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OFG Bancorp (NYSE:OFG), a commercial bank headquartered in Puerto Rico, announced the election of two new members to its Board of Directors, according to a recent 8-K filing with the U.S. Securities and Exchange Commission. On Monday, the company expanded its board with the addition of Lynda Grindstaff and Roberto García, effective immediately.
Lynda Grindstaff brings a wealth of cybersecurity and technical product expertise to OFG Bancorp. Her background includes a tenure as Vice President of Engineering at McAfee Corporation, where she led a global engineering team until 2023.
Prior to McAfee, Grindstaff spent over two decades at Intel Corporation (NASDAQ:INTC) in various leadership roles. She is actively involved in several advisory boards and provides executive coaching through her consultancy firm.
Roberto García is known for his extensive experience in the telecoms, insurance, and healthcare sectors. Before joining OFG Bancorp's board, García retired as President, CEO, and director of Triple-S Management (NYSE:GTS) Corporation. His career also includes significant roles at Puerto Rico Telephone Company and the law firm Pietrantoni Méndez & Álvarez. García has been a director at Claro Puerto Rico since 2021 and has served on various other boards.
Grindstaff has been appointed to the company's Risk and Compliance Committee, while García will serve on the Audit Committee and the Corporate Governance and Nominating Committee.
The appointments come with no prior arrangements or understandings between the new members and other persons. Their compensation will align with the non-executive director compensation program as detailed in the company’s proxy statement.
In other recent news, OFG Bancorp showcased strong growth in its Q2 results, with a significant upswing in earnings and a steady growth pattern in loans, deposits, and noninterest income. The company's earnings per share diluted rose by 16% to $1.08, and total core revenues increased by 5% to $179.4 million.
OFG Bancorp's digital-first strategy has been instrumental in expanding its customer base and has successfully executed 50% of its $50 million share buyback program.
The company's management forecasts a 3% to 4% loan growth for the full year of 2024 and anticipates noninterest expenses to be between $90 million to $92 million. The company's optimistic stance is further bolstered by the economic growth in Puerto Rico, decoupling from mainland economic uncertainties. OFG Bancorp plans to maintain an opportunistic stance in capital allocation, with options including loan growth, dividends, and further share buybacks.
InvestingPro Insights
OFG Bancorp's recent board expansion with Lynda Grindstaff and Roberto García aligns with its strategic vision, as reflected by the company's solid financial metrics. According to InvestingPro data, OFG Bancorp has a market capitalization of approximately $2.07 billion and a P/E ratio of 10.91, which suggests a valuation that is reasonable in relation to its earnings. The company's revenue growth over the last twelve months has been 3.6%, indicating steady business expansion. Furthermore, OFG Bancorp has demonstrated a strong price performance with a 61.48% return over the past year.
InvestingPro Tips highlight that OFG Bancorp has raised its dividend for 3 consecutive years, with a notable dividend growth of 13.64% in the last twelve months, showcasing its commitment to shareholder returns. Additionally, analysts have revised their earnings upwards for the upcoming period, signaling potential optimism about the company's future performance. For readers interested in more in-depth analysis, there are additional InvestingPro Tips available at InvestingPro's website. The company's next earnings date is set for October 18, 2024, which investors may want to mark on their calendars.
The appointments of Grindstaff and García, combined with the company's strong financials and positive market performance, paint a picture of a firm poised for continued growth and governance enhancement. For those seeking further insights and tips, InvestingPro offers a comprehensive set of additional tips to help investors make informed decisions.
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