secwatch.observer — SEC 8-K summary
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Issuer:     OFG BANCORP (OFG)
CIK:        0001030469
Form:       8-K
Filed at:   2022-07-21T23:59:59+00:00
Accession:  0001030469-22-000031
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1030469/000103046922000031/0001030469-22-000031-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1030469/000103046922000031/ofg-20220721.htm
  HTML page:      https://secwatch.observer/filing/0001030469-22-000031

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