Q2 2024 OFG Bancorp Earnings Call Transcript
Key Points
- OFG Bancorp (OFG) reported a 16% year-over-year increase in diluted earnings per share to $1.08.
- Total core revenues increased by more than 5% to $179.4 million.
- The company successfully deployed $24.3 million of its $50 million share buyback program.
- Digital-first strategy showed significant growth, with 94% of routine retail transactions conducted digitally.
- Customer deposits grew to $9.6 billion, driven by strong commercial deposit growth.
- Non-interest expenses increased to $93 million, up $1.6 million from the first quarter.
- Provision for credit losses rose to $15.6 million, up $500,000 from the first quarter.
- Early and total delinquency rates increased to 2.81% and 3.71%, respectively.
- Cash reserves decreased slightly to $740 million from the previous quarter.
- Retail deposits declined by $53 million, partially offsetting the growth in commercial deposits.
Good morning. Thank you for joining OFG Bancorp's conference call. My name is Savannah; I will be your operator today.
Our speakers are José Rafael Fernández, Chief Executive Officer and Chairman of Board of Directors; Maritza Arizmendi, Chief Financial Officer; and Cesar Ortiz, Chief Risk Officer. A presentation accompanies today's remarks, and it can be found on the home page of the OFG website under the Second Quarter 2024 section.
This call may feature certain forward-looking statements about management's goals, plans, and expectations. These statements are subject to risks and uncertainties outlined in the Risk Factors section of the OFG's SEC filings. Actual results may differ materially from those currently anticipated. We disclaim any obligation to update the information disclosed in this call as a result of developments that occur afterward.
(Operator Instructions) I would now like to turn the call over to Mr. Fernandez.
Good morning,
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