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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): October 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 October 22, 2025, OFG Bancorp (the “Company”) announced the results for the quarter ended September 30, 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: October 22, 2025
 By: /s/ Maritza Arizmendi
Maritza Arizmendi
Chief Financial Officer

EX-99 2 ofg-20253qexx99.htm EX-99 Document
Exhibit 99


ofgbancorplogoa.jpg
OFG Bancorp Reports 3Q25 Results
SAN JUAN, Puerto Rico, October 22, 2025 – OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, today reported results for the third quarter ended September 30, 2025. EPS diluted of $1.16 compared to $1.15 in 2Q25 and $1.00 in 3Q24. Total core revenues of $184.0 million compared to $182.2 million in 2Q25 and $174.1 million in 3Q24.
CEO Comment
José Rafael Fernández, Chief Executive Officer, said: “Third quarter EPS grew 16% year-over-year on a 5.6% increase in total core revenues. Loan and core deposit balances increased year-over-year with important growth in commercial loans as we began to see the long-anticipated moderation in auto loan originations. Performance and credit metrics remained strong, and we repurchased $20.4 million of common shares.”
"Our Digital First strategy is making significant strides, expanding our positioning as leaders in banking innovation in Puerto Rico. The broad acceptance of our flagship mass-market Libre and mass affluent Elite accounts has driven customer acquisition and retention. Building on this success, we are enhancing our efforts with AI-driven predictive customer insights. Customers now receive tailored insights based on cash flows and payment habits, helping them monitor their budgets and access value-added tools to improve their finances directly from their mobile phones or online. This quarter, we have also launched internal initiatives to apply AI to boost efficiency across all banking operations.”
“Puerto Rico’s economy continued to perform well during the third quarter with a summer tourism surge, solid consumer and business liquidity, and new multi-million dollar on-shoring investments, confirming the island’s position as a world leader of manufacturing medical devices and pharmaceutical products. All these are exciting developments that reinforce our confidence in the island’s future.”
3Q25 Highlights
Performance Metrics: Net interest margin of 5.24%, return on average assets of 1.69%, return on average tangible common stockholders’ equity of 16.39%, and efficiency ratio of 52.48%.
Total Interest Income of $200.1 million compared to $194.3 million in 2Q25 and $189.0 million in 3Q24. Compared to 2Q25, 3Q25 increased $5.8 million, reflecting higher average balances of loans and investments and $1.6 million from one additional business day.
Total Interest Expense of $45.4 million compared to $42.4 million in 2Q25 and $41.2 million in 3Q24. Compared to 2Q25, 3Q25 increased $3.0 million, reflecting higher average balances of core deposits and wholesale funding, higher cost of deposits, and $0.5 million from one additional business day.
Total Banking & Financial Service Revenues of $29.3 million compared to $30.2 million in 2Q25 and $26.3 million in 3Q24. Compared to 2Q25, 3Q25 reflected a sequential decline in mortgage banking revenues due to a change in MSR valuation.
Pre-Provision Net Revenues of $89.6 million compared to $87.6 million in 2Q25 and $83.1 million in 3Q24.
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Other Income of $2.2 million included gains from OFG Ventures investments in fintech-focused funds.
Total Provision for Credit Losses of $28.3 million compared to $21.7 million in 2Q25 and $21.4 million in 3Q24. 3Q25 primarily reflected $13.5 million for increased loan volume, $5.6 million in specific reserves on two commercial loans, $4.3 million for updated prepayment assumptions in commercial loan and residential mortgage portfolios, $2.9 million for macroeconomic factors, and $1.3 million due to qualitative adjustment.
Credit Quality: Net charge-offs of $20.2 million (1.00% of average loans) compared to $12.8 million (0.64%) in 2Q25 and $17.1 million (0.90%) in 3Q24. 3Q25 early and total delinquency rates were 2.84% and 4.06%, respectively, in line with ranges seen over the past year. The nonperforming loan rate was 1.22% compared to 1.19% in 2Q25 and 1.03% in 3Q24.
Total Non-Interest Expense of $96.5 million compared to $94.8 million in 2Q25 and $91.6 million in 3Q24. Compared to 2Q25, 3Q25 reflected strategic investments of $1.1 million in technology, people and process improvement; $1.1 million due to higher business activity and marketing; and a $0.8 million reduction in foreclosed real estate costs.
Income Tax Expense of $9.5 million compared to $14.1 million in 2Q25 and $14.8 million in 3Q24. 3Q25 ETR was 15.53%, reflecting a benefit of $2.3 million in discrete items during the quarter and an anticipated rate of 23.06% for the year.
Loans Held for Investment (EOP) of $8.12 billion compared to $8.18 billion in 2Q25 and $7.75 billion in 3Q24. 3Q25 loans decreased 0.8% sequentially primarily due to repayment of commercial lines of credit funded in 2Q25. Loans increased 4.73% year-over-year, reflecting increases in Puerto Rico and U.S. commercial, consumer, and auto, partially offset by a decrease in residential mortgage.
New Loan Production of $623.9 million compared to $783.7 million in 2Q25 and $572.2 million in 3Q24. Compared to 2Q25, 3Q25 reflected in part the moderation in auto. Year-over-year new loan production was up 9.0%.
Total Investments (EOP) of $2.94 billion compared to $2.78 billion in 2Q25 and $2.61 billion in 3Q24. Compared to 2Q25, 3Q25 primarily reflected purchases of $200 million of mortgage-backed securities yielding 5.32%, partially offset by repayments.
Customer Deposits (EOP) of $9.82 billion decreased $76.2 million from $9.90 billion in 2Q25 and increased $286.5 million from $9.53 billion in 3Q24. Compared to 2Q25, 3Q25 reflected lower demand and time deposit balances, partially offset by higher savings deposit balances.
Total Borrowings & Brokered Deposits (EOP) of $746.4 million compared to $732.3 million in 2Q25 and $346.5 million in 3Q24. Compared to 2Q25, 3Q25 reflected increased borrowings and decreased brokered deposits.
Cash & Cash Equivalents (EOP) of $740.3 million compared to $851.8 million in 2Q25 and $680.6 million in 3Q24. During 3Q25, cash was used to purchase the above-mentioned mortgage-backed securities.
Capital: CET1 ratio was 14.13% compared to 13.99% in 2Q25 and 14.37% in 3Q24. Tangible Common Equity ratio was 10.55% compared to 10.20% in 2Q25 and 10.72% in 3Q24. Tangible Book Value per share was $28.92 compared to $27.67 in 2Q25 and $26.15 in 3Q24. 3Q25 included repurchases of 477,600 common shares for $20.4 million.

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Conference Call, Financial Supplement & Presentation
A conference call to discuss 3Q25 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 579-2543 or (785) 424-1789. Conference ID: OFGQ325. 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 September 30, 2025, and the 3Q25 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 September 30, 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
2025
2025
2024
2024
(Dollars in thousands, except per share data) (unaudited)
Q3
Q2
Q1
Q4
Q3
Statement of Operations
Net interest income   $ 154,724 $ 151,928 $ 149,071 $ 149,138 $ 147,875
Non-interest income, net (core) (1) 29,256 30,246 29,212 32,766 26,271
Total core revenues (2) 183,980 182,174 178,283 181,904 174,146
Non-interest expense   96,548 94,802 93,452 99,718 91,600
Pre-provision net revenues (21) 89,629 87,556 85,136 82,977 83,143
Total provision for credit losses   28,258 21,678 25,688 30,190 21,359
Net income before income taxes   61,371 65,878 59,448 52,787 61,784
Income tax expense   9,533 14,078 13,876 2,440 14,784
Net income available to common stockholders   51,838 51,800 45,572 50,347 47,000
Common Share Statistics            
Earnings per common share - basic (3) $ 1.17 $ 1.15 $ 1.01 $ 1.10 $ 1.01
Earnings per common share - diluted (4) $ 1.16 $ 1.15 $ 1.00 $ 1.09 $ 1.00
Average common shares outstanding   44,430 44,854 45,295 45,946 46,560
Average common shares outstanding and equivalents   44,658 45,033 45,509 46,248 46,846
Cash dividends per common share   $ 0.30 $ 0.30 $ 0.30 $ 0.25 $ 0.25
Book value per common share (period end)   $ 31.07 $ 29.83 $ 28.83 $ 27.60 $ 28.31
Tangible book value per common share (period end) (5) $ 28.92 $ 27.67 $ 26.66 $ 25.43 $ 26.15
Balance Sheet (Average Balances)            
Loans (6) $ 8,098,058 $ 7,963,890 $ 7,784,757 $ 7,717,566 $ 7,634,511
Interest-earning assets   11,715,599 11,466,602 11,152,184 10,981,886 10,837,380
Total assets   12,248,544 11,958,502 11,657,544 11,523,140 11,347,795
Core deposits   9,866,369 9,736,301 9,623,779 9,555,213 9,588,752
Total deposits   10,086,731 9,963,960 9,782,001 9,651,748 9,609,820
Interest-bearing deposits   7,498,818 7,382,083 7,240,258 7,107,550 7,042,467
Borrowings   548,832 444,820 358,666 329,231 241,062
Stockholders' equity   1,361,055 1,318,886 1,290,888 1,304,779 1,280,760
Performance Metrics            
Net interest margin (7) 5.24  % 5.31  % 5.42  % 5.40  % 5.43  %
Return on average assets (8) 1.69  % 1.73  % 1.56  % 1.75  % 1.66  %
Return on average tangible common stockholders' equity (9) 16.39  % 16.96  % 15.28  % 16.71  % 15.94  %
Efficiency ratio (10) 52.48  % 52.04  % 52.42  % 54.82  % 52.60  %
Full-time equivalent employees, period end   2,217  2,222  2,223  2,246  2,236 
Credit Quality Metrics          
Allowance for credit losses $ 197,782 $ 189,944 $ 181,174 $ 175,863 $ 161,500
Allowance as a % of loans held for investment 2.44  % 2.32  % 2.31  % 2.26  % 2.08  %
Net charge-offs $ 20,208 $ 12,784 $ 20,370 $ 15,862 $ 17,103
Net charge-off rate (11) 1.00  % 0.64  % 1.05  % 0.82  % 0.90  %
Early delinquency rate (30 - 89 days past due) 2.84  % 2.46  % 2.19  % 2.95  % 2.78  %
Total delinquency rate (30 days and over) 4.06  % 3.59  % 3.49  % 4.38  % 4.10  %
Capital Ratios (period end) (Non-GAAP) (12)(20)
Leverage ratio 10.75  % 10.83  % 10.83  % 10.93  % 11.12  %
Common equity Tier 1 capital ratio 14.13  % 13.99  % 14.27  % 14.26  % 14.37  %
Tier 1 risk-based capital ratio 14.13  % 13.99  % 14.27  % 14.26  % 14.37  %
Total risk-based capital ratio 15.39  % 15.25  % 15.53  % 15.52  % 15.63  %
Tangible common equity ("TCE") ratio 10.55  % 10.20  % 10.30  % 10.13  % 10.72  %



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OFG Bancorp (NYSE: OFG)
Table 1-2: Financial and Statistical Summary - Consolidated (Continued)
Nine-month period ended
(Dollars in thousands, except per share data) (unaudited) September 30, 2025 September 30, 2024
Statement of Operations
Net interest income $ 455,723  $ 439,302 
Non-interest income, net (core) (1) 88,714  88,415 
Total core revenues (2) 544,437  527,717 
Non-interest expense 284,802  275,972 
Pre-provision net revenues (21) 262,321  253,022 
Total provision for credit losses 75,624  52,061 
Net income before income taxes 186,697  200,961 
Income tax expense 37,487  53,138 
Net income available to common stockholders 149,210  147,823 
Common Share Statistics
Earnings per common share - basic (3) $ 3.33  $ 3.15 
Earnings per common share - diluted (4) $ 3.31  $ 3.14 
Average common shares outstanding 44,857  46,868 
Average common shares outstanding and equivalents 45,056  47,111 
Cash dividends per common share $ 0.90  $ 0.75 
Book value per common share (period end) $ 31.07  $ 28.31 
Tangible book value per common share (period end) (5) $ 28.92  $ 26.15 
Balance Sheet (Average Balances)
Loans (6) $ 7,950,053  $ 7,596,365 
Interest-earning assets 11,446,863  10,778,878 
Total assets 11,957,028  11,259,969 
Core deposits 9,743,039  9,573,850 
Total deposits 9,945,348  9,600,952 
Interest-bearing deposits 7,374,668  7,040,298 
Borrowings 451,469  227,296 
Stockholders' equity 1,323,866  1,239,451 
Performance Metrics
Net interest margin (7) 5.32  % 5.44  %
Return on average assets (8) 1.66  % 1.75  %
Return on average tangible common stockholders' equity (9) 16.22  % 17.34  %
Efficiency ratio (10) 52.31  % 52.30  %
Full-time equivalent employees, period end 2,217  2,236 
Credit Quality Metrics
Allowance for credit losses $ 197,782  $ 161,500 
Allowance as a % of loans held for investment 2.44  % 2.08  %
Net charge-offs $ 53,362  $ 51,928 
Net charge-off rate (11) 0.89  % 0.91  %
Early delinquency rate (30 - 89 days past due) 2.84  % 2.78  %
Total delinquency rate (30 days and over) 4.06  % 4.10  %





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OFG Bancorp (NYSE: OFG)
Table 2-1: Consolidated Statements of Operations
Quarter Ended
(Dollars in thousands) (unaudited)   September 30, 2025 June 30, 2025 March 31,
2025		 December 31,
2024		 September 30,
2024
Interest income:  
Loans
Non-PCD loans   $ 146,665  $ 141,797  $ 137,690  $ 139,659  $ 139,358 
PCD loans   14,669  15,190  15,718  15,682  15,052 
Total interest income from loans   161,334  156,987  153,408  155,341  154,410 
Investment securities and cash   38,811  37,360  35,814  34,822  34,620 
Total interest income   200,145  194,347  189,222  190,163  189,030 
Interest expense:
Deposits
Core deposits   37,458  35,529  34,645  36,312  38,123 
Brokered deposits   2,284  2,350  1,647  1,020  221 
Total deposits   39,742  37,879  36,292  37,332  38,344 
Borrowings   5,679  4,540  3,859  3,693  2,811 
Total interest expense   45,421  42,419  40,151  41,025  41,155 
Net interest income   154,724  151,928  149,071  149,138  147,875 
Provision for credit losses, excluding PCD loans 27,591  21,010  24,810  32,838  21,070 
Provision for (recapture of) credit losses on PCD loans 667  668  878  (2,648) 289 
Total provision for credit losses   28,258  21,678  25,688  30,190  21,359 
Net interest income after provision for credit losses   126,466  130,250  123,383  118,948  126,516 
Non-interest income:            
Banking service revenues   15,930  15,982  15,981  15,329  15,554 
Wealth management revenues   9,014  8,918  8,455  10,626  8,449 
Mortgage banking activities   4,312  5,346  4,776  6,811  2,268 
Total banking and financial service revenues   29,256  30,246  29,212  32,766  26,271 
Other income, net   2,197  184  305  791  597 
Total non-interest income, net   31,453  30,430  29,517  33,557  26,868 
Non-interest expense:
Compensation and employee benefits   39,836  39,565  39,932  42,959  38,468 
Occupancy, equipment and infrastructure costs   14,994  14,629  14,820  15,284  15,124 
General and administrative expenses   42,239  40,298  37,672  39,672  36,736 
Foreclosed real estate and other repossessed assets expenses (income), net   (521) 310  1,028  1,803  1,272 
Total non-interest expense   96,548  94,802  93,452  99,718  91,600 
Income before income taxes   61,371  65,878  59,448  52,787  61,784 
Income tax expense   9,533  14,078  13,876  2,440  14,784 
Net income available to common shareholders   $ 51,838  $ 51,800  $ 45,572  $ 50,347  $ 47,000 

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OFG Bancorp (NYSE: OFG)
Table 2-2: Consolidated Statements of Operations (Continued)
(Dollars in thousands) (unaudited) Nine-month period ended
September 30, 2025 September 30, 2024
Interest income:
Loans
Non-PCD loans $ 426,152  $ 410,071 
PCD loans 45,577  48,190 
Total interest income from loans 471,729  458,261 
Investment securities and cash 111,985  101,853 
Total interest income 583,714  560,114 
Interest expense:
Deposits
Core deposits 107,632  111,903 
Brokered deposits 6,281  1,045 
Total deposits 113,913  112,948 
Borrowings 14,078  7,864 
Total interest expense 127,991  120,812 
Net interest income 455,723  439,302 
Provision for credit losses, excluding PCD loans 73,411  54,588 
Provision for (recapture of) credit losses on PCD loans 2,213  (2,527)
Total provision for credit losses 75,624  52,061 
Net interest income after provision for credit losses 380,099  387,241 
Non-interest income:    
Banking service revenues 47,893  51,594 
Wealth management revenues 26,387  24,996 
Mortgage banking activities 14,434  11,825 
Total banking and financial service revenues 88,714  88,415 
Other income (loss), net 2,686  1,277 
Total non-interest income, net 91,400  89,692 
Non-interest expense:
Compensation and employee benefits 119,333  116,751 
Occupancy, equipment and infrastructure costs 44,443  43,839 
General and administrative expenses 120,209  114,173 
Foreclosed real estate and other repossessed assets expenses (income), net 817  1,209 
Total non-interest expense 284,802  275,972 
Income before income taxes 186,697  200,961 
Income tax expense 37,487  53,138 
Net income available to common shareholders $ 149,210  $ 147,823 




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OFG Bancorp (NYSE: OFG)
Table 3: Consolidated Statements of Financial Condition
(Dollars in thousands) (unaudited) September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
Cash and cash equivalents $ 740,349  $ 851,798  $ 710,600  $ 591,137  $ 680,587 
Investments:
Trading securities 21  18  19  18  18 
Investment securities available-for-sale, at fair value, no allowance for credit losses for any period
Mortgage-backed securities 2,564,831  2,406,956  2,413,420  2,336,505  2,228,399 
US treasury securities
 1,635  1,399  1,384  1,150  1,136 
Other investment securities 503  519  533  550  567 
Total investment securities available-for-sale 2,566,969  2,408,874  2,415,337  2,338,205  2,230,102 
Investment securities held-to-maturity, at amortized cost, no allowance for credit losses for any period
Mortgage-backed securities 275,116  281,186  286,824  292,158  297,713 
Other investment securities 35,000  35,000  35,000  35,000  35,000 
Total investment securities held-to-maturity 310,116  316,186  321,824  327,158  332,713 
Equity securities 61,906  59,556  48,785  54,896  45,692 
Total investments 2,939,012  2,784,634  2,785,965  2,720,277  2,608,525 
Loans, net 7,935,413  8,009,599  7,688,271  7,633,831  7,604,700 
Other assets:
Prepaid expenses 150,461  119,766  68,216  72,010  98,755 
Deferred tax asset, net 7,468  7,048  6,299  6,248  4,130 
Foreclosed real estate and repossessed properties 8,025  7,363  10,927  10,597  11,388 
Premises and equipment, net 100,760  102,095  103,577  104,512  105,279 
Goodwill 84,241  84,241  84,241  84,241  84,241 
Other intangibles 11,086  12,318  13,550  14,782  16,260 
Right of use assets 22,694  17,284  18,663  19,197  20,355 
Servicing asset 67,437  68,588  69,238  70,435  68,512 
Accounts receivable and other assets 162,866  166,776  169,710  173,467  158,650 
Total assets $ 12,229,812  $ 12,231,510  $ 11,729,257  $ 11,500,734  $ 11,461,382 
Deposits:
Demand deposits $ 5,791,959  $ 5,801,400  $ 5,841,418  $ 5,627,406  $ 5,859,787 
Savings accounts 2,208,212  2,131,076  2,107,622  2,064,916  2,019,832 
Time deposits 1,819,397  1,963,336  1,808,117  1,756,389  1,653,402 
Brokered deposits 189,065  248,353  165,812  156,075  75,631 
Total deposits 10,008,633  10,144,165  9,922,969  9,604,786  9,608,652 
Borrowings:          
Securities sold under agreements to repurchase 100,791  27,463  —  75,222  — 
Advances from FHLB and other borrowings 456,530  456,530  255,642  325,952  270,827 
Total borrowings 557,321  483,993  255,642  401,174  270,827 
Other liabilities:          
Acceptances outstanding 29,975  27,572  35,269  31,526  26,055 
Lease liability 24,681  19,354  20,795  21,388  22,604 
GNMA buy-back option program liability (22) 46,716  43,281  44,665  48,586  41,801 
Deferred tax liability, net
 50,298  48,374  44,223  40,718  57,503 
Accrued expenses and other liabilities 136,771  130,318  110,333  98,185  115,808 
Total liabilities 10,854,395  10,897,057  10,433,896  10,246,363  10,143,250 
Stockholders' equity:
Common stock 59,885  59,885  59,885  59,885  59,885 
Additional paid-in capital 641,350  639,901  638,475  639,786  639,487 
Legal surplus 183,614  178,834  173,905  169,537  164,990 
Retained earnings  866,826  833,187  802,024  771,993  737,815 
Treasury stock, at cost (348,957) (328,572) (320,927) (296,991) (251,055)
Accumulated other comprehensive loss, net (27,301) (48,782) (58,001) (89,839) (32,990)
Total stockholders' equity 1,375,417  1,334,453  1,295,361  1,254,371  1,318,132 
Total liabilities and stockholders' equity $ 12,229,812  $ 12,231,510  $ 11,729,257  $ 11,500,734  $ 11,461,382 

6

OFG Bancorp (NYSE: OFG)
Table 4-1: Information on Loan Portfolio and Production
(Dollars in thousands) (unaudited)
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
Non-PCD:
Mortgage, excluding GNMA buy-back option program $ 580,332  $ 575,423  $ 571,637  $ 580,267  $ 577,320 
Mortgage GNMA buy-back option program (22) 46,716  43,281  44,665  48,586  41,801 
Commercial PR 2,469,925  2,511,495  2,337,872  2,310,281  2,318,964 
Commercial US 831,731  825,254  727,409  704,081  680,388 
Consumer 685,740  680,060  670,213  667,963  663,748 
Auto 2,646,811  2,661,795  2,592,922  2,549,033  2,483,611 
7,261,255  7,297,308  6,944,718  6,860,211  6,765,832 
Less:  Allowance for credit losses (189,701) (182,765) (174,752) (170,709) (155,133)
Total non-PCD loans held for investment, net 7,071,554  7,114,543  6,769,966  6,689,502  6,610,699 
PCD:
Mortgage 772,808  795,863  819,271  841,964  864,491 
Commercial PR 82,748  86,685  87,779  88,729  119,029 
Consumer 337  575  595  598  560 
Auto 119  160  281  460  664 
856,012  883,283  907,926  931,751  984,744 
Less:  Allowance for credit losses (8,081) (7,179) (6,422) (5,154) (6,367)
Total PCD loans held for investment, net 847,931  876,104  901,504  926,597  978,377 
Total loans held for investment 7,919,485  7,990,647  7,671,470  7,616,099  7,589,076 
Mortgage loans held for sale 9,680  14,590  12,439  13,286  10,908 
Other loans held for sale 6,248  4,362  4,362  4,446  4,716 
Total loans, net $ 7,935,413  $ 8,009,599  $ 7,688,271  $ 7,633,831  $ 7,604,700 
Loan Portfolio Summary:
Loans held for investment:
Mortgage, excluding GNMA buy-back option program $ 1,353,140  $ 1,371,286  $ 1,390,908  $ 1,422,231  $ 1,441,811 
Mortgage GNMA buy-back option program (22) 46,716  43,281  44,665  48,586  41,801 
Commercial PR 2,552,673  2,598,180  2,425,651  2,399,010  2,437,993 
Commercial US 831,731  825,254  727,409  704,081  680,388 
Consumer 686,077  680,635  670,808  668,561  664,308 
Auto 2,646,930  2,661,955  2,593,203  2,549,493  2,484,275 
8,117,267  8,180,591  7,852,644  7,791,962  7,750,576 
Less:  Allowance for credit losses (197,782) (189,944) (181,174) (175,863) (161,500)
Total loans held for investment, net 7,919,485  7,990,647  7,671,470  7,616,099  7,589,076 
Mortgage loans held for sale 9,680  14,590  12,439  13,286  10,908 
Other loans held for sale 6,248  4,362  4,362  4,446  4,716 
Total loans, net $ 7,935,413  $ 8,009,599  $ 7,688,271  $ 7,633,831  $ 7,604,700 

7

OFG Bancorp (NYSE: OFG)
Table 4-2: Information on Loan Portfolio and Production
    Quarter Ended Nine-month period ended
(Dollars in thousands) (unaudited) September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
September 30, 2024
 September 30, 2025
September 30, 2024
Loan production (13)
Mortgage   $ 42,392  $ 55,575  $ 37,014  $ 42,562  $ 37,091  $ 134,981  $ 107,772 
Commercial PR   216,560  253,874  163,232  211,217  149,856  633,666  528,390 
Commercial US   116,368  147,193  57,939  44,034  67,133  321,500  111,641 
Consumer   76,027  76,757  67,859  68,941  86,575  220,643  235,514 
Auto   172,558  250,269  232,897  242,225  231,573  655,724  714,525 
Total   $ 623,905  $ 783,668  $ 558,941  $ 608,979  $ 572,228  $ 1,966,514  $ 1,697,842 
8

OFG Bancorp (NYSE: OFG)
Table 5-1: Average Balances, Net Interest Income and Net Interest Margin
2025 Q3
2025 Q2
2025 Q1
2024 Q4
2024 Q3
(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 $ 784,978  $ 8,555  4.32  % $ 746,356  $ 8,078  4.34  % $ 593,325  $ 6,316  4.32  % $ 560,013  $ 6,534  4.64  % $ 630,836  $ 8,362  5.27  %
Investment securities 2,832,563  30,256  4.27  % 2,756,356  29,282  4.25  % 2,774,102  29,498  4.25  % 2,704,307  28,288  4.18  % 2,572,033  26,258  4.08  %
Loans held for investment
Non-PCD loans 7,228,920  146,665  8.05  % 7,067,367  141,797  8.05  % 6,864,180  137,690  8.14  % 6,763,828  139,659  8.21  % 6,634,043  139,358  8.36  %
PCD loans 869,138  14,669  6.75  % 896,523  15,190  6.78  % 920,577  15,718  6.83  % 953,738  15,682  6.58  % 1,000,468  15,052  6.02  %
Total loans 8,098,058  161,334  7.90  % 7,963,890  156,987  7.91  % 7,784,757  153,408  7.99  % 7,717,566  155,341  8.01  % 7,634,511  154,410  8.05  %
Total interest-earning assets $ 11,715,599  $ 200,145  6.78  % $ 11,466,602  $ 194,347  6.80  % $ 11,152,184  $ 189,222  6.88  % $ 10,981,886  $ 190,163  6.89  % $ 10,837,380  $ 189,030  6.94  %
Interest bearing liabilities:                    
Deposits                    
NOW accounts $ 3,208,598  $ 15,941  1.97  % $ 3,211,382  $ 15,451  1.93  % $ 3,193,088  $ 14,897  1.89  % $ 3,282,808  $ 16,871  2.04  % $ 3,395,425  $ 20,013  2.34  %
Savings accounts 2,215,538  6,212  1.11  % 2,119,036  5,175  0.98  % 2,093,431  5,028  0.97  % 2,038,523  5,062  0.99  % 2,009,028  4,777  0.95  %
Time deposits 1,854,320  14,362  3.07  % 1,824,006  13,960  3.07  % 1,795,517  13,777  3.11  % 1,689,684  13,247  3.12  % 1,616,946  12,202  3.00  %
Brokered deposits 220,362  2,284  4.11  % 227,659  2,350  4.14  % 158,222  1,647  4.22  % 96,535  1,020  4.21  % 21,068  221  4.17  %
  7,498,818  38,799  2.05  % 7,382,083  36,936  2.01  % 7,240,258  35,349  1.98  % 7,107,550  36,200  2.03  % 7,042,467  37,213  2.10  %
Non-interest bearing deposit accounts 2,587,913  —  —  2,581,877  —  —  2,541,743  —  —  2,544,198  —  —  2,567,353  —  — 
Fair value premium and core deposit intangible amortization —  943  —  —  943  —  —  943  —  —  1,132  —  —  1,131  — 
Total deposits 10,086,731  39,742  1.56  % 9,963,960  37,879  1.52  % 9,782,001  36,292  1.50  % 9,651,748  37,332  1.54  % 9,609,820  38,344  1.59  %
Borrowings
Securities sold under agreements to repurchase 93,028  986  4.21  % 10,517  120  4.56  % 63,531  710  4.53  % 44,837  542  4.81  % —  —  —  %
Advances from FHLB and other borrowings 455,804  4,693  4.08  % 434,303  4,420  4.08  % 295,135  3,149  4.33  % 284,394  3,151  4.41  % 241,062  2,811  4.64  %
Total borrowings 548,832  5,679  4.10  % 444,820  4,540  4.09  % 358,666  3,859  4.36  % 329,231  3,693  4.46  % 241,062  2,811  4.64  %
Total liabilities
 $ 10,635,563  $ 45,421  1.69  % $ 10,408,780  $ 42,419  1.63  % $ 10,140,667  $ 40,151  1.61  % $ 9,980,979  $ 41,025  1.64  % $ 9,850,882  $ 41,155  1.66  %
Interest rate spread   $ 154,724  5.09  %   $ 151,928  5.17  %   $ 149,071  5.27  %   $ 149,138  5.25  %   $ 147,875  5.28  %
Net interest margin     5.24  %     5.31  %     5.42  %     5.40  %     5.43  %
Core deposits: (Non-GAAP)                              
NOW accounts $ 3,208,598  $ 15,941  1.97  % $ 3,211,382  $ 15,451  1.93  % $ 3,193,088  $ 14,897  1.89  % $ 3,282,808  $ 16,871  2.04  % $ 3,395,425  $ 20,013  2.34  %
Savings accounts 2,215,538  6,212  1.11  % 2,119,036  5,175  0.98  % 2,093,431  5,028  0.97  % 2,038,523  5,062  0.99  % 2,009,028  4,777  0.95  %
Time deposits 1,854,320  14,362  3.07  % 1,824,006  13,960  3.07  % 1,795,517  13,777  3.11  % 1,689,684  13,247  3.12  % 1,616,946  12,202  3.00  %
  7,278,456  36,515  1.99  % 7,154,424  34,586  1.94  % 7,082,036  33,702  1.93  % 7,011,015  35,180  2.00  % 7,021,399  36,992  2.10  %
Non-interest bearing deposit accounts 2,587,913  —  —  2,581,877  —  —  2,541,743  —  —  2,544,198  —  —  2,567,353  —  — 
Total core deposits $ 9,866,369  $ 36,515  1.47  % $ 9,736,301  $ 34,586  1.42  % $ 9,623,779  $ 33,702  1.42  % $ 9,555,213  $ 35,180  1.46  % $ 9,588,752  $ 36,992  1.53  %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
 $ 548,832  $ 5,679  4.10  % $ 444,820  $ 4,540  4.09  % $ 358,666  $ 3,859  4.36  % $ 329,231  $ 3,693  4.46  % $ 241,062  $ 2,811  4.64  %
Brokered deposits
 220,362  2,284  4.11  % 227,659  2,350  4.14  % 158,222  1,647  4.22  % 96,535  1,020  4.21  % 21,068  221  4.17  %
Total borrowings and brokered deposits
 $ 769,194  $ 7,963  4.11  % $ 672,479  $ 6,890  4.11  % $ 516,888  $ 5,506  4.32  % $ 425,766  $ 4,713  4.40  % $ 262,130  $ 3,032  4.60  %
9

OFG Bancorp (NYSE: OFG)
Table 5-2: Average Balances, Net Interest Income and Net Interest Margin (Continued)
Nine-month period ended
September 30, 2025 September 30, 2024
(Dollars in thousands) (unaudited) Average
Balance		 Interest
Income/
Expense		 Yield/
Rate		 Average
Balance		 Interest
Income/
Expense		 Yield/
Rate
Interest earning assets:
Cash equivalents $ 708,922  $ 22,949  4.33  % $ 629,423  $ 25,093  5.33  %
Investment securities 2,787,888  89,036  4.26  % 2,553,090  76,760  4.01  %
Loans held for investment
Non-PCD loans 7,054,829  426,152  8.08  % 6,562,504  410,071  8.35  %
PCD loans 895,224  45,577  6.79  % 1,033,861  48,190  6.21  %
Total loans 7,950,053  471,729  7.93  % 7,596,365  458,261  8.06  %
Total interest-earning assets $ 11,446,863  $ 583,714  6.82  % $ 10,778,878  $ 560,114  6.94  %
Interest bearing liabilities:
Deposits
NOW accounts $ 3,204,413  $ 46,288  1.93  % $ 3,438,649  $ 61,490  2.39  %
Savings accounts 2,143,116  16,415  1.02  % 2,024,127  13,782  0.91  %
Time deposits 1,824,830  42,099  3.08  % 1,550,420  33,235  2.86  %
Brokered deposits 202,309  6,281  4.15  % 27,102  1,045  5.15  %
7,374,668  111,083  2.01  % 7,040,298  109,552  2.08  %
Non-interest bearing deposit accounts 2,570,680  —  —  % 2,560,654  —  —  %
Fair value premium and core deposit intangible amortization —  2,830  —  —  3,396  — 
Total deposits 9,945,348  113,913  1.53  % 9,600,952  112,948  1.57  %
Borrowings
Securities sold under agreements to repurchase 55,800  1,816  4.35  % —  —  —  %
Advances from FHLB and other borrowings 395,669  12,262  4.14  % 227,296  7,864  4.62  %
Total borrowings 451,469  14,078  4.17  % 227,296  7,864  4.62  %
Total interest-bearing liabilities $ 10,396,817  $ 127,991  1.65  % $ 9,828,248  $ 120,812  1.64  %
Interest rate spread $ 455,723  5.17  % $ 439,302  5.30  %
Net interest margin   5.32  % 5.44  %
Core deposits: (Non-GAAP)
NOW accounts $ 3,204,413  $ 46,288  1.93  % $ 3,438,649  $ 61,490  2.39  %
Savings accounts 2,143,116  16,415  1.02  % 2,024,127  13,782  0.91  %
Time deposits 1,824,830  42,099  3.08  % 1,550,420  33,235  2.86  %
7,172,359  104,802  1.95  % 7,013,196  108,507  2.07  %
Non-interest bearing deposit accounts 2,570,680  —  —  % 2,560,654  —  —  %
Total core deposits $ 9,743,039  $ 104,802  1.44  % $ 9,573,850  $ 108,507  1.51  %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
 $ 451,469  $ 14,078  4.17  % $ 227,296  $ 7,864  4.62  %
Brokered deposits
 202,309  6,281  4.15  % 27,102  1,045  5.15  %
Total borrowings and brokered deposits
 $ 653,778  $ 20,359  4.16  % $ 254,398  $ 8,909  4.68  %
10

OFG Bancorp (NYSE: OFG)
Table 6-1: Loan Information and Performance Statistics
2025 2025 2025 2024 2024
(Dollars in thousands) (unaudited) Q3 Q2 Q1 Q4 Q3
Net Charge-offs
Non-PCD
Mortgage:
Charge-offs $ —  $ 11  $ 23  $ 24  $ 37 
Recoveries (171) (745) (186) (190) (72)
Total mortgage (171) (734) (163) (166) (35)
Commercial PR:
Charge-offs 1,446  273  112  713  139 
Recoveries (922) (88) (152) (381) (1,455)
Total commercial PR 524  185  (40) 332  (1,316)
Commercial US:
Charge-offs 3,647  —  2,918  315  — 
Recoveries —  —  —  —  (24)
Total commercial US 3,647  —  2,918  315  (24)
Consumer:          
Charge-offs 7,704  6,970  8,252  8,242  8,863 
Recoveries (896) (848) (725) (1,792) (830)
Total consumer 6,808  6,122  7,527  6,450  8,033 
Auto:          
Charge-offs 16,743  14,870  18,192  18,503  16,371 
Recoveries (7,108) (7,570) (7,674) (8,137) (6,300)
Total auto 9,635  7,300  10,518  10,366  10,071 
Total $ 20,443  $ 12,873  $ 20,760  $ 17,297  $ 16,729 
PCD
Mortgage:
Charge-offs $ —  $ 59  $ —  $ —  $ 66 
Recoveries (281) (91) (341) (345) (250)
Total mortgage (281) (32) (341) (345) (184)
Commercial PR:          
Charge-offs 205  31  —  39  663 
Recoveries (118) (63) (25) (1,026) (70)
Total commercial PR 87  (32) (25) (987) 593 
Consumer:          
Charge-offs —  1  —  —  — 
Recoveries (10) (11) (6) (13) (19)
Total consumer (10) (10) (6) (13) (19)
Auto:          
Charge-offs 2  13  1  1  9 
Recoveries (33) (28) (19) (91) (25)
Total auto (31) (15) (18) (90) (16)
Total $ (235) $ (89) $ (390) $ (1,435) $ 374 
Total Net Charge-offs $ 20,208  $ 12,784  $ 20,370  $ 15,862  $ 17,103 
Net Charge-off Rates          
Mortgage (0.13) % (0.22) % (0.14) % (0.14) % (0.06) %
Commercial PR 0.10  % 0.02  % (0.01) % (0.11) % (0.12) %
Commercial US 1.74  % —  % 1.62  % 0.18  % (0.01) %
Consumer 3.85  % 3.50  % 4.34  % 3.72  % 4.70  %
Auto 1.45  % 1.11  % 1.63  % 1.63  % 1.64  %
Total 1.00  % 0.64  % 1.05  % 0.82  % 0.90  %
Average Loans Held For Investment          
Mortgage $ 1,361,765  $ 1,379,986  $ 1,404,961  $ 1,429,022  $ 1,446,855 
Commercial PR 2,536,829  2,463,009  2,392,006  2,386,204  2,393,891 
Commercial US 836,527  786,637  719,838  689,310  658,908 
Consumer 705,945  698,581  693,563  692,119  681,391 
Auto 2,656,992  2,635,677  2,574,389  2,520,911  2,453,466 
Total $ 8,098,058  $ 7,963,890  $ 7,784,757  $ 7,717,566  $ 7,634,511 
(a) Refer to “(c)” in Table 1-1.
11


OFG Bancorp (NYSE: OFG)
Table 6-2: Loan Information and Performance Statistics (Excludes PCD Loans)
2025 2025 2025 2024 2024
(Dollars in thousands) (unaudited) Q3 Q2 Q1 Q4 Q3
Early Delinquency (30 - 89 days past due)          
Mortgage $ 11,474  $ 10,313  $ 9,830  $ 11,431  $ 10,822 
Commercial 9,423  3,121  1,412  6,825  2,426 
Consumer 15,000  13,093  12,129  14,281  13,485 
Auto 170,075  152,732  128,619  170,013  161,025 
Total  $ 205,972  $ 179,259  $ 151,990  $ 202,550  $ 187,758 
Early Delinquency Rates (30 - 89 days past due)          
Mortgage 1.83  % 1.67  % 1.59  % 1.82  % 1.75  %
Commercial 0.29  % 0.09  % 0.05  % 0.23  % 0.08  %
Consumer 2.19  % 1.93  % 1.81  % 2.14  % 2.03  %
Auto 6.43  % 5.74  % 4.96  % 6.67  % 6.48  %
Total 2.84  % 2.46  % 2.19  % 2.95  % 2.78  %
Total Delinquency (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation $ 22,657  $ 19,946  $ 21,457  $ 22,840  $ 22,954 
GNMA's buy-back option program (22) 46,716  43,281  44,665  48,586  41,801 
Total mortgage 69,373  63,227  66,122  71,426  64,755 
Commercial 20,592  14,282  17,692  20,193  17,460 
Consumer 18,942  16,839  15,611  18,471  17,094 
Auto 185,964  167,653  142,662  190,068  178,003 
Total $ 294,871  $ 262,001  $ 242,087  $ 300,158  $ 277,312 
Total Delinquency Rates (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation 3.61  % 3.22  % 3.48  % 3.63  % 3.71  %
GNMA's buy-back option program (22) 7.45  % 7.00  % 7.25  % 7.73  % 6.75  %
Total mortgage 11.06  % 10.22  % 10.73  % 11.36  % 10.46  %
Commercial 0.62  % 0.43  % 0.58  % 0.67  % 0.58  %
Consumer 2.76  % 2.48  % 2.33  % 2.77  % 2.58  %
Auto 7.03  % 6.30  % 5.50  % 7.46  % 7.17  %
Total 4.06  % 3.59  % 3.49  % 4.38  % 4.10  %
Nonperforming Assets (14)
Mortgage $ 17,426  $ 15,804  $ 16,909  $ 16,928  $ 18,723 
Commercial 53,428  54,003  44,150  38,913  36,099 
Consumer 4,194  3,790  3,482  4,207  3,627 
Auto 15,962  14,968  14,043  20,055  16,978 
Total nonperforming loans 91,010  88,565  78,584  80,103  75,427 
Foreclosed real estate 3,160  2,603  4,271  4,002  4,419 
Other repossessed assets 4,865  4,760  6,656  6,595  6,969 
Total nonperforming assets $ 99,035  $ 95,928  $ 89,511  $ 90,700  $ 86,815 
Nonperforming Loan Rates          
Mortgage 2.78  % 2.55  % 2.74  % 2.69  % 3.02  %
Commercial 1.62  % 1.62  % 1.44  % 1.29  % 1.20  %
Consumer 0.61  % 0.56  % 0.52  % 0.63  % 0.55  %
Auto 0.60  % 0.56  % 0.54  % 0.79  % 0.68  %
Total loans 1.25  % 1.21  % 1.13  % 1.17  % 1.11  %

12

OFG Bancorp (NYSE: OFG)
Table 6-3: Loan Information and Performance Statistics
  2025 2025 2025 2024 2024
(Dollars in thousands) (unaudited)   Q3 Q2 Q1 Q4 Q3
Nonperforming PCD Loans (14)
Mortgage   $ 230  $ 233  $ 234  $ 239  $ 241 
Commercial   7,803  8,603  8,666  2,641  3,920 
Total nonperforming loans   $ 8,033  $ 8,836  $ 8,900  $ 2,880  $ 4,161 
Nonperforming PCD Loan Rates            
Mortgage   0.03  % 0.03  % 0.03  % 0.03  % 0.03  %
Commercial   9.43  % 9.92  % 9.87  % 2.98  % 3.29  %
Total   0.94  % 1.00  % 0.98  % 0.31  % 0.42  %
Total PCD Loans Held for Investment          
Mortgage   $ 772,808  $ 795,863  $ 819,271  $ 841,964  $ 864,491 
Commercial   82,748  86,685  87,779  88,729  119,029 
Consumer   337  575  595  598  560 
Auto 119  160  281  460  664 
Total loans   $ 856,012  $ 883,283  $ 907,926  $ 931,751  $ 984,744 
Total Nonperforming Loans (14)          
Mortgage   $ 17,656  $ 16,037  $ 17,143  $ 17,167  $ 18,964 
Commercial   61,231  62,606  52,816  41,554  40,019 
Consumer   4,194  3,790  3,482  4,207  3,627 
Auto   15,962  14,968  14,043  20,055  16,978 
Total nonperforming loans   $ 99,043  $ 97,401  $ 87,484  $ 82,983  $ 79,588 
Total Nonperforming Loan Rates  
Mortgage   1.26  % 1.13  % 1.19  % 1.17  % 1.28  %
Commercial   1.81  % 1.83  % 1.68  % 1.34  % 1.28  %
Consumer   0.61  % 0.56  % 0.52  % 0.63  % 0.55  %
Auto   0.60  % 0.56  % 0.54  % 0.79  % 0.68  %
Total   1.22  % 1.19  % 1.11  % 1.06  % 1.03  %
Total Loans Held for Investment          
Mortgage   $ 1,399,856  $ 1,414,567  $ 1,435,573  $ 1,470,817  $ 1,483,612 
Commercial   3,384,404  3,423,434  3,153,060  3,103,091  3,118,381 
Consumer   686,077  680,635  670,808  668,561  664,308 
Auto   2,646,930  2,661,955  2,593,203  2,549,493  2,484,275 
Total loans   $ 8,117,267  $ 8,180,591  $ 7,852,644  $ 7,791,962  $ 7,750,576 
(a) Refer to “(a)” in Table 1-1.



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OFG Bancorp (NYSE: OFG)
Table 7: Allowance for Credit Losses
Quarter Ended September 30, 2025
(Dollars in thousands) (unaudited) Mortgage Commercial Consumer Auto Total
Allowance for credit losses Non-PCD:          
Balance at beginning of period $ 5,684  $ 51,586  $ 32,822  $ 92,673  $ 182,765 
Provision for (recapture of) credit losses 638  12,181  7,757  6,803  27,379 
Charge-offs —  (5,093) (7,704) (16,743) (29,540)
Recoveries 171  922  896  7,108  9,097 
Balance at end of period $ 6,493  $ 59,596  $ 33,771  $ 89,841  $ 189,701 
Allowance for credit losses PCD:
Balance at beginning of period $ 3,683  $ 3,482  $ 10  $ 4  $ 7,179 
Provision for (recapture of) credit losses 453  259  (11) (34) 667 
Charge-offs —  (205) —  (2) (207)
Recoveries 281  118  10  33  442 
Balance at end of period $ 4,417  $ 3,654  $ 9  $ 1  $ 8,081 
Allowance for credit losses summary:
Balance at beginning of period $ 9,367  $ 55,068  $ 32,832  $ 92,677  $ 189,944 
Provision for credit losses 1,091  12,440  7,746  6,769  28,046 
Charge-offs —  (5,298) (7,704) (16,745) (29,747)
Recoveries 452  1,040  906  7,141  9,539 
Balance at end of period $ 10,910  $ 63,250  $ 33,780  $ 89,842  $ 197,782 
Allowance coverage ratio 0.78  % 1.87  % 4.92  % 3.39  % 2.44  %


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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.
2025 2025 2025 2024 2024
(Dollars in thousands) (unaudited) Q3 Q2 Q1 Q4 Q3
Stockholders' Equity to Non-GAAP Tangible Common Equity
Total stockholders' equity $ 1,375,417  $ 1,334,453  $ 1,295,361  $ 1,254,371  $ 1,318,132 
Less:  Intangible assets (95,327) (96,559) (97,791) (99,023) (100,501)
Tangible common equity (Non-GAAP) $ 1,280,090 $ 1,237,894 $ 1,197,570 $ 1,155,348 $ 1,217,631
         
Common shares outstanding at end of period 44,265  44,742  44,924  45,440  46,559 
Tangible book value per common share (Non-GAAP) $ 28.92  $ 27.67  $ 26.66  $ 25.43  $ 26.15 
Total Assets to Non-GAAP Tangible Assets          
Total assets   $ 12,229,812  $ 12,231,510  $ 11,729,257  $ 11,500,734  $ 11,461,382 
Less:  Intangible assets (95,327) (96,559) (97,791) (99,023) (100,501)
Tangible assets (Non-GAAP) $ 12,134,485  $ 12,134,951  $ 11,631,466  $ 11,401,711  $ 11,360,881 
Non-GAAP TCE Ratio          
Tangible common equity $ 1,280,090 $ 1,237,894 $ 1,197,570 $ 1,155,348 $ 1,217,631
Tangible assets 12,134,485  12,134,951  11,631,466  11,401,711  11,360,881 
TCE ratio 10.55  % 10.20  % 10.30  % 10.13  % 10.72  %
Average Equity to Non-GAAP Average Tangible Common Equity
Average total stockholders' equity $ 1,361,055  $ 1,318,886  $ 1,290,888  $ 1,304,779  $ 1,280,760 
Less:  Average intangible assets (95,756) (96,983) (98,229) (99,558) (101,042)
Average tangible common equity (Non-GAAP) $ 1,265,299 $ 1,221,903 $ 1,192,659 $ 1,205,221 $ 1,179,718




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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
2025 2025   2025 2024 2024
(Dollars in thousands) (unaudited) Q3 Q2   Q1 Q4 Q3
Regulatory Capital Metrics            
Common equity Tier 1 capital $ 1,313,558 $ 1,293,041 $ 1,261,662 $ 1,256,906 $ 1,260,944
Tier 1 capital 1,313,558 1,293,041 1,261,662 1,256,906 1,260,944
Total risk-based capital (15) 1,430,713 1,409,447 1,373,004 1,367,692 1,371,041
Risk-weighted assets 9,298,556 9,245,125 8,843,043 8,812,422 8,772,207
Regulatory Capital Ratios
Common equity Tier 1 capital ratio (16) 14.13  % 13.99  % 14.27  % 14.26  % 14.37  %
Tier 1 risk-based capital ratio (17) 14.13  % 13.99  % 14.27  % 14.26  % 14.37  %
Total risk-based capital ratio (18) 15.39  % 15.25  % 15.53  % 15.52  % 15.63  %
Leverage ratio (19) 10.75  % 10.83  % 10.83  % 10.93  % 11.12  %
 
Common Equity Tier 1 Capital Ratio Under Basel III Standardized Approach
Total stockholders' equity $ 1,375,417  $ 1,334,453  $ 1,295,361  $ 1,254,371  $ 1,318,132 
Plus: CECL transition adjustment (20) — — — 6,852 6,852
Plus: Unrealized losses on available-for-sale securities, net of
                    income tax		 27,301 48,782 58,001 89,839 32,990
Total adjusted stockholders’equity 1,402,718 1,383,235 1,353,362 1,351,062 1,357,974
Less: Disallowed goodwill, net (79,889) (80,079) (80,742) (82,355) (84,241)
  Disallowed other intangible assets, net (9,271) (10,115) (10,958) (11,801) (12,789)
Common equity Tier 1 capital and Tier 1 capital 1,313,558 1,293,041 1,261,662 1,256,906 1,260,944
Plus Tier 2 capital: Qualifying allowance for credit losses 117,155 116,406 111,342 110,786 110,097
Total risk-based capital $ 1,430,713  $ 1,409,447  $ 1,373,004  $ 1,367,692  $ 1,371,041 



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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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