OFG Bancorp Reports 1Q20 Results

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Go back to OFG Bancorp Reports 1Q20 Results

OFG Bancorp (OFG) Reports 1Q Revenues Above Consensus

April 29, 2020 7:34 AM EDT

OFG Bancorp (NYSE: OFG) reported Q1 EPS of $0.00, $0.43 worse than the analyst estimate of $0.43. Revenue for the quarter came in at $131.3 million versus the consensus estimate of $113.67 million.

1Q20 Highlights

Strong increase in core net revenues due to the December 31, 2019 acquisition of the Puerto Rico and U.S. Virgin Islands operations of The Bank of Nova Scotia (Scotiabank), and a major reserve build reflecting CECL as well as anticipated changes in Puerto Rico and USVI macroeconomic scenarios due to the effect of the coronavirus pandemic.Core net revenues of $131.3 million, CECL Day 1 allowance of... More