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Dec 31, 2022
OFG Bancorp Q4 2022 Earnings Report
Reported increased earnings per share and revenue growth, driven by improved key performance metrics.
Key Takeaways
OFG Bancorp reported a strong fourth quarter with diluted EPS of $0.97, up from $0.66 in 4Q21. Total core revenues reached $168.3 million, compared to $141.0 million in 4Q21. Key performance metrics improved, including a return on average assets of 1.86%, return on average tangible common stockholders’ equity of 20.36%, and an efficiency ratio of 54.45%.
EPS diluted of $0.97 compared to $0.66 in 4Q21.
Total core revenues of $168.3 million compared to $141.0 million in 4Q21.
Net interest income of $135.3 million compared to $104.2 million in 4Q21.
Net charge offs of $11.2 million compared to $32.5 million in 4Q21.
OFG Bancorp
OFG Bancorp
Forward Guidance
The company anticipates continued progress in 2023 while monitoring uncertainties related to Federal Reserve Bank rate actions, inflation, and the forecasted mainland recession.