OFG Bancorp delivered a cautious but constructive Q1 2024, underscoring solid core revenue generation, a stable/net neutral margin trajectory, and meaningful balance-sheet strength driven by deposits and capital positions. Total core revenues rose about 6% sequentially to roughly $174 million, with diluted EPS of $1.05 and a net income of $49.7 million. The quarter featured a NIM of 5.4% and a pre-provision net revenue of about $83 million, while total assets stood at $11.2 billion and loans held for investment around $7.5 billion. Deposits benefited from $1.2 billion of public funds deposited in December, boosting liquidity but contributing to higher core-deposit costs (core deposit cost at 147 bps). The CET1 ratio rose to 14.45%, reinforcing capital resilience as OFG continues to balance growth, capital return, and risk management.