Regional Banks Q2 Review: First Bancorp and OFG Bancorp Performance

What happened

93 tracked regional banks reported mixed Q2 results with revenues in line with consensus. First Bancorp (FBNC) reported revenue of $127.8 million, up 30.9% year-on-year, beating estimates by 1.4%. OFG Bancorp (OFG) reported revenue of $190.3 million, up 4.3% year-on-year, beating estimates by 3.9%.

Why it matters

Regional banks face headwinds from fintech competition and economic slowdowns. First Bancorp's stock is up 4.2% since reporting, trading at $65.21, while OFG Bancorp delivered a strong quarter with beats in EPS and net interest income estimates.