- OFG Bancorp (NYSE:OFG) jumps 7.5% after the bank's Q2 earnings reflect increasing momentum for Puerto Rico's recovery after Hurricane Maria hit the island last September.
- The bank is "increasingly confident in our ability to grow, expand, and help Puerto Rico recover," according to its slideshow.
- OFG posted Q2 EPS of 35 cents, exceeding consensus by 10 cents, vs. 30 cents in both Q1 and Q2 2017.
- New loan production of $432.1M, rose 40% from Q1.
- Total provision for loan and lease losses of $14.7M fell 4.6% from Q1; net charge-off rate 1.81% vs. 1.34% in Q1, primarily due to auto lending as hurricanes-related losses were charged off.
- Net interest margin 5.24% vs 5.22% in Q1 and 5.18% in Q2 2017.
- Source: Press Release
- Previously: OFG Bancorp beats by $0.10 (July 20)