OFG Bancorp Q3 2024 10-Q Filing
Ticker: OFG · Form: 10-Q · Filed: Nov 6, 2024 · CIK: 1030469
Sentiment: neutral
Topics: financials, earnings, banking
TL;DR
OFG Bancorp's Q3 2024 10-Q is in, check financials for latest performance.
AI Summary
OFG Bancorp filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position for the third quarter and the first nine months of 2024. Key financial data and operational highlights are presented, reflecting the company's activities in the banking sector.
Why It Matters
This filing provides investors and analysts with a detailed look at OFG Bancorp's financial health and operational performance during the third quarter of 2024, crucial for understanding its current market standing.
Risk Assessment
Risk Level: medium — As a financial institution, OFG Bancorp is subject to various market and regulatory risks inherent in the banking industry.
Key Numbers
- 2024 Q3 — Reporting Period (Indicates the specific quarter for which financial data is reported.)
- 2024-09-30 — As of Date (The specific date to which the financial statements are reported.)
- 2023-12-31 — Prior Year End (Provides a comparison point to the previous fiscal year-end.)
Key Players & Entities
- OFG BANCORP (company) — Filer of the 10-Q
- 20240930 (date) — Period of report
- 20241106 (date) — Filing date
- SAN JUAN (location) — City of business address
- PR (location) — State of business address
FAQ
What is the total revenue for OFG Bancorp for the nine months ended September 30, 2024?
The filing does not explicitly state the total revenue for the nine months ended September 30, 2024, in the provided snippet. Further details within the full 10-Q would be required.
What was OFG Bancorp's net income for the third quarter of 2024?
The provided text does not contain specific net income figures for the third quarter of 2024. This information would be found within the detailed financial statements of the 10-Q.
How has OFG Bancorp's total assets changed compared to December 31, 2023?
The filing snippet indicates reporting dates for total assets as of September 30, 2024, and December 31, 2023, allowing for a comparison, but the specific values are not present in the excerpt.
What is the company's primary industry classification?
OFG Bancorp's Standard Industrial Classification (SIC) is 'Commercial Banks' [6022].
When was OFG Bancorp previously known as Oriental Financial Group Inc?
OFG Bancorp was formerly known as Oriental Financial Group Inc, with a date of name change on January 10, 1997.
Filing Stats: 4,440 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-06 16:22:44
Key Financial Figures
- $1.00 — ch registered Common shares, par value $1.00 per share OFG New York Stock Exchange
Filing Documents
- ofg-20240930.htm (10-Q) — 5929KB
- ofg-20240930xexx311.htm (EX-31.1) — 11KB
- ofg-20240930xexx312.htm (EX-31.2) — 11KB
- ofg-20240930xexx321.htm (EX-32.1) — 5KB
- ofg-20240930xexx322.htm (EX-32.2) — 5KB
- 0001030469-24-000042.txt ( ) — 26489KB
- ofg-20240930.xsd (EX-101.SCH) — 101KB
- ofg-20240930_cal.xml (EX-101.CAL) — 159KB
- ofg-20240930_def.xml (EX-101.DEF) — 548KB
- ofg-20240930_lab.xml (EX-101.LAB) — 1030KB
- ofg-20240930_pre.xml (EX-101.PRE) — 854KB
- ofg-20240930_htm.xml (XML) — 7134KB
– FINANCIAL INFORMATION Page
PART I – FINANCIAL INFORMATION Page
Financial Statements
Item 1. Financial Statements Unaudited Consolidated Statements of Financial Condition 3 Unaudited Consolidated Statements of Operations 5 Unaudited Consolidated Statements of Comprehensive Income 7 Unaudited Consolidated Statements of Changes in Stockholders' Equity 8 Unaudited Consolidated Statements of Cash Flows 9 Notes to Unaudited Consolidated Financial Statements Note 1 – Summary of Significant Accounting Policies 12 Note 2 – Restricted Cash 13 Note 3 – Investment Securities 13 Note 4 – Loans 18 Note 5 – Allowance for Credit Losses 34 Note 6 – Foreclosed Real Estate 37 Note 7 – Servicing Assets 37 Note 8 – Goodwill and Other Intangible Assets 39 Note 9 – Accrued Interest Receivable and Other Assets 40 Note 10 – Deposits and Related Interest 41 Note 11 – Borrowings and Related Interest 42 Note 12 – Income Taxes 43 Note 13 – Regulatory Capital Requirements 44 Note 14 – Stockholders' Equity 45 Note 15 – Accumulated Other Comprehensive Loss 46 Note 16 – Earnings per Common Share 48 Note 17 – Guarantees 48 Note 18 – Commitments and Contingencies 50 Note 19 – Operating Leases 52 Note 20 – Fair Value of Financial Instruments 53 Note 21 – Banking and Financial Service Revenues 60 Note 22 – Business Segments 61 Note 23 – Subsequent Events 63 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 64 Critical Accounting Policies and Estimates Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 98 Item 4.
Controls and Procedures
Controls and Procedures 104
– OTHER INFORMATION
PART II – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 104 Item 1A.
Risk Factors
Risk Factors 104 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 104
Defaults upon Senior Securities
Item 3. Defaults upon Senior Securities 105
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 105
Other Information
Item 5. Other Information 105
Exhibits
Item 6. Exhibits 106
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS The information included in this quarterly report on Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to the financial condition, results of operations, plans, objectives, future performance and business of OFG Bancorp ("we," "our," "us" or "OFG"), including, but not limited to, statements with respect to the adequacy of the allowance for credit losses ("ACL"), delinquency trends, market risk and the impact of interest rate changes, capital markets conditions, capital adequacy and liquidity, and the effect of legal proceedings and new accounting standards on OFG's financial condition and results of operations. All statements contained herein that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "continues," "expect," "estimate," "intend," "project" and similar expressions and future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may," or similar expressions are generally intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, estimates and assumptions by management that are difficult to predict. Various factors, some of which by their nature are beyond OFG's control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Factors that might cause such a difference include, but are not limited to: the rate of growth in the economy and employment levels, inflationary pressures or recessionary conditions, as well as general business and economic conditions; changes in interest rates, as well as the magnitude of such changes; a credit default by municipalities of the government of Puerto Rico; a credit default by the U.S. government or a downgrade in the credit ratings of the U.