EX-99 2 ofg-20243qxexx99.htm EX-99 Document


Exhibit 99
ofgbancorplogoa.jpg
OFG Bancorp Reports 3Q24 Results
SAN JUAN, Puerto Rico, October 16, 2024 – OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, today reported results for the third quarter ended September 30, 2024. EPS diluted of $1.00 compared to $1.08 in 2Q24 and $0.95 in 3Q23. Total core revenues of $174.1 million compared to $179.4 million in 2Q24 and $172.2 million in 3Q23.
CEO Comment
José Rafael Fernández, Chief Executive Officer, said: “The third quarter was another solid quarter of performance with EPS-diluted up 5.3% year-over-year on a 1.1% increase in total core revenues. We continued to produce consistent, core operating results, and digital adoption of our new and upgraded products, services, and self-service tools keeps steadily growing. Today we celebrate our 60th anniversary in business by renewing our commitment to bring progress to our customers, employees, shareholders, and the communities we serve. Thanks to all our team members for always being more than ready to help our customers today and tomorrow.”
3Q24 Highlights
Performance Metrics: Net interest margin of 5.43%, return on average assets of 1.66%, return on average tangible common stockholders’ equity of 15.94%, and efficiency ratio of 52.60%.
Total Interest Income of $189.0 million compared to $187.7 million in 2Q24 and $165.7 million in 3Q23. Compared to 2Q24, 3Q24 increased $1.4 million, primarily reflecting higher balances of investment securities and yields, higher balances of loans, and the absence of a $2.1 million loan recovery in 2Q24.
Total Interest Expense of $41.2 million compared to $40.3 million in 2Q24 and $23.9 million in 3Q23. Compared to 2Q24, 3Q24 increased $0.8 million, reflecting higher average balances of higher-cost borrowings and brokered deposits and slightly reduced average core deposit balances and cost.
Total Banking & Financial Service Revenues of $26.3 million compared to $32.1 million in 2Q24 and $30.4 million in 3Q23. 3Q24 primarily reflected $2.7 million in reduced interchange fees due to the Durbin Amendment, $2.1 million reduced MSR valuation due to lower long-term rates, and $0.3 million revenue from the acquisition in late August of a $1.7 billion Puerto Rico residential mortgage servicing portfolio.
Pre-Provision Net Revenues of $83.1 million compared to $86.8 million in 2Q24 and $82.3 million in 3Q23.
Total Provision for Credit Losses of $21.4 million compared to $15.6 million in 2Q24 and $16.4 million in 3Q23. 3Q24 primarily reflected $18.7 million for increased loan volume; $5.2 million related to the annual update of auto risk drivers and consumer loan loss factors, and the extension of cash flows in a PR commercial loan up for renewal; and a $2.7 million reserve release mainly due to an improved U.S. macroeconomic perspective.


Credit Quality: Net charge-offs of $17.1 million (0.90% of average loans) compared to $15.0 million (0.79%) in 2Q24 and $18.8 million (1.05%) in 3Q23. 3Q24 early and total delinquency rates were 2.78% and 4.10%, respectively. The nonperforming loan rate was 1.11%. The 3Q24 total delinquency rate increased sequentially due to booking of the GNMA buy-back option program related to the previously mentioned mortgage servicing portfolio acquisition.
Total Non-Interest Expense of $91.6 million compared to $93.0 million in 2Q24 and $90.2 million in 3Q23. 3Q24 included a $2.3 million credit and debit card processing business contract renewal rebate and $1.3 million in expenses related to sales of repossessed assets.
Effective Tax Rate of 23.9% compared to 28.2% in 2Q24 and 31.9% in 3Q23. Lower 3Q24 ETR reflected an estimated 2024 ETR of 26.8% due to higher forecasted business activities with preferential tax treatment under the Puerto Rico tax code, coupled with discrete benefits of $3.1 million mainly related to stock vested in 1Q24 and tax credit purchases.
Loans Held for Investment (EOP) of $7.75 billion compared to $7.64 billion in 2Q24 and $7.26 billion in 3Q23. Compared to 2Q24, 3Q24 increased 1.5%, reflecting growth in Puerto Rico and U.S. commercial loans and Puerto Rico auto and consumer loans, and regular paydowns and securitization of residential mortgages. Year over year, 3Q24 loans increased 6.7%.
New Loan Production of $572.2 million compared to $589.0 million in 2Q24 and $567.5 million in 3Q23. Compared to 2Q24, 3Q24 production reflected increases in U.S. commercial and Puerto Rico consumer lending, and decreases in Puerto Rico commercial and auto lending.
Total Investments (EOP) of $2.61 billion compared to $2.48 billion in 2Q24 and $2.07 billion in 3Q23.
Customer Deposits (EOP) of $9.53 billion compared to $9.60 billion in 2Q24 and $8.54 billion in 3Q23. Compared to 2Q24, 3Q24 reflected increases in savings and time deposits, and lower demand deposits.
Total Borrowings & Brokered Deposits (EOP) of $346.5 million compared to $201.2 million in 2Q24 and $454.4 million in 3Q23.
Cash & Cash Equivalents (EOP) of $680.6 million compared to $740.4 million in 2Q24 and $532.7 million in 3Q23.
Capital: CET1 ratio was 14.37% compared to 14.29% in 2Q24 and 14.06% in 3Q23. The Tangible Common Equity ratio was 10.72% compared to 10.09% in 2Q24 and 9.74% in 3Q23. Tangible Book Value per share increased to $26.15 compared to $24.18 in 2Q24 and $21.01 in 3Q23.
Conference Call, Financial Supplement & Presentation
A conference call to discuss 3Q24 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 225-9448 or (203) 518-9708. Conference ID: OFGQ324. 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, 2024, and the 3Q24 Conference Call Presentation, can be found on the Quarterly Results page on OFG’s Investor Relations website at www.ofgbancorp.com.



Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, management uses certain “non-GAAP financial measures” within the meaning of SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Please refer to Tables 8-1 and 8-2 in OFG’s above-mentioned Financial Supplement for a reconciliation of GAAP to non-GAAP measures and calculations.
Forward Looking Statements
The information included in this document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. Factors that might cause such a difference include but are not limited to (i) general business and economic conditions, including changes in interest rates; (ii) cybersecurity breaches; (iii) hurricanes, earthquakes, pandemics, and other natural disasters; and (iv) competition in the financial services industry. For a discussion of such factors and certain risks and uncertainties to which OFG is subject, please refer to OFG’s annual report on Form 10-K for the year ended December 31, 2023, as well as its other filings with the U.S. Securities and Exchange Commission. Other than to the extent required by applicable law, including the requirements of applicable securities laws, OFG assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
About OFG Bancorp
Now in its 60th year in business, OFG Bancorp is a diversified financial holding company that operates under U.S., Puerto Rico and U.S. Virgin Islands banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services, and Oriental Insurance, provide a wide range of retail and commercial banking, lending and wealth management products, services, and technology, primarily in Puerto Rico and U.S. Virgin Islands. Our mission is to make progress possible for our customers, employees, shareholders, and the communities we serve. Visit us at www.ofgbancorp.com. 
# # #
Contacts
Puerto Rico & USVI: Lumarie Vega López (lumarie.vega@orientalbank.com) and Victoria Maldonado Rodríguez (victoria.maldonado@orientalbank.com) at (787) 771-6800
US: Gary Fishman (gfishman@ofgbancorp.com) and Steven Anreder (sanreder@ofgbancorp.com) at (212) 532-3232



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 September 30, 2024 Quarterly Report on Form 10-Q once it is filed with the Securities and Exchange Commission.


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

2024
2024
2024
2023
2023
(Dollars in thousands, except per share data) (unaudited)
Q3
Q2
Q1
Q4
Q3
Statement of Operations
Net interest income $147,875$147,325$144,102$143,542$141,787
Non-interest income, net (core)(1)26,271(a)32,08530,05932,06130,404
Total core revenues(2)174,146(a)179,410174,161175,603172,191
Non-interest expense 91,60092,96091,41294,09990,158
Pre-provision net revenues(21)83,14386,84183,03888,15182,328
Total provision for credit losses 21,35915,58115,12119,71916,430
Net income before income taxes 61,78471,26067,91768,43265,898
Income tax expense 14,78420,12918,22521,83521,025
Net income available to common stockholders 47,00051,13149,69246,59744,873
Common Share Statistics      
Earnings per common share - basic(3)$1.01$1.09$1.06$0.99$0.95
Earnings per common share - diluted(4)$1.00$1.08$1.05$0.98$0.95
Average common shares outstanding 46,56046,95247,09647,06147,114
Average common shares outstanding and equivalents 46,84647,13147,34347,38647,392
Cash dividends per common share $0.25$0.25$0.25$0.22$0.22
Book value per common share (period end) $28.31$26.37$25.75$25.36$23.28
Tangible book value per common share (period end)(5)$26.15$24.18$23.55$23.13$21.01
Balance Sheet (Average Balances)      
Loans(6)$7,634,511$7,612,407$7,541,757$7,417,084$7,191,243
Interest-earning assets 10,837,38010,758,62310,739,59010,129,0619,702,167
Total assets 11,347,79511,233,20211,199,86710,588,58410,180,931
Core deposits 9,588,7529,599,8429,532,7908,691,5168,621,652
Total deposits 9,609,8209,601,4089,591,5278,834,2348,624,052
Interest-bearing deposits 7,042,4677,023,1927,055,2076,282,9166,042,165
Borrowings 241,062219,903220,773459,315263,981
Stockholders' equity 1,280,7601,223,6691,213,4691,128,7471,127,602
Performance Metrics      
Net interest margin(7)5.43 %5.51 %5.40 %5.62 %5.80 %
Return on average assets(8)1.66 %1.82 %1.77 %1.76 %1.76 %
Return on average tangible common stockholders' equity(9)15.94 %18.24 %17.92 %18.22 %17.59 %
Efficiency ratio(10)52.60 %51.81 %52.49 %53.59 %52.36 %
Full-time equivalent employees, period end 2,236 2,239 2,230 2,248 2,264 
Credit Quality Metrics     
Allowance for credit losses$161,500$157,301$156,563$161,106$157,529
Allowance as a % of loans held for investment2.08 %2.06 %2.08 %2.14 %2.17 %
Net charge-offs$17,103$15,013$19,812$16,282$18,836
Net charge-off rate(11)0.90 %0.79 %1.05 %0.88 %1.05 %
Early delinquency rate (30 - 89 days past due)2.78 %2.81 %2.41 %2.76 %2.75 %
Total delinquency rate (30 days and over)4.10 %(b)3.71 %3.30 %3.76 %3.78 %
Capital Ratios (period end) (Non-GAAP)(12)(20)
Leverage ratio11.12 %10.86 %10.76 %11.03 %11.03 %
Common equity Tier 1 capital ratio14.37 %14.29 %14.45 %14.12 %14.06 %
Tier 1 risk-based capital ratio14.37 %14.29 %14.45 %14.12 %14.06 %
Total risk-based capital ratio15.63 %15.54 %15.71 %15.37 %15.31 %
Tangible common equity ("TCE") ratio10.72 %10.09 %10.06 %9.68 %9.74 %

(a)During 3Q 2024, the Durbin Amendment became applicable to the Company as a result of crossing the $10 billion asset threshold in December 31, 2023, reducing debit card interchange fees in the quarter by $2.7 million.
(b)During 3Q 2024, the Company acquired the servicing rights of a $1.7 billion mortgage loan portfolio being subserviced. At September 30, 2024, the fair value of its servicing rights of $21.5 million was included as servicing asset. Defaulted loans under the GNMA buy-back option program corresponding to this servicing portfolio and reported as delinquent loans, along with its corresponding liability, amounted to $24.2 million.
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OFG Bancorp (NYSE: OFG)
Table 1-2: Financial and Statistical Summary - Consolidated (Continued)
2024
2023
(Dollars in thousands, except per share data) (unaudited)YTDYTD
Statement of Operations
Net interest income$439,302 $417,328 
Non-interest income, net (core)(1)88,415 (a)89,794 
Total core revenues(2)527,717 (a)507,122 
Non-interest expense275,972 269,266 
Pre-provision net revenues(21)253,022 237,735 
Total provision for credit losses52,061 40,919 
Net income before income taxes200,961 196,816 
Income tax expense53,138 61,541 
Net income available to common stockholders147,823 135,275 
Common Share Statistics
Earnings per common share - basic(3)$3.15 $2.86 
Earnings per common share - diluted(4)$3.14 $2.84 
Average common shares outstanding46,868 47,325 
Average common shares outstanding and equivalents47,111 47,605 
Cash dividends per common share$0.75 $0.66 
Book value per common share (period end)$28.31 $23.28 
Tangible book value per common share (period end)(5)$26.15 $21.01 
Balance Sheet (Average Balances)
Loans(6)$7,596,365 $7,021,456 
Interest-earning assets10,778,878 9,539,389 
Total assets11,259,969 10,035,121 
Core deposits9,573,850 8,582,642 
Total deposits9,600,952 8,586,823 
Interest-bearing deposits7,040,298 5,983,088 
Borrowings227,296 185,534 
Stockholders' equity1,239,451 1,104,911 
Performance Metrics
Net interest margin(7)5.44 %5.85 %
Return on average assets(8)1.75 %1.80 %
Return on average tangible common stockholders' equity(9)17.34 %18.11 %
Efficiency ratio(10)52.30 %53.10 %
Full-time equivalent employees, period end2,236 2,264 
Credit Quality Metrics
Allowance for credit losses$161,500 $157,529 
Allowance as a % of loans held for investment2.08 %2.17 %
Net charge-offs$51,928 $35,562 
Net charge-off rate(11)0.91 %0.68 %
Early delinquency rate (30 - 89 days past due)2.78 %2.75 %
Total delinquency rate (30 days and over)4.10 %(b)3.78 %
(a)Refer to “(a)” in Table 1-1.
(b)Refer to “(b)” in Table 1-1.




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OFG Bancorp (NYSE: OFG)
Table 2-1: Consolidated Statements of Operations
Quarter Ended
(Dollars in thousands, except per share data) (unaudited) September 30, 2024June 30, 2024March 31,
2024		December 31,
2023		September 30,
2023
Interest income: 
Loans
Non-PCD loans $139,358 $137,741 $132,972 $131,167 $124,847 
PCD loans 15,052 16,516 16,622 17,609 17,292 
Total interest income from loans 154,410 154,257 149,594 148,776 142,139 
Investment securities and cash 34,620 33,401 33,832 27,423 23,569 
Total interest income 189,030 187,658 183,426 176,199 165,708 
Interest expense:
Deposits
Core deposits 38,123 37,791 35,989 24,753 20,787 
Brokered deposits 221 21 803 1,980 32 
Total deposits 38,344 37,812 36,792 26,733 20,819 
Borrowings 2,811 2,521 2,532 5,924 3,102 
Total interest expense 41,155 40,333 39,324 32,657 23,921 
Net interest income 147,875 147,325 144,102 143,542 141,787 
Provision for credit losses, excluding PCD loans21,070 16,913 16,605 20,681 16,648 
Provision for (recapture of) credit losses on PCD loans289 (1,332)(1,484)(962)(218)
Total provision for credit losses 21,359 15,581 15,121 19,719 16,430 
Net interest income after provision for credit losses 126,516 131,744 128,981 123,823 125,357 
Non-interest income:      
Banking service revenues 15,554 (a)18,781 17,259 17,822 17,303 
Wealth management revenues 8,449 8,440 8,107 9,985 7,691 
Mortgage banking activities 2,268 4,864 4,693 4,254 5,410 
Total banking and financial service revenues 26,271 32,085 30,059 32,061 30,404 
Other income, net 597 391 289 6,647 295 
Total non-interest income, net 26,868 32,476 30,348 38,708 30,699 
Non-interest expense:
Compensation and employee benefits 38,468 38,467 39,816 41,418 38,095 
Occupancy, equipment and infrastructure costs 15,124 14,393 14,322 15,729 14,887 
General and administrative expenses 36,736 40,831 36,606 35,803 37,203 
Foreclosed real estate and other repossessed assets expenses (income), net 1,272 (731)668 1,149 (27)
Total non-interest expense 91,600 92,960 91,412 94,099 90,158 
Income before income taxes 61,784 71,260 67,917 68,432 65,898 
Income tax expense 14,784 20,129 18,225 21,835 21,025 
Net income available to common shareholders $47,000 $51,131 $49,692 $46,597 $44,873 
(a)Refer to “(a)” in Table 1-1.
4

OFG Bancorp (NYSE: OFG)
Table 2-2: Consolidated Statements of Operations (Continued)
(Dollars in thousands, except per share data) (unaudited)Nine-month period ended
September 30, 2024
September 30, 2023
Interest income:
Loans
Non-PCD loans$410,071 $350,876 
PCD loans48,190 55,092 
Total interest income from loans458,261 405,968 
Investment securities and cash101,853 66,713 
Total interest income560,114 472,681 
Interest expense:
Deposits
Core deposits111,903 49,192 
Brokered deposits1,045 40 
Total deposits112,948 49,232 
Borrowings7,864 6,121 
Total interest expense120,812 55,353 
Net interest income439,302 417,328 
Provision for credit losses, excluding PCD loans54,588 44,034 
Recapture of credit losses on PCD loans(2,527)(3,115)
Total provision for credit losses52,061 40,919 
Net interest income after provision for credit losses387,241 376,409 
Non-interest income:  
Banking service revenues51,594 (a)52,256 
Wealth management revenues24,996 23,005 
Mortgage banking activities11,825 14,533 
Total banking and financial service revenues88,415 89,794 
Other income (loss), net1,277 (121)
Total non-interest income, net89,692 89,673 
Non-interest expense:
Compensation and employee benefits116,751 114,409 
Occupancy, equipment and infrastructure costs43,839 43,506 
General and administrative expenses114,173 112,905 
Foreclosed real estate and other repossessed assets expenses (income), net1,209 (1,554)
Total non-interest expense275,972 269,266 
Income before income taxes200,961 196,816 
Income tax expense53,138 61,541 
Net income available to common shareholders$147,823 $135,275 
(a)Refer to “(a)” in Table 1-1.
(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)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Cash and cash equivalents$680,587 $740,429 $754,392 $748,173 $532,699 
Investments:
Trading securities18 16 14 13 14 
Investment securities available-for-sale, at fair value, no allowance for credit losses for any period
Mortgage-backed securities2,228,399 1,895,067 1,746,195 1,801,849 1,511,779 
US treasury securities
1,136 200,658 150,915 296,799 739 
Other investment securities567 581 597 616 635 
Total investment securities available-for-sale2,230,102 2,096,306 1,897,707 2,099,264 1,513,153 
Investment securities held-to-maturity, at amortized cost, no allowance for credit losses for any period
Mortgage-backed securities297,713 303,621 309,764 314,710 320,249 
US treasury securities
— — 199,727 199,314 198,896 
Other investment securities35,000 35,000 35,000 35,000 — 
Total investment securities held-to-maturity332,713 338,621 544,491 549,024 519,145 
Equity securities45,692 41,074 40,162 38,469 42,162 
Total investments2,608,525 2,476,017 2,482,374 2,686,770 2,074,474 
Loans, net7,604,700 (a)7,503,142 7,411,378 7,401,618 7,130,052 
Other assets:
Prepaid expenses98,755 88,137 61,916 62,858 67,191 
Deferred tax asset, net4,130 4,094 4,379 4,923 11,121 
Foreclosed real estate and repossessed properties11,388 12,239 17,694 14,812 13,987 
Premises and equipment, net105,279 104,384 104,980 104,102 103,040 
Goodwill84,241 84,241 84,241 84,241 84,241 
Other intangibles16,260 17,738 19,216 20,694 22,419 
Right of use assets20,355 20,298 21,606 21,725 20,011 
Servicing asset68,512 (a)49,789 49,553 49,520 50,601 
Accounts receivable and other assets158,650 158,577 147,506 145,017 147,302 
Total assets$11,461,382 $11,259,085 $11,159,235 $11,344,453 $10,257,138 
Deposits:
Demand deposits$5,859,787 $6,017,364 $6,036,891 $6,050,428 $4,894,958 
Savings accounts2,019,832 2,002,342 2,001,770 2,088,102 2,216,162 
Time deposits1,653,402 1,585,126 1,507,037 1,461,459 1,427,497 
Brokered deposits75,631 418 2,576 162,180 2,936 
Total deposits9,608,652 9,605,250 9,548,274 9,762,169 8,541,553 
Borrowings:     
Securities sold under agreements to repurchase— — — — 150,701 
Advances from FHLB and other borrowings270,827 200,741 200,766 200,770 300,774 
Total borrowings270,827 200,741 200,766 200,770 451,475 
Other liabilities:     
Acceptances outstanding26,055 28,504 25,826 25,576 30,984 
Lease liability22,604 22,605 23,969 24,029 22,269 
GNMA buy-back option program liability(22)41,801 (a)19,008 18,510 19,401 18,227 
Deferred tax liability, net
57,503 33,873 22,876 22,444 — 
Accrued expenses and other liabilities115,808 121,402 103,361 96,584 97,167 
Total liabilities10,143,250 10,031,383 9,943,582 10,150,973 9,161,675 
Stockholders' equity:
Common stock59,885 59,885 59,885 59,885 59,885 
Additional paid-in capital639,487 637,895 636,208 638,667 637,389 
Legal surplus164,990 160,560 155,732 150,967 146,774 
Retained earnings 737,815 706,807 672,455 639,324 607,466 
Treasury stock, at cost(251,055)(250,951)(226,896)(228,350)(228,374)
Accumulated other comprehensive loss, net(32,990)(86,494)(81,731)(67,013)(127,677)
Total stockholders' equity1,318,132 1,227,702 1,215,653 1,193,480 1,095,463 
Total liabilities and stockholders' equity$11,461,382 $11,259,085 $11,159,235 $11,344,453 $10,257,138 

(a)Refer to “(b)” in Table 1-1.
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OFG Bancorp (NYSE: OFG)
Table 4-1: Information on Loan Portfolio and Production
(Dollars in thousands) (unaudited)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Non-PCD:
Mortgage, excluding GNMA buy-back option program$577,320 $581,023 $591,429 $609,846 $630,187 
Mortgage GNMA buy-back option program(22)41,801 (a)19,008 18,510 19,401 18,227 
Commercial PR2,318,964 2,291,753 2,178,748 2,186,228 1,985,535 
Commercial US680,388 662,026 740,665 755,228 707,593 
Consumer663,748 643,572 627,436 619,894 612,623 
Auto2,483,611 2,427,089 2,339,836 2,272,530 2,208,993 
6,765,832 6,624,471 6,496,624 6,463,127 6,163,158 
Less:  Allowance for credit losses(155,133)(150,849)(148,767)(152,610)(148,210)
Total non-PCD loans held for investment, net6,610,699 6,473,622 6,347,857 6,310,517 6,014,948 
PCD:
Mortgage864,491 885,096 909,106 933,362 955,596 
Commercial PR119,029 128,584 132,035 135,447 139,857 
Consumer560 605 544 552 572 
Auto664 951 1,358 1,891 2,552 
984,744 1,015,236 1,043,043 1,071,252 1,098,577 
Less:  Allowance for credit losses(6,367)(6,452)(7,796)(8,496)(9,319)
Total PCD loans held for investment, net978,377 1,008,784 1,035,247 1,062,756 1,089,258 
Total loans held for investment7,589,076 7,482,406 7,383,104 7,373,273 7,104,206 
Mortgage loans held for sale10,908 8,375 9,370 — 564 
Other loans held for sale4,716 12,361 18,904 28,345 25,282 
Total loans, net$7,604,700 $7,503,142 $7,411,378 $7,401,618 $7,130,052 
Loan Portfolio Summary:
Loans held for investment:
Mortgage, excluding GNMA buy-back option program$1,441,811 $1,466,119 $1,500,535 $1,543,208 $1,585,783 
Mortgage GNMA buy-back option program(22)41,801 (a)19,008 18,510 19,401 18,227 
Commercial PR2,437,993 2,420,337 2,310,783 2,321,675 2,125,392 
Commercial US680,388 662,026 740,665 755,228 707,593 
Consumer664,308 644,177 627,980 620,446 613,195 
Auto2,484,275 2,428,040 2,341,194 2,274,421 2,211,545 
7,750,576 7,639,707 7,539,667 7,534,379 7,261,735 
Less:  Allowance for credit losses(161,500)(157,301)(156,563)(161,106)(157,529)
Total loans held for investment, net7,589,076 7,482,406 7,383,104 7,373,273 7,104,206 
Mortgage loans held for sale10,908 8,375 9,370 — 564 
Other loans held for sale4,716 12,361 18,904 28,345 25,282 
Total loans, net$7,604,700 $7,503,142 $7,411,378 $7,401,618 $7,130,052 
(a)Refer to “(b)” in Table 1-1.
7

OFG Bancorp (NYSE: OFG)
Table 4-2: Information on Loan Portfolio and Production
  Quarter EndedNine-month period ended
(Dollars in thousands) (unaudited)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
September 30, 2024
September 30, 2023
Loan production(13)
Mortgage $37,091 $38,501 $32,180 $33,332 $33,346 $107,772 $99,622 
Commercial PR 149,856 192,122 186,412 285,517 150,105 528,390 464,151 
Commercial US 67,133 27,402 17,106 57,442 70,311 111,641 306,202 
Consumer 86,575 80,348 68,591 63,785 76,465 235,514 249,811 
Auto 231,573 250,638 232,314 223,780 237,290 714,525 695,898 
Total $572,228 $589,011 $536,603 $663,856 $567,517 $1,697,842 $1,815,684 
8

OFG Bancorp (NYSE: OFG)
Table 5-1: Average Balances, Net Interest Income and Net Interest Margin
2024 Q3
2024 Q2
2024 Q1
2023 Q4
2023 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$630,836 $8,362 5.27 %$656,728 $8,735 5.35 %$600,291 $7,996 5.36 %$517,025 $6,906 5.30 %$680,864 $9,025 5.26 %
Investment securities2,572,033 26,258 4.08 %2,489,488 24,666 3.96 %2,597,542 25,836 3.98 %2,194,952 20,517 3.74 %1,830,060 14,544 3.18 %
Loans held for investment
Non-PCD loans6,634,043 139,358 8.36 %6,576,634 137,741 8.42 %6,476,048 132,972 8.26 %6,320,321 131,167 8.23 %6,065,822 124,847 8.17 %
PCD loans1,000,468 15,052 6.02 %1,035,773 16,516 6.38 %1,065,709 16,622 6.24 %1,096,763 17,609 6.42 %1,125,421 17,292 6.15 %
Total loans7,634,511 154,410 8.05 %7,612,407 154,257 8.15 %7,541,757 149,594 7.98 %7,417,084 148,776 7.96 %7,191,243 142,139 7.84 %
Total interest-earning assets$10,837,380 $189,030 6.94 %$10,758,623 $187,658 7.02 %$10,739,590 $183,426 6.87 %$10,129,061 $176,199 6.90 %$9,702,167 $165,708 6.78 %
Interest bearing liabilities:          
Deposits          
NOW accounts$3,395,425 $20,013 2.34 %$3,448,144 $20,964 2.45 %$3,472,852 $20,516 2.38 %$2,559,135 $9,551 1.48 %$2,445,955 $6,974 1.13 %
Savings accounts2,009,028 4,777 0.95 %2,020,653 4,587 0.91 %2,042,865 4,417 0.87 %2,141,230 4,986 0.92 %2,260,678 5,478 0.96 %
Time deposits1,616,946 12,202 3.00 %1,552,829 11,109 2.88 %1,480,753 9,924 2.70 %1,439,833 8,895 2.45 %1,333,132 7,014 2.09 %
Brokered deposits21,068 221 4.17 %1,566 21 5.28 %58,737 803 5.50 %142,718 1,980 5.50 %2,400 32 5.30 %
 7,042,467 37,213 2.10 %7,023,192 36,681 2.10 %7,055,207 35,660 2.03 %6,282,916 25,412 1.60 %6,042,165 19,498 1.28 %
Non-interest bearing deposit accounts2,567,353 — — 2,578,216 — — 2,536,320 — — 2,551,318 — — 2,581,887 — — 
Fair value premium and core deposit intangible amortization— 1,131 — — 1,131 — — 1,132 — — 1,321 — — 1,321 — 
Total deposits9,609,820 38,344 1.59 %9,601,408 37,812 1.58 %9,591,527 36,792 1.54 %8,834,234 26,733 1.20 %8,624,052 20,819 0.96 %
Borrowings
Securities sold under agreements to repurchase— — — %— — — %— — — %183,858 2,578 5.56 %52,365 728 5.52 %
Advances from FHLB and other borrowings241,062 2,811 4.64 %219,903 2,521 4.61 %220,773 2,532 4.61 %275,457 3,346 4.82 %211,616 2,374 4.45 %
Total borrowings241,062 2,811 4.64 %219,903 2,521 4.61 %220,773 2,532 4.61 %459,315 5,924 5.12 %263,981 3,102 4.66 %
Total interest-bearing liabilities$9,850,882 $41,155 1.66 %$9,821,311 $40,333 1.65 %$9,812,300 $39,324 1.61 %$9,293,549 $32,657 1.39 %$8,888,033 $23,921 1.07 %
Interest rate spread $147,875 5.28 % $147,325 5.36 % $144,102 5.26 % $143,542 5.51 % $141,787 5.71 %
Net interest margin  5.43 %  5.51 %  5.40 %  5.62 %  5.80 %
Core deposits: (Non-GAAP)               
NOW accounts$3,395,425 $20,013 2.34 %$3,448,144 $20,964 2.45 %$3,472,852 $20,516 2.38 %$2,559,135 $9,551 1.48 %$2,445,955 $6,974 1.13 %
Savings accounts2,009,028 4,777 0.95 %2,020,653 4,587 0.91 %2,042,865 4,417 0.87 %2,141,230 4,986 0.92 %2,260,678 5,478 0.96 %
Time deposits1,616,946 12,202 3.00 %1,552,829 11,109 2.88 %1,480,753 9,924 2.70 %1,439,833 8,895 2.45 %1,333,132 7,014 2.09 %
 7,021,399 36,992 2.10 %7,021,626 36,660 2.10 %6,996,470 34,857 2.00 %6,140,198 23,432 1.51 %6,039,765 19,466 1.28 %
Non-interest bearing deposit accounts2,567,353 — — 2,578,216 — — 2,536,320 — — 2,551,318 — — 2,581,887 — — 
Total core deposits$9,588,752 $36,992 1.53 %$9,599,842 $36,660 1.54 %$9,532,790 $34,857 1.47 %$8,691,516 $23,432 1.07 %$8,621,652 $19,466 0.90 %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
$241,062 $2,811 4.64 %$219,903 $2,521 4.61 %$220,773 $2,532 4.61 %$459,315 $5,924 5.12 %$263,981 $3,102 4.66 %
Brokered deposits
21,068 221 4.17 %1,566 21 5.28 %58,737 803 5.50 %142,718 1,980 5.50 %2,400 32 5.30 %
Total borrowings and brokered deposits
$262,130 $3,032 4.60 %$221,469 $2,542 4.62 %$279,510 $3,335 4.80 %$602,033 $7,904 5.21 %$266,381 $3,134 4.67 %
9

OFG Bancorp (NYSE: OFG)
Table 5-2: Average Balances, Net Interest Income and Net Interest Margin (Continued)
2024 YTD2023 YTD
(Dollars in thousands) (unaudited)Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Interest earning assets:
Cash equivalents$629,423 $25,093 5.33 %$662,813 $24,499 4.94 %
Investment securities2,553,090 76,760 4.01 %1,855,120 42,214 3.03 %
Loans held for investment
Non-PCD loans6,562,504 410,071 8.35 %5,860,662 350,876 8.00 %
PCD loans1,033,861 48,190 6.21 %1,160,794 55,092 6.33 %
Total loans7,596,365 458,261 8.06 %7,021,456 405,968 7.73 %
Total interest-earning assets$10,778,878 $560,114 6.94 %$9,539,389 $472,681 6.62 %
Interest bearing liabilities:
Deposits
NOW accounts$3,438,649 $61,490 2.39 %$2,466,113 $16,160 0.88 %
Savings accounts2,024,127 13,782 0.91 %2,238,866 12,742 0.76 %
Time deposits1,550,420 33,235 2.86 %1,273,928 16,328 1.71 %
Brokered deposits27,102 1,045 5.15 %4,181 40 1.27 %
7,040,298 109,552 2.08 %5,983,088 45,270 1.01 %
Non-interest bearing deposit accounts2,560,654 — — %2,603,735 — — %
Fair value premium and core deposit intangible amortization— 3,396 — — 3,962 — 
Total deposits9,600,952 112,948 1.57 %8,586,823 49,232 0.77 %
Borrowings
Securities sold under agreements to repurchase— — — %17,647 728 5.52 %
Advances from FHLB and other borrowings227,296 7,864 4.62 %167,887 5,393 4.29 %
Total borrowings227,296 7,864 4.62 %185,534 6,121 4.41 %
Total interest-bearing liabilities$9,828,248 $120,812 1.64 %$8,772,357 $55,353 0.84 %
Interest rate spread$439,302 5.30 %$417,328 5.78 %
Net interest margin 5.44 %5.85 %
Core deposits: (Non-GAAP)
NOW accounts$3,438,649 $61,490 2.39 %$2,466,113 $16,160 0.88 %
Savings accounts2,024,127 13,782 0.91 %2,238,866 12,742 0.76 %
Time deposits1,550,420 33,235 2.86 %1,273,928 16,328 1.71 %
7,013,196 108,507 2.07 %5,978,907 45,230 1.01 %
Non-interest bearing deposit accounts2,560,654 — — %2,603,735 — — %
Total core deposits$9,573,850 $108,507 1.51 %$8,582,642 $45,230 0.70 %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
$227,296 $7,864 4.62 %$185,534 $6,121 4.41 %
Brokered deposits
27,102 1,045 5.15 %4,181 40 1.27 %
Total borrowings and brokered deposits
$254,398 279,510 $8,909 4.68 %$189,715 150,746 $6,161 3,027 4.34 %
10

OFG Bancorp (NYSE: OFG)
Table 6-1: Loan Information and Performance Statistics
20242024202420232023
(Dollars in thousands) (unaudited)Q3Q2Q1Q4Q3
Net Charge-offs
Non-PCD
Mortgage:
Charge-offs$37 $1 $64 $150 $218 
Recoveries(72)(540)(267)(483)(185)
Total mortgage(35)(539)(203)(333)33 
Commercial PR:
Charge-offs139 160 3,567 377 1,404 
Recoveries(1,455)(111)(52)(114)(156)
Total commercial PR(1,316)49 3,515 263 1,248 
Commercial US:
Charge-offs— 1,574 1,749 689 6,850 
Recoveries(24)(45)— (23)(18)
Total commercial US(24)1,529 1,749 666 6,832 
Consumer:     
Charge-offs8,863 8,180 7,981 6,799 5,894 
Recoveries(830)(851)(693)(650)(655)
Total consumer8,033 7,329 7,288 6,149 5,239 
Auto:     
Charge-offs16,371 12,559 14,218 14,658 10,458 
Recoveries(6,300)(5,926)(5,971)(4,982)(5,193)
Total auto10,071 6,633 8,247 9,676 5,265 
Total$16,729 $15,001 $20,596 $16,421 $18,617 
PCD
Mortgage:
Charge-offs$66 $29 $83 $94 $148 
Recoveries(250)(93)(638)(111)(80)
Total mortgage(184)(64)(555)(17)68 
Commercial PR:     
Charge-offs663 265 — — 690 
Recoveries(70)(158)(157)(315)(494)
Total commercial PR593 107 (157)(315)196 
Consumer:     
Charge-offs— — — 244 39 
Recoveries(19)(7)(23)(19)(23)
Total consumer(19)(7)(23)225 16 
Auto:     
Charge-offs9 6 9 12 37 
Recoveries(25)(30)(58)(44)(98)
Total auto(16)(24)(49)(32)(61)
Total$374 $12 $(784)$(139)$219 
Total Net Charge-offs$17,103 $15,013 $19,812 $16,282 $18,836 
Net Charge-off Rates     
Mortgage-0.06 %-0.16 %-0.20 %-0.09 %0.03 %
Commercial PR-0.12 %0.03 %0.58 %-0.01 %0.27 %
Commercial US-0.01 %0.85 %0.92 %0.36 %3.96 %
Consumer4.70 %4.42 %4.45 %3.95 %3.33 %
Auto1.64 %1.11 %1.42 %1.72 %0.96 %
Total0.90 %0.79 %1.05 %0.88 %1.05 %
Average Loans Held For Investment     
Mortgage$1,446,855 $1,479,583 $1,511,281 $1,562,135 $1,576,637 
Commercial PR2,393,891 2,363,831 2,312,561 2,230,342 2,122,169 
Commercial US658,908 716,989 756,409 736,640 690,105 
Consumer681,391 663,315 652,843 644,834 630,492 
Auto2,453,466 2,389,589 2,308,663 2,243,133 2,171,840 
Total$7,634,511 $7,613,307 $7,541,757 $7,417,084 $7,191,243 
11



OFG Bancorp (NYSE: OFG)
Table 6-2: Loan Information and Performance Statistics (Excludes PCD Loans)
20242024202420232023
(Dollars in thousands) (unaudited)Q3Q2Q1Q4Q3
Early Delinquency (30 - 89 days past due)     
Mortgage$10,822 $12,767 $13,080 $15,703 $14,380 
Commercial2,426 7,781 6,128 3,653 5,666 
Consumer13,485 13,102 10,901 11,366 10,160 
Auto161,025 152,817 126,704 147,681 139,278 
Total $187,758 $186,467 $156,813 $178,403 $169,484 
Early Delinquency Rates (30 - 89 days past due)     
Mortgage1.75 %2.13 %2.14 %2.50 %2.22 %
Commercial0.08 %0.26 %0.21 %0.12 %0.21 %
Consumer2.03 %2.04 %1.74 %1.83 %1.66 %
Auto6.48 %6.30 %5.42 %6.50 %6.31 %
Total2.78 %2.81 %2.41 %2.76 %2.75 %
Total Delinquency (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation$22,954 $23,443 $25,985 $27,859 $30,661 
GNMA's buy-back option program(22)41,801 (a)19,008 18,509 19,401 18,227 
Total mortgage64,755 (a)42,451 44,494 47,260 48,888 
Commercial17,460 17,703 14,171 14,298 15,109 
Consumer17,094 16,405 14,760 14,742 13,422 
Auto178,003 169,506 141,220 166,737 155,579 
Total$277,312 (a)$246,065 $214,645 $243,037 $232,998 
Total Delinquency Rates (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation3.71 %3.91 %4.26 %4.43 %4.73 %
GNMA's buy-back option program(22)6.75 %(a)3.17 %3.03 %3.08 %2.81 %
Total mortgage10.46 %(a)7.07 %7.29 %7.51 %7.54 %
Commercial0.58 %0.60 %0.49 %0.49 %0.56 %
Consumer2.58 %2.55 %2.35 %2.38 %2.19 %
Auto7.17 %6.98 %6.04 %7.34 %7.04 %
Total4.10 %(a)3.71 %3.30 %3.76 %3.78 %
Nonperforming Assets(14)
Mortgage$18,723 $17,325 $19,044 $20,007 $25,354 
Commercial36,099 34,477 33,794 36,096 36,649 
Consumer3,627 3,329 3,893 3,376 3,359 
Auto16,978 16,689 14,516 19,056 16,301 
Total nonperforming loans75,427 71,820 71,247 78,535 81,663 
Foreclosed real estate4,419 6,526 10,850 10,780 9,555 
Other repossessed assets6,969 5,713 6,844 4,032 4,432 
Total nonperforming assets$86,815 $84,059 $88,941 $93,347 $95,650 
Nonperforming Loan Rates     
Mortgage3.02 %2.89 %3.12 %3.18 %3.91 %
Commercial1.20 %1.17 %1.16 %1.23 %1.36 %
Consumer0.55 %0.52 %0.62 %0.54 %0.55 %
Auto0.68 %0.69 %0.62 %0.84 %0.74 %
Total loans1.11 %1.08 %1.10 %1.22 %1.33 %
(a)Refer to “(b)” in Table 1-1.
12

OFG Bancorp (NYSE: OFG)
Table 6-3: Loan Information and Performance Statistics
 20242024202420232023
(Dollars in thousands) (unaudited) Q3Q2Q1Q4Q3
Nonperforming PCD Loans(14)
Mortgage $241 $244 $247 $250 $253 
Commercial 3,920 4,748 5,969 6,424 6,688 
Consumer — — — — 7 
Total nonperforming loans $4,161 $4,992 $6,216 $6,674 $6,948 
Nonperforming PCD Loan Rates      
Mortgage 0.03 %0.03 %0.03 %0.03 %0.03 %
Commercial 3.29 %3.69 %4.52 %4.74 %4.78 %
Consumer 0.00 %0.00 %0.00 %0.00 %1.22 %
Total 0.42 %0.49 %0.60 %0.62 %0.63 %
Total PCD Loans Held for Investment     
Mortgage $864,491 $885,096 $909,106 $933,362 $955,596 
Commercial 119,029 128,584 132,035 135,447 139,857 
Consumer 560 605 544 552 572 
Auto664 951 1,358 1,891 2,552 
Total loans $984,744 $1,015,236 $1,043,043 $1,071,252 $1,098,577 
 20242024202420232023
(Dollars in thousands) (unaudited) Q3Q2Q1Q4Q3
Total Nonperforming Loans(14)     
Mortgage $18,964 $17,569 $19,291 $20,257 $25,607 
Commercial 40,019 39,225 39,763 42,520 43,337 
Consumer 3,627 3,329 3,893 3,376 3,366 
Auto 16,978 16,689 14,516 19,056 16,301 
Total nonperforming loans $79,588 $76,812 $77,463 $85,209 $88,611 
Total Nonperforming Loan Rates 
Mortgage 1.28 %1.18 %1.27 %1.30 %1.60 %
Commercial 1.28 %1.27 %1.30 %1.38 %1.53 %
Consumer 0.55 %0.52 %0.62 %0.54 %0.55 %
Auto 0.68 %0.69 %0.62 %0.84 %0.74 %
Total 1.03 %1.01 %1.03 %1.13 %1.22 %
Total Loans Held for Investment     
Mortgage $1,483,612 $1,485,127 $1,519,045 $1,562,609 $1,604,010 
Commercial 3,118,381 3,082,363 3,051,448 3,076,903 2,832,985 
Consumer 664,308 644,177 627,980 620,446 613,195 
Auto 2,484,275 2,428,040 2,341,194 2,274,421 2,211,545 
Total loans $7,750,576 $7,639,707 $7,539,667 $7,534,379 $7,261,735 


13

OFG Bancorp (NYSE: OFG)
Table 7: Allowance for Credit Losses
Quarter Ended September 30, 2024
(Dollars in thousands) (unaudited)MortgageCommercialConsumerAutoTotal
Allowance for credit losses Non-PCD:     
Balance at beginning of period$6,886 $33,809 $29,432 $80,722 $150,849 
(Recapture of) provision for credit losses(31)928 9,904 10,212 21,013 
Charge-offs(37)(139)(8,863)(16,371)(25,410)
Recoveries72 1,479 830 6,300 8,681 
Balance at end of period$6,890 $36,077 $31,303 $80,863 $155,133 
Allowance for credit losses PCD:
Balance at beginning of period$5,642 $789 $8 $13 $6,452 
(Recapture of) provision for credit losses(424)751 (16)(22)289 
Charge-offs(66)(663)— (9)(738)
Recoveries250 70 19 25 364 
Balance at end of period$5,402 $947 $11 $7 $6,367 
Allowance for credit losses summary:
Balance at beginning of period$12,528 $34,598 $29,440 $80,735 $157,301 
(Recapture of) provision for credit losses(455)1,679 9,888 10,190 21,302 
Charge-offs(103)(802)(8,863)(16,380)(26,148)
Recoveries322 1,549 849 6,325 9,045 
Balance at end of period$12,292 $37,024 $31,314 $80,870 $161,500 
Allowance coverage ratio0.83 %1.19 %4.71 %3.26 %2.08 %


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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.
20242024202420232023
(Dollars in thousands) (unaudited)Q3Q2Q1Q4Q3
Stockholders' Equity to Non-GAAP Tangible Common Equity
Total stockholders' equity$1,318,132 $1,227,702 $1,215,653 $1,193,480 $1,095,463 
Less:  Intangible assets(100,501)(101,979)(103,457)(104,935)(106,660)
Tangible common equity$1,217,631 $1,125,723$1,112,196$1,088,545$988,803
     
Common shares outstanding at end of period46,559 46,562 47,217 47,065 47,058 
Tangible book value per common share (Non-GAAP)$26.15 $24.18 $23.55 $23.13 $21.01 
Total Assets to Tangible Assets     
Total assets  $11,461,382 $11,259,085 $11,159,235 $11,344,453 $10,257,138 
Less:  Intangible assets(100,501)(101,979)(103,457)(104,935)(106,660)
Tangible assets (Non-GAAP)$11,360,881 $11,157,106 $11,055,778 $11,239,518 $10,150,478 
Non-GAAP TCE Ratio     
Tangible common equity$1,217,631 $1,125,723$1,112,196$1,088,545$988,803
Tangible assets11,360,881 11,157,106 11,055,778 11,239,518 10,150,478 
TCE ratio10.72 %10.09 %10.06 %9.68 %9.74 %
Average Equity to Non-GAAP Average Tangible Common Equity
Average total stockholders' equity$1,280,760 $1,223,669 $1,213,469 $1,128,747 $1,127,602 
Less:  Average intangible assets(101,042)(102,499)(103,988)(105,560)(107,291)
Average tangible common equity$1,179,718 $1,121,170$1,109,481$1,023,187$1,020,311



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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
20242024 202420232023
(Dollars in thousands) (unaudited)Q3Q2 Q1Q4Q3
Regulatory Capital Metrics      
Common equity Tier 1 capital$1,260,944$1,223,031$1,205,231$1,174,205$1,124,599
Tier 1 capital1,260,9441,223,0311,205,2311,174,2051,124,599
Total risk-based capital(15)1,371,0411,330,4741,309,8931,278,5371,224,963
Risk-weighted assets8,772,2078,561,5498,338,1688,317,8028,000,711
Regulatory Capital Ratios
Common equity Tier 1 capital ratio(16)14.37 %14.29 %14.45 %14.12 %14.06 %
Tier 1 risk-based capital ratio(17)14.37 %14.29 %14.45 %14.12 %14.06 %
Total risk-based capital ratio(18)15.63 %15.54 %15.71 %15.37 %15.31 %
Leverage ratio(19)11.12 %10.86 %10.76 %11.03 %11.03 %
 
Common Equity Tier 1 Capital Ratio Under Basel III Standardized Approach
Total stockholders' equity$1,318,132$1,227,702 $1,215,653 $1,193,480 $1,095,463 
Plus: CECL transition adjustment(20)6,8526,8526,85213,70413,704
Plus: Unrealized losses on available-for-sale securities, net of
                    income tax		32,99086,49481,73167,013127,677
Total adjusted stockholders’equity1,357,9741,321,0481,304,2361,274,1971,236,844
Less: Disallowed goodwill(84,241)(84,241)(84,241)(84,241)(84,241)
  Disallowed other intangible assets, net(12,789)(13,776)(14,764)(15,751)(16,883)
  Disallowed deferred tax assets, net————(11,121)
Common equity Tier 1 capital and Tier 1 capital1,260,9441,223,0311,205,2311,174,2051,124,599
Plus Tier 2 capital:  Qualifying allowance for credit losses110,097107,443104,662104,332100,364
Total risk-based capital$1,371,041$1,330,474 $1,309,893 $1,278,537 $1,224,963 



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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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