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0001030469FALSE00010304692024-04-182024-04-18

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): April 18, 2024
________________
OFG BANCORP
(Exact name of registrant as specified in its charter)
________________

    Commonwealth of Puerto Rico
 001-12647 66-0538893
(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 class Trading Symbol(s) Name of each exchange on which registered
Common shares, par value $1.00 per share OFG New 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 April 18, 2024, OFG Bancorp (the “Company”) announced the results for the quarter ended March 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: April 18, 2024
 By: /s/ Maritza Arizmendi
Maritza Arizmendi
Chief Financial Officer

EX-99 2 ofg-20241qxexx99.htm EX-99 Document

Exhibit 99
ofgbancorplogo.jpg
OFG Bancorp Reports 1Q24 Results
SAN JUAN, Puerto Rico, April 18, 2024 – OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, today reported results for the first quarter ended March 31, 2024. EPS diluted of $1.05 compared to $0.98 in 4Q23 and $0.96 in 1Q23. Total core revenues of $174.2 million compared to $175.6 million in 4Q23 and $164.4 million in 1Q23.

CEO Comment

José Rafael Fernández, Chief Executive Officer, said: “First quarter EPS-diluted increased 9.4% year-over-year on a 5.9% increase in total core revenues, reflecting an overall solid performance across all businesses in line with our plans. Our Digital First strategy continues to drive customer acquisition and engagement. Puerto Rico business activity and consumer liquidity looks good. Our balance sheet is well positioned for a higher for longer interest rate environment. Thanks to our team members for their hard work and commitment to helping our customers and communities achieve progress.”

1Q24 Highlights
Performance Metrics: Net interest margin of 5.40%, return on average assets of 1.77%, return on average tangible common stockholders’ equity of 17.92%, and efficiency ratio of 52.49%.

Total Interest Income of $183.4 million compared to $176.2 million in 4Q23 and $149.0 million in 1Q23. Compared to 4Q23, 1Q24 primarily reflected higher average balances and yields on investment securities, cash and loans. 1Q24 included one fewer day than 4Q23, which reduced interest income by about $1.4 million.

Total Interest Expense of $39.3 million compared to $32.7 million in 4Q23 and $13.1 million in 1Q23. Compared to the previous quarter, 1Q24 core deposit average balances increased 10% and the cost increased 40 basis points reflecting the full effect of the $1.2B in government funds deposited late in 4Q23.

Total Banking & Financial Service Revenues of $30.1 million compared to $32.1 million in 4Q23 and $28.5 million in 1Q23. 1Q24 reflected one fewer day compared to 4Q23, which included $2.5 million of annual insurance recognition.

Pre-Provision Net Revenues of $83.0 million compared to $88.2 million in 4Q23 and $74.6 million in 1Q23. 4Q23 included $8.8 million from a gain on the sale of nonperforming commercial loans and from annual insurance recognition revenues.

Total Provision for Credit Losses of $15.1 million compared to $19.7 million in 4Q23 and $9.4 million in 1Q23. 1Q24 provision reflected $15.1 million related to loan volume and $1.7 million as a result of the strategic sale of a performing U.S. commercial loan. This was partially offset by $1.7 million mainly due to a reduction in specific reserves for payments received on substantially reserved U.S. commercial loans.



Credit Quality: Net charge-offs of $19.8 million compared to $16.3 million in 4Q23 and $10.1 million in 1Q23. 1Q24 included $3.5 million from previously and fully reserved nonperforming PPP loans. 1Q24 early and total delinquency rates were 2.41% and 3.30%, respectively, lower than 4Q23 and pre-pandemic levels. The nonperforming loan rate of 1.10% was the lowest over the last five quarters.

Total Non-Interest Expense of $91.4 million compared to $94.1 million in 4Q23 and $90.2 million in 1Q23. 1Q24 included a higher level of FICA payments compared to 4Q23, which included $3.2 million in workforce early retirement and rightsizing costs.

Effective Tax Rate of 26.8% compared to 31.9% in 4Q23 and 1Q23. 1Q24 reflected 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 $1.1 million discrete benefit for stock vested in 1Q24.

Loans Held for Investment (EOP) of $7.54 billion compared to $7.53 billion in 4Q23 and $6.85 billion in 1Q23. Loans were approximately level with December 31, 2023 balances and up 10.0% year-over-year. Compared to 4Q23, 1Q24 loans reflected increases in retail auto and consumer, partially offset by regular paydowns of residential mortgages and securitization and sale of conforming loans as well as seasonal paydowns of commercial lines of credit.

New Loan Production of $536.6 million compared to $663.9 million in 4Q23 and $561.3 million in 1Q23. Compared to 4Q23, production reflected increased auto and consumer lending and lower commercial and residential mortgage lending.

Total Investments (EOP) of $2.48 billion compared to $2.69 billion in 4Q23 and $1.92 billion in 1Q23. 1Q24 primarily reflected the sale of a Treasury bill position.

Customer Deposits (EOP) of $9.55 billion compared to $9.60 billion in 4Q23 and $8.57 billion in 1Q23.

Total Borrowings & Brokered Deposits (EOP) of $203.3 million compared to $363.0 million in 4Q23 and $226.8 million in 1Q23. Compared to 4Q23, 1Q24 reflected a reduced need for wholesale funding.

Cash & Cash Equivalents (EOP) of $754.4 million compared to $748.2 million in 4Q23 and $847.5 million in 1Q23.

Capital: CET1 ratio was 14.45% compared to 14.12% in 4Q23 and 14.07% in 1Q23. The Tangible Common Equity ratio was 10.06% compared to 9.68% in 4Q23 and 9.85% in 1Q23. Tangible Book Value (TBV) of $23.55 per share compared to $23.13 in 4Q23 and $20.57 in 1Q23. 1Q24 TBV reflected increased retained earnings.

Conference Call, Financial Supplement & Presentation
A conference call to discuss 1Q24 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 225-9448 or (203) 518-9708. Conference ID: OFGQ124. 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 March 31, 2024, and the 1Q24 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. Visit us at www.ofgbancorp.com. 
# # #
Contacts
Puerto Rico & USVI: Idalis Montalvo (idalis.montalvo@orientalbank.com) at (787) 777-2847
(sanreder@ofgbancorp.com) at (212) 532-3232



OFG Bancorp
Financial Supplement
US: Gary Fishman (gfishman@ofgbancorp.com) and Steven Anreder 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 March 31, 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
2023
2023
2023
2023
(Dollars in thousands, except per share data) (unaudited)
Q1
Q4
Q3
Q2
Q1
Statement of Operations
Net interest income   $ 144,102 $ 143,542 $ 141,787 $ 139,644 $ 135,897
Non-interest income, net (core) (1) 30,059 32,061 30,404 30,859 28,531
Total core revenues (2) 174,161 175,603 172,191 170,503 164,428
Non-interest expense   91,412 94,099 90,158 88,888 90,220
Pre-provision net revenues (21) 83,038 88,151 82,328 80,829 74,578
Total provision for credit losses   15,121 19,719 16,430 15,044 9,445
Net income before income taxes   67,917 68,432 65,898 65,785 65,133
Income tax expense   18,225 21,835 21,025 21,612 18,904
Net income available to common stockholders   49,692 46,597 44,873 44,173 46,229
Common Share Statistics            
Earnings per common share - basic (3) $ 1.06 $ 0.99 $ 0.95 $ 0.93 $ 0.97
Earnings per common share - diluted (4) $ 1.05 $ 0.98 $ 0.95 $ 0.93 $ 0.96
Average common shares outstanding   47,096 47,061 47,114 47,266 47,600
Average common shares outstanding and equivalents   47,485 47,386 47,392 47,490 47,944
Cash dividends per common share   $ 0.25 $ 0.22 $ 0.22 $ 0.22 $ 0.22
Book value per common share (period end)   $ 25.75 $ 25.36 $ 23.28 $ 23.36 $ 22.88
Tangible book value per common share (period end) (5) $ 23.55 $ 23.13 $ 21.01 $ 21.06 $ 20.57
Balance Sheet (Average Balances)            
Loans (6) $ 7,541,757 $ 7,417,084 $ 7,191,243 $ 7,002,971 $ 6,866,586
Interest-earning assets   10,739,590 10,129,061 9,702,167 9,492,861 9,359,211
Total assets   11,199,867 10,588,584 10,180,931 10,020,940 9,900,409
Core deposits   9,532,790 8,691,516 8,621,652 8,531,583 8,594,392
Total deposits   9,591,527 8,834,234 8,624,052 8,531,583 8,604,621
Interest-bearing deposits   7,055,207 6,282,916 6,042,165 5,955,611 5,950,481
Borrowings   220,773 459,315 263,981 226,256 64,168
Stockholders' equity   1,213,469 1,128,747 1,127,602 1,108,880 1,077,703
Performance Metrics            
Net interest margin (7) 5.40  % 5.62  % 5.80  % 5.90  % 5.89  %
Return on average assets (8) 1.77  % 1.76  % 1.76  % 1.76  % 1.87  %
Return on average tangible common stockholders' equity (9) 17.92  % 18.22  % 17.59  % 17.67  % 19.13  %
Efficiency ratio (10) 52.49  % 53.59  % 52.36  % 52.13  % 54.87  %
Full-time equivalent employees, period end   2,230  2,248  2,264  2,265  2,249 
Credit Quality Metrics          
Allowance for credit losses $ 156,563 $ 161,106 $ 157,529 $ 159,923 $ 151,884
Allowance as a % of loans held for investment 2.08  % 2.14  % 2.17  % 2.25  % 2.22  %
Net charge-offs $ 19,812 $ 16,282 $ 18,836 $ 6,606 $ 10,120
Net charge-off rate (11) 1.05  % 0.88  % 1.05  % 0.38  % 0.59  %
Early delinquency rate (30 - 89 days past due) 2.41  % 2.76  % 2.75  % 2.53  % 2.11  %
Total delinquency rate (30 days and over) 3.30  % 3.76  % 3.78  % 3.67  % 3.40  %
Capital Ratios (period end) (Non-GAAP) (12)(20)
Leverage ratio 10.76  % 11.03  % 11.03  % 10.85  % 10.75  %
Common equity Tier 1 capital ratio 14.45  % 14.12  % 14.06  % 14.03  % 14.07  %
Tier 1 risk-based capital ratio 14.45  % 14.12  % 14.06  % 14.03  % 14.07  %
Total risk-based capital ratio 15.71  % 15.37  % 15.31  % 15.29  % 15.33  %
Tangible common equity ("TCE") ratio 10.06  % 9.68  % 9.74  % 9.99  % 9.85  %


2

OFG Bancorp (NYSE: OFG)
Table 2-1: Consolidated Statements of Operations
Quarter Ended
(Dollars in thousands, except per share data) (unaudited)   March 31, 2024 December 31, 2023 September 30,
2023		 June 30,
2023		 March 31,
2023
Interest income:  
Loans
Non-PCD loans   $ 132,972  $ 131,167  $ 124,847  $ 116,699  $ 109,330 
PCD loans   16,622  17,609  17,292  18,819  18,981 
Total interest income from loans   149,594  148,776  142,139  135,518  128,311 
Investment securities and cash   33,832  27,423  23,569  22,470  20,674 
Total interest income   183,426  176,199  165,708  157,988  148,985 
Interest expense:
Deposits
Core deposits   35,989  24,753  20,787  15,916  12,489 
Brokered deposits   803  1,980  32  —  8 
Total deposits   36,792  26,733  20,819  15,916  12,497 
Borrowings   2,532  5,924  3,102  2,428  591 
Total interest expense   39,324  32,657  23,921  18,344  13,088 
Net interest income   144,102  143,542  141,787  139,644  135,897 
Provision for credit losses, excluding PCD loans 16,605  20,681  16,648  16,650  8,146 
(Recapture of) provision for credit losses on PCD loans (1,484) (962) (218) (1,606) 1,299 
Total provision for credit losses   15,121  19,719  16,430  15,044  9,445 
Net interest income after provision for credit losses   128,981  123,823  125,357  124,600  126,452 
Non-interest income:            
Banking service revenues   17,259  17,822  17,303  17,440  17,513 
Wealth management revenues   8,107  9,985  7,691  8,194  7,120 
Mortgage banking activities   4,693  4,254  5,410  5,225  3,898 
Total banking and financial service revenues   30,059  32,061  30,404  30,859  28,531 
Other income (loss), net   289  6,647  295  (786) 370 
Total non-interest income, net   30,348  38,708  30,699  30,073  28,901 
Non-interest expense:
Compensation and employee benefits   39,816  41,418  38,095  37,841  38,473 
Occupancy, equipment and infrastructure costs   14,322  15,729  14,887  14,362  14,257 
General and administrative expenses   36,606  35,803  37,203  39,005  36,697 
Foreclosed real estate and other repossessed assets expenses (income), net   668  1,149  (27) (2,320) 793 
Total non-interest expense   91,412  94,099  90,158  88,888  90,220 
Income before income taxes   67,917  68,432  65,898  65,785  65,133 
Income tax expense   18,225  21,835  21,025  21,612  18,904 
Net income available to common shareholders   $ 49,692  $ 46,597  $ 44,873  $ 44,173  $ 46,229 
(
3

OFG Bancorp (NYSE: OFG)
Table 3: Consolidated Statements of Financial Condition
(Dollars in thousands) (unaudited)
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
Cash and cash equivalents $ 754,392  $ 748,173  $ 532,699  $ 798,973  $ 847,494 
Investments:
Trading securities 14  13  14  13  10 
Investment securities available-for-sale, at fair value, no allowance for credit losses for any period
Mortgage-backed securities 1,746,195  1,801,849  1,511,779  1,139,996  1,109,889 
US treasury notes 150,915  296,799  739  748  242,098 
Other investment securities 597  616  635  1,101  1,119 
Total investment securities available-for-sale 1,897,707  2,099,264  1,513,153  1,141,845  1,353,106 
Investment securities held-to-maturity, at amortized cost, no allowance for credit losses for any period
Mortgage-backed securities 309,764  314,710  320,249  326,935  332,852 
US treasury notes 199,727  199,314  198,896  198,478  198,028 
Other investment securities 35,000  35,000  —  —  — 
Total investment securities held-to-maturity 544,491  549,024  519,145  525,413  530,880 
Equity securities 40,162  38,469  42,162  35,946  33,218 
Total investments 2,482,374  2,686,770  2,074,474  1,703,217  1,917,214 
Loans, net 7,411,378  7,401,618  7,130,052  6,988,244  6,735,281 
Other assets:
Prepaid expenses 61,916  62,858  67,191  67,966  59,125 
Deferred tax asset, net 4,379  4,923  11,121  20,306  37,372 
Foreclosed real estate and repossessed properties 17,694  14,812  13,987  14,643  13,813 
Premises and equipment, net 104,980  104,102  103,040  104,166  104,851 
Goodwill 84,241  84,241  84,241  84,241  84,241 
Other intangibles 19,216  20,694  22,419  24,143  25,868 
Right of use assets 21,606  21,725  20,011  21,840  23,897 
Servicing asset 49,553  49,520  50,601  49,966  49,345 
Accounts receivable and other assets 147,506  145,017  147,302  153,842  159,080 
Total assets $ 11,159,235  $ 11,344,453  $ 10,257,138  $ 10,031,547  $ 10,057,581 
Deposits:
Demand deposits $ 6,036,891  $ 6,050,428  $ 4,894,958  $ 5,008,521  $ 5,038,122 
Savings accounts 2,001,770  2,088,102  2,216,162  2,222,326  2,271,774 
Time deposits 1,507,037  1,461,459  1,427,497  1,307,179  1,255,525 
Brokered deposits 2,576  162,180  2,936  —  — 
Total deposits 9,548,274  9,762,169  8,541,553  8,538,026  8,565,421 
Borrowings:          
Securities sold under agreements to repurchase —  —  150,701  —  — 
Advances from FHLB and other borrowings 200,766  200,770  300,774  226,507  226,789 
Total borrowings 200,766  200,770  451,475  226,507  226,789 
Other liabilities:          
Acceptances outstanding 25,826  25,576  30,984  35,945  30,094 
Lease liability 23,969  24,029  22,269  24,031  25,990 
GNMA buy-back option program liability (22) 18,510  19,401  18,227  18,417  26,348 
Deferred tax liability, net
 22,876  22,444  —  —  — 
Accrued expenses and other liabilities 103,361  96,584  97,167  88,870  93,429 
Total liabilities 9,943,582  10,150,973  9,161,675  8,931,796  8,968,071 
Stockholders' equity:
Common stock 59,885  59,885  59,885  59,885  59,885 
Additional paid-in capital 636,208  638,667  637,389  636,051  634,785 
Legal surplus 155,732  150,967  146,774  142,567  138,333 
Retained earnings  672,455  639,324  607,466  577,042  547,641 
Treasury stock, at cost (226,896) (228,350) (228,374) (226,230) (212,794)
Accumulated other comprehensive income (loss), net
 (81,731) (67,013) (127,677) (89,564) (78,340)
Total stockholders' equity 1,215,653  1,193,480  1,095,463  1,099,751  1,089,510 
Total liabilities and stockholders' equity $ 11,159,235  $ 11,344,453  $ 10,257,138  $ 10,031,547  $ 10,057,581 

4

OFG Bancorp (NYSE: OFG)
Table 4-1: Information on Loan Portfolio and Production
(Dollars in thousands) (unaudited)
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
Non-PCD:
Mortgage, excluding GNMA buy-back option program $ 591,430  $ 609,846  $ 630,187  $ 623,138  $ 634,799 
Mortgage GNMA buy-back option program (22) 18,509  19,401  18,227  18,417  26,348 
Commercial PR 2,178,748  2,186,228  1,985,535  1,952,178  1,808,379 
Commercial US 740,665  755,228  707,593  669,332  617,574 
Consumer 627,436  619,894  612,623  593,122  564,365 
Auto 2,339,836  2,272,530  2,208,993  2,124,076  2,034,676 
6,496,624  6,463,127  6,163,158  5,980,263  5,686,141 
Less:  Allowance for credit losses (148,767) (152,610) (148,210) (150,167) (141,385)
Total non-PCD loans held for investment, net 6,347,857  6,310,517  6,014,948  5,830,096  5,544,756 
PCD:
Mortgage 909,106  933,362  955,596  980,833  1,007,751 
Commercial PR 132,035  135,447  139,857  152,888  155,614 
Consumer 544  552  572  568  607 
Auto 1,358  1,891  2,552  3,319  4,367 
1,043,043  1,071,252  1,098,577  1,137,608  1,168,339 
Less:  Allowance for credit losses (7,796) (8,496) (9,319) (9,756) (10,499)
Total PCD loans held for investment, net 1,035,247  1,062,756  1,089,258  1,127,852  1,157,840 
Total loans held for investment 7,383,104  7,373,273  7,104,206  6,957,948  6,702,596 
Mortgage loans held for sale 9,370  —  564  11,397  13,616 
Other loans held for sale 18,904  28,345  25,282  18,899  19,069 
Total loans, net $ 7,411,378  $ 7,401,618  $ 7,130,052  $ 6,988,244  $ 6,735,281 
Loan Portfolio Summary:
Loans held for investment:
Mortgage, excluding GNMA buy-back option program $ 1,500,536  $ 1,543,208  $ 1,585,783  $ 1,603,971  $ 1,642,550 
Mortgage GNMA buy-back option program (22) 18,509  19,401  18,227  18,417  26,348 
Commercial PR 2,310,783  2,321,675  2,125,392  2,105,066  1,963,993 
Commercial US 740,665  755,228  707,593  669,332  617,574 
Consumer 627,980  620,446  613,195  593,690  564,972 
Auto 2,341,194  2,274,421  2,211,545  2,127,395  2,039,043 
7,539,667  7,534,379  7,261,735  7,117,871  6,854,480 
Less:  Allowance for credit losses (156,563) (161,106) (157,529) (159,923) (151,884)
Total loans held for investment, net 7,383,104  7,373,273  7,104,206  6,957,948  6,702,596 
Mortgage loans held for sale 9,370  —  564  11,397  13,616 
Other loans held for sale 18,904  28,345  25,282  18,899  19,069 
Total loans, net $ 7,411,378  $ 7,401,618  $ 7,130,052  $ 6,988,244  $ 6,735,281 
5

OFG Bancorp (NYSE: OFG)
Table 4-2: Information on Loan Portfolio and Production
    Quarter Ended
(Dollars in thousands) (unaudited)
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
Loan production (13)
Mortgage   $ 32,180  $ 33,332  $ 33,346  $ 35,932  $ 30,344 
Commercial PR   186,412  285,517  150,105  210,746  98,300 
Commercial US   17,106  57,442  70,311  111,817  124,074 
Consumer   68,591  63,785  76,465  87,062  86,284 
Auto   232,314  223,780  237,290  236,283  222,325 
Total   $ 536,603  $ 663,856  $ 567,517  $ 681,840  $ 561,327 
6

OFG Bancorp (NYSE: OFG)
Table 5-1: Average Balances, Net Interest Income and Net Interest Margin
2024 Q1
2023 Q4
2023 Q3
2023 Q2
2023 Q1
(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 $ 600,291  $ 7,996  5.36  % $ 517,025  $ 6,906  5.30  % $ 680,864  $ 9,025  5.26  % $ 693,373  $ 9,029  5.22  % $ 552,635  $ 6,445  4.73  %
Investment securities 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  % 1,939,990  14,229  2.93  %
Loans held for investment
Non-PCD loans 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  % 5,670,966  109,330  7.82  %
PCD loans 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  % 1,195,620  18,981  6.35  %
Total loans 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  % 6,866,586  128,311  7.58  %
Total interest-earning assets $ 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  % $ 9,359,211  $ 148,985  6.46  %
Interest bearing liabilities:                    
Deposits                    
NOW accounts $ 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  % $ 2,497,917  $ 4,212  0.68  %
Savings accounts 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  % 2,232,903  3,135  0.57  %
Time deposits 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  % 1,209,432  3,821  1.28  %
Brokered deposits 58,737  803  5.50  % 142,718  1,980  5.50  % 2,400  32  5.30  % —  —  —  % 10,229  8  0.30  %
  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  % 5,950,481  11,176  0.76  %
Non-interest bearing deposit accounts 2,536,320  —  —  2,551,318  —  —  2,581,887  —  —  2,575,972  —  —  2,654,140  —  — 
Fair value premium and core deposit intangible amortization —  1,132  —  —  1,321  —  —  1,321  —  —  1,321  —  —  1,321  — 
Total deposits 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  % 8,604,621  12,497  0.59  %
Borrowings
Securities sold under agreements to repurchase —  —  —  % 183,858  2,578  5.56  % 52,365  728  5.52  % —  —  —  % —  —  —  %
Advances from FHLB and other borrowings 220,773  2,532  4.61  % 275,457  3,346  4.82  % 211,616  2,374  4.45  % 226,256  2,428  4.30  % 64,168  591  3.74  %
Total borrowings 220,773  2,532  4.61  % 459,315  5,924  5.12  % 263,981  3,102  4.66  % 226,256  2,428  4.30  % 64,168  591  3.74  %
Total interest-bearing liabilities $ 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  % $ 8,668,789  $ 13,088  0.61  %
Interest rate spread   $ 144,102  5.26  %   $ 143,542  5.51  %   $ 141,787  5.71  %   $ 139,644  5.84  %   $ 135,897  5.85  %
Net interest margin     5.40  %     5.62  %     5.80  %     5.90  %     5.89  %
Core deposits: (Non-GAAP)                              
NOW accounts $ 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  % $ 2,497,917  $ 4,212  0.68  %
Savings accounts 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  % 2,232,903  3,135  0.57  %
Time deposits 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  % 1,209,432  3,821  1.28  %
  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  % 5,940,252  11,168  0.76  %
Non-interest bearing deposit accounts 2,536,320  —  —  2,551,318  —  —  2,581,887  —  —  2,575,972  —  —  2,654,140  —  — 
Total core deposits $ 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  % $ 8,594,392  $ 11,168  0.53  %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
 $ 220,773  $ 2,532  4.61  % $ 459,315  $ 5,924  5.12  % $ 263,981  $ 3,102  4.66  % $ 226,256  $ 2,428  4.30  % $ 64,168  $ 591  3.74  %
Brokered deposits
 58,737  803  5.50  % 142,718  1,980  5.50  % 2,400  32  5.30  % —  —  —  % 10,229  8  0.30  %
Total borrowings and brokered deposits
 $ 279,510  $ 3,335  4.80  % $ 602,033  $ 7,904  5.21  % $ 266,381  $ 3,134  4.67  % $ 226,256  $ 2,428  4.30  % $ 74,397  $ 599  3.27  %
7

OFG Bancorp (NYSE: OFG)
Table 6-1: Loan Information and Performance Statistics
2024 2023 2023 2023 2023
(Dollars in thousands) (unaudited) Q1 Q4 Q3 Q2 Q1
Net Charge-offs
Non-PCD
Mortgage:
Charge-offs $ 64  $ 150  $ 218  $ 191  $ 200 
Recoveries (267) (483) (185) (333) (216)
Total mortgage (203) (333) 33  (142) (16)
Commercial PR:
Charge-offs 3,567  377  1,404  523  1,375 
Recoveries (52) (114) (156) (237) (326)
Total commercial PR 3,515  263  1,248  286  1,049 
Commercial US:
Charge-offs 1,749  689  6,850  2,973  — 
Recoveries —  (23) (18) —  — 
Total commercial US 1,749  666  6,832  2,973  — 
Consumer:          
Charge-offs 7,981  6,799  5,894  5,518  5,444 
Recoveries (693) (650) (655) (2,003) (867)
Total consumer 7,288  6,149  5,239  3,515  4,577 
Auto:          
Charge-offs 14,218  14,658  10,458  9,170  9,478 
Recoveries (5,971) (4,982) (5,193) (8,332) (6,600)
Total auto 8,247  9,676  5,265  838  2,878 
Total $ 20,596  $ 16,421  $ 18,617  $ 7,470  $ 8,488 
PCD
Mortgage:
Charge-offs $ 83  $ 94  $ 148  $ 1  $ 74 
Recoveries (638) (111) (80) (260) (247)
Total mortgage (555) (17) 68  (259) (173)
Commercial PR:          
Charge-offs —  —  690  —  2,104 
Recoveries (157) (315) (494) (319) (490)
Total commercial PR (157) (315) 196  (319) 1,614 
Consumer:          
Charge-offs —  244  39  123  215 
Recoveries (23) (19) (23) (43) (11)
Total consumer (23) 225  16  80  204 
Auto:          
Charge-offs 9  12  37  35  86 
Recoveries (58) (44) (98) (401) (99)
Total auto (49) (32) (61) (366) (13)
Total $ (784) $ (139) $ 219  $ (864) $ 1,632 
Total Net Charge-offs $ 19,812  $ 16,282  $ 18,836  $ 6,606  $ 10,120 
Net Charge-off Rates          
Mortgage -0.20  % -0.09  % 0.03  % -0.10  % -0.05  %
Commercial PR 0.58  % -0.01  % 0.27  % -0.01  % 0.54  %
Commercial US 0.92  % 0.36  % 3.96  % 1.81  % —  %
Consumer 4.45  % 3.95  % 3.33  % 2.37  % 3.30  %
Auto 1.42  % 1.72  % 0.96  % 0.09  % 0.57  %
Total 1.05  % 0.88  % 1.05  % 0.38  % 0.59  %
Average Loans Held For Investment          
Mortgage $ 1,511,281  $ 1,562,135  $ 1,576,637  $ 1,616,873  $ 1,653,423 
Commercial PR 2,312,561  2,230,342  2,122,169  2,040,547  1,985,001 
Commercial US 756,409  736,640  690,105  657,439  642,609 
Consumer 652,843  644,834  630,492  606,842  579,467 
Auto 2,308,663  2,243,133  2,171,840  2,081,270  2,006,086 
Total $ 7,541,757  $ 7,417,084  $ 7,191,243  $ 7,002,971  $ 6,866,586 
8



OFG Bancorp (NYSE: OFG)
Table 6-2: Loan Information and Performance Statistics (Excludes PCD Loans)
2024 2023 2023 2023 2023
(Dollars in thousands) (unaudited) Q1 Q4 Q3 Q2 Q1
Early Delinquency (30 - 89 days past due)          
Mortgage $ 13,080  $ 15,703  $ 14,380  $ 13,976  $ 11,417 
Commercial 6,128  3,653  5,666  11,668  3,898 
Consumer 10,901  11,366  10,160  8,188  8,478 
Auto 126,704  147,681  139,278  117,237  96,294 
Total  $ 156,813  $ 178,403  $ 169,484  $ 151,069  $ 120,087 
Early Delinquency Rates (30 - 89 days past due)          
Mortgage 2.14  % 2.50  % 2.22  % 2.18  % 1.73  %
Commercial 0.21  % 0.12  % 0.21  % 0.45  % 0.16  %
Consumer 1.74  % 1.83  % 1.66  % 1.38  % 1.50  %
Auto 5.42  % 6.50  % 6.31  % 5.52  % 4.73  %
Total 2.41  % 2.76  % 2.75  % 2.53  % 2.11  %
Total Delinquency (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation $ 25,985  $ 27,859  $ 30,661  $ 31,189  $ 32,084 
GNMA's buy-back option program (22) 18,509  19,401  18,227  18,418  26,348 
Total mortgage 44,494  47,260  48,888  49,607  58,432 
Commercial 14,171  14,298  15,109  28,643  12,881 
Consumer 14,760  14,742  13,422  11,026  11,402 
Auto 141,220  166,737  155,579  130,367  110,749 
Total $ 214,645  $ 243,037  $ 232,998  $ 219,643  $ 193,464 
Total Delinquency Rates (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation 4.26  % 4.43  % 4.73  % 4.86  % 4.85  %
GNMA's buy-back option program (22) 3.03  % 3.08  % 2.81  % 2.87  % 3.99  %
Total mortgage 7.29  % 7.51  % 7.54  % 7.73  % 8.84  %
Commercial 0.49  % 0.49  % 0.56  % 1.09  % 0.53  %
Consumer 2.35  % 2.38  % 2.19  % 1.86  % 2.02  %
Auto 6.04  % 7.34  % 7.04  % 6.14  % 5.44  %
Total 3.30  % 3.76  % 3.78  % 3.67  % 3.40  %
Nonperforming Assets (14)
Mortgage $ 19,044  $ 20,007  $ 25,354  $ 27,600  $ 30,641 
Commercial 33,794  36,096  36,649  43,188  27,025 
Consumer 3,893  3,376  3,359  2,907  2,979 
Auto 14,516  19,056  16,301  13,130  14,455 
Total nonperforming loans 71,247  78,535  81,663  86,825  75,100 
Foreclosed real estate 10,850  11,348  10,639  10,639  9,250 
Other repossessed assets 6,844  7,042  4,004  4,004  4,563 
Total nonperforming assets $ 88,941  $ 96,925  $ 96,306  $ 101,468  $ 88,913 
Nonperforming Loan Rates          
Mortgage 3.12  % 3.18  % 3.91  % 4.30  % 4.63  %
Commercial 1.16  % 1.23  % 1.36  % 1.65  % 1.11  %
Consumer 0.62  % 0.54  % 0.55  % 0.49  % 0.53  %
Auto 0.62  % 0.84  % 0.74  % 0.62  % 0.71  %
Total loans 1.10  % 1.22  % 1.33  % 1.45  % 1.32  %

9

OFG Bancorp (NYSE: OFG)
Table 6-3: Loan Information and Performance Statistics
  2024 2023 2023 2023 2023
(Dollars in thousands) (unaudited)   Q1 Q4 Q3 Q2 Q1
Nonperforming PCD Loans (14)
Mortgage   $ 247  $ 250  $ 253  $ 256  $ 258 
Commercial   5,969  6,424  6,688  8,104  8,446 
Consumer   —  —  7  —  — 
Total nonperforming loans   $ 6,216  $ 6,674  $ 6,948  $ 8,360  $ 8,704 
Nonperforming PCD Loan Rates            
Mortgage   0.03  % 0.03  % 0.03  % 0.03  % 0.03  %
Commercial   4.52  % 4.74  % 4.78  % 5.30  % 5.43  %
Consumer   0.00  % 0.00  % 1.22  % 0.00  % 0.00  %
Total   0.60  % 0.62  % 0.63  % 0.73  % 0.74  %
Total PCD Loans Held for Investment          
Mortgage   $ 909,106  $ 933,362  $ 955,596  $ 980,833  $ 1,007,751 
Commercial   132,035  135,447  139,857  152,888  155,614 
Consumer   544  552  572  568  607 
Auto 1,358  1,891  2,552  3,319  4,367 
Total loans   $ 1,043,043  $ 1,071,252  $ 1,098,577  $ 1,137,608  $ 1,168,339 
  2024 2023 2023 2023 2023
(Dollars in thousands) (unaudited)   Q1 Q4 Q3 Q2 Q1
Total Nonperforming Loans (14)          
Mortgage   $ 19,291  $ 20,257  $ 25,607  $ 27,856  $ 30,899 
Commercial   39,763  42,520  43,337  51,292  35,471 
Consumer   3,893  3,376  3,366  2,907  2,979 
Auto   14,516  19,056  16,301  13,130  14,455 
Total nonperforming loans   $ 77,463  $ 85,209  $ 88,611  $ 95,185  $ 83,804 
Total Nonperforming Loan Rates  
Mortgage   1.27  % 1.30  % 1.60  % 1.72  % 1.85  %
Commercial   1.30  % 1.38  % 1.53  % 1.85  % 1.37  %
Consumer   0.62  % 0.54  % 0.55  % 0.49  % 0.53  %
Auto   0.62  % 0.84  % 0.74  % 0.62  % 0.71  %
Total   1.03  % 1.13  % 1.22  % 1.34  % 1.22  %
Total Loans Held for Investment          
Mortgage   $ 1,519,045  $ 1,562,609  $ 1,604,010  $ 1,622,388  $ 1,668,898 
Commercial   3,051,448  3,076,903  2,832,985  2,774,398  2,581,567 
Consumer   627,980  620,446  613,195  593,690  564,972 
Auto   2,341,194  2,274,421  2,211,545  2,127,395  2,039,043 
Total loans   $ 7,539,667  $ 7,534,379  $ 7,261,735  $ 7,117,871  $ 6,854,480 


10

OFG Bancorp (NYSE: OFG)
Table 7: Allowance for Credit Losses
Quarter Ended March 31, 2024
(Dollars in thousands) (unaudited) Mortgage Commercial Consumer Auto Total
Allowance for credit losses Non-PCD:          
Balance at beginning of period $ 7,998  $ 44,041  $ 27,086  $ 73,485  $ 152,610 
(Recapture of) provision for credit losses (574) (1,406) 7,655  11,078  16,753 
Charge-offs (64) (5,316) (7,981) (14,218) (27,579)
Recoveries 267  52  693  5,971  6,983 
Balance at end of period $ 7,627  $ 37,371  $ 27,453  $ 76,316  $ 148,767 
Allowance for credit losses PCD:
Balance at beginning of period $ 7,351  $ 1,113  $ 7  $ 25  $ 8,496 
Recapture of credit losses (1,268) (137) (23) (56) (1,484)
Charge-offs (83) —  —  (9) (92)
Recoveries 638  157  23  58  876 
Balance at end of period $ 6,638  $ 1,133  $ 7  $ 18  $ 7,796 
Allowance for credit losses summary:
Balance at beginning of period $ 15,349  $ 45,154  $ 27,093  $ 73,510  $ 161,106 
(Recapture of) provision for credit losses (1,842) (1,543) 7,632  11,022  15,269 
Charge-offs (147) (5,316) (7,981) (14,227) (27,671)
Recoveries 905  209  716  6,029  7,859 
Balance at end of period $ 14,265  $ 38,504  $ 27,460  $ 76,334  $ 156,563 
Allowance coverage ratio 0.94  % 1.26  % 4.37  % 3.26  % 2.08  %


11

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.
2024 2023 2023 2023 2023
(Dollars in thousands) (unaudited) Q1 Q4 Q3 Q2 Q1
Stockholders' Equity to Non-GAAP Tangible Common Equity
Total stockholders' equity $ 1,215,653  $ 1,193,480  $ 1,095,463  $ 1,099,751  $ 1,089,510 
Less:  Intangible assets (103,457) (104,935) (106,660) (108,384) (110,109)
Tangible common equity $ 1,112,196  $ 1,088,545 $ 988,803 $ 991,367 $ 979,401
         
Common shares outstanding at end of period 47,217  47,065  47,058  47,076  47,611 
Tangible book value per common share (Non-GAAP) $ 23.55  $ 23.13  $ 21.01  $ 21.06  $ 20.57 
Total Assets to Tangible Assets          
Total assets   $ 11,159,235  $ 11,344,453  $ 10,257,138  $ 10,031,547  $ 10,057,581 
Less:  Intangible assets (103,457) (104,935) (106,660) (108,384) (110,109)
Tangible assets (Non-GAAP) $ 11,055,778  $ 11,239,518  $ 10,150,478  $ 9,923,163  $ 9,947,472 
Non-GAAP TCE Ratio          
Tangible common equity $ 1,112,196  $ 1,088,545 $ 988,803 $ 991,367 $ 979,401
Tangible assets 11,055,778  11,239,518  10,150,478  9,923,163  9,947,472 
TCE ratio 10.06  % 9.68  % 9.74  % 9.99  % 9.85  %
Average Equity to Non-GAAP Average Tangible Common Equity
Average total stockholders' equity $ 1,213,469  $ 1,128,747  $ 1,127,602  $ 1,108,880  $ 1,077,703 
Less:  Average intangible assets (103,988) (105,560) (107,291) (109,130) (110,888)
Average tangible common equity $ 1,109,481  $ 1,023,187 $ 1,020,311 $ 999,750 $ 966,815



12

OFG Bancorp (NYSE: OFG)
Table 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures (Continued)
BASEL III
Standardized
2024 2023   2023 2023 2023
(Dollars in thousands) (unaudited) Q1 Q4   Q3 Q2 Q1
Regulatory Capital Metrics            
Common equity Tier 1 capital $ 1,205,231 $ 1,174,205 $ 1,124,599 $ 1,086,587 $ 1,063,919
Tier 1 capital 1,205,231 1,174,205 1,124,599 1,086,587 1,063,919
Total risk-based capital (15) 1,309,893 1,278,537 1,224,963 1,183,793 1,158,744
Risk-weighted assets 8,338,168 8,317,802 8,000,711 7,742,933 7,559,166
Regulatory Capital Ratios
Common equity Tier 1 capital ratio (16) 14.45  % 14.12  % 14.06  % 14.03  % 14.07  %
Tier 1 risk-based capital ratio (17) 14.45  % 14.12  % 14.06  % 14.03  % 14.07  %
Total risk-based capital ratio (18) 15.71  % 15.37  % 15.31  % 15.29  % 15.33  %
Leverage ratio (19) 10.76  % 11.03  % 11.03  % 10.85  % 10.75  %
 
Common Equity Tier 1 Capital Ratio Under Basel III Standardized Approach
Total stockholders' equity $ 1,215,653 $ 1,193,480  $ 1,095,463  $ 1,099,751  $ 1,089,510 
Plus: CECL transition adjustment (20) 6,852 13,704 13,704 13,704 13,704
Plus (Less): Unrealized losses on available-for-sale securities, net of
                    income tax		 81,731 67,013 127,677 89,639 78,512
           Unrealized (gains) losses on cash flow hedges, net of
           income tax		 — — — (75) (172)
Total adjusted stockholders’equity 1,304,236 1,274,197 1,236,844 1,203,019 1,181,554
Less: Disallowed goodwill (84,241) (84,241) (84,241) (84,241) (84,241)
  Disallowed other intangible assets, net (14,764) (15,751) (16,883) (18,015) (19,147)
  Disallowed deferred tax assets, net — — (11,121) (14,176) (14,247)
Common equity Tier 1 capital and Tier 1 capital 1,205,231 1,174,205 1,124,599 1,086,587 1,063,919
Plus Tier 2 capital:  Qualifying allowance for credit losses 104,662 104,332 100,364 97,206 94,825
Total risk-based capital $ 1,309,893 $ 1,278,537  $ 1,224,963  $ 1,183,793  $ 1,158,744 



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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.
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