OFG Bancorp (NYSE:OFG) Q2 2024 Earnings Conference Call July 18, 2024 10:00 AM ET
Company Participants
Jose Rafael Fernandez - Chairman and Chief Executive Officer
Maritza Arizmendi - Chief Financial Officer
Cesar Ortiz - Chief Risk Officer
Conference Call Participants
Timur Braziler - Wells Fargo
Brett Rabatin - Hovde Group
Kelly Motta - KBW
Operator
Good morning. Thank you for joining OFG Bancorp's Conference Call. My name is Savannah, I will be your operator today. Our speakers are Jose 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.
Jose Rafael Fernandez
Good morning, and thank you for joining us. We are pleased to report our second quarter 2024 results, which demonstrate the strength of our strategies and franchise, both in line with our short-term and long-term plans. Performance for the quarter was exceptional. We generated consistent growth through increased loans, deposits and noninterest income and stable credit quality.
Our digital-first strategy continues to help us expand our retail and business relationships, and we deployed close to half of our $50 million share buyback program purchasing $24.3 million of OFG shares in the open market. At the same time, Puerto Rico's economy continued to grow and steadily decoupled from mainland economic uncertainties. I want to thank the entire OFG team for their commitment to our mission and purpose, which is to make progress possible for our customers, employees, shareholders and the communities we serve.
Please turn to page three for a summary of our second quarter results. Looking at the income statement earnings per share diluted increased more than 16% year-over-year to $1.08 on a more than 5% increase in total core revenues to $179.4 million. Net interest margin was 5.51%. Provision was $15.6 million. Non-interest expenses were $93 million and pre-provision net revenues totaled close to $87 million.