financial will you the Maritza report to Good joining the the we’re morning. Thank results. institution for quarter us third first the join results us question-and-answer and in today. Ganesh Puerto and I Because of that hurricanes review Rico and session. for quarter’s fact will the
We call remarks will key then give you a ground questions. view X. quarter for open Slide Please highlights, few and focus from to the prepared a the on our turn
opened, Before to the loss per much operating comparable were we results of results share quarter, basis. the not a break-even in reported explanation. last requiring on market resulting Core $XXX,XXX, small a
However, basis points increased equity quarter. risk-based ratios, high X only the capital the additional losses for Maria. the Tier risk-based, ratio per requirements year regulatory pre-tax institution. to share book $XX only third well-capitalized a tangible below and Tangible total lease metrics and provision, all and Tier value Even and quarter $X.XX Hurricanes XX in Irma this our significantly above million equity and X, related declined common with quarter. second loan capital provision strong included remain the for common a levels as such Other for second was
or provision, ratio shareholders XX% that’s XX% available was our per year-ago the of key additional or to second totaled return net metrics excluding diluted, improved return earnings and $X.XX XX.XX%. Net Please X.XX% on an $X.XX tangible and In XX.XX%. efficiency the quarter, common interest income from growth an an to was average margin or stellar. addition, share million, share, increase the third as an the assets hurricane-related On On quarter increased quarter. operating average basis, in fully to to X.XX% adjusted some to such $XX.X of compared basis, $X.XX adjusted third as share, turn on and Slide per equity increase was the of per X. performance
increased of want everyday month it is It The slow. of very towards of have the a media, in covering the clearly the a has infrastructure than island’s hurricanes what two and have unpreparedness impact such is especially into areas and electricity has been have less widely is and difficulties As lot Maria’s ground. generating experienced There for of hurricanes September were at telecommunications recovery and but the of at don’t give I been the quarter one to go flavor continuing on events. and the now fragility its electricity level that Maria, a know, you capacity. the to been devastating like been challenges I at disappointing. businesses and all beginning Irma you unprecedented. has exposed want been of than of end Maria its the hit. detail, it PREPA we other has the households alike. since Frankly, as more progress a
fuel maintain in to relying them main the on to relied have Diesel generators are price. now, find. of the technicians initial our we’re costs still on where We normal During entirely and three days, we hard are generators. skilled Power buildings, headquarter none Even today. buildings two times generators our power. to
the lack employees unavailable, there in Communication From issues as draw storm only is block this has supply if The as impossible was infrastructure third for reverted would was call. Even now, in connection me shutdown now. our Gasoline due a cars employee after a has a doors. was debit telecom. transportation few overall electricity. had in even the days. few we working regular, first still are the cellphone to is credit, stumbling economy instability antennas cash the major gas standpoint, the – to their somewhat to not branch station days. card the closed Although It initial transactions surprise of to of
As XX% functional. of are approximately of POS today, terminals
And difficult Slide bottled XX% While after as find. single member to of enabling In conditions. they the grocery basic so hit, to our so are continue operate that Maria the can team Please from best for adverse the still provide us extremely worked to to turn service the clients. do has to we of one under every response possible OFG are water X. stores bank, items, such close oriental open, many day
strategically accessibility. extra keep of operational windows. the no to cash our geographic and go additional for run on traffic, days benefit branches their we open Cognizant Maria, branches started with ATMs customer and our Within focus XX located commitment a day. – and proud the involved, of and Despite also the based challenges of and branches coverage issues costs withdrawals on willingness for logistical a channels – after systems and grateful back-office in XX fully of down. hours extremely We dedication, went basis are teller on mile these customers. hour with openings all digital the We limits to on never reopening window
The quarter our in branches much closer have customer stabilized, experience As have subsequent to and resulting the today, of XXX of Deposit to branches level normal times. our of third a steady. we’re operating our XX ATMs. lines at held XX XXX
businesses commercial have begun While demand somewhat. is other to and lending for and loan auto productions pick pipeline tame, up still
made of in up we’ve and we investments technology. service get able direct running One major result with were so full reasons why of the to the is quickly
our investments the field last opportunity this made cash. we that over this test on worth convinced have proved branch to it place These even ATMs cuando response take marquee to ATMs Americas, more month. was alivio For lo hurricanes, Plaza relief example, In put when in teller also able both our our full-service very us new program, to and necesita, we path. and Las need into most. mas in took the continue the well We also are deposits our received. it should you virtual issue These
on retail loan payment months providing automatic For principal all of we’re moratoriums interest. and customers, three
customers, accommodating our hurricanes. business we there September the At depending impact knew all and commercial For turn Slide be an have from on mortgage to similarly we X. XX, loan Please been needs. client on will
third pre-tax cover loss our the result, the million $XX results a additional quarter included of As loan impact in provision hurricanes. to
originated allocated was XX As on this you representing basis can balances. of approximately book $XX.X billion, $X slide, of see points million for
acquired total amount provision, Our to purchase represent additional or was allowance our of balance. principal ratio the million the coverage is X.XX%. unpaid which $XXX The $XX.X this a million. allocated now XX% From is of book, balance carrying perspective, accounting
You the we with came questions regarding how might for have several up provisions. this figure
expected on be adverse the model impact have changed, what Our we an information on but allowance based might current methodology has as the the separately to available, economy, impact portfolio. on hurricanes our not are
the get all loan contact For to immediate were on our to able officers the borrowers businesses. almost the commercial impact portfolio, of assessment for commercial we their of an
few quarters. is the is a show method proceeds homogeneous a on trends But as slide portfolio, It us, could insurance today, based for next for mitigating the the various possible, early estimate. well our The few For similar it to definite is provide prior assumptions. are as very too play that the borrowers. role to
commercial me like our the trends. is Slide originated This of item million increase show an to operating from the of core So point out to The loan skip position income early OFG an interest principal strong of non-accrual. in of XX. This slides payoff as due let I’d $X.X that ahead next primarily classified second capital slide few explains detail variances to loans. to statement in income full that levels and compared the The only was quarter. in a was
XX our to skip outlook. again ahead me So Slide let for
Looking road be initial over will believe level to it achieve time. will will stabilization, drawn-out take continue a we the long and ahead, these some Even but get we affair. the crisis, back island of when
discussions talk about is upside, talk of recovery. lot On a there providing of reconstruction lot about are Washington additional and of there’s in There a work. the Puerto Rico, for funding
have between they an As primarily of example, infrastructure $XXX FEMA and contractors, Army disbursed for so U.S. to projects. restoration private million Corps Engineers, far
somewhat leaving island full In still back are upsides the might cutting forces companies the due downsides. the and some and downside, operate the the at inability their paralyzed. are the is mitigate economy to because people to of their run, capacity short On work
Puerto But It worrying difficult. long-term the a will is island hit After However, the be thing shape has challenging. finally Rico chance our it gives Rico Puerto new market in yet it for of una different out. how and is it, is will paradigms to affect The way, years certain. change. to It a bottom. seen is rebuild of is painful. play One finally diferente. us This will business. It about the
Puerto should We new the reality presents. opportunities potential adapt take how advantage for to to Rico will it look the in of we need and
last diversification profit We for not have also in few we we hurricanes, geographical been centers. new preparing a need calamitous business develop the quarters. expect Though the did to for our
with stateside with As financial initial capabilities. we’re servicing an partnerships proven institutions, actively exploring and step, origination
and having pool will main with be add remain to in discipline, continue prudent assured, strategies. as interested credit commercial sheet. loan Puerto for credit, we in stateside in as flow balance Rico purchases. market as our gradually our We’re we executing operating well Rest ongoing arrangements these line will in methodical participations to our
center assistance own proud serve who hour donated helping have million. have Between and of to the approximately effort, $X.X front need. employees in suffered to to losses, this past, in our be the we we in direct and As any our communities communities we’re we
is of part helping profit needy as it role and personal employees Puerto program, recovery a volunteer is time not group for families of not life. to a crisis. a the manos with of talent their their economy. necessities efforts OFG donated addition, playing constructive we’re our our to truly basic organizations, and facing Economy-wide, the in first of the committed time In Rico, Oriental,
than hurricanes managers of one – the have required stronger demonstrating appropriate the we this At quite to temporarily. But pride capital emerge such right OFG, in circumstances agility evolving deployment, be The under adapting ourselves that is by will is OFG to prudent impactful. confident, ourselves and – at decade. business I’m situations our times. for business proud operate quick moves – we more to pride disrupted this a Although making
to call continue keep our we the on transformation. formal the abreast path questions. we We Operator, this, how along of end will you future such please in presentation. calls our With open
