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


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OFG Bancorp Reports 1Q25 Results
SAN JUAN, Puerto Rico, April 23, 2025 – OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, today reported results for the first quarter ended March 31, 2025. EPS diluted of $1.00 compared to $1.09 in 4Q24 and $1.05 in 1Q24. Total core revenues of $178.3 million compared to $181.9 million in 4Q24 and $174.2 million in 1Q24.
CEO Comment
José Rafael Fernández, Chief Executive Officer, said: “The first quarter reflected a strong start to the year with solid overall performance, consistent financial results, and excellent operating execution. Highlights included customer and deposit growth, and improved consumer credit. As part of our Digital First strategy, we are the first among Puerto Rico banks to launch an Omnichannel online and mobile app for a truly seamless experience, Smart Banking insights to help customers better manage their finances, and Apple Pay for fast and easy credit and debit transactions. While our strategic investment in technology is driving innovation, our investment in people is building strong customer relationships through our island-wide network.”
“During the quarter, we also repurchased $23.4 million of common shares and increased the common dividend 20%. The increase in return was supported by our earnings and elevated capital levels, with a CET1 ratio at 14.3%. At this time, Puerto Rico’s economy continues to be stable, benefiting from public and private investment, but we are closely monitoring increased global economic and geopolitical uncertainties. Our balance sheet provides us with a strong foundation during volatile or challenging times. Thanks to our team members for helping make this possible and bringing progress to our customers.”
1Q25 Highlights
Performance Metrics: Net interest margin of 5.42%, return on average assets of 1.56%, return on average tangible common stockholders’ equity of 15.28%, and efficiency ratio of 52.42%.
Total Interest Income of $189.2 million compared to $190.2 million in 4Q24 and $183.4 million in 1Q24. Compared to 4Q24, 1Q25 decreased $0.9 million, reflecting two fewer business days, which negatively affected interest income by approximately $3.0 million, partially offset by higher balances and yields on investment securities and higher loan balances.
Total Interest Expense of $40.2 million compared to $41.0 million in 4Q24 and $39.3 million in 1Q24. Compared to 4Q24, 1Q25 decreased $0.9 million, primarily reflecting two fewer business days. Higher average balances of core deposits at a lower rate were partially offset by higher average balances of borrowings and brokered deposits.
Total Banking & Financial Service Revenues of $29.2 million compared to $32.8 million in 4Q24 and $30.1 million in 1Q24. 4Q24 included $4.8 million combined in annual insurance fees and favorable MSR valuation. Excluding that, 1Q25 total banking and financial services revenues increased.
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Pre-Provision Net Revenues of $85.1 million compared to $83.0 million in 4Q24 and $83.0 million in 1Q24.
Total Provision for Credit Losses of $25.7 million compared to $30.2 million in 4Q24 and $15.1 million in 1Q24. 1Q25 primarily reflected $17.4 million for increased loan volume, $4.8 million for a specific reserve for three commercial loans, and $3.5 million to reflect auto current loss given default trends post pandemic.
Credit Quality: Net charge-offs of $20.4 million (1.05% of average loans) compared to $15.9 million (0.82%) in 4Q24 and $19.8 million (1.05%) in 1Q24. 1Q25 included a $2.9 million partial charge-off of a previously reserved commercial loan, while 4Q24 included $2.6 million in recoveries from the sale of previously charged-off auto and consumer loans. 1Q25 early and total delinquency rates improved to 2.19% and 3.49%, respectively, reflecting seasonal trends. The nonperforming loan rate was 1.11%.
Total Non-Interest Expense of $93.5 million compared to $99.7 million in 4Q24 and $91.4 million in 1Q24. Compared to 4Q24, 1Q25 compensation reflected $1.6 million in seasonal FICA expenses and merit raises, while general and administrative declined $2.0 million, reflecting a $3.1 million volume incentive payment from a business partner, partially offset by $1.2 million for increased electronic banking fee volume and other related costs. 4Q24 included $4.8 million in early retirement, rightsizing and performance incentives.
Income Tax Expense of $13.9 million compared to $2.4 million in 4Q24 and $18.2 million in 1Q24. 1Q25 ETR was 23.34%, reflecting an anticipated rate of 26.14% for the year and the benefit of $1.7 million in discrete items.
Loans Held for Investment (EOP) of $7.85 billion compared to $7.79 billion in 4Q24 and $7.54 billion in 1Q24. Compared to 4Q24, 1Q25 loans increased 0.8%, reflecting growth in auto, U.S. commercial, Puerto Rico commercial, and consumer loans, partially offset by a decline in residential mortgage. Year-over-year, loans increased 4.15%.
New Loan Production of $558.9 million compared to $609.0 million in 4Q24 and $536.6 million in 1Q24. Compared to 4Q24, 1Q25 reflected seasonal declines in Puerto Rico lending, partially offset by increases in U.S. commercial lending.
Total Investments (EOP) of $2.79 billion compared to $2.72 billion in 4Q24 and $2.48 billion in 1Q24. Compared to 4Q24, 1Q25 reflected purchases of $100 million of mortgage-backed securities yielding 5.40%, partially offset by MBS repayments.
Customer Deposits (EOP) of $9.76 billion increased $308.4 million from $9.45 billion in 4Q24 and $211.5 million from $9.55 billion in 1Q24. Compared to 4Q24, 1Q25 reflected increases in demand, savings and time deposits, from commercial, government, and retail accounts.
Total Borrowings & Brokered Deposits (EOP) of $421.5 million compared to $557.2 million in 4Q24 and $203.3 million in 1Q24. 1Q25 reflected the maturity of $145 million in repurchase agreement funding and Federal Home Loan Bank advances. Separately, a two-year $200 million FHLB advance was renewed at 4.14% compared to the previous rate of 4.52%.
Cash & Cash Equivalents (EOP) of $710.6 million compared to $591.1 million in 4Q24 and $754.4 million in 1Q24.
Capital: CET1 ratio was 14.27% compared to 14.26% in 4Q24 and 14.45% in 1Q24. Tangible Common Equity ratio was 10.30% compared to 10.13% in 4Q24 and 10.06% in 1Q24. Tangible Book Value per share was $26.66 compared to $25.43 in 4Q24 and $23.55 in 1Q24.
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Conference Call, Financial Supplement & Presentation
A conference call to discuss 1Q25 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 267-6316 or (203) 518-9783. Conference ID: OFGQ125. The call can also be accessed live on www.ofgbancorp.com with webcast replay shortly thereafter. OFG’s Financial Supplement, with full financial tables for the quarter ended March 31, 2025, and the 1Q25 Conference Call Presentation, can be found on the Quarterly Results page on OFG’s Investor Relations website at www.ofgbancorp.com.
Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, management uses certain “non-GAAP financial measures” within the meaning of SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Please refer to Tables 8-1 and 8-2 in OFG’s above-mentioned Financial Supplement for a reconciliation of GAAP to non-GAAP measures and calculations.
Forward Looking Statements
The information included in this document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. Factors that might cause such a difference include but are not limited to (i) general business and economic conditions, including changes in interest rates; (ii) cybersecurity breaches; (iii) hurricanes, earthquakes, pandemics, and other natural disasters; and (iv) competition in the financial services industry. For a discussion of such factors and certain risks and uncertainties to which OFG is subject, please refer to OFG’s annual report on Form 10-K for the year ended December 31, 2024, as well as its other filings with the U.S. Securities and Exchange Commission. Other than to the extent required by applicable law, including the requirements of applicable securities laws, OFG assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
About OFG Bancorp
Now in its 61st year in business, OFG Bancorp is a diversified financial holding company that operates under U.S., Puerto Rico and U.S. Virgin Islands banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services, and Oriental Insurance, provide a wide range of retail and commercial banking, lending and wealth management products, services, and technology, primarily in Puerto Rico and U.S. Virgin Islands. Our mission is to make progress possible for our customers, employees, shareholders, and the communities we serve. Visit us at www.ofgbancorp.com.
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Contacts
Puerto Rico & USVI: Lumarie Vega López (lumarie.vega@orientalbank.com) and Victoria Maldonado Rodríguez (victoria.maldonado@orientalbank.com) at (787) 771-6800
US: Gary Fishman (gfishman@ofgbancorp.com) and Michael Wichman (michael.wichman@ofgbancorp.com) at (212) 532-3232
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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 March 31, 2025 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

2025
2024
2024
2024
2024
(Dollars in thousands, except per share data) (unaudited)
Q1
Q4
Q3
Q2
Q1
Statement of Operations
Net interest income $149,071$149,138$147,875$147,325$144,102
Non-interest income, net (core)(1)29,21232,76626,27132,08530,059
Total core revenues(2)178,283181,904174,146179,410174,161
Non-interest expense 93,45299,71891,60092,96091,412
Pre-provision net revenues(21)85,13682,97783,14386,84183,038
Total provision for credit losses 25,68830,19021,35915,58115,121
Net income before income taxes 59,44852,78761,78471,26067,917
Income tax expense 13,8762,44014,78420,12918,225
Net income available to common stockholders 45,57250,34747,00051,13149,692
Common Share Statistics      
Earnings per common share - basic(3)$1.01$1.10$1.01$1.09$1.06
Earnings per common share - diluted(4)$1.00$1.09$1.00$1.08$1.05
Average common shares outstanding 45,29545,94646,56046,95247,096
Average common shares outstanding and equivalents 45,50946,24846,84647,13147,343
Cash dividends per common share $0.30$0.25$0.25$0.25$0.25
Book value per common share (period end) $28.83$27.60$28.31$26.37$25.75
Tangible book value per common share (period end)(5)$26.66$25.43$26.15$24.18$23.55
Balance Sheet (Average Balances)      
Loans(6)$7,784,757$7,717,566$7,634,511$7,613,307$7,541,757
Interest-earning assets 11,152,18410,981,88610,837,38010,758,62310,739,590
Total assets 11,657,54411,523,14011,347,79511,233,20211,199,867
Core deposits 9,623,7799,555,2139,588,7529,599,8429,532,790
Total deposits 9,782,0019,651,7489,609,8209,601,4089,591,527
Interest-bearing deposits 7,240,2587,107,5507,042,4677,023,1927,055,207
Borrowings 358,666329,231241,062219,903220,773
Stockholders' equity 1,290,8881,304,7791,280,7601,223,6691,213,469
Performance Metrics      
Net interest margin(7)5.42 %5.40 %5.43 %5.51 %5.40 %
Return on average assets(8)1.56 %1.75 %1.66 %1.82 %1.77 %
Return on average tangible common stockholders' equity(9)15.28 %16.71 %15.94 %18.24 %17.92 %
Efficiency ratio(10)52.42 %54.82 %52.60 %51.81 %52.49 %
Full-time equivalent employees, period end 2,223 2,246 2,236 2,239 2,230 
Credit Quality Metrics     
Allowance for credit losses$181,174$175,863$161,500$157,301$156,563
Allowance as a % of loans held for investment2.31 %2.26 %2.08 %2.06 %2.08 %
Net charge-offs$20,370$15,862$17,103$15,013$19,812
Net charge-off rate(11)1.05 %0.82 %0.90 %0.79 %1.05 %
Early delinquency rate (30 - 89 days past due)2.19 %2.95 %2.78 %2.81 %2.41 %
Total delinquency rate (30 days and over)3.49 %4.38 %4.10 %3.71 %3.30 %
Capital Ratios (period end) (Non-GAAP)(12)(20)
Leverage ratio10.83 %10.93 %11.12 %10.86 %10.76 %
Common equity Tier 1 capital ratio14.27 %14.26 %14.37 %14.29 %14.45 %
Tier 1 risk-based capital ratio14.27 %14.26 %14.37 %14.29 %14.45 %
Total risk-based capital ratio15.53 %15.52 %15.63 %15.54 %15.71 %
Tangible common equity ("TCE") ratio10.30 %10.13 %10.72 %10.09 %10.06 %



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OFG Bancorp (NYSE: OFG)
Table 2-1: Consolidated Statements of Operations
Quarter Ended
(Dollars in thousands, except per share data) (unaudited) March 31, 2025December 31, 2024September 30,
2024		June 30,
2024		March 31,
2024
Interest income: 
Loans
Non-PCD loans $137,690 $139,659 $139,358 $137,741 $132,972 
PCD loans 15,718 15,682 15,052 16,516 16,622 
Total interest income from loans 153,408 155,341 154,410 154,257 149,594 
Investment securities and cash 35,814 34,822 34,620 33,401 33,832 
Total interest income 189,222 190,163 189,030 187,658 183,426 
Interest expense:
Deposits
Core deposits 34,645 36,312 38,123 37,791 35,989 
Brokered deposits 1,647 1,020 221 21 803 
Total deposits 36,292 37,332 38,344 37,812 36,792 
Borrowings 3,859 3,693 2,811 2,521 2,532 
Total interest expense 40,151 41,025 41,155 40,333 39,324 
Net interest income 149,071 149,138 147,875 147,325 144,102 
Provision for credit losses, excluding PCD loans24,810 32,838 21,070 16,913 16,605 
Provision for (recapture of) credit losses on PCD loans878 (2,648)289 (1,332)(1,484)
Total provision for credit losses 25,688 30,190 21,359 15,581 15,121 
Net interest income after provision for credit losses 123,383 118,948 126,516 131,744 128,981 
Non-interest income:      
Banking service revenues 15,981 15,329 15,554 18,781 17,259 
Wealth management revenues 8,455 10,626 8,449 8,440 8,107 
Mortgage banking activities 4,776 6,811 2,268 4,864 4,693 
Total banking and financial service revenues 29,212 32,766 26,271 32,085 30,059 
Other income, net 305 791 597 391 289 
Total non-interest income, net 29,517 33,557 26,868 32,476 30,348 
Non-interest expense:
Compensation and employee benefits 39,932 42,959 38,468 38,467 39,816 
Occupancy, equipment and infrastructure costs 14,820 15,284 15,124 14,393 14,322 
General and administrative expenses 37,672 39,672 36,736 40,831 36,606 
Foreclosed real estate and other repossessed assets expenses (income), net 1,028 1,803 1,272 (731)668 
Total non-interest expense 93,452 99,718 91,600 92,960 91,412 
Income before income taxes 59,448 52,787 61,784 71,260 67,917 
Income tax expense 13,876 2,440 14,784 20,129 18,225 
Net income available to common shareholders $45,572 $50,347 $47,000 $51,131 $49,692 

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OFG Bancorp (NYSE: OFG)
Table 3: Consolidated Statements of Financial Condition
(Dollars in thousands) (unaudited)March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
Cash and cash equivalents$710,600 $591,137 $680,587 $740,429 $754,392 
Investments:
Trading securities19 18 18 16 14 
Investment securities available-for-sale, at fair value, no allowance for credit losses for any period
Mortgage-backed securities2,413,420 2,336,505 2,228,399 1,895,067 1,746,195 
US treasury securities
1,384 1,150 1,136 200,658 150,915 
Other investment securities533 550 567 581 597 
Total investment securities available-for-sale2,415,337 2,338,205 2,230,102 2,096,306 1,897,707 
Investment securities held-to-maturity, at amortized cost, no allowance for credit losses for any period
Mortgage-backed securities286,824 292,158 297,713 303,621 309,764 
US treasury securities
— — — — 199,727 
Other investment securities35,000 35,000 35,000 35,000 35,000 
Total investment securities held-to-maturity321,824 327,158 332,713 338,621 544,491 
Equity securities48,785 54,896 45,692 41,074 40,162 
Total investments2,785,965 2,720,277 2,608,525 2,476,017 2,482,374 
Loans, net7,688,271 7,633,831 7,604,700 7,503,142 7,411,378 
Other assets:
Prepaid expenses68,216 72,010 98,755 88,137 61,916 
Deferred tax asset, net6,299 6,248 4,130 4,094 4,379 
Foreclosed real estate and repossessed properties10,927 10,597 11,388 12,239 17,694 
Premises and equipment, net103,577 104,512 105,279 104,384 104,980 
Goodwill84,241 84,241 84,241 84,241 84,241 
Other intangibles13,550 14,782 16,260 17,738 19,216 
Right of use assets18,663 19,197 20,355 20,298 21,606 
Servicing asset69,238 70,435 68,512 49,789 49,553 
Accounts receivable and other assets169,710 173,467 158,650 158,577 147,506 
Total assets$11,729,257 $11,500,734 $11,461,382 $11,259,085 $11,159,235 
Deposits:
Demand deposits$5,841,418 $5,627,406 $5,859,787 $6,017,364 $6,036,891 
Savings accounts2,107,622 2,064,916 2,019,832 2,002,342 2,001,770 
Time deposits1,808,117 1,756,389 1,653,402 1,585,126 1,507,037 
Brokered deposits165,812 156,075 75,631 418 2,576 
Total deposits9,922,969 9,604,786 9,608,652 9,605,250 9,548,274 
Borrowings:     
Securities sold under agreements to repurchase— 75,222 — — — 
Advances from FHLB and other borrowings255,642 325,952 270,827 200,741 200,766 
Total borrowings255,642 401,174 270,827 200,741 200,766 
Other liabilities:     
Acceptances outstanding35,269 31,526 26,055 28,504 25,826 
Lease liability20,795 21,388 22,604 22,605 23,969 
GNMA buy-back option program liability(22)44,665 48,586 41,801 19,008 18,510 
Deferred tax liability, net
44,223 40,718 57,503 33,873 22,876 
Accrued expenses and other liabilities110,333 98,185 115,808 121,402 103,361 
Total liabilities10,433,896 10,246,363 10,143,250 10,031,383 9,943,582 
Stockholders' equity:
Common stock59,885 59,885 59,885 59,885 59,885 
Additional paid-in capital638,475 639,786 639,487 637,895 636,208 
Legal surplus173,905 169,537 164,990 160,560 155,732 
Retained earnings 802,024 771,993 737,815 706,807 672,455 
Treasury stock, at cost(320,927)(296,991)(251,055)(250,951)(226,896)
Accumulated other comprehensive loss, net(58,001)(89,839)(32,990)(86,494)(81,731)
Total stockholders' equity1,295,361 1,254,371 1,318,132 1,227,702 1,215,653 
Total liabilities and stockholders' equity$11,729,257 $11,500,734 $11,461,382 $11,259,085 $11,159,235 

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OFG Bancorp (NYSE: OFG)
Table 4-1: Information on Loan Portfolio and Production
(Dollars in thousands) (unaudited)
March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
Non-PCD:
Mortgage, excluding GNMA buy-back option program$571,637 $580,267 $577,320 $581,023 $591,429 
Mortgage GNMA buy-back option program(22)44,665 48,586 41,801 19,008 18,510 
Commercial PR2,337,872 2,310,281 2,318,964 2,291,753 2,178,748 
Commercial US727,409 704,081 680,388 662,026 740,665 
Consumer670,213 667,963 663,748 643,572 627,436 
Auto2,592,922 2,549,033 2,483,611 2,427,089 2,339,836 
6,944,718 6,860,211 6,765,832 6,624,471 6,496,624 
Less:  Allowance for credit losses(174,752)(170,709)(155,133)(150,849)(148,767)
Total non-PCD loans held for investment, net6,769,966 6,689,502 6,610,699 6,473,622 6,347,857 
PCD:
Mortgage819,271 841,964 864,491 885,096 909,106 
Commercial PR87,779 88,729 119,029 128,584 132,035 
Consumer595 598 560 605 544 
Auto281 460 664 951 1,358 
907,926 931,751 984,744 1,015,236 1,043,043 
Less:  Allowance for credit losses(6,422)(5,154)(6,367)(6,452)(7,796)
Total PCD loans held for investment, net901,504 926,597 978,377 1,008,784 1,035,247 
Total loans held for investment7,671,470 7,616,099 7,589,076 7,482,406 7,383,104 
Mortgage loans held for sale12,439 13,286 10,908 8,375 9,370 
Other loans held for sale4,362 4,446 4,716 12,361 18,904 
Total loans, net$7,688,271 $7,633,831 $7,604,700 $7,503,142 $7,411,378 
Loan Portfolio Summary:
Loans held for investment:
Mortgage, excluding GNMA buy-back option program$1,390,908 $1,422,231 $1,441,811 $1,466,119 $1,500,535 
Mortgage GNMA buy-back option program(22)44,665 48,586 41,801 19,008 18,510 
Commercial PR2,425,651 2,399,010 2,437,993 2,420,337 2,310,783 
Commercial US727,409 704,081 680,388 662,026 740,665 
Consumer670,808 668,561 664,308 644,177 627,980 
Auto2,593,203 2,549,493 2,484,275 2,428,040 2,341,194 
7,852,644 7,791,962 7,750,576 7,639,707 7,539,667 
Less:  Allowance for credit losses(181,174)(175,863)(161,500)(157,301)(156,563)
Total loans held for investment, net7,671,470 7,616,099 7,589,076 7,482,406 7,383,104 
Mortgage loans held for sale12,439 13,286 10,908 8,375 9,370 
Other loans held for sale4,362 4,446 4,716 12,361 18,904 
Total loans, net$7,688,271 $7,633,831 $7,604,700 $7,503,142 $7,411,378 

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OFG Bancorp (NYSE: OFG)
Table 4-2: Information on Loan Portfolio and Production
  Quarter Ended
(Dollars in thousands) (unaudited)March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
Loan production(13)
Mortgage $37,014 $42,562 $37,091 $38,501 $32,180 
Commercial PR 163,232 211,217 149,856 192,122 186,412 
Commercial US 57,939 44,034 67,133 27,402 17,106 
Consumer 67,859 68,941 86,575 80,348 68,591 
Auto 232,897 242,225 231,573 250,638 232,314 
Total $558,941 $608,979 $572,228 $589,011 $536,603 
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OFG Bancorp (NYSE: OFG)
Table 5-1: Average Balances, Net Interest Income and Net Interest Margin
2025 Q1
2024 Q4
2024 Q3
2024 Q2
2024 Q1
(Dollars in thousands) (unaudited)Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Interest earning assets:
Cash equivalents$593,325 $6,316 4.32 %$560,013 $6,534 4.64 %$630,836 $8,362 5.27 %$656,728 $8,735 5.35 %$600,291 $7,996 5.36 %
Investment securities2,774,102 29,498 4.25 %2,704,307 28,288 4.18 %2,572,033 26,258 4.08 %2,489,488 24,666 3.96 %2,597,542 25,836 3.98 %
Loans held for investment
Non-PCD loans6,864,180 137,690 8.14 %6,763,828 139,659 8.21 %6,634,043 139,358 8.36 %6,576,634 137,741 8.42 %6,476,048 132,972 8.26 %
PCD loans920,577 15,718 6.83 %953,738 15,682 6.58 %1,000,468 15,052 6.02 %1,035,773 16,516 6.38 %1,065,709 16,622 6.24 %
Total loans7,784,757 153,408 7.99 %7,717,566 155,341 8.01 %7,634,511 154,410 8.05 %7,612,407 154,257 8.15 %7,541,757 149,594 7.98 %
Total interest-earning assets$11,152,184 $189,222 6.88 %$10,981,886 $190,163 6.89 %$10,837,380 $189,030 6.94 %$10,758,623 $187,658 7.02 %$10,739,590 $183,426 6.87 %
Interest bearing liabilities:          
Deposits          
NOW accounts$3,193,088 $14,897 1.89 %$3,282,808 $16,871 2.04 %$3,395,425 $20,013 2.34 %$3,448,144 $20,964 2.45 %$3,472,852 $20,516 2.38 %
Savings accounts2,093,431 5,028 0.97 %2,038,523 5,062 0.99 %2,009,028 4,777 0.95 %2,020,653 4,587 0.91 %2,042,865 4,417 0.87 %
Time deposits1,795,517 13,777 3.11 %1,689,684 13,247 3.12 %1,616,946 12,202 3.00 %1,552,829 11,109 2.88 %1,480,753 9,924 2.70 %
Brokered deposits158,222 1,647 4.22 %96,535 1,020 4.21 %21,068 221 4.17 %1,566 21 5.28 %58,737 803 5.50 %
 7,240,258 35,349 1.98 %7,107,550 36,200 2.03 %7,042,467 37,213 2.10 %7,023,192 36,681 2.10 %7,055,207 35,660 2.03 %
Non-interest bearing deposit accounts2,541,743 — — 2,544,198 — — 2,567,353 — — 2,578,216 — — 2,536,320 — — 
Fair value premium and core deposit intangible amortization— 943 — — 1,132 — — 1,131 — — 1,131 — — 1,132 — 
Total deposits9,782,001 36,292 1.50 %9,651,748 37,332 1.54 %9,609,820 38,344 1.59 %9,601,408 37,812 1.58 %9,591,527 36,792 1.54 %
Borrowings
Securities sold under agreements to repurchase63,531 710 4.53 %44,837 542 4.81 %— — — %— — — %— — — %
Advances from FHLB and other borrowings295,135 3,149 4.33 %284,394 3,151 4.41 %241,062 2,811 4.64 %219,903 2,521 4.61 %220,773 2,532 4.61 %
Total borrowings358,666 3,859 4.36 %329,231 3,693 4.46 %241,062 2,811 4.64 %219,903 2,521 4.61 %220,773 2,532 4.61 %
Total liabilities
$10,140,667 $40,151 1.61 %$9,980,979 $41,025 1.64 %$9,850,882 $41,155 1.66 %$9,821,311 $40,333 1.65 %$9,812,300 $39,324 1.61 %
Interest rate spread $149,071 5.27 % $149,138 5.25 % $147,875 5.28 % $147,325 5.36 % $144,102 5.26 %
Net interest margin  5.42 %  5.40 %  5.43 %  5.51 %  5.40 %
Core deposits: (Non-GAAP)               
NOW accounts$3,193,088 $14,897 1.89 %$3,282,808 $16,871 2.04 %$3,395,425 $20,013 2.34 %$3,448,144 $20,964 2.45 %$3,472,852 $20,516 2.38 %
Savings accounts2,093,431 5,028 0.97 %2,038,523 5,062 0.99 %2,009,028 4,777 0.95 %2,020,653 4,587 0.91 %2,042,865 4,417 0.87 %
Time deposits1,795,517 13,777 3.11 %1,689,684 13,247 3.12 %1,616,946 12,202 3.00 %1,552,829 11,109 2.88 %1,480,753 9,924 2.70 %
 7,082,036 33,702 1.93 %7,011,015 35,180 2.00 %7,021,399 36,992 2.10 %7,021,626 36,660 2.10 %6,996,470 34,857 2.00 %
Non-interest bearing deposit accounts2,541,743 — — 2,544,198 — — 2,567,353 — — 2,578,216 — — 2,536,320 — — 
Total core deposits$9,623,779 $33,702 1.42 %$9,555,213 $35,180 1.46 %$9,588,752 $36,992 1.53 %$9,599,842 $36,660 1.54 %$9,532,790 $34,857 1.47 %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
$358,666 $3,859 4.36 %$329,231 $3,693 4.46 %$241,062 $2,811 4.64 %$219,903 $2,521 4.61 %$220,773 $2,532 4.61 %
Brokered deposits
158,222 1,647 4.22 %96,535 1,020 4.21 %21,068 221 4.17 %1,566 21 5.28 %58,737 803 5.50 %
Total borrowings and brokered deposits
$516,888 $5,506 4.32 %$425,766 $4,713 4.40 %$262,130 $3,032 4.60 %$221,469 $2,542 4.62 %$279,510 $3,335 4.80 %
7

OFG Bancorp (NYSE: OFG)
Table 6-1: Loan Information and Performance Statistics
20252024202420242024
(Dollars in thousands) (unaudited)Q1Q4Q3Q2Q1
Net Charge-offs
Non-PCD
Mortgage:
Charge-offs$23 $24 $37 $1 $64 
Recoveries(186)(190)(72)(540)(267)
Total mortgage(163)(166)(35)(539)(203)
Commercial PR:
Charge-offs112 713 139 160 3,567 
Recoveries(152)(381)(1,455)(111)(52)
Total commercial PR(40)332 (1,316)49 3,515 
Commercial US:
Charge-offs2,918 315 — 1,574 1,749 
Recoveries— — (24)(45)— 
Total commercial US2,918 315 (24)1,529 1,749 
Consumer:     
Charge-offs8,252 8,242 8,863 8,180 7,981 
Recoveries(725)(1,792)(830)(851)(693)
Total consumer7,527 6,450 8,033 7,329 7,288 
Auto:     
Charge-offs18,192 18,503 16,371 12,559 14,218 
Recoveries(7,674)(8,137)(6,300)(5,926)(5,971)
Total auto10,518 10,366 10,071 6,633 8,247 
Total$20,760 $17,297 $16,729 $15,001 $20,596 
PCD
Mortgage:
Charge-offs$— $— $66 $29 $83 
Recoveries(341)(345)(250)(93)(638)
Total mortgage(341)(345)(184)(64)(555)
Commercial PR:     
Charge-offs— 39 663 265 — 
Recoveries(25)(1,026)(70)(158)(157)
Total commercial PR(25)(987)593 107 (157)
Consumer:     
Charge-offs— — — — — 
Recoveries(6)(13)(19)(7)(23)
Total consumer(6)(13)(19)(7)(23)
Auto:     
Charge-offs1 1 9 6 9 
Recoveries(19)(91)(25)(30)(58)
Total auto(18)(90)(16)(24)(49)
Total$(390)$(1,435)$374 $12 $(784)
Total Net Charge-offs$20,370 $15,862 $17,103 $15,013 $19,812 
Net Charge-off Rates     
Mortgage(0.14)%(0.14)%(0.06)%(0.16)%(0.20)%
Commercial PR(0.01)%(0.11)%(0.12)%0.03 %0.58 %
Commercial US1.62 %0.18 %(0.01)%0.85 %0.92 %
Consumer4.34 %3.72 %4.70 %4.42 %4.45 %
Auto1.63 %1.63 %1.64 %1.11 %1.42 %
Total1.05 %0.82 %0.90 %0.79 %1.05 %
Average Loans Held For Investment     
Mortgage$1,404,961 $1,429,022 $1,446,855 $1,479,583 $1,511,281 
Commercial PR2,392,006 2,386,204 2,393,891 2,363,831 2,312,561 
Commercial US719,838 689,310 658,908 716,989 756,409 
Consumer693,563 692,119 681,391 663,315 652,843 
Auto2,574,389 2,520,911 2,453,466 2,389,589 2,308,663 
Total$7,784,757 $7,717,566 $7,634,511 $7,613,307 $7,541,757 
(a) Refer to “(c)” in Table 1-1.
8


OFG Bancorp (NYSE: OFG)
Table 6-2: Loan Information and Performance Statistics (Excludes PCD Loans)
20252024202420242024
(Dollars in thousands) (unaudited)Q1Q4Q3Q2Q1
Early Delinquency (30 - 89 days past due)     
Mortgage$9,830 $11,431 $10,822 $12,767 $13,080 
Commercial1,412 6,825 2,426 7,781 6,128 
Consumer12,129 14,281 13,485 13,102 10,901 
Auto128,619 170,013 161,025 152,817 126,704 
Total $151,990 $202,550 $187,758 $186,467 $156,813 
Early Delinquency Rates (30 - 89 days past due)     
Mortgage1.59 %1.82 %1.75 %2.13 %2.14 %
Commercial0.05 %0.23 %0.08 %0.26 %0.21 %
Consumer1.81 %2.14 %2.03 %2.04 %1.74 %
Auto4.96 %6.67 %6.48 %6.30 %5.42 %
Total2.19 %2.95 %2.78 %2.81 %2.41 %
Total Delinquency (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation$21,457 $22,840 $22,954 $23,443 $25,985 
GNMA's buy-back option program(22)44,665 48,586 41,801 19,008 18,509 
Total mortgage66,122 71,426 64,755 42,451 44,494 
Commercial17,692 20,193 17,460 17,703 14,171 
Consumer15,611 18,471 17,094 16,405 14,760 
Auto142,662 190,068 178,003 169,506 141,220 
Total$242,087 $300,158 $277,312 $246,065 $214,645 
Total Delinquency Rates (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation3.48 %3.63 %3.71 %3.91 %4.26 %
GNMA's buy-back option program(22)7.25 %7.73 %6.75 %3.17 %3.03 %
Total mortgage10.73 %11.36 %10.46 %7.07 %7.29 %
Commercial0.58 %0.67 %0.58 %0.60 %0.49 %
Consumer2.33 %2.77 %2.58 %2.55 %2.35 %
Auto5.50 %7.46 %7.17 %6.98 %6.04 %
Total3.49 %4.38 %4.10 %3.71 %3.30 %
Nonperforming Assets(14)
Mortgage$16,909 $16,928 $18,723 $17,325 $19,044 
Commercial44,150 38,913 36,099 34,477 33,794 
Consumer3,482 4,207 3,627 3,329 3,893 
Auto14,043 20,055 16,978 16,689 14,516 
Total nonperforming loans78,584 80,103 75,427 71,820 71,247 
Foreclosed real estate4,271 4,002 4,419 6,526 10,850 
Other repossessed assets6,656 6,595 6,969 5,713 6,844 
Total nonperforming assets$89,511 $90,700 $86,815 $84,059 $88,941 
Nonperforming Loan Rates     
Mortgage2.74 %2.69 %3.02 %2.89 %3.12 %
Commercial1.44 %1.29 %1.20 %1.17 %1.16 %
Consumer0.52 %0.63 %0.55 %0.52 %0.62 %
Auto0.54 %0.79 %0.68 %0.69 %0.62 %
Total loans1.13 %1.17 %1.11 %1.08 %1.10 %

9

OFG Bancorp (NYSE: OFG)
Table 6-3: Loan Information and Performance Statistics
 20252025202420242024
(Dollars in thousands) (unaudited) Q1Q4Q3Q2Q1
Nonperforming PCD Loans(14)
Mortgage $234 $239 $241 $244 $247 
Commercial 8,666 2,641 3,920 4,748 5,969 
Total nonperforming loans $8,900 $2,880 $4,161 $4,992 $6,216 
Nonperforming PCD Loan Rates      
Mortgage 0.03 %0.03 %0.03 %0.03 %0.03 %
Commercial 9.87 %2.98 %3.29 %3.69 %4.52 %
Total 0.98 %0.31 %0.42 %0.49 %0.60 %
Total PCD Loans Held for Investment     
Mortgage $819,271 $841,964 $864,491 $885,096 $909,106 
Commercial 87,779 88,729 119,029 128,584 132,035 
Consumer 595 598 560 605 544 
Auto281 460 664 951 1,358 
Total loans $907,926 $931,751 $984,744 $1,015,236 $1,043,043 
 20252024202420242024
(Dollars in thousands) (unaudited) Q1Q4Q3Q2Q1
Total Nonperforming Loans(14)     
Mortgage $17,143 $17,167 $18,964 $17,569 $19,291 
Commercial 52,816 41,554 40,019 39,225 39,763 
Consumer 3,482 4,207 3,627 3,329 3,893 
Auto 14,043 20,055 16,978 16,689 14,516 
Total nonperforming loans $87,484 $82,983 $79,588 $76,812 $77,463 
Total Nonperforming Loan Rates 
Mortgage 1.19 %1.17 %1.28 %1.18 %1.27 %
Commercial 1.68 %1.34 %1.28 %1.27 %1.30 %
Consumer 0.52 %0.63 %0.55 %0.52 %0.62 %
Auto 0.54 %0.79 %0.68 %0.69 %0.62 %
Total 1.11 %1.06 %1.03 %1.01 %1.03 %
Total Loans Held for Investment     
Mortgage $1,435,573 $1,470,817 $1,483,612 $1,485,127 $1,519,045 
Commercial 3,153,060 3,103,091 3,118,381 3,082,363 3,051,448 
Consumer 670,808 668,561 664,308 644,177 627,980 
Auto 2,593,203 2,549,493 2,484,275 2,428,040 2,341,194 
Total loans $7,852,644 $7,791,962 $7,750,576 $7,639,707 $7,539,667 
(a) Refer to “(a)” in Table 1-1.



10

OFG Bancorp (NYSE: OFG)
Table 7: Allowance for Credit Losses
Quarter Ended March 31, 2025
(Dollars in thousands) (unaudited)MortgageCommercialConsumerAutoTotal
Allowance for credit losses Non-PCD:     
Balance at beginning of period$6,395 $44,814 $31,818 $87,682 $170,709 
Provision for (recapture of) credit losses(636)3,516 7,945 13,978 24,803 
Charge-offs(23)(3,030)(8,252)(18,192)(29,497)
Recoveries186 152 725 7,674 8,737 
Balance at end of period$5,922 $45,452 $32,236 $91,142 $174,752 
Allowance for credit losses PCD:
Balance at beginning of period$4,514 $622 $11 $7 $5,154 
Provision for (recapture of) credit losses(787)1,691 (6)(20)878 
Charge-offs— — — (1)(1)
Recoveries341 25 6 19 391 
Balance at end of period$4,068 $2,338 $11 $5 $6,422 
Allowance for credit losses summary:
Balance at beginning of period$10,909 $45,436 $31,829 $87,689 $175,863 
Provision for (recapture of) credit losses(1,423)5,207 7,939 13,958 25,681 
Charge-offs(23)(3,030)(8,252)(18,193)(29,498)
Recoveries527 177 731 7,693 9,128 
Balance at end of period$9,990 $47,790 $32,247 $91,147 $181,174 
Allowance coverage ratio0.70 %1.52 %4.81 %3.51 %2.31 %


11

OFG Bancorp (NYSE: OFG)
Table 8-1: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital
In addition to disclosing required regulatory capital measures, we also report certain non-GAAP capital measures that management uses in assessing its capital adequacy. These non-GAAP measures include tangible common equity ("TCE") and TCE ratio. The table below provides the details of the calculation of our regulatory capital and non-GAAP capital measures. While our non-GAAP capital measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly titled measures reported by other companies.
20252024202420242024
(Dollars in thousands) (unaudited)Q1Q4Q3Q2Q1
Stockholders' Equity to Non-GAAP Tangible Common Equity
Total stockholders' equity$1,295,361 $1,254,371 $1,318,132 $1,227,702 $1,215,653 
Less:  Intangible assets(97,791)(99,023)(100,501)(101,979)(103,457)
Tangible common equity (Non-GAAP)$1,197,570$1,155,348$1,217,631$1,125,723$1,112,196
     
Common shares outstanding at end of period44,924 45,440 46,559 46,562 47,217 
Tangible book value per common share (Non-GAAP)$26.66 $25.43 $26.15 $24.18 $23.55 
Total Assets to Non-GAAP Tangible Assets     
Total assets  $11,729,257 $11,500,734 $11,461,382 $11,259,085 $11,159,235 
Less:  Intangible assets(97,791)(99,023)(100,501)(101,979)(103,457)
Tangible assets (Non-GAAP)$11,631,466 $11,401,711 $11,360,881 $11,157,106 $11,055,778 
Non-GAAP TCE Ratio     
Tangible common equity$1,197,570$1,155,348$1,217,631$1,125,723$1,112,196
Tangible assets11,631,466 11,401,711 11,360,881 11,157,106 11,055,778 
TCE ratio10.30 %10.13 %10.72 %10.09 %10.06 %
Average Equity to Non-GAAP Average Tangible Common Equity
Average total stockholders' equity$1,290,888 $1,304,779 $1,280,760 $1,223,669 $1,213,469 
Less:  Average intangible assets(98,229)(99,558)(101,042)(102,499)(103,988)
Average tangible common equity (Non-GAAP)$1,192,659$1,205,221$1,179,718$1,121,170$1,109,481




12

OFG Bancorp (NYSE: OFG)
Table 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures (Continued)
BASEL III
Standardized
20252024 202420242024
(Dollars in thousands) (unaudited)Q1Q4 Q3Q2Q1
Regulatory Capital Metrics      
Common equity Tier 1 capital$1,261,662$1,256,906$1,260,944$1,223,031$1,205,231
Tier 1 capital1,261,6621,256,9061,260,9441,223,0311,205,231
Total risk-based capital(15)1,373,0041,367,6921,371,0411,330,4741,309,893
Risk-weighted assets8,843,0438,812,4228,772,2078,561,5498,338,168
Regulatory Capital Ratios
Common equity Tier 1 capital ratio(16)14.27 %14.26 %14.37 %14.29 %14.45 %
Tier 1 risk-based capital ratio(17)14.27 %14.26 %14.37 %14.29 %14.45 %
Total risk-based capital ratio(18)15.53 %15.52 %15.63 %15.54 %15.71 %
Leverage ratio(19)10.83 %10.93 %11.12 %10.86 %10.76 %
 
Common Equity Tier 1 Capital Ratio Under Basel III Standardized Approach
Total stockholders' equity$1,295,361 $1,254,371 $1,318,132 $1,227,702 $1,215,653 
Plus: CECL transition adjustment(20)—6,8526,8526,8526,852
Plus: Unrealized losses on available-for-sale securities, net of
                    income tax		58,00189,83932,99086,49481,731
Total adjusted stockholders’equity1,353,3621,351,0621,357,9741,321,0481,304,236
Less: Disallowed goodwill, net(80,742)(82,355)(84,241)(84,241)(84,241)
  Disallowed other intangible assets, net(10,958)(11,801)(12,789)(13,776)(14,764)
Common equity Tier 1 capital and Tier 1 capital1,261,6621,256,9061,260,9441,223,0311,205,231
Plus Tier 2 capital: Qualifying allowance for credit losses111,342110,786110,097107,443104,662
Total risk-based capital$1,373,004 $1,367,692 $1,371,041 $1,330,474 $1,309,893 



13

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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