OFG Bancorp Reports 3Q24 Results
OFG Bancorp (NYSE: OFG) reported its 3Q24 results with an EPS diluted of $1.00, compared to $1.08 in 2Q24 and $0.95 in 3Q23. Total core revenues reached $174.1 million, up from $172.2 million in 3Q23. The company demonstrated solid performance with a 5.3% year-over-year increase in EPS-diluted and a 1.1% increase in total core revenues.
Key highlights include a net interest margin of 5.43%, return on average assets of 1.66%, and an efficiency ratio of 52.60%. Loans Held for Investment grew to $7.75 billion, a 6.7% increase year-over-year. Customer Deposits stood at $9.53 billion, while the CET1 ratio improved to 14.37%. The company also reported an increase in Tangible Book Value per share to $26.15.
OFG Bancorp (NYSE: OFG) ha riportato i suoi risultati del 3Q24 con un utilizzo diluito di $1.00, rispetto a $1.08 nel 2Q24 e $0.95 nel 3Q23. I ricavi core totali hanno raggiunto $174.1 milioni, in aumento rispetto ai $172.2 milioni del 3Q23. L'azienda ha mostrato una performance solida con un aumento del 5.3% anno su anno nell'EPS diluito e un incremento dell'1.1% nei ricavi core totali.
I punti salienti includono un margine di interesse netto del 5.43%, un ritorno sull'asset medio dell'1.66%, e un coefficiente di efficienza del 52.60%. I prestiti mantenuti per investimento sono cresciuti a $7.75 miliardi, un aumento del 6.7% anno su anno. I depositi dei clienti si attestano a $9.53 miliardi, mentre il rapporto CET1 è migliorato al 14.37%. L'azienda ha anche riportato un incremento nel valore di libro tangibile per azione a $26.15.
OFG Bancorp (NYSE: OFG) reportó sus resultados del 3T24 con un EPS diluido de $1.00, en comparación con $1.08 en el 2T24 y $0.95 en el 3T23. Los ingresos totales core alcanzaron $174.1 millones, un aumento desde los $172.2 millones en el 3T23. La empresa demostró un rendimiento sólido con un aumento del 5.3% año tras año en el EPS diluido y un aumento del 1.1% en los ingresos totales core.
Los aspectos destacados incluyen un margen de interés neto del 5.43%, un rendimiento sobre activos promedio del 1.66%, y un coeficiente de eficiencia del 52.60%. Los préstamos mantenidos para inversión crecieron a $7.75 mil millones, un aumento del 6.7% año tras año. Los depósitos de clientes se situaron en $9.53 mil millones, mientras que el ratio CET1 mejoró al 14.37%. La empresa también reportó un aumento en el valor contable tangible por acción a $26.15.
OFG Bancorp (NYSE: OFG)는 3분기 2024 실적을 보고하며 희석된 EPS가 $1.00라고 발표했습니다. 이는 2분기 2024의 $1.08과 3분기 2023의 $0.95와 비교됩니다. 총 핵심 수익은 $174.1 백만에 도달했으며, 이는 3분기 2023의 $172.2 백만에서 증가한 수치입니다. 회사는 EPS 희석 기준으로 연간 5.3% 증가와 총 핵심 수익 1.1% 증가로 강력한 성과를 입증했습니다.
주요 요점으로는 순이자 마진 5.43%, 평균 자산 수익률 1.66%, 효율성 비율 52.60%가 있습니다. 투자를 위한 대출은 $7.75 십억으로 6.7% 연간 증가했습니다. 고객 예치금의 총액은 $9.53 십억이었고, CET1 비율은 14.37%로 개선되었습니다. 회사는 주당 Tangible Book Value를 $26.15로 증가시켰다고 보고했습니다.
OFG Bancorp (NYSE: OFG) a annoncé ses résultats du 3T24 avec un EPS dilué de 1,00 $, contre 1,08 $ au 2T24 et 0,95 $ au 3T23. Les revenus core totaux ont atteint 174,1 millions de dollars, en hausse par rapport à 172,2 millions de dollars au 3T23. L’entreprise a affiché une performance solide avec une augmentation de 5,3 % de l'EPS dilué d'une année sur l'autre et une augmentation de 1,1 % des revenus core totaux.
Les faits saillants incluent une marge d'intérêt net de 5,43 %, un retour sur actifs moyens de 1,66 %, et un ratio d'efficacité de 52,60 %. Les prêts détenus pour investissement ont augmenté à 7,75 milliards de dollars, soit une augmentation de 6,7 % d'une année sur l'autre. Les dépôts des clients se sont élevés à 9,53 milliards de dollars, tandis que le ratio CET1 s'est amélioré à 14,37 %. L'entreprise a également signalé une augmentation de la valeur comptable tangible par action à 26,15 $.
OFG Bancorp (NYSE: OFG) hat seine 3. Quartalszahlen 2024 veröffentlicht, mit einem verwässerten EPS von $1.00, im Vergleich zu $1.08 im 2. Quartal 2024 und $0.95 im 3. Quartal 2023. Die gesamtbetrieblichen Einnahmen erreichten $174.1 Millionen, ein Anstieg von $172.2 Millionen im 3. Quartal 2023. Das Unternehmen zeigte eine solide Leistung mit einem Jahreswachstum von 5.3% im verwässerten EPS und einem Anstieg von 1.1% bei den gesamtbetrieblichen Einnahmen.
Zu den wichtigsten Highlights gehören ein Nettozinsmarge von 5.43%, eine Rendite auf das durchschnittliche Vermögen von 1.66% und ein Effizienzverhältnis von 52.60%. Die Kredite zur Investition stiegen auf $7.75 Milliarden, was einem Anstieg von 6.7% im Jahresvergleich entspricht. Die Kundeneinlagen beliefen sich auf $9.53 Milliarden, während sich das CET1-Verhältnis auf 14.37% verbesserte. Das Unternehmen berichtete auch von einem Anstieg des tangible Buchwerts pro Aktie auf $26.15.
- EPS diluted increased 5.3% year-over-year to $1.00
- Total core revenues grew 1.1% year-over-year to $174.1 million
- Net interest margin of 5.43%
- Return on average assets of 1.66%
- Loans Held for Investment increased 6.7% year-over-year to $7.75 billion
- CET1 ratio improved to 14.37% from 14.06% in 3Q23
- Tangible Book Value per share increased to $26.15 from $21.01 in 3Q23
- EPS diluted decreased from $1.08 in 2Q24 to $1.00 in 3Q24
- Total core revenues declined from $179.4 million in 2Q24 to $174.1 million in 3Q24
- Total Provision for Credit Losses increased to $21.4 million from $15.6 million in 2Q24
- Net charge-offs increased to 0.90% of average loans from 0.79% in 2Q24
- Total delinquency rate increased sequentially due to GNMA buy-back option program
Insights
OFG Bancorp's Q3 2024 results demonstrate solid performance with some mixed signals. EPS diluted of
Key positives include:
- Total core revenues up
1.1% year-over-year to$174.1 million - Strong net interest margin of
5.43% - Improved capital ratios, with CET1 at
14.37% and Tangible Common Equity at10.72% - Tangible Book Value per share increased to
$26.15 , up significantly from$21.01 in Q3 2023
Areas of concern include:
- Increased provision for credit losses at
$21.4 million , up from$15.6 million in Q2 2024 - Slight increase in net charge-offs to
0.90% of average loans - Decreased total banking & financial service revenues due to Durbin Amendment impact and reduced MSR valuation
Overall, OFG Bancorp shows resilience in a challenging environment, maintaining solid profitability and capital positions despite some headwinds in credit quality and fee income.
OFG Bancorp's Q3 results reveal a bank navigating a complex financial landscape with relative success. The
The
However, the rise in total borrowings and brokered deposits to
The acquisition of a
Overall, OFG Bancorp demonstrates resilience and strategic growth, but investors should monitor credit quality and funding costs closely in the coming periods.
CEO Comment
José Rafael Fernández, Chief Executive Officer, said: “The third quarter was another solid quarter of performance with EPS-diluted up
3Q24 Highlights
Performance Metrics: Net interest margin of
Total Interest Income of
Total Interest Expense of
Total Banking & Financial Service Revenues of
Pre-Provision Net Revenues of
Total Provision for Credit Losses of
Credit Quality: Net charge-offs of
Total Non-Interest Expense of
Effective Tax Rate of
Loans Held for Investment (EOP) of
New Loan Production of
Total Investments (EOP) of
Customer Deposits (EOP) of
Total Borrowings & Brokered Deposits (EOP) of
Cash & Cash Equivalents (EOP) of
Capital: CET1 ratio was
Conference Call, Financial Supplement & Presentation
A conference call to discuss 3Q24 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 225-9448 or (203) 518-9708. Conference ID: OFGQ324. The call can also be accessed live on www.ofgbancorp.com with webcast replay shortly thereafter. OFG’s Financial Supplement, with full financial tables for the quarter ended September 30, 2024, and the 3Q24 Conference Call Presentation, can be found on the Quarterly Results page on OFG’s Investor Relations website at www.ofgbancorp.com.
Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, management uses certain “non-GAAP financial measures” within the meaning of SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Please refer to Tables 8-1 and 8-2 in OFG’s above-mentioned Financial Supplement for a reconciliation of GAAP to non-GAAP measures and calculations.
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 such a difference include but are not limited to (i) general business and economic conditions, including changes in interest rates; (ii) cybersecurity breaches; (iii) hurricanes, earthquakes, pandemics, and other natural disasters; and (iv) competition in the financial services industry. For a discussion of such factors and certain risks and uncertainties to which OFG is subject, please refer to OFG’s annual report on Form 10-K for the year ended December 31, 2023, as well as its other filings with the
About OFG Bancorp
Now in its 60th year in business, OFG Bancorp is a diversified financial holding company that operates under
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015577417/en/
US: Gary Fishman (gfishman@ofgbancorp.com) and Steven Anreder (sanreder@ofgbancorp.com) at (212) 532-3232
Source: OFG Bancorp
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