0001030469FALSE00010304692025-01-222025-01-22

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): January 22, 2025
________________
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 January 22, 2025, OFG Bancorp (the “Company”) announced the results for the quarter ended December 31, 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: January 22, 2025
By:/s/ Maritza Arizmendi
Maritza Arizmendi
Chief Financial Officer




ofgbancorplogo.jpg
OFG Bancorp Reports 4Q24 & 2024 Results
SAN JUAN, Puerto Rico, January 22, 2025 – OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, today reported results for the fourth quarter and year ended December 31, 2024.
4Q24: EPS diluted of $1.09 compared to $1.00 in 3Q24 and $0.98 in 4Q23. Total core revenues of $181.9 million compared to $174.1 million in 3Q24 and $175.6 million in 4Q23.
Full Year 2024: EPS diluted of $4.23 compared to $3.83 in 2023. Total core revenues of $709.6 million compared to $682.7 million in 2023.
CEO Comment
José Rafael Fernández, Chief Executive Officer, said: “The fourth quarter and last year reflected solid performance with strong financial results. 4Q24 EPS-diluted increased 11.2% year-over-year on a 3.6% increase in total core revenues. 2024 EPS increased 10.4% year-over-year on a 3.9% increase in total core revenues. We demonstrated consistent and excellent operational execution on our plans, with our Digital First strategy helping to grow our banking franchise and market share. Results also benefited from lower taxes, and we bought back 1.8 million shares in 2024. Thanks to our team members for their hard work and dedication. This is a great way to conclude the celebration of our 60th year in business bringing progress to all our stakeholders.”
4Q24 Highlights
Performance Metrics: Net interest margin of 5.40%, return on average assets of 1.75%, return on average tangible common stockholders’ equity of 16.71%, and efficiency ratio of 54.82%.
Total Interest Income of $190.2 million compared to $189.0 million in 3Q24 and $176.2 million in 4Q23. Compared to 3Q24, 4Q24 increased $1.1 million, primarily reflecting higher balances and higher yields on investment securities, higher loan balances, $0.7 million accretion for commercial loan prepayments, and reduced interest income from cash.
Total Interest Expense of $41.0 million compared to $41.2 million in 3Q24 and $32.7 million in 4Q23. Compared to 3Q24, 4Q24 decreased $0.1 million, primarily reflecting slightly lower average balances and cost of core deposits and higher average balances of borrowings and brokered deposits.
Total Banking & Financial Service Revenues of $32.8 million compared to $26.3 million in 3Q24 and $32.1 million in 4Q23. Compared to 3Q24, 4Q24 included $2.1 million annual insurance commission recognition, $4.8 million favorable MSR valuation, and $0.8 million from the August 2024 acquisition of a Puerto Rico residential mortgage servicing portfolio.
Pre-Provision Net Revenues of $83.0 million compared to $83.1 million in 3Q24 and $88.2 million in 4Q23.
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Total Provision for Credit Losses of $30.2 million compared to $21.4 million in 3Q24 and $19.7 million in 4Q23. 4Q24 primarily reflected $18.1 million for increased loan volume, $7.6 million for a specific reserve related to four U.S. commercial loans, and $2.6 million recovery from the sale of auto and consumer loans. 4Q24 also included $5.7 million qualitative adjustment to account for uncertainty of recent increasing auto delinquency trends the model does not fully capture.
Credit Quality: Net charge-offs of $15.9 million (0.82% of average loans) compared to $17.1 million (0.90%) in 3Q24 and $16.3 million (0.88%) in 4Q23. NCOs benefited from the above-mentioned sale of auto and consumer loans. 4Q24 early and total delinquency rates were 2.95% and 4.38%, respectively. The nonperforming loan rate was 1.06%.
Total Non-Interest Expense of $99.7 million compared to $91.6 million in 3Q24 and $94.1 million in 4Q23. Compared to 3Q24, 4Q24 included $3.4 million in early retirement and business rightsizing, $1.4 million in annual performance incentives assessment, and the absence of 3Q24’s $2.3 million credit and debit card processing contract renewal rebate.
Income Tax Expense of $2.4 million compared to $14.8 million in 3Q24 and $21.8 million in 4Q23. 4Q24 decreased due to a reduction in the 2024 ETR for higher than previously forecasted business activities with preferential tax treatment and $2.3 million of discrete benefit. Excluding discrete items, ETR was 24.03% for 2024 compared to 32.08% for 2023.
Loans Held for Investment (EOP) of $7.79 billion compared to $7.75 billion in 3Q24 and $7.53 billion in 4Q23. Compared to 3Q24, 4Q24 loans increased 0.5%, reflecting growth in auto, U.S. commercial, and consumer loans, and repayments of P.R. commercial and residential mortgage loans. Year over year, loans increased 3.4%.
New Loan Production of $609.0 million compared to $572.2 million in 3Q24 and $663.9 million in 4Q23. Compared to 3Q24, 4Q24 reflected increases in P.R. commercial, auto, and residential mortgage lending, partially offset by a decrease in U.S. commercial and P.R. consumer lending.
Total Investments (EOP) of $2.72 billion compared to $2.61 billion in 3Q24 and $2.69 billion in 4Q23. 4Q24 primarily reflected purchases of $264 million of mortgage-backed securities yielding 5.3%, partially offset by MBS repayments of $103 million.
Customer Deposits (EOP) of $9.45 billion compared to $9.53 billion in 3Q24 and $9.60 billion in 4Q23. Compared to 3Q24, 4Q24 reflected a decline in government deposits and increases in commercial and retail deposits.
Total Borrowings & Brokered Deposits (EOP) of $557.2 million compared to $346.5 million in 3Q24 and $363.0 million in 4Q23.
Cash & Cash Equivalents (EOP) of $591.1 million compared to $680.6 million in 3Q24 and $748.2 million in 4Q23.
Share Buybacks: $45.9 million of common shares were acquired in 4Q24, leaving $29.7 million in remaining repurchase authorization as of December 31, 2024.
Capital: CET1 ratio was 14.26% compared to 14.37% in 3Q24 and 14.12% in 4Q23. The Tangible Common Equity ratio was 10.13% compared to 10.72% in 3Q24 and 9.68% in 4Q23. Tangible Book Value per share was $25.43 compared to $26.15 in 3Q24 and $23.13 in 4Q23. 4Q24 TBVPS reflected the above mentioned share buybacks and lower Other Comprehensive Income.
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Conference Call, Financial Supplement & Presentation
A conference call to discuss 4Q24 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 225-9448 or (203) 518-9708. Conference ID: OFGQ424. 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 and year ended December 31, 2024, and the 4Q24 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 61st 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: Lumarie Vega López (lumarie.vega@orientalbank.com) and Victoria Maldonado Rodríguez (victoria.maldonado@orientalbank.com) at (787) 771-6800
US: Gary Fishman (gfishman@ofgbancorp.com) and Steven Anreder (sanreder@ofgbancorp.com) at (212) 532-3232
3


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 December 31, 2024 Quarterly Report on Form 10-K once it is filed with the Securities and Exchange Commission.
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OFG Bancorp (NYSE: OFG)
Table 1-1: Financial and Statistical Summary - Consolidated

2024
2024
2024
2024
2023
(Dollars in thousands, except per share data) (unaudited)
Q4
Q3
Q2
Q1
Q4
Statement of Operations
Net interest income $149,138$147,875$147,325$144,102$143,542
Non-interest income, net (core)(1)32,76626,27132,08530,05932,061
Total core revenues(2)181,904174,146179,410174,161175,603
Non-interest expense 99,71891,60092,96091,41294,099
Pre-provision net revenues(21)82,97783,14386,84183,03888,151
Total provision for credit losses 30,190
(a)
21,35915,58115,12119,719
Net income before income taxes 52,78761,78471,26067,91768,432
Income tax expense 2,440
(b)
14,78420,12918,22521,835
Net income available to common stockholders 50,34747,00051,13149,69246,597
Common Share Statistics      
Earnings per common share - basic(3)$1.10$1.01$1.09$1.06$0.99
Earnings per common share - diluted(4)$1.09$1.00$1.08$1.05$0.98
Average common shares outstanding 45,94646,56046,95247,09647,061
Average common shares outstanding and equivalents 46,24846,84647,13147,34347,386
Cash dividends per common share $0.25$0.25$0.25$0.25$0.22
Book value per common share (period end) $27.60$28.31$26.37$25.75$25.36
Tangible book value per common share (period end)(5)$25.43$26.15$24.18$23.55$23.13
Balance Sheet (Average Balances)      
Loans(6)$7,717,566$7,634,511$7,613,307$7,541,757$7,417,084
Interest-earning assets 10,981,88610,837,38010,758,62310,739,59010,129,061
Total assets 11,523,14011,347,79511,233,20211,199,86710,588,584
Core deposits 9,555,2139,588,7529,599,8429,532,7908,691,516
Total deposits 9,651,7489,609,8209,601,4089,591,5278,834,234
Interest-bearing deposits 7,107,5507,042,4677,023,1927,055,2076,282,916
Borrowings 329,231241,062219,903220,773459,315
Stockholders' equity 1,304,7791,280,7601,223,6691,213,4691,128,747
Performance Metrics      
Net interest margin(7)5.40 %5.43 %5.51 %5.40 %5.62 %
Return on average assets(8)1.75 %1.66 %1.82 %1.77 %1.76 %
Return on average tangible common stockholders' equity(9)16.71 %15.94 %18.24 %17.92 %18.22 %
Efficiency ratio(10)54.82 %52.60 %51.81 %52.49 %53.59 %
Full-time equivalent employees, period end 2,246 2,236 2,239 2,230 2,248 
Credit Quality Metrics     
Allowance for credit losses$175,863
(a)
$161,500$157,301$156,563$161,106
Allowance as a % of loans held for investment2.26 %
(a)
2.08 %2.06 %2.08 %2.14 %
Net charge-offs$15,862
(c)
$17,103$15,013$19,812$16,282
Net charge-off rate(11)0.82 %
(c)
0.90 %0.79 %1.05 %0.88 %
Early delinquency rate (30 - 89 days past due)2.95 %2.78 %2.81 %2.41 %2.76 %
Total delinquency rate (30 days and over)4.38 %4.10 %3.71 %3.30 %3.76 %
Capital Ratios (period end) (Non-GAAP)(12)(20)
Leverage ratio10.93 %11.12 %10.86 %10.76 %11.03 %
Common equity Tier 1 capital ratio14.26 %14.37 %14.29 %14.45 %14.12 %
Tier 1 risk-based capital ratio14.26 %14.37 %14.29 %14.45 %14.12 %
Total risk-based capital ratio15.52 %15.63 %15.54 %15.71 %15.37 %
Tangible common equity ("TCE") ratio10.13 %10.72 %10.09 %10.06 %9.68 %

(a)During 4Q 2024, a qualitative adjustment of $5.7 million was made for the auto portfolio to account for uncertainty related to the recent increasing delinquency trends that the model does not fully capture. The provision for credit losses also included $7.6 million for a specific reserve related to four U.S. commercial loans.
(b)During 4Q 2024, the Company’s effective income tax rate for the year decreased related to higher than previously forecasted business activities during 4Q 2024 with preferential tax treatment under the Puerto Rico tax code and $2.3 million of discrete benefit.
(c)During 4Q 2024, the Company sold auto and consumer loans that were previously fully charged off, recognizing a recovery of $2.6 million.
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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$588,440 $560,870 
Non-interest income, net (core)(1)121,181 121,855 
Total core revenues(2)709,621 682,725 
Non-interest expense375,690 363,365 
Pre-provision net revenues(21)335,999 325,886 
Total provision for credit losses82,251 60,638 
(a)
Net income before income taxes253,748 265,248 
Income tax expense55,578 83,376 
(b)
Net income available to common stockholders198,170 181,872 
Common Share Statistics
Earnings per common share - basic(3)$4.25 $3.85 
Earnings per common share - diluted(4)$4.23 $3.83 
Average common shares outstanding46,637 47,258 
Average common shares outstanding and equivalents46,902 47,552 
Cash dividends per common share$1.00 $0.88 
Book value per common share (period end)$27.60 $25.36 
Tangible book value per common share (period end)(5)$25.43 $23.13 
Balance Sheet (Average Balances)
Loans(6)$7,626,830 $7,121,176 
Interest-earning assets10,829,907 9,688,019 
Total assets11,326,121 10,174,624 
Core deposits9,569,167 8,610,084 
Total deposits9,613,722 8,649,184 
Interest-bearing deposits7,057,204 6,058,661 
Borrowings252,919 254,541 
Stockholders' equity1,255,872 1,110,919 
Performance Metrics
Net interest margin(7)5.43 %5.79 %
Return on average assets(8)1.75 %1.79 %
Return on average tangible common stockholders' equity(9)17.17 %18.14 %
Efficiency ratio(10)52.94 %53.22 %
Full-time equivalent employees, period end2,246 2,248 
Credit Quality Metrics
Allowance for credit losses$175,863 $161,106 
(a)
Allowance as a % of loans held for investment2.26 %2.14 %
(a)
Net charge-offs$67,790 $51,844 
Net charge-off rate(11)0.89 %0.73 %
Early delinquency rate (30 - 89 days past due)2.95 %2.76 %
Total delinquency rate (30 days and over)4.38 %3.76 %
(a)Refer to “(a)” in Table 1-1.
(b)Refer to “(b)” in Table 1-2.




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OFG Bancorp (NYSE: OFG)
Table 2-1: Consolidated Statements of Operations
Quarter Ended
(Dollars in thousands, except per share data) (unaudited) December 31,
2024		September 30, 2024June 30,
2024		March 31,
2024		December 31,
2023
Interest income: 
Loans
Non-PCD loans $139,659 $139,358 $137,741 $132,972 $131,167 
PCD loans 15,682 15,052 16,516 16,622 17,609 
Total interest income from loans 155,341 154,410 154,257 149,594 148,776 
Investment securities and cash 34,822 34,620 33,401 33,832 27,423 
Total interest income 190,163 189,030 187,658 183,426 176,199 
Interest expense:
Deposits
Core deposits 36,312 38,123 37,791 35,989 24,753 
Brokered deposits 1,020 221 21 803 1,980 
Total deposits 37,332 38,344 37,812 36,792 26,733 
Borrowings 3,693 2,811 2,521 2,532 5,924 
Total interest expense 41,025 41,155 40,333 39,324 32,657 
Net interest income 149,138 147,875 147,325 144,102 143,542 
Provision for credit losses, excluding PCD loans32,838 
(a)
21,070 16,913 16,605 20,681 
(Recapture of) provision for credit losses on PCD loans(2,648)289 (1,332)(1,484)(962)
Total provision for credit losses 30,190 21,359 15,581 15,121 19,719 
Net interest income after provision for credit losses 118,948 126,516 131,744 128,981 123,823 
Non-interest income:      
Banking service revenues 15,329 15,554 18,781 17,259 17,822 
Wealth management revenues 10,626 
(b)
8,449 8,440 8,107 9,985 
Mortgage banking activities 6,811 
(c)
2,268 4,864 4,693 4,254 
Total banking and financial service revenues 32,766 26,271 32,085 30,059 32,061 
Other income, net 791 597 391 289 6,647 
Total non-interest income, net 33,557 26,868 32,476 30,348 38,708 
Non-interest expense:
Compensation and employee benefits 42,959 
(d)
38,468 38,467 39,816 41,418 
Occupancy, equipment and infrastructure costs 15,284 15,124 14,393 14,322 15,729 
General and administrative expenses 39,672 36,736 40,831 36,606 35,803 
Foreclosed real estate and other repossessed assets expenses (income), net 1,803 1,272 (731)668 1,149 
Total non-interest expense 99,718 91,600 92,960 91,412 94,099 
Income before income taxes 52,787 61,784 71,260 67,917 68,432 
Income tax expense 2,440 
(e)
14,784 20,129 18,225 21,835 
Net income available to common shareholders $50,347 $47,000 $51,131 $49,692 $46,597 
(a)Refer to “(a)” in Table 1-1.
(b)During 4Q 2024, annual insurance contingent commissions amounted to $2.1 million.
(c)During 4Q 2024, the Company recognized an increase of $4.8 million in mortgage servicing asset valuation.
(d)During 4Q 2024, the Company recognized $3.4 million in early retirement and business rightsizing expense.
(e)Refer to “(b)” in Table 1-1.
4

OFG Bancorp (NYSE: OFG)
Table 2-2: Consolidated Statements of Operations (Continued)
(Dollars in thousands, except per share data) (unaudited)Year Ended
December 31, 2024
December 31, 2023
Interest income:
Loans
Non-PCD loans$549,730 $482,043 
PCD loans63,872 72,701 
Total interest income from loans613,602 554,744 
Investment securities and cash136,675 94,136 
Total interest income750,277 648,880 
Interest expense:
Deposits
Core deposits148,215 73,945 
Brokered deposits2,065 2,020 
Total deposits150,280 75,965 
Borrowings11,557 12,045 
Total interest expense161,837 88,010 
Net interest income588,440 560,870 
Provision for credit losses, excluding PCD loans87,426 
(a)
62,125 
Recapture of credit losses on PCD loans(5,175)(1,487)
Total provision for credit losses82,251 60,638 
Net interest income after provision for credit losses506,189 500,232 
Non-interest income:  
Banking service revenues66,923 70,078 
Wealth management revenues35,622 32,990 
Mortgage banking activities18,636 18,787 
Total banking and financial service revenues121,181 121,855 
Other income (loss), net2,068 6,526 
Total non-interest income, net123,249 128,381 
Non-interest expense:
Compensation and employee benefits159,710 
(b)
155,827 
Occupancy, equipment and infrastructure costs59,123 59,235 
General and administrative expenses153,845 148,708 
Foreclosed real estate and other repossessed assets expenses (income), net3,012 (405)
Total non-interest expense375,690 363,365 
Income before income taxes253,748 265,248 
Income tax expense55,578 
(c)
83,376 
Net income available to common shareholders$198,170 $181,872 
(a)Refer to “(a)” in Table 1-1.
(b)Refer to “(d)” in Table 2-1.
(c)Refer to “(b)” in Table 1-1.



5

OFG Bancorp (NYSE: OFG)
Table 3: Consolidated Statements of Financial Condition
(Dollars in thousands) (unaudited)December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
Cash and cash equivalents$591,137 $680,587 $740,429 $754,392 $748,173 
Investments:
Trading securities18 18 16 14 13 
Investment securities available-for-sale, at fair value, no allowance for credit losses for any period
Mortgage-backed securities2,336,505 2,228,399 1,895,067 1,746,195 1,801,849 
US treasury securities
1,150 1,136 200,658 150,915 296,799 
Other investment securities550 567 581 597 616 
Total investment securities available-for-sale2,338,205 2,230,102 2,096,306 1,897,707 2,099,264 
Investment securities held-to-maturity, at amortized cost, no allowance for credit losses for any period
Mortgage-backed securities292,158 297,713 303,621 309,764 314,710 
US treasury securities
— — — 199,727 199,314 
Other investment securities35,000 35,000 35,000 35,000 35,000 
Total investment securities held-to-maturity327,158 332,713 338,621 544,491 549,024 
Equity securities54,896 45,692 41,074 40,162 38,469 
Total investments2,720,277 2,608,525 2,476,017 2,482,374 2,686,770 
Loans, net7,633,831 7,604,700 7,503,142 7,411,378 7,401,618 
Other assets:
Prepaid expenses72,010 98,755 88,137 61,916 62,858 
Deferred tax asset, net6,248 4,130 4,094 4,379 4,923 
Foreclosed real estate and repossessed properties10,597 11,388 12,239 17,694 14,812 
Premises and equipment, net104,512 105,279 104,384 104,980 104,102 
Goodwill84,241 84,241 84,241 84,241 84,241 
Other intangibles14,782 16,260 17,738 19,216 20,694 
Right of use assets19,197 20,355 20,298 21,606 21,725 
Servicing asset70,435 68,512 49,789 49,553 49,520 
Accounts receivable and other assets173,467 158,650 158,577 147,506 145,017 
Total assets$11,500,734 $11,461,382 $11,259,085 $11,159,235 $11,344,453 
Deposits:
Demand deposits$5,627,406 $5,859,787 $6,017,364 $6,036,891 $6,050,428 
Savings accounts2,064,916 2,019,832 2,002,342 2,001,770 2,088,102 
Time deposits1,756,389 1,653,402 1,585,126 1,507,037 1,461,459 
Brokered deposits156,075 75,631 418 2,576 162,180 
Total deposits9,604,786 9,608,652 9,605,250 9,548,274 9,762,169 
Borrowings:     
Securities sold under agreements to repurchase75,222 — — — — 
Advances from FHLB and other borrowings325,952 270,827 200,741 200,766 200,770 
Total borrowings401,174 270,827 200,741 200,766 200,770 
Other liabilities:     
Acceptances outstanding31,526 26,055 28,504 25,826 25,576 
Lease liability21,388 22,604 22,605 23,969 24,029 
GNMA buy-back option program liability(22)48,586 41,801 19,008 18,510 19,401 
Deferred tax liability, net
40,718 57,503 33,873 22,876 22,444 
Accrued expenses and other liabilities98,185 115,808 121,402 103,361 96,584 
Total liabilities10,246,363 10,143,250 10,031,383 9,943,582 10,150,973 
Stockholders' equity:
Common stock59,885 59,885 59,885 59,885 59,885 
Additional paid-in capital639,786 639,487 637,895 636,208 638,667 
Legal surplus169,537 164,990 160,560 155,732 150,967 
Retained earnings 771,993 737,815 706,807 672,455 639,324 
Treasury stock, at cost(296,991)(251,055)(250,951)(226,896)(228,350)
Accumulated other comprehensive loss, net(89,839)(32,990)(86,494)(81,731)(67,013)
Total stockholders' equity1,254,371 1,318,132 1,227,702 1,215,653 1,193,480 
Total liabilities and stockholders' equity$11,500,734 $11,461,382 $11,259,085 $11,159,235 $11,344,453 

6

OFG Bancorp (NYSE: OFG)
Table 4-1: Information on Loan Portfolio and Production
(Dollars in thousands) (unaudited)
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
Non-PCD:
Mortgage, excluding GNMA buy-back option program$580,267 $577,320 $581,023 $591,429 $609,846 
Mortgage GNMA buy-back option program(22)48,586 41,801 19,008 18,510 19,401 
Commercial PR2,310,281 2,318,964 2,291,753 2,178,748 2,186,228 
Commercial US704,081 680,388 662,026 740,665 755,228 
Consumer667,963 663,748 643,572 627,436 619,894 
Auto2,549,033 2,483,611 2,427,089 2,339,836 2,272,530 
6,860,211 6,765,832 6,624,471 6,496,624 6,463,127 
Less:  Allowance for credit losses(170,709)
(a)
(155,133)(150,849)(148,767)(152,610)
Total non-PCD loans held for investment, net6,689,502 6,610,699 6,473,622 6,347,857 6,310,517 
PCD:
Mortgage841,964 864,491 885,096 909,106 933,362 
Commercial PR88,729 119,029 128,584 132,035 135,447 
Consumer598 560 605 544 552 
Auto460 664 951 1,358 1,891 
931,751 984,744 1,015,236 1,043,043 1,071,252 
Less:  Allowance for credit losses(5,154)(6,367)(6,452)(7,796)(8,496)
Total PCD loans held for investment, net926,597 978,377 1,008,784 1,035,247 1,062,756 
Total loans held for investment7,616,099 7,589,076 7,482,406 7,383,104 7,373,273 
Mortgage loans held for sale13,286 10,908 8,375 9,370 — 
Other loans held for sale4,446 4,716 12,361 18,904 28,345 
Total loans, net$7,633,831 $7,604,700 $7,503,142 $7,411,378 $7,401,618 
Loan Portfolio Summary:
Loans held for investment:
Mortgage, excluding GNMA buy-back option program$1,422,231 $1,441,811 $1,466,119 $1,500,535 $1,543,208 
Mortgage GNMA buy-back option program(22)48,586 41,801 19,008 18,510 19,401 
Commercial PR2,399,010 2,437,993 2,420,337 2,310,783 2,321,675 
Commercial US704,081 680,388 662,026 740,665 755,228 
Consumer668,561 664,308 644,177 627,980 620,446 
Auto2,549,493 2,484,275 2,428,040 2,341,194 2,274,421 
7,791,962 7,750,576 7,639,707 7,539,667 7,534,379 
Less:  Allowance for credit losses(175,863)
(a)
(161,500)(157,301)(156,563)(161,106)
Total loans held for investment, net7,616,099 7,589,076 7,482,406 7,383,104 7,373,273 
Mortgage loans held for sale13,286 10,908 8,375 9,370 — 
Other loans held for sale4,446 4,716 12,361 18,904 28,345 
Total loans, net$7,633,831 $7,604,700 $7,503,142 $7,411,378 $7,401,618 
(a)Refer to “(a)” in Table 1-1.
7

OFG Bancorp (NYSE: OFG)
Table 4-2: Information on Loan Portfolio and Production
  Quarter EndedYear Ended
(Dollars in thousands) (unaudited)December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Loan production(13)
Mortgage $42,562 $37,091 $38,501 $32,180 $33,332 $150,334 $132,954 
Commercial PR 211,217 149,856 192,122 186,412 285,517 739,607 744,668 
Commercial US 44,034 67,133 27,402 17,106 57,442 155,675 363,644 
Consumer 68,941 86,575 80,348 68,591 63,785 304,455 313,596 
Auto 242,225 231,573 250,638 232,314 223,780 956,750 919,678 
Total $608,979 $572,228 $589,011 $536,603 $663,856 $2,306,821 $2,474,540 
8

OFG Bancorp (NYSE: OFG)
Table 5-1: Average Balances, Net Interest Income and Net Interest Margin
2024 Q4
2024 Q3
2024 Q2
2024 Q1
2023 Q4
(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$560,013 $6,534 4.64 %$630,836 $8,362 5.27 %$656,728 $8,735 5.35 %$600,291 $7,996 5.36 %$517,025 $6,906 5.30 %
Investment securities2,704,307 28,288 4.18 %2,572,033 26,258 4.08 %2,489,488 24,666 3.96 %2,597,542 25,836 3.98 %2,194,952 20,517 3.74 %
Loans held for investment
Non-PCD loans6,763,828 139,659 8.21 %6,634,043 139,358 8.36 %6,576,634 137,741 8.42 %6,476,048 132,972 8.26 %6,320,321 131,167 8.23 %
PCD loans953,738 15,682 6.58 %1,000,468 15,052 6.02 %1,035,773 16,516 6.38 %1,065,709 16,622 6.24 %1,096,763 17,609 6.42 %
Total loans7,717,566 155,341 8.01 %7,634,511 154,410 8.05 %7,612,407 154,257 8.15 %7,541,757 149,594 7.98 %7,417,084 148,776 7.96 %
Total interest-earning assets$10,981,886 $190,163 6.89 %$10,837,380 $189,030 6.94 %$10,758,623 $187,658 7.02 %$10,739,590 $183,426 6.87 %$10,129,061 $176,199 6.90 %
Interest bearing liabilities:          
Deposits          
NOW accounts$3,282,808 $16,871 2.04 %$3,395,425 $20,013 2.34 %$3,448,144 $20,964 2.45 %$3,472,852 $20,516 2.38 %$2,559,135 $9,551 1.48 %
Savings accounts2,038,523 5,062 0.99 %2,009,028 4,777 0.95 %2,020,653 4,587 0.91 %2,042,865 4,417 0.87 %2,141,230 4,986 0.92 %
Time deposits1,689,684 13,247 3.12 %1,616,946 12,202 3.00 %1,552,829 11,109 2.88 %1,480,753 9,924 2.70 %1,439,833 8,895 2.45 %
Brokered deposits96,535 1,020 4.21 %21,068 221 4.17 %1,566 21 5.28 %58,737 803 5.50 %142,718 1,980 5.50 %
 7,107,550 36,200 2.03 %7,042,467 37,213 2.10 %7,023,192 36,681 2.10 %7,055,207 35,660 2.03 %6,282,916 25,412 1.60 %
Non-interest bearing deposit accounts2,544,198 — — 2,567,353 — — 2,578,216 — — 2,536,320 — — 2,551,318 — — 
Fair value premium and core deposit intangible amortization— 1,132 — — 1,131 — — 1,131 — — 1,132 — — 1,321 — 
Total deposits9,651,748 37,332 1.54 %9,609,820 38,344 1.59 %9,601,408 37,812 1.58 %9,591,527 36,792 1.54 %8,834,234 26,733 1.20 %
Borrowings
Securities sold under agreements to repurchase44,837 542 4.81 %— — — %— — — %— — — %183,858 2,578 5.56 %
Advances from FHLB and other borrowings284,394 3,151 4.41 %241,062 2,811 4.64 %219,903 2,521 4.61 %220,773 2,532 4.61 %275,457 3,346 4.82 %
Total borrowings329,231 3,693 4.46 %241,062 2,811 4.64 %219,903 2,521 4.61 %220,773 2,532 4.61 %459,315 5,924 5.12 %
Total interest-bearing liabilities$9,980,979 $41,025 1.64 %$9,850,882 $41,155 1.66 %$9,821,311 $40,333 1.65 %$9,812,300 $39,324 1.61 %$9,293,549 $32,657 1.39 %
Interest rate spread $149,138 5.25 % $147,875 5.28 % $147,325 5.36 % $144,102 5.26 % $143,542 5.51 %
Net interest margin  5.40 %  5.43 %  5.51 %  5.40 %  5.62 %
Core deposits: (Non-GAAP)               
NOW accounts$3,282,808 $16,871 2.04 %$3,395,425 $20,013 2.34 %$3,448,144 $20,964 2.45 %$3,472,852 $20,516 2.38 %$2,559,135 $9,551 1.48 %
Savings accounts2,038,523 5,062 0.99 %2,009,028 4,777 0.95 %2,020,653 4,587 0.91 %2,042,865 4,417 0.87 %2,141,230 4,986 0.92 %
Time deposits1,689,684 13,247 3.12 %1,616,946 12,202 3.00 %1,552,829 11,109 2.88 %1,480,753 9,924 2.70 %1,439,833 8,895 2.45 %
 7,011,015 35,180 2.00 %7,021,399 36,992 2.10 %7,021,626 36,660 2.10 %6,996,470 34,857 2.00 %6,140,198 23,432 1.51 %
Non-interest bearing deposit accounts2,544,198 — — 2,567,353 — — 2,578,216 — — 2,536,320 — — 2,551,318 — — 
Total core deposits$9,555,213 $35,180 1.46 %$9,588,752 $36,992 1.53 %$9,599,842 $36,660 1.54 %$9,532,790 $34,857 1.47 %$8,691,516 $23,432 1.07 %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
$329,231 $3,693 4.46 %$241,062 $2,811 4.64 %$219,903 $2,521 4.61 %$220,773 $2,532 4.61 %$459,315 $5,924 5.12 %
Brokered deposits
96,535 1,020 4.21 %21,068 221 4.17 %1,566 21 5.28 %58,737 803 5.50 %142,718 1,980 5.50 %
Total borrowings and brokered deposits
$425,766 $4,713 4.40 %$262,130 $3,032 4.60 %$221,469 $2,542 4.62 %$279,510 $3,335 4.80 %$602,033 $7,904 5.21 %
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$611,976 $31,589 5.16 %$626,067 $31,406 5.02 %
Investment securities2,591,101 105,086 4.06 %1,940,776 62,730 3.23 %
Loans held for investment
Non-PCD loans6,613,109 549,730 8.31 %5,976,521 482,043 8.07 %
PCD loans1,013,721 63,872 6.30 %1,144,655 72,701 6.35 %
Total loans7,626,830 613,602 8.05 %7,121,176 554,744 7.79 %
Total interest-earning assets$10,829,907 $750,277 6.93 %$9,688,019 $648,880 6.70 %
Interest bearing liabilities:
Deposits
NOW accounts$3,399,476 $78,362 2.31 %$2,489,560 $25,710 1.03 %
Savings accounts2,027,746 18,843 0.93 %2,214,256 17,727 0.80 %
Time deposits1,585,427 46,482 2.93 %1,315,745 25,225 1.92 %
Brokered deposits44,555 2,065 4.63 %39,100 2,020 5.16 %
7,057,204 145,752 2.07 %6,058,661 70,682 1.17 %
Non-interest bearing deposit accounts2,556,518 — — %2,590,523 — — %
Fair value premium and core deposit intangible amortization— 4,528 — — 5,283 — 
Total deposits9,613,722 150,280 1.56 %8,649,184 75,965 0.88 %
Borrowings
Securities sold under agreements to repurchase11,270 542 4.81 %59,541 3,306 5.55 %
Advances from FHLB and other borrowings241,649 11,015 4.56 %195,000 8,739 4.48 %
Total borrowings252,919 11,557 4.57 %254,541 12,045 4.73 %
Total interest-bearing liabilities$9,866,641 $161,837 1.64 %$8,903,725 $88,010 0.99 %
Interest rate spread$588,440 5.29 %$560,870 5.71 %
Net interest margin 5.43 %5.79 %
Core deposits: (Non-GAAP)
NOW accounts$3,399,476 $78,362 2.31 %$2,489,560 $25,710 1.03 %
Savings accounts2,027,746 18,843 0.93 %2,214,256 17,727 0.80 %
Time deposits1,585,427 46,482 2.93 %1,315,745 25,225 1.92 %
7,012,649 143,687 2.05 %6,019,561 68,662 1.14 %
Non-interest bearing deposit accounts2,556,518 — — %2,590,523 — — %
Total core deposits$9,569,167 $143,687 1.50 %$8,610,084 $68,662 0.80 %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
$252,919 $11,557 4.57 %$254,541 $12,045 4.73 %
Brokered deposits
44,555 2,065 4.63 %39,100 2,020 5.16 %
Total borrowings and brokered deposits
$297,474 $13,622 4.58 %$293,641 $14,065 4.79 %
10

OFG Bancorp (NYSE: OFG)
Table 6-1: Loan Information and Performance Statistics
20242024202420242023
(Dollars in thousands) (unaudited)Q4Q3Q2Q1Q4
Net Charge-offs
Non-PCD
Mortgage:
Charge-offs$24 $37 $1 $64 $150 
Recoveries(190)(72)(540)(267)(483)
Total mortgage(166)(35)(539)(203)(333)
Commercial PR:
Charge-offs713 139 160 3,567 377 
Recoveries(381)(1,455)(111)(52)(114)
Total commercial PR332 (1,316)49 3,515 263 
Commercial US:
Charge-offs315 — 1,574 1,749 689 
Recoveries— (24)(45)— (23)
Total commercial US315 (24)1,529 1,749 666 
Consumer:     
Charge-offs8,242 8,863 8,180 7,981 6,799 
Recoveries(1,792)
(a)
(830)(851)(693)(650)
Total consumer6,450 8,033 7,329 7,288 6,149 
Auto:     
Charge-offs18,503 16,371 12,559 14,218 14,658 
Recoveries(8,137)
(a)
(6,300)(5,926)(5,971)(4,982)
Total auto10,366 10,071 6,633 8,247 9,676 
Total$17,297 $16,729 $15,001 $20,596 $16,421 
PCD
Mortgage:
Charge-offs$— $66 $29 $83 $94 
Recoveries(345)(250)(93)(638)(111)
Total mortgage(345)(184)(64)(555)(17)
Commercial PR:     
Charge-offs39 663 265 — — 
Recoveries(1,026)(70)(158)(157)(315)
Total commercial PR(987)593 107 (157)(315)
Consumer:     
Charge-offs— — — — 244 
Recoveries(13)(19)(7)(23)(19)
Total consumer(13)(19)(7)(23)225 
Auto:     
Charge-offs1 9 6 9 12 
Recoveries(91)(25)(30)(58)(44)
Total auto(90)(16)(24)(49)(32)
Total$(1,435)$374 $12 $(784)$(139)
Total Net Charge-offs$15,862 $17,103 $15,013 $19,812 $16,282 
Net Charge-off Rates     
Mortgage(0.14)%(0.06)%(0.16)%(0.20)%(0.09)%
Commercial PR(0.11)%(0.12)%0.03 %0.58 %(0.01)%
Commercial US0.18 %(0.01)%0.85 %0.92 %0.36 %
Consumer3.72 %(a)4.70 %4.42 %4.45 %3.95 %
Auto1.63 %(a)1.64 %1.11 %1.42 %1.72 %
Total0.82 %0.90 %0.79 %1.05 %0.88 %
Average Loans Held For Investment     
Mortgage$1,429,022 $1,446,855 $1,479,583 $1,511,281 $1,562,135 
Commercial PR2,386,204 2,393,891 2,363,831 2,312,561 2,230,342 
Commercial US689,310 658,908 716,989 756,409 736,640 
Consumer692,119 681,391 663,315 652,843 644,834 
Auto2,520,911 2,453,466 2,389,589 2,308,663 2,243,133 
Total$7,717,566 $7,634,511 $7,613,307 $7,541,757 $7,417,084 
(a) Refer to “(c)” in Table 1-1.
11


OFG Bancorp (NYSE: OFG)
Table 6-2: Loan Information and Performance Statistics (Excludes PCD Loans)
20242024202420242023
(Dollars in thousands) (unaudited)Q4Q3Q2Q1Q4
Early Delinquency (30 - 89 days past due)     
Mortgage$11,431 $10,822 $12,767 $13,080 $15,703 
Commercial6,825 2,426 7,781 6,128 3,653 
Consumer14,281 13,485 13,102 10,901 11,366 
Auto170,013 (a)161,025 152,817 126,704 147,681 
Total $202,550 $187,758 $186,467 $156,813 $178,403 
Early Delinquency Rates (30 - 89 days past due)     
Mortgage1.82 %1.75 %2.13 %2.14 %2.50 %
Commercial0.23 %0.08 %0.26 %0.21 %0.12 %
Consumer2.14 %2.03 %2.04 %1.74 %1.83 %
Auto6.67 %(a)6.48 %6.30 %5.42 %6.50 %
Total2.95 %2.78 %2.81 %2.41 %2.76 %
Total Delinquency (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation$22,840 $22,954 $23,443 $25,985 $27,859 
GNMA's buy-back option program(22)48,586 41,801 19,008 18,509 19,401 
Total mortgage71,426 64,755 42,451 44,494 47,260 
Commercial20,193 17,460 17,703 14,171 14,298 
Consumer18,471 17,094 16,405 14,760 14,742 
Auto190,068 (a)178,003 169,506 141,220 166,737 
Total$300,158 $277,312 $246,065 $214,645 $243,037 
Total Delinquency Rates (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation3.63 %3.71 %3.91 %4.26 %4.43 %
GNMA's buy-back option program(22)7.73 %6.75 %3.17 %3.03 %3.08 %
Total mortgage11.36 %10.46 %7.07 %7.29 %7.51 %
Commercial0.67 %0.58 %0.60 %0.49 %0.49 %
Consumer2.77 %2.58 %2.55 %2.35 %2.38 %
Auto7.46 %(a)7.17 %6.98 %6.04 %7.34 %
Total4.38 %4.10 %3.71 %3.30 %3.76 %
Nonperforming Assets(14)
Mortgage$16,928 $18,723 $17,325 $19,044 $20,007 
Commercial38,913 36,099 34,477 33,794 36,096 
Consumer4,207 3,627 3,329 3,893 3,376 
Auto20,055 (a)16,978 16,689 14,516 19,056 
Total nonperforming loans80,103 75,427 71,820 71,247 78,535 
Foreclosed real estate4,002 4,419 6,526 10,850 10,780 
Other repossessed assets6,595 6,969 5,713 6,844 4,032 
Total nonperforming assets$90,700 $86,815 $84,059 $88,941 $93,347 
Nonperforming Loan Rates     
Mortgage2.69 %3.02 %2.89 %3.12 %3.18 %
Commercial1.29 %1.20 %1.17 %1.16 %1.23 %
Consumer0.63 %0.55 %0.52 %0.62 %0.54 %
Auto0.79 %0.68 %0.69 %0.62 %0.84 %
Total loans1.17 %1.11 %1.08 %1.10 %1.22 %

(a) Refer to “(a)” in Table 1-1.
(a)Refer to “(b)” in Table 1-1.
12

OFG Bancorp (NYSE: OFG)
Table 6-3: Loan Information and Performance Statistics
 20242024202420242023
(Dollars in thousands) (unaudited) Q4Q3Q2Q1Q4
Nonperforming PCD Loans(14)
Mortgage $239 $241 $244 $247 $250 
Commercial 2,641 3,920 4,748 5,969 6,424 
Total nonperforming loans $2,880 $4,161 $4,992 $6,216 $6,674 
Nonperforming PCD Loan Rates      
Mortgage 0.03 %0.03 %0.03 %0.03 %0.03 %
Commercial 2.98 %3.29 %3.69 %4.52 %4.74 %
Total 0.31 %0.42 %0.49 %0.60 %0.62 %
Total PCD Loans Held for Investment     
Mortgage $841,964 $864,491 $885,096 $909,106 $933,362 
Commercial 88,729 119,029 128,584 132,035 135,447 
Consumer 598 560 605 544 552 
Auto460 664 951 1,358 1,891 
Total loans $931,751 $984,744 $1,015,236 $1,043,043 $1,071,252 
 20242024202420242023
(Dollars in thousands) (unaudited) Q4Q3Q2Q1Q4
Total Nonperforming Loans(14)     
Mortgage $17,167 $18,964 $17,569 $19,291 $20,257 
Commercial 41,554 40,019 39,225 39,763 42,520 
Consumer 4,207 3,627 3,329 3,893 3,376 
Auto 20,055 
(a)
16,978 16,689 14,516 19,056 
Total nonperforming loans $82,983 $79,588 $76,812 $77,463 $85,209 
Total Nonperforming Loan Rates 
Mortgage 1.17 %1.28 %1.18 %1.27 %1.30 %
Commercial 1.34 %1.28 %1.27 %1.30 %1.38 %
Consumer 0.63 %0.55 %0.52 %0.62 %0.54 %
Auto 0.79 %
(a)
0.68 %0.69 %0.62 %0.84 %
Total 1.06 %1.03 %1.01 %1.03 %1.13 %
Total Loans Held for Investment     
Mortgage $1,470,817 $1,483,612 $1,485,127 $1,519,045 $1,562,609 
Commercial 3,103,091 3,118,381 3,082,363 3,051,448 3,076,903 
Consumer 668,561 664,308 644,177 627,980 620,446 
Auto 2,549,493 2,484,275 2,428,040 2,341,194 2,274,421 
Total loans $7,791,962 $7,750,576 $7,639,707 $7,539,667 $7,534,379 
(a) Refer to “(a)” in Table 1-1.



13

OFG Bancorp (NYSE: OFG)
Table 7: Allowance for Credit Losses
Quarter Ended December 31, 2024
(Dollars in thousands) (unaudited)MortgageCommercialConsumerAutoTotal
Allowance for credit losses Non-PCD:     
Balance at beginning of period$6,890 $36,077 $31,303 $80,863 $155,133 
(Recapture of) provision for credit losses(661)9,384 6,965 17,185 
(a)
32,873 
Charge-offs(24)(1,028)(8,242)(18,503)(27,797)
Recoveries190 381 1,792 
(b)
8,137 
(b)
10,500 
Balance at end of period$6,395 $44,814 $31,818 $87,682 $170,709 
Allowance for credit losses PCD:
Balance at beginning of period$5,402 $947 $11 $7 $6,367 
Recapture of credit losses(1,233)(1,312)(13)(90)(2,648)
Charge-offs— (39)— (1)(40)
Recoveries345 1,026 13 91 1,475 
Balance at end of period$4,514 $622 $11 $7 $5,154 
Allowance for credit losses summary:
Balance at beginning of period$12,292 $37,024 $31,314 $80,870 $161,500 
(Recapture of) provision for credit losses(1,894)8,072 6,952 17,095 
(a)
30,225 
Charge-offs(24)(1,067)(8,242)(18,504)(27,837)
Recoveries535 1,407 1,805 
(b)
8,228 
(b)
11,975 
Balance at end of period$10,909 $45,436 $31,829 $87,689 $175,863 
Allowance coverage ratio0.74 %1.46 %4.76 %3.44 %2.26 %
(a) Refer to “(a)” in Table 1-1.
(b) Refer to “(c)” in Table 1-1.


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.
20242024202420242023
(Dollars in thousands) (unaudited)Q4Q3Q2Q1Q4
Stockholders' Equity to Non-GAAP Tangible Common Equity
Total stockholders' equity$1,254,371 $1,318,132 $1,227,702 $1,215,653 $1,193,480 
Less:  Intangible assets(99,023)(100,501)(101,979)(103,457)(104,935)
Tangible common equity$1,155,348 $1,217,631$1,125,723$1,112,196$1,088,545
     
Common shares outstanding at end of period45,440 46,559 46,562 47,217 47,065 
Tangible book value per common share (Non-GAAP)$25.43 $26.15 $24.18 $23.55 $23.13 
Total Assets to Tangible Assets     
Total assets  $11,500,734 $11,461,382 $11,259,085 $11,159,235 $11,344,453 
Less:  Intangible assets(99,023)(100,501)(101,979)(103,457)(104,935)
Tangible assets (Non-GAAP)$11,401,711 $11,360,881 $11,157,106 $11,055,778 $11,239,518 
Non-GAAP TCE Ratio     
Tangible common equity$1,155,348 $1,217,631$1,125,723$1,112,196$1,088,545
Tangible assets11,401,711 11,360,881 11,157,106 11,055,778 11,239,518 
TCE ratio10.13 %10.72 %10.09 %10.06 %9.68 %
Average Equity to Non-GAAP Average Tangible Common Equity
Average total stockholders' equity$1,304,779 $1,280,760 $1,223,669 $1,213,469 $1,128,747 
Less:  Average intangible assets(99,558)(101,042)(102,499)(103,988)(105,560)
Average tangible common equity$1,205,221 $1,179,718$1,121,170$1,109,481$1,023,187



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 202420242023
(Dollars in thousands) (unaudited)Q4Q3 Q2Q1Q4
Regulatory Capital Metrics      
Common equity Tier 1 capital$1,256,906$1,260,944$1,223,031$1,205,231$1,174,205
Tier 1 capital1,256,9061,260,9441,223,0311,205,2311,174,205
Total risk-based capital(15)1,367,6921,371,0411,330,4741,309,8931,278,537
Risk-weighted assets8,812,4228,772,2078,561,5498,338,1688,317,802
Regulatory Capital Ratios
Common equity Tier 1 capital ratio(16)14.26 %14.37 %14.29 %14.45 %14.12 %
Tier 1 risk-based capital ratio(17)14.26 %14.37 %14.29 %14.45 %14.12 %
Total risk-based capital ratio(18)15.52 %15.63 %15.54 %15.71 %15.37 %
Leverage ratio(19)10.93 %11.12 %10.86 %10.76 %11.03 %
 
Common Equity Tier 1 Capital Ratio Under Basel III Standardized Approach
Total stockholders' equity$1,254,371$1,318,132 $1,227,702 $1,215,653 $1,193,480 
Plus: CECL transition adjustment(20)6,8526,8526,8526,85213,704
Plus: Unrealized losses on available-for-sale securities, net of
                    income tax		89,83932,99086,49481,73167,013
Total adjusted stockholders’equity1,351,0621,357,9741,321,0481,304,2361,274,197
Less: Disallowed goodwill(82,355)(84,241)(84,241)(84,241)(84,241)
  Disallowed other intangible assets, net(11,801)(12,789)(13,776)(14,764)(15,751)
  Disallowed deferred tax assets, net—————
Common equity Tier 1 capital and Tier 1 capital1,256,9061,260,9441,223,0311,205,2311,174,205
Plus Tier 2 capital:  Qualifying allowance for credit losses110,786110,097107,443104,662104,332
Total risk-based capital$1,367,692$1,371,041 $1,330,474 $1,309,893 $1,278,537 



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
v3.24.4
Cover page
Jan. 22, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 22, 2025
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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