Time Savings Demand 6/30/24 ■ Increase ■ Decrease ■ Total 14 OFGBancorp 2Q24 Deposit Balance Evolution: Retail vs. Commercial, Ex-Public Funds ($M) ■ Increase ■ Decrease ■ Total $7,984 12/31/23 $125 $8,028 $20 $7,956 $(48) $(53) Retail 3/31/24 Retail Commercial Commercial 6/30/24 12 Residential Mortgage Loans ($M) $1,669 $1,622 $1,604 $1,563 $1,519 $1,485 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 Portfolio New Loan Origination NPLs (excludes PCD) NCO Rate $20 $19 $17 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 $31 ...

José Rafael Fernández, Chief Executive Officer, said: "The second quarter continued to demonstrate the strength of our strategies and franchise. EPS-diluted increased 16.1% year-over-year on a 5.2% increase in total core revenues. We generated strong performance metrics through consistent growth; increased loans, deposits, and non-interest income; and stable credit quality. Our 'Digital First' strategy continues to help us expand our retail and business relationships through new and upgraded products, servi ...

OFG Bancorp (OFG) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Individual investors ...

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, 2024 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) Commonwealth of Puerto R ...

Core Non-Interest Income ($M) $8.3 $7.1 $8.2 $7.7 $10.0 $8.1 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 22 Income Statement Highlights: 1Q24 vs. 4Q23 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------|-----------------|-----------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

OFG Bancorp Reports 1Q24 Results José Rafael Fernández, Chief Executive Officer, said: "First quarter EPS-diluted increased 9.4% year-over-year on a 5.9% increase in total core revenues, reflecting an overall solid performance across all businesses in line with our plans. Our Digital First strategy continues to drive customer acquisition and engagement. Puerto Rico business activity and consumer liquidity looks good. Our balance sheet is well positioned for a higher for longer interest rate environment. Tha ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or o 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) Commonwealth of Puerto Rico 66-0538893 ( ...

$8.2 $8.3 $7.1 $8.2 $7.7 $10.0 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 23 | --- | --- | --- | --- | --- | --- | |-------------------------------|-----------|-----------|-----------|-----------|----------| | CET1 Capital | $1,174.2 | $1,124.6 | $1,086.6 | $1,063.9 | $1,037.4 | | CET1 Capital Ratio | 14.12% | 14.06% | 14.03% | 14.07% | 13.64% | | Tier 1 Capital | $1,174.2 | $1,124.6 | $1,086.6 | $1,063.9 | $1,037.4 | | Tier 1 Capital Ratio | 14.12% | 14.06% | 14.03% | 14.07% | 13.64% | | Total Capital $1,278.5 | | $1,2 ...

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 September 30, 2023 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) Commonwealth of Puer ...

Financial Data and Key Metrics Changes - Earnings per share diluted was $0.95, an increase of 9% year-over-year [37] - Total core revenues were $172.2 million, up 10% compared to last year [37] - Net interest margin was 5.8%, down from 5.9% in the second quarter [44] - Total assets increased to $10.3 billion from last quarter [38] - Customer deposits were stable at approximately $8.5 billion [38] - Net charge-offs totaled $18.8 million, compared to $6.6 million in the second quarter [48] Business Line Data and Key Metrics Changes - Average loan balances increased by $188 million from the second quarter, with end-of-period balance up $144 million [7] - Loan yield was 7.84%, up 8 basis points from the second quarter [43] - Banking and wealth management revenues were $30.4 million, approximately level with the second and year-ago quarters [42] - New loan production was approximately $563 million, in line with the last five quarters [38] Market Data and Key Metrics Changes - The cumulative deposit beta was 19%, with an expectation of about 25% by year-end [8][55] - The economy in Puerto Rico is described as sound, with consumer liquidity being strong [3][11] - Early and total delinquency rates were 2.75% and 3.78%, respectively [49] Company Strategy and Development Direction - The company continues to focus on a digital-first strategy to enhance customer engagement and operational efficiency [3][39] - There is a strong commercial lending pipeline expected to continue into the fourth quarter and 2024 [11] - The company plans to maintain a balance sheet above $10 billion, leveraging loan growth opportunities [20][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Puerto Rico's economic strength despite potential global economic uncertainties [10][50] - The company is monitoring the impact of interest rate changes and inflation on its operations [10] - Credit conditions are expected to remain benign, with a focus on maintaining strong credit quality [49] Other Important Information - The efficiency ratio was 52.36%, reflecting continuous growth and strong operating leverage [42] - The company opened a new branch in Dorado, indicating a commitment to physical presence alongside digital strategies [41] Q&A Session Summary Question: What is the balance of government deposits at quarter end? - The balance of government deposits is in the $350 million range [15] Question: How does the company plan to manage deposit costs and loan growth? - The company expects to mitigate potential higher deposit costs with loan growth, maintaining a focus on net interest income [16] Question: What is the outlook for net charge-offs and the allowance ratio? - The company anticipates a more normalized level of charge-offs and believes credit conditions will remain strong [18] Question: How does the company view its participation in financing opportunities like the Metropistas deal? - The company sees itself as a solid participant in such financing opportunities, contributing to infrastructure improvement in Puerto Rico [61] Question: What is the strategy regarding capital management and buybacks? - The company plans to focus on loan growth while also considering dividend growth and buybacks in its capital management strategy [64]