OFG Bancorp reported diluted earnings per share of $1.00 for the third quarter ended September 30, 2024, which was an increase from $0.95 in 3Q23 but a decrease from $1.08 in 2Q24. Total core revenues reached $174.1 million, up from $172.2 million in 3Q23 but down from $179.4 million in 2Q24.
The company's net interest margin stood at 5.43%, with total interest income at $189.0 million and total interest expense at $41.2 million. Total Banking & Financial Service Revenues decreased to $26.3 million, primarily due to a $2.7 million reduction in interchange fees following the Durbin Amendment and a $2.1 million reduction in MSR valuation.
Loan growth continued, with loans held for investment reaching $7.75 billion, a 1.5% sequential increase and a 6.7% year-over-year increase. The provision for credit losses increased to $21.4 million, reflecting $18.7 million for increased loan volume and $5.2 million for auto risk drivers and consumer loan loss factors, partially offset by a $2.7 million reserve release due to an improved U.S. macroeconomic perspective. OFG also acquired a $1.7 billion Puerto Rico residential mortgage servicing portfolio in late August 2024.
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