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Mar 31, 2022
OFG Bancorp Q1 2022 Earnings Report
Reported strong momentum in core business with solid loan and deposit growth, NIM expansion, and lower provision.
Key Takeaways
OFG Bancorp reported a strong start to 2022 with solid loan and deposit growth, NIM expansion, and lower provision. Total assets reached $10.2 billion, and the company repurchased $33.5 million of shares as part of its $100 million buyback program.
EPS diluted was $0.76 compared to $0.56 in 1Q21.
Total core revenues were $136.4 million compared to $127.7 million in 1Q21.
Net Interest Income was $105.2 million compared to $98.2 million in 1Q21.
Customer Deposits totaled $8.97 billion compared to $8.72 billion in 1Q21.
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.
Challenges Ahead
- general business and economic conditions, including changes in interest rates
- cybersecurity breaches
- hurricanes, earthquakes, and other natural disasters
- competition in the financial services industry
- the severity, magnitude and duration of the COVID-19 pandemic, and its impact on our operations, personnel, and customers