Good morning. Thank you for joining OFG Bancorp's conference call. My name is Madison. I will be your operator today. Our speakers are José Rafael Fernández, Chief Executive Officer and Chairman of the Board of Directors; Maritza Arizmendi, Chief Financial Officer; and César Ortiz, Chief Risk Officer. A presentation accompanies today's remarks. It can be found on the homepage of the OFG website under the First Quarter 2025 section. This call may feature certain forward-looking statements about management's goals, plans, and expectations. These statements are subject to risks and uncertainties, outlined in the risk factors section of OFG's 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 speaker's remarks, there will be a question-and-answer session. Instructions will be given at that time. I would now like to turn the call over to Mr. Fernández. Good morning, and thank you for joining us. We are pleased to report our first quarter results. As we look at page three of our presentation, it was another strong start to the year with solid overall performance. We had consistent financial results, generating earnings per share diluted of $1. This was driven by excellent operating execution and loan and deposit growth. Consumer credit reflected a higher seasonal customer liquidity in Puerto Rico, and we bought back shares and raised our dividend, supported by our strong capital generation and balance sheet. Please turn to page four. Our strategic investment in technology through our digital-first strategy continues to drive innovation. This is freeing up our people to build stronger customer relationships through our island-wide branch network. Looking at the numbers, 96% of all routine retail customer transactions, 97% of retail deposit transactions, and 68% of retail loan payments were made through our digital and self-service channels. This has been driven by year-over-year growth of 12% in digital enrollment, 21% in digital loan payments, 40% in virtual teller utilization, and close to 5% customer growth. During the quarter, we launched three digital tools, all first in Puerto Rico: our omnichannel online mobile app that provides customers with a fast, easy, and seamless banking experience across all digital points; Smart Banking Insights that offer advice to help customers achieve greater financial progress. This reinforces our innovative position in the banking market in Puerto Rico with intelligent and personalized solutions and tools; and Apple Pay for both debit and credit cards. This is new in the local banking industry, giving our customers another option for easy and secure in-store, in-app, and online purchases. I'd like to add that our self-service portal, which we launched in 2023, was nominated for a Banking Tech Award for Best Use of Technology in Consumer Banking, which is another first for a Puerto Rican bank. As you can imagine, we're very proud of all these accomplishments. Now, here's Maritza to go over the financials in more detail. I will come back and provide our outlook for Puerto Rico and OFG. Thank you, José. Please turn to page five to review our financial highlights. All comparisons are to the fourth quarter, unless otherwise noted. Core revenues total $178 million. Looking at key components, total interest income was $189 million, a decline of $941,000. This mainly reflects two fewer business days, which negatively affected interest income by $3 million. Partially affecting these were higher balances and yields on investment securities and higher loan balances. Total interest expense was $40 million, a decline of $874,000. This mainly reflects the two fewer business days and higher average balances of core deposits at a lower rate, which were partially offset by higher average balances of borrowings and brokered deposits. Total banking and financial service revenues were $29 million, a decrease of $3.6 million. The fourth quarter included $4.8 million combined in annual insurance fees and favorable MSR valuation change. Excluding that, total banking and financial service revenues increased for the quarter. Looking at non-interest expense, they totaled $93.5 million, down $6.3 million. First quarter compensation included $1.6 million in increase in seasonal FICA expenses and merit raises. General and administrative expenses included a $3.1 million volume incentive payment from business partners. It also included $1.2 million in higher electronic banking volume and related costs as compared to the last quarter. Note that the fourth quarter included $4.8 million in early retirement, business rights izing, and annual performance incentives. Taking all these factors into consideration, we were in line with our guidance of $95-$96 million in quarterly non-interest expense in 2025. Income tax expense was $13.9 million. The tax rate was 23.34%. That reflects an anticipated rate of 26.14% for the year and the benefit of $1.7 million in discrete items. Tangible book value was $26.66 per share, $0.2666 per share. During the quarter, we bought back $23.4 million of shares and raised our dividend 20%. Looking at our performance metrics, efficiency ratio was 52.42%, return on average assets was 1.56%, and return on tangible common equity was 15.28%. Please turn to page six to review our operational highlights. Total assets were $11.7 billion, up 5% from a year ago and 2% from the fourth quarter. Average loan balances were $7.8 billion, up close to 1%. End-of-period loans held for investment totaled $7.9 billion, up 4.2% from a year ago and up $61 million from the last quarter. The sequential increase mainly reflects growth in auto and consumer loans, U.S. and Puerto Rico commercial loans, and repayments of residential mortgages. Growth of Puerto Rico commercial loans included a higher level of line of credit utilization. Loan yield was 7.99%, down two basis points. New loan origination of $559 million was down 9.3% from the fourth quarter, but up 4.2% from a year ago. First quarter originations reflected seasonal declines in Puerto Rico commercial lending, partially offset by an increase in U.S. commercial. We continue to have a strong commercial pipeline at this time. Average core deposits were $9.6 billion, up close to 1%. End-of-period balances of $9.8 billion increased $308 million, or 3.3% quarter over quarter, and $211 million, or 2.2% year over year. The sequential increase reflects growth in retail, commercial, and government deposits. It also reflects growth in savings, time deposits, and demand deposits. Core deposit cost was 1.42%, down four basis points from the fourth quarter. Excluding public funds, cost of deposit was 1% compared to 0.96% last quarter. Average borrowing and brokered deposits were $517 million compared to $426 million. The aggregate rate paid was 4.32%, down eight basis points. End-of-period balances were $421 million compared to $557 million. During the first quarter, $145 million in short-term repurchase agreement and Federal Home Loan Bank advances matured. Separately, a two-year $200 million Federal Home Loan Bank advance was renewed at 4.14% compared to previous rate of 4.52%. Cash at $710.6 million was up 20%, and investment totaled $2.8 billion, up 2%. During the first quarter, we acquired $100 million of mortgage-backed securities, yielding 5.40%. Net interest margin was 5.42% compared to 5.40%. First quarter NIM benefited slightly from the investment securities portfolio and lower cost of government deposits. Please turn to page seven to review our credit quality and capital strength. Credit quality continues to be stable. Net charge-off totaled $20 million, up $4.5 million. The first quarter included a $2.9 million partial charge-off of a previously reserved commercial loan as compared to the fourth quarter, which included $2.6 million in recoveries from the sale of previously charged off auto and consumer loans. First quarter auto net charge-offs were unchanged, 1.63%. Consumer net charge-off ratio increased 62 basis points to 4.34%, and there were continued recoveries in mortgage and Puerto Rico commercial loans. Total net charge-off rate was 1.05%, up 23 basis points sequentially. Year over year, it was unchanged. Provision for credit losses was $25.7 million, down $4.5 million. The first quarter included $17.4 million for increased volume, $4.8 million for specific reserve for three commercial loans, and $3.5 million to reflect auto current loss given default trends post-pandemic. Looking at other credit metrics, the early and total delinquency rates were 2.19% and 3.49%, respectively, both down from the fourth quarter. The non-performing loan rate was 1.11%. Looking at other capital metrics, our CET1 ratio was 14.27%. Stockholders' equity totaled $1.3 billion, up about $41 million, and the tangible common equity ratio increased 11 basis points to 10.30%. To summarize the first quarter, net interest income remained stable as growth in loan balances and a declining deposit cost largely neutralized the impact of two fewer days. Loan growth continued to do well in auto and consumer and U.S. and Puerto Rico commercial. Retail and commercial deposit balances increased as we continued to deepen customer relationships and grow our client base. Net interest margin was slightly higher than expected from higher yielding investment securities and lower cost of government deposits. Credit quality continued to be well managed. The trends are stable, reflecting the solid economic environment in Puerto Rico. Non-interest expenses were in line when you removed the effect of the specific items in the fourth and first quarter. Results also benefited from a lower tax rate and share counts. Regarding capital allocation, in addition to buying back shares, the dividend was increased, and our CET1 ratio provides us with a strong foundation during volatile or challenging times. Now, here's José. Thank you, Maritza. Please turn to page eight. As you all know, we're navigating an uncertain environment, and this is how we see things today. On the one hand, in Puerto Rico, wages and employment are at historically high levels. The business environment is constructively positive. Investments in public and private projects continue to flow, and the economy continues to grow, albeit at a slower pace. On the other hand, higher levels of volatility due to macroeconomic and geopolitical events, if they continue, they will eventually have an impact, an economic impact. Our team members are in close contact with our customers to make sure we have a good pulse on how they're adapting to the environment and how OFG can better serve them. Turning to OFG, our digital-first strategy is proving to be highly effective. We will continue to invest in and deploy new customer innovations to further differentiate our business model, increase efficiencies, and most important, help both our retail and commercial customers. Consumer credit trends are good. Supported by a strong balance sheet and a well-tested leadership team, we continue to methodically execute our business plan and be there for our clients and the communities we serve. As always, our results could not have been achieved without the hard work and dedication of all our team members. We are extremely thankful to them and excited for what's to come. We hold our annual shareholders' meeting next Wednesday. With this, we conclude our remarks, and we open the call for questions. If you have a question at this time, please press star one on your telephone keypad. If you wish to remove yourself from the queue, press star two on your telephone keypad. We will take our first question from Frank Schiraldi with Piper Sandler. Please go ahead. Good morning. Good morning, Frank. José, just in terms of the digital channel, obviously, you cite some pretty impressive numbers in terms of transactional use. Are you able to see deposit account openings through the digital channel? Is that something that's ramping up? Is that something still yet to come? How is that? Actually, Frank. Yes, we do have online digital account opening, and it's through the self-service channel. Yes, we do have that capability. As everything that we've done from the digital-first strategy that we have deployed throughout the years, it requires us to be kind of the educators in the market in terms of how things can move into digital channels and all that. Right now, around 25-26% of our checking accounts and certificates of deposits are opened through the digital channel. The rest are opened at the branches. We have seen increasing trends there also. Okay. In terms of the deposit growth from here, any seasonality here in the first quarter? Could you talk about the timing of some assumed, I think you had assumed some public deposit outflow in February, just trying to get thoughts around growth from here? Yep. First quarter is always somewhat seasonal in terms of deposits. We do have the tax refunds. The child tax credit also is part of the equation in the first quarter in terms of deposits. We do acknowledge that the first quarter has some important seasonal components. We are very encouraged with the way our online and branch network are moving along and growing our client base. We do expect to continue to see some deposit growth from here. In terms of your second part of your question, which I forgot, if you can recall. Just on the government deposits, I thought there was some. Yeah. We have a yes. We have a billion or so government deposit that we expect to be renewed for another several months. That is something that we will update every quarter. It is still there, and we are expecting to renew it in the next couple of weeks. Okay. If I could just sneak in one more, just in terms of consumer charge-offs, can you speak to do you expect to continue to see some normalization there? I know you had some commercial as well that I'm sure can be more volatile. On the consumer side, just wondering your thoughts around charge-off levels and if you anticipate continued normalization on that front. Yeah. I'll ask César, our Chief Risk Officer, to give you some color on that one. Consumer, we have two main portfolios. We have the auto portfolio, which is the largest one, and then we have unsecured personal loans. On the auto portfolio, we and both of them, actually, we expected the trend to improve during this quarter because it's a seasonal improvement. The first quarter is always good for all credit statistics, and we experienced that, so that was realized. On the auto portfolio, we are seeing now a stabilization too on the recovery rates from the collaterals. I think that's a positive effect on the issues with the tariffs that the customers are having an increased demand for this used vehicle. That's a positive trend. The third part of the auto is that we're seeing vintages that have better credit underwriting we've called pre-tightening. Back in 2022, we tightened credit underwriting standards. We are starting to see those better credit underwriting vintages coming into play for the net charge-off. This quarter was a positive quarter because we expected it, but it was actually better than we expected because the quarter behaved very good. Next quarter, we do expect an increase, a slight increase because of the seasonality for the first quarter. Overall, we are going to expect stabilization on both portfolios, on all the credit metrics. Okay. Okay. Thank you. Yep. Thank you. Thank you for your questions. We will take our next question from Timur Braziler with Wells Fargo. Please go ahead. Hi, good morning. Good morning. The security yields were up nicely again this quarter. I'm just wondering what's the current duration of the bond book and just some of the highlights on what's coming off, maybe from a cash flowing standpoint in the next couple of quarters and where those reinvestment rates are coming on right now. Yeah. The duration, we have mostly mortgage-backed security agency paper, and it is around five to six years the duration right now. Repayments are coming around. This quarter was $84 million, and we will keep monitoring the market to see opportunities. Right now, cash is yielding around 4.25%. We will keep looking at the funding side and manage the asset liability as we deem more appropriate. Okay. Maybe more broadly around the margins, certainly held up better than I was expecting. Part of that was the security yields. Loans yields also seem to hold up better. Just where we are today, forget about the impact of additional rate cuts. Is the next move likely some pressure on the margin or maybe some of the bond reinvestments and loan growth could offset that? I guess, what's the trajectory for margin here? Yeah. We shared with you in the last call that we have a range between 5.3%-5.4% margin for the year. That range will move. It depends a lot on the funding side, particularly if the government deposit exits at a certain point because we will need to replace with wholesale funding, which will create a little bit higher funding than this government deposit. As long as it remains in the bank, I will see that range in the upper level. Okay? Okay. Great. Thanks. Just last for me, any additional color for the specific reserve on the commercial loans? Were those mainland or Puerto Rico? I guess, yeah, any similarities across those three? Yeah. These are three loans. One is a Puerto Rico long-standing substandard loan that we placed in non-accrual. The other two loans are U.S. loans. They are totaling both in the aggregate around $10 million. They were placed in substandard, and we took the provision for that. Great. Thank you. Yep. Thank you for your questions. We will take our next question from Brett Rabatin with Hovde Group. Please go ahead. Hey, good morning. Wanted to start, José Rafael, could you give us I haven't seen a lot since the power outage last week. I haven't seen a lot in the press about what's happened with the LUMA contract and anything else going on related to the power grid. It seems like it continues to be an area of opportunity for more sustainable and cheaper power. Just wanted to see if you'd heard anything regarding. The only comment I can add here, Brett, is this is going to be a long process. It's going to take at least a decade. We are into a two-year kind of or so privatization program. It's been privatized for two years only or so. It's going to take a long time. We're going to have these events sporadically. Probably in the summer, we'll have some too when the heat comes up and the demand increases because it's a fragile system. That's the reality. The other reality is that we are pretty much ready to cover all these issues because most of the businesses have power generators or solar panels, or they have been able to do what it requires to adapt to these unexpected events. Yes, it does have an impact on the economy. It was said that it was $100 and some million dollars, the impact, because it was a total blackout. It is unfortunate, and there is no way to sugarcoat it. The reality is that it is going to take a while to get this fixed from the generation as well as from the transmission and distribution to make it resilient, to make it low cost, to make it diversified. The electric grid in Puerto Rico was destroyed by the hurricanes. It is going to take a while. It requires execution by the private sector, and it requires oversight by the government. Those are areas of opportunity, if I should say, taking a bit of your words. Yeah. Yeah. It also seems like some of the opportunity could still be there for onshoring pharmaceuticals and that kind of stuff. I have not seen anything on that really, either other than just talking about potential. Correct. I think the tariff environment, though, Brett, does pose a good opportunity for the Puerto Rican government to position itself in a way that can take some share of the onshoring given the current infrastructure in terms of the pharmaceutical and medical devices, the expertise that we have, the educated workforce that we have. All that should be good, positive incentives and motivation for some of the onshoring coming back to Puerto Rico. I agree with you. It's been talk and not necessarily evidence of it has been seen. I'm encouraged, to tell you the truth, because the tariffs is a catalyst for that. Being part of the United States and our history in the manufacturing side, remember, Puerto Rico's economy is 40% manufacturing. It plays very, very well. It will require, again, good systematic execution from the government. Okay. That's great color. Maybe more on fee income. Typically, wealth management is a little soft in 1Q and then stronger in 2Q. I want to make sure I understood the outlook for fee income from here. Obviously, mortgage banking is tough to forecast, but would assume that that level also will increase from here. Yeah. Okay. This quarter was better than expected in the sense that the banking fees were higher, even though we did have two less days in business activity. This quarter, we were at $29 million. We shared with you last quarter that we are seeing $29-$30 million as the run rate for us in fees for the year. That is how we are seeing the fees at this moment. This quarter, particularly, was really active in the debit card transactionality and the POS. Okay. Maybe just. If I could add, Brett, if I could add just one thing here that Maritza just pointed out in terms of transactionality, we are seeing a lot more activity from our customers and utilization of our debit cards and our services. That is definitely very encouraging for us because it validates not only our strategy, the digital-first strategy, but it also validates that we are being recognized and our brand is gaining additional traction here in the market. Okay. Does Apple Pay rollout, does that mean a lot to you guys transactionally from here, or how do you think about the Apple Pay rollout? It's good to have, to be honest. It's good to have. People in Puerto Rico were not Apple permitted. It was just more of an Apple thing than a Puerto Rico thing. We were together with another institution in Puerto Rico. There were only two institutions that were able to get the Apple Pay available for our customers, and we were one of those. We're proud of that. We're proud of that because we are leaders in innovation and technology, and we continue to prove it by delivering on a timely basis, even to the requirements of Apple, which are somewhat elusive to some others. Okay. This last quick one, tax rate from here, any thoughts on full year and then maybe where it trends relative to the past two quarters? Yeah. We're seeing a 26% ATR for the year, for the full year. Okay. Great. Thanks. Appreciate all the color. Yeah. Thank you. Have a great day. Again, if you would like to ask a question, press star then the number one on your telephone keypad. Your next question comes from Kelly Motta with KBW. Please go ahead. Hi, good morning. Thanks for the question. Maybe circling back to the margin, Maritza, could you help us out and remind us how much of the asset base is more rate-sensitive and impacted by an immediate reset on Fed funds? How to think through that and how that is in that margin guidance? Yeah. In the asset side, the most elastic asset is the commercial book, which right now 53% is tied to variable rates and the cash. So that's the two assets that are more sensitive to any change in the market. Okay. That's helpful. It looks like the deposit costs are continuing to perform well. I'm wondering if you could provide an update as to the competitive environment in Puerto Rico. What are you seeing in terms of your competitors? Is it still relatively high competition, or have you seen pressure there back off in the last quarter or two? Look, competitors are competitors, and they are relentless. I hope they say the same of us. It is what it is. Yeah, the market remains the same, Kelly. We're looking out for the best for our customers. On the deposit side, there were some credit unions that were out laggards in terms of rates. That's certainly normalized. We're really happy with our core performance, particularly on the deposit sides. We continue to grow demand and savings and time deposits. That's driven primarily by not only existing customers bringing in deposits and us deepening the relationship, but also new customers. We're seeing a net growth of 5% year over year in net customers, and that is also driving. There's a particular aspect of the deposit growth that is also interesting for us, and that is that we're growing non-interest-bearing deposits too in the quarter. Those are good indicators. We'll see how much of it is seasonal, how much of it is part of structural savings and deposits from the economy that we're operating in Puerto Rico, but certainly a pretty solid quarter. Thanks for that. I also appreciate the commentary about Puerto Rico having a lot of manufacturing in the economy. Wondering if you've seen any movement there. Puerto Rico could theoretically be a beneficiary on a move to greater onshoring to the U.S. I'm wondering if you're seeing any movement there, what the discussion is on the ground, and your thoughts around that, as I know it's a moving target here. Yeah. It's too early to tell on any. We haven't seen any movement to speak of, but it's certainly a good opportunity. It's too early to tell, as you can read in the papers and online. The world is trying to figure things out, and we're not an exception. We're also looking at what's going on around the world and seeing all the tariffs and all that. Right now, I believe pharmaceutical products are not being additional tariffs. It's still not yet being added to the list. We'll see. We'll see. We're seeing some good news coming out of the market yesterday and today. We'll see. We have to take a hard look this quarter and see how things evolve. We speak to our customers. As I mentioned, we were visiting customers, particularly on the commercial side, asking them how they're adapting, how are they seeing things. It's too early to tell, but they are definitely managing the uncertainties by building up inventories, making a little bit of a pause in some of the projects, but not necessarily putting a full stop. That's the color we get from our customers. We're trying to make sure that we're as close to them as possible because that's what banks are for. Got it. I really appreciate the color. Most of my questions have been asked and answered. I'll step back. Thank you. Thank you. Have a great day. Once again, if you would like to ask a question, please press star then the number one on your telephone keypad. We will pause for just a moment to allow any further questions to queue. At this time, there are no further questions. I will now turn the call back over to Mr. Fernández for closing remarks. Thank you all for joining us in the call today. We look forward to seeing you in the next quarter. We will have our shareholders meeting next week. Thank you for being with us. Have a great day. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.