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OFG Bancorp (OFG)
NYSE:OFG
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Earnings Data
Report Date
Jan 22, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
0.96Last Year’s EPS
1.05Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 19, 2018
|% Change Since: -3.24%
|Next Earnings Date:Jul 20, 2018
Earnings Call Sentiment|Neutral
The earnings call presented a strong performance for OFG Bancorp with significant growth in earnings, digital adoption, and customer base. However, the increase in provision for credit losses and higher noninterest expenses posed challenges.Company Guidance
In the fourth quarter of 2024, OFG Bancorp reported a strong performance with earnings per share of $1.09, marking an 11.2% increase year-over-year, supported by a 3.6% rise in total core revenues to $182 million. The net interest margin stood at 5.4%, while the provision for credit losses increased to $30.2 million. Noninterest expenses were recorded at $99.7 million, impacting pretax income, yet offset by lower taxes. The company ended the year with total assets of $11.5 billion, up 1.4% from the previous year, and customer deposits of $9.4 billion. Loan production was robust at $609 million, contributing to loans held for investment totaling $7.8 billion. The capital position remained strong with a CET1 ratio of 14.26%, despite $46 million in stock buybacks, leaving $29.7 million on the buyback authorization. For the full year, OFG achieved earnings per share of $4.23, a 10.4% increase, with total core revenues reaching $710 million and a net interest margin of 5.43%. The company also navigated market changes, acquiring a $1.7 billion mortgage servicing portfolio and increasing its dividend by 14%. Digital initiatives played a significant role, with digital transactions comprising 96% of routine retail activities, underlining OFG's strategic focus on digital adoption and operational efficiency.Earnings Growth and Share Buyback
Earnings per share were up 11.2% year-over-year with a total of $46 million in common shares repurchased in Q4 2024.
Strong Digital Adoption
Digital adoption saw a 12% increase in enrollment, 54% in digital loan payments, and 34% in virtual teller utilization.
Capital Management and Dividend Increase
Acquired servicing rights to a $1.7 billion mortgage loan portfolio and increased the quarterly dividend by 14%.
Loan Production and Customer Growth
New loan production totaled $609 million with a customer growth rate of 5% year-over-year.
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OFG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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OFG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Jan 22, 2025 | $44.74 | $44.10 | -1.43% |
| Oct 16, 2024 | $44.60 | $41.11 | -7.83% |
| Jul 18, 2024 | $42.57 | $42.51 | -0.14% |
| Apr 18, 2024 | $32.76 | $32.83 | +0.21% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does OFG Bancorp (OFG) report earnings?
OFG Bancorp (OFG) is schdueled to report earning on Jan 22, 2025, TBA Not Confirmed.
What is OFG Bancorp (OFG) earnings time?
OFG Bancorp (OFG) earnings time is at Jan 22, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is OFG EPS forecast?
OFG EPS forecast for the fiscal quarter 2025 (Q1) is 0.96.
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