OFG Bancorp Reports 4Q23 & 2023 Results - Seite 2

Pre-Provision Net Revenues of $88.2 million compared to $82.3 million in 3Q23 and $76.9 million in 4Q22.

Total Provision for Credit Losses of $19.7 million compared to $16.4 million in 3Q23 and $8.8 million in 4Q22. 4Q23 provision primarily reflected increased loan volume.

Credit Quality: Net charge-offs of $16.3 million compared to $18.8 million in 3Q23 and $11.2 million in 4Q22. 4Q23 early and total delinquency rates were 2.76% and 3.76%, respectively, in line with 3Q23. The nonperforming loan rate of 1.22% was the lowest over the last five quarters.

Total Non-Interest Expense of $94.1 million compared to $90.2 million in 3Q23 and $91.6 million in 4Q22.

Loans Held for Investment (EOP) of $7.53 billion compared to $7.26 billion in 3Q23 and $6.84 billion in 4Q22. Loans increased 3.8% from 3Q23 and 10.2% year-over-year, reflecting increases in commercial loans, and retail auto and consumer loans. This was partially offset by regular paydowns of residential mortgages and securitization and sale of conforming loans.

New Loan Production of $663.9 million compared to $567.5 million in 3Q23 and $616.4 million in 4Q22. 4Q23 primarily reflected increased Puerto Rico commercial lending.

Total Investments (EOP) of $2.69 billion compared to $2.07 billion in 3Q23 and $1.97 billion in 4Q22. 4Q23 investments reflected purchases of $300 million of short-term US Treasury bills and $250 million of long-term government insured, mortgage-backed securities.

Customer Deposits (EOP) of $9.60 billion compared to $8.54 billion in 3Q23 and $8.56 billion in 4Q22.

Total Borrowings & Brokered Deposits (EOP) of $363.0 million compared to $454.4 million in 3Q23 and $38.4 million in 4Q22. The average balance of such wholesale funding was $602.0 million in 4Q23 compared to $266.4 million in 3Q23. The 12/31/23 balance reflected repayment of $250 million of borrowings and the addition of $160 million of brokered deposits, most of which will mature in early 1Q24.

Cash & Cash Equivalents (EOP) of $748.2 million compared to $532.7 million in 3Q23 and $550.5 million in 4Q22.

Total Assets (EOP) of $11.34 billion compared to $10.26 billion in 3Q23 and $9.82 billion in 4Q22.

Capital: CET1 ratio was 14.12% compared to 14.06% in 3Q23 and 13.64% in 4Q22. The Tangible Common Equity ratio was 9.68% compared to 9.74% in 3Q23 and 9.59% in 4Q22. Tangible Book Value (TBV) of $23.13 per share compared to $21.01 in 3Q23 and $19.56 in 4Q22. 4Q23 TBV reflected increased retained earnings and Accumulated Other Comprehensive Income.