OFG Bancorp's Q3 EPS rises on commercial loan growth
OFG•OFG Bancorp's Q3 diluted EPS rose 14.7% year over year to $1.33, while core revenue increased 1% to $185.7 million. The company repurchased $13.5 million of common shares.
1. Quarterly results
OFG Bancorp reported Q3 core revenue of $185.7 million, up 1% year over year, and diluted EPS of $1.33, up 14.7%. Its CET1 capital ratio was 14.10%, and it repurchased $13.5 million of common shares during the quarter.
2. Growth and expenses
The company said continued commercial loan growth supported results. A higher provision for credit losses mainly reflected increased loan volume and a seasonal auto delinquency adjustment. Non-interest expense declined sequentially because the quarter did not include operational charges recorded in the prior quarter.
