Financial Performance - 4Q24 diluted EPS was 1.09,up11.2181.9 million, a 3.6% increase from 4Q23[1][3] - Full year 2024 diluted EPS reached 4.23,reflectinga10.4709.6 million, up 3.9% year-over-year[2][3] - Net income available to common stockholders for Q4 2024 was 50,347thousand,comparedto46,597 thousand in Q4 2023, reflecting an increase of 8.5%[28] - The net income for the year ended December 31, 2024, was 150,334thousand,comparedto132,954 thousand for the previous year, reflecting an increase of 13.06%[42] Revenue and Income - Total interest income for 4Q24 was 190.2million,aslightincreasefrom189.0 million in 3Q24 and a significant rise from 176.2millionin4Q23[5]−NetinterestincomeforQ42024was149,138 thousand, an increase from 143,542thousandinQ42023,representingagrowthof3.7750.277 million, a 15.6% increase from 648.880millionin2023[36]−ThenetinterestincomefortheyearendedDecember31,2024,was588.440 million, compared to 560.870millionin2023,reflectingagrowthof4.999.7 million, an increase from 91.6millionin3Q24and94.1 million in 4Q23[10] - Total provision for credit losses in 4Q24 was 30.2million,comparedto21.4 million in 3Q24 and 19.7millionin4Q23,primarilyduetoincreasedloanvolume[8]−TheprovisionforcreditlossesforYTD2024was82,251 thousand, significantly higher than 60,638thousandinYTD2023,markinga35.57.79 billion, a 0.5% increase from 3Q24 and a 3.4% increase year-over-year[12] - New loan production in 4Q24 was 609.0million,upfrom572.2 million in 3Q24 but down from 663.9millionin4Q23[13]−TotalassetsasofQ42024were11,523,140 thousand, an increase from 10,588,584thousandinQ42023,reflectingagrowthof8.87,616,099 thousand, a slight increase from 7,373,273thousandyear−over−year,reflectingagrowthof3.301,256,906 thousand, slightly down from 1,260,944thousandinthepreviousquarter[57]−Thetotalstockholders′equitydecreasedto1,254,371 thousand from 1,193,480thousand,adeclineof5.10202,550 thousand, an increase of 7.4% from Q3 2024's 187,758thousand[48]−TheearlydelinquencyratefortotalloansinQ42024was2.9582,983 thousand in Q4 2024, a slight increase from 79,588thousandinQ32024[50]−Thenonperformingloanratefortotalloanswas1.061.00, up from 0.88inYTD2023,representinga13.645.9 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]
OFG Bancorp(OFG)2025-01-22 12:51