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OFG Bancorp (OFG) Q2 2025 Earnings Call July 17, 2025 10:00 AM ET Company ParticipantsJosé Fernández - CEO & ChairmanMaritza Arizmendi Díaz - CFOTimur Braziler - Director - Mid-Cap Bank Equity ResearchKelly Motta - Managing DirectorBrett Rabatin - Director - ResearchCésar Ortiz-Marcano - Chief Risk OfficerOperatorGood morning. Thank you for joining OFG's Bancorp Conference Call. My name is Margo, and I'll be your operator today. Our speakers are Jose Rafael Fernandez, Chief Executive Officer and Chairman of ...

Financial Data and Key Metrics Changes - The company reported record assets exceeding $12 billion and record loans over $8 billion, with diluted earnings per share of $1.15, reflecting a 6.5% year-over-year increase [4][5] - Core revenues totaled $182 million, with total interest income rising to $194 million, an increase of $5 million, primarily due to higher average loan and cash balances [8][9] - The efficiency ratio was 52%, return on average assets was 1.73%, and return on average tangible common equity was 17% [11] Business Line Data and Key Metrics Changes - New loan origination reached $784 million, up 38% from the first quarter and 33% year-over-year, with growth across all lending channels [13] - Average core deposits were $9.7 billion, up nearly 1%, with end-of-period balances increasing by $139 million quarter-over-quarter [14] - Non-interest expenses totaled $94.8 million, up $1.4 million, aligning with the expected range for the year [9][19] Market Data and Key Metrics Changes - The Puerto Rico economy showed stable growth, with high levels of liquidity among individuals and businesses, contributing to the positive credit environment [5][22] - The company noted a strong commercial pipeline and increased loan growth expectations for 2025, now projected at 5% to 6% [38] Company Strategy and Development Direction - The company is focusing on a digital-first strategy, enhancing customer relationships through technology and innovation [5][24] - A new $100 million stock buyback authorization was announced to return capital to shareholders, supported by strong capital generation [5][20] - The company aims to grow market share by creating value and helping customers achieve progress, backed by a strong capital position [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Puerto Rican economy, highlighting stable wages and employment levels, and a positive business environment [22][24] - The company is committed to maintaining a strong risk management culture while pursuing growth opportunities [40] Other Important Information - Credit quality remains stable, with net charge-offs totaling $13 million, down from the previous quarter [17] - The company introduced new products, including an online marketplace and a U.S. Government money market fund, to enhance customer offerings [6] Q&A Session Summary Question: Margin dynamics and deposit competition - Management explained that deposit costs increased due to variable rate government deposits and emphasized ongoing retail customer growth [28][30] Question: Loan growth consistency - Management confirmed strong loan growth throughout the quarter, driven by a solid pipeline and increased commercial line utilization [36][38] Question: Energy situation in Puerto Rico - Management discussed ongoing efforts to improve the energy grid and its impact on the economy, noting that current issues are not significantly hindering economic performance [60][63] Question: Credit quality and charge-off levels - Management indicated that recent charge-off levels are expected to stabilize due to improved credit performance from new vintages [68][71] Question: Government deposits outlook - Management expects government deposits to continue rolling over in the coming quarters, maintaining a similar outlook as previous quarters [75][76] Question: Expense management and technology investments - Management highlighted ongoing efforts to improve efficiencies through technology while balancing investments and capital returns to shareholders [78][80]

Non-GAAP Financial Measures Quarterly Results 2Q25 Conference Call July 17, 2025 Forward Looking Statements The information included in this document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. Factors that might cause su ...

OFG Bancorp 2Q25 Earnings Release [CEO Commentary and 2Q25 Highlights](index=1&type=section&id=CEO%20Commentary%20and%202Q25%20Highlights) The CEO highlighted strong Q2 performance with record assets, deposits, and loans, driven by digital strategy and robust loan origination Q2 2025 Key Results vs. Prior Periods | Metric | 2Q25 | 1Q25 | 2Q24 | | :--- | :--- | :--- | :--- | | EPS Diluted | $1.15 | $1.00 | $1.08 | | Total Core Revenues | $182.2M | $178.3M | $179.4M | - Strategic initiatives in Q2 included the launch of the Oriental Marketplace and a DGI Money Market fund to enhance customer experience and drive efficiencies[2](index=2&type=chunk) - The company executed a share buyback, repurchasing **186,024 shares** during the second quarter[2](index=2&type=chunk) - Achieved record end-of-quarter balances for total assets (**$12.2 billion**), core deposits (**$9.9 billion**), and loans held for investment (**$8.2 billion**)[2](index=2&type=chunk) [Key Financial and Operational Metrics](index=1&type=section&id=Key%20Financial%20and%20Operational%20Metrics) The company reported solid performance with a 5.31% net interest margin, higher interest income, and a lower provision for credit losses Q2 2025 Performance Metrics | Metric | Value | | :--- | :--- | | Net Interest Margin | 5.31% | | Return on Average Assets | 1.73% | | Return on Average Tangible Common Equity | 16.96% | | Efficiency Ratio | 52.04% | Income and Provision Analysis (vs. 1Q25) | Item | 2Q25 | 1Q25 | Change | | :--- | :--- | :--- | :--- | | Total Interest Income | $194.3M | $189.2M | +$5.1M | | Total Interest Expense | $42.4M | $40.2M | +$2.3M | | Pre-Provision Net Revenues | $87.6M | $85.1M | +$2.5M | | Provision for Credit Losses | $21.7M | $25.7M | -$4.0M | - Credit quality remained stable, with net charge-offs decreasing to **$12.8 million (0.64% of average loans)** from $20.4 million (1.05%) in 1Q25, and the nonperforming loan rate was **1.19%**[6](index=6&type=chunk) [Balance Sheet and Capital Highlights](index=2&type=section&id=Balance%20Sheet%20and%20Capital%20Highlights) The balance sheet expanded with loan and deposit growth, while capital ratios remained strong with a 13.99% CET1 ratio End of Period Balance Sheet Highlights (vs. 1Q25) | Balance Sheet Item | 2Q25 | 1Q25 | | :--- | :--- | :--- | | Loans Held for Investment | $8.18B | $7.85B | | Customer Deposits | $9.90B | $9.76B | | Total Borrowings & Brokered Deposits | $732.3M | $421.5M | | Cash & Cash Equivalents | $851.8M | $710.6M | - New loan production significantly increased to **$783.7 million**, compared to $558.9 million in 1Q25, with growth across all lending channels[9](index=9&type=chunk) Capital Position (vs. 1Q25) | Capital Metric | 2Q25 | 1Q25 | | :--- | :--- | :--- | | CET1 Ratio | 13.99% | 14.27% | | Tangible Common Equity Ratio | 10.20% | 10.30% | | Tangible Book Value per Share | $27.67 | $26.66 | [Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides conference call details, non-GAAP disclosures, and an overview of the company's operations - A conference call to discuss Q2 2025 results was scheduled for July 17, 2025, at 10:00 AM ET[14](index=14&type=chunk) - The company uses non-GAAP financial measures to enhance understanding of performance, with reconciliations available in the Financial Supplement[16](index=16&type=chunk) - OFG Bancorp is a diversified financial holding company operating for 61 years, primarily providing banking, lending, and wealth management services in Puerto Rico and the U.S. Virgin Islands through its subsidiaries Oriental Bank, Oriental Financial Services, and Oriental Insurance[18](index=18&type=chunk) Consolidated Financial Information [Table 1: Financial and Statistical Summary - Consolidated](index=5&type=section&id=Table%201%3A%20Financial%20and%20Statistical%20Summary%20-%20Consolidated) This table presents a consolidated financial summary, with Q2 2025 net income of $51.8 million and an ROA of 1.73% Quarterly Performance Summary | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net Income (Common) | $51,801K | $45,572K | $51,131K | | EPS - Diluted | $1.15 | $1.00 | $1.08 | | Return on Average Assets | 1.73% | 1.56% | 1.82% | | Efficiency Ratio | 52.04% | 52.42% | 51.81% | Year-to-Date Performance Summary | Metric | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | | Net Income (Common) | $97,373K | $100,823K | | EPS - Diluted | $2.15 | $2.13 | [Table 2: Consolidated Statements of Operations](index=7&type=section&id=Table%202%3A%20Consolidated%20Statements%20of%20Operations) The consolidated income statement shows Q2 2025 net interest income of $151.9 million and net income of $51.8 million Q2 2025 Statement of Operations Highlights (in thousands) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net Interest Income | $151,928 | $149,071 | $147,325 | | Total Provision for Credit Losses | $21,678 | $25,688 | $15,581 | | Total Non-Interest Expense | $94,802 | $93,452 | $92,960 | | Net Income (Common) | $51,801 | $45,572 | $51,131 | [Table 3: Consolidated Statements of Financial Condition](index=9&type=section&id=Table%203%3A%20Consolidated%20Statements%20of%20Financial%20Condition) The consolidated balance sheet shows total assets grew to $12.23 billion, with net loans at $8.01 billion Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Total Assets | $12,231,510 | $11,729,257 | $11,259,085 | | Loans, net | $8,009,599 | $7,688,271 | $7,503,142 | | Total Deposits | $10,144,165 | $9,922,969 | $9,605,250 | | Total Stockholders' Equity | $1,334,453 | $1,295,361 | $1,227,702 | [Table 4: Information on Loan Portfolio and Production](index=10&type=section&id=Table%204%3A%20Information%20on%20Loan%20Portfolio%20and%20Production) The loan portfolio reached $8.18 billion, with quarterly loan production surging to $783.7 million Loan Portfolio Composition (in thousands) | Loan Category | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Commercial PR | $2,598,180 | $2,425,651 | | Commercial US | $825,254 | $727,409 | | Auto | $2,661,955 | $2,593,203 | | **Total Loans Held for Investment** | **$8,180,591** | **$7,852,644** | Quarterly Loan Production (in thousands) | Loan Category | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Commercial PR | $253,874 | $163,232 | $192,122 | | Commercial US | $147,193 | $57,939 | $27,402 | | Auto | $250,269 | $232,897 | $250,638 | | **Total Production** | **$783,668** | **$558,941** | **$589,011** | [Table 5: Average Balances, Net Interest Income and Net Interest Margin](index=12&type=section&id=Table%205%3A%20Average%20Balances%2C%20Net%20Interest%20Income%20and%20Net%20Interest%20Margin) This table details the net interest margin, which was 5.31% for Q2 2025, based on average asset and liability balances Net Interest Margin Analysis | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Interest Rate Spread | 5.17% | 5.27% | 5.36% | | Net Interest Margin | 5.31% | 5.42% | 5.51% | - Average interest-earning assets increased to **$11.47 billion** in Q2 2025 from $11.15 billion in Q1 2025, while average interest-bearing liabilities grew to **$10.41 billion** from $10.14 billion[33](index=33&type=chunk) [Table 6: Loan Information and Performance Statistics](index=14&type=section&id=Table%206%3A%20Loan%20Information%20and%20Performance%20Statistics) Credit quality metrics show an improved net charge-off rate of 0.64% and a nonperforming loan rate of 1.19% Key Credit Quality Rates | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net Charge-off Rate | 0.64% | 1.05% | 0.79% | | Early Delinquency Rate (30-89 days) | 2.46% | 2.19% | 2.81% | | Total Delinquency Rate (30+ days) | 3.59% | 3.49% | 3.71% | | Total Nonperforming Loan Rate | 1.19% | 1.11% | 1.01% | - Total nonperforming loans increased to **$97.4 million** at the end of Q2 2025 from $87.5 million at the end of Q1 2025, primarily driven by an increase in nonperforming commercial loans[39](index=39&type=chunk) [Table 7: Allowance for Credit Losses](index=17&type=section&id=Table%207%3A%20Allowance%20for%20Credit%20Losses) The allowance for credit losses increased to $189.9 million, representing a coverage ratio of 2.32% of total loans Q2 2025 Allowance for Credit Losses Roll-Forward (in thousands) | Description | Amount | | :--- | :--- | | Balance at beginning of period | $181,174 | | Provision for credit losses | $21,554 | | Charge-offs | ($22,228) | | Recoveries | $9,444 | | **Balance at end of period** | **$189,944** | - The allowance for credit losses as a percentage of total loans held for investment was **2.32%** at the end of Q2 2025[41](index=41&type=chunk) [Table 8: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital](index=18&type=section&id=Table%208%3A%20Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures%20and%20Calculation%20of%20Regulatory%20Capital) This section reconciles capital measures, showing a CET1 ratio of 13.99% and tangible book value per share of $27.67 Key Capital Ratios | Ratio | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Tangible Book Value per Share (Non-GAAP) | $27.67 | $26.66 | $24.18 | | TCE Ratio (Non-GAAP) | 10.20% | 10.30% | 10.09% | | Common Equity Tier 1 (CET1) Ratio | 13.99% | 14.27% | 14.29% | | Total Risk-Based Capital Ratio | 15.25% | 15.53% | 15.54% | [Table 9: Notes to Financial Statements](index=20&type=section&id=Table%209%3A%20Notes%20to%20Financial%20Summary%2C%20Selected%20Metrics%2C%20Loans%2C%20and%20Consolidated%20Financial%20Statements%20%28Tables%201%20-%208%29) This section provides definitions for financial terms, non-GAAP measures, and specific accounting treatments - Defines Pre-provision net revenues (PPNR) as a non-GAAP measure calculated as net interest income plus core non-interest income, less non-interest expenses[48](index=48&type=chunk) - Explains that under the GNMA program, the company has the option, but not the obligation, to repurchase loans 90+ days delinquent, which are then rebooked on the balance sheet[48](index=48&type=chunk) - Clarifies that most Purchased Credit Deteriorated (PCD) loans are considered performing and not included in non-performing loan statistics due to the application of the accretion method[47](index=47&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-12647 OFG Bancorp (Exact name of registrant as specified in its charter) 254 Muñoz Rivera Avenue ...

Core Viewpoint - The Annual Report for Octopus Future Generations VCT plc for the period ended 31 December 2024 has been made available to shareholders, along with the Notice of Meeting for the upcoming Annual General Meeting scheduled for 4 June 2025 [1][2]. Group 1 - The Annual Report has been posted or made available to shareholders [1]. - A copy of the Annual Report can be viewed on the Company's website [1]. - The Form of Proxy has been submitted to the Financial Conduct Authority's Electronic Submission System [2]. Group 2 - The Annual General Meeting is set to take place on 4 June 2025 [1]. - Further information can be obtained by contacting Rachel Peat at Octopus Company Secretarial Services Limited [2]. - The Annual Report is also available for inspection at the Financial Conduct Authority's website [2].

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OCTOPUS FUTURE GENERATIONS VCT PLC Annual report and financial statements for the period ended 31 December 2024 Octopus Future Generations VCT plc (‘Future Generations VCT’ or the ‘Company’) is backing businesses that aim to address some of society’s biggest challenges, providing an opportunity for investors to share in the growth of ambitious, purpose‑driven companies. The Company is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments ...

Core Viewpoint - OFG Bancorp (OFG) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often react to changes in earnings estimates, leading to significant stock price movements based on their buying or selling activities [4]. Company Performance and Outlook - The recent upgrade for OFG reflects an improvement in the company's underlying business, suggesting that investors may push the stock price higher in response to this positive trend [5]. - Analysts have raised their earnings estimates for OFG, with the Zacks Consensus Estimate for the fiscal year ending December 2025 projected at $4.20 per share, reflecting a year-over-year change of -0.7% [8]. Zacks Rank System - The Zacks Rank system classifies stocks based on earnings estimates, with only the top 20% of stocks receiving a 'Strong Buy' or 'Buy' rating, indicating superior earnings estimate revision features [9][10]. - OFG's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].