Yahoo Finance

• Earnings Per Share (EPS): $1.09 for Q4, up 11.2% year over year; $4.23 for full year, up 10.4% year over year.

• Total Core Revenues: $182 million for Q4; $710 million for full year, up 3.9% year over year.

• Net Interest Margin: 5.4% for Q4; 5.43% for full year.

• Provision for Credit Losses: $30.2 million for Q4; $82 million for full year.

• Non-Interest Expenses: $99.7 million for Q4; $376 million for full year.

• Pre-Provision Net Revenues: $83 million for Q4; $336 million for full year.

• Total Assets: $11.5 billion, up 1.4% from a year ago.

• Customer Deposits: $9.4 billion.

• Loans Held for Investment: $7.8 billion.

• New Loan Production: $609 million for Q4.

• Investments: $2.7 billion, up 1% from a year ago and 4% from the last quarter.

• Cash: $591.1 million, down 13% from last quarter.

• CET1 Ratio: 14.26%.

• Share Buyback: $46 million in Q4; $29.7 million remaining on authorization.

• Efficiency Ratio: 54.82% for Q4.

• Return on Average Assets: 1.75%.

• Return on Tangible Common Equity: 16.71%.

• Tangible Book Value Per Share: $25.43, down 3% from the third quarter.

• Net Charge-Offs: $16 million for Q4.

• Income Tax Expense: $2.4 million for Q4.

• Warning! GuruFocus has detected 3 Warning Sign with SMBK.

Release Date: January 22, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• OFG Bancorp (NYSE:OFG) reported a strong year-over-year increase in earnings per share by 11.2% for the fourth quarter.

• The company successfully executed its Digital First strategy, with significant growth in digital transactions and customer adoption.

• OFG Bancorp (NYSE:OFG) increased its quarterly dividend by 14% to $0.25 per quarter, reflecting strong capital management.

• The company achieved a 14% growth in loans to local businesses, supported by the relaunch of the My Biz small business account.

• OFG Bancorp (NYSE:OFG) maintained a high net interest margin of 5.4%, indicating effective interest income management.

Negative Points

• Non-interest expenses increased to $99.7 million, driven by early retirement costs and business rightsizing.

• The provision for credit losses rose by $8.8 million from the previous quarter, reflecting increased loan volume and specific reserves for US commercial loans.

• Cash reserves decreased by 13% from the last quarter, indicating a potential liquidity concern.

• The tangible book value per share decreased by 3% from the third quarter, primarily due to share buybacks and lower other comprehensive income.

• The efficiency ratio increased to 54.82% from 52.60% in the previous quarter, indicating higher operational costs.