OFG Bancorp (NYSE:OFG) Q1 2022 Earnings Conference Call April 21, 2022 10:00 AM ET
Company Participants
Jose Rafael Fernandez - CEO & Vice Chair
Maritza Arizmendi - CFO
Conference Call Participants
Alex Twerdahl - Piper Sandler
Kelly Motta - KBW
Brett Rabatin - Hovde Group
Timur Braziler - Wells Fargo
Alex Twerdahl - Piper Sandler
Operator
Good morning. Thank you for joining OFG Bancorp's Conference Call. My name is Gretchen. I will be your operator today. Our speakers are Jose Rafael Fernandez, Chief Executive Officer, and Vice Chair of the Board of Directors, and Maritza Arizmendi, Chief Financial Officer.
A presentation accompanies today's remarks. It can be found on our Investor Relations website on our homepage in the What's New box or in the quarterly results page. This call may feature certain forward-looking statements about management's goals, plans and expectations. These statements are subject to certain risks and uncertainties outlined in the Risk Factors section of OFG's SEC filings.
Actual results may differ materially from those currently anticipated. We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards. All lines have been placed on mute to prevent background noise. After the speakers’ remarks, there will be a question-and-answer session. Instructions will be given at that time.
I would now like to turn the call over to Mr. Fernandez.
Jose Rafael Fernandez
Good morning and thank you for joining us. We had a great start to 2022, and we're extremely proud of our achievements particularly our continuous focus on helping our customer and the communities we serve. This is due in now small part, thanks to our team members and their excellent work, commitment and dedication.
So let's turn to Page 3 of our conference call presentation. Fourth quarter EPS diluted was $0.76 compared to $0.66 in the preceding quarter and $0.56 in the year ago period. Core revenues total $136 million. That's an increase of 7% year-over-year as the quality continued to improve, resulting in a net provision of $1.6 million. Non-interest expenses were in line at $81 million. Pre-provision net revenues totalled $56 million, 9% greater than last year.
Looking at the March 31 balance sheet, total assets grew 2.9% from the end of the fourth quarter to $10.2 billion. Customer deposits increased 4% to $9 billion. We saw continuing loan growth quarter over quarter in all three of our priority areas; 5% in commercial loans, consumer loans grew 11% and auto loans grew 2%. New loan origination was seasonally strong at $623 million.