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OFGBancorp OFG Bancorp Reports 3Q21 Results SAN JUAN , Puerto Rico , October 20 , 2021 - OFG Bancorp ( NYSE : OFG ) , the financial holding company for Oriental Bank , reported results for the third quarter ended September 30 , 2021 . CEO Comment José Rafael Fernández , Chief Executive Officer , said : " We had another strong overall quarterly performance as we continue to execute our strategic plan . " Results reflect consistently growing recurring net income , our larger scale , our focus on increasing digital utilization and customer service differentiation , and Puerto Rico's nascent economic and post - pandemic recovery . " 3Q21 new loan origination remained strong at $ 556 million . Compared to 2Q21 , loans ex - PPP increased , cost of funds declined 17 % , customer deposits increased $ 154 million , and net interest income continued to steadily grow . " Provision for credit losses was a $ 5 million net benefit as asset quality continued to trend to levels closer to US peer banks . Total banking and financial service revenues rose 3 % , and non - interest expenses fell 5 % , reflecting in part reduced credit related expenses . " During 3Q21 , we also successfully executed on our buyback program , acquiring $ 40.2 million of shares as part of our previously announced $ 50.0 million authorization . " Return on Average Assets and Average Equity was 1.59 % and 17.72 % , respectively . " OFG is strategically well - positioned to continue to benefit from and play a major role supporting the economic development of the communities we serve . Thanks to all our team members who have been more than ready to help our customers achieve their goals . " 3Q21 Highlights Summary : Earnings per share diluted of $ 0.81 compared to $ 0.78 in 2Q21 and $ 0.50 in 3Q20 . Total core revenues of $ 134.7 million compared to $ 133.3 million in 2Q21 and $ 127.0 million in 3Q20 . Net interest margin of 4.12 % compared to 4.22 % in 2Q21 and 4.30 % in 3Q20 . Total Interest Income of $ 112.1 million compared to $ 113.5 million in 2Q21 . 3Q21 reflected mortgage paydowns and PPP loan forgiveness mostly offset by increased income from auto and commercial loans , and investment securities . Average loan balances were $ 6.47 billion compared to $ 6.60 billion in 2Q21 and $ 6.79 billion in 3Q20 . New Loan Origination totaled $ 556.2 million compared to $ 673.6 million in 2Q21 and $ 457.8 million in 3Q20 . 3Q21 reflected continued high levels of auto , commercial , consumer , and mortgage lending . 1