.7 million a year earlier with trust, money management and brokerage
fees leading the way. "This growth reflects the strong market acceptance of
our fee-based financial planning business lines," Fernandez said.
Likewise, bank deposits grew by 21.4 percent to reach $968.9 million for
the 12-months ended June 30, 2002, compared with $798 million a year earlier.
"This steady growth trend indicates the success of our strategy to integrate
innovative banking services with the total financial planning package of our
other business lines and to convert our extensive network of branches into
dynamic financial planning centers for the convenience of our clients,"
Fernandez noted.
About Oriental Financial Group
This release contains forward-looking statements that reflect management's
beliefs and expectations and are subject to risks and uncertainties inherent
to the Group's businesses, including (without limitation: the effect of
economic and market conditions, the level and volatility of interest rates and
securities, the actions undertaken by both current and potential competitors,
the impact of current, pending or future legislation and regulation both in
the United States and in Puerto Rico, and the potential effects of
technological changes.
Declares Regular Quarterly Cash Dividend of $0.15 per Common Share
SAN JUAN, Puerto Rico, May 13, 2002 -- Oriental Financial
Group (NYSE:OFG) announced today that its Board of Directors declared a
regular cash dividend of $0.15 per common share for the fourth quarter of the
current fiscal year, which ends on June 30,2002. The cash dividend is payable
on July 15, 2002 to holders of record on June 28, 2002 with an ex-dividend
date of June 26, 2002.
About Oriental Financial Group
This release may contain forward-looking statements that reflect
management's beliefs and expectations and are subject to risks and
uncertainties inherent to the Group's businesses, including (without
limitation: the effect of economic and market conditions, the level and
volatility of interest rates and securities, the actions undertaken by both
current and potential competitors, the impact of current, pending or future
legislation and regulation both in the United States and in Puerto Rico, and
the potential effects of technological changes.
To Report Record Quarterly Profits
SAN JUAN, Puerto Rico, April 15, 2002 -- Jose E.
Fernandez, President and Chief Executive Officer of Oriental Financial Group,
Inc. (NYSE:OFG), today reported that net income for the nine months ended
March 31, 2002 grew to $27.4 million, compared to $5.4 million for the same
period in fiscal 2001. On a per common share basis, earnings rose to $1.79
(fully diluted) for the nine-month period, compared to $0.25 per share for the
same period in fiscal 2001. Earnings per common shares were adjusted to
reflect the 10% stock dividend declared on January 29, 2002.
"The trajectory of our record-breaking earnings performance for the
nine-month and third quarter periods that ended on March 31, 2002 support our
expectations that fiscal 2002 will be a highly profitable year for the Group,"
said Fernandez. Net income for the quarter ended March 31, 2002 reached
$10.4 million, an increase of over 130 percent from the $4.5 million earned in
the same quarter in fiscal 2001. Earnings per common share (fully diluted)
rose to $0.69 from $0.28 per share in the third quarter of fiscal 2001, an
increase of 146 percent, after giving retroactive effect of the stock dividend
mentioned above.
"Oriental is on target to meet or exceed its earnings projection, made in
January 2002, of $2.60 per share (adjusted for the 10% stock dividend) for the
fiscal year that will end on June 30, 2002," Fernandez said. "Moreover, we are
confident that Oriental's concentration on core business growth in financial
planning and investment services, mortgage originations, insurance services,
consumer and commercial banking and investment banking will continue to
contribute to solid earnings growth in the range of 12 to 15 percent or $3.00
per share for fiscal 2003."
The equity of shareholders rose to $140.4 million for the nine-months
ended March 31, 2002, up 18.4 percent from $118.6 million for the same period
in fiscal 2001. The Group maintained its solid capital position with a
leverage ratio of 7.63 percent, a tier-1 ratio of 22.47 percent and a total
risk-based ratio of 22.84 percent.
Return on equity (ROE) and return on assets (ROA) were 34.67 percent and
1.64 percent, respectively, for the nine-month period ended March 31, 2002,
which represented a substantial improvement from an ROE of 6.04 percent and an
ROA of 0.39 percent in the same period of the previous fiscal year.
"The growth of our asset base continued at a brisk pace with total assets,
including financial assets managed by the trust division and the investment
broker/dealer subsidiary, increasing by nearly 20 percent to reach
$4.9 billion as of March 31, 2002, compared to $4.1 billion as of the same
date in fiscal 2001," Fernandez noted.
Net interest income after provision for loan losses showed significant
growth for the nine-month and third quarter periods, increasing to
$40.5 million and $16.4 million, respectively, from $16.7 million and
$6 million, respectively, for the same periods in the previous year. At the
same time, net loans receivable grew by 31.4 percent for the nine-month period
to $562.7 million in fiscal 2002 from $428.3 million in fiscal 2001. "The
quality of the loan portfolio was substantially enhanced by our emphasis on
making loans collateralized by real estate," Fernandez added.
Fee income also demonstrated a marked increase for the nine-month period
to March 31, 2002, growing by 10.3 percent to $20.0 million from $18.1 million
a year earlier. "This growth reflects the strong market acceptance of our fee-
based trust, investment brokerage, insurance and mortgage banking services, as
well as improved management of the investment portfolio," Fernandez said.
Likewise, deposits grew by 19.8 percent to reach $830.5 million for the
nine-months ended March 31,2002, compared with $693.2 million a year earlier.
"This steady growth trend indicates the success of our strategy to integrate
innovative banking services with the total financial planning package of our
other business lines and to convert our extensive network of branches into
dynamic financial planning centers for the convenience of our clients,"
Fernandez noted.
"We are well along on the path to record-breaking earnings from all of our
core profit centers for fiscal 2002 and 2003," Fernandez concluded.
About Oriental Financial Group
This release contains forward-looking statements that reflect management's
beliefs and expectations and are subject to risks and uncertainties inherent
to the Group's businesses, including, without limitation, the effect of
economic and market conditions, the level and volatility of interest rates and
securities, the actions undertaken by both current and potential competitors,
the impact of current, pending or future legislation and regulation both in
the United States and in Puerto Rico, and the potential effects of
technological changes.
Declares Stock Dividend Plus a Cash Dividend
SAN JUAN, Puerto Rico, January 30, 2002 -- On January 29, 2002,
the Board of Directors of Oriental Financial Group (NYSE:OFG) declared
a 10-percent stock dividend on outstanding common shares. Furthermore,
a cash dividend of $0.15 per common share (after distribution of
the stock dividend) for the fiscal third quarter ending March 31,
2002, was also declared. The stock dividend will have the effect
of increasing the total cash dividend by 10 percent. Dividends are
payable April 15, 2002. (Record date is April 1, 2002; ex-date is
March 27, 2002).
"Not only will shareholders receive a 10-percent stock dividend,
but they will also receive the quarterly cash dividend on those
new shares that will be distributed to them, increasing the overall
dividend paid," Fernandez said. "Oriental's promising earnings outlook
allows us to increase the cash dividend distribution to shareholders."
As reported on January 24, 2002, management increased its earnings
guidance for Oriental's fiscal year ending June 30, 2002, from $2.40
per share to $2.90 per share, plus estimated that earnings for fiscal
year 2003 would increase between 12 percent and 15 percent.
About Oriental Financial Group
Oriental Financial Group Inc., a financial holding company operating
under U.S. banking regulations, provides diversified financial services
to clients throughout Puerto Rico. The Group's core businesses are
financial planning, trust, brokerage, investment banking and insurance,
as well as a full range of consumer, commercial and mortgage banking
services through 21 financial centers.
This release contains forward-looking statements that reflect
management's beliefs and expectations and are subject to risks and
uncertainties inherent to the Group's businesses, including (without
limitation): the effect of economic and market conditions, the level
and volatility of interest rates and securities, actions undertaken
by both current and potential competitors, the impact of current,
pending or future legislation and regulation both in the United
States and in Puerto Rico, and the potential effects of technological
changes.
Increases Estimated Earnings For FY2002
SAN JUAN, Puerto Rico, January 24, 2002 -- Jose E. Fernandez,
President and Chief Executive Officer of Oriental Financial Group
Inc. (NYSE:OFG), today raised the institution's guidance for estimated
earnings to $2.90 per share for its fiscal year ending June 30,
2002.
Fernandez also anticipated that earnings would increase between
12 percent and 15 percent for fiscal year 2003 beginning July 1,
2002, when compared to fiscal year 2002. On Tuesday, January 15,
2002, Oriental reported record net income of $17 million ($1.21
per share) and $10 million ($0.75 per share) for the six-month period
and quarter ended December 31, 2001, respectively.
"The Group's results have significantly benefited from interest
rate reductions set forth by the Federal Reserve during 2001, in
addition to management strategies that have been maturing during
the current fiscal year," said Fernandez. "Management feels confident
in projecting these record amounts, and we look to forward to continued
strengthening of the Group's financial performance and earnings
outlook."
About Oriental Financial Group
Oriental Financial Group Inc., a financial holding company operating
under U.S. banking regulations, provides diversified financial services
to clients throughout Puerto Rico. The Group's core businesses are
financial planning, trust, brokerage, investment banking and insurance,
as well as a full range of consumer, commercial and mortgage banking
services through 21 financial centers.
This release contains forward-looking statements that reflect
management's beliefs and expectations and are subject to risks and
uncertainties inherent to the Group's businesses, including (without
limitation): the effect of economic and market conditions, the level
and volatility of interest rates and securities, actions undertaken
by both current and potential competitors, the impact of current,
pending or future legislation and regulation both in the United
States and in Puerto Rico, and the potential effects of technological
changes.
|