For such a small island, the banks in Puerto Rico appear to be operating on different planets. In one corner, you have OFG BanCorp (OFG) making money hands over fists and in the other, Doral Financial Corp (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...
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