Keefe Bruyette analyst Glen Manna upgraded OFG Bancorp to Outperform after taking over coverage from Brian Klock. The analyst notes Puerto Rico banks are trading at a significant discount to their historical tangible book valuations. He expects the banks to remain profitable in 2018 and 2019 even after factoring in hurricane-related losses. Manna this morning also upgraded Popular (BPOP) and kept an Outperform rating on First BanCorp (FBP).

Reports Q1 revenue $174.2M, consensus $151.92M. Reports Q1 tangible book value per share $23.55. Reports Q1 CET1 capital ratio 14.45%. Jose Rafael Fernandez, CEO, said: "First quarter EPS-diluted increased 9.4% year-over-year on a 5.9% increase in total core revenues, reflecting an overall solid performance across all businesses in line with our plans. Our Digital First strategy continues to drive customer acquisition and engagement. Puerto Rico business activity and consumer liquidity looks good. Our balance sheet is well-positioned for a higher for longer interest rate environment. Thanks to our team members for their hard work and commitment to helping our customers and communities achieve progress."