OFG Bancorp (NYSE: OFG) reported Q1 EPS of $0.24, in-line with the analyst estimate of $0.24. Revenue for the quarter came in at $0 versus the consensus estimate of $74.36 million.

• Oriental Bank’s retail franchise continued to grow. New loan generation at $226 million, with commercial lending leading the way, remained at high levels. Total customers increased in excess of a 4.0% annualized rate from December 31, 2015.
• Credit quality continued to improve. Net charge-offs of loans (excluding acquired loans) declined to 1.30% from 1.67% in 4Q15. The provision for loan losses fell 18.6% from 4Q15’s adjusted amount (see Table 1). Early and total delinquency rates declined below both the previous and year-ago quarters.
• Puerto Rico investment securities balance fell 62.2% to $6.7 million, reflecting the sale of $12.8 million (average yield of 6.60%) in securities of the Puerto Rico Industrial Development Company (PRIDCO) and the Puerto Rico Public Buildings Authority (PBA).
• Net Interest Margin (NIM) expanded to 4.67%, reflecting better yields on interest earning assets.
• Tangible book value per common share increased to $14.68 from $14.53, and tangible common equity (TCE) ratio increased to 9.50% from 9.10%.

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