OFG BANCORP
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout 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.
Jun 30, 2025 · Filed Aug 7, 2025
OFG$50.82+0.3%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001030469-25-000019
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults upon Senior SecuritiesMine Safety DisclosuresCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001030469-25-000044
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults upon Senior SecuritiesMine Safety DisclosuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 12 previous paragraphs and 12 current paragraphs.
6 unchanged; 3 reworded; 2 added; 3 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
The current filing states there were no material changes to risk factors.
This is the filer’s own statement, not a conclusion from the comparison. Read its qualifications and the report it references.
Current filing’s statement
There have been no material changes to the risk factors previously disclosed in our 2024 Form 10-K, except as set forth in our subsequent quarterly reports on Form 10-Q. In addition to other information set forth in this quarterly report, you should carefully consider the risk factors included in our 2024 Form 10-K, as updated by this report or other filings we make with the SEC under the Exchange Act. Additional risks and uncertainties not presently known to OFG at this time or OFG currently deems immaterial may also adversely affect OFG’s business, financial condition or results of operations
Added paragraphs (2)
Current report
There have been no material changes to the risk factors previously disclosed in our 2024 Form 10-K, except as set forth in our subsequent quarterly reports on Form 10-Q. In addition to other information set forth in this quarterly report, you should carefully consider the risk factors included in our 2024 Form 10-K, as updated by this report or other filings we make with the SEC under the Exchange Act. Additional risks and uncertainties not presently known to OFG at this time or OFG currently deems immaterial may also adversely affect OFG’s business, financial condition or results of operations
Current report
Under the repurchase programs, OFG repurchased 768,423 shares and for a total of $31.1 million at an average price of $40.46 per share during the six-month period ended June 30, 2025.
Removed paragraphs (3)
Previous report
Our 2024 Form 10-K describes market, credit, geopolitical, and business operations risk factors that could affect our businesses, results of operations or financial condition. On April 2, 2025, the U.S. government announced a significant shift in trade policy that include imposing 10% universal tariffs on imported products from all countries and higher country-specific tariffs on nations with significant trade deficits. In addition, any proposed federal spending cuts by the U.S. government could pose a material risk to the local economy given Puerto Rico government’s reliance on federal funding for several agencies or programs. As these conditions and circumstances have evolved subsequent to our 2024 Form 10-K filing, the following supplements the risk factors described in our 2024 Form 10-K.
Previous report
Adverse developments in federal trade policy and the phasing-out of federal emergency and stimulus funds may impact OFG’s business and stock price.
Previous report
Recent shifts in trade policy may have a significant negative impact on the local, U.S. and global economies, including supply chain disruption and price inflation. Periods of increased global economic and geopolitical uncertainties caused by changes in U.S. trade policy have resulted in considerable volatility in the trading markets and may increase the risk of a recession. In addition, proposed significant reductions in federal spending, including cuts to programs and funding streams, could impact the federal emergency and stimulus funds that are vital to Puerto Rico’s economy. Many of Puerto Rico’s government programs and services are supported by these funds and their phase-out could adversely impact Puerto Rico’s economy. As a financial institution with its main operations in Puerto Rico, OFG is exposed to the potential negative effects of the phase-out of these federal funds and the uncertainty it creates in the local economy These uncertainties may also lead to heightened credit risks, reduced economic activity, and limited growth opportunities, thereby potentially adversely impacting our financial performance. Furthermore, these developments have adversely impacted, and could continue to adversely impact, the market price of OFG’s common stock.
Reworded paragraphs (3)
Previous wording
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.
Current wording
In April 2025, the Board of Directors approved a new $100 million stock repurchase program in addition to the $50 million stock repurchase program approved in October 2024 (collectively,“the repurchase programs”). 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.
Previous wording
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:
Current wording
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 June 30, 2025:
Previous wording
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.
Current wording
At June 30, 2025, the estimated remaining number of shares that may be purchased under the new repurchase program is 2,303,476 and was calculated by dividing the remaining balance of $98.6 million by $42.80 (closing price of OFG’s common stock at June 30, 2025).
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
OFG did not repurchase any shares of its common stock during the six-month periods ended June 30, 2025 and 2024 other than through its publicly announced stock repurchase programs.