OFG Bancorp delivered a solid Q3 2024 performance with 1) total core revenues up 1.1% YoY and earnings per share up 5.3% YoY, supported by a 1.1% rise in core revenues and ongoing digital adoption. Reported net income of $47.0 million on revenue of $204.9 million produced a net income margin of 22.9% and EPS of $1.01 (diluted $1.00). 2) Balance sheet momentum continued, with loans held for investment up meaningfully versus the prior year and a diversified funding base. Average core deposits were $9.6 billion, with end-of-period deposits largely stable, while cash at period-end totaled $680.6 million. 3) The company continued to emphasize its Digital First strategy (high digital utilization: 95% routine retail transactions and 97% of retail deposits via digital channels; 30% of retail clients transacting via the Oriental Servicing Portal by end-September) and expanded servicing capabilities via a late-Q3 acquisition of mortgage servicing rights for a $1.7 billion Puerto Rico portfolio, strengthening the servicing book and cross-sell opportunities. 4) Near-term margin headwinds remain as the balance sheet has expanded and the firm adjusts to a lower-rate environment. Management guided Q4 NIM in a narrow range (5.3%–5.4%), reflecting a larger balance sheet and a larger investment portfolio; they also signaled ongoing investment in the investment portfolio to reduce asset sensitivity and prepare for a low-rate cycle. 5) Puerto Rico remains the primary growth engine with a positive macro backdrop, while the US lending pipeline is expected to strengthen as inflation continues to ease. The management team underscored capital allocation as a priority and noted ongoing board discussions on dividends and buybacks.