Group 1 - The company, Octopus Future Generations VCT plc, intends to launch a new offer for subscription in early 2025 [1] - Further details regarding the offer will be provided in an offer document available to shareholders and potential new investors [1]

Earnings Performance - Earnings per share diluted of $1.00, up 5.3% year-over-year, with total core revenues of $174.1 million, a 1.1% increase from the previous year[261] - Net income available to common shareholders for Q3 2024 was $47,000 thousand, representing a 4.7% increase from $44,873 thousand in Q3 2023[276] - Basic EPS for Q3 2024 was $1.01, up 6.3% from $0.95 in the same quarter last year[276] Interest Income and Expenses - Total interest income of $189.0 million, an increase from $165.7 million in Q3 2023, reflecting higher principal balances and yields of investment securities[263] - Total interest expense for Q3 2024 was $41.2 million, significantly higher than $23.9 million in Q3 2023, indicating a 72.0% increase[264] - Interest income for Q3 2024 increased to $189,030 thousand, up 14.1% from $165,708 thousand in Q3 2023[276] Credit Losses and Charge-offs - Total provision for credit losses of $21.4 million, compared to $16.4 million in Q3 2023, primarily due to increased loan volume and updates to risk drivers[267] - Net charge-offs of $17.1 million, representing 0.90% of average loans, with total delinquency rates at 4.10% and a nonperforming loan rate of 1.11%[268] - Provision for credit losses increased by $4.9 million to $21.4 million, driven by growth in loan balances and updates to risk factors[312] Loan and Deposit Growth - Loans held for investment increased to $7.75 billion, a 6.7% increase from Q3 2023, driven by growth in Puerto Rico and U.S. commercial loans[271] - Customer deposits totaled $9.53 billion, reflecting a decrease from $9.60 billion in Q2 2024, with increases in savings and time deposits[273] - New loan production of $572.2 million, slightly down from $589.0 million in Q2 2024, with increases in U.S. commercial and Puerto Rico consumer lending[272] Capital and Equity - CET1 ratio improved to 14.37%, up from 14.06% in Q3 2023, indicating a stronger capital position[275] - Total stockholders' equity increased by 10.4% to $1,318,132 thousand from $1,193,480 thousand at the end of 2023[278] - Book value per common share rose to $28.31, an 11.6% increase from $25.36 at the end of 2023[278] Non-Interest Income - Non-interest income decreased by 12.5% to $26,868 thousand from $30,699 thousand in the prior year quarter[276] - The company experienced a $3.1 million drop in mortgage banking activities and a $1.7 million decrease in banking service revenues[299] - Wealth management revenue increased by 9.9% to $8.4 million, up from $7.7 million in the prior year[297] Asset Management - Total assets managed decreased by 8.2% to $4,554,024 thousand from $4,958,161 thousand in the previous period[278] - Total assets as of September 30, 2024, amounted to $11.461 billion, compared to $10.257 billion as of September 30, 2023[318] - The average balance of interest-earning assets increased to $10,778.9 million in September 2024 from $9,539.4 million in September 2023[1] Market and Economic Indicators - The Puerto Rico Economic Activity Index registered 126.9 points in August 2024, a decrease of 0.8% compared to the previous year, while total non-farm payroll employment increased by 1.9% year-over-year[257] - The effective tax rate for the quarter ended September 30, 2024, was 26.8%, down from 31.9% in the same quarter of 2023[327] Stock Repurchase Program - The company announced a new $50.0 million stock repurchase program in October 2024, in addition to a previously approved program[255] - During the nine-month period ended September 30, 2024, OFG repurchased 671,800 shares for a total of $24.4 million at an average price of $36.30 per share[396]

Financial Data and Key Metrics Changes - Earnings per share increased by 5.3% year-over-year, with total core revenues rising by 1.1% to $174.1 million [3][4] - Net interest margin was reported at 5.43%, with total assets reaching $11.5 billion, a 12% increase from the previous year [4][12] - Provision for credit losses totaled $21.4 million, up $5.8 million from the second quarter, reflecting increased loan volume [14] Business Line Data and Key Metrics Changes - Total interest income was $189 million, up 1% from the second quarter, driven by higher balances of investment securities and loans [8] - Total banking and financial service revenues decreased by $5.8 million to $26 million, primarily due to reduced interchange fees and lower mortgage servicing rights valuation [9] - Average loan balances were $7.6 billion, with end-of-period balances increasing by 1.5% from the second quarter [11] Market Data and Key Metrics Changes - Customer deposits totaled $9.5 billion, with a slight decrease in average core deposits to $9.6 billion [4][12] - The company noted a transition from demand deposits to savings and time deposits, indicating a shift in customer behavior [23] - The non-performing loan rate was reported at 1.11%, with total delinquency rates increasing due to the acquisition of a mortgage servicing portfolio [14] Company Strategy and Development Direction - The company is focused on its Digital First strategy, with significant growth in digital transactions and customer engagement [6] - Plans to enhance customer experience through increased personalization and continued investment in technology [18] - The company aims to remain opportunistic in capital allocation, focusing on loan growth in Puerto Rico and the U.S. [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Puerto Rico's economic growth, citing high levels of employment and business activity [3][17] - The outlook for net interest margin in the fourth quarter is projected between 5.3% and 5.4%, influenced by anticipated Federal Reserve rate cuts [16] - Management remains vigilant regarding macroeconomic uncertainties, including interest rate changes and geopolitical conflicts [17] Other Important Information - The company celebrated its 60th anniversary, reaffirming its commitment to stakeholders [3] - The acquisition of servicing rights for a $1.7 billion Puerto Rico residential mortgage loan portfolio was highlighted as a strategic move [5] Q&A Session Summary Question: Loan growth expectations and pipelines - Management indicated strong economic activity in Puerto Rico supports continued loan growth, with a strong commercial pipeline anticipated [19] Question: Deposit migration and growth expectations - Management noted a transition from checking to savings and time deposits, with expectations for core deposit growth into 2025 [23] Question: Margin guidance and securities purchases - Management adjusted margin guidance due to a larger-than-expected Federal Reserve rate cut, with ongoing adjustments to the investment portfolio [26][27] Question: Capital return strategy - Management plans to review dividends and buybacks, acknowledging a need for more intentional capital return strategies [28] Question: Insights on the servicing portfolio acquisition - The acquisition was seen as a strategic move to enhance servicing capabilities and customer relationships [30]

OFGBancorp Quarterly Results 3Q24 Conference Call October 16, 2024 Forward Looking Statements 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 differenc ...

OFG Bancorp (OFG) came out with quarterly earnings of $1 per share, missing the Zacks Consensus Estimate of $1.07 per share. This compares to earnings of $0.95 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -6.54%. A quarter ago, it was expected that this financial holding company would post earnings of $0.97 per share when it actually produced earnings of $1.08, delivering a surprise of 11.34%. Over the last four quarters, t ...

Exhibit 99 OFG Bancorp Reports 3Q24 Results SAN JUAN, Puerto Rico, October 16, 2024 – OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, today reported results for the third quarter ended September 30, 2024. EPS diluted of $1.00 compared to $1.08 in 2Q24 and $0.95 in 3Q23. Total core revenues of $174.1 million compared to $179.4 million in 2Q24 and $172.2 million in 3Q23. CEO Comment José Rafael Fernández, Chief Executive Officer, said: "The third quarter was another solid quarter of ...

Group 1 - OFG Bancorp's earnings are expected to grow strongly due to decent loan growth [1] - The net interest margin is likely to dip slightly, which may restrict earnings growth [1] - Overall earnings growth is anticipated to be 9%, reaching $4.19 per share [1]

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OFG Bancorp (OFG) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. Individ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-12647 OFG Bancorp (Exact name of registrant as specified in its charter) Commonwealth of Puerto Ri ...