OFG Bancorp Increases Quarterly Common Stock Cash Dividend by 33%

SAN JUAN, Puerto Rico--(BUSINESS WIRE)--

OFG Bancorp OFG today announced that its Board of Directors has increased its regular quarterly cash dividend per common share by 33%, to $0.08 per share, from $0.06 per share, for the fourth quarter ending December 31, 2013. On an annualized basis, the dividend per common share increases to $0.32 per share, from $0.24, and represents a 1.92% yield based on yesterday's closing price of $16.63.

José Rafael Fernández, President, Chief Executive Officer and Vice Chairman of the Board, said, “The 33% increase in our dividend per common share reflects the soundness and profitability of our banking and wealth management businesses; the successful integration of our acquisition of BBVA's Puerto Rico operations, which has resulted in much more rapid growth in book value than originally anticipated; and the Board's policy of continually reviewing how best to maximize return to shareholders.”

The dividend is payable on January 15, 2014, to holders of record on December 31, 2013 with an ex-dividend date of December 27, 2013. OFG raised the dividend per common share by 20%, to $0.06 per share, from $0.05 per share, two years ago.

About OFG Bancorp

Now in its 49th 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.