| Notes |
OFG Bancorp holds about $130 million in PREPA debt.
José Rafael Fernández, CEO of OFG Bancorp:
"Apart from PREPA, which we mentioned, we do have some commercial workouts that we’re dealing with, but again very low levels of nonperforming commercial loans and we proactively are working those. We need to continue to focus on residential mortgage. Ganesh mentioned in the call too that it’s an area that we keep on focusing on just to make sure that it doesn’t deteriorate further. But we don’t have any big ticket items going forward except for PREPA. And as we mentioned we’re basically carrying it at $130 million or less right now with all the provisioning and the applying of interest to principle that we’ve done throughout 2014 and '15. So we feel that that’s our biggest focus. And the rest is just blocking and tackling and maybe there is opportunity here and there to sell a nonperforming loan but it’s not going to move the needle like PREPA would." |