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Most community banks improve earnings YOY in Q3'19

Fifty-eight banks with between $5 billion and $10 billion in total assets reported earnings as of Oct. 31. Of these, only 13 saw a decrease in earnings per share on a year-over-year basis.

The biggest drop in earnings was OFG Bancorp, a San Juan, Puerto Rico-based bank with $6.33 billion in total assets at Sept. 30. The company's banking unit, Oriental Bank, agreed to purchase Bank of Nova Scotia's Puerto Rico operations on June 26. The bank's provisioning was increased by a net $32 million, primarily from selling $95 million of unpaid principal balance nonperforming loans ahead of the deal closure, management said on the bank's third-quarter earnings call. The sale reduced the nonperforming loan rate by 145 basis points compared with the prior year.

The largest year-over-year improvement in EPS as of Nov. 1 was Irvine, Calif.-based Opus Bank, which improved EPS 128%. The bank's EPS was up 147.8% on a quarter-over-quarter basis. The bank recorded a negative provision for loan losses of $7.7 million in the quarter, which boosted net interest income after provisioning.

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