OFG Bancorp (NYSE:OFG) Q1 2024 Earnings Call Transcript

A – José Rafael Fernández: Yes, I’ll let Maritza give you details.

Maritza Arizmendi: Yes. When we think about this we — as we experienced this quarter we did have some — we did have increase in the deposit side. We are expecting deposit to grow that would be part of that replacing that funding. We will use wholesale funding. And if you think about the maturities that we have in the investment portfolio that we do have about $200 million in treasury notes that will mature in May and — about $150 million already matured now in April. So we do have plenty of resources to replenish the exit and there could be some effectiveness in the cost of fund through that process.

A – José Rafael Fernández: And we’re not taking that into consideration completely in our merging guidance.

Alex Twerdahl: Okay. Perfect. Thanks for taking my follow-up.

A – José Rafael Fernández: Yes. Thank you.

Operator: At this time there are no further questions. I will now turn the call back over to management for closing remarks.

José Rafael Fernández: Thank you, operator. Thanks again to all our team members and thanks to everyone for listening. Have a great day.

Operator: Thank you. Ladies and gentlemen, we apologize for the audio issues experienced on today’s event. We thank you for your participation. You may disconnect at this time and have a great day.