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Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity [Abstract]

Stockholders' Equity

NOTE 17 – STOCKHOLDERS’ EQUITY

Preferred Stock and Common Stock

At both September 30, 2020 and December 31, 2019, preferred and common stock paid-in capital amounted $92.0 million and $59.9 million, respectively.

Additional Paid-in Capital

Additional paid-in capital represents contributed capital in excess of par value of common and preferred stock net of the costs of issuance. As of both September 30, 2020 and December 31, 2019, accumulated issuance costs charged against additional paid-in capital amounted to $13.6 million and $10.1 million for common and preferred stock, respectively.

Legal Surplus

The Puerto Rico Banking Act requires that a minimum of 10% of the Bank’s net income for the year be transferred to a reserve fund until such fund (legal surplus) equals the total paid in capital on common and preferred stock. At September 30, 2020 and December 31, 2019, the Bank’s legal surplus amounted to $101.2 million and $95.8 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders.

Treasury Stock

Under Oriental’s current stock repurchase program, it is authorized to purchase in the open market up to $5.5 million of its outstanding shares of common stock. The shares of common stock repurchased are to be held by Oriental as treasury shares. During the nine-month period ended September 30, 2020, Oriental purchased 175,000 shares under this program for a total of $2.2 million, at an average price of $12.69 per share. During the nine-month period ended September 30, 2019, Oriental did not repurchase any shares under the program.

At September 30, 2020 the number of shares that may yet be purchased under the $70 million program is estimated at 442,251 and was calculated by dividing the remaining balance of $5.5 million by $12.46 (closing price of Oriental's common stock at September 30, 2020). Oriental did not purchase any shares of its common stock during the nine-month periods ended September 30, 2020, other than through its publicly announced stock repurchase program.The activity in connection with common shares held in treasury by Oriental for the nine-month periods ended September 30, 2020 and 2019 is set forth below:

		Nine-Month Period Ended September 30,
		2020					2019
				Dollar					Dollar
		Shares		Amount			Shares		Amount
		(In thousands, except shares data)
Beginning of period	$	8,486,278		$	102,339		8,591,310		$	103,633
Common shares used upon lapse of restricted stock units and options		(120,630)			(1,470)		(53,132)			(697)
Common shares repurchased as part of the stock repurchase program		175,000			2,226		-			-
End of period	$	8,540,648		$	103,095		8,538,178		$	102,936