Q3 2021 OFG Bancorp Earnings Call
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[music].
Good morning, Thank you for joining O S. G. Bancorp's Conference call. My name is Ashley and I will be your operator today. Our speakers today are Jose Raphael Fernandez, Chief Executive Officer, and Vice Chair of the board of directors and merits that yours, Mindy Chief Financial Officer.
A presentation accompanies today's remarks.
It can be found on our Investor relations website on the homepage in the what's new box or on the quarterly results page.
This call May feature certain forward looking statements about managements goals plans and expectations.
Statements are subject to risks and uncertainties outlined in the risk factors section of O S. Gs.
T SEC filings actual results may differ materially from those currently anticipated.
We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards, all lines have been placed on mute to prevent background noise. After the speakers' remarks, there will be a question.
And answer session and instructions will be given at that time I would now like to turn the call over to Mr. Fernandez.
Good morning, and thank you for joining US please turn to page three for our conference call presentation.
We had another outstanding performance in the third quarter.
Earning <unk> 81 per share.
This reflects several factors.
We're consistently growing recurring net income or larger scale, our focus on increasing did you build utilization and customer service differentiation and Puerto Rico's nascent economic post pandemic.
Covering.
All this continues to validate our optimism on Puerto Rico's economy and <unk> future.
Our third quarter results confirm this across all businesses.
Total core revenues were $135 million or 4% on.
Unrealized increase compared to the second quarter.
Net interest income increased to $103 million.
That benefited from a 17% decline in cost of funds.
Banking and financial services revenues rose 3%.
Provision for credit.
Process was it $5 million net benefit.
Asset quality continued to trend to levels closer to U S peer banks.
Noninterest expenses fell 5%, reflecting in part reduced credit related expenses.
And pre provision net revenue.
Credit loss increased to $56 million from $52 million in the second quarter.
Looking at the September 30th balance sheet customer deposits increased $154 million to $9 $2 billion, reflecting even greater liquidity.
Could it be on the part of both commercial and customer and consumer customers.
As a result, both cash and assets group.
Loans held for investment declined $87 million.
Excluding PPP loan forgiven.
They increased $5 million.
New loan origination.
Origination remains strong at $556 million.
Ex PPP originations now total more than $1 6 billion as of the nine months that.
That is up 69% compared to the same period last year and 79% compared to the same period in 2019.
Pre COVID-19.
During the third quarter. We also successfully executed on our Capex elections, we acquired $42 million of shares as part of our current $50 million buyback program we.
We increased our common stock dividend to <unk> 12 per share from.
<unk> in the first and second quarters and seven.
The year ago quarter.
And we completed our $92 million or redemption of all preferred stock.
Please turn to page four.
Oh Gee, we believe better banking is buildable.
<unk> 8 billion, our purpose, mainly helping our customers our people and our communities achieve their financial wellbeing.
During the third quarter for our customers, we continue to demonstrate our agility by launching the first digital residential mortgage process in Puerto Rico.
With one click I mean just minutes okay.
But until we can get a prequalification letter access valuable information about the mortgage process and apply online all in one place. We also quickly process forgiveness for PPP customers. We have now processed forgiveness for 91% of first and 25% of second round.
Customers PPP loans, using our proprietary <unk> system.
We believe faster better solutions like these show, our retail and commercial customers the value of doing business with Oriental.
Online and mobile banking 30, and 90 day utilization levels continue well above.
Pandemic levels.
This continues to validate our long standing digital strategy and its growing acceptance by our customers and the market in general.
For our people, we have decided on a mandatory COVID-19 vaccination policy to keep our customers on people safe. We are also.
If prepayment that a hybrid work model to increase flexibility for our people and as we mentioned on the previous slide we have increased the hourly base pay rate for non salaried staff.
For our communities potash global and Oriental closed on a $15 million of financing for a joint venture.
So you can pass on Puma energy.
This is enabling 200 format gas stations in Puerto Rico to install solar panels to produce and consume solar energy.
Roger is the first of its kind and scale on the island. We have also been working on several new corporate social responsibility program.
Between one program launched in the third quarter is a farming developing program with the Puerto Rico Conservation Trust to help several communities achieve economic sustainability.
We are extremely proud of these achievements.
At the end of the day, there is nothing more rewarding than being part.
Program team that delivers on its purpose.
This quarter's overall performance energizes us on OMG to work harder until aspire for more.
Now here's <unk> to go over the financials in more detail.
Thank you Jose.
Please turn to page five to review our financials.
Total revenues were $135 million that is an increase of about $1 four.
$4 million or about 4% from the second quarter.
This is a result.
Positive impact of 8.1818 million.
Part of it's declining cost of phones.
$1 million increase in core non interest income and 800000 dollar increase from cash and investment securities of $730000. As a result of one additional day.
These more than offset a 10 million dollar.
Our decline from BCD.
<unk> loans.
$700000 prepayment that benefited fee income in the second quarter.
The PCB decline was due to a combination of lower volume mainly from mortgage pay down on the order rates.
Non interest expenses totaled $79 million.
A decrease of $3.8 million from the second quarter.
Third quarter included a $2 2 million dollar benefit in grade.
It related expenses.
It was mainly driven by gains on sales of real estate.
The second quarter included a $2 2 million dollar technology.
Though.
Does that also include a combination of increased compensation from our new stuff on our previously announced cost savings.
We continue to see recurring operating expenses in line with our previously announced plan.
And for the year.
The higher revenues and lower <unk>.
This resulted in increased operating leverage the efficiency ratio improved to 58, 6%. This compares to 62% in the second quarter.
Our goal is to continue to improve our efficiency ratio. So that means so low 50% range.
Okay.
And on average assets was one 6% return on average tangible common equity was 17, 7%.
We continue to build capital and tangible book value per share was $18 59.
He is an increase of 3% from the second floor.
Please turn to page six to review our operational highlights.
Average loan balances totaled $6 $5 billion.
That is a decline of $133 million from the second quarter.
This was due primarily to residential mortgage pay down.
PPP loan forgiveness.
In turn this was partially offset by new commercial on auto loans.
The change in mix resulted in a seven basis point decline in loan yields.
Higher in there for a residential mortgage fixed ounce reflected increased liquidity on the part of consumers our residential.
This portfolio consists of legacy Oriental mortgage loans.
I guess along from the BBVA honest courtyard by acquisition.
Total new origination was $556 million.
Exited thing that is down $85 million from the second quarter.
And then in February is up $109 million year over year.
We believe we are continuing to see generally a strong trends in mortgage commercial Donald we continue to see increasing demand from commercial launch.
Sponge business operation will be.
The new stores and warehouses by anyway.
30, or making acquisitions commercial portfolio anesthesia balance ex PPP has increased two consecutive quarters.
Our S. Four deposits totaled $9 $1 billion that is an increase of one 6% or $140 million from the second quarter.
And even increases in noninterest bearing accounts savings accounts and now accounts were partially offset by the decline in customer Cds.
Core deposit cost continue to fall.
They were 30 basis points in the third quarter.
That is a reduction of eight basis points from the second quarter.
This reflects dented our rate reductions and the continued my theory of older higher priced Cds.
As a result of the increase in the policy.
But it's kind of bonuses, so about $2 7 billion billion doors.
We saw an increase of 7% or $180 million from the second quarter.
The average investment portfolio was $715 million.
Dollars that increase that.
<unk> increased $106 million up 70% from the second quarter.
That includes the partial impact of $250 million of MBA purchases at the end of the quarter taking advantage.
If market conditions.
Net interest margin was 412% a decline of 10 basis points from the second quarter.
The increased amount of cash that reduced NIM by six basis points.
Our current strategy is to continue to look for opportunities to deploy excess liquidity system.
Copies out actions or investments.
Please turn to page seven to review, our credit quality and capital Strange.
Asset quality metrics continued to trend positively our net charge offs were 37 basis points.
Third quarter net charge offs of $60 million.
Lindsey included $6 $5 million for a previously reserved amount on a commercial loan.
The early and total delinquency rate was two point of 6% and 382 person prospectively some of the lowest levels in the last five quarters.
The numbers.
And as long as rates on the non PCI loan portfolio was 193% it lowered its lowest level in the last five quarters.
As a result of all of these provisions for credit losses was a net benefit of $5 million, that's reflects $4 $3 million.
Pharmacy surf juices.
Our allowance coverage was 282% on a reported basis and 288% excluding PPP loans.
The CET one ratio remains high compared to our U S. P. S at $13 52 per cent.
Our stockholders' equity was one point of $5 billion, a decline of $26 million from the second quarter. This reflects the degradation of <unk> preferred stock series D and the government and stuff like that.
Buybacks.
A good personal loans this was offset by the increase interesting.
Okay.
The signs you want someone to equity ratio was 886%.
He actually closer.
Thank you Marisa please turn to page eight for a conclusion.
I mentioned earlier, we had a strong performance this quarter on all levels, our performance and credit metrics continue.
To be equal to or better than mainland peers.
We executed on most of our stock buyback program. In addition to increasing our common share dividend and redeeming our preferred stock.
Looking at the Big picture, Puerto Rico continues to benefit from federal reconstruction on Covid stimulus.
But the relative.
<unk> economic impact here is more meaningful than in other U S jurisdictions, given the size of our economy and average incomes as a result, we're continuing to see incremental business sector optimism confirming Puerto Rico's economic revival.
Our plan is to continue to take advantage of our momentum in <unk>.
Relative to the economic environment, we intend to deploy excess liquidity for loan growth and or capital return initiatives. We also intend to accelerate the speed of our transformation further simplify operations.
Prove efficiencies all part of our effort to serve customers faster and better while helping.
Improve them achieve their financial will be.
We have <unk> more than ready.
Thanks to all our resilience team members for their continued dedication and commitment.
This ends our formal presentation. Thank you for listening operation. Please begin the question and answer session.
And at this time unless you would like to ask a question. Please press star one on your Touchtone phone you may withdraw your question at any time by pressing the pound key.
Once again that is star and one and we will take our first question from Alex <unk> with Piper Sandler. Please go ahead.
<unk> morning.
Good morning, Alex.
So first off Jose I was hoping you could give us a little bit more color on what youre seeing.
In terms of loan growth.
Sort of what happened and I guess really I'm most interested in commercial but also we'd be interested in some of the other categories, but.
Hey, Jim happened during this quarter in terms of things like line Utilizations.
Is there any construction component in there and.
What do the pipelines look like heading into the last three months of the year.
Yeah. So.
First off Alex I.
What when you look at on the commercial side, particularly we need to think about loan growth.
Moving on several components you alluded to some of them number one is certainly production and our production levels continue to remain strong. So we feel optimistic with what we have.
Thank complete so far as their journey in terms of where our commercial portfolio and how we've grown the visa b.
Last year and these are lead 2019, so clearly our scale and the acquisition that we did at the end of 2019 is adding additional capabilities for us to.
Have higher production.
In terms of.
Pay downs, we certainly are seeing excess liquidity in the market and we are still seeing.
Higher levels of pay downs than we've seen in years past I mean.
We expect that to.
Maybe remain.
Our current level for the rest of the year and hopefully we'll see some some changes and progress on the next year.
In terms of line utilization.
Remains very low and again due to high liquidity levels.
And our.
Right now in the market.
So right now, we'll probably east.
This.
Close to 25% of the normal utilization on the line. That's what we're seeing and then lastly, the pipelines are I think when you look at our pipeline on the commercial side, we see strong pipelines we see.
Businesses.
Getting ready for continued.
East.
Economic growth and.
When you look at it all I went through four components right production Paydowns utilization and pipeline right now what I see today positive on production positive on pipeline line utilization and Paydowns are putting pressure.
On loan growth.
I expect some time in the.
2022 to continue to see positive production, but then positive trends on paydowns on utilization so that with a strong pipeline, we can see loan growth so I'm optimistic.
I think.
Personally what we're building today is going to pay off in the next several years.
As the economy became becomes more sustainable <unk> growth.
Great and as anything changed in terms of your thought process around the mortgage portfolio.
You had some pretty strong gain on sale on mortgage this quarter, but is there any change in the appetite to keeping some on the balance sheet.
So while we saw this quarter it was a slower level of Refis. So our production came in.
Lower than prior quarters.
And this year, particularly because of a lower <unk>.
<unk>.
Financing activity, but that also plays positively on the book right. So instead of having $100 million of sowing in repayments from the mortgage portfolio. We only had around 62. So so.
So you.
You know give or take in and then on the.
On the fee side on the mortgage banking activities.
We're also seeing that.
Our servicing portfolio remains steady and we're getting we're getting good valuation on the servicing asset as well as.
The sales.
If our originations where we're generating good good gains there so.
I don't see change going forward on that side.
Okay switching gears, a little bit to talk about capital you guys announced the $50 million share repurchase since the last conference call, which is great and maybe.
Or maybe a little bit lower than than than some investors would have expected, but when you combine it with a $92 million pay off for the preferreds earlier this year and the dividend. It gets your total capital return for this year above what or potentially above 100% of our earnings can you talk a little bit about sort of what the.
The capital levels are.
In terms of the common equity tier one you're still pretty elevated at 13, 5% and sort of what the appetite is for buybacks.
From here and then considering that you made pretty good headway through the 50 million when we should expect or when we can expect that to be readdress by the board.
Yes.
It's hard though.
First off you are correct.
We returned capital across the board this year above our.
Above 100% of our of our earnings. So so we're we're executing pretty aggressively on the upside in 2021, when you look at.
2022.
We'll take a look at R. R.
Capital activity on probably the elections potential accompanied elections. The January board. So that's kind of on the beginning of the year and we finished through the budget process, which we're in the middle of it right now and and having a clear pick.
Victor on what's the size of what we should be.
Executing during 2022.
Longer term again, we feel that.
We should not be doing above 100% of our earnings given the levels of CET, one that we have right now.
Hi, <unk>.
But longer term.
Trends in credit continued to inch.
Inch closer to the peers in the state or appears in the States then our capital levels should not.
You should not have much different from the from the operating capital levels that our peers in this.
In the U S are operating on so.
<unk> level closer to.
11% or so that's kind of a good target to have going forward. So.
I think we have good momentum on our capital actions and the optimism that we're seeing in the island and we wanted to continue.
Confirmed we want them to feel more and more incrementally comfortable with.
That economic revival that we are each quarter seeing improve.
And.
And based on that will we will.
Execute on a capital actions, but we.
To be clear that.
Like we did this quarter were.
Buying our stock back.
Between eight to nine times.
Earnings So that's to me significant discounts from some other peers in the states and I think it.
We have very good return for our shareholders to be buying that stock.
Totally agree.
Switching gears to the ACL.
How should we think about it from here you guys are still above your seasonal day, one by my calculation net charge offs are now running well below where they were.
It is higher to that six months with implementation so kind of what's holding the reserve up at this point and kind of what are the milestones to expect that ACL to drop lower.
Yeah. So let me give a big picture on <unk>.
These anything Marysville.
Bill Correct me I'm.
Part of the details, but the big picture is.
How we look at ACL is is based on a methodology.
<unk> has several components charge offs.
Bill Brown.
And the macroeconomic.
Kind of scenarios and projections.
Those macros.
Getting people have risk.
Embedded in it and for Puerto Rico, particularly you've got Covid I've got still the all the issues, referring the coming out of the bankruptcy and all that stuff. So so from our side the macroeconomic scenarios still.
Still have some embedded risk in it.
Still it or preventing us from.
Okay.
Releasing some of that.
Coverage that we have.
That we have.
Also I think we do also have a higher proportion of auto loans and I mentioned charges.
We're having right now net recoveries.
And I don't we don't see that.
Should be looking at our ACL from current state, we're seeing and net recoveries and that will project going forward, that's not sustainable longer term. So we will have certainly.
The level of charge offs at some point in time on our consumer portfolios.
Will they be.
Back to what.
They were prior to Covid, we don't expect that we expect the trends to be completely.
Three company consistently more positive better than.
What we saw in 2019 before Covid, but we also think that.
Those portfolios.
It will stabilize and start showing some levels of charges at some point in 2022.
So that's kind of our big picture.
It means anything Melissa.
<unk>.
Yes.
So what we're doing right now.
Great. So it sounds like from what you said on the macro side that if we do get to bankruptcy resolution by the end of this year and it seems like.
They were getting pretty close to that correct me if I'm wrong that we could see that at least that piece of the equation changed favorably and.
In the next quarter.
I mean, that's one of the components, it's pretty noisy I mean, if you're here on the ground. There is a lot of noise regarding that and.
I know that.
Both processes are also uncertain so.
That's kind of that's kind of how we how we see it Alex but.
Hey.
At the end of the day I think it's a good problem to have.
Great.
And then talking about the NIM for a little bit I was hoping where it's I'm not sure. If you said in your prepared remarks, if you had the impact of PPP fees in the third quarter and then also what remains a PPP fees that have yet to be recognized.
Yes.
Florida.
Now, let's talk about the net impact of Covid <unk>.
Have higher fees for the quarter.
Our $1 2 million Saar, but that was offset because of volume Farquhar, we have lower balances there and that mediate on the net impact.
Within the NII would be about $400000 or so.
Volume factor mitigates, a little bit increase in the fee.
And I don't have them.
On amortized person are here with me.
So as I mentioned, a big portion of the <unk>.
Pvp for strong program with 19.
It has already been paid off but it should not be significant amount that is reminding on the books because most lisa.
Second of all that was slower than the first one.
Yeah.
Okay.
And then I missed what you said about the.
About the.
95 mortgage backed security purchases you did towards the end of the quarter do you say it was $250 million.
Mortgage backed securities into during the quarter can you talk a little bit more about that.
Yes by the end of it was mostly during September that we did the acquisition, we we take advantage of higher rate.
The market and we acquired a 250 MBS.
Okay, and then in terms of the when I look at the balance sheet I still see.
Over 20% cash and what's your appetite for MBS is that you know how willing are like how much of that are you willing to ladder out in the next call. It six to 12.
Yeah.
Yeah.
It's all being opportunistic about how interest rates fluctuate from here on.
Throughout the next several quarters.
We recognize that we have excess cash but at the same time, we don't want to kind of world.
Along on mortgage.
Month's movies with low rates, so when we see them.
Inching up of rates, we would go into the market and buy buy some.
As we see interest rates trending upwards will be more.
Consistent.
Purchases of.
Banks are guesses going forward.
We also want to make sure that we.
We think deposits will stabilize and we had a good increase in deposits again this quarter.
Which is good for us, but we need to kind of feel more comfortable on how how is that going to play.
And the next year as Covid stimulus starts to.
Hello out and and what is the need on the businesses too.
Yeah.
Use that cash so we just wanted to be careful there too I agree with you. We are we have a significant portion of our balance sheet and cash.
Lay out.
We need to kind of put it to work sooner rather than later.
Yeah, and then on the same sort of lines of deposits time.
Time deposits you saw some I guess some flow out can you just remind us what's maturing in the fourth quarter and into next year in terms of time deposits.
And see reprice lower.
Yeah, Yeah, sorry for this last quarter, there is about $100 million that will mature.
And next year, where it's about $400 million.
Does.
The runoff of the portfolio.
The biggest and do you have the right windows.
So we call.
Go ahead.
Okay.
Thanks.
Speaking when you when you started to speak so I need you to repeat the question.
I was I was just going to ask what the rates were on that 100 million in the fourth quarter and 400 miles for next year.
The FERC.
Brady, it's about an 80 basis point.
That's really the next year, it's always about 75 basis points in average for the for the year end.
And we see those Cds.
People are being replaced.
30, 35 basis point that is the average cost that we have right now.
First of all okay.
Okay.
Just a couple more questions that I had just in terms of modeling.
And fee revenues it looks like the banking service revenues have stabilized a little bit over $18 million. Since we don't really have a clean quarter post Scotia. So is that $18 million is that the right level to use.
We certainly see businesses and consumers, having more activity and.
After after Covid on Puerto Rico's Covid situation has.
Turning to extremely positive after the vaccination. So what we're seeing is opening up the economy, we're seeing more activity and therefore banking banking fee.
Yes.
Yeah, our our kind of <unk>.
The $18 million a quarter.
We do have some seasonality in some other quarters throughout the year, but.
In terms of activity, but we feel that 18 million is a good number.
Okay, and then finally unexpected isn't worth so you talked.
And sort of a recurring expense being in line with previous.
Expected expense levels can you just remind us what the.
But the when you talk about that guidance exactly what it says.
Can you repeat the question again sorry.
Aye.
It's about I think in your in your prepared remarks, you said that expense levels were consistent with our previous expected expense levels or something along those lines and that's what I was hoping you could just remind us.
In terms of the run rate for expenses.
How you guys are thinking about the run rate from here.
Yes.
Well yeah.
Yeah that'd be great.
Operating expenses, we see them between $79 million, Hey, do you mean on glasscock water, but keep in mind that we will continue to invest in technology and development.
Did you guys not formation.
And we still think that we.
I'd be able to absorb those incrementals so the run rate right now.
Almost $88 million.
In the baseline.
Perfect. That's I think that's all my questions. Thanks for taking the time.
Thank you Alex so have a good day.
Alright.
And once again.
We remind you that is star one for our questions and we will take our next question from Steven Martin with Slater. Please go ahead.
Thanks, a lot.
Most of my questions have been answered, but let me give you three and they're somewhat related.
You talked a little about your transformation et.
Meeting the speed can you talk about that and.
Your customer facing technology, which I know is very important to you and some of the changes what is working well and what is it.
And.
Related to that did you mention.
<unk> acquisitions before.
How would they play in given that you have excess capital and plenty of cash.
Well. Thank you for your question regarding our <unk>.
Our transformation that I mentioned in my remarks are in terms of <unk>.
What.
<unk> achieve is basically trying to make sure that we focus on the customer experience trying to be more agile and faster on how we serve our customers and certainly.
Bring them added value to to help them achieve their goals right. So that's very general but at the end of the.
They are everything that we're doing in terms of our people in terms of our digital strategy and.
In terms of our how do we analyze the data that we have to do actually.
Make a difference in and be able to serve our customers better and.
Initiate ourselves against the local competitors.
That's kind of the transformation of that transformation requires not only the front end of the equation is igl fast and speedy inquires also the back end too and as you probably can.
Understand it's harder to push that back to the speed of the fronts. So to me that's the biggest challenge, we have and and we're pushing hard.
Again, we see that also in terms of our business model and how do we.
Continuing to transform.
Form our business model to be different and.
And I value toward to our customers and the customer experience on the commercial side as well as on the individual side. So.
And that's what I'm, referring to and in the process. We will also.
B b kind of change.
Changing and transmit forming our our distribution and it's not a.
The approach is not a traditional branch model. So we've got several other components that include technology.
Part of that distribution model and.
And that's kind of how we are we're seeing them.
I'm, referring to and Thats why nights I mentioned about the investments that we're making so what we're trying to achieve here in terms of efficiency to is how do we kind of make the right investments in the transformation that we're trying to achieve as well as keeping expenses under.
Under control.
So that's one trending lower.
So that's the answer for the first question the second question.
I I don't don't recall exactly what you asked me. So if you can repeat I appreciate it.
And then the.
The third question you asked something about.
<unk> and.
Acquisitions on looking into future acquisitions as.
The market here in Puerto Rico.
As already been been.
Consolidated.
As you know we were an important part of that we finished the acquisition of Scotia and integration on Scotia.
<unk> already and the scale that we have now is showing on the production side of the on the loan book and as well as on the deposit side. So.
We do understand that.
Growth coming in Puerto Rico is going to be.
Coming from our larger scale in.
Since the economic momentum and our ability to to differentiate from our competitors. So.
Give me for the second question, because I don't recall.
No I think you've got the second question the first and second together because of this transformation in technology and I think you answered them both at the same time.
Okay.
Perfect I appreciate it.
Yeah.
Okay. Thank you very much.
Okay.
And once again as a reminder, that star one for questions and we will pause another moment to allow any further questions. Thank you.
The point it does appear that there are no further questions. At this time I will turn the call back over to management for any closing remarks.
Thank you operator, thanks again to all our team members, who have helped our customers through the pandemic and work. So hard thanks to all our stakeholders, who are listening and looking forward to our next call.
Have a great day.
And this does conclude today's program. Thank you for your participation you may disconnect at any time.
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