OFG Bancorp Reports 1Q20 Results
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OFG Bancorp (OFG) Reports 1Q Revenues Above Consensus
April 29, 2020 7:34 AM EDTOFG Bancorp (NYSE: OFG) reported Q1 EPS of $0.00, $0.43 worse than the analyst estimate of $0.43. Revenue for the quarter came in at $131.3 million versus the consensus estimate of $113.67 million.
1Q20 Highlights
Strong increase in core net revenues due to the December 31, 2019 acquisition of the Puerto Rico and U.S. Virgin Islands operations of The Bank of Nova Scotia (Scotiabank), and a major reserve build reflecting CECL as well as anticipated changes in Puerto Rico and USVI macroeconomic scenarios due to the effect of the coronavirus pandemic.Core net revenues of $131.3 million, CECL Day 1 allowance of... More