Exhibit 99

OFG Bancorp Reports 4Q23 & 2023 Results

SAN JUAN, Puerto Rico, January 24, 2024 – OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, today reported results for the fourth quarter and year ended December 31, 2023.

4Q23: EPS diluted of $0.98 compared to $0.95 in 3Q23 and $0.97 in 4Q22. Total core revenues of $175.6 million compared to $172.2 million in 3Q23 and $168.3 million in 4Q22.

Full Year 2023: EPS diluted of $3.83 compared to $3.44 in 2022. Total core revenues of $682.7 million compared to $607.8 million.

CEO Comment

José Rafael Fernández, Chief Executive Officer, said: “2023 was an outstanding year. We are proud of our accomplishments and thank the entire team for making it possible. We ended 2023 with record levels of loans, customer deposits, assets, and stockholders’ equity. Year-end commercial loan balances exceeded $3 billion and tangible common equity was more than $1 billion, both for the first time. Our ‘Digital First Strategy’ continues to empower our retail customers to complete 93% of routine transactions through self-service channels. While consumer credit has begun to normalize post-pandemic, consumer liquidity and employment as well as commercial clients and the economy continue to be strong in Puerto Rico.”

4Q23 Results Included:

Gain on Sale of Non-Performing Puerto Rico Small Business Loans: Resulted in a $6.3 million pre-tax gain in other non-interest income.

Workforce Early Retirement & Rightsizing: Resulted in $3.2 million in severance and lease cancellation costs in non-interest compensation and infrastructure expenses.

Large Public Funds Deposit: $1.2 billion deposited mid-December.

4Q23 Highlights

Performance Metrics: Net interest margin of 5.62%, return on average assets of 1.76%, return on average tangible common stockholders’ equity of 18.22%, and efficiency ratio of 53.59%.

Total Interest Income of $176.2 million compared to $165.7 million in 3Q23 and $145.7 million in 4Q22. Compared to 3Q23, 4Q23 primarily reflected higher average balances and yields on loans and investment securities.

Total Interest Expense of $32.7 million compared to $23.9 million in 3Q23 and $10.4 million in 4Q22. Compared to 3Q23, 4Q23 reflected increases of $4.0 million in the cost of average core deposits and $4.8 million in the cost of average wholesale funding, primarily due to temporarily higher balances of borrowings and brokered deposits during the quarter.

Total Banking & Financial Service Revenues of $32.1 million compared to $30.4 million in 3Q23 and $33.0 million in 4Q22. Compared to 3Q23, 4Q23 reflected annual insurance

commission recognition of $2.5 million in wealth management revenues and lower mortgage servicing revenues.

Pre-Provision Net Revenues of $88.2 million compared to $82.3 million in 3Q23 and $76.9 million in 4Q22.

Total Provision for Credit Losses of $19.7 million compared to $16.4 million in 3Q23 and $8.8 million in 4Q22. 4Q23 provision primarily reflected increased loan volume.

Credit Quality: Net charge-offsof $16.3 million compared to $18.8 million in 3Q23 and $11.2 million in 4Q22. 4Q23 early and total delinquency rates were 2.76% and 3.76%, respectively, in line with 3Q23. The nonperforming loan rate of 1.22% was the lowest over the last five quarters.

Total Non-Interest Expense of $94.1 million compared to $90.2 million in 3Q23 and $91.6 million in 4Q22.

Loans Held for Investment (EOP) of $7.53 billion compared to $7.26 billion in 3Q23 and $6.84 billion in 4Q22. Loans increased 3.8% from 3Q23 and 10.2% year-over-year, reflecting increases in commercial loans, and retail auto and consumer loans. This was partially offset by regular paydowns of residential mortgages and securitization and sale of conforming loans.

New Loan Production of $663.9 million compared to $567.5 million in 3Q23 and $616.4 million in 4Q22. 4Q23 primarily reflected increased Puerto Rico commercial lending.

Total Investments (EOP) of $2.69 billion compared to $2.07 billion in 3Q23 and $1.97 billion in 4Q22. 4Q23 investments reflected purchases of $300 million of short-term US Treasury bills and $250 million of long-term government insured, mortgage-backed securities.

Customer Deposits (EOP) of $9.60 billion compared to $8.54 billion in 3Q23 and $8.56 billion in 4Q22.

Total Borrowings & Brokered Deposits (EOP) of $363.0 million compared to $454.4 million in 3Q23 and $38.4 million in 4Q22. Theaverage balance of such wholesale funding was $602.0 million in 4Q23 compared to $266.4 million in 3Q23. The 12/31/23 balance reflected repayment of $250 million of borrowings and the addition of $160 million of brokered deposits, most of which will mature in early 1Q24.

Cash & Cash Equivalents (EOP) of $748.2 million compared to $532.7 million in 3Q23 and $550.5 million in 4Q22.

Total Assets (EOP) of $11.34 billion compared to $10.26 billion in 3Q23 and $9.82 billion in 4Q22.

Capital: CET1 ratio was 14.12% compared to 14.06% in 3Q23 and 13.64% in 4Q22. The Tangible Common Equity ratio was 9.68% compared to 9.74% in 3Q23 and 9.59% in 4Q22. Tangible Book Value (TBV) of $23.13 per share compared to $21.01 in 3Q23 and $19.56 in 4Q22. 4Q23 TBV reflected increased retained earnings and Accumulated Other Comprehensive Income.

Conference Call, Financial Supplement & Presentation

A conference call to discuss 4Q23 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 267-6316 or (203) 518-9783. Conference ID: OFGQ423. The call can also be accessed live on  www.ofgbancorp.com with webcast replay shortly thereafter.

OFG’s Financial Supplement, with full financial tables for the quarter and year ended December 31, 2023, and the 4Q23 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, 2022, as well as its other filings with the U.S. Securities and Exchange Commission. Other than to the extent required by applicable law, including the requirements of applicable securities laws, OFG assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

About OFG Bancorp

Now in its 60th year in business, OFG Bancorp is a diversified financial holding company that operates under U.S., Puerto Rico and U.S. Virgin Islands banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services, and Oriental Insurance, provide a wide range of retail and commercial banking, lending and wealth management products, services, and technology, primarily in Puerto Rico and U.S. Virgin Islands. Visit us at www.ofgbancorp.com. 

# # #

Contacts

Puerto Rico & USVI: Idalis Montalvo (idalis.montalvo@orientalbank.com) at (787) 777-2847

US: Gary Fishman (gfishman@ofgbancorp.com) and Steven Anreder

(sanreder@ofgbancorp.com) at (212) 532-3232

OFG Bancorp

Financial Supplement

The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation, and investors should refer to our December 31, 2023 Annual Report on Form 10-K once it is filed with the Securities and Exchange Commission.

	Table of Contents
		Pages
OFG Bancorp (Consolidated Financial Information)
Table  1:	Financial and Statistical Summary - Consolidated	2
Table  2:	Consolidated Statements of Operations	4
Table  3:	Consolidated Statements of Financial Condition	6
Table  4:	Information on Loan Portfolio and Production	7
Table  5:	Average Balances, Net Interest Income and Net Interest Margin	9
Table  6:	Loan Information and Performance Statistics	11
Table  7:	Allowance for Credit Losses	14
Table  8:	Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital	15
Table  9:	Notes to Financial Summary, Selected Metrics, Loans, and Consolidated Financial Statements (Tables 1-8)	17

OFG Bancorp (NYSE: OFG)

Table 1-1: Financial and Statistical Summary - Consolidated

		2023			2023			2023			2023			2022
(Dollars in thousands, except per share data) (unaudited)		Q4			Q3			Q2			Q1			Q4
Statement of Operations
Net interest income		$	143,542		$	141,787		$	139,644		$	135,897		$	135,282
Non-interest income, net (core)	(1)	32,061			30,404			30,859			28,531			33,012
Total core revenues	(2)	175,603			172,191			170,503			164,428			168,294
Non-interest expense		94,099			90,158			88,888			90,220			91,641
Pre-provision net revenues	(21)	88,151			82,328			80,829			74,578			76,895
Total provision for credit losses		19,719			16,430			15,044			9,445			8,757
Net income before income taxes		68,432			65,898			65,785			65,133			68,138
Income tax expense		21,835			21,025			21,612			18,904			21,771
Net income available to common stockholders		46,597			44,873			44,173			46,229			46,367
Common Share Statistics
Earnings per common share - basic	(3)	$	0.99		$	0.95		$	0.93		$	0.97		$	0.97
Earnings per common share - diluted	(4)	$	0.98		$	0.95		$	0.93		$	0.96		$	0.97
Average common shares outstanding		47,061			47,114			47,266			47,600			47,572
Average common shares outstanding and equivalents		47,386			47,392			47,490			47,944			47,964
Cash dividends per common share		$	0.22		$	0.22		$	0.22		$	0.22		$	0.20
Book value per common share (period end)		$	25.36		$	23.28		$	23.36		$	22.88		$	21.91
Tangible book value per common share (period end)	(5)	$	23.13		$	21.01		$	21.06		$	20.57		$	19.56
Balance Sheet (Average Balances)
Loans	(6)	$	7,417,084		$	7,191,243		$	7,002,971		$	6,866,586		$	6,770,341
Interest-earning assets		10,129,061			9,702,167			9,492,861			9,359,211			9,425,590
Total assets		10,588,584			10,180,931			10,020,940			9,900,409			9,989,293
Core deposits		8,691,516			8,621,652			8,531,583			8,594,392			8,759,080
Total deposits		8,834,234			8,624,052			8,531,583			8,604,621			8,770,446
Interest-bearing deposits		6,282,916			6,042,165			5,955,611			5,950,481			6,059,643
Borrowings		459,315			263,981			226,256			64,168			26,820
Stockholders' equity		1,128,747			1,127,602			1,108,880			1,077,703			1,025,132
Performance Metrics
Net interest margin	(7)	5.62		%	5.80		%	5.90		%	5.89		%	5.69		%
Return on average assets	(8)	1.76		%	1.76		%	1.76		%	1.87		%	1.86		%
Return on average tangible common stockholders' equity	(9)	18.22		%	17.59		%	17.67		%	19.13		%	20.36		%
Efficiency ratio	(10)	53.59		%	52.36		%	52.13		%	54.87		%	54.45		%
Full-time equivalent employees, period end		2,248			2,264			2,265			2,249			2,253
Credit Quality Metrics
Allowance for credit losses		$	161,106		$	157,529		$	159,923		$	151,884		$	152,673
Allowance as a % of loans held for investment		2.14		%	2.17		%	2.25		%	2.22		%	2.23		%
Net charge-offs		$	16,282		$	18,836		$	6,606		$	10,120		$	11,205
Net charge-off rate	(11)	0.88		%	1.05		%	0.38		%	0.59		%	0.66		%
Early delinquency rate (30 - 89 days past due)		2.76		%	2.75		%	2.53		%	2.11		%	2.46		%
Total delinquency rate (30 days and over)		3.76		%	3.78		%	3.67		%	3.40		%	4.04		%
Capital Ratios (period end) (Non-GAAP)	(12)(20)
Leverage ratio		11.03		%	11.03		%	10.85		%	10.75		%	10.36		%
Common equity Tier 1 capital ratio		14.12		%	14.06		%	14.03		%	14.07		%	13.64		%
Tier 1 risk-based capital ratio		14.12		%	14.06		%	14.03		%	14.07		%	13.64		%
Total risk-based capital ratio		15.37		%	15.31		%	15.29		%	15.33		%	14.89		%
Tangible common equity ("TCE") ratio		9.68		%	9.74		%	9.99		%	9.85		%	9.59		%

2

OFG Bancorp (NYSE: OFG)

Table 1-2: Financial and Statistical Summary - Consolidated (Continued)

		2023			2022
(Dollars in thousands, except per share data) (unaudited)		YTD			YTD
Statement of Operations
Net interest income		$	560,870		$	482,080
Non-interest income, net (core)	(1)	121,855			125,725
Total core revenues	(2)	682,725			607,805
Non-interest expense		363,365			345,546
Pre-provision net revenues	(21)	325,886			268,224
Total provision for credit losses		60,638			24,119
Net income before income taxes		265,248			244,105
Income tax expense		83,376			77,866
Net income available to common stockholders		181,872			166,239
Common Share Statistics
Earnings per common share - basic	(3)	$	3.85		$	3.46
Earnings per common share - diluted	(4)	$	3.83		$	3.44
Average common shares outstanding		47,258			48,033
Average common shares outstanding and equivalents		47,552			48,436
Cash dividends per common share		$	0.88		$	0.70
Book value per common share (period end)		$	25.36		$	21.91
Tangible book value per common share (period end)	(5)	$	23.13		$	19.56
Balance Sheet (Average Balances)
Loans	(6)	$	7,121,176		$	6,657,760
Interest-earning assets		9,688,019			9,544,055
Total assets		10,174,624			10,119,505
Core deposits		8,610,084			8,859,600
Total deposits		8,649,184			8,870,966
Interest-bearing deposits		6,058,661			6,223,095
Borrowings		254,541			31,461
Stockholders' equity		1,110,919			1,042,202
Performance Metrics
Net interest margin	(7)	5.79		%	5.05		%
Return on average assets	(8)	1.79		%	1.64		%
Return on average tangible common stockholders' equity	(9)	18.14		%	17.98		%
Efficiency ratio	(10)	53.22		%	56.85		%
Full-time equivalent employees, period end		2,248			2,253
Credit Quality Metrics
Allowance for credit losses		$	161,106		$	152,673
Allowance as a % of loans held for investment		2.14		%	2.23		%
Net charge-offs		$	51,844		$	27,672
Net charge-off rate	(11)	0.73		%	0.42		%
Early delinquency rate (30 - 89 days past due)		2.76		%	2.46		%
Total delinquency rate (30 days and over)		3.76		%	4.04		%

3

OFG Bancorp (NYSE: OFG)

Table 2-1: Consolidated Statements of Operations

	Quarter Ended
(Dollars in thousands, except per share data) (unaudited)	December 31, 2023			September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Interest income:
Loans
Non-PCD loans	$	131,167		$	124,847	$	116,699	$	109,330	$	105,238
PCD loans	17,609			17,292		18,819		18,981		19,762
Total interest income from loans	148,776			142,139		135,518		128,311		125,000
Investment securities and cash	27,423			23,569		22,470		20,674		20,727
Total interest income	176,199			165,708		157,988		148,985		145,727
Interest expense:
Deposits
Core deposits	24,753			20,787		15,916		12,489		10,258
Brokered deposits	1,980			32		—		8		9
Total deposits	26,733			20,819		15,916		12,497		10,267
Borrowings	5,924			3,102		2,428		591		178
Total interest expense	32,657			23,921		18,344		13,088		10,445
Net interest income	143,542			141,787		139,644		135,897		135,282
Provision for credit losses, excluding PCD loans	20,681			16,648		16,650		8,146		11,347
(Recapture of) provision for credit losses on PCD loans	(962)			(218)		(1,606)		1,299		(2,590)
Total provision for credit losses	19,719			16,430		15,044		9,445		8,757
Net interest income after provision for credit losses	123,823			125,357		124,600		126,452		126,525
Non-interest income:
Banking service revenues	17,822			17,303		17,440		17,513		18,224
Wealth management revenues	9,985		(a)	7,691		8,194		7,120		8,335
Mortgage banking activities	4,254		(b)	5,410		5,225		3,898		6,453
Total banking and financial service revenues	32,061			30,404		30,859		28,531		33,012
Other income (loss), net	6,647		(c)	295		(786)		370		242
Total non-interest income, net	38,708			30,699		30,073		28,901		33,254
Non-interest expense:
Compensation and employee benefits	41,418		(d)	38,095		37,841		38,473		38,100
Occupancy, equipment and infrastructure costs	15,729			14,887		14,362		14,257		13,893
General and administrative expenses	35,803			37,203		39,005		36,697		39,409
Foreclosed real estate and other repossessed assets expenses (income), net	1,149			(27)		(2,320)		793		239
Total non-interest expense	94,099			90,158		88,888		90,220		91,641
Income before income taxes	68,432			65,898		65,785		65,133		68,138
Income tax expense	21,835			21,025		21,612		18,904		21,771
Net income available to common shareholders	$	46,597		$	44,873	$	44,173	$	46,229	$	46,367

(a) During 4Q 2023, annual insurance contingent commissions amounted to $2.5 million, $1.3 million higher than a year ago due to last year’s Hurricane Fiona’s related claims.

(b) During 4Q 2023, the Company recognized a reduction of $1.1 million in mortgage servicing asset valuation.

(c) During 4Q 2023, the Company recognized a $6.3 million gain on the sale of commercial non-performing loans held-for-sale amounting to $4.3 million, with an unpaid principal balance of $25.3 million.

(d) During 4Q 2023, the Company recognized higher compensation expenses by $2.8 million from a voluntary retirement program launched during the quarter and other rightsizing initiatives.

4

OFG Bancorp (NYSE: OFG)

Table 2-2: Consolidated Statements of Operations (Continued)

(Dollars in thousands, except per share data) (unaudited)	Year Ended
	December 31, 2023			December 31, 2022
Interest income:
Loans
Non-PCD loans	$	482,043		$	381,334
PCD loans	72,701			78,828
Total interest income from loans	554,744			460,162
Investment securities and cash	94,136			55,411
Total interest income	648,880			515,573
Interest expense:
Deposits
Core deposits	73,945			32,204
Brokered deposits	2,020			35
Total deposits	75,965			32,239
Borrowings	12,045			1,254
Total interest expense	88,010			33,493
Net interest income	560,870			482,080
Provision for credit losses, excluding PCD loans	62,125			42,129
Recapture of credit losses on PCD loans	(1,487)			(18,010)
Total provision for credit losses	60,638			24,119
Net interest income after provision for credit losses	500,232			457,961
Non-interest income:
Banking service revenues	70,078			71,161
Wealth management revenues	32,990		(a)	32,635
Mortgage banking activities	18,787		(b)	21,929
Total banking and financial service revenues	121,855			125,725
Other income, net	6,526		(c)	5,965
Total non-interest income, net	128,381			131,690
Non-interest expense:
Compensation and employee benefits	155,827		(d)	142,930
Occupancy, equipment and infrastructure costs	59,235			51,308
General and administrative expenses	148,708			153,382
Foreclosed real estate and other repossessed assets income, net of expenses	(405)			(2,074)
Total non-interest expense	363,365			345,546
Income before income taxes	265,248			244,105
Income tax expense	83,376			77,866
Net income available to common shareholders	$	181,872		$	166,239

(a)Refer to “(a)” in Table 2-1.

(b)Refer to “(b)” in Table 2-1.

(c)Refer to “(c)” in Table 2-1.

(d)Refer to “(d)” in Table 2-1. During the year ended December 31, 2023, salaries increased by $6.7 million.

5

OFG Bancorp (NYSE: OFG)

Table 3: Consolidated Statements of Financial Condition

(Dollars in thousands) (unaudited)		December 31, 2023			September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Cash and cash equivalents		$	748,173	(a)	$	532,699	$	798,973	$	847,494	$	550,464
Investments:
Trading securities		13			14		13		10		9
Investment securities available-for-sale, at fair value, no allowance for credit losses for any period
Mortgage-backed securities		1,801,849		(a)	1,511,779		1,139,996		1,109,889		1,102,501
US treasury notes		296,799		(a)	739		748		242,098		309,133
Other investment securities		616			635		1,101		1,119		1,142
Total investment securities available-for-sale		2,099,264			1,513,153		1,141,845		1,353,106		1,412,776
Investment securities held-to-maturity, at amortized cost, no allowance for credit losses for any period
Mortgage-backed securities		314,710			320,249		326,935		332,852		337,435
US treasury notes		199,314			198,896		198,478		198,028		197,635
Other investment securities		35,000			—		—		—		—
Total investment securities held-to-maturity		549,024			519,145		525,413		530,880		535,070
Equity securities		38,469			42,162		35,946		33,218		23,667
Total investments		2,686,770			2,074,474		1,703,217		1,917,214		1,971,522
Loans, net		7,401,618			7,130,052		6,988,244		6,735,281		6,723,236
Other assets:
Prepaid expenses		62,858			67,191		67,966		59,125		54,641
Deferred tax asset, net		4,923			11,121		20,306		37,372		55,485
Foreclosed real estate and repossessed properties		14,812			13,987		14,643		13,813		15,831
Premises and equipment, net		104,102			103,040		104,166		104,851		106,820
Goodwill		84,241			84,241		84,241		84,241		84,241
Other intangibles		20,694			22,419		24,143		25,868		27,593
Right of use assets		21,725			20,011		21,840		23,897		25,363
Servicing asset		49,520			50,601		49,966		49,345		50,921
Accounts receivable and other assets		145,017			147,302		153,842		159,080		152,663
Total assets		$	11,344,453		$	10,257,138	$	10,031,547	$	10,057,581	$	9,818,780
Deposits:
Demand deposits		$	6,050,428	(a)	$	4,894,958	$	5,008,521	$	5,038,122	$	5,176,758
Savings accounts		2,088,102			2,216,162		2,222,326		2,271,774		2,227,965
Time deposits		1,461,459			1,427,497		1,307,179		1,255,525		1,152,270
Brokered deposits		162,180			2,936		—		—		11,371
Total deposits		9,762,169			8,541,553		8,538,026		8,565,421		8,568,364
Borrowings:
Securities sold under agreements to repurchase		—		(a)	150,701		—		—		—
Advances from FHLB and other borrowings		200,770			300,774		226,507		226,789		27,034
Total borrowings		200,770			451,475		226,507		226,789		27,034
Other liabilities:
Acceptances outstanding		25,576			30,984		35,945		30,094		28,607
Lease liability		24,029			22,269		24,031		25,990		27,370
GNMA buy-back option program liability	(22)	19,401			18,227		18,417		26,348		32,590
Deferred tax liability, net		22,444			—		—		—		—
Accrued expenses and other liabilities		96,584			97,167		88,870		93,429		92,409
Total liabilities		10,150,973			9,161,675		8,931,796		8,968,071		8,776,374
Stockholders' equity:
Common stock		59,885			59,885		59,885		59,885		59,885
Additional paid-in capital		638,667			637,389		636,051		634,785		636,793
Legal surplus		150,967			146,774		142,567		138,333		133,901
Retained earnings		639,324			607,466		577,042		547,641		516,371
Treasury stock, at cost		(228,350)			(228,374)		(226,230)		(212,794)		(211,135)
Accumulated other comprehensive income (loss), net		(67,013)			(127,677)		(89,564)		(78,340)		(93,409)
Total stockholders' equity		1,193,480			1,095,463		1,099,751		1,089,510		1,042,406
Total liabilities and stockholders' equity		$	11,344,453		$	10,257,138	$	10,031,547	$	10,057,581	$	9,818,780

(a) During 4Q 2023, the Company received a Puerto Rico government deposit amounting to $1.2 billion; and purchased $300 million short-term US treasury bills, $250 million long-term government insured mortgage-backed securities, and repaid at maturity $150 million repurchase agreements.

6

OFG Bancorp (NYSE: OFG)

Table 4-1: Information on Loan Portfolio and Production

(Dollars in thousands) (unaudited)		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Non-PCD:
Mortgage, excluding GNMA buy-back option program		$	609,846	$	630,187	$	623,138	$	634,799	$	643,203
Mortgage GNMA buy-back option program	(22)	19,401		18,227		18,417		26,348		32,590
Commercial, excluding Commercial US		2,186,228		1,985,535		1,952,178		1,808,379		1,828,644
Commercial US		755,228		707,593		669,332		617,574		642,133
Consumer		619,894		612,623		593,122		564,365		536,619
Auto		2,272,530		2,208,993		2,124,076		2,034,676		1,958,257
		6,463,127		6,163,158		5,980,263		5,686,141		5,641,446
Less:  Allowance for credit losses		(152,610)		(148,210)		(150,167)		(141,385)		(141,841)
Total non-PCD loans held for investment, net		6,310,517		6,014,948		5,830,096		5,544,756		5,499,605
PCD:
Mortgage		933,362		955,596		980,833		1,007,751		1,028,428
Commercial		135,447		139,857		152,888		155,614		159,152
Consumer		552		572		568		607		638
Auto		1,891		2,552		3,319		4,367		5,658
		1,071,252		1,098,577		1,137,608		1,168,339		1,193,876
Less:  Allowance for credit losses		(8,496)		(9,319)		(9,756)		(10,499)		(10,832)
Total PCD loans held for investment, net		1,062,756		1,089,258		1,127,852		1,157,840		1,183,044
Total loans held for investment		7,373,273		7,104,206		6,957,948		6,702,596		6,682,649
Mortgage loans held for sale		—		564		11,397		13,616		19,499
Other loans held for sale		28,345		25,282		18,899		19,069		21,088
Total loans, net		$	7,401,618	$	7,130,052	$	6,988,244	$	6,735,281	$	6,723,236
Loan Portfolio Summary:
Loans held for investment:
Mortgage, excluding GNMA buy-back option program		$	1,543,208	$	1,585,783	$	1,603,971	$	1,642,550	$	1,671,631
Mortgage GNMA buy-back option program	(22)	19,401		18,227		18,417		26,348		32,590
Commercial, excluding Commercial US		2,321,675		2,125,392		2,105,066		1,963,993		1,987,796
Commercial US		755,228		707,593		669,332		617,574		642,133
Consumer		620,446		613,195		593,690		564,972		537,257
Auto		2,274,421		2,211,545		2,127,395		2,039,043		1,963,915
		7,534,379		7,261,735		7,117,871		6,854,480		6,835,322
Less:  Allowance for credit losses		(161,106)		(157,529)		(159,923)		(151,884)		(152,673)
Total loans held for investment, net		7,373,273		7,104,206		6,957,948		6,702,596		6,682,649
Mortgage loans held for sale		—		564		11,397		13,616		19,499
Other loans held for sale		28,345		25,282		18,899		19,069		21,088
Total loans, net		$	7,401,618	$	7,130,052	$	6,988,244	$	6,735,281	$	6,723,236

7

OFG Bancorp (NYSE: OFG)

Table 4-2: Information on Loan Portfolio and Production

		Quarter Ended										Year Ended
(Dollars in thousands) (unaudited)		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Loan production	(13)
Mortgage		$	33,332	$	33,346	$	35,932	$	30,344	$	35,242	$	132,954	$	200,905
Commercial		285,517		150,105		210,746		98,300		209,078		744,668		651,834
Commercial US		57,442		70,311		111,817		124,074		83,162		363,644		338,488
Consumer		63,785		76,465		87,062		86,284		67,515		313,596		334,239
Auto		223,780		237,290		236,283		222,325		221,369		919,678		812,598
Total		$	663,856	$	567,517	$	681,840	$	561,327	$	616,366	$	2,474,540	$	2,338,064

8

OFG Bancorp (NYSE: OFG)

Table 5-1: Average Balances, Net Interest Income and Net Interest Margin

	2023 Q4						2023 Q3								2023 Q2								2023 Q1								2022 Q4
(Dollars in thousands) (unaudited)	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance			Interest Income/ Expense			Yield/ Rate		Average Balance			Interest Income/ Expense			Yield/ Rate		Average Balance			Interest Income/ Expense			Yield/ Rate		Average Balance			Interest Income/ Expense			Yield/ Rate
Interest earning assets:
Cash equivalents	$	517,025	$	6,906	5.30	%	$	680,864		$	9,025		5.26	%	$	693,373		$	9,029		5.22	%	$	552,635		$	6,445		4.73	%	$	551,555		$	5,115		3.68	%
Investment securities	2,194,952		20,517		3.74	%	1,830,060			14,544			3.18	%	1,796,517			13,441			2.99	%	1,939,990			14,229			2.93	%	2,103,694			15,612			2.97	%
Loans held for investment
Non-PCD loans	6,320,321		131,167		8.23	%	6,065,822			124,847			8.17	%	5,840,860			116,699			8.01	%	5,670,966			109,330			7.82	%	5,542,986			105,238			7.53	%
PCD loans	1,096,763		17,609		6.42	%	1,125,421			17,292			6.15	%	1,162,111			18,819			6.48	%	1,195,620			18,981			6.35	%	1,227,355			19,762			6.44	%
Total loans	7,417,084		148,776		7.96	%	7,191,243			142,139			7.84	%	7,002,971			135,518			7.76	%	6,866,586			128,311			7.58	%	6,770,341			125,000			7.32	%
Total interest-earning assets	$	10,129,061	$	176,199	6.90	%	$	9,702,167		$	165,708		6.78	%	$	9,492,861		$	157,988		6.68	%	$	9,359,211		$	148,985		6.46	%	$	9,425,590		$	145,727		6.13	%
Interest bearing liabilities:
Deposits
NOW accounts	$	2,559,135	$	9,551	1.48	%	$	2,445,955		$	6,974		1.13	%	$	2,455,040		$	4,973		0.81	%	$	2,497,917		$	4,212		0.68	%	$	2,624,602		$	4,050		0.61	%
Savings accounts	2,141,230		4,986		0.92	%	2,260,678			5,478			0.96	%	2,222,710			4,129			0.75	%	2,232,903			3,135			0.57	%	2,291,884			2,250			0.39	%
Time deposits	1,439,833		8,895		2.45	%	1,333,132			7,014			2.09	%	1,277,861			5,493			1.72	%	1,209,432			3,821			1.28	%	1,131,791			2,373			0.83	%
Brokered deposits	142,718		1,980		5.50	%	2,400			32			5.30	%	—			—			—	%	10,229			8			0.30	%	11,366			9			0.30	%
	6,282,916		25,412		1.60	%	6,042,165			19,498			1.28	%	5,955,611			14,595			0.98	%	5,950,481			11,176			0.76	%	6,059,643			8,682			0.57	%
Non-interest bearing deposit accounts	2,551,318		—		—		2,581,887			—			—		2,575,972			—			—		2,654,140			—			—		2,710,803			—			—
Fair value premium and core deposit intangible amortization	—		1,321		—		—			1,321			—		—			1,321			—		—			1,321			—		—			1,585			—
Total deposits	8,834,234		26,733		1.20	%	8,624,052			20,819			0.96	%	8,531,583			15,916			0.75	%	8,604,621			12,497			0.59	%	8,770,446			10,267			0.46	%
Borrowings
Securities sold under agreements to repurchase	183,858		2,578		5.56	%	52,365			728			5.52	%	—			—			—	%	—			—			—	%	—			—			—	%
Advances from FHLB and other borrowings	275,457		3,346		4.82	%	211,616			2,374			4.45	%	226,256			2,428			4.30	%	64,168			591			3.74	%	26,820			178			2.64	%
Total borrowings	459,315		5,924		5.12	%	263,981			3,102			4.66	%	226,256			2,428			4.30	%	64,168			591			3.74	%	26,820			178			2.64	%
Total interest-bearing liabilities	$	9,293,549	$	32,657	1.39	%	$	8,888,033		$	23,921		1.07	%	$	8,757,839		$	18,344		0.84	%	$	8,668,789		$	13,088		0.61	%	$	8,797,266		$	10,445		0.47	%
Interest rate spread			$	143,542	5.51	%				$	141,787		5.71	%				$	139,644		5.84	%				$	135,897		5.85	%				$	135,282		5.66	%
Net interest margin					5.62	%							5.80	%							5.90	%							5.89	%							5.69	%
Core deposits: (Non-GAAP)
NOW accounts	$	2,559,135	$	9,551	1.48	%	$	2,445,955		$	6,974		1.13	%	$	2,455,040		$	4,973		0.81	%	$	2,497,917		$	4,212		0.68	%	$	2,624,602		$	4,050		0.61	%
Savings accounts	2,141,230		4,986		0.92	%	2,260,678			5,478			0.96	%	2,222,710			4,129			0.75	%	2,232,903			3,135			0.57	%	2,291,884			2,250			0.39	%
Time deposits	1,439,833		8,895		2.45	%	1,333,132			7,014			2.09	%	1,277,861			5,493			1.72	%	1,209,432			3,821			1.28	%	1,131,791			2,373			0.83	%
	6,140,198		23,432		1.51	%	6,039,765			19,466			1.28	%	5,955,611			14,595			0.98	%	5,940,252			11,168			0.76	%	6,048,277			8,673			0.57	%
Non-interest bearing deposit accounts	2,551,318		—		—		2,581,887			—			—		2,575,972			—			—		2,654,140			—			—		2,710,803			—			—
Total core deposits	$	8,691,516	$	23,432	1.07	%	$	8,621,652		$	19,466		0.90	%	$	8,531,583		$	14,595		0.69	%	$	8,594,392		$	11,168		0.53	%	$	8,759,080		$	8,673		0.39	%
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings	$	459,315	$	5,924	5.12	%	$	263,981		$	3,102		4.66	%	$	226,256		$	2,428		4.30	%	$	64,168		$	591		3.74	%	$	26,820		$	178		2.64	%
Brokered deposits	142,718		1,980		5.50	%	2,400			32			5.30	%	—			—			—	%	10,229			8			0.30	%	11,366			9			0.30	%
Total borrowings and brokered deposits	$	602,033	$	7,904	5.21	%	$	266,381	266,381	$	3,134	3,134	4.67	%	$	226,256	226,256	$	2,428	2,428	4.30	%	$	74,397	74,397	$	599	599	3.27	%	$	38,186	38,186	$	187	187	1.94	%

9

OFG Bancorp (NYSE: OFG)

Table 5-2: Average Balances, Net Interest Income and Net Interest Margin (Continued)

	2023 YTD							2022 YTD
(Dollars in thousands) (unaudited)	Average Balance			Interest Income/ Expense		Yield/ Rate		Average Balance			Interest Income/ Expense			Yield/ Rate
Interest earning assets:
Cash equivalents	$	626,067		$	31,406	5.02	%	$	1,291,633		$	14,689		1.14	%
Investment securities	1,940,776			62,730		3.23	%	1,594,662			40,722			2.55	%
Loans held for investment
Non-PCD loans	5,976,521			482,043		8.07	%	5,351,639			381,334			7.13	%
PCD loans	1,144,655			72,701		6.35	%	1,306,121			78,828			6.04	%
Total loans	7,121,176			554,744		7.79	%	6,657,760			460,162			6.91	%
Total interest-earning assets	$	9,688,019		$	648,880	6.70	%	$	9,544,055		$	515,573		5.40	%
Interest bearing liabilities:
Deposits
NOW accounts	$	2,489,560		$	25,710	1.03	%	$	2,761,653		$	11,291		0.41	%
Savings accounts	2,214,256			17,727		0.80	%	2,306,607			6,470			0.28	%
Time deposits	1,315,745			25,225		1.92	%	1,143,469			7,943			0.69	%
Brokered deposits	39,100			2,020		5.16	%	11,366			35			0.30	%
	6,058,661			70,682		1.17	%	6,223,095			25,739			0.41	%
Non-interest bearing deposit accounts	2,590,523			—		—	%	2,647,871			—			—	%
Fair value premium and core deposit intangible amortization	—			5,283		—		—			6,500			—
Total deposits	8,649,184			75,965		0.88	%	8,870,966			32,239			0.36	%
Borrowings
Securities sold under agreements to repurchase	59,541			3,305		5.55	%	—			—			—	%
Advances from FHLB and other borrowings	195,000			8,740		4.48	%	27,497			733			2.67	%
Total borrowings	254,541			12,045		4.73	%	31,461			1,254			3.99	%
Total interest-bearing liabilities	$	8,903,725		$	88,010	0.99	%	$	8,902,427		$	33,493		0.38	%
Interest rate spread				$	560,870	5.71	%				$	482,080		5.02	%
Net interest margin						5.79	%							5.05	%
Core deposits: (Non-GAAP)
NOW accounts	$	2,489,560		$	25,710	1.03	%	$	2,761,653		$	11,291		0.41	%
Savings accounts	2,214,256			17,727		0.80	%	2,306,607			6,470			0.28	%
Time deposits	1,315,745			25,225		1.92	%	1,143,469			7,943			0.69	%
	6,019,561			68,662		1.14	%	6,211,729			25,704			0.41	%
Non-interest bearing deposit accounts	2,590,523			—		—	%	2,647,871			—			—	%
Total core deposits	$	8,610,084		$	68,662	0.80	%	$	8,859,600		$	25,704		0.29	%
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings	$	254,541		$	12,045	4.73	%	$	31,461		$	1,254		3.99	%
Brokered deposits	39,100			2,020		5.16	%	11,366			35			0.30	%
Total borrowings and brokered deposits	$	293,641	293,641	$	14,065	4.79	%	$	42,827	42,827	$	1,289	1,289	3.01	%

10

OFG Bancorp (NYSE: OFG)

Table 6-1: Loan Information and Performance Statistics

	2023			2023			2023			2023			2022
(Dollars in thousands) (unaudited)	Q4			Q3			Q2			Q1			Q4
Net Charge-offs
Non-PCD
Mortgage:
Charge-offs	$	150		$	218		$	191		$	200		$	8
Recoveries	(483)			(185)			(333)			(216)			(625)
Total mortgage	(333)			33			(142)			(16)			(617)
Commercial:
Charge-offs	1,066			8,254			3,496			1,375			3,444
Recoveries	(137)			(174)			(237)			(326)			(338)
Total commercial	929			8,080			3,259			1,049			3,106
Consumer:
Charge-offs	6,799			5,894			5,518			5,444			5,069
Recoveries	(650)			(655)			(2,003)			(867)			(1,055)
Total consumer	6,149			5,239			3,515			4,577			4,014
Auto:
Charge-offs	14,658			10,458			9,170			9,478			10,380
Recoveries	(4,982)			(5,193)			(8,332)			(6,600)			(5,001)
Total auto	9,676			5,265			838			2,878			5,379
Total	$	16,421		$	18,617		$	7,470		$	8,488		$	11,882
PCD
Mortgage:
Charge-offs	$	94		$	148		$	1		$	74		$	108
Recoveries	(111)			(80)			(260)			(247)			(603)
Total mortgage	(17)			68			(259)			(173)			(495)
Commercial:
Charge-offs	—			690			—			2,104			12
Recoveries	(315)			(494)			(319)			(490)			(264)
Total commercial	(315)			196			(319)			1,614			(252)
Consumer:
Charge-offs	244			39			123			215			120
Recoveries	(19)			(23)			(43)			(11)			(11)
Total consumer	225			16			80			204			109
Auto:
Charge-offs	12			37			35			86			65
Recoveries	(44)			(98)			(401)			(99)			(104)
Total auto	(32)			(61)			(366)			(13)			(39)
Total	$	(139)		$	219		$	(864)		$	1,632		$	(677)
Total Net Charge-offs	$	16,282		$	18,836		$	6,606		$	10,120		$	11,205
Net Charge-off Rates
Mortgage	-0.09		%	0.03		%	-0.10		%	-0.05		%	-0.26		%
Commercial	0.08		%	1.18		%	0.44		%	0.41		%	0.44		%
Consumer	3.95		%	3.33		%	2.37		%	3.30		%	2.95		%
Auto	1.72		%	0.96		%	0.09		%	0.57		%	1.11		%
Total	0.88		%	1.05		%	0.38		%	0.59		%	0.66		%
Average Loans Held For Investment
Mortgage	$	1,562,135		$	1,576,637		$	1,616,873		$	1,653,423		$	1,699,923
Commercial	2,966,982			2,812,274			2,697,986			2,627,610			2,586,536
Consumer	644,834			630,492			606,842			579,467			558,809
Auto	2,243,133			2,171,840			2,081,270			2,006,086			1,925,073
Total	$	7,417,084		$	7,191,243		$	7,002,971		$	6,866,586		$	6,770,341

11

OFG Bancorp (NYSE: OFG)

Table 6-2: Loan Information and Performance Statistics (Excludes PCD Loans)

		2023			2023			2023			2023			2022
(Dollars in thousands) (unaudited)		Q4			Q3			Q2			Q1			Q4
Early Delinquency (30 - 89 days past due)
Mortgage		$	15,703		$	14,380		$	13,976		$	11,417		$	15,115
Commercial		3,653			5,666			11,668			3,898			2,750
Consumer		11,366			10,160			8,188			8,478			8,895
Auto		147,681			139,278			117,237			96,294			112,191
Total		$	178,403		$	169,484		$	151,069		$	120,087		$	138,951
Early Delinquency Rates (30 - 89 days past due)
Mortgage		2.50		%	2.22		%	2.18		%	1.73		%	2.24		%
Commercial		0.12		%	0.21		%	0.45		%	0.16		%	0.11		%
Consumer		1.83		%	1.66		%	1.38		%	1.50		%	1.66		%
Auto		6.50		%	6.31		%	5.52		%	4.73		%	5.73		%
Total		2.76		%	2.75		%	2.53		%	2.11		%	2.46		%
Total Delinquency (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation		$	27,859		$	30,661		$	31,189		$	32,084		$	39,239
GNMA's buy-back option program	(22)	19,401			18,227			18,418			26,348			32,590
Total mortgage		47,260			48,888			49,607			58,432			71,829
Commercial		14,298			15,109			28,643			12,881			12,122
Consumer		14,742			13,422			11,026			11,402			12,008
Auto		166,737			155,579			130,367			110,749			131,804
Total		$	243,037		$	232,998		$	219,643		$	193,464		$	227,763
Total Delinquency Rates (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation		4.43		%	4.73		%	4.86		%	4.85		%	5.81		%
GNMA's buy-back option program	(22)	3.08		%	2.81		%	2.87		%	3.99		%	4.82		%
Total mortgage		7.51		%	7.54		%	7.73		%	8.84		%	10.63		%
Commercial		0.49		%	0.56		%	1.09		%	0.53		%	0.49		%
Consumer		2.38		%	2.19		%	1.86		%	2.02		%	2.24		%
Auto		7.34		%	7.04		%	6.14		%	5.44		%	6.73		%
Total		3.76		%	3.78		%	3.67		%	3.40		%	4.04		%
Nonperforming Assets	(14)
Mortgage		$	20,007		$	25,354		$	27,600		$	30,641		$	33,512
Commercial		36,096			36,649			43,188			27,025			34,432
Consumer		3,376			3,359			2,907			2,979			3,128
Auto		19,056			16,301			13,130			14,455			19,613
Total nonperforming loans		78,535			81,663			86,825			75,100			90,685
Foreclosed real estate		10,780			9,555			10,639			9,250			11,214
Other repossessed assets		4,032			4,432			4,004			4,563			4,617
Total nonperforming assets		$	93,347		$	95,650		$	101,468		$	88,913		$	106,516
Nonperforming Loan Rates
Mortgage		3.18		%	3.91		%	4.30		%	4.63		%	4.96		%
Commercial		1.23		%	1.36		%	1.65		%	1.11		%	1.40		%
Consumer		0.54		%	0.55		%	0.49		%	0.53		%	0.58		%
Auto		0.84		%	0.74		%	0.62		%	0.71		%	1.00		%
Total loans		1.22		%	1.33		%	1.45		%	1.32		%	1.61		%

12

OFG Bancorp (NYSE: OFG)

Table 6-3: Loan Information and Performance Statistics

		2023			2023			2023			2023			2022
(Dollars in thousands) (unaudited)		Q4			Q3			Q2			Q1			Q4
Nonperforming PCD Loans	(14)
Mortgage		$	250		$	253		$	256		$	258		$	259
Commercial		6,424			6,688			8,104			8,446			8,927
Consumer		—			7			—			—			—
Total nonperforming loans		$	6,674		$	6,948		$	8,360		$	8,704		$	9,186
Nonperforming PCD Loan Rates
Mortgage		0.03		%	0.03		%	0.03		%	0.03		%	0.03		%
Commercial		4.74		%	4.78		%	5.30		%	5.43		%	5.61		%
Consumer		0.00		%	1.22		%	0.00		%	0.00		%	0.00		%
Total		0.62		%	0.63		%	0.73		%	0.74		%	0.77		%
Total PCD Loans Held for Investment
Mortgage		$	933,362		$	955,596		$	980,833		$	1,007,751		$	1,028,428
Commercial		135,447			139,857			152,888			155,614			159,152
Consumer		552			572			568			607			638
Auto		1,891			2,552			3,319			4,367			5,658
Total loans		$	1,071,252		$	1,098,577		$	1,137,608		$	1,168,339		$	1,193,876

		2023			2023			2023			2023			2022
(Dollars in thousands) (unaudited)		Q4			Q3			Q2			Q1			Q4
Total Nonperforming Loans	(14)
Mortgage		$	20,257		$	25,607		$	27,856		$	30,899		$	33,771
Commercial		42,520			43,337			51,292			35,471			43,359
Consumer		3,376			3,366			2,907			2,979			3,128
Auto		19,056			16,301			13,130			14,455			19,613
Total nonperforming loans		$	85,209		$	88,611		$	95,185		$	83,804		$	99,871
Total Nonperforming Loan Rates
Mortgage		1.30		%	1.60		%	1.72		%	1.85		%	1.98		%
Commercial		1.38		%	1.53		%	1.85		%	1.37		%	1.65		%
Consumer		0.54		%	0.55		%	0.49		%	0.53		%	0.58		%
Auto		0.84		%	0.74		%	0.62		%	0.71		%	1.00		%
Total		1.13		%	1.22		%	1.34		%	1.22		%	1.46		%
Total Loans Held for Investment
Mortgage		$	1,562,609		$	1,604,010		$	1,622,388		$	1,668,898		$	1,704,221
Commercial		3,076,903			2,832,985			2,774,398			2,581,567			2,629,929
Consumer		620,446			613,195			593,690			564,972			537,257
Auto		2,274,421			2,211,545			2,127,395			2,039,043			1,963,915
Total loans		$	7,534,379		$	7,261,735		$	7,117,871		$	6,854,480		$	6,835,322

13

OFG Bancorp (NYSE: OFG)

Table 7: Allowance for Credit Losses

	Quarter Ended December 31, 2023
(Dollars in thousands) (unaudited)	Mortgage			Commercial			Consumer			Auto			Total
Allowance for credit losses Non-PCD:
Balance at beginning of period	$	8,364		$	41,627		$	26,453		$	71,766		$	148,210
Provision for (recapture of) credit losses	(699)			3,343			6,782			11,395			20,821
Charge-offs	(150)			(1,066)			(6,799)			(14,658)			(22,673)
Recoveries	483			137			650			4,982			6,252
Balance at end of period	$	7,998		$	44,041		$	27,086		$	73,485		$	152,610
Allowance for credit losses PCD:
Balance at beginning of period	$	8,003		$	1,272		$	7		$	37		$	9,319
(Recapture of) provision for credit losses	(669)			(474)			225			(44)			(962)
Charge-offs	(94)			—			(244)			(12)			(350)
Recoveries	111			315			19			44			489
Balance at end of period	$	7,351		$	1,113		$	7		$	25		$	8,496
Allowance for credit losses summary:
Balance at beginning of period	$	16,367		$	42,899		$	26,460		$	71,803		$	157,529
Provision for (recapture of) credit losses	(1,368)			2,869			7,007			11,351			19,859
Charge-offs	(244)			(1,066)			(7,043)			(14,670)			(23,023)
Recoveries	594			452			669			5,026			6,741
Balance at end of period	$	15,349		$	45,154		$	27,093		$	73,510		$	161,106
Allowance coverage ratio	0.98		%	1.47		%	4.37		%	3.23		%	2.14		%

14

OFG Bancorp (NYSE: OFG)

Table 8-1: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital

In addition to disclosing required regulatory capital measures, we also report certain non-GAAP capital measures that management uses in assessing its capital adequacy. These non-GAAP measures include tangible common equity ("TCE") and TCE ratio. The table below provides the details of the calculation of our regulatory capital and non-GAAP capital measures. While our non-GAAP capital measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly titled measures reported by other companies.

	2023			2023			2023			2023			2022
(Dollars in thousands) (unaudited)	Q4			Q3			Q2			Q1			Q4
Stockholders' Equity to Non-GAAP Tangible Common Equity
Total stockholders' equity	$	1,193,480		$	1,095,463		$	1,099,751		$	1,089,510		$	1,042,406
Less:  Intangible assets	(104,935)			(106,660)			(108,384)			(110,109)			(111,834)
Tangible common equity	$	1,088,545		$	988,803		$	991,367		$	979,401		$	930,572
Common shares outstanding at end of period	47,065			47,058			47,076			47,611			47,581
Tangible book value per common share (Non-GAAP)	$	23.13		$	21.01		$	21.06		$	20.57		$	19.56
Total Assets to Tangible Assets
Total assets	$	11,344,453		$	10,257,138		$	10,031,547		$	10,057,581		$	9,818,780
Less:  Intangible assets	(104,935)			(106,660)			(108,384)			(110,109)			(111,834)
Tangible assets (Non-GAAP)	$	11,239,518		$	10,150,478		$	9,923,163		$	9,947,472		$	9,706,946
Non-GAAP TCE Ratio
Tangible common equity	$	1,088,545		$	988,803		$	991,367		$	979,401		$	930,572
Tangible assets	11,239,518			10,150,478			9,923,163			9,947,472			9,706,946
TCE ratio	9.68		%	9.74		%	9.99		%	9.85		%	9.59		%
Average Equity to Non-GAAP Average Tangible Common Equity
Average total stockholders' equity	$	1,128,747		$	1,127,602		$	1,108,880		$	1,077,703		$	1,025,132
Less:  Average intangible assets	(105,560)			(107,291)			(109,130)			(110,888)			(114,412)
Average tangible common equity	$	1,023,187		$	1,020,311		$	999,750		$	966,815		$	910,720

15

OFG Bancorp (NYSE: OFG)

Table 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures (Continued)

		BASEL III
		Standardized
		2023			2023			2023			2023			2022
(Dollars in thousands) (unaudited)		Q4			Q3			Q2			Q1			Q4
Regulatory Capital Metrics
Common equity Tier 1 capital		$	1,174,205		$	1,124,599		$	1,086,587		$	1,063,919		$	1,037,385
Tier 1 capital		1,174,205			1,124,599			1,086,587			1,063,919			1,037,385
Total risk-based capital	(15)	1,278,537			1,224,963			1,183,793			1,158,744			1,132,658
Risk-weighted assets		8,317,802			8,000,711			7,742,933			7,559,166			7,605,466
Regulatory Capital Ratios
Common equity Tier 1 capital ratio	(16)	14.12		%	14.06		%	14.03		%	14.07		%	13.64		%
Tier 1 risk-based capital ratio	(17)	14.12		%	14.06		%	14.03		%	14.07		%	13.64		%
Total risk-based capital ratio	(18)	15.37		%	15.31		%	15.29		%	15.33		%	14.89		%
Leverage ratio	(19)	11.03		%	11.03		%	10.85		%	10.75		%	10.36		%
Common Equity Tier 1 Capital Ratio Under Basel III Standardized Approach
Total stockholders' equity		$	1,193,480		$	1,095,463		$	1,099,751		$	1,089,510		$	1,042,406
Plus: CECL transition adjustment	(20)	13,704			13,704			13,704			13,704			20,557
Less: Unrealized losses on available-for-sale securities, net of income tax		67,013			127,677			89,639			78,512			93,663
Unrealized (gains) losses on cash flow hedges, net of income tax		—			—			(75)			(172)			(254)
Total adjusted stockholders’equity		1,274,197			1,236,844			1,203,019			1,181,554			1,156,372
Less: Disallowed goodwill		(84,241)			(84,241)			(84,241)			(84,241)			(84,241)
Disallowed other intangible assets, net		(15,751)			(16,883)			(18,015)			(19,147)			(20,279)
Disallowed deferred tax assets, net		—			(11,121)			(14,176)			(14,247)			(14,467)
Common equity Tier 1 capital and Tier 1 capital		1,174,205			1,124,599			1,086,587			1,063,919			1,037,385
Plus Tier 2 capital:  Qualifying allowance for credit losses		104,332			100,364			97,206			94,825			95,273
Total risk-based capital		$	1,278,537		$	1,224,963		$	1,183,793		$	1,158,744		$	1,132,658

16

OFG Bancorp (NYSE: OFG)

Table 9: Notes to Financial Summary, Selected Metrics, Loans, and Consolidated Financial Statements (Tables 1 - 8)

(1)	Total banking and financial service revenues.
(2)	Net interest income plus non-interest income, net (core)
(3)	Calculated based on net income available to common shareholders divided by average common shares outstanding for the period.
(4)	Calculated based on net income available to common shareholders divided by total average common shares outstanding and equivalents for the period as if converted.
(5)	Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by common shares outstanding. See "Tables 8-1 and 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.
(6)	Information includes all loans held for investment, including PCD loans.
(7)	Calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(8)	Calculated based on annualized income, net of tax, for the period divided by average total assets for the period.
(9)	Calculated based on annualized income available to common shareholders for the period divided by average tangible common equity for the period.
(10)	Calculated based on non-interest expense for the period divided by total net interest income and total banking and financial services revenues for the period.
(11)	Calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(12)	Non-GAAP ratios. See "Tables 8-1 and 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures" for information on the calculation of each of these ratios.
(13)	Production of new loans (excluding renewals).
(14)	Most PCD loans are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. Therefore, they are not included as non-performing loans. PCD loan pools that are not accreting interest income are deemed to be non-performing loans and presented separately.
(15)	Total risk-based capital equals the sum of Tier 1 capital and Tier 2 capital.
(16)	Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on Common equity Tier 1 capital divided by risk-weighted assets.
(17)	Tier 1 risk-based capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(18)	Total risk-based capital ratio is a regulatory capital measure calculated based on Total risk-based capital divided by risk-weighted assets.
(19)	Leverage capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by average assets, after certain adjustments.
(20)	In March 2020, in light of strains on the U.S. economy as a result of the coronavirus disease (COVID-19), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued an interim final rule that provided the option to temporarily delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period. In addition, for the first two years, a uniform 25% “scaling factor” is introduced to approximate the portion of the post day-one allowance attributable to CECL relative to the incurred loss methodology. The 25% scaling factor is calibrated to approximate an overall after-tax impact of differences in allowances under CECL versus the incurred loss methodology.
(21)	Pre-provision net revenues is a non-GAAP measure calculated based on net interest income plus total non-interest income, net, less total non-interest expenses for the period.
(22)	Under the GNMA program, issuers such as OFG Bancorp have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected (rebooked) on the financial statements of the Company with an offsetting liability.

17