OFG Bancorp (NYSE: OFG) shares plummeted 5.63% in pre-market trading on Wednesday following the release of its third-quarter earnings report. The Puerto Rico-based financial holding company's results fell short of analyst expectations, potentially sparking concerns among investors.

For the quarter ended September 30, OFG Bancorp reported earnings per share (EPS) of $1.16, missing the consensus estimate of $1.17. While this represents a 16% increase from the $1.00 per share reported in the same period last year, the slight miss appears to have disappointed the market. Revenue also came in below expectations at $154.72 million, compared to the anticipated $156.71 million, despite showing a 4.6% year-over-year growth.

Adding to investor concerns, the company reported a credit loss provision of $28.3 million for the quarter. This increased provision might be interpreted as a sign of potential deterioration in loan quality, which could be weighing heavily on the stock. However, it's worth noting that OFG Bancorp maintains a strong capital position with a CET1 ratio of 14.13%. The significant stock drop suggests that investors may be reacting cautiously to the earnings miss and the increased credit loss provisions, overlooking the company's overall financial health and year-over-year growth.