OFG BANCORP

The preparation of financial statements in accordance with GAAP requires management to make a number of judgments, estimates and assumptions that affect the reported amount of assets, liabilities, income and expenses in the consolidated financial statements. Understanding our accounting policies and the extent to which we use judgment and estimates in applying these policies is integral to understanding our financial statements. We provide a summary of our significant accounting policies in “Note 1—Summary of Significant Accounting Policies” of our 2024 Form 10-K.

In the “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” section of our 2024 Form 10-K, we identified the Allowance for Credit Losses related to loans collectively evaluated for impairment as a critical accounting policy and estimate because it involves significant estimation uncertainty that has or is reasonably likely to have a material impact on our financial condition or results of operations.

We evaluate our critical accounting estimates and judgments on an ongoing basis and update them as necessary based on changing conditions. As part of OFG’s continuous enhancement to the allowance for credit losses methodology, during the nine-month period ended September 30, 2025, an assessment of the weight of probability scenarios for the Puerto Rico loan segment was performed and updated to use a higher probability level in the moderate recessionary scenario. This change in the allowance for credit losses is considered a change in accounting estimate as per the provisions of ASC 250-10, where adjustments should be made prospectively. Apart from the foregoing change, there have been no material changes in the methods that we used to formulate these critical accounting estimates from those discussed in our 2024 Form 10-K.

FINANCIAL HIGHLIGHTS

The quarter ended September 30, 2025 earnings per share increased 16.0% year-over-year on a 5.6% increase in total core revenues. Loan and core deposit balances increased year-over-year with important growth in commercial loans as we began to see the long-anticipated moderation in auto loan originations. Performance and credit metrics remained strong, and OFG repurchased $20.4 million of common shares.

We believe that our Digital First strategy is making significant strides, expanding our positioning as leaders in banking innovation in Puerto Rico. The broad acceptance of OFG’s flagship mass-market Libre and mass affluent Elite accounts have driven customer acquisition and retention. Building on this success, OFG is enhancing its efforts with artificial intelligence (“AI”)-driven predictive customer insights. Customers now receive tailored insights based on cash flows and payment habits, helping them monitor their budgets and access value-added tools to improve their finances directly from their mobile phones or online.

We believe that Puerto Rico’s economy continued to perform well during the third quarter ended September 30, 2025, with a summer tourism surge, solid consumer and business liquidity, and new multi-million dollar on-shoring investments, confirming the Island’s position as a world leader of manufacturing medical devices and pharmaceutical products. These developments reinforce our confidence in the Island’s future.

Third Quarter of 2025:

Earnings per share diluted was $1.16 compared to $1.15 in the second quarter of 2025 and $1.00 in the third quarter of 2024. Net income of $51.8 million compared to $51.8 million in the second quarter of 2025 and $47.0 million in the third quarter of 2024.

Performance metrics: Net interest margin of 5.24%, return on average assets of 1.69%, return on average tangible common stockholders’ equity of 16.39%, and efficiency ratio of 52.48%.

Total Interest Income of $200.1 million compared to $194.3 million in the second quarter of 2025 and $189.0 million in the third quarter of 2024. Compared to the second quarter of 2025, total interest income in the third quarter of 2025 increased $5.8 million, reflecting higher average balances of loans and investments and $1.6 million from one additional business day.

Total Interest Expense of $45.4 million compared to $42.4 million in the second quarter of 2025 and $41.2 million in the third quarter of 2024. Compared to the second quarter of 2025, the total interest expense in the third quarter of 2025 increased by $3.0 million, reflecting higher average balances of core deposits and wholesale funding, higher cost of deposits, and $0.5 million from one additional business day.

Total Banking and Financial Service Revenuesof $29.3 million compared to $30.2 million in the second quarter of 2025 and $26.3 million in the third quarter of 2024. Compared to the second quarter of 2025, the total banking and financial service revenue in the third quarter of 2025 reflected a sequential decline in mortgage banking revenues due to a change in mortgage servicing rights valuation.

Pre-Provision Net Revenuesof $89.6 million compared to $87.6 million in the second quarter of 2025 and $83.1 million in the third quarter of 2024.

Other Incomeof $2.2 million included gains from investments held by OFG Ventures in fintech-focused funds.

Total Provision for Credit Losses of $28.3 million compared to $21.7 million in the second quarter of 2025 and $21.4 million in the third quarter of 2024. The total provision for credit losses in the third quarter of 2025 primarily reflected $13.5 million for increased loan volume, $5.6 million in specific reserves on two commercial loans, $4.3 million for updated prepayment assumptions in commercial loan and residential mortgage portfolios, $2.9 million for macroeconomic factors, and $1.3 million due to qualitative adjustment.

Credit Quality: Net charge-offs (“NCOs”) of $20.2 million (1.00% of average loans) compared to $12.8 million (0.64%) in the second quarter of 2025 and $17.1 million (0.90%) in the third quarter of 2024. The early and total delinquency rates in the third quarter of 2025 were 2.84% and 4.06%, respectively, in line with ranges seen over the past year. The nonperforming loan rate was 1.22% compared to 1.19% in in the second quarter of 2025 and 1.03% in the third quarter of 2024.

Total Non-Interest Expense of $96.5 million compared to $94.8 million in the second quarter of 2025 and $91.6 million in the third quarter of 2024. Compared to the second quarter of 2025, the total non-interest expense in the third quarter of 2025 reflected strategic investments of $1.1 million in technology, people and process improvement, $1.1 million due to higher business activity and marketing, and a $0.8 million reduction in foreclosed real estate costs.

Income Tax Expense of $9.5 million compared to $14.1 million in the second quarter of 2025 and $14.8 million in the third quarter of 2024. The effective tax rate in the third quarter of 2025 was 15.53%, reflecting a benefit of $2.3 million in discrete items during the quarter ended September 30, 2025 and an anticipated rate of 23.06% for the year.

Loans Held for Investmentof $8.12 billion compared to $8.18 billion in the second quarter of 2025 and $7.75 billion in the third quarter of 2024. Loans held for investment in the third quarter of 2025 decreased 0.8% sequentially primarily due to repayment of commercial lines of credit funded in the second quarter of 2025. Loans increased 4.73% year-over-year, reflecting increases in Puerto Rico and U.S. commercial, consumer, and auto loans, partially offset by a decrease in residential mortgage loans.

New Loan Productionof $623.9 million compared to $783.7 million in the second quarter of 2025 and $572.2 million in the third quarter of 2024. Compared to the second quarter of 2025, new loan production in the third quarter of 2025 reflected in part the moderation in auto loan production. Year-over-year new loan production was up by 9.0%.

Total Investments of $2.94 billion compared to $2.78 billion in the second quarter of 2025 and $2.61 billion in the third quarter of 2024. The total investments in the third quarter of 2025 primarily reflected purchases of $200 million of mortgage-backed securities yielding 5.32%, partially offset by repayments.

Customer Depositsof $9.82 billion decreased $76.2 million from $9.90 billion in the second quarter of 2025 and increased $286.5 million from $9.53 billion in the third quarter of 2024. Compared to the second quarter of 2025, the third quarter of 2025 reflected lower demand and time deposit balances, partially offset by higher savings deposit balances.

Total Borrowings and Brokered Deposits of $746.4 million compared to $732.3 million in the second quarter of 2025 and $346.5 million in the third quarter of 2024. Compared to the second quarter of 2025, the third quarter of 2025 reflected increased borrowings and decreased brokered deposits.

Cash and Cash Equivalentsof $740.3 million compared to $851.8 million in the second quarter of 2025 and $680.6 million in the third quarter of 2024. During the third quarter of 2025, cash was used to purchase the above-mentioned mortgage-backed securities.

Capital: CET1 ratio was 14.13% compared to 13.99% in the second quarter of 2025 and 14.37% in the third quarter of 2024. Tangible Common Equity ratio was 10.55% compared to 10.20% in the second quarter of 2025 and 10.72% in the third quarter of 2024. Tangible Book Value per share was $28.92 compared to $27.67 in the second quarter of 2025 and $26.15 in the third quarter of 2024. The third quarter of 2025 included repurchases of 477,600 common shares for $20.4 million.

Selected income statement and balance sheet data and key performance indicators are presented in the tables below:

ANALYSIS OF RESULTS OF OPERATIONS

The following tables show major categories of interest-earning assets and interest-bearing liabilities, their respective interest income, expenses, yields and costs, and their impact on net interest income due to changes in volume and rates for the quarters and nine-month periods ended September 30, 2025 and 2024.

TABLE 1 - ANALYSIS OF NET INTEREST INCOME AND CHANGES DUE TO VOLUME/RATE FOR THE QUARTERS ENDED SEPTEMBER 30, 2025 AND 2024

C - CHANGES IN NET INTEREST INCOME DUE TO:

TABLE 1A - ANALYSIS OF NET INTEREST INCOME AND CHANGES DUE TO VOLUME/RATE

FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

C - CHANGES IN NET INTEREST INCOME DUE TO:

Net Interest Income

Net interest income is a function of the difference between rates earned on OFG’s interest-earning assets and rates paid on its interest-bearing liabilities (interest rate spread) and the relative amounts of its interest earning assets and interest-bearing liabilities (interest rate margin). OFG constantly monitors the composition and re-pricing of its assets and liabilities to maintain its net interest income at adequate levels.

Net interest income of $154.7 million increased $6.8 million from $147.9 million, reflecting higher loans and investment securities income, partially offset by increase in borrowings expense.

Tax equivalent basis net interest income of $158.8 million increased $5.6 million, or 3.7%, from $153.2 million.

Interest rate spread decreased 19 basis points to 5.09% from 5.28% and net interest margin decreased 19 basis points to 5.24% from 5.43%. This reflects a decrease of 16 basis point in the total average yield of interest-earning assets.

Net interest income was positively impacted by:

•A $6.9 million increase in interest income from loans, driven by growth in average balances across multiple portfolios, including: (i) $4.5 million from auto loans, mainly due to a $203.5 million increase in the average balance, (ii) $2.0 million from commercial loans, mainly due to an increase of $320.6 million in average balances reflecting OFG’s strategy to grow commercial lending in Puerto Rico and the U.S.; and (iii) $0.8 million from consumer loans, mainly due to $24.6 million increase in the average balance. These increases were partially offset by $0.4 million lower interest income from residential mortgage loans, reflecting an $85.1 million decrease in average balances mainly from the securitization and sale of conforming loans and regular paydowns; and

•A $4.0 million increase in interest income from investments securities, primarily due to the acquisition of higher-yield investment securities. It reflects higher yield by 19 basis points, which contributed to an increase in interest income of approximately $1.2 million and higher average volume of $260.5 million, resulting in an increase in interest income of approximately $2.8 million.

These increases were offset by higher interest expense of $4.2 million from interest paid on borrowings of $2.9 million reflecting FHLB advances and securities under agreements to repurchase taken during 2025 and 2024, and from interest paid on deposits of $1.4 million reflecting higher deposit average balances.

Net interest income of $455.7 million increased by $16.4 million from $439.3 million reflecting higher loans and investment securities income. This increase was partially offset by an increase in borrowings expense and the impact of one fewer day than prior year, which reduced net interest income by $1.1 million.

Tax equivalent basis net interest income of $467.2 million increased by $14.9 million, or 3.3%, from $452.3 million.

Interest rate spread decreased by 13 basis points to 5.17% from 5.30% and net interest margin decreased by 12 basis points to 5.32% from 5.44%. This reflects a decrease of 12 basis points in the total average yield of interest-earning assets.

Net interest income was positively impacted by:

•A $13.5 million increase in interest income from loans mainly driven by growth in average balances across multiple portfolios, including: (i) $15.6 million from auto loans mainly due to an increase of $238.5 million in the average balance; and (ii) $3.1 million from consumer loans mainly due to an increase of $33.5 million in the average balance. These increases were partially offset by lower interest income of: (i) $3.9 million from mortgage loans due to a reduction of $97.0 million in the average balance of this portfolio, mainly from the securitization and sale of conforming loans and regular paydowns, including the extinguishment of the PCD portfolio; and (ii) commercial loans of $1.3 million, reflecting the repricing of variable rate loans at lower market rates; and

•A $12.3 million increase in interest income from investment securities, primarily due to the acquisition of higher-yield investment securities in 2024 and 2025. These purchases contributed to higher average volume of $234.8 million, contributing $7.4 million to interest income, and higher yield by 25 basis points, which contributed to an increase in interest income of approximately $4.9 million.

These increases were partially offset by higher interest expense of $7.2 million, mainly from interest paid on borrowings of $6.2 million from FHLB advances and securities under agreements to repurchase taken in 2024 and 2025, and lower interest income on interest bearing cash and money market investments of $2.1 million, reflecting the impact of lower market rates.

TABLE 2 - NON-INTEREST INCOME SUMMARY

Non-Interest Income

Non-interest income is affected by fees generated from loans and deposit accounts, the amount of assets under management of the Bank’s trust department, transactions generated by clients’ financial assets serviced by OFG’s securities broker-dealer, insurance agency and reinsurance subsidiaries, the level of mortgage banking activities, and gains or losses on sales of assets.

OFG recorded non-interest income in the amount of $31.5 million, compared to $26.9 million, a increase of 17.1% or $4.6 million. The increase in non-interest income was due to:

•Increase of $2.0 million in mortgage banking activities, mainly due to: (i) favorable variance in the valuation of mortgage servicing rights of $1.3 million, (ii) higher servicing fees of $537 thousand driven by the purchase of a servicing portfolio in August 2024 and (iii) higher gain on sale of loans and securitizations of $273 thousand;

•Increase of $1.6 million in other non-interest income reflecting $1.9 million gains from investments of OFG Ventures in fintech-focused funds.

•Increase of $565 thousand in wealth management revenues, mainly due to higher revenues from: (i) insurance income by $310 thousand, reflecting increases in annuities, and (ii) higher broker-dealer fees by $195 thousand from investment advisory service fees; and

•A $376 thousand increase in banking service revenue, due to higher fees of: (i) $454 thousand in electronic banking, mainly from higher merchant business activity and (ii) $143 thousand in account analysis fees, partially offset by lower servicing and other loan fees of $156 thousand, mainly from auto care commissions and administration fees.

OFG’s non-interest income of $91.4 million increased by $1.7 million from $89.7 million. The increase in non-interest income was mainly due to:

•A $2.6 million increase in mortgage banking activities, mainly due to higher: (i) servicing fees of $2.6 million driven by the purchase of a servicing portfolio in August 2024, and (ii) gain on sale of loans and securitization of$946 thousand, which includes $360 thousand favorable market valuation for held-for-sale loans and $396 thousand higher gain on securitization and sales. These increases were partially offset by a $911 thousand unfavorable variance in the valuation of mortgage servicing rights;

•A $1.4 million increase in wealth management revenue primarily reflecting higher revenues from: (i) broker-dealer fees of$845 thousand related to investment advisory service fees and mutual funds retailer fees, and (ii) insurance income by$646 thousand reflecting increases in annuities; and

•A $1.4 million increase in other non-interest income reflecting$1.9 million gains from investments of OFG Ventures in fintech-focused funds.

Increase was offset by a $3.7 million decrease in banking service revenues as a result of: (i) reduced interchange fees of $5.0 million reflecting the application of the Durbin Amendment to OFG in July 2024; and (ii)lower servicing and other loan fees of $870 thousand, mainly from commercial loans, partially offset by an increase of $1.7 million in higher merchant business activity.

TABLE 3 - NON-INTEREST EXPENSES SUMMARY

Non-Interest Expense

Non-interest expense was $96.5 million, representing an increase of 5.4% or $4.9 million, compared to $91.6 million. The increase in non-interest expense was mainly due to:

•Increase of$3.4 million in electronic banking charges mainly due to the recognition of a $2.3 million rebate recorded during the prior year quarter and an increase of $457 thousand in point-of-sale and merchant-related fees due to higher transaction volumes;

•Increase of $1.4 million in compensation and employee benefits, as a result of higher salaries and benefits, including payroll taxes;

•Increase of $591 thousand in other expenses, mainly due to higher: (i) charitable contributions by $562 thousand; and (ii) claims and settlements accruals by $177 thousand, partially offset by lower travel, meals and trainings expenses of $149 thousand; and

•Increase of $411 thousand in taxes, other than payroll and income taxes, mainly related to higher municipal and property taxes recorded during the quarter.

The increase in non-interest expense was partially offset by, a decrease of $1.8 million in foreclosed real estate and other repossessed assets expenses due to a $1.6 million increase in gains from the sale of other repossessed assets from higher volume of autos sold.

The efficiency ratio was 52.48% compared to 52.60%. The efficiency ratio measures how much of OFG’s revenues is used to pay operating expenses. OFG computes its efficiency ratio by dividing non-interest expenses by the sum of its net interest income and non-interest income, but excluding gains on the sale of investment securities, other gains and losses, and other income that may be considered volatile in nature. Management believes that the exclusion of those items permits consistent comparability. Amounts presented as part of non-interest income that were excluded from the adjusted efficiency ratio computation for the quarters ended September 30, 2025 and 2024, amounted to$2.2 million and $597 thousand, respectively.

Non-interest expense was $284.8 million, representing an increase of 3.2% or $8.8 million, compared to $276.0 million. The increase in non-interest expense was mainly due to:

•Increase of$3.3 millionin electronic banking charges mainly due to the recognition of a $2.3 million rebate recorded during prior year and increased transaction volumes;

•Increase of $2.6 million in compensation and employee benefits as a result of higher salaries and benefits, including payroll taxes;

•Increase of $1.4 million in taxes, other than payroll and income taxes related to higher municipal taxes recorded during the period; and

•Increase of $1.2 million in professional and service fees mainly due to higher compliance-related expenses.

The increase in non-interest expense was partially offset by a $1.4 million reduction in other expenses, mainly due to lower accruals recorded for potential losses, operational errors, loss on theft not covered by insurance premiums, uncollectible receivables, among other transactions.

The efficiency ratio was 52.31% compared to 52.30%. Amounts presented as part of non-interest income that were excluded from the efficiency ratio computation for nine-month periods ended September 30, 2025 and 2024 amounted to $2.7 million and $1.3 million, respectively.

Provision for Credit Losses

Provision for credit losses increased by $6.9 million to $28.3 million from $21.4 million. The provision for credit losses for the third quarter of 2025, reflected $13.5 million for increased loan volume, $5.6 million in specific reserves on two commercial loans, $4.3 million for updated prepayment assumptions in commercial loans and residential mortgage loans, $2.9 million for macroeconomic factors, and $1.3 million due to qualitative adjustment.

The provision for credit losses for the quarter ended September 30, 2024, reflected a provision of $18.7 million related to the growth in loan balances, $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 Puerto Rico commercial loan up for renewal and a $2.7 million reserve release mainly due to an improved U.S. macroeconomic perspective.

Provision for credit losses increased by $23.5 million to $75.6 million from $52.1 million. The provision for credit losses for the nine-month period ended September 30, 2025, reflected adjustments of $48.1 million related to loan volume, $14.2 million in specific reserves and $13.6 million due to alignment of economic and loss rate model assumptions.

The provision for credit losses for the nine-month period ended September 30, 2024, reflected adjustments of $45.2 million related to loan volume, $14.7 million from loss rate model and $4.2 million in specific reserves, offset by a $7.5 million release from the economic model.

Income Tax Expense

Income tax expense for the quarter ended September 30, 2025 decreased by $5.3 million to $9.5 million from $14.8 million. OFG maintained an effective tax rate (“ETR”) of 15.5% and 23.9% for the quarters ended September 30, 2025 and 2024, respectively, which is lower than the statutory rate. The decrease was mainly related to investments subject to preferential tax treatment under the PR Code, and discrete benefits related to the purchase of tax credits at discount. The expected ETR for 2025, excluding discrete items, is 23.1%.

Income tax expense decreased by $15.7 million to $37.5 million from $53.1 million. OFG’s ETR was 20.1% in 2025 compared to 26.4% in 2024. The decrease is mainly related to investments subject to preferential tax treatment under the PR Code, a discrete tax windfall on stock options, a discrete benefit related to the purchase of tax credits at discount, and the release of unrecognized tax benefits recognized during the first quarter of 2025. The expected ETR for 2025, excluding discrete items, is 23.1%.

Business Segments

OFG segregates its businesses into the following segments: Banking, Wealth Management, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and assess where to allocate resources. Other factors such as OFG’s organization, nature of its products, distribution channels and economic characteristics of its services were also considered in the determination of the reportable segments. OFG measures the performance of these reportable segments based on net income. OFG’s methodology for allocating expenses for corporate services among segments is based on several factors such as revenue, employee headcount, occupied space, and dedicated services or time, among others. Following are the results of operations and the selected financial information by operating segment for the quarters and nine-month periods ended September 30, 2025 and 2024.

Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, the IBEunit, which operates within the Bank. The time deposit with a balance of $282.5 million and $277.4 million at September 30, 2025 and 2024, respectively, to fund Oriental Overseas operations is included in the Treasury Segment with its corresponding interest expense, and the related interest income is included in the Banking Segment, and are eliminated in the consolidation. Interest income is accrued on the unpaid principal balance. The increase in interest income and interest expense from the prior year periods was mainly as a result of higher interest rate.

Banking

OFG’s banking segment net income before taxes decreased by $1.4 million from $28.9 million to $27.4 million, mainly due to:

•Increase of $6.8 million in provision for credit losses, mainly due to growth in loan balances, updated prepayment assumptions in commercial loans and residential mortgage loans, and macroeconomic adjustments; and

•Increase of $3.7 million in non-interest expenses, mainly due to increase of $3.4 million in electronic banking charges due the recognition of a $2.3 million rebate recorded during prior year quarter and increased transaction volumes.

The decrease in the banking segment’s net income before taxes was partially offset by:

•Increase of $7.2 million in interest income from loans, driven by higher balances.

Wealth Management

Wealth management segment revenue consists of commissions and fees from fiduciary activities, securities brokerage and investment advisory services, and insurance and reinsurance activities. Net income before taxes from this segment increased from $3.7 million to $4.2 million, mainly from higher non-interest income of $1.5 million related to higher broker-dealer fees from investment advisory service fees and mutual funds retailer fees and higher insurance income from annuities.

Treasury

Treasury segment net income before taxes increased by $0.5 million from $29.2 million to $29.7 million. This increase is mainly due to higher: (i) interest income of $4.3 million from the purchases of higher-yield investment securities; and (ii) non-interest income of $1.9 million reflecting gains from investments of OFG Ventures in fintech-focused funds. This increase was offset by higher interest expense of $5.3 million, which includes $2.9 million from interest paid on borrowings and $2.1 million from brokered deposits, primarily reflecting $200.0 million in a new two-year FHLB advance and $113.4 million in additional brokered deposits to increase liquidity and fund strategic growth in commercial loans.

Comparison of nine-month periods ended September 30, 2025 and 2024

Banking

OFG’s banking segment net income before taxes decreased by $16.9 million from $106.4 million to $89.5 million, mainly due to:

•Increase of $23.3 million in provision for credit losses, mainly due to growth in loan balances, specific reserves and alignment of economic and loss rate model assumptions;

•Decrease of $4.7 million in non-interest income, related to reduced interchange fees due to the implementation of Durbin Amendment that took effect for the Bank in July 1, 2024; and

•Increase of $7.4 million in non-interest expenses, mainly due to increases of: (i) $3.3 million in electronic banking charges due to increased transaction volumes, (ii) $1.3 million in professional and service feesdue to higher compliance-related expenses, (iii)$1.2 million in occupancy, equipment and infrastructure costs due to higher internet services, software maintenance costs and licensing fees; and (iv) $1.2 millionas a result of higher salaries and benefits, including payroll taxes.

The decrease in the banking segment’s net income was partially offset by:

•Increase of $13.5 million in interest income from loans, driven by higher loan balances; and

•Decrease of $4.2 million in interest expense primarily related to a decrease of 4 basis points in the average cost of core deposits.

Wealth Management

Net income before taxes from this segment increased from $9.1 million to $12.2 million, mainly from higher non interest income of $4.4 million, mostly related to higher broker-dealer fees from investment advisory service fees and mutual funds retailer fees, higher insurance income from annuities, and an increase in trustee-only fees, partially offset by higher salaries and employee benefits of $1.3 million.

Treasury

Treasury segment net income before taxes decreased by $0.5 million from $85.5 million to $85.0 million. This reduction is mainly due to higher interest expense of $12.4 million, reflecting $6.2 million from interest paid on borrowings and $5.2 million from brokered deposits, primarily reflecting $200 million in a new two-year FHLB advance and $113.4 million in additional brokered deposits to increase liquidity and fund strategic growth in commercial loans. This reduction was partially offset by higher: (i) interest income of $10.3 million from the purchases of higher-yield investment securities; and (ii) non-interest income of $1.9 million reflecting gains from investments of OFG Ventures in fintech-focused funds.

ANALYSIS OF FINANCIAL CONDITION

Assets Owned

At September 30, 2025, OFG’s total assets amounted to $12.230 billion, an increase of $729.1 million, when compared to $11.501 billion at December 31, 2024.

Cash and due from banks increased by $152.6 million to $737.1 million, reflecting new wholesale borrowings and higher deposits during 2025.

The investment portfolio increased by $218.7 million or 8.0% primarily driven by $353 million new available-for-sale mortgage-backed securities, $62.1 million in mortgage loan securitization and $75.1 million in favorable market value adjustments. These increases were offset by principal paydowns. OFG’s investment strategy focuses on liquidity and highly liquid securities, considering their investment and the current market environment.

OFG’s loan portfolio is comprised of Puerto Rico residential mortgage loans, consumer loans, auto loans, commercial loans secured by real estate, other commercial and industrial loans, and commercial US loans. At September 30, 2025, OFG’s net loan portfolio increased by $301.6 million or 4.0% reflecting increases in US and Puerto Rico commercial, auto and consumer loans, partially offset by portfolio run-off.

Financial Assets Managed

At September 30, 2025, OFG’s financial assets include those managed by OFG’s trust division and its securities broker-dealer and insurance agency subsidiaries. OFG’s trust division offers various types of individual retirement accounts and manages retirement plans and custodian and corporate trust accounts. At September 30, 2025 and December 31, 2024, the total assets managed by OFG’s trust division amounted to $2.475 billion and $2.262 billion, respectively. The increase of $103.7 million reflects changes in current market conditions. OFG’s broker-dealer subsidiary offers a wide array of investment alternatives to its client base, such as tax-advantaged fixed income securities, mutual funds, stocks, bonds and money management wrap-fee programs. At September 30, 2025, total assets managed by the securities broker-dealer and insurance agency subsidiaries from their customers’ investment accounts amounted to $2.664 billion, compared to $2.247 billion at December 31, 2024. The increase of $209.8 million in broker-dealer related assets is mainly due to new customers accounts opened during the period and changes in current market conditions.

Goodwill

OFG’s goodwill is not amortized to expense but is tested at least annually for impairment. A quantitative annual impairment test is not required if, based on a qualitative analysis, OFG determines that the existence of events and circumstances indicate that it is more likely than not that goodwill is not impaired. OFG completes its annual goodwill impairment test as of October 31 of each year. OFG tests for impairment by first allocating its goodwill and other assets and liabilities, as necessary, to defined reporting units. A fair value is then determined for each reporting unit. If the fair values of the reporting units exceed their book values, no write-down of the recorded goodwill is necessary. If the fair values are less than the book values, an additional valuation procedure is necessary to assess the proper carrying value of the goodwill. During the quarter ended September 30, 2025, OFG performed an assessment of events or circumstances that could trigger reductions in the book value of the goodwill. Based on this assessment, no impairments were identified at September 30, 2025.

As of both September 30, 2025 and December 31, 2024, OFG had $84.2 million of goodwill allocated as follows: $84.1 million to the banking segment and $100 thousand to the wealth management segment. Please refer to “Note 8 – Goodwill and Other Intangible Assets” to our consolidated financial statements for more information on the annual goodwill impairment test.

TABLE 5 - ASSETS SUMMARY AND COMPOSITION

TABLE 6 - LOAN PORTFOLIO COMPOSITION

OFG’s loan portfolio is composed of commercial, mortgage, consumer, and auto loans. As shown in Table 6 above, total loans, net, amounted to $7.935 billion at September 30, 2025, a 4.0% increase when compared to $7.634 billion at December 31, 2024. The composition and trends of OFG’s loans held-for-investment portfolio were as follows:

•Commercial loan portfolio amounted to $3.384 billion (41.7% of the gross loan portfolio) compared to $3.103 billion (39.8% of the gross loan portfolio) at December 31, 2024, a 9.1% increase as a result of originations and credit lines usage in the nine-month period ended September 30, 2025. Commercial loans secured by non-owner occupied commercial real estate amounted to $826.7 million and $796.9 million at September 30, 2025 and December 31, 2024, respectively, which represented 10.2% of our total gross loan portfolio held for investment in both periods. Commercial US loans amounted to $831.7 million and $704.1 million at September 30, 2025 and December 31, 2024, respectively, which represented 10.2% and 9.0% of our total gross loan portfolio held for investment.

Commercial loan production increased by 53.4% or $115.9 million to $332.9 million in the quarter ended September 30, 2025 from $217.0 million in the prior year quarter and increased by 49.2% or $315.1 million to $955.2 million in the nine-month period ended September 30, 2025 from $640.0 million for the same period of 2024, mainly in the commercial US loan portfolio. Commercial US loans activities include the purchase of middle market senior secured cash flow loan participations and the purchase of participations of loans to small and medium sized businesses.

Commercial US loan production increased by 73.3% or $49.2 million to $116.4 million in the quarter ended September 30, 2025 from $67.1 million in the prior year quarter and increased by 188.0% or $209.9 million to $321.5 million in the nine-month period ended September 30, 2025 from $111.6 million for the same period in 2024.

Commercial PR loan production increased by 44.5% or $66.7 million to $216.6 million in the quarter ended September 30, 2025 from $149.9 million in the prior year quarter and increased by 19.9% or $105.3 million to $633.7 million in the nine-month period ended September 30, 2025 from $528.4 million for the same period in 2024.

•Mortgage loan portfolio amounted to $1.400 billion (17.2% of the gross loan portfolio) compared to $1.471 billion (18.9% of the gross originated loan portfolio) at December 31, 2024, a 4.8% decrease resulting from securitization of conforming loans into mortgage-backed securities and regular paydowns. Mortgage loans included delinquent loans in the GNMA buy-back option program amounting to $46.7 million and $48.6 million at September 30, 2025 and December 31, 2024, respectively. Under the GNMA program, issuers such as OFG 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 our financial statements with an offsetting liability.

Mortgage loan production totaled $42.4 million and $135.0 million in the quarter and nine-month period ended September 30, 2025, respectively, which represents an increase of 14.3% and 25.2%, respectively, from $37.1 million and $107.8 million for the same periods in 2024.

OFG follows a conservative residential mortgage lending policy with more than 90% of its residential mortgage portfolio consisting of fixed-rate, fully amortizing, fully documented loans that do not have the level of risk associated with subprime loans offered by certain major US mortgage loan originators. Furthermore, OFG has never been active in negative amortization loans or offered adjustable-rate mortgage loans with teaser rates.

•Consumer loan portfolio amounted to $686.1 million (8.5% of the gross loan portfolio) compared to $668.6 million (8.6% of the gross loan portfolio) at December 31, 2024, a 2.6% increase as a result of originations. Consumer loan production decreased by 12.2% to $76.0 million in the third quarter of 2025 from $86.6 million in the prior year quarter, and decreased by 6.3% or $14.9 million to $220.6 million in the nine-month period ended September 30, 2025 from $235.5 million in the same period in 2024.

•Auto loans portfolio amounted to $2.647 billion (32.6% of the gross loan portfolio) compared to $2.549 billion (32.7% of the gross originated loan portfolio) at December 31, 2024, a 3.8% increase as a result of originations. Auto loans production moderated, especially following a previous surge in activity driven by tariff-related acceleration ahead of their implementation. This front-loading effect led to an anticipated subsequent reduction. It decreased by 25.5% to $172.6 million in the third quarter of 2025 compared to $231.6 million in the prior year quarter, and decreased by 8.23% or $58.8 million to $655.7 million in the nine-month period ended September 30, 2025 from $714.5 million in the same period of 2024.

TABLE 7 - PUERTO RICO GOVERNMENT RELATED LOANS

At September 30, 2025, OFG has $77.2 million of direct credit exposure to the Puerto Rico government, a $10.7 million increase from $66.4 million at December 31, 2024. The Bank’s loans to the Puerto Rico government are general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities in current status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations.

Allowance for Credit Losses

OFG measures its ACL based on management’s best estimate of expected credit losses inherent in OFG’s relevant financial assets. Tables 8 through 11 set forth an analysis of activity in the ACL and present selected credit loss statistics for the quarters and nine-month periods ended September 30, 2025 and 2024 and as of September 30, 2025 and December 31, 2024. In addition, Table 6 sets forth the composition of the loan portfolio.

Please refer to the “Provision for Credit Losses” and “Critical Accounting Policies and Estimates” sections in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of this quarterly report on Form 10-Q and “Note 5 – Allowance for Credit Losses” of the accompanying consolidated financial statements for a more detailed analysis of provisions and ACL.

Non-performing Assets

OFG’s non-performing assets include non-performing loans, foreclosed real estate, and other repossessed assets (see Tables 12 and 14). At September 30, 2025, OFG had $93.7 million of non-accrual loans held for investment, including $8.0 million PCD loans, compared to $78.0 million at December 31, 2024, reflecting an increase of $19.7 million and $101 thousand in commercial and mortgage loan portfolio, respectively and a decrease of $4.1 million and $13 thousand in auto and consumer loan portfolios, respectively (see Table 13). As of September 30, 2025, OFG had $6.2 million in commercial loans held-for-sale consisting of two loans: a $4.2 million commercial loan secured by real estate past due in non-accrual and a $2.0 million commercial US loan that was current but in non-accrual status. There were no past due or non-accrual commercial loans held-for-sale as of December 31, 2024.

Delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are classified as non-performing loans when they become 90 days or more past due but are not placed in non-accrual status until they become 12 months or more past due, since they are insured loans. Therefore, those loans are included as non-performing loans but excluded from non-accrual loans. As of September 30, 2025 and December 31, 2024, the outstanding balance of these residential mortgage loans was $5.4 million and $5.0 million, respectively.

At September 30, 2025, OFG’s non-performing assets increased by 14.4% to $107.1 million (0.88% total assets) from $93.6 million (0.81% of total assets) at December 31, 2024, related to non-performing loans.

Foreclosed real estate decreased from $4.0 million at December 31, 2024 to $3.2 million at September 30, 2025 and other repossessed assets decreased from $6.6 million at December 31, 2024 to $4.9 million at September 30, 2025, both recorded at fair value. OFG does not expect non-performing loans to result in significantly higher losses. At September 30, 2025, the allowance coverage ratio to non-performing loans was 199.7% (211.9% at December 31, 2024).

Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, the determination of non-accrual or accrual status for PCD loans is made at the pool level, not the individual loan level. The ACL was determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the non-credit premium or discount which is amortized as interest income over the remaining life of the pool. On a quarterly basis, management monitors the composition and behavior of the pools to assess the ability for cash flow estimation and timing. If based on the analysis performed the pool is classified as non-accrual, the accretion/amortization of the non-credit (discount) premium ceases.

The following items comprise non-performing loans held for investment, including non-PCD and PCDs:

Commercial loans - At September 30, 2025, OFG’s non-performing commercial loans amounted to $61.2 million (61.8% of OFG’s non-performing loans), a 47.4% increase from $41.6 million at December 31, 2024 (50.1% of OFG’s non-performing loans). The increase was primarily driven by $14.2 million in Non-PCD commercial US loans and a $6.0 million PCD commercial loan. Non-PCD commercial loans are placed on non-accrual status when they become 90 days or more past due and are written down, if necessary, based on the specific evaluation of the underlying collateral, if any.

Mortgage loans - At September 30, 2025, OFG’s non-performing mortgage loans totaled $17.7 million (17.8% of OFG’s non-performing loans), a 2.8% increase from $17.2 million (20.7% of OFG’s non-performing loans) at December 31, 2024. Non-PCD mortgage loans are placed on non-accrual status when they become 90 days or more past due and are written-down, if necessary, based on the specific evaluation of the collateral underlying the loan, except for FHA and VA insured mortgage loans which are placed in non-accrual when they become 12 months or more past due.

Consumer loans - At September 30, 2025, OFG’s non-performing consumer loans amounted to $4.2 million (4.2% of OFG’s non-performing loans), remaining constant from $4.2 million at December 31, 2024 (5.1% of OFG’s non-performing loans). Non-PCD consumer loans are placed on non-accrual status when they become 90 days past due and written-off when payments are delinquent 120 days in personal loans and 180 days in credit cards and personal lines of credit.

Auto loans - At September 30, 2025, OFG’s non-performing auto loans amounted to $16.0 million (16.2% of OFG’s total non-performing loans), a 20.4% decrease from $20.1 million at December 31, 2024 (24.1% of OFG’s total non-performing loans). Non-PCD auto loans are placed on non-accrual status when they become 90 days past due, partially written-off to collateral value when payments are delinquent 120 days and fully written-off when payments are delinquent 180 days.

OFG has two mortgage loan modification programs. These are the Loss Mitigation Program and the Non-Conforming Mortgage Loan Program. Both programs are intended to help responsible homeowners to remain in their homes and avoid foreclosure, while also reducing OFG’s losses on non-performing mortgage loans. The Loss Mitigation Program helps mortgage borrowers who are or will become financially unable to meet the current or scheduled mortgage payments. Loans that qualify under this program are those guaranteed by FHA, VA, USDA Rural Development (RURAL), Puerto Rico Housing Finance Authority (PRHFA), conventional loans guaranteed by Mortgage Guaranty Insurance Corporation (MGIC), conventional loans sold to FNMA and FHLMC, and conventional loans retained by OFG. The program offers diversified alternatives such as regular or reduced payment plans, payment moratorium, mortgage loan modification, partial claims (only FHA), short sale, and deed in lieu of foreclosure. The Non-Conforming Mortgage Loan Program is for non-conforming mortgages, including balloon payment, interest-only/interest first, variable interest rate, adjustable interest rate and other qualified loans. Non-conforming mortgage loan portfolios are segregated into the following categories: performing loans that meet secondary market requirement and are refinanced under the credit underwriting guidelines of FHA, VA, FNMA, or FHLMC, as applicable, and performing loans not meeting secondary market guidelines processed pursuant OFG’s current credit and underwriting guidelines. OFG achieved an affordable and sustainable monthly payment by taking specific, sequential, and necessary steps such as reducing the interest rate, extending the loan term, capitalizing arrearages, deferring the payment of principal or, if the borrower qualifies, refinancing the loan. In order to apply for any of our loan modification programs, if the borrower is active in Chapter 13 bankruptcy, it must request an authorization from the bankruptcy trustee to allow the loan modification. Borrowers with discharged Chapter 7 bankruptcies may also apply. Loans in these programs are evaluated by designated credit underwriters for financial difficulty modification if OFG grants a concession for legal or economic reasons due to the debtor’s financial difficulties.

TABLE 8 - ALLOWANCE FOR CREDIT LOSSES BREAKDOWN

TABLE 9 - ALLOCATION OF THE ALLOWANCE FOR CREDIT LOSSES

TABLE 10 - ALLOWANCE FOR CREDIT LOSSES SUMMARY

TABLE 11 — NET CREDIT LOSSES STATISTICS ON LOANS

TABLE 11 — NET CREDIT LOSSES STATISTICS ON LOANS (CONTINUED)

Net charge-offs for the third quarter of 2025 amounted to $20.2 million (1.00% of average loans), increasing by $3.1 million, when compared to $17.1 million (0.90% of average loans) in the prior year quarter. Net charge-offs for the nine-month period ended September 30, 2025 amounted to $53.4 million (0.89% of average loans), increasing by $1.4 million, when compared to $51.9 million (0.91% of average loans) in the prior year period.

Net charge-offs variances were as follows:

•Residential mortgage loans net recoveries in the third quarter of 2025 amounted to $452 thousand, increasing by $233 thousand when compared to net recoveries of $219 thousand in the third quarter of 2024. Residential mortgage loans net recoveries for the nine-month period ended September 30, 2025 amounted to $1.7 million, increasing by $142 thousand when compared to net recoveries of $1.6 million for the prior year period.

•Commercial loans net charge-offs in the third quarter of 2025 amounted to $4.3 million, increasing by $5.0 million, when compared to net recoveries of $747 thousand in the third quarter of 2024. Net charge-offs for the nine-month period ended September 30, 2025 amounted to $7.3 million, increasing by $1.2 million, when compared to $6.0 million in the prior year period. Net charge-offs for the nine-month period ended September 30, 2025 include $6.5 million from commercial US loans. Net charge-offs for the nine-month period ended September 30, 2024 include $3.3 million from retail commercial loans, mainly from previously and fully-reserved nonperforming paycheck protection program (“PPP”) loans.

•Consumer loans net charge-offs in the third quarter of 2025 amounted $6.8 million decreasing by $1.2 million when compared to $8.0 million in the third quarter of 2024. Net charge-offs for the nine-month period ended September 30, 2025 amounted $20.4 million, decreasing by $2.2 million, when compared to net charge-offs of $22.6 million in the prior year period.

•Auto loans net charge-offs in the third quarter of 2025 amounted to $9.6 million, decreasing by $451 thousand, when compared to $10.1 million in the third quarter of 2024. Net charge-offs for the nine-month period ended September 30, 2025 amounted $27.4 million, increasing by $2.5 million, when compared to net charge-offs of $24.9 million in the prior year period.

TABLE 12 — NON-PERFORMING ASSETS

TABLE 13 — NON-ACCRUAL LOANS

TABLE 14 - NON-PERFORMING LOANS

TABLE 15 - LIABILITIES SUMMARY AND COMPOSITION

Liabilities and Funding Sources

As shown in Table 15 above, at September 30, 2025, OFG’s total liabilities were $10.854 billion, 5.9% higher than the $10.246 billion reported at December 31, 2024. Deposits and borrowings, OFG’s funding sources, amounted to $10.566 billion at September 30, 2025 compared to $10.006 billion at December 31, 2024. Deposits, excluding accrued interest payable, increased by $402.8 million or 4.2% reflecting increases in demand deposits of $164.6 million, time deposits of $95.0 million and savings and money market accounts of $143.3 million.

At September 30, 2025 and December 31, 2024, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to$1.649 billion and $1.445 billion, respectively. These public funds were collateralized with securities and commercial loans amounting to $1.683 billion and $1.507 billion at September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025, borrowings amounted to $456.5 million, consisting of short and long-term FHLB advances and short-term repurchase agreements. This represents an increase of $156.1 million or 38.9% from December 31, 2024, driven by: (i) a new two-year$200.0 million FHLB advance at 4.13% taken during the nine-month period ended September 30, 2025 to increase liquidity and fund strategic growth in commercial loans, partially offset by the maturity of a $70.0 million FHLB advance; and (ii) new short-term repurchase agreements amounting to $100 million at 4.07% taken during the third quarter of 2025, offset by the maturity of $75 million in similar agreements.

Stockholders’ Equity

At September 30, 2025, OFG’s total stockholders’ equity was $1.375 billion, a 9.6% increase when compared to $1.254 billion at December 31, 2024. This reflects an increase in retained earnings of $94.8 million and legal surplus of $14.1 million, mainly due to $149.2 million in net income, partially offset by $40.3 million in dividends declared on common stock, and lower accumulated other comprehensive loss, net of tax, of $62.5 million from favorable market value adjustments in available-for-sale investment securities. These variances were partially offset by $52.0 million from higher treasury stock as a result of repurchases of common stock in the aggregate amount of $51.5 million during the nine-month period ended September 30, 2025 in connection with the approved stock repurchase programs for such period.

Regulatory Capital

OFG and the Bank are subject to regulatory capital requirements established by the Board of Governors of the Federal Reserve System (“FRB”) and the Federal Deposit Insurance Corporation (“FDIC”). The current risk-based capital standards applicable to OFG and the Bank are based on the final capital framework for strengthening international capital standards, known as Basel III, of the Basel Committee on Banking Supervision. As of September 30, 2025, the capital ratios of OFG and the Bank continue to exceed the minimum requirements for being “well-capitalized” under the Basel III capital rules.

On January 1, 2020, OFG implemented CECL using the modified retrospective approach, with an impact to capital of $25.5 million, net of its corresponding deferred tax effect. On March 27, 2020, in response to the Covid-19 pandemic, U.S. banking regulators issued an interim final rule that OFG adopted to delay for two years the initial adoption impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during 2020 and 2021 (i.e., a five-year transition period). During the two-year delay, OFG added back to common equity tier 1 (“CET1”) capital 100% of the initial adoption impact of CECL plus 25% of the cumulative quarterly changes in the ACL (i.e., quarterly transitional amounts). After two years, starting on January 1, 2022 and ending in December 31, 2024, the quarterly transitional amounts along with the initial adoption impact of CECL were phased out of CET1 capital over the three-year period.

The risk-based capital ratios presented in Table 16 include CET1, tier 1 capital, total capital and leverage capital as of September 30, 2025 and December 31, 2024, and are calculated based on the Basel III capital rules related to the measurement of capital, risk-weighted assets and average assets. The following are OFG’s consolidated capital, dividends, and stock data, including capital ratios under the Basel III capital rules at September 30, 2025 and December 31, 2024:

TABLE 16 — CAPITAL, DIVIDENDS AND STOCK DATA

The following table presents OFG’s capital adequacy information under the Basel III capital rules:

From December 31, 2024 to September 30, 2025, the leverage capital ratio decreased from 10.93% to 10.75%, the tier 1 risk-based and common equity tier 1 capital ratios decreased from 14.26% to 14.13%, and the total risk-based capital ratio decreased from 15.52% to 15.39%. The decreases in regulatory capital ratios reflected an increase in risk-weighted assets of $486.1 million, partially offset by an increase in regulatory capital of $63.0 million. Regulatory capital increased mainly due to net income, net of dividends, offset by the elimination of the CECL transition deduction and by treasury stock repurchases. Risk-weighted assets increased mainly due to an increase in loans and other assets.

The Bank is considered “well capitalized” under the regulatory framework for prompt corrective action. The table below shows the Bank’s regulatory capital ratios at September 30, 2025 and December 31, 2024:

Non-GAAP financial measures

OFG reports certain financial measures that are not in accordance with GAAP. These non-GAAP financial measures are provided as supplemental information to the financial measures in this report that are calculated and presented in accordance with GAAP.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. To mitigate these limitations, OFG has procedures in place to calculate these measures using the appropriate GAAP or regulatory components. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.

TABLE 17 — RECONCILIATION OF TANGIBLE COMMON EQUITY AND TANGIBLE ASSETS

The following table presents a reconciliation of OFG’s total stockholders’ equity to tangible common equity and total assets to tangible assets at September 30, 2025 and December 31, 2024:

The tangible common equity to tangible assets ratio and tangible book value per common share are non-GAAP measures and, unlike tier 1 capital and common equity tier 1 capital, are not codified in the federal banking regulations. Management and many stock analysts use the tangible common equity to tangible assets ratio and tangible book value per common share in conjunction with more traditional bank capital ratios to compare the capital adequacy of banking organizations. Neither tangible common equity nor tangible assets or related measures should be considered in isolation or as a substitute for stockholders’ equity, total assets or any other measure calculated in accordance with GAAP. Moreover, the manner in which OFG calculates its tangible common equity, tangible assets and any other related measures may differ from that of other companies reporting measures with similar names.

Tangible common equity to tangible total assets increased from 10.13% to 10.55%, reflecting an increase in retained earnings from net income, net of dividends and stock repurchases.

OFG’s common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “OFG”. At September 30, 2025 and December 31, 2024, OFG’s market capitalization for its outstanding common stock was $1.925 billion ($43.49 per share) and $1.923 billion ($42.32 per share), respectively. The following table provides the high and low prices and dividends per share of OFG’s common stock for each quarter of the last three calendar years:

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.

OFG did not repurchase any shares of its common stock during the nine-month periods ended September 30, 2025 and 2024, other than through its publicly announced stock repurchase programs.

At September 30, 2025, the estimated remaining number of shares that may be purchased under the new Repurchase Program is 1,797,899 and was calculated by dividing the remaining balance of $78.2 million by $43.49 (closing price of OFG’s common stock at September 30, 2025).