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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
 001-12647 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 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

EX-99 2 ofg-20244qxexx99.htm EX-99 Document



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 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.
3


OFG Bancorp
Financial Supplement
4

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) 32,766 26,271 32,085 30,059 32,061
Total core revenues (2) 181,904 174,146 179,410 174,161 175,603
Non-interest expense   99,718 91,600 92,960 91,412 94,099
Pre-provision net revenues (21) 82,977 83,143 86,841 83,038 88,151
Total provision for credit losses   30,190
(a)
 21,359 15,581 15,121 19,719
Net income before income taxes   52,787 61,784 71,260 67,917 68,432
Income tax expense   2,440
(b)
 14,784 20,129 18,225 21,835
Net income available to common stockholders   50,347 47,000 51,131 49,692 46,597
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   45,946 46,560 46,952 47,096 47,061
Average common shares outstanding and equivalents   46,248 46,846 47,131 47,343 47,386
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   10,981,886 10,837,380 10,758,623 10,739,590 10,129,061
Total assets   11,523,140 11,347,795 11,233,202 11,199,867 10,588,584
Core deposits   9,555,213 9,588,752 9,599,842 9,532,790 8,691,516
Total deposits   9,651,748 9,609,820 9,601,408 9,591,527 8,834,234
Interest-bearing deposits   7,107,550 7,042,467 7,023,192 7,055,207 6,282,916
Borrowings   329,231 241,062 219,903 220,773 459,315
Stockholders' equity   1,304,779 1,280,760 1,223,669 1,213,469 1,128,747
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 investment 2.26  %
(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 ratio 10.93  % 11.12  % 10.86  % 10.76  % 11.03  %
Common equity Tier 1 capital ratio 14.26  % 14.37  % 14.29  % 14.45  % 14.12  %
Tier 1 risk-based capital ratio 14.26  % 14.37  % 14.29  % 14.45  % 14.12  %
Total risk-based capital ratio 15.52  % 15.63  % 15.54  % 15.71  % 15.37  %
Tangible common equity ("TCE") ratio 10.13  % 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) YTD YTD
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 expense 375,690  363,365 
Pre-provision net revenues (21) 335,999  325,886 
Total provision for credit losses 82,251  60,638 
(a)
Net income before income taxes 253,748  265,248 
Income tax expense 55,578  83,376 
(b)
Net income available to common stockholders 198,170  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 outstanding 46,637  47,258 
Average common shares outstanding and equivalents 46,902  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 assets 10,829,907  9,688,019 
Total assets 11,326,121  10,174,624 
Core deposits 9,569,167  8,610,084 
Total deposits 9,613,722  8,649,184 
Interest-bearing deposits 7,057,204  6,058,661 
Borrowings 252,919  254,541 
Stockholders' equity 1,255,872  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 end 2,246  2,248 
Credit Quality Metrics
Allowance for credit losses $ 175,863  $ 161,106 
(a)
Allowance as a % of loans held for investment 2.26  % 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, 2024 June 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 loans 32,838 
(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.
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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 loans 63,872  72,701 
Total interest income from loans 613,602  554,744 
Investment securities and cash 136,675  94,136 
Total interest income 750,277  648,880 
Interest expense:
Deposits
Core deposits 148,215  73,945 
Brokered deposits 2,065  2,020 
Total deposits 150,280  75,965 
Borrowings 11,557  12,045 
Total interest expense 161,837  88,010 
Net interest income 588,440  560,870 
Provision for credit losses, excluding PCD loans 87,426 
(a)
 62,125 
Recapture of credit losses on PCD loans (5,175) (1,487)
Total provision for credit losses 82,251  60,638 
Net interest income after provision for credit losses 506,189  500,232 
Non-interest income:    
Banking service revenues 66,923  70,078 
Wealth management revenues 35,622  32,990 
Mortgage banking activities 18,636  18,787 
Total banking and financial service revenues 121,181  121,855 
Other income (loss), net 2,068  6,526 
Total non-interest income, net 123,249  128,381 
Non-interest expense:
Compensation and employee benefits 159,710 
(b)
 155,827 
Occupancy, equipment and infrastructure costs 59,123  59,235 
General and administrative expenses 153,845  148,708 
Foreclosed real estate and other repossessed assets expenses (income), net 3,012  (405)
Total non-interest expense 375,690  363,365 
Income before income taxes 253,748  265,248 
Income tax expense 55,578 
(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 securities 18  18  16  14  13 
Investment securities available-for-sale, at fair value, no allowance for credit losses for any period
Mortgage-backed securities 2,336,505  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 securities 550  567  581  597  616 
Total investment securities available-for-sale 2,338,205  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 securities 292,158  297,713  303,621  309,764  314,710 
US treasury securities
 —  —  —  199,727  199,314 
Other investment securities 35,000  35,000  35,000  35,000  35,000 
Total investment securities held-to-maturity 327,158  332,713  338,621  544,491  549,024 
Equity securities 54,896  45,692  41,074  40,162  38,469 
Total investments 2,720,277  2,608,525  2,476,017  2,482,374  2,686,770 
Loans, net 7,633,831  7,604,700  7,503,142  7,411,378  7,401,618 
Other assets:
Prepaid expenses 72,010  98,755  88,137  61,916  62,858 
Deferred tax asset, net 6,248  4,130  4,094  4,379  4,923 
Foreclosed real estate and repossessed properties 10,597  11,388  12,239  17,694  14,812 
Premises and equipment, net 104,512  105,279  104,384  104,980  104,102 
Goodwill 84,241  84,241  84,241  84,241  84,241 
Other intangibles 14,782  16,260  17,738  19,216  20,694 
Right of use assets 19,197  20,355  20,298  21,606  21,725 
Servicing asset 70,435  68,512  49,789  49,553  49,520 
Accounts receivable and other assets 173,467  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 accounts 2,064,916  2,019,832  2,002,342  2,001,770  2,088,102 
Time deposits 1,756,389  1,653,402  1,585,126  1,507,037  1,461,459 
Brokered deposits 156,075  75,631  418  2,576  162,180 
Total deposits 9,604,786  9,608,652  9,605,250  9,548,274  9,762,169 
Borrowings:          
Securities sold under agreements to repurchase 75,222  —  —  —  — 
Advances from FHLB and other borrowings 325,952  270,827  200,741  200,766  200,770 
Total borrowings 401,174  270,827  200,741  200,766  200,770 
Other liabilities:          
Acceptances outstanding 31,526  26,055  28,504  25,826  25,576 
Lease liability 21,388  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 liabilities 98,185  115,808  121,402  103,361  96,584 
Total liabilities 10,246,363  10,143,250  10,031,383  9,943,582  10,150,973 
Stockholders' equity:
Common stock 59,885  59,885  59,885  59,885  59,885 
Additional paid-in capital 639,786  639,487  637,895  636,208  638,667 
Legal surplus 169,537  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' equity 1,254,371  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 PR 2,310,281  2,318,964  2,291,753  2,178,748  2,186,228 
Commercial US 704,081  680,388  662,026  740,665  755,228 
Consumer 667,963  663,748  643,572  627,436  619,894 
Auto 2,549,033  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, net 6,689,502  6,610,699  6,473,622  6,347,857  6,310,517 
PCD:
Mortgage 841,964  864,491  885,096  909,106  933,362 
Commercial PR 88,729  119,029  128,584  132,035  135,447 
Consumer 598  560  605  544  552 
Auto 460  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, net 926,597  978,377  1,008,784  1,035,247  1,062,756 
Total loans held for investment 7,616,099  7,589,076  7,482,406  7,383,104  7,373,273 
Mortgage loans held for sale 13,286  10,908  8,375  9,370  — 
Other loans held for sale 4,446  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 PR 2,399,010  2,437,993  2,420,337  2,310,783  2,321,675 
Commercial US 704,081  680,388  662,026  740,665  755,228 
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 
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, net 7,616,099  7,589,076  7,482,406  7,383,104  7,373,273 
Mortgage loans held for sale 13,286  10,908  8,375  9,370  — 
Other loans held for sale 4,446  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 Ended Year 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 securities 2,704,307  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 loans 6,763,828  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 loans 953,738  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 loans 7,717,566  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 accounts 2,038,523  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 deposits 1,689,684  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 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  %
  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 accounts 2,544,198  —  —  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 deposits 9,651,748  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 repurchase 44,837  542  4.81  % —  —  —  % —  —  —  % —  —  —  % 183,858  2,578  5.56  %
Advances from FHLB and other borrowings 284,394  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 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  %
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 accounts 2,038,523  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 deposits 1,689,684  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 accounts 2,544,198  —  —  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 YTD 2023 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 securities 2,591,101  105,086  4.06  % 1,940,776  62,730  3.23  %
Loans held for investment
Non-PCD loans 6,613,109  549,730  8.31  % 5,976,521  482,043  8.07  %
PCD loans 1,013,721  63,872  6.30  % 1,144,655  72,701  6.35  %
Total loans 7,626,830  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 accounts 2,027,746  18,843  0.93  % 2,214,256  17,727  0.80  %
Time deposits 1,585,427  46,482  2.93  % 1,315,745  25,225  1.92  %
Brokered deposits 44,555  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 accounts 2,556,518  —  —  % 2,590,523  —  —  %
Fair value premium and core deposit intangible amortization —  4,528  —  —  5,283  — 
Total deposits 9,613,722  150,280  1.56  % 8,649,184  75,965  0.88  %
Borrowings
Securities sold under agreements to repurchase 11,270  542  4.81  % 59,541  3,306  5.55  %
Advances from FHLB and other borrowings 241,649  11,015  4.56  % 195,000  8,739  4.48  %
Total borrowings 252,919  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 accounts 2,027,746  18,843  0.93  % 2,214,256  17,727  0.80  %
Time deposits 1,585,427  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 accounts 2,556,518  —  —  % 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
2024 2024 2024 2024 2023
(Dollars in thousands) (unaudited) Q4 Q3 Q2 Q1 Q4
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-offs 713  139  160  3,567  377 
Recoveries (381) (1,455) (111) (52) (114)
Total commercial PR 332  (1,316) 49  3,515  263 
Commercial US:
Charge-offs 315  —  1,574  1,749  689 
Recoveries —  (24) (45) —  (23)
Total commercial US 315  (24) 1,529  1,749  666 
Consumer:          
Charge-offs 8,242  8,863  8,180  7,981  6,799 
Recoveries (1,792)
(a)
 (830) (851) (693) (650)
Total consumer 6,450  8,033  7,329  7,288  6,149 
Auto:          
Charge-offs 18,503  16,371  12,559  14,218  14,658 
Recoveries (8,137)
(a)
 (6,300) (5,926) (5,971) (4,982)
Total auto 10,366  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-offs 39  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-offs 1  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 US 0.18  % (0.01) % 0.85  % 0.92  % 0.36  %
Consumer 3.72  % (a) 4.70  % 4.42  % 4.45  % 3.95  %
Auto 1.63  % (a) 1.64  % 1.11  % 1.42  % 1.72  %
Total 0.82  % 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 PR 2,386,204  2,393,891  2,363,831  2,312,561  2,230,342 
Commercial US 689,310  658,908  716,989  756,409  736,640 
Consumer 692,119  681,391  663,315  652,843  644,834 
Auto 2,520,911  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)
2024 2024 2024 2024 2023
(Dollars in thousands) (unaudited) Q4 Q3 Q2 Q1 Q4
Early Delinquency (30 - 89 days past due)          
Mortgage $ 11,431  $ 10,822  $ 12,767  $ 13,080  $ 15,703 
Commercial 6,825  2,426  7,781  6,128  3,653 
Consumer 14,281  13,485  13,102  10,901  11,366 
Auto 170,013  (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)          
Mortgage 1.82  % 1.75  % 2.13  % 2.14  % 2.50  %
Commercial 0.23  % 0.08  % 0.26  % 0.21  % 0.12  %
Consumer 2.14  % 2.03  % 2.04  % 1.74  % 1.83  %
Auto 6.67  % (a) 6.48  % 6.30  % 5.42  % 6.50  %
Total 2.95  % 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 mortgage 71,426  64,755  42,451  44,494  47,260 
Commercial 20,193  17,460  17,703  14,171  14,298 
Consumer 18,471  17,094  16,405  14,760  14,742 
Auto 190,068  (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 Mitigation 3.63  % 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 mortgage 11.36  % 10.46  % 7.07  % 7.29  % 7.51  %
Commercial 0.67  % 0.58  % 0.60  % 0.49  % 0.49  %
Consumer 2.77  % 2.58  % 2.55  % 2.35  % 2.38  %
Auto 7.46  % (a) 7.17  % 6.98  % 6.04  % 7.34  %
Total 4.38  % 4.10  % 3.71  % 3.30  % 3.76  %
Nonperforming Assets (14)
Mortgage $ 16,928  $ 18,723  $ 17,325  $ 19,044  $ 20,007 
Commercial 38,913  36,099  34,477  33,794  36,096 
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 80,103  75,427  71,820  71,247  78,535 
Foreclosed real estate 4,002  4,419  6,526  10,850  10,780 
Other repossessed assets 6,595  6,969  5,713  6,844  4,032 
Total nonperforming assets $ 90,700  $ 86,815  $ 84,059  $ 88,941  $ 93,347 
Nonperforming Loan Rates          
Mortgage 2.69  % 3.02  % 2.89  % 3.12  % 3.18  %
Commercial 1.29  % 1.20  % 1.17  % 1.16  % 1.23  %
Consumer 0.63  % 0.55  % 0.52  % 0.62  % 0.54  %
Auto 0.79  % 0.68  % 0.69  % 0.62  % 0.84  %
Total loans 1.17  % 1.11  % 1.08  % 1.10  % 1.22  %

(a) Refer to “(a)” in Table 1-1.
(a)Refer to “(b)” in Table 1-1.
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OFG Bancorp (NYSE: OFG)
Table 6-3: Loan Information and Performance Statistics
  2024 2024 2024 2024 2023
(Dollars in thousands) (unaudited)   Q4 Q3 Q2 Q1 Q4
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 
Auto 460  664  951  1,358  1,891 
Total loans   $ 931,751  $ 984,744  $ 1,015,236  $ 1,043,043  $ 1,071,252 
  2024 2024 2024 2024 2023
(Dollars in thousands) (unaudited)   Q4 Q3 Q2 Q1 Q4
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.



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OFG Bancorp (NYSE: OFG)
Table 7: Allowance for Credit Losses
Quarter Ended December 31, 2024
(Dollars in thousands) (unaudited) Mortgage Commercial Consumer Auto Total
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)
Recoveries 190  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)
Recoveries 345  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)
Recoveries 535  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 ratio 0.74  % 1.46  % 4.76  % 3.44  % 2.26  %
(a) Refer to “(a)” in Table 1-1.
(b) Refer to “(c)” in Table 1-1.


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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 2024 2024 2024 2023
(Dollars in thousands) (unaudited) Q4 Q3 Q2 Q1 Q4
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 period 45,440  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 assets 11,401,711  11,360,881  11,157,106  11,055,778  11,239,518 
TCE ratio 10.13  % 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



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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 2024   2024 2024 2023
(Dollars in thousands) (unaudited) Q4 Q3   Q2 Q1 Q4
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 capital 1,256,906 1,260,944 1,223,031 1,205,231 1,174,205
Total risk-based capital (15) 1,367,692 1,371,041 1,330,474 1,309,893 1,278,537
Risk-weighted assets 8,812,422 8,772,207 8,561,549 8,338,168 8,317,802
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) 6,852 6,852 6,852 6,852 13,704
Plus: Unrealized losses on available-for-sale securities, net of
                    income tax		 89,839 32,990 86,494 81,731 67,013
Total adjusted stockholders’equity 1,351,062 1,357,974 1,321,048 1,304,236 1,274,197
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 capital 1,256,906 1,260,944 1,223,031 1,205,231 1,174,205
Plus Tier 2 capital:  Qualifying allowance for credit losses 110,786 110,097 107,443 104,662 104,332
Total risk-based capital $ 1,367,692 $ 1,371,041  $ 1,330,474  $ 1,309,893  $ 1,278,537 



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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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