OFG Bancorp reports Q1 EPS 96c, consensus 86c

Reports Q1 net Interest Income of $135.9M compared to $135.3M in 4Q22 and $105.2M in 1Q22. 1Q23 reflected the full effect of 4Q22’s 50 basis point increase in the federal funds rate and the partial effect of 1Q23’s 50 bps increase. Two fewer days compared to 4Q22 reduced Net Interest Income by $2.2 million. Jose Rafael Fernandez, Chief Executive Officer, said: "The first quarter continued to reflect high levels of liquidity and capital, putting OFG in a strong position in today’s banking environment. Our financial results also demonstrated solid core revenues, net interest margin, credit quality, operating leverage, and customer acquisition trends. Deposit balances were stable with a cumulative beta of approximately 10%. In addition, we continued to execute our ‘digital first’ strategy, placing more banking kiosks and interactive teller machines in the field, and client digital adoption increased 10% year-over-year. With Puerto Rico businesses and consumers remaining in good financial health, we look forward to ongoing progress in 2023. Thanks to our team for their excellent execution, dedication, and drive in helping customers and the communities we serve to achieve their financial goals." 1Q23 Highlights