OFG Bancorp (NYSE: OFG) reported results for the first quarter ended March 31, 2019.
Highlights 1Q19 vs. 1Q18
- Net revenues of $99.3 million (+7.7%), net income available to shareholders of $21.8 million (+62.4%), and earnings per share diluted of $0.42 (+40.0%).
- Results reflect increased interest income from Originated Loans and Investment Securities, increased operating leverage, reduced provision, and elimination of dividends on Series C preferred stock following its conversion.
- Loans of $4.40 billion (+6.5%) with new loan origination of $276.4 million, including a 41.4% increase in commercial loans due to the success of Oriental’s strategic targeting of small business customers. Deposits of $4.90 billion (+1.3%), and Net Interest Margin of 5.37% (+15 basis points).
- Book value per common share of $18.30 (+3.0%), Tangible Book Value per common share of $16.56 (+5.4%), Return on Average Assets of 1.42% (+33 basis points), and Return on Average Tangible Common Equity of 10.32% (+259 basis points).
- Credit quality and the efficiency ratio improved, and capital metrics reached multi-year highs.
CEO Comments
“After the rebound we saw in 2018, our first quarter of 2019 reflected strong steady growth,” said José Rafael Fernández, President, Chief Executive Officer, and Vice Chairman of the Board.
“This was achieved due to the continued effectiveness of our retail and commercial strategies in meeting the economic shift that has occurred in Puerto Rico, as a more positive outlook among businesses and consumers has taken hold.”
“Our key performance metrics moved in the right direction at levels similar to top performing mainland banks of our size. Strategically, we continued to advance our retail and commercial channel differentiation through superior service, convenience and technology, where we ask customers to Vive la Diferencia (Live the Difference).”
“Thanks to our entire OFG team for their commitment and dedication, and to all our retail and commercial customers for their support and loyalty.”
