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Mar 31, 2021
OFG Bancorp Q1 2021 Earnings Report
OFG Bancorp's first quarter results reflected strong core performance and an improving Puerto Rico economy.
Key Takeaways
OFG Bancorp reported strong first quarter results driven by new loan generation, deposit growth, reduced cost of funds and release of COVID-related loan reserves. Performance metrics improved, and credit metrics fell.
EPS diluted was $0.56 compared to $0.42 in 4Q20 and $0.00 in 1Q20.
Total core revenues were $127.7 million compared to $132.8 million in 4Q20.
Non-interest expenses were $77.7 million compared to $89.0 million in 4Q20 and $87.3 million in 1Q20.
New loan originations totaled $527.6 million ($401.4 million excluding PPP).
OFG Bancorp
OFG Bancorp
Forward Guidance
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.
Positive Outlook
- rate of growth in the economy and employment levels, as well as general business and economic conditions
- changes in interest rates, as well as the magnitude of such changes
- changes to the financial condition of the government of Puerto Rico
- fiscal and monetary policies of the federal government and its agencies
- performance of the stock and bond markets
Challenges Ahead
- the potential impact of damages from future hurricanes, earthquakes and other natural disasters in Puerto Rico
- competition in the financial services industry
- possible legislative, tax or regulatory changes
- the severity, magnitude and duration of the COVID -19 pandemic, including impacts of the pandemic and of responses of federal, state and local governments on our branches, operations and personnel
- impacts of the pandemic and of responses of federal, state and local governments on our customers and their businesses