OFG Bancorp 2Q22 EPS $0.84, revenue up, net interest margin expands to 4.80%

OFG BANCORP

2022-Q2 EPS reported $1.59

Diluted EPS of $0.84 vs $0.76 in 1Q22 and $0.78 in 2Q21; core revenues of $146.3M vs $136.4M and $133.3M.
Net interest income $115.1M (up from $105.2M in 1Q22); NIM expanded to 4.80% from 4.47% on loan growth and FRB rate hikes.
Loans held for investment $6.70B, up $154.7M from 1Q22; customer deposits $9.02B with core deposits growing $51.3M.
Repurchased $30.6M of shares in Q2, completing $64.1M of the $100M buyback program; CET1 ratio 12.80%.
Provision for credit losses $6.7M (vs $1.6M in 1Q22) due to loan growth and two commercial non-accrual loans.

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