OFG BANCORP

For the period ended Mar 31, 2024. Filed May 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 8, 2024

OFG$51.18+0.0%Stored close · as of Nov 10, 2026

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Contents

Item 1. Unaudited Consolidated Statements of Financial Condition

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

	March 31,	December 31,
	2024	2023
(In thousands)
ASSETS
Cash and cash equivalents:
Cash and due from banks	$749,718	$743,550
Money market investments	4,674	4,623
Total cash and cash equivalents	754,392	748,173
Investments:
Trading securities, at fair value, with amortized cost of $163 (December 31, 2023 - $163)	14	13
Investment securities available-for-sale, at fair value, with amortized cost of $1,993,754 (December 31, 2023 - $2,177,761); no allowance for credit losses	1,897,707	2,099,264
Investment securities held-to-maturity, at amortized cost, with fair value of $483,657 (December 31, 2023 - $490,764); no allowance for credit losses	544,491	549,024
Equity securities	40,162	38,469
Total investments	2,482,374	2,686,770
Loans:
Loans held-for-sale, at lower of cost or fair value	28,274	28,345
Loans held-for-investment, net of allowance for credit losses of $156,563 (December 31, 2023 - $161,106)	7,383,104	7,373,273
Total loans	7,411,378	7,401,618
Other assets:
Foreclosed real estate	10,850	10,780
Accrued interest receivable	72,117	71,400
Deferred tax assets, net	4,379	4,923
Premises and equipment, net	104,980	104,102
Customers' liability on acceptances	25,826	25,576
Servicing assets	49,553	49,520
Goodwill	84,241	84,241
Other intangible assets	19,216	20,694
Operating lease right-of-use assets	21,606	21,725
Other assets	118,323	114,931
Total assets	$11,159,235	$11,344,453

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (CONTINUED)

	March 31,	December 31,
	2024	2023
(In thousands)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits	$6,036,891	$6,050,428
Savings accounts	2,001,770	2,088,102
Time deposits	1,509,613	1,623,639
Total deposits	9,548,274	9,762,169
Borrowings:
Advances from the Federal Home Loan Bank of New York (the “FHLB”)	200,766	200,768
Other borrowings	—	2
Total borrowings	200,766	200,770
Other liabilities:
Acceptances executed and outstanding	25,826	25,576
Operating lease liabilities	23,969	24,029
Deferred tax liabilities, net	22,876	22,444
Accrued expenses and other liabilities	121,871	115,985
Total liabilities	9,943,582	10,150,973
Commitments and contingencies (See Note 18)
Stockholders’ equity:
Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 47,216,571 shares outstanding (December 31, 2023 - 59,885,234 shares issued; 47,065,156 shares outstanding)	59,885	59,885
Additional paid-in capital	636,208	638,667
Legal surplus	155,732	150,967
Retained earnings	672,455	639,324
Treasury stock, at cost, 12,668,663 shares (December 31, 2023 - 12,820,078 shares)	(226,896)	(228,350)
Accumulated other comprehensive loss, net of tax of $14,316 (December 31, 2023 - $11,484)	(81,731)	(67,013)
Total stockholders’ equity	1,215,653	1,193,480
Total liabilities and stockholders’ equity	$11,159,235	$11,344,453

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.