OFG Bancorp reported diluted earnings per share of $1.09 for the fourth quarter ended December 31, 2024, an increase from $1.00 in 3Q24 and $0.98 in 4Q23. Total core revenues for the quarter were $181.9 million, up from $174.1 million in 3Q24 and $175.6 million in 4Q23.
For the full year 2024, diluted EPS reached $4.23, compared to $3.83 in 2023, while total core revenues were $709.6 million, up from $682.7 million in 2023. The company's net interest margin was 5.40%, and the efficiency ratio stood at 54.82%.
Loans held for investment increased to $7.79 billion, reflecting 0.5% sequential growth and 3.4% year-over-year growth, driven by auto, U.S. commercial, and consumer loans. OFG repurchased $45.9 million of common shares in 4Q24, with $29.7 million remaining in repurchase authorization as of December 31, 2024.
The provision for credit losses increased to $30.2 million, primarily reflecting $18.1 million for increased loan volume and $7.6 million for a specific reserve related to four U.S. commercial loans. Customer deposits ended the year at $9.45 billion, with increases in commercial and retail deposits offsetting a decline in government deposits.
Capital levels remained strong, with a CET1 ratio of 14.26% and a tangible common equity ratio of 10.13%. The company's digital-first strategy was highlighted as a key driver in growing its banking franchise and market share.
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