OFG Bancorp Reports Strong Q2 2026 Earnings with EPS Up 21%
OFG Bancorp (NYSE:OFG) reported a strong second quarter for 2026, with earnings per share rising 21% year over year to $1.39 and core revenue increasing 4% to $190 million. The company highlighted improved profitability metrics, including a return on average assets of 1.93% and return on tangible common equity of nearly 18%. Loan and deposit growth remained healthy, supported by Puerto Rico's resilient economy, with new loan production up 24% quarter over quarter to $750 million. Management raised its net interest margin outlook to 5.25%-5.35% for the second half of 2026. Credit quality improved, with non-performing loans falling to 0.81% of average loans and provision expense declining. The company ended the quarter with a CET1 ratio of 14.07%. CEO José Rafael Fernández emphasized the company's shift toward a digital banking strategy with a human touch. A $5.8 million operational charge was described as non-recurring and related to corrected operational errors.
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