OFG Bancorp (NYSE:OFG) Q3 2024 Earnings Conference Call October 16, 2024 10:00 AM ET

Company Participants

Jose Rafael Fernandez - Chairman & CEO
Maritza Arizmendi - CFO

Conference Call Participants

Kelly Motta - KBW

Operator

Good morning. Thank you for joining the OFG Bancorp's Conference Call. My name is Connie, and I will be your operator today. Our speakers are Jose Rafael Fernandez, Chief Executive Officer and Chairman of the Board of Directors; Maritza Arizmendi, Chief Financial Officer; and Cesar Ortiz, Chief Risk Officer. A presentation accompanies today's remarks. It can be found on the home page of the OFG website under the Third 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 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 the mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. At that time, I’ll give instructions.

I’d now like to turn the call over to Mr. Fernández. Please go ahead.

Jose Rafael Fernandez

Good morning, and thank you for joining us. We are pleased to report our third quarter 2024 results. It was another solid performance. Earnings per share were 5.3% year-over-year, or up 5.3% year-over-year on a 1.1% increase in total core revenues. We continue to produce consistent core operating results and digital adoption of our new and upgraded products, services and self-service tools keeps steadily growing.

Puerto Rico's economy continues to do well, with high levels of business activity and employment. In addition, today marks our 60th anniversary in business. While that is cause for celebration, it is a time to renew our commitment to bring progress to our customers, employees, shareholders and the communities we serve. Thanks to all our team members for always being more than ready to help our clients and customers today and tomorrow.

Before I go on, I would like also to comment on the recent hurricanes in the Southeast United States. As an island, where people have suffered through many of them, our prayers and heart go out to everybody who has been affected by Helene and Milton.

Please turn to Page 3 for a summary of our second (ph) quarter results. Looking at the income statement, we reported earnings per share diluted of $1 on total core revenues of $174.1 million. Net interest margin was 5.43%. Provision was $21.4 million. Non-interest expenses were $91.6 million, and pre-provision net revenues totaled $83.1 million.