OFG Bancorp reports Q1 EPS 42c, consensus 39c
Net income available to shareholders increased 62.4% to $21.8M from $13.5M. Results reflect increased operating leverage, reduced provision and elimination of dividends on Series C preferred stock following its conversion. Book value per common share increased 3.0% to $18.30. Tangible Book Value per common share expanded 5.4% to $16.56. Loans increased 6.5% to $4.40B, while deposits grew 1.3% to $4.90B. New loan origination of $276.4 million included a 41.4% increase in commercial loans due to the success of Oriental's strategic targeting of small business customers. Net Interest Margin of 5.37%, a 15 basis points increase, while both credit quality and the efficiency ratio improved. Return on Average Assets increased 33 basis points to 1.42%, Return on Average Tangible Common Equity expanded 259 basis points to 10.32%, and capital metrics continued at new multi-year highs.