0001030469FALSE00010304692024-07-182024-07-18

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 18, 2024
________________
OFG BANCORP
(Exact name of registrant as specified in its charter)
________________

    Commonwealth of Puerto Rico
001-1264766-0538893
(State or other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
Oriental Center, 15th Floor
254 Munoz Rivera Avenue
San Juan, Puerto Rico
00918
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (787) 771-6800
Not applicable
(Former name or former address, if changed since last report)
________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, par value $1.00 per shareOFGNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On July 18, 2024, OFG Bancorp (the “Company”) announced the results for the quarter ended June 30, 2024. A copy of the Company’s press release is attached as an exhibit to this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description of Document
99


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
OFG BANCORP
Date: July 18, 2024
By:/s/ Maritza Arizmendi
Maritza Arizmendi
Chief Financial Officer



Exhibit 99
ofgbancorplogo.jpg
OFG Bancorp Reports 2Q24 Results
SAN JUAN, Puerto Rico, July 18, 2024 – OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, today reported results for the second quarter ended June 30, 2024. EPS diluted of $1.08 compared to $1.05 in 1Q24 and $0.93 in 2Q23. Total core revenues of $179.4 million compared to $174.2 million in 1Q24 and $170.5 million in 2Q23.
CEO Comment
José Rafael Fernández, Chief Executive Officer, said: “The second quarter continued to demonstrate the strength of our strategies and franchise. EPS-diluted increased 16.1% year-over-year on a 5.2% increase in total core revenues. We generated strong performance metrics through consistent growth; increased loans, deposits, and non-interest income; and stable credit quality. Our ‘Digital First’ strategy continues to help us expand our retail and business relationships through new and upgraded products, services, and self-service tools. In addition, we implemented close to half of our $50 million share buyback program, purchasing $24.3 million of OFG shares in the open market. At the same time, Puerto Rico’s economy continued to grow and steadily decouple from mainland economic uncertainties. Thanks to our team members for their commitment to making progress possible for our customers, employees, shareholders, and the communities we serve.”
2Q24 Highlights
Performance Metrics: Net interest margin of 5.51%, return on average assets of 1.82%, return on average tangible common stockholders’ equity of 18.24%, and efficiency ratio of 51.81%.
Total Interest Income of $187.7 million compared to $183.4 million in 1Q24 and $158.0 million in 2Q23. Compared to 1Q24, 2Q24 primarily reflected higher average balances and yields on loans. 2Q24 included $2.1 million from the recovery of a non-accrual U.S. commercial loan paid in full.
Total Interest Expense of $40.3 million compared to $39.3 million in 1Q24 and $18.3 million in 2Q23. Compared to 1Q24, 2Q24 reflected higher average core deposits and a 7 basis point increase in rates, partially offset by lower average wholesale funding and rate.
Total Banking & Financial Service Revenues of $32.1 million compared to $30.1 million in 1Q24 and $30.9 million in 2Q23. Compared to 1Q24, 2Q24 reflected higher banking service, wealth management and mortgage banking revenues. Banking service revenues included $0.6 million prepayment fees on U.S. loans, while wealth management included $0.5 million in annual recognition of certain commercial insurance commissions.
Pre-Provision Net Revenues of $86.8 million compared to $83.0 million in 1Q24 and $80.8 million in 2Q23.
Total Provision for Credit Losses of $15.6 million compared to $15.1 million in 1Q24 and $15.0 million in 2Q23. 2Q24 provision primarily reflected increased loan volume.


Credit Quality: Net charge-offs of $15.0 million compared to $19.8 million in 1Q24 and $6.6 million in 2Q23. 2Q24 early and total delinquency rates were 2.81% and 3.71%, respectively. The nonperforming loan rate of 1.08% was the lowest over the last five quarters.
Total Non-Interest Expense of $93.0 million compared to $91.4 million in 1Q24 and $88.9 million in 2Q23. Compared to 1Q24, 2Q24 included increases of $1.3 million in electronic banking expenses, $1.1 million in professional services fees, and $0.4 million for increased FDIC insurance now that Oriental exceeds $10 billion in assets. This was partially offset by reductions of $1.4 million in foreclosed real estate costs and in FICA payroll related expenses relative to the prior quarter.
Effective Tax Rate of 28.2% compared to 26.8% in 1Q24 and 32.9% in 2Q23. 2Q24 reflected an expected 2024 ETR of 29.0% due to higher forecasted business activities with preferential tax treatment under the Puerto Rico tax code, coupled with a $0.8 million tax benefit credit in 2Q24 compared to $1.1 million discrete benefit for stock vested in 1Q24.
Loans Held for Investment (EOP) of $7.64 billion compared to $7.54 billion in 1Q24 and $7.12 billion in 2Q23. Compared to 1Q24, 2Q24 increased 1.3%, reflecting growth in Puerto Rico commercial, auto and consumer loans, partially offset by regular paydowns of residential mortgages and prepayment of U.S. commercial loans. Compared to 2Q23, 2Q24 loans increased 7.3%.
New Loan Production of $589.0 million compared to $536.6 million in 1Q24 and $681.8 million in 2Q23. Compared to 1Q24, 2Q24 loan production, led by auto, reflected increases in all categories.
Total Investments (EOP) of $2.48 billion compared to $2.48 billion in 1Q24 and $1.70 billion in 2Q23.
Customer Deposits (EOP) of $9.60 billion compared to $9.55 billion in 1Q24 and $8.54 billion in 2Q23. Compared to 1Q24, 2Q24 reflected an increase in commercial deposits partially offset by a decline in retail deposits.
Total Borrowings & Brokered Deposits (EOP) of $201.2 million compared to $203.3 million in 1Q24 and $226.5 million in 2Q23.
Cash & Cash Equivalents (EOP) of $740.4 million compared to $754.4 million in 1Q24 and $799.0 million in 2Q23.
Capital: CET1 ratio was 14.29% compared to 14.45% in 1Q24 and 14.03% in 2Q23. The Tangible Common Equity ratio was 10.09% compared to 10.06% in 1Q24 and 9.99% in 2Q23. Tangible Book Value of $24.18 per share compared to $23.55 in 1Q24 and $21.06 in 2Q23.
Conference Call, Financial Supplement & Presentation
A conference call to discuss 2Q24 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 245-3047 or (203) 518-9708. Conference ID: OFGQ224. The call can also be accessed live on www.ofgbancorp.com with webcast replay shortly thereafter.
OFG’s Financial Supplement, with full financial tables for the quarter ended June 30, 2024, and the 2Q24 Conference Call Presentation, can be found on the Quarterly Results page on OFG’s Investor Relations website at www.ofgbancorp.com.





Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, management uses certain “non-GAAP financial measures” within the meaning of SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Please refer to Tables 8-1 and 8-2 in OFG’s above-mentioned Financial Supplement for a reconciliation of GAAP to non-GAAP measures and calculations.
Forward Looking Statements
The information included in this document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements.
Factors that might cause such a difference include but are not limited to (i) general business and economic conditions, including changes in interest rates; (ii) cybersecurity breaches; (iii) hurricanes, earthquakes, pandemics, and other natural disasters; and (iv) competition in the financial services industry.
For a discussion of such factors and certain risks and uncertainties to which OFG is subject, please refer to OFG’s annual report on Form 10-K for the year ended December 31, 2023, as well as its other filings with the U.S. Securities and Exchange Commission. Other than to the extent required by applicable law, including the requirements of applicable securities laws, OFG assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
About OFG Bancorp
Now in its 60th year in business, OFG Bancorp is a diversified financial holding company that operates under U.S., Puerto Rico and U.S. Virgin Islands banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services, and Oriental Insurance, provide a wide range of retail and commercial banking, lending and wealth management products, services, and technology, primarily in Puerto Rico and U.S. Virgin Islands. Our mission is to make progress possible for our customers, employees, shareholders, and the communities we serve. Visit us at www.ofgbancorp.com. 
# # #
Contacts
Puerto Rico & USVI: Idalis Montalvo (idalis.montalvo@orientalbank.com) at (787) 777-2847
US: Gary Fishman (gfishman@ofgbancorp.com) and Steven Anreder (sanreder@ofgbancorp.com) at (212) 532-3232



OFG Bancorp
Financial Supplement
The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation, and investors should refer to our June 30, 2024 Quarterly Report on Form 10-Q once it is filed with the Securities and Exchange Commission.


OFG Bancorp (NYSE: OFG)
Table 1-1: Financial and Statistical Summary - Consolidated

2024
2024
2023
2023
2023
(Dollars in thousands, except per share data) (unaudited)
Q2
Q1
Q4
Q3
Q2
Statement of Operations
Net interest income $147,325$144,102$143,542$141,787$139,644
Non-interest income, net (core)(1)32,08530,05932,06130,40430,859
Total core revenues(2)179,410174,161175,603172,191170,503
Non-interest expense 92,96091,41294,09990,15888,888
Pre-provision net revenues(21)86,84183,03888,15182,32880,829
Total provision for credit losses 15,58115,12119,71916,43015,044
Net income before income taxes 71,26067,91768,43265,89865,785
Income tax expense 20,12918,22521,83521,02521,612
Net income available to common stockholders 51,13149,69246,59744,87344,173
Common Share Statistics      
Earnings per common share - basic(3)$1.09$1.06$0.99$0.95$0.93
Earnings per common share - diluted(4)$1.08$1.05$0.98$0.95$0.93
Average common shares outstanding 46,95247,09647,06147,11447,266
Average common shares outstanding and equivalents 47,13147,34347,38647,39247,490
Cash dividends per common share $0.25$0.25$0.22$0.22$0.22
Book value per common share (period end) $26.37$25.75$25.36$23.28$23.36
Tangible book value per common share (period end)(5)$24.18$23.55$23.13$21.01$21.06
Balance Sheet (Average Balances)      
Loans(6)$7,612,407$7,541,757$7,417,084$7,191,243$7,002,971
Interest-earning assets 10,758,62310,739,59010,129,0619,702,1679,492,861
Total assets 11,233,20211,199,86710,588,58410,180,93110,020,940
Core deposits 9,599,8429,532,7908,691,5168,621,6528,531,583
Total deposits 9,601,4089,591,5278,834,2348,624,0528,531,583
Interest-bearing deposits 7,023,1927,055,2076,282,9166,042,1655,955,611
Borrowings 219,903220,773459,315263,981226,256
Stockholders' equity 1,223,6691,213,4691,128,7471,127,6021,108,880
Performance Metrics      
Net interest margin(7)5.51 %5.40 %5.62 %5.80 %5.90 %
Return on average assets(8)1.82 %1.77 %1.76 %1.76 %1.76 %
Return on average tangible common stockholders' equity(9)18.24 %17.92 %18.22 %17.59 %17.67 %
Efficiency ratio(10)51.81 %52.49 %53.59 %52.36 %52.13 %
Full-time equivalent employees, period end 2,239 2,230 2,248 2,264 2,265 
Credit Quality Metrics     
Allowance for credit losses$157,301$156,563$161,106$157,529$159,923
Allowance as a % of loans held for investment2.06 %2.08 %2.14 %2.17 %2.25 %
Net charge-offs$15,013$19,812$16,282$18,836$6,606
Net charge-off rate(11)0.79 %1.05 %0.88 %1.05 %0.38 %
Early delinquency rate (30 - 89 days past due)2.81 %2.41 %2.76 %2.75 %2.53 %
Total delinquency rate (30 days and over)3.71 %3.30 %3.76 %3.78 %3.67 %
Capital Ratios (period end) (Non-GAAP)(12)(20)
Leverage ratio10.86 %10.76 %11.03 %11.03 %10.85 %
Common equity Tier 1 capital ratio14.29 %14.45 %14.12 %14.06 %14.03 %
Tier 1 risk-based capital ratio14.29 %14.45 %14.12 %14.06 %14.03 %
Total risk-based capital ratio15.54 %15.71 %15.37 %15.31 %15.29 %
Tangible common equity ("TCE") ratio10.09 %10.06 %9.68 %9.74 %9.99 %


2

OFG Bancorp (NYSE: OFG)
Table 1-2: Financial and Statistical Summary - Consolidated (Continued)
2024
2023
(Dollars in thousands, except per share data) (unaudited)YTDYTD
Statement of Operations
Net interest income$291,427 $275,541 
Non-interest income, net (core)(1)62,144 59,390 
Total core revenues(2)353,571 334,931 
Non-interest expense184,372 179,108 
Pre-provision net revenues(21)169,879 155,407 
Total provision for credit losses30,702 24,489 
Net income before income taxes139,177 130,918 
Income tax expense38,354 40,516 
Net income available to common stockholders100,823 90,402 
Common Share Statistics
Earnings per common share - basic(3)$2.14 $1.91 
Earnings per common share - diluted(4)$2.13 $1.89 
Average common shares outstanding47,024 47,432 
Average common shares outstanding and equivalents47,244 47,716 
Cash dividends per common share$0.50 $0.44 
Book value per common share (period end)$26.37 $23.36 
Tangible book value per common share (period end)(5)$24.18 $21.06 
Balance Sheet (Average Balances)
Loans(6)$7,577,082 $6,935,155 
Interest-earning assets10,749,306 9,426,405 
Total assets11,215,573 9,961,007 
Core deposits9,566,316 8,562,231 
Total deposits9,596,468 8,567,317 
Interest-bearing deposits7,039,200 5,952,477 
Borrowings220,338 145,660 
Stockholders' equity1,218,569 1,093,377 
Performance Metrics
Net interest margin(7)5.45 %5.89 %
Return on average assets(8)1.80 %1.82 %
Return on average tangible common stockholders' equity(9)18.08 %18.39 %
Efficiency ratio(10)52.15 %53.48 %
Full-time equivalent employees, period end2,239 2,265 
Credit Quality Metrics
Allowance for credit losses$157,301 $159,923 
Allowance as a % of loans held for investment2.06 %2.25 %
Net charge-offs$34,825 $16,725 
Net charge-off rate(11)0.92 %0.48 %
Early delinquency rate (30 - 89 days past due)2.81 %2.53 %
Total delinquency rate (30 days and over)3.71 %3.67 %



3

OFG Bancorp (NYSE: OFG)
Table 2-1: Consolidated Statements of Operations
Quarter Ended
(Dollars in thousands, except per share data) (unaudited) June 30, 2024March 31, 2024December 31,
2023		September 30,
2023		June 30,
2023
Interest income: 
Loans
Non-PCD loans $137,741 $132,972 $131,167 $124,847 $116,699 
PCD loans 16,516 16,622 17,609 17,292 18,819 
Total interest income from loans 154,257 149,594 148,776 142,139 135,518 
Investment securities and cash 33,401 33,832 27,423 23,569 22,470 
Total interest income 187,658 183,426 176,199 165,708 157,988 
Interest expense:
Deposits
Core deposits 37,791 35,989 24,753 20,787 15,916 
Brokered deposits 21 803 1,980 32 — 
Total deposits 37,812 36,792 26,733 20,819 15,916 
Borrowings 2,521 2,532 5,924 3,102 2,428 
Total interest expense 40,333 39,324 32,657 23,921 18,344 
Net interest income 147,325 144,102 143,542 141,787 139,644 
Provision for credit losses, excluding PCD loans16,913 16,605 20,681 16,648 16,650 
(Recapture of) provision for credit losses on PCD loans(1,332)(1,484)(962)(218)(1,606)
Total provision for credit losses 15,581 15,121 19,719 16,430 15,044 
Net interest income after provision for credit losses 131,744 128,981 123,823 125,357 124,600 
Non-interest income:      
Banking service revenues 18,781 17,259 17,822 17,303 17,440 
Wealth management revenues 8,440 8,107 9,985 7,691 8,194 
Mortgage banking activities 4,864 4,693 4,254 5,410 5,225 
Total banking and financial service revenues 32,085 30,059 32,061 30,404 30,859 
Other income (loss), net 391 289 6,647 295 (786)
Total non-interest income, net 32,476 30,348 38,708 30,699 30,073 
Non-interest expense:
Compensation and employee benefits 38,467 39,816 41,418 38,095 37,841 
Occupancy, equipment and infrastructure costs 14,393 14,322 15,729 14,887 14,362 
General and administrative expenses 40,831 36,606 35,803 37,203 39,005 
Foreclosed real estate and other repossessed assets expenses (income), net (731)668 1,149 (27)(2,320)
Total non-interest expense 92,960 91,412 94,099 90,158 88,888 
Income before income taxes 71,260 67,917 68,432 65,898 65,785 
Income tax expense 20,129 18,225 21,835 21,025 21,612 
Net income available to common shareholders $51,131 $49,692 $46,597 $44,873 $44,173 
(
4

OFG Bancorp (NYSE: OFG)
Table 2-2: Consolidated Statements of Operations (Continued)
(Dollars in thousands, except per share data) (unaudited)
Six-month period ended
June 30, 2024
June 30, 2023
Interest income:
Loans
Non-PCD loans$270,713 $226,029 
PCD loans33,138 37,800 
Total interest income from loans303,851 263,829 
Investment securities and cash67,233 43,144 
Total interest income371,084 306,973 
Interest expense:
Deposits
Core deposits73,780 28,405 
Brokered deposits824 8 
Total deposits74,604 28,413 
Borrowings5,053 3,019 
Total interest expense79,657 31,432 
Net interest income291,427 275,541 
Provision for credit losses, excluding PCD loans34,698 30,163 
Recapture of credit losses on PCD loans(3,996)(5,674)
Total provision for credit losses30,702 24,489 
Net interest income after provision for credit losses260,725 251,052 
Non-interest income:  
Banking service revenues36,040 34,953 
Wealth management revenues16,547 15,314 
Mortgage banking activities9,557 9,123 
Total banking and financial service revenues62,144 59,390 
Other income, net680 (416)
Total non-interest income, net62,824 58,974 
Non-interest expense:
Compensation and employee benefits78,283 76,314 
Occupancy, equipment and infrastructure costs28,715 28,619 
General and administrative expenses77,437 75,702 
Foreclosed real estate and other repossessed assets income, net of expenses(63)(1,527)
Total non-interest expense184,372 179,108 
Income before income taxes139,177 130,918 
Income tax expense38,354 40,516 
Net income available to common shareholders$100,823 $90,402 
(a)Refer to “(a)” in Table 2-1.
(b)Refer to “(b)” in Table 2-1.
(c)Refer to “(c)” in Table 2-1.
(d)Refer to “(d)” in Table 2-1. During the year ended December 31, 2023, salaries increased by $6.7 million.



5

OFG Bancorp (NYSE: OFG)
Table 3: Consolidated Statements of Financial Condition
(Dollars in thousands) (unaudited)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Cash and cash equivalents$740,429 $754,392 $748,173 $532,699 $798,973 
Investments:
Trading securities16 14 13 14 13 
Investment securities available-for-sale, at fair value, no allowance for credit losses for any period
Mortgage-backed securities1,895,067 1,746,195 1,801,849 1,511,779 1,139,996 
US treasury securities
200,658 150,915 296,799 739 748 
Other investment securities581 597 616 635 1,101 
Total investment securities available-for-sale2,096,306 1,897,707 2,099,264 1,513,153 1,141,845 
Investment securities held-to-maturity, at amortized cost, no allowance for credit losses for any period
Mortgage-backed securities303,621 309,764 314,710 320,249 326,935 
US treasury securities
— 199,727 199,314 198,896 198,478 
Other investment securities35,000 35,000 35,000 — — 
Total investment securities held-to-maturity338,621 544,491 549,024 519,145 525,413 
Equity securities41,074 40,162 38,469 42,162 35,946 
Total investments2,476,017 2,482,374 2,686,770 2,074,474 1,703,217 
Loans, net7,503,142 7,411,378 7,401,618 7,130,052 6,988,244 
Other assets:
Prepaid expenses88,137 61,916 62,858 67,191 67,966 
Deferred tax asset, net4,094 4,379 4,923 11,121 20,306 
Foreclosed real estate and repossessed properties12,239 17,694 14,812 13,987 14,643 
Premises and equipment, net104,384 104,980 104,102 103,040 104,166 
Goodwill84,241 84,241 84,241 84,241 84,241 
Other intangibles17,738 19,216 20,694 22,419 24,143 
Right of use assets20,298 21,606 21,725 20,011 21,840 
Servicing asset49,789 49,553 49,520 50,601 49,966 
Accounts receivable and other assets158,577 147,506 145,017 147,302 153,842 
Total assets$11,259,085 $11,159,235 $11,344,453 $10,257,138 $10,031,547 
Deposits:
Demand deposits$6,017,364 $6,036,891 $6,050,428 $4,894,958 $5,008,521 
Savings accounts2,002,342 2,001,770 2,088,102 2,216,162 2,222,326 
Time deposits1,585,126 1,507,037 1,461,459 1,427,497 1,307,179 
Brokered deposits418 2,576 162,180 2,936 — 
Total deposits9,605,250 9,548,274 9,762,169 8,541,553 8,538,026 
Borrowings:     
Securities sold under agreements to repurchase— — — 150,701 — 
Advances from FHLB and other borrowings200,741 200,766 200,770 300,774 226,507 
Total borrowings200,741 200,766 200,770 451,475 226,507 
Other liabilities:     
Acceptances outstanding28,504 25,826 25,576 30,984 35,945 
Lease liability22,605 23,969 24,029 22,269 24,031 
GNMA buy-back option program liability(22)19,008 18,510 19,401 18,227 18,417 
Deferred tax liability, net
33,873 22,876 22,444 — — 
Accrued expenses and other liabilities121,402 103,361 96,584 97,167 88,870 
Total liabilities10,031,383 9,943,582 10,150,973 9,161,675 8,931,796 
Stockholders' equity:
Common stock59,885 59,885 59,885 59,885 59,885 
Additional paid-in capital637,895 636,208 638,667 637,389 636,051 
Legal surplus160,560 155,732 150,967 146,774 142,567 
Retained earnings 706,807 672,455 639,324 607,466 577,042 
Treasury stock, at cost(250,951)(226,896)(228,350)(228,374)(226,230)
Accumulated other comprehensive income (loss), net
(86,494)(81,731)(67,013)(127,677)(89,564)
Total stockholders' equity1,227,702 1,215,653 1,193,480 1,095,463 1,099,751 
Total liabilities and stockholders' equity$11,259,085 $11,159,235 $11,344,453 $10,257,138 $10,031,547 

6

OFG Bancorp (NYSE: OFG)
Table 4-1: Information on Loan Portfolio and Production
(Dollars in thousands) (unaudited)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Non-PCD:
Mortgage, excluding GNMA buy-back option program$581,023 $591,429 $609,846 $630,187 $623,138 
Mortgage GNMA buy-back option program(22)19,008 18,510 19,401 18,227 18,417 
Commercial PR2,291,753 2,178,748 2,186,228 1,985,535 1,952,178 
Commercial US662,026 740,665 755,228 707,593 669,332 
Consumer643,572 627,436 619,894 612,623 593,122 
Auto2,427,089 2,339,836 2,272,530 2,208,993 2,124,076 
6,624,471 6,496,624 6,463,127 6,163,158 5,980,263 
Less:  Allowance for credit losses(150,849)(148,767)(152,610)(148,210)(150,167)
Total non-PCD loans held for investment, net6,473,622 6,347,857 6,310,517 6,014,948 5,830,096 
PCD:
Mortgage885,096 909,106 933,362 955,596 980,833 
Commercial PR128,584 132,035 135,447 139,857 152,888 
Consumer605 544 552 572 568 
Auto951 1,358 1,891 2,552 3,319 
1,015,236 1,043,043 1,071,252 1,098,577 1,137,608 
Less:  Allowance for credit losses(6,452)(7,796)(8,496)(9,319)(9,756)
Total PCD loans held for investment, net1,008,784 1,035,247 1,062,756 1,089,258 1,127,852 
Total loans held for investment7,482,406 7,383,104 7,373,273 7,104,206 6,957,948 
Mortgage loans held for sale8,375 9,370 — 564 11,397 
Other loans held for sale12,361 18,904 28,345 25,282 18,899 
Total loans, net$7,503,142 $7,411,378 $7,401,618 $7,130,052 $6,988,244 
Loan Portfolio Summary:
Loans held for investment:
Mortgage, excluding GNMA buy-back option program$1,466,119 $1,500,535 $1,543,208 $1,585,783 $1,603,971 
Mortgage GNMA buy-back option program(22)19,008 18,510 19,401 18,227 18,417 
Commercial PR2,420,337 2,310,783 2,321,675 2,125,392 2,105,066 
Commercial US662,026 740,665 755,228 707,593 669,332 
Consumer644,177 627,980 620,446 613,195 593,690 
Auto2,428,040 2,341,194 2,274,421 2,211,545 2,127,395 
7,639,707 7,539,667 7,534,379 7,261,735 7,117,871 
Less:  Allowance for credit losses(157,301)(156,563)(161,106)(157,529)(159,923)
Total loans held for investment, net7,482,406 7,383,104 7,373,273 7,104,206 6,957,948 
Mortgage loans held for sale8,375 9,370 — 564 11,397 
Other loans held for sale12,361 18,904 28,345 25,282 18,899 
Total loans, net$7,503,142 $7,411,378 $7,401,618 $7,130,052 $6,988,244 
7

OFG Bancorp (NYSE: OFG)
Table 4-2: Information on Loan Portfolio and Production
  Quarter Ended
Six-month period ended
(Dollars in thousands) (unaudited)
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
June 30, 2024
June 30, 2023
Loan production(13)
Mortgage $38,501 $32,180 $33,332 $33,346 $35,932 $70,681 $66,276 
Commercial PR 192,122 186,412 285,517 150,105 210,746 378,534 309,046 
Commercial US 27,402 17,106 57,442 70,311 111,817 44,508 235,891 
Consumer 80,348 68,591 63,785 76,465 87,062 148,939 173,346 
Auto 250,638 232,314 223,780 237,290 236,283 482,952 458,608 
Total $589,011 $536,603 $663,856 $567,517 $681,840 $1,125,614 $1,243,167 
8

OFG Bancorp (NYSE: OFG)
Table 5-1: Average Balances, Net Interest Income and Net Interest Margin
2024 Q2
2024 Q1
2023 Q4
2023 Q3
2023 Q2
(Dollars in thousands) (unaudited)Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Interest earning assets:
Cash equivalents$656,728 $8,735 5.35 %$600,291 $7,996 5.36 %$517,025 $6,906 5.30 %$680,864 $9,025 5.26 %$693,373 $9,029 5.22 %
Investment securities2,489,488 24,666 3.96 %2,597,542 25,836 3.98 %2,194,952 20,517 3.74 %1,830,060 14,544 3.18 %1,796,517 13,441 2.99 %
Loans held for investment
Non-PCD loans6,576,634 137,741 8.42 %6,476,048 132,972 8.26 %6,320,321 131,167 8.23 %6,065,822 124,847 8.17 %5,840,860 116,699 8.01 %
PCD loans1,035,773 16,516 6.38 %1,065,709 16,622 6.24 %1,096,763 17,609 6.42 %1,125,421 17,292 6.15 %1,162,111 18,819 6.48 %
Total loans7,612,407 154,257 8.15 %7,541,757 149,594 7.98 %7,417,084 148,776 7.96 %7,191,243 142,139 7.84 %7,002,971 135,518 7.76 %
Total interest-earning assets$10,758,623 $187,658 7.02 %$10,739,590 $183,426 6.87 %$10,129,061 $176,199 6.90 %$9,702,167 $165,708 6.78 %$9,492,861 $157,988 6.68 %
Interest bearing liabilities:          
Deposits          
NOW accounts$3,448,144 $20,964 2.45 %$3,472,852 $20,516 2.38 %$2,559,135 $9,551 1.48 %$2,445,955 $6,974 1.13 %$2,455,040 $4,973 0.81 %
Savings accounts2,020,653 4,587 0.91 %2,042,865 4,417 0.87 %2,141,230 4,986 0.92 %2,260,678 5,478 0.96 %2,222,710 4,129 0.75 %
Time deposits1,552,829 11,109 2.88 %1,480,753 9,924 2.70 %1,439,833 8,895 2.45 %1,333,132 7,014 2.09 %1,277,861 5,493 1.72 %
Brokered deposits1,566 21 5.28 %58,737 803 5.50 %142,718 1,980 5.50 %2,400 32 5.30 %— — — %
 7,023,192 36,681 2.10 %7,055,207 35,660 2.03 %6,282,916 25,412 1.60 %6,042,165 19,498 1.28 %5,955,611 14,595 0.98 %
Non-interest bearing deposit accounts2,578,216 — — 2,536,320 — — 2,551,318 — — 2,581,887 — — 2,575,972 — — 
Fair value premium and core deposit intangible amortization— 1,131 — — 1,132 — — 1,321 — — 1,321 — — 1,321 — 
Total deposits9,601,408 37,812 1.58 %9,591,527 36,792 1.54 %8,834,234 26,733 1.20 %8,624,052 20,819 0.96 %8,531,583 15,916 0.75 %
Borrowings
Securities sold under agreements to repurchase— — — %— — — %183,858 2,578 5.56 %52,365 728 5.52 %— — — %
Advances from FHLB and other borrowings219,903 2,521 4.61 %220,773 2,532 4.61 %275,457 3,346 4.82 %211,616 2,374 4.45 %226,256 2,428 4.30 %
Total borrowings219,903 2,521 4.61 %220,773 2,532 4.61 %459,315 5,924 5.12 %263,981 3,102 4.66 %226,256 2,428 4.30 %
Total interest-bearing liabilities$9,821,311 $40,333 1.65 %$9,812,300 $39,324 1.61 %$9,293,549 $32,657 1.39 %$8,888,033 $23,921 1.07 %$8,757,839 $18,344 0.84 %
Interest rate spread $147,325 5.36 % $144,102 5.26 % $143,542 5.51 % $141,787 5.71 % $139,644 5.84 %
Net interest margin  5.51 %  5.40 %  5.62 %  5.80 %  5.90 %
Core deposits: (Non-GAAP)               
NOW accounts$3,448,144 $20,964 2.45 %$3,472,852 $20,516 2.38 %$2,559,135 $9,551 1.48 %$2,445,955 $6,974 1.13 %$2,455,040 $4,973 0.81 %
Savings accounts2,020,653 4,587 0.91 %2,042,865 4,417 0.87 %2,141,230 4,986 0.92 %2,260,678 5,478 0.96 %2,222,710 4,129 0.75 %
Time deposits1,552,829 11,109 2.88 %1,480,753 9,924 2.70 %1,439,833 8,895 2.45 %1,333,132 7,014 2.09 %1,277,861 5,493 1.72 %
 7,021,626 36,660 2.10 %6,996,470 34,857 2.00 %6,140,198 23,432 1.51 %6,039,765 19,466 1.28 %5,955,611 14,595 0.98 %
Non-interest bearing deposit accounts2,578,216 — — 2,536,320 — — 2,551,318 — — 2,581,887 — — 2,575,972 — — 
Total core deposits$9,599,842 $36,660 1.54 %$9,532,790 $34,857 1.47 %$8,691,516 $23,432 1.07 %$8,621,652 $19,466 0.90 %$8,531,583 $14,595 0.69 %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
$219,903 $2,521 4.61 %$220,773 $2,532 4.61 %$459,315 $5,924 5.12 %$263,981 $3,102 4.66 %$226,256 $2,428 4.30 %
Brokered deposits
1,566 21 5.28 %58,737 803 5.50 %142,718 1,980 5.50 %2,400 32 5.30 %— — — %
Total borrowings and brokered deposits
$221,469 $2,542 4.62 %$279,510 $3,335 4.80 %$602,033 $7,904 5.21 %$266,381 $3,134 4.67 %$226,256 $2,428 4.30 %
9

OFG Bancorp (NYSE: OFG)
Table 5-2: Average Balances, Net Interest Income and Net Interest Margin (Continued)
2024 YTD2023 YTD
(Dollars in thousands) (unaudited)Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Interest earning assets:
Cash equivalents$628,709 $16,731 5.35 %$623,393 $15,475 5.01 %
Investment securities2,543,515 50,502 3.97 %1,867,857 27,669 2.96 %
Loans held for investment
Non-PCD loans6,526,341 270,713 8.34 %5,756,382 226,029 7.92 %
PCD loans1,050,741 33,138 6.31 %1,178,773 37,800 6.41 %
Total loans7,577,082 303,851 8.06 %6,935,155 263,829 7.67 %
Total interest-earning assets$10,749,306 $371,084 6.94 %$9,426,405 $306,973 6.57 %
Interest bearing liabilities:
Deposits
NOW accounts$3,460,498 $41,479 2.41 %$2,476,360 $9,187 0.75 %
Savings accounts2,031,759 9,004 0.89 %2,227,196 7,264 0.66 %
Time deposits1,516,791 21,032 2.79 %1,243,835 9,313 1.51 %
Brokered deposits30,152 824 5.50 %5,086 8 0.30 %
7,039,200 72,339 2.07 %5,952,477 25,772 0.87 %
Non-interest bearing deposit accounts2,557,268 — — %2,614,840 — — %
Fair value premium and core deposit intangible amortization— 2,264 — — 2,641 — 
Total deposits9,596,468 74,603 1.56 %8,567,317 28,413 0.67 %
Borrowings
Securities sold under agreements to repurchase— — — %— — — %
Advances from FHLB and other borrowings220,338 5,054 4.61 %145,660 3,019 4.18 %
Total borrowings220,338 5,054 4.61 %145,660 3,019 4.18 %
Total interest-bearing liabilities$9,816,806 $79,657 1.63 %$8,712,977 $31,432 0.73 %
Interest rate spread$291,427 5.31 %$275,541 5.84 %
Net interest margin 5.45 %5.89 %
Core deposits: (Non-GAAP)
NOW accounts$3,460,498 $41,479 2.41 %$2,476,360 $9,187 0.75 %
Savings accounts2,031,759 9,004 0.89 %2,227,196 7,264 0.66 %
Time deposits1,516,791 21,032 2.79 %1,243,835 9,313 1.51 %
7,009,048 71,515 2.05 %5,947,391 25,764 0.87 %
Non-interest bearing deposit accounts2,557,268 — — %2,614,840 — — %
Total core deposits$9,566,316 $71,515 1.50 %$8,562,231 $25,764 0.61 %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
$220,338 $5,054 4.61 %$145,660 $3,019 4.18 %
Brokered deposits
30,152 824 5.50 %5,086 8 0.30 %
Total borrowings and brokered deposits
$250,490 279,510 $5,878 4.72 %$150,746 150,746 $3,027 3,027 4.04 %
10

OFG Bancorp (NYSE: OFG)
Table 6-1: Loan Information and Performance Statistics
20242024202320232023
(Dollars in thousands) (unaudited)Q2Q1Q4Q3Q2
Net Charge-offs
Non-PCD
Mortgage:
Charge-offs$1 $64 $150 $218 $191 
Recoveries(540)(267)(483)(185)(333)
Total mortgage(539)(203)(333)33 (142)
Commercial PR:
Charge-offs160 3,567 377 1,404 523 
Recoveries(111)(52)(114)(156)(237)
Total commercial PR49 3,515 263 1,248 286 
Commercial US:
Charge-offs1,574 1,749 689 6,850 2,973 
Recoveries(45)— (23)(18)— 
Total commercial US1,529 1,749 666 6,832 2,973 
Consumer:     
Charge-offs8,180 7,981 6,799 5,894 5,518 
Recoveries(851)(693)(650)(655)(2,003)
Total consumer7,329 7,288 6,149 5,239 3,515 
Auto:     
Charge-offs12,559 14,218 14,658 10,458 9,170 
Recoveries(5,926)(5,971)(4,982)(5,193)(8,332)
Total auto6,633 8,247 9,676 5,265 838 
Total$15,001 $20,596 $16,421 $18,617 $7,470 
PCD
Mortgage:
Charge-offs$29 $83 $94 $148 $1 
Recoveries(93)(638)(111)(80)(260)
Total mortgage(64)(555)(17)68 (259)
Commercial PR:     
Charge-offs265 — — 690 — 
Recoveries(158)(157)(315)(494)(319)
Total commercial PR107 (157)(315)196 (319)
Consumer:     
Charge-offs— — 244 39 123 
Recoveries(7)(23)(19)(23)(43)
Total consumer(7)(23)225 16 80 
Auto:     
Charge-offs6 9 12 37 35 
Recoveries(30)(58)(44)(98)(401)
Total auto(24)(49)(32)(61)(366)
Total$12 $(784)$(139)$219 $(864)
Total Net Charge-offs$15,013 $19,812 $16,282 $18,836 $6,606 
Net Charge-off Rates     
Mortgage-0.16 %-0.20 %-0.09 %0.03 %-0.10 %
Commercial PR0.03 %0.58 %-0.01 %0.27 %-0.01 %
Commercial US0.85 %0.92 %0.36 %3.96 %1.81 %
Consumer4.42 %4.45 %3.95 %3.33 %2.37 %
Auto1.11 %1.42 %1.72 %0.96 %0.09 %
Total0.79 %1.05 %0.88 %1.05 %0.38 %
Average Loans Held For Investment     
Mortgage$1,479,583 $1,511,281 $1,562,135 $1,576,637 $1,616,873 
Commercial PR2,363,831 2,312,561 2,230,342 2,122,169 2,040,547 
Commercial US716,089 756,409 736,640 690,105 657,439 
Consumer663,315 652,843 644,834 630,492 606,842 
Auto2,389,589 2,308,663 2,243,133 2,171,840 2,081,270 
Total$7,612,407 $7,541,757 $7,417,084 $7,191,243 $7,002,971 
11



OFG Bancorp (NYSE: OFG)
Table 6-2: Loan Information and Performance Statistics (Excludes PCD Loans)
20242024202320232023
(Dollars in thousands) (unaudited)Q2Q1Q4Q3Q2
Early Delinquency (30 - 89 days past due)     
Mortgage$12,767 $13,080 $15,703 $14,380 $13,976 
Commercial7,781 6,128 3,653 5,666 11,668 
Consumer13,102 10,901 11,366 10,160 8,188 
Auto152,817 126,704 147,681 139,278 117,237 
Total $186,467 $156,813 $178,403 $169,484 $151,069 
Early Delinquency Rates (30 - 89 days past due)     
Mortgage2.13 %2.14 %2.50 %2.22 %2.18 %
Commercial0.26 %0.21 %0.12 %0.21 %0.45 %
Consumer2.04 %1.74 %1.83 %1.66 %1.38 %
Auto6.30 %5.42 %6.50 %6.31 %5.52 %
Total2.81 %2.41 %2.76 %2.75 %2.53 %
Total Delinquency (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation$23,443 $25,985 $27,859 $30,661 $31,189 
GNMA's buy-back option program(22)19,008 18,509 19,401 18,227 18,418 
Total mortgage42,451 44,494 47,260 48,888 49,607 
Commercial17,703 14,171 14,298 15,109 28,643 
Consumer16,405 14,760 14,742 13,422 11,026 
Auto169,506 141,220 166,737 155,579 130,367 
Total$246,065 $214,645 $243,037 $232,998 $219,643 
Total Delinquency Rates (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation3.91 %4.26 %4.43 %4.73 %4.86 %
GNMA's buy-back option program(22)3.17 %3.03 %3.08 %2.81 %2.87 %
Total mortgage7.07 %7.29 %7.51 %7.54 %7.73 %
Commercial0.60 %0.49 %0.49 %0.56 %1.09 %
Consumer2.55 %2.35 %2.38 %2.19 %1.86 %
Auto6.98 %6.04 %7.34 %7.04 %6.14 %
Total3.71 %3.30 %3.76 %3.78 %3.67 %
Nonperforming Assets(14)
Mortgage$17,325 $19,044 $20,007 $25,354 $27,600 
Commercial34,477 33,794 36,096 36,649 43,188 
Consumer3,329 3,893 3,376 3,359 2,907 
Auto16,689 14,516 19,056 16,301 13,130 
Total nonperforming loans71,820 71,247 78,535 81,663 86,825 
Foreclosed real estate6,526 10,850 10,780 9,555 10,639 
Other repossessed assets5,713 6,844 4,032 4,432 4,004 
Total nonperforming assets$84,059 $88,941 $93,347 $95,650 $101,468 
Nonperforming Loan Rates     
Mortgage2.89 %3.12 %3.18 %3.91 %4.30 %
Commercial1.17 %1.16 %1.23 %1.36 %1.65 %
Consumer0.52 %0.62 %0.54 %0.55 %0.49 %
Auto0.69 %0.62 %0.84 %0.74 %0.62 %
Total loans1.08 %1.10 %1.22 %1.33 %1.45 %

12

OFG Bancorp (NYSE: OFG)
Table 6-3: Loan Information and Performance Statistics
 20242024202320232023
(Dollars in thousands) (unaudited) Q2Q1Q4Q3Q2
Nonperforming PCD Loans(14)
Mortgage $244 $247 $250 $253 $256 
Commercial 4,748 5,969 6,424 6,688 8,104 
Consumer — — — 7 — 
Total nonperforming loans $4,992 $6,216 $6,674 $6,948 $8,360 
Nonperforming PCD Loan Rates      
Mortgage 0.03 %0.03 %0.03 %0.03 %0.03 %
Commercial 3.69 %4.52 %4.74 %4.78 %5.30 %
Consumer 0.00 %0.00 %0.00 %1.22 %0.00 %
Total 0.49 %0.60 %0.62 %0.63 %0.73 %
Total PCD Loans Held for Investment     
Mortgage $885,096 $909,106 $933,362 $955,596 $980,833 
Commercial 128,584 132,035 135,447 139,857 152,888 
Consumer 605 544 552 572 568 
Auto951 1,358 1,891 2,552 3,319 
Total loans $1,015,236 $1,043,043 $1,071,252 $1,098,577 $1,137,608 
 20242024202320232023
(Dollars in thousands) (unaudited) Q2Q1Q4Q3Q2
Total Nonperforming Loans(14)     
Mortgage $17,569 $19,291 $20,257 $25,607 $27,856 
Commercial 39,225 39,763 42,520 43,337 51,292 
Consumer 3,329 3,893 3,376 3,366 2,907 
Auto 16,689 14,516 19,056 16,301 13,130 
Total nonperforming loans $76,812 $77,463 $85,209 $88,611 $95,185 
Total Nonperforming Loan Rates 
Mortgage 1.18 %1.27 %1.30 %1.60 %1.72 %
Commercial 1.27 %1.30 %1.38 %1.53 %1.85 %
Consumer 0.52 %0.62 %0.54 %0.55 %0.49 %
Auto 0.69 %0.62 %0.84 %0.74 %0.62 %
Total 1.01 %1.03 %1.13 %1.22 %1.34 %
Total Loans Held for Investment     
Mortgage $1,485,127 $1,519,045 $1,562,609 $1,604,010 $1,622,388 
Commercial 3,082,363 3,051,448 3,076,903 2,832,985 2,774,398 
Consumer 644,177 627,980 620,446 613,195 593,690 
Auto 2,428,040 2,341,194 2,274,421 2,211,545 2,127,395 
Total loans $7,639,707 $7,539,667 $7,534,379 $7,261,735 $7,117,871 


13

OFG Bancorp (NYSE: OFG)
Table 7: Allowance for Credit Losses
Quarter Ended June 30, 2024
(Dollars in thousands) (unaudited)MortgageCommercialConsumerAutoTotal
Allowance for credit losses Non-PCD:     
Balance at beginning of period$7,627 $37,371 $27,453 $76,316 $148,767 
(Recapture of) provision for credit losses(1,280)(1,984)9,308 11,039 17,083 
Charge-offs(1)(1,734)(8,180)(12,559)(22,474)
Recoveries540 156 851 5,926 7,473 
Balance at end of period$6,886 $33,809 $29,432 $80,722 $150,849 
Allowance for credit losses PCD:
Balance at beginning of period$6,638 $1,133 $7 $18 $7,796 
Recapture of credit losses(1,060)(237)(6)(29)(1,332)
Charge-offs(29)(265)— (6)(300)
Recoveries93 158 7 30 288 
Balance at end of period$5,642 $789 $8 $13 $6,452 
Allowance for credit losses summary:
Balance at beginning of period$14,265 $38,504 $27,460 $76,334 $156,563 
(Recapture of) provision for credit losses(2,340)(2,221)9,302 11,010 15,751 
Charge-offs(30)(1,999)(8,180)(12,565)(22,774)
Recoveries633 314 858 5,956 7,761 
Balance at end of period$12,528 $34,598 $29,440 $80,735 $157,301 
Allowance coverage ratio0.84 %1.12 %4.57 %3.33 %2.06 %


14

OFG Bancorp (NYSE: OFG)
Table 8-1: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital
In addition to disclosing required regulatory capital measures, we also report certain non-GAAP capital measures that management uses in assessing its capital adequacy. These non-GAAP measures include tangible common equity ("TCE") and TCE ratio. The table below provides the details of the calculation of our regulatory capital and non-GAAP capital measures. While our non-GAAP capital measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly titled measures reported by other companies.
20242024202320232023
(Dollars in thousands) (unaudited)Q2Q1Q4Q3Q2
Stockholders' Equity to Non-GAAP Tangible Common Equity
Total stockholders' equity$1,227,702 $1,215,653 $1,193,480 $1,095,463 $1,099,751 
Less:  Intangible assets(101,979)(103,457)(104,935)(106,660)(108,384)
Tangible common equity$1,125,723 $1,112,196$1,088,545$988,803$991,367
     
Common shares outstanding at end of period46,562 47,217 47,065 47,058 47,076 
Tangible book value per common share (Non-GAAP)$24.18 $23.55 $23.13 $21.01 $21.06 
Total Assets to Tangible Assets     
Total assets  $11,259,085 $11,159,235 $11,344,453 $10,257,138 $10,031,547 
Less:  Intangible assets(101,979)(103,457)(104,935)(106,660)(108,384)
Tangible assets (Non-GAAP)$11,157,106 $11,055,778 $11,239,518 $10,150,478 $9,923,163 
Non-GAAP TCE Ratio     
Tangible common equity$1,125,723 $1,112,196$1,088,545$988,803$991,367
Tangible assets11,157,106 11,055,778 11,239,518 10,150,478 9,923,163 
TCE ratio10.09 %10.06 %9.68 %9.74 %9.99 %
Average Equity to Non-GAAP Average Tangible Common Equity
Average total stockholders' equity$1,223,669 $1,213,469 $1,128,747 $1,127,602 $1,108,880 
Less:  Average intangible assets(102,499)(103,988)(105,560)(107,291)(109,130)
Average tangible common equity$1,121,170 $1,109,481$1,023,187$1,020,311$999,750



15

OFG Bancorp (NYSE: OFG)
Table 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures (Continued)
BASEL III
Standardized
20242024 202320232023
(Dollars in thousands) (unaudited)Q2Q1 Q4Q3Q2
Regulatory Capital Metrics      
Common equity Tier 1 capital$1,223,031$1,205,231$1,174,205$1,124,599$1,086,587
Tier 1 capital1,223,0311,205,2311,174,2051,124,5991,086,587
Total risk-based capital(15)1,330,4741,309,8931,278,5371,224,9631,183,793
Risk-weighted assets8,561,5498,338,1688,317,8028,000,7117,742,933
Regulatory Capital Ratios
Common equity Tier 1 capital ratio(16)14.29 %14.45 %14.12 %14.06 %14.03 %
Tier 1 risk-based capital ratio(17)14.29 %14.45 %14.12 %14.06 %14.03 %
Total risk-based capital ratio(18)15.54 %15.71 %15.37 %15.31 %15.29 %
Leverage ratio(19)10.86 %10.76 %11.03 %11.03 %10.85 %
 
Common Equity Tier 1 Capital Ratio Under Basel III Standardized Approach
Total stockholders' equity$1,227,702$1,215,653 $1,193,480 $1,095,463 $1,099,751 
Plus: CECL transition adjustment(20)6,8526,85213,70413,70413,704
Plus (Less): Unrealized losses on available-for-sale securities, net of
                    income tax		86,49481,73167,013127,67789,639
           Unrealized (gains) losses on cash flow hedges, net of
           income tax		————(75)
Total adjusted stockholders’equity1,321,0481,304,2361,274,1971,236,8441,203,019
Less: Disallowed goodwill(84,241)(84,241)(84,241)(84,241)(84,241)
  Disallowed other intangible assets, net(13,776)(14,764)(15,751)(16,883)(18,015)
  Disallowed deferred tax assets, net———(11,121)(14,176)
Common equity Tier 1 capital and Tier 1 capital1,223,0311,205,2311,174,2051,124,5991,086,587
Plus Tier 2 capital:  Qualifying allowance for credit losses107,443104,662104,332100,36497,206
Total risk-based capital$1,330,474$1,309,893 $1,278,537 $1,224,963 $1,183,793 



16

OFG Bancorp (NYSE: OFG)
Table 9: Notes to Financial Summary, Selected Metrics, Loans, and Consolidated Financial Statements (Tables 1 - 8)
(1)Total banking and financial service revenues.
(2)Net interest income plus non-interest income, net (core)
(3)Calculated based on net income available to common shareholders divided by average common shares outstanding for the period.
(4)Calculated based on net income available to common shareholders divided by total average common shares outstanding and equivalents for the period as if converted.
(5)Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by common shares outstanding. See "Tables 8-1 and 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.
(6)Information includes all loans held for investment, including PCD loans.
(7)Calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(8)Calculated based on annualized income, net of tax, for the period divided by average total assets for the period.
(9)Calculated based on annualized income available to common shareholders for the period divided by average tangible common equity for the period.
(10)Calculated based on non-interest expense for the period divided by total net interest income and total banking and financial services revenues for the period.
(11)Calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(12)Non-GAAP ratios. See "Tables 8-1 and 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures" for information on the calculation of each of these ratios.
(13)Production of new loans (excluding renewals).
(14)Most PCD loans are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. Therefore, they are not included as non-performing loans. PCD loan pools that are not accreting interest income are deemed to be non-performing loans and presented separately.
(15)Total risk-based capital equals the sum of Tier 1 capital and Tier 2 capital.
(16)Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on Common equity Tier 1 capital divided by risk-weighted assets.
(17)Tier 1 risk-based capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(18)Total risk-based capital ratio is a regulatory capital measure calculated based on Total risk-based capital divided by risk-weighted assets.
(19)Leverage capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by average assets, after certain adjustments.
(20)In March 2020, in light of strains on the U.S. economy as a result of the coronavirus disease (COVID-19), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued an interim final rule that provided the option to temporarily delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period. In addition, for the first two years, a uniform 25% “scaling factor” is introduced to approximate the portion of the post day-one allowance attributable to CECL relative to the incurred loss methodology. The 25% scaling factor is calibrated to approximate an overall after-tax impact of differences in allowances under CECL versus the incurred loss methodology.
(21)Pre-provision net revenues is a non-GAAP measure calculated based on net interest income plus total non-interest income, net, less total non-interest expenses for the period.
(22)Under the GNMA program, issuers such as OFG Bancorp have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected (rebooked) on the financial statements of the Company with an offsetting liability.
17
v3.24.2
Cover page
Jul. 18, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 18, 2024
Entity Registrant Name OFG BANCORP
Entity Incorporation, State or Country Code PR
Entity File Number 001-12647
Entity Tax Identification Number 66-0538893
Entity Address, Address Line One Oriental Center
Entity Address, Address Line Two 15th Floor
Entity Address, Address Line Three 254 Munoz Rivera Avenue
Entity Address, City or Town San Juan
Entity Address, Country PR
Entity Address, Postal Zip Code 00918
City Area Code 787
Local Phone Number 771-6800
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common shares, par value $1.00 per share
Trading Symbol OFG
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001030469
Amendment Flag false
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