OFG Bancorp Q2 Earnings Call Highlights

OFG Bancorp (NYSE:OFG) reported what executives described arsenic a beardown 2nd quarter, with net per stock up 21% from a twelvemonth earlier and halfway gross rising 4%, supported by indebtedness growth, halfway deposit expansion, unchangeable recognition prime and equilibrium expanse management.

Chairman and Chief Executive Officer José Rafael Fernández said the institution delivered "another all-around outstanding 4th with bully momentum successful each areas." He pointed to Puerto Rico's resilient economy, citing steadfast user and concern liquidity, wage maturation and historically debased unemployment arsenic supportive factors.

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Fernández besides highlighted OFG's ongoing displacement toward what helium called "a integer slope with a quality touch," saying the institution launched a caller branding run during the 4th to stress its strategical and fiscal evolution.

Second-quarter net and profitability improved

Chief Financial Officer Maritza Arizmendi said EPS roseate to $1.39 successful the quarter. OFG's ratio ratio was 54%, instrumentality connected mean assets accrued to 1.93%, and instrumentality connected mean tangible communal equity roseate to astir 18%. The loans-to-deposits ratio was 85%, portion the payout ratio was 25%, reflecting higher income compared with the archetypal quarter.

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Core revenues accrued $4.5 cardinal from the anterior 4th to $190 million. Total involvement income roseate $3 cardinal to $197 million, driven by higher mean indebtedness balances astatine higher mean rates, partially offset by somewhat little income from currency and securities. Arizmendi said the 4th included $4.1 cardinal from 3 paid-in-full commercialized loans, compared with $3.3 cardinal from a akin indebtedness repayment successful the archetypal quarter.