For such a small island, the banks in Puerto Rico appear to be operating on different planets. In one corner, you have OFG BanCorp (NYSE:OFG) making money hands over fists and in the other, Doral Financial Corp (NYSE:DRL), a bank losing money with no end insight.
Doral just turned in its 2nd quarter results after completing a 20-for-1 reverse stock split, late, and corrected for $6.2 million in cumulative overstated interest income that was recorded between January 1, 2011 - June 30, 2013. Banks have a lot of moving parts that at times send mixed messages that make them hard to value but Doral's are very consistently pointing to trouble that all of its investors should...
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