OFG BANCORP
For the period ended Mar 31, 2025. Filed May 8, 2025.
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Mar 31, 2025 · Filed May 8, 2025
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Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
In October 2024, the Board of Directors approved a new $50.0 million stock repurchase program, in addition to the $50 million stock repurchase program approved in January 2024. The shares of common stock repurchased are held by OFG as treasury shares. OFG records treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. During the quarter ended March 31, 2025, OFG repurchased 582,399 shares for a total of $23.4 million at an average price of $40.17 per share.
The table below sets forth the information with respect to purchases of our common stock made by or on behalf of OFG during the quarter ended March 31, 2025, excluding the month of February during which no shares were repurchased as part of the stock repurchase program:
| Period | Total number ofshares purchased | Average price paidper share | Total number ofshares purchasedas part of publiclyannounced programs | Maximum approximatedollar value of sharesthat may yet be purchasedunder the programs |
|---|---|---|---|---|
| (In thousands, except per share data) | ||||
| 1/1/2025 - 1/31/2025 | 47,156 | $43.02 | 47,156 | $27,648 |
| 3/1/2025 - 3/31/2025 | 535,243 | 39.91 | 535,243 | 6,284 |
| Total | 582,399 | $40.17 | 582,399 | $6,284 |
The estimated remaining number of shares that may be purchased under the $50.0 million programs is 157,017 and was calculated by dividing the remaining balance of $6.3 million by $40.02 (closing price of OFG’s common stock at March 31, 2025). OFG did not repurchase any shares of its common stock during the quarter ended March 31, 2025 other than through its publicly announced stock repurchase programs.
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