OFG Bancorp(US:OFG)2025-01-22 12:51Financial Performance - 4Q24 diluted EPS was $1.09, up 11.2% year-over-year, with total core revenues of $181.9 million, a 3.6% increase from 4Q23[1][3] - Full year 2024 diluted EPS reached $4.23, reflecting a 10.4% increase from 2023, with total core revenues of $709.6 million, up 3.9% year-over-year[2][3] - Net income available to common stockholders for Q4 2024 was $50,347 thousand, compared to $46,597 thousand in Q4 2023, reflecting an increase of 8.5%[28] - The net income for the year ended December 31, 2024, was $150,334 thousand, compared to $132,954 thousand for the previous year, reflecting an increase of 13.06%[42] Revenue and Income - Total interest income for 4Q24 was $190.2 million, a slight increase from $189.0 million in 3Q24 and a significant rise from $176.2 million in 4Q23[5] - Net interest income for Q4 2024 was $149,138 thousand, an increase from $143,542 thousand in Q4 2023, representing a growth of 3.7% year-over-year[28] - For the year ended December 31, 2024, total interest income reached $750.277 million, a 15.6% increase from $648.880 million in 2023[36] - The net interest income for the year ended December 31, 2024, was $588.440 million, compared to $560.870 million in 2023, reflecting a growth of 4.9%[36] Expenses and Provisions - Total non-interest expense for 4Q24 was $99.7 million, an increase from $91.6 million in 3Q24 and $94.1 million in 4Q23[10] - Total provision for credit losses in 4Q24 was $30.2 million, compared to $21.4 million in 3Q24 and $19.7 million in 4Q23, primarily due to increased loan volume[8] - The provision for credit losses for YTD 2024 was $82,251 thousand, significantly higher than $60,638 thousand in YTD 2023, marking a 35.5% increase[31] Asset and Loan Growth - Loans held for investment at the end of 4Q24 were $7.79 billion, a 0.5% increase from 3Q24 and a 3.4% increase year-over-year[12] - New loan production in 4Q24 was $609.0 million, up from $572.2 million in 3Q24 but down from $663.9 million in 4Q23[13] - Total assets as of Q4 2024 were $11,523,140 thousand, an increase from $10,588,584 thousand in Q4 2023, reflecting a growth of 8.8%[28] - Total loans held for investment reached $7,616,099 thousand, a slight increase from $7,373,273 thousand year-over-year, reflecting a growth of 3.30%[40] Capital Ratios and Equity - CET1 ratio was 14.26% in 4Q24, slightly down from 14.37% in 3Q24 but up from 14.12% in 4Q23[16] - The tangible common equity (TCE) ratio for Q4 2024 was 10.13%, a decrease from 10.72% in Q3 2024[56] - Common equity Tier 1 capital stood at $1,256,906 thousand, slightly down from $1,260,944 thousand in the previous quarter[57] - The total stockholders' equity decreased to $1,254,371 thousand from $1,193,480 thousand, a decline of 5.10%[39] Delinquency and Credit Quality - Total early delinquency for Q4 2024 reached $202,550 thousand, an increase of 7.4% from Q3 2024's $187,758 thousand[48] - The early delinquency rate for total loans in Q4 2024 was 2.95%, up from 2.78% in Q3 2024[48] - Total nonperforming loans amounted to $82,983 thousand in Q4 2024, a slight increase from $79,588 thousand in Q3 2024[50] - The nonperforming loan rate for total loans was 1.06% in Q4 2024, compared to 1.03% in Q3 2024[50] Shareholder Returns - Cash dividends per common share for YTD 2024 were $1.00, up from $0.88 in YTD 2023, representing a 13.6% increase[31] - Share buybacks totaled $45.9 million in 4Q24, with $29.7 million remaining in repurchase authorization as of December 31, 2024[15] Regulatory and Accounting Notes - The Board of Governors of the Federal Reserve System issued an interim final rule to delay the effects of CECL on regulatory capital for two years[20] - Common equity Tier 1 capital ratio is calculated based on Common equity Tier 1 capital divided by risk-weighted assets[16] - Total risk-based capital ratio is calculated based on Total risk-based capital divided by risk-weighted assets[18]