Group 1 - The offer for subscription by Octopus Future Generations VCT plc has closed to new applications after reaching £5 million [1]

Financial Performance - The diluted earnings per share (EPS) for the year ended December 31, 2024, was $4.23, an increase of 10.4% compared to $3.83 in 2023[223]. - Total net income for 2024 was $198.2 million, up from $181.9 million in 2023[223]. - In the fourth quarter of 2024, diluted EPS was $1.09, compared to $0.98 in the fourth quarter of 2023, reflecting an increase of 11.2% year-over-year[224]. - Net income available to common shareholders reached $198,170,000, representing a 9.0% increase from $181,872,000 in 2023[240]. - Basic EPS increased to $4.25, up from $3.85 in 2023, marking a growth of 10.4%[240]. - Total stockholders' equity increased by 5.1% to $1.254 billion, reflecting a net income of $198.2 million[316]. - Market capitalization at the end of 2024 was $1.923 billion, a 9.0% increase from $1.764 billion in 2023[324]. Income and Expenses - Total interest income for the fourth quarter of 2024 was $190.2 million, compared to $176.2 million in the fourth quarter of 2023, marking an increase of 8.5%[225]. - Interest income for 2024 increased to $750,277,000, up 15.6% from $648,880,000 in 2023[240]. - Net interest income after provision for credit losses rose to $506,189,000, compared to $500,232,000 in 2023, reflecting a slight increase of 1.9%[240]. - Non-interest income decreased to $123.2 million in 2024, down by $5.2 million from $128.4 million in 2023, primarily due to a decline in banking service revenues[254]. - Total non-interest expenses increased by 3.4% to $375.7 million in 2024, up from $363.4 million in 2023, largely due to higher compensation and employee benefits[256]. Loans and Credit Quality - Loans held for investment increased to $7.79 billion in the fourth quarter of 2024, up 3.4% from $7.53 billion in the fourth quarter of 2023[233]. - New loan production for the fourth quarter of 2024 was $609.0 million, compared to $663.9 million in the fourth quarter of 2023, reflecting a decrease of 8.2%[234]. - Net charge-offs (NCOs) for the fourth quarter of 2024 were $15.9 million, or 0.82% of average loans, down from $16.3 million (0.88%) in the fourth quarter of 2023[230]. - Provision for credit losses increased by $21.7 million to $82.3 million in 2024, driven by growth in loan balances and specific reserves[258]. - Total Allowance for Credit Losses (ACL) increased to $175.9 million in 2024, up 9.2% from $161.1 million in 2023[304]. - Non-performing assets decreased by 6.4% to $93.6 million (0.81% of total assets) from $100.0 million (0.88%) at December 31, 2023[291]. Deposits and Funding - Customer deposits totaled $9.45 billion in the fourth quarter of 2024, down from $9.60 billion in the fourth quarter of 2023[236]. - Total deposits decreased by $157.5 million or 1.6%, with a notable decrease in demand deposits by $423.0 million[313]. - Total public fund deposits from Puerto Rico government entities decreased from $1.618 billion in 2023 to $1.445 billion in 2024[314]. - Borrowings rose significantly by 99.8% to $401.2 million, driven by new FHLB advances and securities sold under agreements to repurchase[315]. Capital and Ratios - The Common Equity Tier 1 (CET1) ratio was 14.26% as of December 31, 2024, compared to 14.12% in the fourth quarter of 2023[238]. - Total risk-based capital ratio increased to 15.52% in 2024 from 15.37% in 2023, reflecting a 1.0% improvement[321]. - The allowance for credit losses to non-accrual loans improved to 225.53% in 2024 from 202.91% in 2023[310]. - The capital ratios continue to exceed the minimum requirements for being "well-capitalized" under Basel III standards[317]. Shareholder Returns - Cash dividends declared per common share increased to $1.00, up from $0.88 in 2023, reflecting a growth of 13.6%[240]. - Cash dividends declared increased to $46,931 thousand in 2024, up 12.1% from $41,853 thousand in 2023[326]. - The number of outstanding common shares decreased to 45,440,269 in 2024, down 3.5% from 47,065,156 in 2023[320]. Risk Management - Liquidity risk management practices have allowed OFG to effectively manage market volatility, with liquidity supported by federal stimulus programs following natural disasters[353]. - OFG's credit risk management processes are embedded in its risk culture, with a focus on systematic identification and assessment of credit risks[344]. - Concentration risk remains significant, with most of OFG's credit exposure concentrated in Puerto Rico, which may adversely affect profitability during economic downturns or natural disasters[361].

Group 1 - OFG Bancorp is a digital-first bank that has experienced growth in recent years [1] - The company was rated a 'hold' in June of the previous year, indicating a cautious outlook [1] Group 2 - Crude Value Insights provides an investment service focused on the oil and natural gas sector [1] - The service emphasizes cash flow and identifies companies with value and growth potential [1] - Subscribers have access to a stock model account, cash flow analyses of exploration and production firms, and live discussions about the sector [2]

Core Insights - Octopus Future Generations VCT plc has made 4 new investments since June 30, 2024, including 2 new investments and 2 follow-on investments into existing companies [1] - The total cash and cash equivalents of the Company as of December 31, 2024, is £20,084,000 [2] Investment Details - Drift Energy Ltd received an investment of £87,000, focusing on building a sustainable planet [2] - Nanosyrinx Ltd received an investment of £420,000, aimed at revitalizing healthcare [2] - Little Journey Limited received an investment of £250,000, also focused on revitalizing healthcare [2] - Apheris AI GmbH received an investment of £240,000, with a theme of empowering people [2] Disposals - Since June 30, 2024, the Company has completed 2 disposals [2]

Company Overview - OFG Bancorp (OFG) currently holds a Zacks Rank of 2 (Buy) and an A grade for Value, indicating strong potential for investors [4] - The stock has a Forward P/E ratio of 10.32, which is lower than the industry average of 11.05, suggesting it may be undervalued [4] - Over the past year, OFG's Forward P/E has fluctuated between a high of 11.82 and a low of 8.71, with a median of 9.84 [4] Financial Metrics - OFG has a P/CF ratio of 9.04, significantly lower than the industry's average P/CF of 24.79, indicating a favorable valuation based on cash flow [5] - The P/CF ratio for OFG has ranged from a high of 10.28 to a low of 7.60 over the past 52 weeks, with a median of 8.78 [5] - These metrics contribute to OFG's strong Value grade, suggesting that the stock is likely undervalued at present [6] Investment Outlook - Considering the strength of OFG's earnings outlook, it is positioned as an impressive value stock currently [6]

Group 1 - OFG Bancorp's earnings are expected to remain flat this year due to various factors affecting performance [1] - Anticipated loan growth and normalization of provisioning expenses are expected to positively impact earnings [1] - A decline in net interest margin and growth in operating expenses are projected to restrain earnings [1]

Financial Data and Key Metrics Changes - Earnings per share increased by 11.2% year-over-year, driven by a 3.6% rise in total core revenues [5]. Business Line Data and Key Metrics Changes - The company demonstrated consistent operational growth aligned with its Digital First strategy, contributing to an increase in banking market share [5]. Market Data and Key Metrics Changes - Digital adoption of new and upgraded products, services, and self-service tools continued to grow steadily, indicating a positive trend in customer engagement and market penetration [5]. Company Strategy and Development Direction - The company is focused on enhancing its Digital First strategy, which is integral to its operational growth and market share expansion [5]. Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the performance in the fourth quarter and throughout 2024, highlighting the successful execution of strategic plans [4]. Other Important Information - The call included a disclaimer regarding forward-looking statements, emphasizing the inherent risks and uncertainties associated with management's goals and expectations [2]. Q&A Session Summary - No specific questions or answers from the Q&A session were provided in the available content.

Forward Looking Statements Quarterly Results 4Q24 Conference Call January 22, 2025 The information included in this document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. Factors that might cause such a difference include b ...

OFG Bancorp (OFG) came out with quarterly earnings of $1.09 per share, beating the Zacks Consensus Estimate of $0.97 per share. This compares to earnings of $0.98 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.37%. A quarter ago, it was expected that this financial holding company would post earnings of $1.07 per share when it actually produced earnings of $1, delivering a surprise of -6.54%.Over the last four quarters, th ...

Financial Performance - 4Q24 diluted EPS was $1.09, up 11.2% year-over-year, with total core revenues of $181.9 million, a 3.6% increase from 4Q23[1][3] - Full year 2024 diluted EPS reached $4.23, reflecting a 10.4% increase from 2023, with total core revenues of $709.6 million, up 3.9% year-over-year[2][3] - Net income available to common stockholders for Q4 2024 was $50,347 thousand, compared to $46,597 thousand in Q4 2023, reflecting an increase of 8.5%[28] - The net income for the year ended December 31, 2024, was $150,334 thousand, compared to $132,954 thousand for the previous year, reflecting an increase of 13.06%[42] Revenue and Income - Total interest income for 4Q24 was $190.2 million, a slight increase from $189.0 million in 3Q24 and a significant rise from $176.2 million in 4Q23[5] - Net interest income for Q4 2024 was $149,138 thousand, an increase from $143,542 thousand in Q4 2023, representing a growth of 3.7% year-over-year[28] - For the year ended December 31, 2024, total interest income reached $750.277 million, a 15.6% increase from $648.880 million in 2023[36] - The net interest income for the year ended December 31, 2024, was $588.440 million, compared to $560.870 million in 2023, reflecting a growth of 4.9%[36] Expenses and Provisions - Total non-interest expense for 4Q24 was $99.7 million, an increase from $91.6 million in 3Q24 and $94.1 million in 4Q23[10] - Total provision for credit losses in 4Q24 was $30.2 million, compared to $21.4 million in 3Q24 and $19.7 million in 4Q23, primarily due to increased loan volume[8] - The provision for credit losses for YTD 2024 was $82,251 thousand, significantly higher than $60,638 thousand in YTD 2023, marking a 35.5% increase[31] Asset and Loan Growth - Loans held for investment at the end of 4Q24 were $7.79 billion, a 0.5% increase from 3Q24 and a 3.4% increase year-over-year[12] - New loan production in 4Q24 was $609.0 million, up from $572.2 million in 3Q24 but down from $663.9 million in 4Q23[13] - Total assets as of Q4 2024 were $11,523,140 thousand, an increase from $10,588,584 thousand in Q4 2023, reflecting a growth of 8.8%[28] - Total loans held for investment reached $7,616,099 thousand, a slight increase from $7,373,273 thousand year-over-year, reflecting a growth of 3.30%[40] Capital Ratios and Equity - CET1 ratio was 14.26% in 4Q24, slightly down from 14.37% in 3Q24 but up from 14.12% in 4Q23[16] - The tangible common equity (TCE) ratio for Q4 2024 was 10.13%, a decrease from 10.72% in Q3 2024[56] - Common equity Tier 1 capital stood at $1,256,906 thousand, slightly down from $1,260,944 thousand in the previous quarter[57] - The total stockholders' equity decreased to $1,254,371 thousand from $1,193,480 thousand, a decline of 5.10%[39] Delinquency and Credit Quality - Total early delinquency for Q4 2024 reached $202,550 thousand, an increase of 7.4% from Q3 2024's $187,758 thousand[48] - The early delinquency rate for total loans in Q4 2024 was 2.95%, up from 2.78% in Q3 2024[48] - Total nonperforming loans amounted to $82,983 thousand in Q4 2024, a slight increase from $79,588 thousand in Q3 2024[50] - The nonperforming loan rate for total loans was 1.06% in Q4 2024, compared to 1.03% in Q3 2024[50] Shareholder Returns - Cash dividends per common share for YTD 2024 were $1.00, up from $0.88 in YTD 2023, representing a 13.6% increase[31] - Share buybacks totaled $45.9 million in 4Q24, with $29.7 million remaining in repurchase authorization as of December 31, 2024[15] Regulatory and Accounting Notes - The Board of Governors of the Federal Reserve System issued an interim final rule to delay the effects of CECL on regulatory capital for two years[20] - Common equity Tier 1 capital ratio is calculated based on Common equity Tier 1 capital divided by risk-weighted assets[16] - Total risk-based capital ratio is calculated based on Total risk-based capital divided by risk-weighted assets[18]