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0001030469FALSE00010304692025-04-232025-04-23

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 23, 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 April 23, 2025, OFG Bancorp (the “Company”) announced the results for the quarter ended March 31, 2025. 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 23, 2025
 By: /s/ Maritza Arizmendi
Maritza Arizmendi
Chief Financial Officer

EX-99 2 ofg-20251qexx99.htm EX-99 Document
Exhibit 99


ofgbancorplogoa.jpg
OFG Bancorp Reports 1Q25 Results
SAN JUAN, Puerto Rico, April 23, 2025 – OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, today reported results for the first quarter ended March 31, 2025. EPS diluted of $1.00 compared to $1.09 in 4Q24 and $1.05 in 1Q24. Total core revenues of $178.3 million compared to $181.9 million in 4Q24 and $174.2 million in 1Q24.
CEO Comment
José Rafael Fernández, Chief Executive Officer, said: “The first quarter reflected a strong start to the year with solid overall performance, consistent financial results, and excellent operating execution. Highlights included customer and deposit growth, and improved consumer credit. As part of our Digital First strategy, we are the first among Puerto Rico banks to launch an Omnichannel online and mobile app for a truly seamless experience, Smart Banking insights to help customers better manage their finances, and Apple Pay for fast and easy credit and debit transactions. While our strategic investment in technology is driving innovation, our investment in people is building strong customer relationships through our island-wide network.”
“During the quarter, we also repurchased $23.4 million of common shares and increased the common dividend 20%. The increase in return was supported by our earnings and elevated capital levels, with a CET1 ratio at 14.3%. At this time, Puerto Rico’s economy continues to be stable, benefiting from public and private investment, but we are closely monitoring increased global economic and geopolitical uncertainties. Our balance sheet provides us with a strong foundation during volatile or challenging times. Thanks to our team members for helping make this possible and bringing progress to our customers.”
1Q25 Highlights
Performance Metrics: Net interest margin of 5.42%, return on average assets of 1.56%, return on average tangible common stockholders’ equity of 15.28%, and efficiency ratio of 52.42%.
Total Interest Income of $189.2 million compared to $190.2 million in 4Q24 and $183.4 million in 1Q24. Compared to 4Q24, 1Q25 decreased $0.9 million, reflecting two fewer business days, which negatively affected interest income by approximately $3.0 million, partially offset by higher balances and yields on investment securities and higher loan balances.
Total Interest Expense of $40.2 million compared to $41.0 million in 4Q24 and $39.3 million in 1Q24. Compared to 4Q24, 1Q25 decreased $0.9 million, primarily reflecting two fewer business days. Higher average balances of core deposits at a lower rate were partially offset by higher average balances of borrowings and brokered deposits.
Total Banking & Financial Service Revenues of $29.2 million compared to $32.8 million in 4Q24 and $30.1 million in 1Q24. 4Q24 included $4.8 million combined in annual insurance fees and favorable MSR valuation. Excluding that, 1Q25 total banking and financial services revenues increased.
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Pre-Provision Net Revenues of $85.1 million compared to $83.0 million in 4Q24 and $83.0 million in 1Q24.
Total Provision for Credit Losses of $25.7 million compared to $30.2 million in 4Q24 and $15.1 million in 1Q24. 1Q25 primarily reflected $17.4 million for increased loan volume, $4.8 million for a specific reserve for three commercial loans, and $3.5 million to reflect auto current loss given default trends post pandemic.
Credit Quality: Net charge-offs of $20.4 million (1.05% of average loans) compared to $15.9 million (0.82%) in 4Q24 and $19.8 million (1.05%) in 1Q24. 1Q25 included a $2.9 million partial charge-off of a previously reserved commercial loan, while 4Q24 included $2.6 million in recoveries from the sale of previously charged-off auto and consumer loans. 1Q25 early and total delinquency rates improved to 2.19% and 3.49%, respectively, reflecting seasonal trends. The nonperforming loan rate was 1.11%.
Total Non-Interest Expense of $93.5 million compared to $99.7 million in 4Q24 and $91.4 million in 1Q24. Compared to 4Q24, 1Q25 compensation reflected $1.6 million in seasonal FICA expenses and merit raises, while general and administrative declined $2.0 million, reflecting a $3.1 million volume incentive payment from a business partner, partially offset by $1.2 million for increased electronic banking fee volume and other related costs. 4Q24 included $4.8 million in early retirement, rightsizing and performance incentives.
Income Tax Expense of $13.9 million compared to $2.4 million in 4Q24 and $18.2 million in 1Q24. 1Q25 ETR was 23.34%, reflecting an anticipated rate of 26.14% for the year and the benefit of $1.7 million in discrete items.
Loans Held for Investment (EOP) of $7.85 billion compared to $7.79 billion in 4Q24 and $7.54 billion in 1Q24. Compared to 4Q24, 1Q25 loans increased 0.8%, reflecting growth in auto, U.S. commercial, Puerto Rico commercial, and consumer loans, partially offset by a decline in residential mortgage. Year-over-year, loans increased 4.15%.
New Loan Production of $558.9 million compared to $609.0 million in 4Q24 and $536.6 million in 1Q24. Compared to 4Q24, 1Q25 reflected seasonal declines in Puerto Rico lending, partially offset by increases in U.S. commercial lending.
Total Investments (EOP) of $2.79 billion compared to $2.72 billion in 4Q24 and $2.48 billion in 1Q24. Compared to 4Q24, 1Q25 reflected purchases of $100 million of mortgage-backed securities yielding 5.40%, partially offset by MBS repayments.
Customer Deposits (EOP) of $9.76 billion increased $308.4 million from $9.45 billion in 4Q24 and $211.5 million from $9.55 billion in 1Q24. Compared to 4Q24, 1Q25 reflected increases in demand, savings and time deposits, from commercial, government, and retail accounts.
Total Borrowings & Brokered Deposits (EOP) of $421.5 million compared to $557.2 million in 4Q24 and $203.3 million in 1Q24. 1Q25 reflected the maturity of $145 million in repurchase agreement funding and Federal Home Loan Bank advances. Separately, a two-year $200 million FHLB advance was renewed at 4.14% compared to the previous rate of 4.52%.
Cash & Cash Equivalents (EOP) of $710.6 million compared to $591.1 million in 4Q24 and $754.4 million in 1Q24.
Capital: CET1 ratio was 14.27% compared to 14.26% in 4Q24 and 14.45% in 1Q24. Tangible Common Equity ratio was 10.30% compared to 10.13% in 4Q24 and 10.06% in 1Q24. Tangible Book Value per share was $26.66 compared to $25.43 in 4Q24 and $23.55 in 1Q24.
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Conference Call, Financial Supplement & Presentation
A conference call to discuss 1Q25 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 267-6316 or (203) 518-9783. Conference ID: OFGQ125. 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, 2025, and the 1Q25 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, 2024, 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 Michael Wichman (michael.wichman@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 March 31, 2025 Quarterly Report on Form 10-Q once it is filed with the Securities and Exchange Commission.
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OFG Bancorp
Financial Supplement


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

2025
2024
2024
2024
2024
(Dollars in thousands, except per share data) (unaudited)
Q1
Q4
Q3
Q2
Q1
Statement of Operations
Net interest income   $ 149,071 $ 149,138 $ 147,875 $ 147,325 $ 144,102
Non-interest income, net (core) (1) 29,212 32,766 26,271 32,085 30,059
Total core revenues (2) 178,283 181,904 174,146 179,410 174,161
Non-interest expense   93,452 99,718 91,600 92,960 91,412
Pre-provision net revenues (21) 85,136 82,977 83,143 86,841 83,038
Total provision for credit losses   25,688 30,190 21,359 15,581 15,121
Net income before income taxes   59,448 52,787 61,784 71,260 67,917
Income tax expense   13,876 2,440 14,784 20,129 18,225
Net income available to common stockholders   45,572 50,347 47,000 51,131 49,692
Common Share Statistics            
Earnings per common share - basic (3) $ 1.01 $ 1.10 $ 1.01 $ 1.09 $ 1.06
Earnings per common share - diluted (4) $ 1.00 $ 1.09 $ 1.00 $ 1.08 $ 1.05
Average common shares outstanding   45,295 45,946 46,560 46,952 47,096
Average common shares outstanding and equivalents   45,509 46,248 46,846 47,131 47,343
Cash dividends per common share   $ 0.30 $ 0.25 $ 0.25 $ 0.25 $ 0.25
Book value per common share (period end)   $ 28.83 $ 27.60 $ 28.31 $ 26.37 $ 25.75
Tangible book value per common share (period end) (5) $ 26.66 $ 25.43 $ 26.15 $ 24.18 $ 23.55
Balance Sheet (Average Balances)            
Loans (6) $ 7,784,757 $ 7,717,566 $ 7,634,511 $ 7,613,307 $ 7,541,757
Interest-earning assets   11,152,184 10,981,886 10,837,380 10,758,623 10,739,590
Total assets   11,657,544 11,523,140 11,347,795 11,233,202 11,199,867
Core deposits   9,623,779 9,555,213 9,588,752 9,599,842 9,532,790
Total deposits   9,782,001 9,651,748 9,609,820 9,601,408 9,591,527
Interest-bearing deposits   7,240,258 7,107,550 7,042,467 7,023,192 7,055,207
Borrowings   358,666 329,231 241,062 219,903 220,773
Stockholders' equity   1,290,888 1,304,779 1,280,760 1,223,669 1,213,469
Performance Metrics            
Net interest margin (7) 5.42  % 5.40  % 5.43  % 5.51  % 5.40  %
Return on average assets (8) 1.56  % 1.75  % 1.66  % 1.82  % 1.77  %
Return on average tangible common stockholders' equity (9) 15.28  % 16.71  % 15.94  % 18.24  % 17.92  %
Efficiency ratio (10) 52.42  % 54.82  % 52.60  % 51.81  % 52.49  %
Full-time equivalent employees, period end   2,223  2,246  2,236  2,239  2,230 
Credit Quality Metrics          
Allowance for credit losses $ 181,174 $ 175,863 $ 161,500 $ 157,301 $ 156,563
Allowance as a % of loans held for investment 2.31  % 2.26  % 2.08  % 2.06  % 2.08  %
Net charge-offs $ 20,370 $ 15,862 $ 17,103 $ 15,013 $ 19,812
Net charge-off rate (11) 1.05  % 0.82  % 0.90  % 0.79  % 1.05  %
Early delinquency rate (30 - 89 days past due) 2.19  % 2.95  % 2.78  % 2.81  % 2.41  %
Total delinquency rate (30 days and over) 3.49  % 4.38  % 4.10  % 3.71  % 3.30  %
Capital Ratios (period end) (Non-GAAP) (12)(20)
Leverage ratio 10.83  % 10.93  % 11.12  % 10.86  % 10.76  %
Common equity Tier 1 capital ratio 14.27  % 14.26  % 14.37  % 14.29  % 14.45  %
Tier 1 risk-based capital ratio 14.27  % 14.26  % 14.37  % 14.29  % 14.45  %
Total risk-based capital ratio 15.53  % 15.52  % 15.63  % 15.54  % 15.71  %
Tangible common equity ("TCE") ratio 10.30  % 10.13  % 10.72  % 10.09  % 10.06  %



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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)   March 31, 2025 December 31, 2024 September 30,
2024		 June 30,
2024		 March 31,
2024
Interest income:  
Loans
Non-PCD loans   $ 137,690  $ 139,659  $ 139,358  $ 137,741  $ 132,972 
PCD loans   15,718  15,682  15,052  16,516  16,622 
Total interest income from loans   153,408  155,341  154,410  154,257  149,594 
Investment securities and cash   35,814  34,822  34,620  33,401  33,832 
Total interest income   189,222  190,163  189,030  187,658  183,426 
Interest expense:
Deposits
Core deposits   34,645  36,312  38,123  37,791  35,989 
Brokered deposits   1,647  1,020  221  21  803 
Total deposits   36,292  37,332  38,344  37,812  36,792 
Borrowings   3,859  3,693  2,811  2,521  2,532 
Total interest expense   40,151  41,025  41,155  40,333  39,324 
Net interest income   149,071  149,138  147,875  147,325  144,102 
Provision for credit losses, excluding PCD loans 24,810  32,838  21,070  16,913  16,605 
Provision for (recapture of) credit losses on PCD loans 878  (2,648) 289  (1,332) (1,484)
Total provision for credit losses   25,688  30,190  21,359  15,581  15,121 
Net interest income after provision for credit losses   123,383  118,948  126,516  131,744  128,981 
Non-interest income:            
Banking service revenues   15,981  15,329  15,554  18,781  17,259 
Wealth management revenues   8,455  10,626  8,449  8,440  8,107 
Mortgage banking activities   4,776  6,811  2,268  4,864  4,693 
Total banking and financial service revenues   29,212  32,766  26,271  32,085  30,059 
Other income, net   305  791  597  391  289 
Total non-interest income, net   29,517  33,557  26,868  32,476  30,348 
Non-interest expense:
Compensation and employee benefits   39,932  42,959  38,468  38,467  39,816 
Occupancy, equipment and infrastructure costs   14,820  15,284  15,124  14,393  14,322 
General and administrative expenses   37,672  39,672  36,736  40,831  36,606 
Foreclosed real estate and other repossessed assets expenses (income), net   1,028  1,803  1,272  (731) 668 
Total non-interest expense   93,452  99,718  91,600  92,960  91,412 
Income before income taxes   59,448  52,787  61,784  71,260  67,917 
Income tax expense   13,876  2,440  14,784  20,129  18,225 
Net income available to common shareholders   $ 45,572  $ 50,347  $ 47,000  $ 51,131  $ 49,692 

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OFG Bancorp (NYSE: OFG)
Table 3: Consolidated Statements of Financial Condition
(Dollars in thousands) (unaudited) March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
Cash and cash equivalents $ 710,600  $ 591,137  $ 680,587  $ 740,429  $ 754,392 
Investments:
Trading securities 19  18  18  16  14 
Investment securities available-for-sale, at fair value, no allowance for credit losses for any period
Mortgage-backed securities 2,413,420  2,336,505  2,228,399  1,895,067  1,746,195 
US treasury securities
 1,384  1,150  1,136  200,658  150,915 
Other investment securities 533  550  567  581  597 
Total investment securities available-for-sale 2,415,337  2,338,205  2,230,102  2,096,306  1,897,707 
Investment securities held-to-maturity, at amortized cost, no allowance for credit losses for any period
Mortgage-backed securities 286,824  292,158  297,713  303,621  309,764 
US treasury securities
 —  —  —  —  199,727 
Other investment securities 35,000  35,000  35,000  35,000  35,000 
Total investment securities held-to-maturity 321,824  327,158  332,713  338,621  544,491 
Equity securities 48,785  54,896  45,692  41,074  40,162 
Total investments 2,785,965  2,720,277  2,608,525  2,476,017  2,482,374 
Loans, net 7,688,271  7,633,831  7,604,700  7,503,142  7,411,378 
Other assets:
Prepaid expenses 68,216  72,010  98,755  88,137  61,916 
Deferred tax asset, net 6,299  6,248  4,130  4,094  4,379 
Foreclosed real estate and repossessed properties 10,927  10,597  11,388  12,239  17,694 
Premises and equipment, net 103,577  104,512  105,279  104,384  104,980 
Goodwill 84,241  84,241  84,241  84,241  84,241 
Other intangibles 13,550  14,782  16,260  17,738  19,216 
Right of use assets 18,663  19,197  20,355  20,298  21,606 
Servicing asset 69,238  70,435  68,512  49,789  49,553 
Accounts receivable and other assets 169,710  173,467  158,650  158,577  147,506 
Total assets $ 11,729,257  $ 11,500,734  $ 11,461,382  $ 11,259,085  $ 11,159,235 
Deposits:
Demand deposits $ 5,841,418  $ 5,627,406  $ 5,859,787  $ 6,017,364  $ 6,036,891 
Savings accounts 2,107,622  2,064,916  2,019,832  2,002,342  2,001,770 
Time deposits 1,808,117  1,756,389  1,653,402  1,585,126  1,507,037 
Brokered deposits 165,812  156,075  75,631  418  2,576 
Total deposits 9,922,969  9,604,786  9,608,652  9,605,250  9,548,274 
Borrowings:          
Securities sold under agreements to repurchase —  75,222  —  —  — 
Advances from FHLB and other borrowings 255,642  325,952  270,827  200,741  200,766 
Total borrowings 255,642  401,174  270,827  200,741  200,766 
Other liabilities:          
Acceptances outstanding 35,269  31,526  26,055  28,504  25,826 
Lease liability 20,795  21,388  22,604  22,605  23,969 
GNMA buy-back option program liability (22) 44,665  48,586  41,801  19,008  18,510 
Deferred tax liability, net
 44,223  40,718  57,503  33,873  22,876 
Accrued expenses and other liabilities 110,333  98,185  115,808  121,402  103,361 
Total liabilities 10,433,896  10,246,363  10,143,250  10,031,383  9,943,582 
Stockholders' equity:
Common stock 59,885  59,885  59,885  59,885  59,885 
Additional paid-in capital 638,475  639,786  639,487  637,895  636,208 
Legal surplus 173,905  169,537  164,990  160,560  155,732 
Retained earnings  802,024  771,993  737,815  706,807  672,455 
Treasury stock, at cost (320,927) (296,991) (251,055) (250,951) (226,896)
Accumulated other comprehensive loss, net (58,001) (89,839) (32,990) (86,494) (81,731)
Total stockholders' equity 1,295,361  1,254,371  1,318,132  1,227,702  1,215,653 
Total liabilities and stockholders' equity $ 11,729,257  $ 11,500,734  $ 11,461,382  $ 11,259,085  $ 11,159,235 

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OFG Bancorp (NYSE: OFG)
Table 4-1: Information on Loan Portfolio and Production
(Dollars in thousands) (unaudited)
March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
Non-PCD:
Mortgage, excluding GNMA buy-back option program $ 571,637  $ 580,267  $ 577,320  $ 581,023  $ 591,429 
Mortgage GNMA buy-back option program (22) 44,665  48,586  41,801  19,008  18,510 
Commercial PR 2,337,872  2,310,281  2,318,964  2,291,753  2,178,748 
Commercial US 727,409  704,081  680,388  662,026  740,665 
Consumer 670,213  667,963  663,748  643,572  627,436 
Auto 2,592,922  2,549,033  2,483,611  2,427,089  2,339,836 
6,944,718  6,860,211  6,765,832  6,624,471  6,496,624 
Less:  Allowance for credit losses (174,752) (170,709) (155,133) (150,849) (148,767)
Total non-PCD loans held for investment, net 6,769,966  6,689,502  6,610,699  6,473,622  6,347,857 
PCD:
Mortgage 819,271  841,964  864,491  885,096  909,106 
Commercial PR 87,779  88,729  119,029  128,584  132,035 
Consumer 595  598  560  605  544 
Auto 281  460  664  951  1,358 
907,926  931,751  984,744  1,015,236  1,043,043 
Less:  Allowance for credit losses (6,422) (5,154) (6,367) (6,452) (7,796)
Total PCD loans held for investment, net 901,504  926,597  978,377  1,008,784  1,035,247 
Total loans held for investment 7,671,470  7,616,099  7,589,076  7,482,406  7,383,104 
Mortgage loans held for sale 12,439  13,286  10,908  8,375  9,370 
Other loans held for sale 4,362  4,446  4,716  12,361  18,904 
Total loans, net $ 7,688,271  $ 7,633,831  $ 7,604,700  $ 7,503,142  $ 7,411,378 
Loan Portfolio Summary:
Loans held for investment:
Mortgage, excluding GNMA buy-back option program $ 1,390,908  $ 1,422,231  $ 1,441,811  $ 1,466,119  $ 1,500,535 
Mortgage GNMA buy-back option program (22) 44,665  48,586  41,801  19,008  18,510 
Commercial PR 2,425,651  2,399,010  2,437,993  2,420,337  2,310,783 
Commercial US 727,409  704,081  680,388  662,026  740,665 
Consumer 670,808  668,561  664,308  644,177  627,980 
Auto 2,593,203  2,549,493  2,484,275  2,428,040  2,341,194 
7,852,644  7,791,962  7,750,576  7,639,707  7,539,667 
Less:  Allowance for credit losses (181,174) (175,863) (161,500) (157,301) (156,563)
Total loans held for investment, net 7,671,470  7,616,099  7,589,076  7,482,406  7,383,104 
Mortgage loans held for sale 12,439  13,286  10,908  8,375  9,370 
Other loans held for sale 4,362  4,446  4,716  12,361  18,904 
Total loans, net $ 7,688,271  $ 7,633,831  $ 7,604,700  $ 7,503,142  $ 7,411,378 

5

OFG Bancorp (NYSE: OFG)
Table 4-2: Information on Loan Portfolio and Production
    Quarter Ended
(Dollars in thousands) (unaudited) March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
Loan production (13)
Mortgage   $ 37,014  $ 42,562  $ 37,091  $ 38,501  $ 32,180 
Commercial PR   163,232  211,217  149,856  192,122  186,412 
Commercial US   57,939  44,034  67,133  27,402  17,106 
Consumer   67,859  68,941  86,575  80,348  68,591 
Auto   232,897  242,225  231,573  250,638  232,314 
Total   $ 558,941  $ 608,979  $ 572,228  $ 589,011  $ 536,603 
6

OFG Bancorp (NYSE: OFG)
Table 5-1: Average Balances, Net Interest Income and Net Interest Margin
2025 Q1
2024 Q4
2024 Q3
2024 Q2
2024 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 $ 593,325  $ 6,316  4.32  % $ 560,013  $ 6,534  4.64  % $ 630,836  $ 8,362  5.27  % $ 656,728  $ 8,735  5.35  % $ 600,291  $ 7,996  5.36  %
Investment securities 2,774,102  29,498  4.25  % 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  %
Loans held for investment
Non-PCD loans 6,864,180  137,690  8.14  % 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  %
PCD loans 920,577  15,718  6.83  % 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  %
Total loans 7,784,757  153,408  7.99  % 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  %
Total interest-earning assets $ 11,152,184  $ 189,222  6.88  % $ 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  %
Interest bearing liabilities:                    
Deposits                    
NOW accounts $ 3,193,088  $ 14,897  1.89  % $ 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  %
Savings accounts 2,093,431  5,028  0.97  % 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  %
Time deposits 1,795,517  13,777  3.11  % 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  %
Brokered deposits 158,222  1,647  4.22  % 96,535  1,020  4.21  % 21,068  221  4.17  % 1,566  21  5.28  % 58,737  803  5.50  %
  7,240,258  35,349  1.98  % 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  %
Non-interest bearing deposit accounts 2,541,743  —  —  2,544,198  —  —  2,567,353  —  —  2,578,216  —  —  2,536,320  —  — 
Fair value premium and core deposit intangible amortization —  943  —  —  1,132  —  —  1,131  —  —  1,131  —  —  1,132  — 
Total deposits 9,782,001  36,292  1.50  % 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  %
Borrowings
Securities sold under agreements to repurchase 63,531  710  4.53  % 44,837  542  4.81  % —  —  —  % —  —  —  % —  —  —  %
Advances from FHLB and other borrowings 295,135  3,149  4.33  % 284,394  3,151  4.41  % 241,062  2,811  4.64  % 219,903  2,521  4.61  % 220,773  2,532  4.61  %
Total borrowings 358,666  3,859  4.36  % 329,231  3,693  4.46  % 241,062  2,811  4.64  % 219,903  2,521  4.61  % 220,773  2,532  4.61  %
Total liabilities
 $ 10,140,667  $ 40,151  1.61  % $ 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  %
Interest rate spread   $ 149,071  5.27  %   $ 149,138  5.25  %   $ 147,875  5.28  %   $ 147,325  5.36  %   $ 144,102  5.26  %
Net interest margin     5.42  %     5.40  %     5.43  %     5.51  %     5.40  %
Core deposits: (Non-GAAP)                              
NOW accounts $ 3,193,088  $ 14,897  1.89  % $ 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  %
Savings accounts 2,093,431  5,028  0.97  % 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  %
Time deposits 1,795,517  13,777  3.11  % 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  %
  7,082,036  33,702  1.93  % 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  %
Non-interest bearing deposit accounts 2,541,743  —  —  2,544,198  —  —  2,567,353  —  —  2,578,216  —  —  2,536,320  —  — 
Total core deposits $ 9,623,779  $ 33,702  1.42  % $ 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  %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
 $ 358,666  $ 3,859  4.36  % $ 329,231  $ 3,693  4.46  % $ 241,062  $ 2,811  4.64  % $ 219,903  $ 2,521  4.61  % $ 220,773  $ 2,532  4.61  %
Brokered deposits
 158,222  1,647  4.22  % 96,535  1,020  4.21  % 21,068  221  4.17  % 1,566  21  5.28  % 58,737  803  5.50  %
Total borrowings and brokered deposits
 $ 516,888  $ 5,506  4.32  % $ 425,766  $ 4,713  4.40  % $ 262,130  $ 3,032  4.60  % $ 221,469  $ 2,542  4.62  % $ 279,510  $ 3,335  4.80  %
7

OFG Bancorp (NYSE: OFG)
Table 6-1: Loan Information and Performance Statistics
2025 2024 2024 2024 2024
(Dollars in thousands) (unaudited) Q1 Q4 Q3 Q2 Q1
Net Charge-offs
Non-PCD
Mortgage:
Charge-offs $ 23  $ 24  $ 37  $ 1  $ 64 
Recoveries (186) (190) (72) (540) (267)
Total mortgage (163) (166) (35) (539) (203)
Commercial PR:
Charge-offs 112  713  139  160  3,567 
Recoveries (152) (381) (1,455) (111) (52)
Total commercial PR (40) 332  (1,316) 49  3,515 
Commercial US:
Charge-offs 2,918  315  —  1,574  1,749 
Recoveries —  —  (24) (45) — 
Total commercial US 2,918  315  (24) 1,529  1,749 
Consumer:          
Charge-offs 8,252  8,242  8,863  8,180  7,981 
Recoveries (725) (1,792) (830) (851) (693)
Total consumer 7,527  6,450  8,033  7,329  7,288 
Auto:          
Charge-offs 18,192  18,503  16,371  12,559  14,218 
Recoveries (7,674) (8,137) (6,300) (5,926) (5,971)
Total auto 10,518  10,366  10,071  6,633  8,247 
Total $ 20,760  $ 17,297  $ 16,729  $ 15,001  $ 20,596 
PCD
Mortgage:
Charge-offs $ —  $ —  $ 66  $ 29  $ 83 
Recoveries (341) (345) (250) (93) (638)
Total mortgage (341) (345) (184) (64) (555)
Commercial PR:          
Charge-offs —  39  663  265  — 
Recoveries (25) (1,026) (70) (158) (157)
Total commercial PR (25) (987) 593  107  (157)
Consumer:          
Charge-offs —  —  —  —  — 
Recoveries (6) (13) (19) (7) (23)
Total consumer (6) (13) (19) (7) (23)
Auto:          
Charge-offs 1  1  9  6  9 
Recoveries (19) (91) (25) (30) (58)
Total auto (18) (90) (16) (24) (49)
Total $ (390) $ (1,435) $ 374  $ 12  $ (784)
Total Net Charge-offs $ 20,370  $ 15,862  $ 17,103  $ 15,013  $ 19,812 
Net Charge-off Rates          
Mortgage (0.14) % (0.14) % (0.06) % (0.16) % (0.20) %
Commercial PR (0.01) % (0.11) % (0.12) % 0.03  % 0.58  %
Commercial US 1.62  % 0.18  % (0.01) % 0.85  % 0.92  %
Consumer 4.34  % 3.72  % 4.70  % 4.42  % 4.45  %
Auto 1.63  % 1.63  % 1.64  % 1.11  % 1.42  %
Total 1.05  % 0.82  % 0.90  % 0.79  % 1.05  %
Average Loans Held For Investment          
Mortgage $ 1,404,961  $ 1,429,022  $ 1,446,855  $ 1,479,583  $ 1,511,281 
Commercial PR 2,392,006  2,386,204  2,393,891  2,363,831  2,312,561 
Commercial US 719,838  689,310  658,908  716,989  756,409 
Consumer 693,563  692,119  681,391  663,315  652,843 
Auto 2,574,389  2,520,911  2,453,466  2,389,589  2,308,663 
Total $ 7,784,757  $ 7,717,566  $ 7,634,511  $ 7,613,307  $ 7,541,757 
(a) Refer to “(c)” in Table 1-1.
8


OFG Bancorp (NYSE: OFG)
Table 6-2: Loan Information and Performance Statistics (Excludes PCD Loans)
2025 2024 2024 2024 2024
(Dollars in thousands) (unaudited) Q1 Q4 Q3 Q2 Q1
Early Delinquency (30 - 89 days past due)          
Mortgage $ 9,830  $ 11,431  $ 10,822  $ 12,767  $ 13,080 
Commercial 1,412  6,825  2,426  7,781  6,128 
Consumer 12,129  14,281  13,485  13,102  10,901 
Auto 128,619  170,013  161,025  152,817  126,704 
Total  $ 151,990  $ 202,550  $ 187,758  $ 186,467  $ 156,813 
Early Delinquency Rates (30 - 89 days past due)          
Mortgage 1.59  % 1.82  % 1.75  % 2.13  % 2.14  %
Commercial 0.05  % 0.23  % 0.08  % 0.26  % 0.21  %
Consumer 1.81  % 2.14  % 2.03  % 2.04  % 1.74  %
Auto 4.96  % 6.67  % 6.48  % 6.30  % 5.42  %
Total 2.19  % 2.95  % 2.78  % 2.81  % 2.41  %
Total Delinquency (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation $ 21,457  $ 22,840  $ 22,954  $ 23,443  $ 25,985 
GNMA's buy-back option program (22) 44,665  48,586  41,801  19,008  18,509 
Total mortgage 66,122  71,426  64,755  42,451  44,494 
Commercial 17,692  20,193  17,460  17,703  14,171 
Consumer 15,611  18,471  17,094  16,405  14,760 
Auto 142,662  190,068  178,003  169,506  141,220 
Total $ 242,087  $ 300,158  $ 277,312  $ 246,065  $ 214,645 
Total Delinquency Rates (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation 3.48  % 3.63  % 3.71  % 3.91  % 4.26  %
GNMA's buy-back option program (22) 7.25  % 7.73  % 6.75  % 3.17  % 3.03  %
Total mortgage 10.73  % 11.36  % 10.46  % 7.07  % 7.29  %
Commercial 0.58  % 0.67  % 0.58  % 0.60  % 0.49  %
Consumer 2.33  % 2.77  % 2.58  % 2.55  % 2.35  %
Auto 5.50  % 7.46  % 7.17  % 6.98  % 6.04  %
Total 3.49  % 4.38  % 4.10  % 3.71  % 3.30  %
Nonperforming Assets (14)
Mortgage $ 16,909  $ 16,928  $ 18,723  $ 17,325  $ 19,044 
Commercial 44,150  38,913  36,099  34,477  33,794 
Consumer 3,482  4,207  3,627  3,329  3,893 
Auto 14,043  20,055  16,978  16,689  14,516 
Total nonperforming loans 78,584  80,103  75,427  71,820  71,247 
Foreclosed real estate 4,271  4,002  4,419  6,526  10,850 
Other repossessed assets 6,656  6,595  6,969  5,713  6,844 
Total nonperforming assets $ 89,511  $ 90,700  $ 86,815  $ 84,059  $ 88,941 
Nonperforming Loan Rates          
Mortgage 2.74  % 2.69  % 3.02  % 2.89  % 3.12  %
Commercial 1.44  % 1.29  % 1.20  % 1.17  % 1.16  %
Consumer 0.52  % 0.63  % 0.55  % 0.52  % 0.62  %
Auto 0.54  % 0.79  % 0.68  % 0.69  % 0.62  %
Total loans 1.13  % 1.17  % 1.11  % 1.08  % 1.10  %

9

OFG Bancorp (NYSE: OFG)
Table 6-3: Loan Information and Performance Statistics
  2025 2025 2024 2024 2024
(Dollars in thousands) (unaudited)   Q1 Q4 Q3 Q2 Q1
Nonperforming PCD Loans (14)
Mortgage   $ 234  $ 239  $ 241  $ 244  $ 247 
Commercial   8,666  2,641  3,920  4,748  5,969 
Total nonperforming loans   $ 8,900  $ 2,880  $ 4,161  $ 4,992  $ 6,216 
Nonperforming PCD Loan Rates            
Mortgage   0.03  % 0.03  % 0.03  % 0.03  % 0.03  %
Commercial   9.87  % 2.98  % 3.29  % 3.69  % 4.52  %
Total   0.98  % 0.31  % 0.42  % 0.49  % 0.60  %
Total PCD Loans Held for Investment          
Mortgage   $ 819,271  $ 841,964  $ 864,491  $ 885,096  $ 909,106 
Commercial   87,779  88,729  119,029  128,584  132,035 
Consumer   595  598  560  605  544 
Auto 281  460  664  951  1,358 
Total loans   $ 907,926  $ 931,751  $ 984,744  $ 1,015,236  $ 1,043,043 
  2025 2024 2024 2024 2024
(Dollars in thousands) (unaudited)   Q1 Q4 Q3 Q2 Q1
Total Nonperforming Loans (14)          
Mortgage   $ 17,143  $ 17,167  $ 18,964  $ 17,569  $ 19,291 
Commercial   52,816  41,554  40,019  39,225  39,763 
Consumer   3,482  4,207  3,627  3,329  3,893 
Auto   14,043  20,055  16,978  16,689  14,516 
Total nonperforming loans   $ 87,484  $ 82,983  $ 79,588  $ 76,812  $ 77,463 
Total Nonperforming Loan Rates  
Mortgage   1.19  % 1.17  % 1.28  % 1.18  % 1.27  %
Commercial   1.68  % 1.34  % 1.28  % 1.27  % 1.30  %
Consumer   0.52  % 0.63  % 0.55  % 0.52  % 0.62  %
Auto   0.54  % 0.79  % 0.68  % 0.69  % 0.62  %
Total   1.11  % 1.06  % 1.03  % 1.01  % 1.03  %
Total Loans Held for Investment          
Mortgage   $ 1,435,573  $ 1,470,817  $ 1,483,612  $ 1,485,127  $ 1,519,045 
Commercial   3,153,060  3,103,091  3,118,381  3,082,363  3,051,448 
Consumer   670,808  668,561  664,308  644,177  627,980 
Auto   2,593,203  2,549,493  2,484,275  2,428,040  2,341,194 
Total loans   $ 7,852,644  $ 7,791,962  $ 7,750,576  $ 7,639,707  $ 7,539,667 
(a) Refer to “(a)” in Table 1-1.



10

OFG Bancorp (NYSE: OFG)
Table 7: Allowance for Credit Losses
Quarter Ended March 31, 2025
(Dollars in thousands) (unaudited) Mortgage Commercial Consumer Auto Total
Allowance for credit losses Non-PCD:          
Balance at beginning of period $ 6,395  $ 44,814  $ 31,818  $ 87,682  $ 170,709 
Provision for (recapture of) credit losses (636) 3,516  7,945  13,978  24,803 
Charge-offs (23) (3,030) (8,252) (18,192) (29,497)
Recoveries 186  152  725  7,674  8,737 
Balance at end of period $ 5,922  $ 45,452  $ 32,236  $ 91,142  $ 174,752 
Allowance for credit losses PCD:
Balance at beginning of period $ 4,514  $ 622  $ 11  $ 7  $ 5,154 
Provision for (recapture of) credit losses (787) 1,691  (6) (20) 878 
Charge-offs —  —  —  (1) (1)
Recoveries 341  25  6  19  391 
Balance at end of period $ 4,068  $ 2,338  $ 11  $ 5  $ 6,422 
Allowance for credit losses summary:
Balance at beginning of period $ 10,909  $ 45,436  $ 31,829  $ 87,689  $ 175,863 
Provision for (recapture of) credit losses (1,423) 5,207  7,939  13,958  25,681 
Charge-offs (23) (3,030) (8,252) (18,193) (29,498)
Recoveries 527  177  731  7,693  9,128 
Balance at end of period $ 9,990  $ 47,790  $ 32,247  $ 91,147  $ 181,174 
Allowance coverage ratio 0.70  % 1.52  % 4.81  % 3.51  % 2.31  %


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.
2025 2024 2024 2024 2024
(Dollars in thousands) (unaudited) Q1 Q4 Q3 Q2 Q1
Stockholders' Equity to Non-GAAP Tangible Common Equity
Total stockholders' equity $ 1,295,361  $ 1,254,371  $ 1,318,132  $ 1,227,702  $ 1,215,653 
Less:  Intangible assets (97,791) (99,023) (100,501) (101,979) (103,457)
Tangible common equity (Non-GAAP) $ 1,197,570 $ 1,155,348 $ 1,217,631 $ 1,125,723 $ 1,112,196
         
Common shares outstanding at end of period 44,924  45,440  46,559  46,562  47,217 
Tangible book value per common share (Non-GAAP) $ 26.66  $ 25.43  $ 26.15  $ 24.18  $ 23.55 
Total Assets to Non-GAAP Tangible Assets          
Total assets   $ 11,729,257  $ 11,500,734  $ 11,461,382  $ 11,259,085  $ 11,159,235 
Less:  Intangible assets (97,791) (99,023) (100,501) (101,979) (103,457)
Tangible assets (Non-GAAP) $ 11,631,466  $ 11,401,711  $ 11,360,881  $ 11,157,106  $ 11,055,778 
Non-GAAP TCE Ratio          
Tangible common equity $ 1,197,570 $ 1,155,348 $ 1,217,631 $ 1,125,723 $ 1,112,196
Tangible assets 11,631,466  11,401,711  11,360,881  11,157,106  11,055,778 
TCE ratio 10.30  % 10.13  % 10.72  % 10.09  % 10.06  %
Average Equity to Non-GAAP Average Tangible Common Equity
Average total stockholders' equity $ 1,290,888  $ 1,304,779  $ 1,280,760  $ 1,223,669  $ 1,213,469 
Less:  Average intangible assets (98,229) (99,558) (101,042) (102,499) (103,988)
Average tangible common equity (Non-GAAP) $ 1,192,659 $ 1,205,221 $ 1,179,718 $ 1,121,170 $ 1,109,481




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
2025 2024   2024 2024 2024
(Dollars in thousands) (unaudited) Q1 Q4   Q3 Q2 Q1
Regulatory Capital Metrics            
Common equity Tier 1 capital $ 1,261,662 $ 1,256,906 $ 1,260,944 $ 1,223,031 $ 1,205,231
Tier 1 capital 1,261,662 1,256,906 1,260,944 1,223,031 1,205,231
Total risk-based capital (15) 1,373,004 1,367,692 1,371,041 1,330,474 1,309,893
Risk-weighted assets 8,843,043 8,812,422 8,772,207 8,561,549 8,338,168
Regulatory Capital Ratios
Common equity Tier 1 capital ratio (16) 14.27  % 14.26  % 14.37  % 14.29  % 14.45  %
Tier 1 risk-based capital ratio (17) 14.27  % 14.26  % 14.37  % 14.29  % 14.45  %
Total risk-based capital ratio (18) 15.53  % 15.52  % 15.63  % 15.54  % 15.71  %
Leverage ratio (19) 10.83  % 10.93  % 11.12  % 10.86  % 10.76  %
 
Common Equity Tier 1 Capital Ratio Under Basel III Standardized Approach
Total stockholders' equity $ 1,295,361  $ 1,254,371  $ 1,318,132  $ 1,227,702  $ 1,215,653 
Plus: CECL transition adjustment (20) — 6,852 6,852 6,852 6,852
Plus: Unrealized losses on available-for-sale securities, net of
                    income tax		 58,001 89,839 32,990 86,494 81,731
Total adjusted stockholders’equity 1,353,362 1,351,062 1,357,974 1,321,048 1,304,236
Less: Disallowed goodwill, net (80,742) (82,355) (84,241) (84,241) (84,241)
  Disallowed other intangible assets, net (10,958) (11,801) (12,789) (13,776) (14,764)
Common equity Tier 1 capital and Tier 1 capital 1,261,662 1,256,906 1,260,944 1,223,031 1,205,231
Plus Tier 2 capital: Qualifying allowance for credit losses 111,342 110,786 110,097 107,443 104,662
Total risk-based capital $ 1,373,004  $ 1,367,692  $ 1,371,041  $ 1,330,474  $ 1,309,893 



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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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