Keefe Bruyette analyst Glen Manna raised his price target for OFG Bancorp to $28 from $23 to reflect the recently announced acquisition of Scotiabank's Puerto Rico and U.S. Virgin Islands operations. The analyst's new forecast reflects the company's expectations for 40% earnings accretion post-close, including 25% cost savings of Scotiabank's non-interest expenses. He maintains an Outperform rating on OFG Bancorp.

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."