OFG Bancorp (OFG) Reports 1Q Revenues Above Consensus
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OFG Bancorp Reports 1Q20 Results
April 29, 2020 7:30 AM EDTSAN JUAN, Puerto Rico--(BUSINESS WIRE)-- OFG Bancorp (NYSE: OFG) today reported results for the first quarter ended March 31, 2020.
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 $89.9 million, provision... More