OFG BANCORP
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
OFG$50.82+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-27.
0001030469-25-000007
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-25.
0001030469-26-000008
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe 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 188 previous paragraphs and 179 current paragraphs.
73 unchanged; 64 reworded; 40 added; 42 removed; 9 previous and 2 current paragraphs rearranged.
Tables are not compared: 30 previous and 29 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.
Added paragraphs (40)
Current report
Puerto Rico’s economy has continued to show stable performance, supported by favorable labor market conditions and adequate system liquidity. According to the Puerto Rico Department of Economic Development and Commerce, the Puerto Rico Economic Activity Index stood at 128.1 points in November 2025, representing a 0.8% increase compared to November 2024 and a consistent upward month-to-month trend in recent periods. Employment data published by such government agency indicates continued gains across multiple industries. As of November 2025, total non-farm payroll employment averaged approximately 963,400 jobs, reflecting a 0.2% increase from the prior month and a 0.9% increase year over year. Economic activity has benefited from public sector reconstruction funding, private investment, and on-shoring initiatives. However, OFG continues to monitor global economic conditions, related uncertainties and their possible impact on Puerto Rico's economy, which could influence OFG's business and operational results.
Current report
The quarter ended December 31, 2025 earnings per share increased 16.4% year-over-year on a 1.9% growth in total core revenues in total core revenues, driven by disciplined core operations and a favorable tax benefit. For 2025, earnings per share grew 8.3% on a 2.8% increase in total core revenues, reflecting continued operating momentum and solid underlying performance.
Current report
Asset quality and credit metrics remained sound and well-controlled throughout the year. OFG repurchased $40.1 million of common shares during the fourth quarter of 2025 and $91.6 million for the year, reinforcing our commitment to disciplined capital deployment and shareholder returns.
Current report
During the quarter and year ended December 31, 2025, in line with our strategies, we saw increased commercial loans and broad acceptance of our flagship mass-market Libre and mass affluent Elite deposit accounts. By December 31, 2025, we grew our client base 4.26% from December 31, 2024 and our Digital First strategy continued to solidify our leadership in banking innovation in Puerto Rico.
Current report
The island’s economy also continued to perform well, supported by infrastructure investments with federal and private funds and new multi-million dollar on-shoring projects, reinforcing Puerto Rico’s position as a global hub for medical devices and pharmaceutical manufacturing. These developments underpin our confidence in sustained economic activity and long-term growth across our core businesses.
Current report
Year 2025:
Current report
Earnings per share diluted of $4.58 compared to $4.23 in 2024. Total core revenues of $729.8 million compared to $709.6 million in 2024.
Current report
Earnings per share diluted was $1.27 compared to $1.16 in the third quarter of 2025 and $1.09 in the fourth quarter of 2024. Total core revenues of $185.4 million compared to $184.0 million in the third quarter of 2025 and $181.9 million in the fourth quarter of 2024.
Current report
Total Interest Income of $197.2 million compared to $200.1 million in the third quarter of 2025 and $190.2 million in the fourth quarter of 2024. Compared to the third quarter of 2025, total interest income in the fourth quarter of 2025 decreased $2.9 million, reflecting higher average balances of loans and cash at lower average yields, partially offset by higher average balances of investment securities at slightly higher yields.
Current report
Total Interest Expense of $44.5 million compared to $45.4 million in the third quarter of 2025 and $41.0 million in the fourth quarter of 2024. Compared to the third quarter of 2025, total interest expense in the fourth quarter of 2025 decreased by $0.9 million, reflecting higher average balances of deposits and borrowings at lower average rates.
Current report
Pre-Provision Net Revenuesof $79.3 million compared to $89.6 million in the third quarter of 2025 and $83.0 million in the fourth quarter of 2024.
Current report
Other Income reflected a loss of $1.1 million compared to a profit of $2.2 million in the third quarter of 2025 and $0.8 million in the fourth quarter of 2024. The fourth quarter of 2025 included $6.1 million accelerated amortization of technology related assets and gains of $3.9 million on the sale of non-performing loans and $1.1 million on the sale of a building. The third quarter of 2025, included $2.2 million in gains from OFG Ventures investments in fintech focused funds.
Current report
Credit Quality: Net charge-offs (“NCOs”) of $26.9 million (1.32% of average loans) compared to $20.2 million (1.00% of average loans) in the third quarter of 2025 and $15.9 million (0.82% of average loans) in the fourth quarter of 2024. NCOs included $4.8 million from the non-performing loans sale, of which $3.1 million had been previously reserved. Early delinquency rate in the fourth quarter of 2025 was 2.80%, down from the third quarter of 2025 and the fourth quarter of 2024, and total delinquency rate was 4.18%, up from the third quarter of 2025 but down from the fourth quarter of 2024. The nonperforming loan rate was 1.59% compared to 1.22% in the third quarter of 2025 and 1.06% in the fourth quarter of 2024.
Current report
Total Non-Interest Expense of $105.0 million compared to $96.5 million in the third quarter of 2025 and $99.7 million in the fourth quarter of 2024. Total non-interest expense in the fourth quarter of 2025 included expenses of $3.3 million in professional service fees related to performance-based advisory costs as part of the renegotiation of a cost-saving technology services contract, $2.5 million for business rightsizing, and $1.0 million related to the previously mentioned accelerated amortization of technology related assets. Compared to the third quarter of 2025, costs for additional accumulation for performance bonuses, expanded marketing activities, and the sale of foreclosed assets increased $1.7 million.
Current report
Income Taxwas a benefit of $8.5 million compared to an expense of $9.5 million in the third quarter of 2025 and $2.4 million in the fourth quarter of 2024. The fourth quarter of 2025 benefited from $16.8 million in discrete tax benefits, including $12.9 million from the expiration of a tax agreement from the 2019 acquisition of Scotiabank’s Puerto Rico and USVI operations, and $3.9 million from a release in valuation allowance of deferred tax assets at the holding company level. Excluding discrete benefits, 2025's estimated income tax rate was 21.8%.
Current report
Loans Held-for-Investmentof $8.20 billion compared to $8.12 billion in the third quarter of 2025 and $7.79 billion in the fourth quarter of 2024. Loans held-for-investment in the fourth quarter of 2025 increased $83.8 million or 1.0% sequentially, reflecting increases in Puerto Rico commercial loans, partially offset by lower balances in auto and residential mortgage. Loans increased $409.1 million or 5.25% year-over-year, reflecting increases in commercial, consumer, and auto loans, partially offset by a decrease in residential mortgage loans.
Current report
Total Investments of $2.84 billion compared to $2.94 billion in the third quarter of 2025 and $2.72 billion in the fourth quarter of 2024. Compared to the third quarter of 2025, total investments in the fourth quarter of 2025 reflected principal paydowns and maturities, partially offset by purchases of $25.0 million of mortgage-backed securities and residential mortgage securitizations of $21.1 million.
Current report
Customer Depositsof $9.92 billion compared to $9.82 billion in the third quarter of 2025 and $9.45 billion in the fourth quarter of 2024. Deposits increased $103.2 million or 1.1% sequentially and $474.0 million or 5.0% year over year, both periods reflecting higher demand, time and savings deposit balances.
Current report
Net interest income of $608.5 million increased by $20.1 million from $588.4 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 the prior year, which reduced net interest income by $1.1 million. Tax equivalent basis net interest income of $623.8 million increased by $18.6 million, or 3.1%, from $605.2 million.
Current report
These increases were partially offset by higher interest expense of $10.6 million, mainly from interest paid on borrowings of $8.2 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 $0.7 million, reflecting the impact of lower market rates.
Current report
•A $2.5 million decrease in banking service revenues as a result of: (i) reduced interchange fees of $4.6 million reflecting the application of the Durbin Amendment to OFG in July 2024; and (ii) lower servicing and other loan fees of $704 thousand, mainly from commercial and auto loans, partially offset by an increase of $1.9 million in higher merchant business activity; and
Current report
•A $0.4 million decrease in other non-interest income reflecting losses of: (i) $6.1 million accelerated amortization of technology related assets, and (ii) $279 thousand impairment on equity securities, offset by gains of: (i) $3.9 million on the sale of non-performing loans, (ii) $1.9 million gains from investments of OFG Ventures in fintech-focused funds, and (iii) $1.1 million on the sale of a building.
Current report
Decrease was offset by
Current report
•A $0.5 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 $1.4 million, which includes $676 thousand favorable market valuation for held-for-sale loans and $553 thousand higher gain on securitization and sales. These increases were partially offset by a $4.1 million unfavorable variance in the valuation of mortgage servicing rights.
Current report
•Increase of $4.8 million in professional and service fees mainly due to a $3.3 million performance-based advisory costs, as part of the cost-saving renegotiation of a technology services contract, and higher compliance-related expenses;
Current report
•Increase of $4.3 million in electronic banking charges mainly due to the recognition of a $2.3 million rebate recorded during the prior year and increased transaction volumes;
Current report
•Increase of $1.7 million in advertising, business promotion, and strategic initiatives driven by expanded retail, commercial banking and branding campaign efforts during 2025; and
Current report
•Increase of $1.2 million in loan servicing and clearing expenses related to higher servicing expenses from our commercial US loan portfolio.
Current report
The increase in non-interest expense was partially offset by a $2.0 million reduction in foreclosed real estate and other repossessed assets expenses (income), net. This reduction primarily reflects a $4.0 million increase in gains from the sale of other repossessed assets driven by higher volume of units sold and improved pricing, partially offset by $1.9 million lower gains on sales of foreclosed real estate due to lower volume of properties sold.
Current report
Provision for credit losses increased by $25.2 million to $107.5 million from $82.3 million. The provision for credit losses for the year ended December 31, 2025, reflected $69.9 million related to loan volume, $20.6 million in specific reserves and $18.5 million from economic and loss rate model assumptions adjustments.
Current report
Income tax expense decreased by $26.6 million to $29.0 million from $55.6 million. OFG’s ETR was 12.4% in 2025 compared to 21.9% in 2024. The decrease is primarily attributable to investments subject to preferential tax treatment under Puerto Rico law, the release of valuation allowance at the holding company level, a discrete benefit arising from the expiration of a tax closing agreement, and the purchase of tax credits at a discount, among other discrete tax benefits.
Current report
•Decrease of $4.0 million in interest expense primarily related to a decrease of 3 basis points in the average cost of core deposits.
Current report
Treasury segment net income before taxes decreased by $0.1 million from $113.3 million to $113.2 million. This reduction is mainly due to higher interest expense of $16.1 million, reflecting $8.2 million from interest paid on borrowings and $6.6 million from brokered deposits, primarily reflecting $400 million in new two-year FHLB advances and $183.9 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 $14.7 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.
Current report
Cash and due from banks increased by $451.6 million to $1.0 billion, reflecting higher deposits and new wholesale borrowings during 2025.
Current report
During 2025, OFG sold $20.5 million commercial loans held-for-sale and recognized a $2.7 million gain, included in other non-interest income in the consolidated statements of operations. Additionally, during 2025, OFG sold $21.1 million non-performing commercial loans held-for-investment and recognized a $1.4 million gain, included in other non-interest income in the consolidated statements of operations.
Current report
•Residential mortgage loans net recoveries for 2025 remained constant at $2.1 million, when compared to prior year.
Current report
•Consumer loans net charge-offs for 2025 amounted $28.5 million, decreasing by $554 thousand, when compared to net charge-offs of $29.0 million in the prior year.
Current report
•Auto loans net charge-offs for 2025 amounted to $39.3 million, increasing by $4.2 million, when compared to net charge-offs of $35.1 million in the prior year, mainly as a result of higher loan volume.
Current report
As of December 31, 2025, borrowings amounted to $456.6 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) new two-year FHLB advances amounting to $400.0 million at a weighted interest rate of 4.13% taken during 2025 to increase liquidity and fund strategic growth in commercial loans; and (ii) new short-term repurchase agreements amounting to $100 million at 3.62% taken during the third quarter of 2025, offset by the maturity of $75 million in similar agreements.
Current report
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.
Removed paragraphs (42)
Previous report
We believe that Puerto Rico’s economy continues to demonstrate resiliency and growth and its private sector, including business investments and infrastructure projects, is expanding. The Puerto Rico Economic Activity Index, as published by the Economic Development Bank for Puerto Rico, registered 126.4 points in November 2024, which represents a decrease of 1.1% when compared to the same period of the previous year. However, according to the data published by the Economic Development Bank for Puerto Rico, wages are rising, and labor participation is increasing. Total non-farm payroll employment averaged 967 thousand jobs in November 2024, equivalent to an increase of 0.4% on a month-over-month basis, and an annual increase of 1.7%. The inflow of federal stimulus and reconstruction funds for rebuilding infrastructure has continued, and we believe this inflow will stimulate the local economy. Nevertheless, OFG continues to pay attention to the potential impact of prolonged high market interest rates, inflation trends, new mainland economic policies, delays in disaster relief funding disbursements and other economic factors, and global conflicts, all of which could impact our business and results of operations.
Previous report
We believe that the quarter and year ended December 31, 2024, reflected solid performance with strong financial results. The fourth quarter of 2024 earnings-per-share (“EPS”) diluted increased 11.2% year-over-year. 2024 EPS diluted increased 10.4% year-over-year. We demonstrated consistent and excellent operational execution on our plans, with our Digital First strategy helping to grow our banking franchise and market share. Results also benefited from lower taxes, and we bought back 1.8 million shares in 2024. We believe that this is a great way to conclude the celebration of our 60th year in business bringing progress to all our stakeholders.
Previous report
Year Ended 2024:
Previous report
Earnings per share diluted was $4.23 compared to $3.83 in 2023. Total net income of $198.2 million compared to $181.9 million in 2023.
Previous report
Earnings per share diluted was $1.09 compared to $1.00 in the third quarter of 2024 and $0.98 in the fourth quarter of 2023. Net income of $50.3 million compared to $47.0 million in the third quarter of 2024 and $46.6 million in the fourth quarter of 2023.
Previous report
Total Interest Income of $190.2 million compared to $189.0 million in the third quarter of 2024 and $176.2 million in the fourth quarter of 2023. Compared to the third quarter of 2024, the fourth quarter of 2024 increased $1.1 million, primarily reflecting higher balances and higher yields on investment securities, higher loan balances, $0.7 million accretion for commercial loan prepayments, and reduced interest income from cash.
Previous report
Total Interest Expense of $41.0 million compared to $41.2 million in the third quarter of 2024 and $32.7 million in the fourth quarter of 2023. Compared to the third quarter of 2024, the fourth quarter of 2024 decreased $0.1 million, primarily reflecting slightly lower average balances and costs of core deposits and higher average balances of borrowings and brokered deposits.
Previous report
Credit Quality: Net charge-offs (“NCOs”) of $15.9 million (0.82% of average loans) compared to $17.1 million (0.90%) in the third quarter of 2024 and $16.3 million (0.88%) in the fourth quarter of 2023. NCOs benefited from the above-mentioned sale of auto and consumer loans. The fourth quarter of 2024 early and total delinquency rates were 2.95% and 4.38%, respectively. The nonperforming loan rate was 1.06%.
Previous report
Total Non-Interest Expense of $99.7 million compared to $91.6 million in the third quarter of 2024 and $94.1 million in the fourth quarter of 2023. Compared to the third quarter of 2024, the fourth quarter of 2024 included $3.4 million in early retirement and business rightsizing, $1.4 million in annual performance incentives assessment, and the absence of $2.3 million credit and debit card processing contract renewal rebate that was recorded in the third quarter of 2024.
Previous report
Income Tax Expense of $2.4 million compared to $14.8 million in the third quarter of 2024 and $21.8 million in the fourth quarter of 2023. The fourth quarter of 2024 decreased due to a reduction in the 2024 Effective Tax Rate (“ETR”) for higher than previously forecasted business activities with preferential tax treatment and $2.3 million of discrete benefit in the fourth quarter of 2024. ETR was 21.9% for the year ended 2024 compared to 31.4% for 2023. Excluding discrete items, ETR was 24.0% for the year ended 2024 compared to 32.1% for 2023.
Previous report
Loans Held for Investmentof $7.79 billion compared to $7.75 billion in the third quarter of 2024 and $7.53 billion in the fourth quarter of 2023. Compared to the third quarter of 2024, the fourth quarter of 2024 loans increased 0.5%, reflecting growth in auto, consumer and U.S. commercial loans, and repayments of Puerto Rico commercial and residential mortgage loans. Year over year, loans increased 3.4%.
Previous report
Total Investments of $2.72 billion compared to $2.61 billion in the third quarter of 2024 and $2.69 billion in the fourth quarter of 2023. The fourth quarter of 2024 primarily reflected purchases of $264 million of mortgage-backed securities (“MBS”) yielding 5.3%, partially offset by MBS repayments of $103 million.
Previous report
Customer Depositsof $9.45 billion compared to $9.53 billion in the third quarter of 2024 and $9.60 billion in the fourth quarter of 2023. Compared to the third quarter of 2024, the fourth quarter of 2024 reflected a decline in government deposits and increases in commercial and retail deposits.
Previous report
Share Buybacks: $45.9 million of common shares were acquired in the fourth quarter of 2024, leaving $29.7 million in remaining repurchase authorization as of December 31, 2024.
Previous report
Net interest income of $588.4 million increased by $27.5 million from $560.9 million. Tax equivalent basis net interest income of $605.2 million increased $28.3 million, or 4.9%, from $576.9 million.
Previous report
These increases were partially offset by higher interest expense of $73.8 million from interest paid on: (i) deposits of $74.3 million due to higher average cost of total deposits of 68 basis point and (ii) borrowings of $0.5 million reflecting FHLB advances taken in late 2023 and during 2024 and new securities under agreements to repurchase in late 2024.
Previous report
Non-interest income was mainly impacted by the following decreases:
Previous report
•A $3.2 million decrease in banking service revenues related to: (i) $3.6 million in reduced interchange fees mainly due to the implementation of Durbin Amendment that took effect in July 1, 2024 and (ii) lower fees on deposits of $923 thousand from lower maintenance and overdrawn fees, offset by higher merchant income of $1.2 million resulting from a higher volume of transactions and migration of USVI merchant activity; and
Previous report
•A $6.3 million gain on the sale of commercial non-performing loans HFS in 2023.
Previous report
These decreases were offset by:
Previous report
•A $1.1 million loss associated with the sale of a $149.4 million short-term US treasury note AFS in 2023.
Previous report
Non-Interest Expense
Previous report
•Increase in foreclosed real estate and other repossessed assets expenses, net of income, of $3.4 million primarily reflecting $2.6 million in lower gain on sale of foreclosed real estate due to lower volume of properties sold and $1.4 million unfavorable valuation adjustments;
Previous report
•Increase in electronic banking charges of $1.5 million mainly due to debit and credit card expenses;
Previous report
•Increase in advertising, business promotion, and strategic initiatives of $971 thousand due to higher expenses related to digital adoption strategy;
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•Increase in insurance expenses of $758 thousand mainly related to higher FDIC deposit insurance assessment as a result of the Bank exceeding $10 billion in assets.
Previous report
Provision for Credit Losses
Previous report
The provision for credit losses for 2023 reflected a provision of $42.6 million related to the growth in loan balances, a provision of $13.1 million related to commercial-specific loan reserves, mainly in the US commercial loan portfolio, and $4.8 million associated with qualitative adjustments mostly to the auto loan and US commercial loan portfolios.
Previous report
Income Tax Expense
Previous report
Income tax expense decreased by $27.8 million to $55.6 million from $83.4 million. OFG’s ETR was 21.9% in 2024 compared to 31.4% in 2023. The decrease is mainly related to higher actual and forecasted business activities with preferential tax treatment under the Puerto Rico tax code, coupled with discrete benefits of $5.4 million, mainly related to a return to provision adjustment of $2.3 million, tax credit discount benefits of $1.6 million and $1.2 million from stock compensation vested during 2024.
Previous report
•Increase of $74.2 million in interest expense mainly related to higher costs of deposits, reflecting a $1.2 billion deposit from an existing long-standing Puerto Rico government client received in December 2023 with a variable interest rate;
Previous report
•Decrease of $10.4 million in interest income related to Oriental Overseas’ time deposit from the Bank to fund its operations, which is eliminated in the consolidation, mainly as a result of lower interest rates and average balance in the current period; and
Previous report
Treasury segment net income before taxes increased by $52.4 million, mainly reflecting:
Previous report
•Increase of $39.5 million in interest income, reflecting the purchase of agency mortgage-backed securities and US Treasury securities with higher yields during 2024 and 2023; and
Previous report
•Decrease of $10.7 million in interest expense, reflecting $10.4 million lower inter-segment borrowings as a result of lower average balances.
Previous report
Cash and due from banks decreased by $159.1 million to $584.5 million, reflecting the effect of loan funding and lower deposit balances.
Previous report
On January 1, 2023, OFG adopted ASU 2022-02 related to the elimination of the recognition and measurement of Troubled Debt Restructurings (“TDRs”) and the enhancement of disclosures for loan restructurings for borrowers experiencing financial difficulty, or financial difficulties modifications (“FDMs”), using the prospective transition method. Loans that were restructured in a TDR prior to the adoption of ASU 2022-02 will continue to be accounted for under the historical TDR accounting until the relevant loans are paid off, liquidated or subsequently modified.
Previous report
•Residential mortgage loans net recoveries in 2024 amounted to $2.1 million, increasing by $1.3 million when compared to net recoveries of $839 thousand in 2023.
Previous report
•Consumer loans net charge-offs in 2024 amounted $29.0 million increasing by $9.0 million when compared to $20.0 million in 2023. The increase in net charge-offs in 2024 was mainly driven by an increase in business volume, partially offset by a recovery of $1.8 million from the sale of older, previously fully charged-off consumer loans.
Previous report
•Auto loans net charge-offs in 2024 amounted to $35.1 million, increasing by $17.0 million, when compared to $18.2 million in 2023, reflecting post-pandemic credit normalization. The increase in net charge-offs in 2024 was also impacted by an increase in business volume, partially offset by a recovery of $800 thousand from the sale of older, previously fully charged-off auto loans.
Showing the first 40 of 42 passages. Open the source sections for the rest.
Reworded paragraphs (64)
Previous wording
also approved a new $50.0 million stock repurchase program. The new open-ended stock repurchase program replaced the prior stock repurchase program, which had been approved by the Board of Directors in January 2022 and had $17.2 million remaining of its $100.0 million repurchase parameters. In October 2024, OFG announced that its Board of Directors approved a new $50.0 million stock repurchase program, in addition to the stock repurchase program approved in January 2024. The October stock repurchase program is also open-ended. During 2024, OFG repurchased 1,791,414 shares for a total of $70.3 million at an average price of $39.26 per share.
Current wording
In January 2025, OFG announced that its Board of Directors (the “Board”) approved the increase of its regular quarterly cash dividend to $0.30 per common share from $0.25 per share, beginning in the quarter ended March 31, 2025. In April 2025, the Board approved a new $100 million stock repurchase program. This new, open-ended program is in addition to the $50 million stock repurchase program approved by the Board in October 2024 (collectively, the “Existing Repurchase Programs”). Under the Existing Repurchase Programs, OFG repurchased 2,253,819 shares during 2025 for a total of $91.6 million at an average price of $40.64 per share. At December 31, 2025, the estimated remaining amount that may be purchased under the Existing Repurchase Programs is $38.1 million.
Previous wording
In January 2025, OFG announced that its Board of Directors approved the increase of its regular quarterly cash dividend to $0.30 per common share from $0.25 per share, beginning in the quarter ending March 31, 2025.
Current wording
In January 2026, OFG announced that its Board approved the increase of its regular quarterly cash dividend to $0.35 per common share from $0.30 per share, beginning in the quarter ending March 31, 2026. The Board also approved a new $200 million stock repurchase program. This new, open-ended program is in addition to the Existing Repurchase Programs.
Previous wording
OFG’s sensitivity analysis does not represent management’s view of expected credit losses at December 31, 2024. OFG evaluated sensitivities by applying 100% weight to baseline and moderate recession scenarios. The impact of assigning a 100% weight to the baseline scenario was a hypothetical decrease of 2% to the collective ACL, and the impact of assigning a 100% weight to the moderate recession scenario was a hypothetical increase of 3% to the collective ACL. These hypothetical sensitivities do not incorporate the impact of management’s judgment for qualitative factors applied in the current ACL for loans. It is possible that others performing similar sensitivity analyses could reach different conclusions or results. The sensitivity analysis excludes the ACL for off-balance sheet credit exposures.
Current wording
OFG’s sensitivity analysis does not represent management’s view of expected credit losses at December 31, 2025. OFG evaluated sensitivities by applying 100% weight to baseline and moderate recession scenarios. The impact of assigning a 100% weight to the baseline scenario was a hypothetical decrease of 4.3% to the collective ACL, and the impact of assigning a 100% weight to the moderate recession scenario was a hypothetical increase of 3.7% to the collective ACL. These hypothetical sensitivities do not incorporate the impact of management’s judgment for qualitative factors applied in the current ACL for loans. It is possible that others performing similar sensitivity analyses could reach different conclusions or results. The sensitivity analysis excludes the ACL for off-balance sheet credit exposures.
Previous wording
Performance metrics: Net interest margin of 5.40%, return on average assets of 1.75%, return on average stockholders’ equity of 15.43%, and efficiency ratio of 54.82%.
Current wording
Performance metrics: Net interest margin of 5.12%, return on average assets of 1.81%, return on average tangible common stockholders’ equity of 17.20%, and efficiency ratio of 56.65%.
Previous wording
Total Banking and Financial Service Revenuesof $32.8 million compared to $26.3 million in the third quarter of 2024 and $32.1 million in the fourth quarter of 2023. Compared to the third quarter of 2024, the fourth quarter of 2024 included $2.1 million annual insurance commission recognition, $4.8 million favorable MSR valuation, and $0.8 million from the August 2024 acquisition of a Puerto Rico residential mortgage servicing portfolio.
Current wording
Total Banking and Financial Service Revenuesof $32.6 million compared to $29.3 million in the third quarter of 2025 and $32.8 million in the fourth quarter of 2024. Compared to the third quarter of 2025, total banking and financial service revenue in the fourth quarter of 2025 reflected increased wealth management revenues due to $2.3 million in annual insurance commission recognition.
Previous wording
Total Provision for Credit Losses of $30.2 million compared to $21.4 million in the third quarter of 2024 and $19.7 million in the fourth quarter of 2023. The fourth quarter of 2024 primarily reflected $18.1 million for increased loan volume, $7.6 million for a specific reserve related to four U.S. commercial loans, and $2.6 million recovery from the sale of auto and consumer loans. The fourth quarter of 2024 also included $5.7 million qualitative adjustment to account for uncertainty of recent increasing auto delinquency trends that the model does not fully capture.
Current wording
Total Provision for Credit Losses of $31.9 million compared to $28.3 million in the third quarter of 2025 and $30.2 million in the fourth quarter of 2024. Total provision for credit losses in the fourth quarter of 2025 primarily reflected $21.8 million for increased loan volume, $5.1 million for a specific reserve on a Puerto Rico telecommunications commercial loan, $2.4 million related to U.S. macroeconomic factors, and $1.7 million in charge-offs from the non-performing loans sale.
Previous wording
New Loan Productionof $609.0 million compared to $572.2 million in the third quarter of 2024 and $663.9 million in the fourth quarter of 2023. Compared to the third quarter of 2024, the fourth quarter of 2024 reflected increases in Puerto Rico commercial, auto and residential mortgage lending, partially offset by a decrease in U.S. commercial and Puerto Rico consumer lending.
Current wording
New Loan Productionof $605.6 million compared to $623.9 million in the third quarter of 2025 and $609.0 million in the fourth quarter of 2024. Compared to the third quarter of 2025, new loan production in the fourth quarter of 2025 reflected decreases in Puerto Rico and U.S. commercial and consumer lending, partially offset by increases in auto and residential mortgage lending. Year-over-year new loan production increased $265.3 million or 11.5% to a record $2.57 billion.
Previous wording
Total Borrowings and Brokered Deposits of $557.2 million compared to $346.5 million in the third quarter of 2024 and $363.0 million in the fourth quarter of 2023.
Current wording
Total Borrowings and Brokered Deposits of $897.3 million compared to $746.4 million in the third quarter of 2025 and $557.2 million in the fourth quarter of 2024. Compared to the third quarter of 2025, the fourth quarter of 2025 reflected increased brokered deposits, mainly for liquidity management.
Previous wording
Cash and Cash Equivalentsof $591.1 million compared to $680.6 million in the third quarter of 2024 and $748.2 million in the fourth quarter of 2023.
Current wording
Cash and Cash Equivalentsof $1.04 billion compared to $740.3 million in the third quarter of 2025 and $591.1 million in the fourth quarter of 2024. Compared to the third quarter of 2025, the fourth quarter of 2025 reflected increased deposits.
Previous wording
Capital: CET1 ratio was 14.26% compared to 14.37% in the third quarter of 2024 and 14.12% in the fourth quarter of 2023. The Tangible Common Equity ratio was 10.13% compared to 10.72% in the third quarter of 2024 and 9.68% in the fourth quarter of 2023. Tangible Book Value per share was $25.43 compared to $26.15 in the third quarter of 2024 and $23.13 in the fourth quarter of 2023. Tangible Book Value per share reflected the above-mentioned share buybacks and lower other comprehensive income.
Current wording
Capital: CET1 ratio was 13.97% compared to 14.13% in the third quarter of 2025 and 14.26% in the fourth quarter of 2024. Tangible Common Equity ratio was 10.47% compared to 10.55% in the third quarter of 2025 and 10.13% in the fourth quarter of 2024. Tangible Book Value per share was $29.96 compared to $28.92 in the third quarter of 2025 and $25.43 in the fourth quarter of 2024.
Previous wording
Interest rate spread decreased by 42 basis points to 5.29% from 5.71% and net interest margin decreased 36 basis points to 5.43% from 5.79%. This reflects an increase of 23 and 65 basis points, respectively, in the total average yield of interest-earning assets and the average cost of interest-bearing liabilities.
Current wording
Interest rate spread decreased by 17 basis points to 5.12% from 5.29% and net interest margin decreased by 16 basis points to 5.27% from 5.43%. This reflects a decrease of 16 basis points in the total average yield of interest-earning assets.
Previous wording
•A $58.9 million increase in interest income from loans driven by higher interest income from: (i) commercial loans of $28.3 million, primarily related to the upward repricing of variable rate commercial loans, increased yields on new loans originated during 2024, and higher average balance; (ii) auto loans of $29.9 million reflecting higher originations during 2024; and (iii) consumer loans of $7.3 million mainly due to an increase of $56.9 million in the average balance of this portfolio. These increases were partially offset by a decrease of $6.7 million in interest income from mortgage loans due to a reduction of $135.4 million in the average balance of this portfolio, mainly from regular paydowns and the securitization and sale of conforming loans; and
Current wording
•A $16.3 million increase in interest income from loans mainly driven by growth in average balances across multiple portfolios, including: (i) $18.0 million from auto loans mainly due to an increase of $207.8 million in the average balance; and (ii) $3.5 million from consumer loans mainly due to an increase of $28.9 million in the average balance. These increases were partially offset by lower interest income of: (i) $5.9 million from mortgage loans due to a reduction of $94.8 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 $0.7 million, reflecting the repricing of variable rate loans at lower market rates; and
Previous wording
•A $42.4 million increase in interest income from investment securities, primarily due to the acquisition of higher-yield investment securities in 2023 and 2024. Purchases contributed to higher average volume of $650.3 million, which resulted in an increase in interest income of $22.9 million, and higher yield by 83 basis points, which contributed to the increase in net interest income of $19.4 million.
Current wording
•A $15.1 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 $226.8 million, contributing $10.6 million to interest income, and higher yield by 20 basis points, which contributed to an increase in interest income of approximately $4.5 million.
Previous wording
OFG's non-interest income of $123.2 million decreased by $5.2 million from $128.4 million.
Current wording
OFG’s non-interest income of $123.0 million decreased by $0.2 million from $123.2 million. The decrease in non-interest income was mainly due to:
Previous wording
•A $2.6 million increase in wealth management revenue primarily reflecting: (i) $1.4 million in broker-dealer fees related to higher investment advisory service fees and mutual funds retailer fees, (ii) $813 thousand in insurance income related to higher income from annuities and (iii) an increase in trust fees of $449 thousand due to higher trustee-only fees; and
Current wording
•A $2.1 million increase in wealth management revenue primarily reflecting higher revenues from: (i) broker-dealer fees of $1.3 million related to investment advisory service fees and mutual funds retailer fees, and (ii) insurance income by $873 thousand reflecting increases in annuities and premiums; and
Previous wording
Non-interest expense was $375.7 million, representing an increase of 3.4%, or $12.3 million, compared to $363.4 million. The increase in non-interest expense was mainly due to:
Current wording
Non-interest expense was $389.8 million, representing an increase of 3.8% or $14.1 million, compared to $375.7 million. The increase in non-interest expense was mainly due to:
Previous wording
•Increase in compensation and employee benefits of $3.9 million primarily reflecting: (i) $3.4 million in early retirement and business rightsizing and (ii) higher salaries and benefits, including payroll taxes.
Current wording
•Increase of $2.7 million in compensation and employee benefits as a result of higher salaries and benefits, including payroll taxes;
Previous wording
•Increase in taxes, other than payroll and income taxes, of $981 thousand related to higher municipal taxes recorded during 2024;
Current wording
•Increase of $1.8 million in taxes, other than payroll and income taxes related to higher municipal taxes recorded during the year;
Previous wording
The efficiency ratio was 52.94%, an improvement from 53.22%. 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 (losses) 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 efficiency ratio computation for years ended December 31, 2024 and 2023 amounted to $2.1 million and $6.5 million, respectively.
Current wording
The efficiency ratio was 53.41% compared to 52.94%. Amounts presented as part of non-interest income that were excluded from the efficiency ratio computation for 2025 and 2024 amounted to $1.6 million and $2.1 million, respectively.
Previous wording
Provision for credit losses increased $21.7 million to $82.3 million from $60.6 million. The provision for credit losses for 2024 reflected a provision of $60.2 million related to growth in loan balance, $12.6 million from the loss rate model and $13.4 million related to commercial-specific loan reserves, including $8.6 million in the US commercial loan portfolio, which was offset by a $6.0 million release from the economic model. It also included a $5.7 million qualitative adjustment to account for uncertainty of recent increasing auto delinquency trends that the model does not fully capture, net of a $2.7 million reserve release mainly due to an improved U.S. macroeconomic perspective earlier in the year.
Current wording
The provision for credit losses for 2024 reflected a provision of $60.2 million related to growth in loan balance, $12.6 million from the loss rate model and $13.4 million related to commercial-specific loan reserves, including $8.6 million in the US commercial loan portfolio, which was offset by a $6.0 million release from the economic model. It also included a $5.7 million qualitative adjustment to account for uncertainty of recent increasing auto delinquency trends that the model does not fully capture, net of a $2.7 million reserve release mainly due to an improved U.S. macroeconomic perspective earlier in 2024.
Previous wording
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 to 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, dedicated services or time, among others. Following are the results of operations and the selected financial information by operating segment for 2024 and 2023.
Current wording
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 2025 and 2024.
Previous wording
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 $278.4 million and $300.3 million at December 31, 2024 and 2023, 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 decrease in interest income and interest expense from the prior year period was mainly as a result of lower interest rate and average balance.
Current wording
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 $283.9 million and $278.4 million at December 31, 2025 and 2024, respectively, which is used 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 was mainly as a result of higher interest rate.
Previous wording
OFG’s banking segment net income before taxes decreased by $65.8 million from $188.3 million to $122.6 million, mainly due to:
Current wording
OFG’s banking segment net income before taxes decreased by $20.3 million from $122.6 million to $102.2 million, mainly due to:
Previous wording
•Increase of $(22.2) million in provision for credit losses, mainly due to growth in loan balances;
Current wording
•Increase of $25.0 million in provision for credit losses, mainly due to growth in loan balances, specific reserves and alignment of economic and loss rate model assumptions;
Previous wording
•Decrease of $10.4 million in non-interest income, mainly from $3.6 million in reduced interchange fees due to the implementation of Durbin Amendment that took effect in July 1, 2024 and a $6.3 million gain on the sale of commercial non-performing loans HFS during 2023.
Current wording
•Decrease of $4.5 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
Previous wording
•Increase of $10.6 million in non-interest expenses, mainly due to: (i) $3.4 million increase in foreclosed real estate and other repossessed assets expenses, net of income, due to unfavorable valuation adjustments and lower gain on sale of foreclosed real estate from decrease in sales volume; (ii) increase in compensation and employee benefits of $2.0 million due to higher salaries and benefits, including payroll taxes and (iii) increase in electronic banking charges of $1.5 million mainly due to debit and credit card expenses;
Current wording
•Increase of $12.3 million in non-interest expenses, mainly due to increases of: (i) $4.3 million in electronic banking charges due to increased transaction volumes, (ii) $4.9 million in professional and service fees due to a performance based advisory costs as part of the renegotiation of a cost-saving technology services contract and higher compliance-related expenses, (iii) $1.8 million as a result of higher salaries and benefits, including payroll taxes, and (iv) $2.0 million reduction in foreclosed real estate and other repossessed assets expenses (income), net. This reduction primarily reflects a $4.0 million increase in gains from the sale of other repossessed assets driven by higher volume of units sold and improved pricing, partially offset by $1.9 million lower gains on sales of foreclosed real estate due to lower volume of properties sold.
Previous wording
•Increase of $58.9 million in interest income from loans, driven by increased yields on higher loan balances.
Current wording
•Increase of $16.3 million in interest income from loans, driven by higher loan balances; and
Previous wording
Wealth management segment revenue consists of commissions and fees from fiduciary activities, securities brokerage, and insurance and reinsurance activities. Net income before taxes from this segment increased from $16.0 million to $17.9 million, mainly from higher non interest income of $4.1 million, mainly 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 $-1.9 million.
Current wording
Net income before taxes from this segment increased from $17.9 million to $18.7 million, mainly from higher non-interest income of $2.3 million, mostly related to higher broker-dealer fees from investment advisory service fees and mutual funds retailer fees, higher insurance income from annuities and premiums, and an increase in trustee-only fees, partially offset by higher salaries and employee benefits of $0.8 million.
Previous wording
At December 31, 2024, OFG’s total assets amounted to $11.501 billion, an increase of $156.2 million, when compared to $11.344 billion at December 31, 2023.
Current wording
At December 31, 2025, OFG’s total assets amounted to $12.466 billion, an increase of $965.0 million, when compared to $11.501 billion at December 31, 2024.
Previous wording
The investment portfolio increased by $33.5 million or 1.2% primarily driven by $1.326 billion new available-for-sale US Treasury and mortgage-backed securities, and $74.7 million in mortgage loan securitization. These increases were offset by the maturity of $901.7 million in US Treasury securities, principal paydowns of $310.8 million, mainly on mortgage-backed securities, and the sale of $149.4 million of US Treasury securities available-for-sale. OFG’s investment strategy focuses on liquidity and highly liquid securities, considering their investment and the current market environment.
Current wording
The investment portfolio increased by $122.9 million or 4.5% primarily driven by $526.7 million new available-for-sale mortgage-backed securities and US Treasury securities, $82.8 million in mortgage loan securitization and $87.5 million in favorable market value adjustments. These increases were offset by principal paydowns and maturities. OFG’s investment strategy focuses on liquidity and highly liquid securities, considering their investment and the current market environment.
Previous wording
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 December 31, 2024, OFG’s net loan portfolio increased by $232.2 million or 3.1% reflecting increases in commercial, retail auto and consumer loans, partially offset by regular paydowns and securitization of residential mortgage loans.
Current wording
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 December 31, 2025, OFG’s net loan portfolio increased by $380.4 million or 5.0% reflecting increases in US and Puerto Rico commercial, auto and consumer loans, partially offset by mortgage securitization and portfolio run-off.
Previous wording
At December 31, 2024, 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 (“IRAs”) and manages retirement plans and custodian and corporate trust accounts. At December 31, 2024 and 2023, the total assets managed by OFG’s trust division amounted to $2.262 billion and $2.512 billion, respectively. 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 December 31, 2024, total assets managed by the securities broker-dealer and insurance agency subsidiaries from their customers’ investment accounts amounted to $2.247 billion, compared to $2.446 billion at December 31, 2023. The decrease in trust and broker-dealer related assets reflects the termination of services by a retirement plan customer during 2024.
Current wording
At December 31, 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 IRAs and manages retirement plans and custodian and corporate trust accounts. At December 31, 2025 and 2024, the total assets managed by OFG’s trust division amounted to $2.490 billion and $2.262 billion, respectively. The increase of $227.8 million reflects growth in the investments comprising the retirement plan assets, reflecting changes in current market conditions, as well as ongoing employee and employer contributions to the plans during the year. These increases were partially offset by distributions made to plan participants and administrative expenses incurred by the plans during 2025. 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 December 31, 2025, total assets managed by the securities broker-dealer and insurance agency subsidiaries from their customers’ investment accounts amounted to $2.613 billion, compared to $2.247 billion at December 31, 2024. The increase of $365.6 million in broker-dealer related assets is mainly due to new customers accounts opened during the year and changes in current market conditions.
Previous wording
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.
Current wording
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 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 December 31, 2025.
Previous wording
OFG’s loan portfolio is composed of commercial, mortgage, consumer, and auto loans. As shown in Table 6 above, total loans, net, amounted to $7.634 billion at December 31, 2024, a 3.1% increase when compared to $7.402 billion at December 31, 2023. The composition and trends of OFG’s loans held-for-investment portfolio were as follows:
Current wording
OFG’s loan portfolio is composed of commercial, mortgage, consumer, and auto loans. As shown in Table 6 above, total loans, net, amounted to $8.014 billion at December 31, 2025, a 5.0% 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:
Previous wording
•Commercial loan portfolio amounted to $3.103 billion (39.8% of the gross loan portfolio) compared to $3.077 billion (40.8% of the gross loan portfolio) at December 31, 2023, a 0.9% increase as a result of originations and credit lines usage during 2024. Commercial loans secured by non-owner occupied commercial real estate amounted to $796.9 million and $744.6 million at December 31, 2024 and 2023, respectively, which represented 10.2% and 9.9% of our total gross loan portfolio held for investment. Commercial US loans amounted to $704.1 million and $755.2 million at December 31, 2024 and 2023, respectively, which represented 9.0% and 10.0% of our total gross loan portfolio held for investment.
Current wording
•Commercial loan portfolio amounted to $3.490 billion (42.6% of the gross loan portfolio) compared to $3.103 billion (39.8% of the gross loan portfolio) at December 31, 2024, a 12.5% increase as a result of originations and credit lines usage during 2025. Commercial loans secured by non-owner occupied commercial real estate amounted to $774.1 million and $796.9 million at December 31, 2025 and 2024, respectively, which represented 9.4% of our total gross loan portfolio held-for-investment. Commercial US loans amounted to $830.0 million and $704.1 million at December 31, 2025 and 2024, respectively, which represented 10.1% and 9.0% of our total gross loan portfolio held-for-investment.
Previous wording
Commercial loan production decreased 19% or $213.0 million to $895.3 million in 2024 from $1.108 billion in 2023, 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. Excluding commercial US loans activities, commercial PR loan production slightly decreased 0.7% to $739.6 million in 2024 from $744.7 million in 2023.
Current wording
Commercial loan production increased 41.7% or $373.8 million to $1.269 billion in 2025 from $895.3 million in 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. Excluding commercial US loans activities, commercial PR loan production increased by 13.0% to $835.6 million in 2025 from $739.6 million in 2024.
Previous wording
•Mortgage loan portfolio amounted to $1.471 billion (18.9% of the gross loan portfolio) compared to $1.563 billion (20.7% of the gross originated loan portfolio) at December 31, 2023, a 5.9% decrease resulting from regular paydowns of residential mortgages and securitization of conforming loans into mortgage-backed securities. Mortgage loans included delinquent loans in the GNMA buy-back option program amounting to $48.6 million and $19.4 million at December 31, 2024 and December 31, 2023, respectively. In 2024, OFG acquired the servicing rights to a $1.7 billion mortgage loan portfolio that was being subserviced by the Bank. At the time of acquisition, defaulted loans under the GNMA buy-back option program corresponding to this servicing portfolio amounted to $24.2 million. 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.
Current wording
•Mortgage loan portfolio amounted to $1.390 billion (17.0% of the gross loan portfolio) compared to $1.471 billion (18.9% of the gross originated loan portfolio) at December 31, 2024, a 5.5% 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 $56.5 million and $48.6 million at December 31, 2025 and 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.
Previous wording
Mortgage loan production totaled $150.3 million in 2024, which represents an increase of 13.1% from $133.0 million in 2023.
Current wording
Mortgage loan production totaled $179.6 million in 2025, which represents an increase of 19.5% from $150.3 million in 2024.
Previous wording
•Consumer loan portfolio amounted to $668.6 million (8.6% of the gross loan portfolio) compared to $620.4 million (8.2% of the gross loan portfolio) at December 31, 2023. Consumer loan production decreased by 3% or $9.1 million to $304.5 million in 2024 from $313.6 million in 2023.
Current wording
•Consumer loan portfolio amounted to $683.5 million (8.3% of the gross loan portfolio) compared to $668.6 million (8.6% of the gross loan portfolio) at December 31, 2024. Consumer loan production decreased by 5.1% or $15.6 million to $288.8 million in 2025 from $304.5 million in 2024.
Previous wording
•Auto loans portfolio amounted to $2.549 billion (32.7% of the gross loan portfolio) compared to $2.274 billion (30.3% of the gross originated loan portfolio) at December 31, 2023. Auto loans production increased by 4% or $37.1 million to $956.8 million in 2024 from $919.7 million in 2023.
Current wording
•Auto loans portfolio amounted to $2.637 billion (32.1% of the gross loan portfolio) compared to $2.549 billion (32.7% of the gross originated loan portfolio) at December 31, 2024. Auto loans production decreased by 12.76% or $122.1 million to $834.7 million in 2025 from $956.8 million in 2024.
Showing the first 40 of 64 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The following table includes the maturities of OFG’s lending exposure to the Puerto Rico government.
Current report — wording carried from elsewhere
As of December 31, 2025, OFG had $3.1 million in non-accrual commercial US loans held-for-sale. There were no past due or non-accrual commercial loans held-for-sale as of December 31, 2024.
Rearranged previous paragraphs (9)
Previous report — wording carried elsewhere
In January 2024, OFG announced that its Board of Directors approved the increase of its regular quarterly cash dividend to $0.25 per common share from $0.22 per share, beginning in the quarter ending March 31, 2024. The Board of Directors
Previous report — wording carried elsewhere
At December 31, 2024, OFG has $66.4 million of direct credit exposure to the Puerto Rico government, a $2.1 million decrease from $68.6 million at December 31, 2023.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
The following are OFG’s consolidated capital, dividends, and stock data, including capital ratios under the Basel III capital rules at December 31, 2024 and 2023:
Previous report — wording carried elsewhere
OFG’s common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “OFG”. At December 31, 2024 and 2023, OFG’s market capitalization for its outstanding common stock was $1.923 billion ($42.32 per share) and $1.764 billion ($37.48 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:
Previous report — wording carried elsewhere
In January 2024, the Board of Directors approved a $50.0 million stock repurchase program. The new open-ended stock repurchase program replaced the prior stock repurchase program, which had been approved by the Board of Directors in January 2022 and had $17.2 million remaining of its $100.0 million repurchase parameters. In October 2024, OFG announced that its Board of Directors approved a new $50.0 million stock repurchase program, in addition to the 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.
Previous report — wording carried elsewhere
OFG did not repurchase any shares of its common stock during December 31, 2024, 2023 and 2022 other than through its publicly announced stock repurchase programs.
Previous report — wording carried elsewhere
At December 31, 2024, the estimated remaining number of shares that may be purchased under the $50.0 million programs is 701,236 and was calculated by dividing the remaining balance of $29.7 million by $42.32 (closing price of OFG’s common stock at December 31, 2024).