OFG Bancorp (NYSE: OFG) reported Q4 EPS of $0.36, $0.01 better than the analyst estimate of $0.35. Revenue for the quarter came in at $0 versus the consensus estimate of $100 million.

• Compared to the preceding quarter, 4Q14 primarily reflected a combination of lower interest income and lack of significant cost recoveries from acquired loans; higher originated loan balances and interest income and higher banking and wealth management revenues, and lower credit expenses, lower FDIC indemnification asset amortization, and lower recurring non-interest expenses.
• 4Q14 also included a non-recurring accrual of $3.8 million for a cost savings initiative planned for 2015 and a lower effective tax rate.
• In addition, mortgage, auto and consumer loan production increased; demand deposit and savings account balances as a percentage of total deposits continued to grow; deposit costs continued to decrease; and Puerto Rico government related loan and investment security balances declined an additional 1.3%.
• Performance metrics remained high. Net interest margin was a more normalized 5.65%, return on average assets was 1.09%, return on average tangible common stockholders’ equity was 10.16%, and the efficiency ratio was 52.41% (excluding the aforementioned accrual, the efficiency ratio was 49.19%).
• Tangible book value per common share increased 2.9%, to $15.25, from the prior quarter. Book value per common share rose 2.6% to $17.40.

For earnings history and earnings-related data on OFG Bancorp (OFG) click here.