Every material Form 8-K OFG Bancorp filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
OFG Bancorp said its Chief Strategy Officer, U.S. Business, Ganesh Kumar, will retire effective December 2, 2024, under a separation agreement signed October 18, 2024. The agreement provides a $1,353,413 severance payment and continued healthcare coverage, and it changes the vesting and settlement terms of some of his equity awards.
Ganesh Kumar, with the company for 20 years, retires as Chief Strategy Officer, U.S. Business, effective December 2, 2024.
Severance is a lump-sum cash payment of $1,353,413, due within seven days of the effective date.
Restricted units will not be forfeited on his departure, and prorated performance shares will settle at the estimated attainment level as of the most recent calendar quarter-end.
The full separation agreement will be filed with the Form 10-K for the fiscal year ending December 31, 2024.
OFG Bancorp reported third-quarter 2024 results for the period ended September 30, 2024, with diluted EPS of $1.00, up from $0.95 in the third quarter of 2023 but down from $1.08 in the second quarter of 2024. Total core revenues were $174.1 million, up from $172.2 million a year earlier and down from $179.4 million in the prior quarter, so shareholders see year-over-year gains alongside a sequential decline.
Diluted EPS of $1.00 compared with $1.08 in 2Q24 and $0.95 in 3Q23; the company reported EPS up 5.3% year over year.
Total core revenues of $174.1 million compared with $179.4 million in 2Q24 and $172.2 million in 3Q23.
Net income available to common stockholders of $47.0 million compared with $51.1 million in 2Q24; total provision for credit losses rose to $21.4 million from $15.6 million.
Tangible book value per share increased to $26.15 from $24.18 in 2Q24; the CET1 ratio was 14.37%.
OFG Bancorp's board elected two new directors, Lynda Grindstaff and Roberto García, effective immediately on September 20, 2024. The board said the additions bring experienced members from different backgrounds, and the filing names their committee assignments.
Lynda Grindstaff and Roberto García were elected to the board on September 20, 2024, effective immediately.
Ms. Grindstaff joined the Risk and Compliance Committee.
Mr. García joined the Audit Committee and the Corporate Governance and Nominating Committee.
Their compensation will follow the non-executive director program described in the proxy statement.
OFG Bancorp reported second-quarter 2024 results for the period ended June 30, 2024, with diluted earnings per share of $1.08, up from $1.05 in the first quarter and $0.93 a year earlier. Total core revenues were $179.4 million, compared with $174.2 million in the first quarter and $170.5 million a year earlier, so both headline profit and revenue measures improved.
Diluted EPS of $1.08, versus $1.05 in 1Q24 and $0.93 in 2Q23
Total core revenues of $179.4 million, versus $174.2 million in 1Q24 and $170.5 million in 2Q23
Net charge-offs of $15.0 million, down from $19.8 million in 1Q24; the company bought $24.3 million of its shares under a $50 million buyback program
OFG Bancorp reported first-quarter 2024 results for the period ended March 31, 2024. Diluted earnings per share were $1.05, up from $0.98 in the fourth quarter of 2023 and $0.96 in the first quarter of 2023, while total core revenues were $174.2 million, down from $175.6 million sequentially but up from $164.4 million a year earlier. The results show higher earnings per share year over year, although sequential revenue and pre-provision net revenues declined.
Diluted EPS was $1.05 versus $0.98 in 4Q23 and $0.96 in 1Q23.
Total core revenues were $174.2 million, compared with $175.6 million in 4Q23 and $164.4 million in 1Q23.
Pre-provision net revenues were $83.0 million, compared with $88.2 million in 4Q23 and $74.6 million in 1Q23.
Net charge-offs were $19.8 million, compared with $16.3 million in 4Q23 and $10.1 million in 1Q23.
OFG Bancorp reported fourth-quarter 2023 results, with diluted earnings per share of $0.98 compared with $0.95 in the prior quarter and $0.97 a year earlier. Total core revenues rose to $175.6 million from $172.2 million in 3Q23 and $168.3 million in 4Q22, and full-year 2023 diluted EPS was $3.83 versus $3.44 in 2022. The filing contains results only and gives no guidance for future periods.
4Q23 diluted EPS $0.98 vs. $0.95 in 3Q23 and $0.97 in 4Q22
4Q23 total core revenues $175.6 million vs. $172.2 million in 3Q23
Full-year 2023 diluted EPS $3.83 vs. $3.44 in 2022; total core revenues $682.7 million vs. $607.8 million
4Q23 included a $6.3 million pre-tax gain on sale of non-performing loans and $3.2 million in severance and lease cancellation costs
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every OFG Bancorp filing is on SEC EDGAR ↗. 8-K briefs of other companies →