<SEC-DOCUMENT>0001030469-20-000019.txt : 20200626
<SEC-HEADER>0001030469-20-000019.hdr.sgml : 20200626
<ACCEPTANCE-DATETIME>20200626151309
ACCESSION NUMBER:		0001030469-20-000019
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200626
DATE AS OF CHANGE:		20200626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OFG BANCORP
		CENTRAL INDEX KEY:			0001030469
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				660538893
		STATE OF INCORPORATION:			PR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12647
		FILM NUMBER:		20993688

	BUSINESS ADDRESS:	
		STREET 1:		254 MU?OZ RIVERA AVENUE
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00918
		BUSINESS PHONE:		7877716800

	MAIL ADDRESS:	
		STREET 1:		254 MU?OZ RIVERA AVENUE
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00918

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ORIENTAL FINANCIAL GROUP INC
		DATE OF NAME CHANGE:	19970110
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>ofg11k20191231.htm
<DESCRIPTION>FORM 11-K
<TEXT>
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<div id="a0" style="position:absolute;left:408.133px;top:977.7px;">&#160;</div><div id="a1" style="position:absolute;font-weight:bold;left:354.773px;top:96.1px;">UNITED STATES </div><div id="a3" style="position:absolute;font-weight:bold;left:264.333px;top:111.3px;">SECURITIES AND EXCHANGE COMMISSION </div><div id="a5" style="position:absolute;font-weight:bold;left:329.44px;top:126.8px;">WASHINGTON,<div style="display:inline-block;width:5.15px">&#160;</div>DC 20549 </div><div id="a7" style="position:absolute;font-weight:bold;left:314.773px;top:142px;">____________________________ </div><div id="a9" style="position:absolute;font-weight:bold;left:408.133px;top:157.5px;">&#160;</div><div id="a10" style="position:absolute;font-size:16px;font-weight:bold;left:364.64px;top:172.9px;">FORM 11-K </div><div id="a14" style="position:absolute;font-size:16px;font-weight:bold;left:308.107px;top:191.3px;">_________________________ </div><div id="a16" style="position:absolute;font-size:16px;font-weight:bold;left:408.133px;top:209.7px;">&#160;</div><div id="a17" style="position:absolute;font-weight:bold;left:279.84px;top:227.9px;">FOR ANNUAL REPORTS OF EMPLOYEE </div><div id="a19" style="position:absolute;font-weight:bold;left:289.693px;top:243.4px;">STOCK REPURCHASE SAVINGS<div style="display:inline-block;width:5.47px">&#160;</div>AND </div><div id="a21" style="position:absolute;font-weight:bold;left:231.267px;top:258.6px;">SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE </div><div id="a23" style="position:absolute;font-weight:bold;left:285.693px;top:274px;">SECURITIES EXCHANGE ACT OF 1934 </div><div id="a25" style="position:absolute;font-weight:bold;left:408.133px;top:289.2px;">&#160;</div><div id="a26" style="position:absolute;font-weight:bold;left:101.367px;top:304.7px;">(Mark One):<div style="display:inline-block;width:10.26px">&#160;</div></div><div id="a27" style="position:absolute;font-weight:bold;color:#FFFFFF;left:188.067px;top:304.7px;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..</div><div id="a28" style="position:absolute;font-weight:bold;left:714.627px;top:304.7px;">&#160;</div><div id="a29" style="position:absolute;font-weight:bold;left:408.133px;top:319.9px;">&#160;</div><div id="a30" style="position:absolute;font-size:14.667px;left:103.5px;top:335px;">&#9746;</div><div id="a31" style="position:absolute;font-size:14.667px;left:118.967px;top:335px;"><div style="display:inline-block;width:7.47px">&#160;</div></div><div id="a32" style="position:absolute;font-weight:bold;left:130.167px;top:336.2px;">ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF </div><div id="a33" style="position:absolute;font-weight:bold;left:404.933px;top:351.7px;">1934. </div><div id="a35" style="position:absolute;font-weight:bold;left:120.033px;top:366.9px;">&#160;</div><div id="a36" style="position:absolute;font-weight:bold;left:306.227px;top:382.3px;">For the fiscal year ended December 31, 2019 </div><div id="a41" style="position:absolute;font-weight:bold;left:120.033px;top:397.5px;">&#160;</div><div id="a42" style="position:absolute;font-weight:bold;left:410px;top:413px;">OR </div><div id="a44" style="position:absolute;font-weight:bold;left:420.133px;top:428.2px;">&#160;</div><div id="a45" style="position:absolute;font-size:14.667px;left:97.1px;top:443.2px;">&#9744;</div><div id="a46" style="position:absolute;font-size:14.667px;left:110.167px;top:443.2px;"><div style="display:inline-block;width:7.47px">&#160;</div></div><div id="a47" style="position:absolute;font-weight:bold;left:121.367px;top:444.5px;">TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE<div style="display:inline-block;width:14.01px">&#160;</div>ACT </div><div id="a48" style="position:absolute;font-weight:bold;left:394.267px;top:459.9px;">OF 1934. </div><div id="a50" style="position:absolute;font-weight:bold;left:96.033px;top:475.1px;">&#160;</div><div id="a51" style="position:absolute;font-weight:bold;left:256.6px;top:490.6px;">For the transition period from __________ to __________ </div><div id="a53" style="position:absolute;font-weight:bold;left:120.033px;top:505.8px;">&#160;</div><div id="a54" style="position:absolute;font-weight:bold;left:319.573px;top:521.3px;">Commission file number 001-12647 </div><div id="a59" style="position:absolute;font-weight:bold;left:96.033px;top:536.5px;">&#160;</div><div id="a60" style="position:absolute;left:142.16px;top:552px;">A. Full title of the plan and the address of the plan, if different from that of the issuer named below: </div><div id="a63" style="position:absolute;left:96.033px;top:567.2px;">&#160;</div><div id="a64" style="position:absolute;font-size:16px;font-weight:bold;left:200.333px;top:582.9px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a66" style="position:absolute;left:360.64px;top:601px;">c/o Oriental Bank </div><div id="a68" style="position:absolute;left:333.96px;top:616.2px;">254 Mu&#241;oz Rivera Avenue,<div style="display:inline-block;width:4.42px">&#160;</div></div><div id="a70" style="position:absolute;left:338.773px;top:631.7px;">Oriental Center 15</div><div id="a71" style="position:absolute;font-size:8.8px;left:438.267px;top:631.1px;">th</div><div id="a72" style="position:absolute;left:444.933px;top:631.7px;"><div style="display:inline-block;width:3.47px">&#160;</div>Floor<div style="display:inline-block;width:3.13px">&#160;</div></div><div id="a75" style="position:absolute;left:330.773px;top:646.9px;">San Juan, Puerto Rico 00918</div><div id="a76" style="position:absolute;font-weight:bold;left:485.227px;top:646.9px;">&#160;</div><div id="a77" style="position:absolute;font-weight:bold;left:408.133px;top:662.4px;">&#160;</div><div id="a78" style="position:absolute;left:118.7px;top:677.6px;">B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: </div><div id="a81" style="position:absolute;left:408.133px;top:693.1px;">&#160;</div><div id="a82" style="position:absolute;font-size:16px;font-weight:bold;left:349.173px;top:708.5px;">OFG BANCORP </div><div id="a84" style="position:absolute;left:333.96px;top:726.7px;">254 Mu&#241;oz Rivera Avenue,<div style="display:inline-block;width:4.42px">&#160;</div></div><div id="a86" style="position:absolute;left:338.773px;top:742.1px;">Oriental Center 15</div><div id="a87" style="position:absolute;font-size:8.8px;left:438.267px;top:741.5px;">th</div><div id="a88" style="position:absolute;left:444.933px;top:742.1px;"><div style="display:inline-block;width:3.47px">&#160;</div>Floor<div style="display:inline-block;width:3.13px">&#160;</div></div><div id="a91" style="position:absolute;left:330.773px;top:757.3px;">San Juan, Puerto Rico 00918</div><div id="a92" style="position:absolute;font-weight:bold;left:485.227px;top:757.3px;">&#160;</div><div id="a93" style="position:absolute;font-size:18.667px;left:408.133px;top:789px;">&#160;</div><div id="a94" style="position:absolute;font-family:Calibri;font-size:14.667px;left:96.033px;top:810px;">&#160;</div></div>
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<div id="a95" style="position:absolute;left:408.133px;top:977.7px;">&#160;</div><div id="a96" style="position:absolute;font-weight:bold;left:235px;top:96.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a98" style="position:absolute;font-weight:bold;left:408.133px;top:111.3px;">&#160;</div><div id="a99" style="position:absolute;font-weight:bold;left:408.133px;top:126.8px;">&#160;</div><div id="a100" style="position:absolute;font-weight:bold;left:336.107px;top:142px;">TABLE OF CONTENTS </div><div id="a102" style="position:absolute;font-weight:bold;left:105.9px;top:157.5px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a105" style="position:absolute;font-weight:bold;left:105.9px;top:172.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a107" style="position:absolute;left:671.4px;top:172.7px;">Page</div><div id="a109" style="position:absolute;font-weight:bold;left:117.9px;top:189.5px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a112" style="position:absolute;left:105.9px;top:204.7px;">Report of Independent Registered Public Accounting Firm </div><div id="a115" style="position:absolute;left:681px;top:204.7px;">1 </div><div id="a119" style="position:absolute;left:105.9px;top:235.4px;">Financial Statements: </div><div id="a122" style="position:absolute;left:117.9px;top:250.8px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a125" style="position:absolute;left:117.9px;top:266px;">Statements of Net Assets Available for Benefits as of December 31, 2019 and 2018 </div><div id="a129" style="position:absolute;left:681px;top:266px;">3 </div><div id="a131" style="position:absolute;left:117.9px;top:281.5px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a134" style="position:absolute;left:117.9px;top:296.7px;">Statement of Changes in Net Assets Available for Benefits for the year ended </div><div id="a136" style="position:absolute;left:132.033px;top:312.2px;">December 31, 2019 </div><div id="a140" style="position:absolute;left:681px;top:312.2px;">4 </div><div id="a142" style="position:absolute;left:117.9px;top:327.4px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a145" style="position:absolute;left:117.9px;top:342.9px;">Notes to Financial Statements </div><div id="a147" style="position:absolute;left:667.667px;top:342.9px;">5 &#8211; 12 </div><div id="a152" style="position:absolute;left:117.9px;top:358.1px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a155" style="position:absolute;left:117.9px;top:373.5px;">Supplemental Schedules: </div><div id="a159" style="position:absolute;left:126.167px;top:388.7px;">Schedule I &#8211; Schedule G, Part III - Nonexempt Transactions for the year ended<div style="display:inline-block;width:3.81px">&#160;</div></div><div id="a169" style="position:absolute;left:126.167px;top:404.2px;">December 31, 2019 </div><div id="a171" style="position:absolute;left:677.8px;top:404.2px;">13 </div><div id="a173" style="position:absolute;left:126.167px;top:419.4px;">Schedule II &#8211; Schedule H, Line 4i - Schedule of Assets (Held at Year<div style="display:inline-block;width:4.96px">&#160;</div>End) as of<div style="display:inline-block;width:3.4px">&#160;</div></div><div id="a185" style="position:absolute;left:132.033px;top:434.9px;">December 31, 2019 </div><div id="a189" style="position:absolute;left:677.8px;top:434.9px;">14 </div><div id="a193" style="position:absolute;left:117.9px;top:465.5px;">Exhibits<div style="display:inline-block;width:3.32px">&#160;</div></div><div id="a195" style="position:absolute;left:677.8px;top:465.5px;">15 </div><div id="a199" style="position:absolute;left:117.9px;top:496.2px;">Signatures </div><div id="a201" style="position:absolute;left:677.8px;top:496.2px;">16 </div><div id="a205" style="position:absolute;font-family:Calibri;font-size:14.667px;left:96.033px;top:526.7px;">&#160;</div></div>
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<div id="a206" style="position:absolute;left:408.133px;top:977.7px;">&#160;</div><div id="a207" style="position:absolute;font-family:Arial;font-weight:bold;left:96.033px;top:96.3px;">&#160;</div><div id="a208" style="position:absolute;font-weight:bold;left:240.867px;top:112.4px;">Report of Independent Registered Public Accounting Firm </div><div id="a211" style="position:absolute;left:96.033px;top:154px;">To the Plan Participants and Plan Administrator </div><div id="a213" style="position:absolute;left:96.033px;top:169.5px;">Oriental Bank CODA Profit Sharing Plan: </div><div id="a215" style="position:absolute;font-family:Arial;left:96.033px;top:185.6px;">&#160;</div><div id="a216" style="position:absolute;font-style:italic;left:96.033px;top:214px;">Opinion on the Financial Statements </div><div id="a218" style="position:absolute;left:96.033px;top:229.5px;">&#160;</div><div id="a219" style="position:absolute;left:96.033px;top:244.7px;">We have audited the accompanying statements of net assets available for benefits of The<div style="display:inline-block;width:4.82px">&#160;</div>Oriental Bank CODA </div><div id="a222" style="position:absolute;left:96.033px;top:260.2px;">Profit Sharing Plan (the Plan) as of December 31, 2019 and 2018, the related statement of changes in net </div><div id="a224" style="position:absolute;left:96.033px;top:275.4px;">assets available for benefits for the year ended December 31, 2019, and the related notes (collectively, the </div><div id="a226" style="position:absolute;left:96.033px;top:290.8px;">financial statements). In our opinion, the financial statements present fairly, in all material respects, the net </div><div id="a229" style="position:absolute;left:96.033px;top:306px;">assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets </div><div id="a231" style="position:absolute;left:96.033px;top:321.5px;">available for benefits for the year ended December 31, 2019, in conformity with U.S. generally accepted </div><div id="a234" style="position:absolute;left:96.033px;top:336.7px;">accounting principles. </div><div id="a237" style="position:absolute;font-style:italic;left:96.033px;top:352.2px;">&#160;</div><div id="a238" style="position:absolute;font-style:italic;left:96.033px;top:367.4px;">Basis for Opinion </div><div id="a240" style="position:absolute;left:96.033px;top:382.9px;">&#160;</div><div id="a241" style="position:absolute;left:96.033px;top:398.1px;">These financial statements are the responsibility of the Plan&#8217;s management. Our responsibility is to express an </div><div id="a243" style="position:absolute;left:96.033px;top:413.5px;">opinion on these financial statements based on our audits. We are a public accounting<div style="display:inline-block;width:4.81px">&#160;</div>firm registered with the </div><div id="a246" style="position:absolute;left:96.033px;top:428.7px;">Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent </div><div id="a248" style="position:absolute;left:96.033px;top:444.2px;">with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and </div><div id="a250" style="position:absolute;left:96.033px;top:459.4px;">regulations of the Securities and Exchange Commission and the PCAOB. </div><div id="a254" style="position:absolute;left:96.033px;top:474.9px;">&#160;</div><div id="a255" style="position:absolute;left:96.033px;top:490.1px;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we </div><div id="a257" style="position:absolute;left:96.033px;top:505.6px;">plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of </div><div id="a260" style="position:absolute;left:96.033px;top:520.8px;">material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the </div><div id="a262" style="position:absolute;left:96.033px;top:536.2px;">risks of material misstatement of the financial statements, whether due to error or fraud, and performing </div><div id="a264" style="position:absolute;left:96.033px;top:551.4px;">procedures that respond to those risks. Such procedures included examining, on a test basis, evidence </div><div id="a267" style="position:absolute;left:96.033px;top:566.9px;">regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the </div><div id="a269" style="position:absolute;left:96.033px;top:582.1px;">accounting principles used and significant estimates made by management, as well as evaluating the overall </div><div id="a272" style="position:absolute;left:96.033px;top:597.6px;">presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. </div><div id="a275" style="position:absolute;font-style:italic;left:96.033px;top:612.8px;">&#160;</div><div id="a276" style="position:absolute;font-style:italic;left:96.033px;top:628.3px;">Accompanying Supplemental Information</div><div id="a277" style="position:absolute;left:318.227px;top:628.3px;">&#160;</div><div id="a278" style="position:absolute;left:96.033px;top:643.5px;">&#160;</div><div id="a279" style="position:absolute;left:96.033px;top:658.9px;">The supplemental information, Schedule G, Part III - Nonexempt Transactions for the year ended </div><div id="a284" style="position:absolute;left:96.033px;top:674.1px;">December 31, 2019, and the Schedule H, Line 4i &#8211; Schedule of Assets (Held at End of Year)<div style="display:inline-block;width:5.14px">&#160;</div>as of </div><div id="a289" style="position:absolute;left:96.033px;top:689.6px;">December 31, 2019 have been subjected to audit procedures performed in conjunction with the audit of the </div><div id="a291" style="position:absolute;left:96.033px;top:704.8px;">Plan&#8217;s financial statements. The supplemental information is the responsibility of the Plan&#8217;s<div style="display:inline-block;width:5.04px">&#160;</div>management. Our </div><div id="a294" style="position:absolute;left:96.033px;top:720.3px;">audit procedures included determining whether the supplemental information reconciles to the financial </div><div id="a296" style="position:absolute;left:96.033px;top:735.5px;">statements or the underlying accounting and other records, as applicable, and performing procedures to test </div><div id="a299" style="position:absolute;left:96.033px;top:750.9px;">the completeness and accuracy of the information presented in the supplemental information. In forming our<div style="display:inline-block;width:3.86px">&#160;</div></div><div id="a302" style="position:absolute;left:96.033px;top:766.2px;">opinion on the supplemental information, we evaluated whether the supplemental information, including its form </div><div id="a305" style="position:absolute;left:96.033px;top:781.6px;">and content, is presented in conformity with the Department of Labor&#8217;s Rules and Regulations for Reporting </div><div id="a307" style="position:absolute;font-size:14.667px;left:96.033px;top:795.6px;">&#160;</div><div id="a308" style="position:absolute;left:288.107px;top:796.8px;">&#160;</div></div>
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<div id="a309" style="position:absolute;left:408.133px;top:977.7px;">&#160;</div><div id="a310" style="position:absolute;left:96.033px;top:96.1px;">and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental </div><div id="a312" style="position:absolute;left:96.033px;top:111.3px;">information is fairly stated, in all material respects, in relation to the financial statements as a whole. </div><div id="a316" style="position:absolute;left:96.033px;top:127.1px;">&#160;</div><div id="a317" style="position:absolute;left:96.033px;top:152.9px;">/s/ KPMG LLP </div><div id="a319" style="position:absolute;left:96.033px;top:179.9px;">We have served as the Plan&#8217;s<div style="display:inline-block;width:5.4px">&#160;</div>auditor since 2005 </div><div id="a321" style="position:absolute;left:96.033px;top:209px;">San Juan, Puerto Rico </div><div id="a323" style="position:absolute;left:96.033px;top:225.2px;">June 26, 2020 </div><div id="a325" style="position:absolute;left:96.033px;top:253.5px;">Stamp No. E403596 of the Puerto Rico </div><div id="a327" style="position:absolute;left:96.033px;top:268.7px;">Society of Certified Public Accountants </div><div id="a330" style="position:absolute;left:96.033px;top:285.2px;">was affixed to the record copy of this report </div><div id="a332" style="position:absolute;font-family:Calibri;font-weight:bold;left:408.133px;top:314px;">&#160;</div></div>
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<div id="a333" style="position:absolute;font-weight:bold;left:235px;top:48.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a347" style="position:absolute;left:282.773px;top:63.3px;">Statement of Net Assets Available for Benefits </div><div id="a361" style="position:absolute;left:315.027px;top:78.8px;">as of December 31, 2019 and 2018 </div><div id="a375" style="position:absolute;left:404.667px;top:977.7px;">3 </div><div id="a377" style="position:absolute;left:301.173px;top:100.4px;"><div style="display:inline-block;width:3.45px">&#160;</div></div><div id="a379" style="position:absolute;left:513.773px;top:100.4px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a381" style="position:absolute;left:571.107px;top:100.4px;"><div style="display:inline-block;width:3.45px">&#160;</div></div><div id="a383" style="position:absolute;left:628.733px;top:100.4px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a385" 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id="a401" style="position:absolute;font-weight:bold;left:521.227px;top:140.7px;"><div style="display:inline-block;width:10.13px">&#160;</div></div><div id="a403" style="position:absolute;font-weight:bold;left:621.267px;top:140.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a405" style="position:absolute;font-weight:bold;left:636.2px;top:140.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a407" style="position:absolute;font-weight:bold;left:651.133px;top:140.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a409" style="position:absolute;left:96.033px;top:159.6px;"><div style="display:inline-block;width:13.6px">&#160;</div>Investments at fair value: </div><div id="a413" style="position:absolute;left:621.267px;top:159.6px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a417" style="position:absolute;left:751.173px;top:159.6px;"><div 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style="position:absolute;left:96.033px;top:526.1px;"><div style="display:inline-block;width:66.97px">&#160;</div>Total liabilities </div><div id="a631" style="position:absolute;left:580.44px;top:526.1px;">56,812 </div><div id="a635" style="position:absolute;left:742.64px;top:526.1px;">- </div><div id="a637" style="position:absolute;left:96.033px;top:545.8px;">Net assets available for benefits </div><div id="a639" style="position:absolute;left:506.293px;top:545.8px;">$ </div><div id="a641" style="position:absolute;left:557.227px;top:545.8px;">59,277,173 </div><div id="a643" style="position:absolute;left:621.267px;top:545.8px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a645" style="position:absolute;left:636.2px;top:545.8px;">$ </div><div id="a647" style="position:absolute;left:687.133px;top:545.8px;">47,008,296 </div><div id="a649" style="position:absolute;left:96.033px;top:567.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a651" style="position:absolute;left:506.293px;top:567.7px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a653" style="position:absolute;left:521.227px;top:567.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a655" style="position:absolute;left:621.267px;top:567.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a657" style="position:absolute;left:636.2px;top:567.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a659" style="position:absolute;left:651.133px;top:567.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a661" style="position:absolute;left:294.227px;top:586.6px;">See accompanying notes to financial statements. </div></div>
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<div id="a663" style="position:absolute;font-weight:bold;left:235px;top:48.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a677" style="position:absolute;left:251.267px;top:63.3px;">Statement of Changes in Net Assets Available for Benefits </div><div id="a695" style="position:absolute;left:323.56px;top:78.8px;">Year ended<div style="display:inline-block;width:4.83px">&#160;</div>December 31, 2019 </div><div id="a705" style="position:absolute;left:404.667px;top:977.7px;">4 </div><div id="a707" style="position:absolute;left:309.96px;top:100.4px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a709" style="position:absolute;left:531.627px;top:100.4px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a711" style="position:absolute;left:589px;top:100.4px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a713" style="position:absolute;font-weight:bold;left:96.033px;top:120.4px;"><div 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style="position:absolute;left:96.033px;top:178.5px;"><div style="display:inline-block;width:26.93px">&#160;</div>Dividends </div><div id="a734" style="position:absolute;left:598.333px;top:178.5px;">76,245 </div><div id="a736" style="position:absolute;left:96.033px;top:197.7px;"><div style="display:inline-block;width:26.93px">&#160;</div>Interest and other </div><div id="a739" style="position:absolute;left:524.173px;top:197.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a741" style="position:absolute;left:591.667px;top:197.7px;">310,769 </div><div id="a743" style="position:absolute;left:96.033px;top:216.7px;"><div style="display:inline-block;width:26.93px">&#160;</div>Contributions: </div><div id="a747" style="position:absolute;left:639.133px;top:216.7px;"><div style="display:inline-block;width:16.8px">&#160;</div></div><div id="a749" style="position:absolute;left:96.033px;top:235.6px;"><div 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style="position:absolute;left:524.173px;top:293.2px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a772" style="position:absolute;left:575.093px;top:293.2px;">14,982,874 </div><div id="a774" style="position:absolute;left:96.033px;top:313px;"><div style="display:inline-block;width:13.6px">&#160;</div>Deductions from assets attributed to: </div><div id="a777" style="position:absolute;left:524.173px;top:313px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a779" style="position:absolute;left:639.133px;top:313px;"><div style="display:inline-block;width:10.13px">&#160;</div></div><div id="a781" style="position:absolute;left:96.033px;top:331.9px;"><div style="display:inline-block;width:26.93px">&#160;</div>Benefits paid to participants </div><div id="a784" style="position:absolute;left:524.173px;top:331.9px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a786" style="position:absolute;left:576.973px;top:331.9px;">(2,682,656) </div><div id="a788" style="position:absolute;left:96.033px;top:351.1px;"><div style="display:inline-block;width:26.93px">&#160;</div>Administrative fees </div><div id="a791" style="position:absolute;left:524.173px;top:351.1px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a793" style="position:absolute;left:593.533px;top:351.1px;">(31,341) </div><div id="a795" style="position:absolute;left:96.033px;top:370.6px;"><div style="display:inline-block;width:66.97px">&#160;</div>Total deductions </div><div id="a798" style="position:absolute;left:524.173px;top:370.6px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a800" style="position:absolute;left:576.973px;top:370.6px;">(2,713,997) </div><div id="a802" style="position:absolute;left:96.033px;top:390.3px;"><div style="display:inline-block;width:73.63px">&#160;</div>Net increase </div><div id="a806" 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<div id="a836" style="position:absolute;font-weight:bold;left:235px;top:48.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a850" style="position:absolute;font-weight:bold;left:287.56px;top:63.3px;">NOTES TO FINANCIAL STATEMENTS </div><div id="a858" style="position:absolute;font-weight:bold;left:165.4px;top:78.8px;">AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 </div><div id="a884" style="position:absolute;font-family:Calibri;font-size:14.667px;left:408.133px;top:93.8px;">&#160;</div><div id="a885" style="position:absolute;left:404.667px;top:977.7px;">5 </div><div id="a887" style="position:absolute;font-weight:bold;left:59.5px;top:128.4px;">(1)</div><div id="a888" style="position:absolute;font-family:Arial;font-weight:bold;left:74.967px;top:128.3px;">&#160;</div><div id="a889" style="position:absolute;font-weight:bold;left:96.033px;top:128.4px;">Description of the Plan </div><div id="a891" style="position:absolute;left:96.033px;top:152.7px;">The following description of The Oriental Bank CODA Profit Sharing Plan (the &#8220;Plan&#8221;) provides only general </div><div id="a893" style="position:absolute;left:96.033px;top:168.1px;">information. 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The Plan is intended to be a qualified plan pursuant to the Puerto Rico Internal Revenue Code of </div><div id="a907" style="position:absolute;left:143.493px;top:300.2px;">2011, as amended (the &#8220;PR Code&#8221;). In 2016, the Plan was amended or restated to meet the requirements of </div><div id="a913" style="position:absolute;left:143.493px;top:315.4px;">Sections 401(a) and (k) of the U.S. Internal Revenue Code of 1986, as amended (the &#8220;US Code&#8221;).<div style="display:inline-block;width:6.84px">&#160;</div>In 2018, </div><div id="a917" style="position:absolute;left:143.493px;top:330.8px;">the Puerto Rico Treasury Department (the &#8220;PR Treasury&#8221;) reaffirmed<div style="display:inline-block;width:4.86px">&#160;</div>the Plan&#8217;s qualification under the PR </div><div id="a920" style="position:absolute;left:143.493px;top:346.1px;">Code.<div style="display:inline-block;width:6.96px">&#160;</div>It contains a cash or deferred arrangement qualifying under the PR Code and is subject to the </div><div id="a925" style="position:absolute;left:143.493px;top:361.5px;">provisions of the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;).<div style="display:inline-block;width:7.21px">&#160;</div>As such, the </div><div id="a929" style="position:absolute;left:143.493px;top:376.7px;">Plan must comply with reporting and disclosure requirements, participation and vesting standards, and </div><div id="a930" style="position:absolute;left:143.493px;top:392.2px;">fiduciary standards and duties, among other requirements.<div style="display:inline-block;width:7px">&#160;</div>The U.S. Department of Labor (DOL) has full </div><div id="a935" style="position:absolute;left:143.493px;top:407.4px;">authority to regulate and investigate the Plan. The DOL reviewed the Plan, as it was selected under the </div><div id="a939" style="position:absolute;left:143.493px;top:422.9px;">DOL&#8217;s<div style="display:inline-block;width:5.2px">&#160;</div>ordinary investigation procedures. On December 18, 2019, the Employer received a findings letter </div><div id="a940" style="position:absolute;left:143.493px;top:438.1px;">from the DOL outlining certain potential violations of the Prohibited Transaction Rules of ERISA. The </div><div id="a942" style="position:absolute;left:143.493px;top:453.5px;">Employer worked with the DOL to resolve this matter in early 2020. The DOL has not yet issued a closing </div><div id="a944" style="position:absolute;left:143.493px;top:468.7px;">letter in this matter, as it is reviewing the corrective actions taken by the Employer.<div style="display:inline-block;width:5.08px">&#160;</div>For more information </div><div id="a949" style="position:absolute;left:143.493px;top:484.5px;">related thereto, please refer to Note 9. </div><div id="a956" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:513px;">b)</div><div id="a957" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:130.7px;top:512.9px;">&#160;</div><div id="a958" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:513px;">Contributions<div style="display:inline-block;width:3.43px">&#160;</div></div><div id="a960" style="position:absolute;left:143.493px;top:537.6px;">Each year, participants may contribute up to the maximum deferral amount under the provisions of Section </div><div id="a961" style="position:absolute;left:143.493px;top:552.8px;">402(g) of the US Code as annually indexed by the U.S. Internal Revenue Service (the &#8220;IRS&#8221;). For the </div><div id="a970" style="position:absolute;left:143.493px;top:568.2px;">periods ended 2019 and 2018,<div style="display:inline-block;width:3.71px">&#160;</div>the limits were $19,000 and $18,500,<div style="display:inline-block;width:3.16px">&#160;</div>respectively.<div style="display:inline-block;width:3.47px">&#160;</div>If, in addition to a </div><div id="a995" style="position:absolute;left:143.493px;top:583.4px;">deferral election under the Plan, participants contribute to an individual retirement account (&#8220;IRA&#8221;) in </div><div id="a999" style="position:absolute;left:143.493px;top:598.9px;">Puerto Rico, pre-tax contributions<div style="display:inline-block;width:3.62px">&#160;</div>to both the Plan and the Puerto Rico IRA in the aggregate cannot exceed </div><div id="a1006" style="position:absolute;left:143.493px;top:614.1px;">the sum of the annual deferral limit under the PR Code ($20,000 for the tax years ended December 31, </div><div id="a1011" style="position:absolute;left:143.493px;top:629.6px;">2019 and 2018). Participants may also contribute amounts representing distributions from other Puerto Rico </div><div id="a1015" style="position:absolute;left:143.493px;top:645.1px;">and U.S. qualified defined benefit or contribution plans.<div style="display:inline-block;width:6.73px">&#160;</div></div><div id="a1017" style="position:absolute;left:143.493px;top:673.6px;">Participants direct the investment of their contributions into various investment options offered by the Plan. </div><div id="a1018" style="position:absolute;left:143.493px;top:688.8px;">The Plan currently offers pooled separate accounts, a stable value fund, and shares of common stock of the </div><div id="a1020" style="position:absolute;left:143.493px;top:704.3px;">Company as investment options for participants. Participants direct the investment of their matching </div><div id="a1022" style="position:absolute;left:143.493px;top:719.5px;">contributions in the Plan. The Employer provides a discretionary matching contribution of 50% of each </div><div id="a1023" style="position:absolute;left:143.493px;top:734.9px;">participant&#8217;s contributions up to a maximum contribution for matching purposes of 4% of the participant&#8217;s </div><div id="a1026" style="position:absolute;left:143.493px;top:750.4px;">compensation per year. </div><div id="a1028" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:779.2px;">c)</div><div id="a1029" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:129.9px;top:779.1px;">&#160;</div><div id="a1030" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:779.2px;">Participant Accounts </div><div id="a1032" style="position:absolute;left:143.493px;top:803.5px;">Each participant&#8217;s account is credited with the participant&#8217;s<div style="display:inline-block;width:4.93px">&#160;</div>contribution and allocations of the Employer&#8217;s </div><div id="a1033" style="position:absolute;left:143.493px;top:818.7px;">contribution and Plan earnings and charged with an allocation of administrative fees. Allocations are based </div><div id="a1035" style="position:absolute;left:143.493px;top:834.2px;">on participant earnings or account balances, as defined. The benefit to which a participant is entitled to is </div><div id="a1040" style="position:absolute;left:143.493px;top:849.6px;">the benefit that can be provided from the participant&#8217;s vested account. </div><div id="a1043" style="position:absolute;font-family:Calibri;left:96.033px;top:877.6px;">&#160;</div><div id="a1044" style="position:absolute;font-weight:bold;font-style:italic;left:288.107px;top:878.2px;">&#160;</div></div>
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<div id="a1045" style="position:absolute;font-weight:bold;left:235px;top:48.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a1059" style="position:absolute;font-weight:bold;left:287.56px;top:63.3px;">NOTES TO FINANCIAL STATEMENTS </div><div id="a1067" style="position:absolute;font-weight:bold;left:165.4px;top:78.8px;">AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 </div><div id="a1093" style="position:absolute;font-family:Calibri;font-size:14.667px;left:408.133px;top:93.8px;">&#160;</div><div id="a1094" style="position:absolute;left:404.667px;top:977.7px;">6 </div><div id="a1096" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:128.4px;">d)</div><div id="a1097" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:130.7px;top:128.3px;">&#160;</div><div id="a1098" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:128.4px;">Vesting </div><div id="a1100" style="position:absolute;left:143.493px;top:152.7px;">Participants are immediately vested in their contributions plus actual earnings thereon. The Employer&#8217;s </div><div id="a1101" style="position:absolute;left:143.493px;top:168.1px;">contribution portion of their accounts plus actual earnings thereon vest upon the occurrence of any of the </div><div id="a1102" style="position:absolute;left:143.493px;top:183.3px;">following events: completion of three years of credited service; attaining age 65; total disability while </div><div id="a1104" style="position:absolute;left:143.493px;top:199.1px;">employed by the Employer; or death while employed by the Employer. </div><div id="a1106" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:227.6px;">e)</div><div id="a1107" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:129.9px;top:227.5px;">&#160;</div><div id="a1108" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:227.6px;">Payment of Benefits </div><div id="a1110" style="position:absolute;left:143.493px;top:252.2px;">On termination of service due to death, disability, or retirement, a participant or its heirs may elect to </div><div id="a1112" style="position:absolute;left:143.493px;top:267.4px;">receive the value of the vested interest in his or her account in either a lump sum amount, a fixed period </div><div id="a1113" style="position:absolute;left:143.493px;top:282.8px;">that may not exceed the participant&#8217;s life expectancy or through a fixed annuity contract. For termination of </div><div id="a1115" style="position:absolute;left:143.493px;top:298px;">service for other reasons, a participant may receive the value of the vested interest in his or her account as a </div><div id="a1117" style="position:absolute;left:143.493px;top:313.8px;">lump sum distribution. </div><div id="a1119" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:342.3px;">f)</div><div id="a1120" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:128.3px;top:342.2px;">&#160;</div><div id="a1121" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:342.3px;">Loans to Participants </div><div id="a1123" style="position:absolute;left:143.493px;top:366.9px;">The Plan does not allow for loans to participants. In October 2013, the </div><div id="a1124" style="position:absolute;font-style:italic;left:522.56px;top:366.9px;">Plan Participaci&#243;n en Beneficios </div><div id="a1126" style="position:absolute;font-style:italic;left:143.493px;top:382.1px;">1081 Banco Bilb</div><div id="a1127" style="position:absolute;left:233.4px;top:382.1px;">ao Vizcaya Argentaria Puerto Rico, a defined contribution plan which covered all full-time </div><div id="a1131" style="position:absolute;left:143.493px;top:397.5px;">employees of the Banco Bilbao Vizcaya Argentaria Puerto Rico, which merged<div style="display:inline-block;width:4.86px">&#160;</div>with and into Oriental </div><div id="a1133" style="position:absolute;left:143.493px;top:412.7px;">Bank, transferred its existing participant loans amounting to approximately $54,000 to the Plan. These </div><div id="a1139" style="position:absolute;left:143.493px;top:428.2px;">loans will be extinguished as they are repaid by participants. Loan terms range from 1-5 years or up to 30 </div><div id="a1142" style="position:absolute;left:143.493px;top:443.4px;">years for a home loan. The loans are secured by the balance in the participant&#8217;s account and bear interest at </div><div id="a1144" style="position:absolute;left:143.493px;top:458.9px;">a rate commensurate with the interest rate charged by persons in the business of lending money for loans </div><div id="a1145" style="position:absolute;left:143.493px;top:474.1px;">which would be made under similar circumstances. Principal and interest are paid ratably through payroll </div><div id="a1149" style="position:absolute;left:143.493px;top:489.8px;">deductions. No additional loans will be granted to participants. </div><div id="a1153" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:518.4px;">g)</div><div id="a1154" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:130.7px;top:518.2px;">&#160;</div><div id="a1155" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:518.4px;">Forfeited Accounts </div><div id="a1157" style="position:absolute;left:143.493px;top:542.9px;">Employer contributions that are not vested upon termination of employment are forfeited and may be used </div><div id="a1158" style="position:absolute;left:143.493px;top:558.1px;">to pay administrative expenses and then reduce future contributions to the Plan by the Employer. For the </div><div id="a1161" style="position:absolute;left:143.493px;top:573.6px;">year ended December 31, 2019, forfeitures totaling approximately $35,000 were used to offset Employer </div><div id="a1167" style="position:absolute;left:143.493px;top:588.8px;">contributions. At December 31, 2019, the Plan had approximately $2,900 in forfeitures available to pay </div><div id="a1174" style="position:absolute;left:143.493px;top:604.5px;">administrative expenses and reduce future Employer contributions. </div><div id="a1177" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:633.1px;">h)</div><div id="a1178" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:131.233px;top:632.9px;">&#160;</div><div id="a1179" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:633.1px;">Plan Termination </div><div id="a1181" style="position:absolute;left:143.493px;top:657.6px;">Although it has not expressed any intent to do so, the Employer has the right under the Plan to discontinue </div><div id="a1183" style="position:absolute;left:143.493px;top:672.8px;">its contributions at any time and to terminate the Plan subject to ERISA provisions. In the event of Plan </div><div id="a1187" style="position:absolute;left:143.493px;top:688.5px;">termination, participants will become 100% vested in their Employer&#8217;s contributions.</div><div id="a1188" style="position:absolute;font-size:14.667px;left:598.6px;top:687.3px;">&#160;</div><div id="a1189" style="position:absolute;font-family:Calibri;left:96.033px;top:716.3px;">&#160;</div><div id="a1190" style="position:absolute;font-weight:bold;left:288.107px;top:716.8px;">&#160;</div></div>
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<div id="a1191" style="position:absolute;font-weight:bold;left:235px;top:48.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a1205" style="position:absolute;font-weight:bold;left:287.56px;top:63.3px;">NOTES TO FINANCIAL STATEMENTS </div><div id="a1213" style="position:absolute;font-weight:bold;left:165.4px;top:78.8px;">AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 </div><div id="a1239" style="position:absolute;font-family:Calibri;font-size:14.667px;left:408.133px;top:93.8px;">&#160;</div><div id="a1240" style="position:absolute;left:404.667px;top:977.7px;">7 </div><div id="a1242" style="position:absolute;font-weight:bold;left:59.5px;top:128.4px;">(2)</div><div id="a1243" style="position:absolute;font-family:Arial;font-weight:bold;left:74.967px;top:128.3px;">&#160;</div><div id="a1244" style="position:absolute;font-weight:bold;left:96.033px;top:128.4px;">Summary<div style="display:inline-block;width:3.71px">&#160;</div>of Significant Accounting Policies </div><div id="a1247" style="position:absolute;left:96.033px;top:152.9px;">Following are the significant accounting policies followed by the Plan: </div><div id="a1249" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:181.7px;">a)</div><div id="a1250" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:130.7px;top:181.6px;">&#160;</div><div id="a1251" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:181.7px;">Basis of Presentation </div><div id="a1253" style="position:absolute;left:143.493px;top:206.3px;">The accompanying financial statements have been prepared under the accrual method of accounting. </div><div id="a1255" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:235.1px;">b)</div><div id="a1256" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:130.7px;top:235px;">&#160;</div><div id="a1257" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:235.1px;">Use of Estimates </div><div id="a1259" style="position:absolute;left:143.493px;top:259.4px;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles </div><div id="a1261" style="position:absolute;left:143.493px;top:274.8px;">requires the plan administrator to make estimates and assumptions that affect the reported amounts of assets </div><div id="a1262" style="position:absolute;left:143.493px;top:290px;">and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could </div><div id="a1264" style="position:absolute;left:143.493px;top:305.5px;">differ from those estimates. A material estimate that is particularly susceptible to significant change in the </div><div id="a1267" style="position:absolute;left:143.493px;top:321px;">near term is the valuation of investments. </div><div id="a1271" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:349.8px;">c)</div><div id="a1272" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:129.9px;top:349.7px;">&#160;</div><div id="a1273" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:349.8px;">Risks and Uncertainties </div><div id="a1275" style="position:absolute;left:143.493px;top:374.1px;">The Plan invests in various financial instruments. Investment securities are exposed to various risks, such </div><div id="a1277" style="position:absolute;left:143.493px;top:389.5px;">as interest rate, credit, and market risks. Due to the level of risk associated with certain investment </div><div id="a1278" style="position:absolute;left:143.493px;top:404.7px;">securities, it is reasonably possible that changes in the fair values of investment securities will occur in the </div><div id="a1280" style="position:absolute;left:143.493px;top:420.2px;">near term and that such changes could materially affect participants&#8217; account balances and the amounts </div><div id="a1281" style="position:absolute;left:143.493px;top:435.7px;">reported in the statements of net assets available for benefits. </div><div id="a1283" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:464.5px;">d)</div><div id="a1284" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:130.7px;top:464.4px;">&#160;</div><div id="a1285" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:464.5px;">Investments Valuation<div style="display:inline-block;width:4.84px">&#160;</div>and Income Recognition </div><div id="a1288" style="position:absolute;left:143.493px;top:488.8px;">Plan investments, other than fully benefit &#8211;responsive investment contracts (FBRICs), are stated at fair </div><div id="a1295" style="position:absolute;left:143.493px;top:504.5px;">value. See Note 3 for discussion of fair value measurements. </div><div id="a1297" style="position:absolute;left:143.493px;top:532.8px;">FBRICs are reported at contract value, which is the amount participants would receive if they were to </div><div id="a1301" style="position:absolute;left:143.493px;top:548.2px;">initiate permitted transactions under the terms of the Plan. The Plan invests in FBRICs through the Stable </div><div id="a1303" style="position:absolute;left:143.493px;top:563.7px;">Value<div style="display:inline-block;width:4.88px">&#160;</div>Fund.<div style="display:inline-block;width:3.38px">&#160;</div></div><div id="a1307" style="position:absolute;left:143.493px;top:592.2px;">Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the </div><div id="a1308" style="position:absolute;left:143.493px;top:607.4px;">accrual basis. Dividends are recorded on the declaration date, taking into consideration the ex-dividend </div><div id="a1315" style="position:absolute;left:143.493px;top:622.9px;">date. Net appreciation/ depreciation includes the Plan&#8217;s gains and losses on investments bought and sold as </div><div id="a1321" style="position:absolute;left:143.493px;top:638.4px;">well as held during the year. </div><div id="a1323" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:667.2px;">e)</div><div id="a1324" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:129.9px;top:667.1px;">&#160;</div><div id="a1325" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:667.2px;">Payments of Benefits </div><div id="a1327" style="position:absolute;left:143.493px;top:691.7px;">Benefits are recorded when paid. </div><div id="a1329" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:720.5px;">f)</div><div id="a1330" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:128.3px;top:720.4px;">&#160;</div><div id="a1331" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:720.5px;">Plan Expenses </div><div id="a1333" style="position:absolute;left:143.493px;top:744.8px;">Under the Plan&#8217;s contract entered into with Transamerica Retirement Solutions<div style="display:inline-block;width:4.92px">&#160;</div>Corporation </div><div id="a1336" style="position:absolute;left:143.493px;top:760.3px;">(&#8220;Transamerica&#8221;), contract asset charges are assessed each month based on the actual combined balance of </div><div id="a1342" style="position:absolute;left:143.493px;top:775.5px;">all separate accounts and the stable value fund. These charges are presented as administrative fees in the </div><div id="a1345" style="position:absolute;left:143.493px;top:791.2px;">Plan&#8217;s statement of changes in net assets available for benefits. </div><div id="a1349" style="position:absolute;left:143.493px;top:819.5px;">Administrative expenses, including trustee, legal, auditing, and other fees, may be paid out of the invested </div><div id="a1351" style="position:absolute;left:143.493px;top:835px;">assets unless paid by the Employer. Expenses assumed and paid by the Employer during the year ended </div><div id="a1356" style="position:absolute;left:143.493px;top:850.4px;">December 31, 2019 amounted to approximately $137,000. </div><div id="a1370" style="position:absolute;font-weight:bold;font-style:italic;left:119.5px;top:879.2px;">g)</div><div id="a1371" style="position:absolute;font-family:Arial;font-weight:bold;font-style:italic;left:130.7px;top:879.1px;">&#160;</div><div id="a1372" style="position:absolute;font-weight:bold;font-style:italic;left:143.24px;top:879.2px;">Recent Accounting Developments </div><div id="a1374" style="position:absolute;left:143.493px;top:903.5px;">Accounting standards that have been issued by the Financial Accounting Standards Board (&#8220;FASB&#8221;)<div style="display:inline-block;width:4.57px">&#160;</div>or </div><div id="a1380" style="position:absolute;left:143.493px;top:919px;">other standards-setting bodies are not expected to have a material impact on the Plan&#8217;s statements of net </div><div id="a1385" style="position:absolute;left:143.493px;top:934.5px;">assets available for benefits or the related statement of changes in net assets available for benefits.<div style="display:inline-block;width:3.55px">&#160;</div></div></div>
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<div id="a1388" style="position:absolute;font-weight:bold;left:235px;top:48.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a1402" style="position:absolute;font-weight:bold;left:287.56px;top:63.3px;">NOTES TO FINANCIAL STATEMENTS </div><div id="a1410" style="position:absolute;font-weight:bold;left:165.4px;top:78.8px;">AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 </div><div id="a1436" style="position:absolute;font-family:Calibri;font-size:14.667px;left:408.133px;top:93.8px;">&#160;</div><div id="a1437" style="position:absolute;left:404.667px;top:977.7px;">8 </div><div id="a1439" style="position:absolute;left:132.567px;top:128.1px;">&#160;</div><div id="a1440" style="position:absolute;font-weight:bold;left:59.5px;top:143.6px;">(3)</div><div id="a1441" style="position:absolute;font-family:Arial;font-weight:bold;left:74.967px;top:143.5px;">&#160;</div><div id="a1442" style="position:absolute;font-weight:bold;left:96.033px;top:143.6px;">Fair Value </div><div id="a1444" style="position:absolute;left:96.033px;top:168.1px;">As discussed in Note 2, the Plan uses the fair value measurement framework under U.S. generally accepted </div><div id="a1449" style="position:absolute;left:96.033px;top:183.3px;">accounting principles. </div><div id="a1451" style="position:absolute;font-family:Book Antiqua;font-weight:bold;left:96.033px;top:198.8px;">&#160;</div><div id="a1452" style="position:absolute;font-weight:bold;font-style:italic;left:96.033px;top:214.8px;">Fair Value<div style="display:inline-block;width:4.83px">&#160;</div>Measurement </div><div id="a1454" style="position:absolute;font-weight:bold;left:96.033px;top:230px;">&#160;</div><div id="a1455" style="position:absolute;left:96.033px;top:245.5px;">Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the </div><div id="a1457" style="position:absolute;left:96.033px;top:260.7px;">principal or most advantageous market for the asset or liability in an orderly transaction between market participants </div><div id="a1458" style="position:absolute;left:96.033px;top:276.2px;">on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and </div><div id="a1460" style="position:absolute;left:96.033px;top:291.4px;">minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to </div><div id="a1461" style="position:absolute;left:96.033px;top:306.8px;">measure fair value are: </div><div id="a1463" style="position:absolute;font-family:Calibri;left:96.033px;top:322px;">&#160;</div><div id="a1464" style="position:absolute;font-weight:bold;left:132.033px;top:338.3px;">Level 1 </div><div id="a1465" style="position:absolute;left:176.6px;top:338.3px;">&#8211; assets include equity securities that are traded in an active exchange market, as well as certain </div><div id="a1469" style="position:absolute;left:132.033px;top:353.8px;">money market instruments. Valuations<div style="display:inline-block;width:4.98px">&#160;</div>are obtained from readily available pricing sources for market </div><div id="a1470" style="position:absolute;left:132.033px;top:369.3px;">transactions involving identical assets. </div><div id="a1472" style="position:absolute;font-weight:bold;left:132.033px;top:397.8px;">Level 2 </div><div id="a1473" style="position:absolute;left:176.6px;top:397.8px;">&#8211; observable inputs other than Level 1 prices such as quoted prices for similar assets; quoted prices in </div><div id="a1477" style="position:absolute;left:132.033px;top:413px;">markets that are not active; or other inputs that are observable or can be corroborated by observable market </div><div id="a1478" style="position:absolute;left:132.033px;top:428.7px;">data for substantially the full term of the assets. </div><div id="a1480" style="position:absolute;font-weight:bold;left:132.033px;top:457px;">Level 3 </div><div id="a1481" style="position:absolute;left:176.6px;top:457px;">&#8211; unobservable inputs that are supported by little or no market activity and that are significant to the </div><div id="a1485" style="position:absolute;left:132.033px;top:472.5px;">fair value of the assets or liabilities. Level 3 assets include financial instruments whose value is determined </div><div id="a1486" style="position:absolute;left:132.033px;top:487.7px;">using pricing models, for which the determination of fair value requires significant management judgment or </div><div id="a1487" style="position:absolute;left:132.033px;top:503.4px;">estimation. As of December 31, 2019, and 2018, the Plan did not have such assets. </div><div id="a1496" style="position:absolute;left:96.033px;top:532px;">The following is a description of the valuation methodologies used for instruments measured at fair value: </div><div id="a1498" style="position:absolute;font-style:italic;left:96.033px;top:560.8px;">Shares of the Company&#8217;s<div style="display:inline-block;width:5.59px">&#160;</div>common stock</div><div id="a1499" style="position:absolute;left:308.907px;top:560.8px;">: valued at quoted closing market prices (&#8220;Level 1&#8221;). </div><div id="a1502" style="position:absolute;font-style:italic;left:96.033px;top:589px;">Money Market Instruments</div><div id="a1503" style="position:absolute;left:240.333px;top:589px;">: stated at fair value, which approximates cost plus accumulated interest earnings less </div><div id="a1504" style="position:absolute;left:96.033px;top:604.8px;">distributions to date (&#8220;Level 1&#8221;). </div><div id="a1506" style="position:absolute;font-style:italic;left:96.033px;top:633.1px;">Pooled Separate Accounts</div><div id="a1507" style="position:absolute;left:236.867px;top:633.1px;">: stated at readily determinable fair value. The fair value is determined by the issuer and is </div><div id="a1509" style="position:absolute;left:96.033px;top:648.5px;">valued daily using publicly available quoted market prices matched with the current underlying investment holdings </div><div id="a1510" style="position:absolute;left:96.033px;top:664px;">of the accounts (&#8220;Level 2&#8221;). </div><div id="a1513" style="position:absolute;left:96.033px;top:692.5px;">The estimated fair value is subjective in nature and involves uncertainties and matters of significant judgment and, </div><div id="a1515" style="position:absolute;left:96.033px;top:707.7px;">therefore, cannot be determined with precision. Changes in assumptions could affect these fair value estimates.<div style="display:inline-block;width:6.88px">&#160;</div>The </div><div id="a1516" style="position:absolute;left:96.033px;top:723.2px;">fair value estimates do not take into consideration the value of future business and the value of assets and liabilities </div><div id="a1518" style="position:absolute;left:96.033px;top:738.7px;">that are not financial instruments. </div><div id="a1520" style="position:absolute;left:96.033px;top:767.2px;">There were no transfers into or out of Level 1 and Level 2 fair value measurements during the years ended </div><div id="a1523" style="position:absolute;left:96.033px;top:782.4px;">December 31, 2019 and 2018. </div><div id="a1525" style="position:absolute;left:96.033px;top:797.9px;">&#160;</div><div id="a1526" style="position:absolute;font-family:Calibri;left:96.033px;top:812.6px;">&#160;</div><div id="a1527" style="position:absolute;left:288.107px;top:813.1px;">&#160;</div></div>
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<div id="a1528" style="position:absolute;font-weight:bold;left:235px;top:48.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a1542" style="position:absolute;font-weight:bold;left:287.56px;top:63.3px;">NOTES TO FINANCIAL STATEMENTS </div><div id="a1550" style="position:absolute;font-weight:bold;left:165.4px;top:78.8px;">AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 </div><div id="a1576" style="position:absolute;font-family:Calibri;font-size:14.667px;left:408.133px;top:93.8px;">&#160;</div><div id="a1577" style="position:absolute;left:404.667px;top:977.7px;">9 </div><div id="a1579" style="position:absolute;left:96.033px;top:128.1px;">The following tables set forth by level, within the fair value hierarchy, the Plan&#8217;s<div style="display:inline-block;width:5.28px">&#160;</div>fair value measurements at </div><div id="a1581" style="position:absolute;left:96.033px;top:143.3px;">December 31, 2019 and 2018: </div><div id="a1588" style="position:absolute;font-weight:bold;left:96.033px;top:163.3px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1590" style="position:absolute;font-weight:bold;left:453.733px;top:163.3px;">December 31, 2019 </div><div id="a1592" style="position:absolute;font-weight:bold;left:96.033px;top:184.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1594" style="position:absolute;font-weight:bold;left:433.467px;top:184.7px;">Fair Value<div style="display:inline-block;width:4.92px">&#160;</div>Measurements </div><div id="a1596" style="position:absolute;font-weight:bold;left:96.033px;top:206px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1598" style="position:absolute;font-weight:bold;left:321.96px;top:206px;">Level 1 </div><div id="a1600" style="position:absolute;font-weight:bold;left:397.733px;top:206px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1602" style="position:absolute;font-weight:bold;left:432.133px;top:206px;">Level 2 </div><div id="a1604" style="position:absolute;font-weight:bold;left:507.627px;top:206px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a1606" style="position:absolute;font-weight:bold;left:542.027px;top:206px;">Level 3 </div><div id="a1608" style="position:absolute;font-weight:bold;left:617.8px;top:206px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1610" style="position:absolute;font-weight:bold;left:657.533px;top:206px;">Total </div><div id="a1612" style="position:absolute;left:96.033px;top:227.4px;">Cash and money market instruments </div><div id="a1614" style="position:absolute;left:303.293px;top:227.4px;">$ </div><div id="a1616" style="position:absolute;left:342.773px;top:227.4px;">222,863 </div><div id="a1619" style="position:absolute;left:413.467px;top:227.4px;">$ </div><div id="a1621" style="position:absolute;left:491.64px;top:227.4px;">- </div><div id="a1624" style="position:absolute;left:523.36px;top:227.4px;">$ </div><div id="a1626" style="position:absolute;left:601.8px;top:227.4px;">- </div><div id="a1629" style="position:absolute;left:633.533px;top:227.4px;">$ </div><div id="a1631" style="position:absolute;left:672.733px;top:227.4px;">222,863 </div><div id="a1633" style="position:absolute;left:96.033px;top:246.8px;">Common stock </div><div id="a1635" style="position:absolute;left:309.96px;top:246.8px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a1637" style="position:absolute;left:332.907px;top:246.8px;">6,189,993 </div><div id="a1639" style="position:absolute;left:405.2px;top:246.8px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1641" style="position:absolute;left:420.133px;top:246.8px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1643" style="position:absolute;left:491.64px;top:246.8px;">- </div><div id="a1645" style="position:absolute;left:515.093px;top:246.8px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a1647" style="position:absolute;left:530.027px;top:246.8px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a1649" style="position:absolute;left:601.8px;top:246.8px;">- </div><div id="a1651" style="position:absolute;left:625.267px;top:246.8px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1653" style="position:absolute;left:640.2px;top:246.8px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1655" style="position:absolute;left:662.867px;top:246.8px;">6,189,993 </div><div id="a1657" style="position:absolute;left:96.033px;top:266.3px;">Pooled separate accounts </div><div id="a1670" style="position:absolute;left:96.033px;top:285.8px;"><div style="display:inline-block;width:13.6px">&#160;</div>Hybrid (a) </div><div id="a1674" style="position:absolute;left:381.733px;top:285.8px;">- </div><div id="a1678" style="position:absolute;left:436.133px;top:285.8px;">20,526,364 </div><div id="a1682" style="position:absolute;left:601.8px;top:285.8px;">- </div><div id="a1686" style="position:absolute;left:656.2px;top:285.8px;">20,526,364 </div><div id="a1688" style="position:absolute;left:96.033px;top:305.2px;"><div style="display:inline-block;width:13.6px">&#160;</div>Bond (b) </div><div id="a1692" style="position:absolute;left:381.733px;top:305.2px;">- </div><div id="a1696" style="position:absolute;left:442.8px;top:305.2px;">5,039,106 </div><div id="a1700" style="position:absolute;left:601.8px;top:305.2px;">- </div><div id="a1704" style="position:absolute;left:662.867px;top:305.2px;">5,039,106 </div><div id="a1706" style="position:absolute;left:96.033px;top:324.7px;"><div style="display:inline-block;width:13.6px">&#160;</div>International Equity (c)<div style="display:inline-block;width:3.16px">&#160;</div></div><div id="a1710" style="position:absolute;left:381.733px;top:324.7px;">- </div><div id="a1714" style="position:absolute;left:442.8px;top:324.7px;">1,928,406 </div><div id="a1718" style="position:absolute;left:601.8px;top:324.7px;">- </div><div id="a1722" style="position:absolute;left:662.867px;top:324.7px;">1,928,406 </div><div id="a1724" style="position:absolute;left:96.033px;top:344.2px;"><div style="display:inline-block;width:13.6px">&#160;</div>Equity - Large Cap (d) </div><div id="a1731" style="position:absolute;left:381.733px;top:344.2px;">- </div><div id="a1735" style="position:absolute;left:436.133px;top:344.2px;">13,251,803 </div><div id="a1739" style="position:absolute;left:601.8px;top:344.2px;">- </div><div id="a1743" style="position:absolute;left:656.2px;top:344.2px;">13,251,803 </div><div id="a1745" style="position:absolute;left:96.033px;top:363.7px;"><div style="display:inline-block;width:13.6px">&#160;</div>Equity - Mid Cap (e) </div><div id="a1752" style="position:absolute;left:381.733px;top:363.7px;">- </div><div id="a1756" style="position:absolute;left:442.8px;top:363.7px;">2,780,446 </div><div id="a1760" style="position:absolute;left:601.8px;top:363.7px;">- </div><div id="a1764" style="position:absolute;left:662.867px;top:363.7px;">2,780,446 </div><div id="a1766" style="position:absolute;left:96.033px;top:383.1px;"><div style="display:inline-block;width:13.6px">&#160;</div>Equity - Small Cap (f) </div><div id="a1773" style="position:absolute;left:381.733px;top:383.1px;">- </div><div id="a1777" style="position:absolute;left:442.8px;top:383.1px;">2,060,040 </div><div id="a1781" style="position:absolute;left:601.8px;top:383.1px;">- </div><div id="a1785" style="position:absolute;left:662.867px;top:383.1px;">2,060,040 </div><div id="a1787" style="position:absolute;left:96.033px;top:404.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1789" style="position:absolute;left:303.293px;top:404.7px;">$ </div><div id="a1791" style="position:absolute;left:332.907px;top:404.7px;">6,412,856 </div><div id="a1793" style="position:absolute;left:405.2px;top:404.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1795" style="position:absolute;left:413.467px;top:404.7px;">$ </div><div id="a1797" style="position:absolute;left:436.133px;top:404.7px;">45,586,165 </div><div id="a1799" style="position:absolute;left:515.093px;top:404.7px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a1801" style="position:absolute;left:523.36px;top:404.7px;">$ </div><div id="a1803" style="position:absolute;left:601.8px;top:404.7px;">- </div><div id="a1805" style="position:absolute;left:625.267px;top:404.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1807" style="position:absolute;left:633.533px;top:404.7px;">$ </div><div id="a1809" style="position:absolute;left:656.2px;top:404.7px;">51,999,021 </div><div id="a1811" style="position:absolute;font-weight:bold;left:96.033px;top:427.9px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1813" style="position:absolute;font-weight:bold;left:453.733px;top:427.9px;">December 31, 2018 </div><div id="a1815" style="position:absolute;font-weight:bold;left:96.033px;top:450.1px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1817" style="position:absolute;font-weight:bold;left:433.467px;top:450.1px;">Fair Value<div style="display:inline-block;width:4.92px">&#160;</div>Measurements </div><div id="a1819" style="position:absolute;font-weight:bold;left:96.033px;top:472.5px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1821" style="position:absolute;font-weight:bold;left:321.96px;top:472.5px;">Level 1 </div><div id="a1823" style="position:absolute;font-weight:bold;left:397.733px;top:472.5px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1825" style="position:absolute;font-weight:bold;left:432.133px;top:472.5px;">Level 2 </div><div id="a1827" style="position:absolute;font-weight:bold;left:507.627px;top:472.5px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a1829" style="position:absolute;font-weight:bold;left:542.027px;top:472.5px;">Level 3 </div><div id="a1831" style="position:absolute;font-weight:bold;left:617.8px;top:472.5px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1833" style="position:absolute;font-weight:bold;left:657.533px;top:472.5px;">Total </div><div id="a1835" style="position:absolute;left:96.033px;top:493.8px;">Cash and money market instruments </div><div id="a1837" style="position:absolute;left:303.293px;top:493.8px;">$ </div><div id="a1839" style="position:absolute;left:356.093px;top:493.8px;">5,976 </div><div id="a1842" style="position:absolute;left:413.467px;top:493.8px;">$ </div><div id="a1844" style="position:absolute;left:491.64px;top:493.8px;">- </div><div id="a1847" style="position:absolute;left:519.907px;top:493.8px;"><div style="display:inline-block;width:3.45px">&#160;</div>$<div style="display:inline-block;width:3.2px">&#160;</div></div><div id="a1850" style="position:absolute;left:602.6px;top:493.8px;"><div style="display:inline-block;width:3.47px">&#160;</div>-<div style="display:inline-block;width:9.96px">&#160;</div></div><div id="a1855" style="position:absolute;left:630.067px;top:493.8px;"><div style="display:inline-block;width:3.47px">&#160;</div>$<div style="display:inline-block;width:3.2px">&#160;</div></div><div id="a1858" style="position:absolute;left:686.067px;top:493.8px;">5,976 </div><div id="a1860" style="position:absolute;left:96.033px;top:513.3px;">Common stock </div><div id="a1862" style="position:absolute;left:309.96px;top:513.3px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a1864" style="position:absolute;left:332.907px;top:513.3px;">4,548,003 </div><div id="a1866" style="position:absolute;left:405.2px;top:513.3px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1868" style="position:absolute;left:420.133px;top:513.3px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a1870" style="position:absolute;left:491.64px;top:513.3px;">- </div><div id="a1872" style="position:absolute;left:515.093px;top:513.3px;"><div style="display:inline-block;width:10.13px">&#160;</div></div><div id="a1874" style="position:absolute;left:530.027px;top:513.3px;"><div style="display:inline-block;width:10.15px">&#160;</div></div><div id="a1876" style="position:absolute;left:602.6px;top:513.3px;"><div style="display:inline-block;width:3.47px">&#160;</div>-<div style="display:inline-block;width:9.96px">&#160;</div></div><div id="a1880" style="position:absolute;left:625.267px;top:513.3px;"><div style="display:inline-block;width:10.13px">&#160;</div></div><div id="a1882" style="position:absolute;left:640.2px;top:513.3px;"><div style="display:inline-block;width:10.13px">&#160;</div></div><div id="a1884" style="position:absolute;left:662.867px;top:513.3px;">4,548,003 </div><div id="a1886" style="position:absolute;left:96.033px;top:532.8px;">Pooled separate accounts </div><div id="a1899" style="position:absolute;left:96.033px;top:552.2px;"><div style="display:inline-block;width:13.6px">&#160;</div>Hybrid (a) </div><div id="a1903" style="position:absolute;left:381.733px;top:552.2px;">- </div><div id="a1907" style="position:absolute;left:436.133px;top:552.2px;">15,872,006 </div><div id="a1911" style="position:absolute;left:602.6px;top:552.2px;"><div style="display:inline-block;width:3.47px">&#160;</div>-<div style="display:inline-block;width:9.96px">&#160;</div></div><div id="a1917" style="position:absolute;left:656.2px;top:552.2px;">15,872,006 </div><div id="a1919" style="position:absolute;left:96.033px;top:571.7px;"><div style="display:inline-block;width:13.6px">&#160;</div>Bond (b) </div><div id="a1923" style="position:absolute;left:381.733px;top:571.7px;">- </div><div id="a1927" style="position:absolute;left:442.8px;top:571.7px;">4,603,338 </div><div id="a1931" style="position:absolute;left:602.6px;top:571.7px;"><div style="display:inline-block;width:3.47px">&#160;</div>-<div style="display:inline-block;width:9.96px">&#160;</div></div><div id="a1937" style="position:absolute;left:662.867px;top:571.7px;">4,603,338 </div><div id="a1939" style="position:absolute;left:96.033px;top:590.6px;"><div style="display:inline-block;width:13.6px">&#160;</div>International Equity (c)<div style="display:inline-block;width:3.16px">&#160;</div></div><div id="a1943" style="position:absolute;left:381.733px;top:590.6px;">- </div><div id="a1947" style="position:absolute;left:442.8px;top:590.6px;">1,587,625 </div><div id="a1951" style="position:absolute;left:602.6px;top:590.6px;"><div style="display:inline-block;width:3.47px">&#160;</div>-<div style="display:inline-block;width:9.96px">&#160;</div></div><div id="a1957" style="position:absolute;left:662.867px;top:590.6px;">1,587,625 </div><div id="a1959" style="position:absolute;left:96.033px;top:610.1px;"><div style="display:inline-block;width:13.6px">&#160;</div>Equity - Large Cap (d) </div><div id="a1966" style="position:absolute;left:381.733px;top:610.1px;">- </div><div id="a1970" style="position:absolute;left:436.133px;top:610.1px;">10,145,617 </div><div id="a1974" style="position:absolute;left:602.6px;top:610.1px;"><div style="display:inline-block;width:3.47px">&#160;</div>-<div style="display:inline-block;width:9.96px">&#160;</div></div><div id="a1980" style="position:absolute;left:656.2px;top:610.1px;">10,145,617 </div><div id="a1982" style="position:absolute;left:96.033px;top:629.6px;"><div style="display:inline-block;width:13.6px">&#160;</div>Equity - 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style="position:absolute;left:662.867px;top:649.1px;">1,594,118 </div><div id="a2028" style="position:absolute;left:96.033px;top:675.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a2030" style="position:absolute;left:303.293px;top:675.7px;">$ </div><div id="a2032" style="position:absolute;left:332.907px;top:675.7px;">4,553,979 </div><div id="a2034" style="position:absolute;left:405.2px;top:675.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a2036" style="position:absolute;left:413.467px;top:675.7px;">$ </div><div id="a2038" style="position:absolute;left:436.133px;top:675.7px;">35,985,003 </div><div id="a2040" style="position:absolute;left:515.093px;top:675.7px;"><div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a2042" style="position:absolute;left:523.36px;top:675.7px;">$ </div><div id="a2044" style="position:absolute;left:601.8px;top:675.7px;">- </div><div id="a2046" style="position:absolute;left:625.267px;top:675.7px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a2048" style="position:absolute;left:633.533px;top:675.7px;">$ </div><div id="a2050" style="position:absolute;left:656.2px;top:675.7px;">40,538,982 </div><div id="a2052" style="position:absolute;font-family:Calibri;font-size:14.667px;left:96.033px;top:693.9px;">&#160;</div><div id="a2053" style="position:absolute;font-style:italic;left:96.033px;top:728px;">(a)<div style="display:inline-block;width:8.45px">&#160;</div>The pooled separate accounts in this category primarily invest in U.S. and non-U.S. stocks, and fixed-income </div><div id="a2061" style="position:absolute;font-style:italic;left:120.033px;top:743.5px;">securities which may include bonds, mutual funds, cash equivalents or other money market instruments. </div><div id="a2063" style="position:absolute;font-style:italic;left:96.033px;top:758.7px;">(b)<div style="display:inline-block;width:8.45px">&#160;</div>The pooled separate accounts in this category primarily invest in bonds (at least 80% of total assets), preferred </div><div id="a2066" style="position:absolute;font-style:italic;left:120.033px;top:774.2px;">stocks, cash equivalents or other money market instruments. </div><div id="a2069" style="position:absolute;font-style:italic;left:96.033px;top:789.4px;">(c)<div style="display:inline-block;width:9.2px">&#160;</div>The pooled separate accounts in this category primarily invest at least 80% of assets in equity and debt </div><div id="a2072" style="position:absolute;font-style:italic;left:120.033px;top:804.8px;">securities of issuers from countries outside of the United States. </div><div id="a2074" style="position:absolute;font-style:italic;left:96.033px;top:820px;">(d)<div style="display:inline-block;width:8.45px">&#160;</div>The pooled separate accounts in this category primarily invest in equity securities of medium and large 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<div id="a2099" style="position:absolute;font-weight:bold;left:235px;top:48.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a2113" style="position:absolute;font-weight:bold;left:287.56px;top:63.3px;">NOTES TO FINANCIAL STATEMENTS </div><div id="a2121" style="position:absolute;font-weight:bold;left:165.4px;top:78.8px;">AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 </div><div id="a2147" style="position:absolute;font-family:Calibri;font-size:14.667px;left:408.133px;top:93.8px;">&#160;</div><div id="a2148" style="position:absolute;left:401.467px;top:977.7px;">10 </div><div id="a2150" style="position:absolute;left:96.033px;top:128.1px;">&#160;</div><div id="a2151" style="position:absolute;font-weight:bold;left:59.5px;top:143.3px;">(4)</div><div id="a2152" style="position:absolute;font-family:Arial;font-weight:bold;left:74.967px;top:143.2px;">&#160;</div><div id="a2153" style="position:absolute;font-weight:bold;left:96.033px;top:143.3px;">Stable Value Fund </div><div id="a2155" style="position:absolute;left:96.033px;top:159.1px;">&#160;</div><div id="a2156" style="position:absolute;left:96.033px;top:177.2px;">Transamerica offers a stable value fund that the participant may elect to transfer all or part of his or her funds. The </div><div id="a2160" style="position:absolute;left:96.033px;top:192.4px;">stable value fund is considered a fully benefit-responsive investment contract. Contract value is the relevant </div><div id="a2165" style="position:absolute;left:96.033px;top:207.9px;">measurement attribute for that portion of the net assets available for benefits. Contract value, as reported by </div><div id="a2166" style="position:absolute;left:96.033px;top:223.1px;">Transamerica, is the beginning balance plus any deposit and credited interest, less any withdrawals, charges, or </div><div id="a2168" style="position:absolute;left:96.033px;top:238.6px;">expenses, a measurement that approximates fair value. 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Such events include the </div><div id="a2237" style="position:absolute;left:96.033px;top:437.8px;">following: (1) the Plan is changed so as to significantly affect Transamerica&#8217;s<div style="display:inline-block;width:4.94px">&#160;</div>obligations to the contract, (2) the </div><div id="a2238" style="position:absolute;left:96.033px;top:453.3px;">contract can no longer be treated as a pension plan contract, (3) the Plan is terminated, (4) failure to comply with the </div><div id="a2239" style="position:absolute;left:96.033px;top:468.5px;">contract&#8217;s requirements, (5) failure to provide information, (6) the sum of the contract account values at any time </div><div id="a2241" style="position:absolute;left:96.033px;top:484px;">equals $20,000 or less, or (7) the failure of the trust to qualify for exemption from federal income taxes or any </div><div id="a2242" style="position:absolute;left:96.033px;top:499.2px;">required prohibited transaction exemption under ERISA. The plan administrator is not aware of any events, which </div><div id="a2244" style="position:absolute;left:96.033px;top:514.6px;">would limit the Plan&#8217;s ability to transact at contract value with participants that are probable. </div><div id="a2246" style="position:absolute;left:96.033px;top:529.8px;">&#160;</div><div id="a2247" style="position:absolute;font-weight:bold;left:59.5px;top:545.3px;">(5)</div><div id="a2248" style="position:absolute;font-family:Arial;font-weight:bold;left:74.967px;top:545.2px;">&#160;</div><div id="a2249" style="position:absolute;font-weight:bold;left:96.033px;top:545.3px;">Other assets </div><div id="a2251" style="position:absolute;left:96.033px;top:560.5px;">&#160;</div><div id="a2252" style="position:absolute;left:96.033px;top:576px;">Transamerica rebates certain amounts to the Plan based on a fee concession. 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<div id="Page13" style="background-color:RGB(256, 256, 256);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:816px;height:1056px;white-space:pre-wrap">
<div id="a2300" style="position:absolute;font-weight:bold;left:235px;top:48.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a2314" style="position:absolute;font-weight:bold;left:287.56px;top:63.3px;">NOTES TO FINANCIAL STATEMENTS </div><div id="a2322" style="position:absolute;font-weight:bold;left:165.4px;top:78.8px;">AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 </div><div id="a2348" style="position:absolute;font-family:Calibri;font-size:14.667px;left:408.133px;top:93.8px;">&#160;</div><div id="a2349" style="position:absolute;left:401.467px;top:977.7px;">11 </div><div id="a2351" style="position:absolute;font-weight:bold;left:60.033px;top:128.1px;">(6)</div><div id="a2352" style="position:absolute;font-family:Arial;font-weight:bold;left:75.5px;top:128px;">&#160;</div><div id="a2353" style="position:absolute;font-weight:bold;left:96.033px;top:128.1px;">Related-Party Transactions </div><div id="a2357" style="position:absolute;font-weight:bold;left:96.033px;top:143.3px;">&#160;</div><div id="a2358" style="position:absolute;left:96.033px;top:158.8px;">Certain Plan investments are shares of the Company&#8217;s common stock. The Employer is the Plan sponsor and trustee </div><div id="a2359" style="position:absolute;left:96.033px;top:174px;">and a wholly owned subsidiary of the Company and, therefore, qualifies as a party in interest. At December 31, 2019 </div><div id="a2365" style="position:absolute;left:96.033px;top:189.5px;">and 2018, the Plan held an investment of 262,176 and 276,306 shares of the Company&#8217;s common stock, </div><div id="a2371" style="position:absolute;left:96.033px;top:204.7px;">respectively. The fair value of the common stock at December 31, 2019 and 2018 was $6,189,993 and $4,548,003, </div><div id="a2379" style="position:absolute;left:96.033px;top:220.2px;">respectively. </div><div id="a2381" style="position:absolute;left:96.033px;top:235.4px;">&#160;</div><div id="a2382" style="position:absolute;left:96.033px;top:250.8px;">Transamerica serves as custodian and manages the pooled separate accounts and stable value fund, therefore, </div><div id="a2390" style="position:absolute;left:96.033px;top:266px;">qualifies as party in interest. Transamerica contracted Oriental Insurance, LLC, a subsidiary of the Company,<div style="display:inline-block;width:5.01px">&#160;</div>as the </div><div id="a2395" style="position:absolute;left:96.033px;top:281.5px;">insurance agent. Another party in interest to the Plan is MidAdtlantic, which serves as the custodian for the Plan.<div style="display:inline-block;width:3.82px">&#160;</div></div><div id="a2404" style="position:absolute;left:96.033px;top:296.7px;">&#160;</div><div id="a2405" style="position:absolute;left:96.033px;top:312.2px;">The recordkeeper of the Plan is Oriental Pension Consultants, Inc. (&#8220;OPC&#8221;), a subsidiary of the Company. Fees </div><div id="a2406" style="position:absolute;left:96.033px;top:327.6px;">charged by OPC for services provided were assumed by the Employer. </div><div id="a2411" style="position:absolute;font-weight:bold;left:60.033px;top:352.5px;">(7)</div><div id="a2412" style="position:absolute;font-family:Arial;font-weight:bold;left:75.5px;top:352.4px;">&#160;</div><div id="a2413" style="position:absolute;font-weight:bold;left:96.033px;top:352.5px;">Income Taxes </div><div id="a2415" style="position:absolute;left:96.033px;top:376.7px;">The trust that forms part of the Plan (the &#8220;Trust&#8221;) is intended to be exempt from Puerto Rico and U.S. federal </div><div id="a2419" style="position:absolute;left:96.033px;top:392.2px;">incomes taxes pursuant to the PR Code and the US Code, respectively.<div style="display:inline-block;width:7.8px">&#160;</div>Accordingly, the IRS ruled on March 31, </div><div id="a2420" style="position:absolute;left:96.033px;top:407.4px;">2014 that the Trust constitutes a qualified trust under Section 401(a) of the US Code, and, therefore, the Trust is not </div><div id="a2422" style="position:absolute;left:96.033px;top:422.9px;">subject to U.S. federal income tax.<div style="display:inline-block;width:6.81px">&#160;</div>The PR Treasury ruled on March 28, 2018 that the Plan constitutes a qualified </div><div id="a2423" style="position:absolute;left:96.033px;top:438.1px;">plan pursuant to the provisions of Section 1081.01 of the PR Code and, therefore, the Trust is not subject to Puerto </div><div id="a2425" style="position:absolute;left:96.033px;top:453.5px;">Rico income tax.<div style="display:inline-block;width:10.35px">&#160;</div>As applicable, the Plan is required to operate in accordance with the provisions of the PR Code </div><div id="a2426" style="position:absolute;left:96.033px;top:468.7px;">and the US Code to maintain its qualification.<div style="display:inline-block;width:6.8px">&#160;</div>The Plan administrator believes that the Plan is designed and </div><div id="a2428" style="position:absolute;left:96.033px;top:484.2px;">operating in compliance with such provisions and, therefore, remains qualified under the PR Code and the US Code. </div><div id="a2430" style="position:absolute;left:96.033px;top:499.4px;">&#160;</div><div id="a2431" style="position:absolute;left:96.033px;top:514.9px;">U.S. generally accepted accounting principles require plan management to evaluate tax positions taken by the Plan </div><div id="a2440" style="position:absolute;left:96.033px;top:530.1px;">and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not </div><div id="a2453" style="position:absolute;left:96.033px;top:545.6px;">be sustained upon examination by the IRS and the PR Treasury.<div style="display:inline-block;width:4.05px">&#160;</div>As of December 31, 2019, and 2018, there are no </div><div id="a2469" style="position:absolute;left:96.033px;top:560.8px;">uncertain tax positions taken or expected to be taken that would require recognition or disclosure in the financial </div><div id="a2477" style="position:absolute;left:96.033px;top:576.2px;">statements.<div style="display:inline-block;width:3.31px">&#160;</div>The Plan is subject to routine audits by taxing jurisdictions.<div style="display:inline-block;width:3.64px">&#160;</div>However, there are currently no audits in </div><div id="a2492" style="position:absolute;left:96.033px;top:591.4px;">progress for any tax periods. The Plan is no longer subject to income tax examinations for the years prior to 2015. </div><div id="a2503" style="position:absolute;left:96.033px;top:606.9px;">&#160;</div><div id="a2504" style="position:absolute;font-weight:bold;left:60.033px;top:622.4px;">(8)</div><div id="a2505" style="position:absolute;font-family:Arial;font-weight:bold;left:75.5px;top:622.3px;">&#160;</div><div id="a2506" style="position:absolute;font-weight:bold;left:96.033px;top:622.4px;">Excess Contributions Payable to Participants </div><div id="a2508" style="position:absolute;left:96.033px;top:646.9px;">The Plan is subject to certain non-discrimination rules under the PR Code. As of December 31, 2019, the Plan failed </div><div id="a2517" style="position:absolute;left:96.033px;top:662.1px;">certain of the non-discrimination tests under the PR Code due to lower contribution percentages by non-highly </div><div id="a2525" style="position:absolute;left:96.033px;top:677.6px;">compensated eligible employees relative to the contribution percentages of highly compensated eligible employees. </div><div id="a2526" style="position:absolute;left:96.033px;top:692.8px;">In order to meet the requirements of the non-discrimination rules, the Plan refunded a portion of the contributions </div><div id="a2530" style="position:absolute;left:96.033px;top:708.3px;">made by highly compensated participants, in accordance with applicable provisions of the PR Code. The refund for </div><div id="a2536" style="position:absolute;left:96.033px;top:723.5px;">2019, paid in March 2020,<div style="display:inline-block;width:3.64px">&#160;</div>totaled $56,812 and was included as other liabilities in the Plan&#8217;s statement of net assets </div><div id="a2550" style="position:absolute;left:96.033px;top:738.9px;">available for benefits. For the year ended on December 31, 2018, the Plan was in compliance with all of the non-</div><div id="a2555" style="position:absolute;left:96.033px;top:754.1px;">discrimination tests under the PR Code. </div><div id="a2560" style="position:absolute;left:96.033px;top:769.4px;">&#160;</div><div id="a2561" style="position:absolute;font-weight:bold;left:60.033px;top:785.1px;">(9)</div><div id="a2562" style="position:absolute;font-family:Arial;font-weight:bold;left:75.5px;top:785px;">&#160;</div><div id="a2563" style="position:absolute;font-weight:bold;left:96.033px;top:785.1px;">Non-Exempt Prohibited Transaction </div><div id="a2568" style="position:absolute;left:96.033px;top:809.4px;">From<div style="display:inline-block;width:3.64px">&#160;</div>December 31, 2013 through December 31, 2018, Oriental Bank engaged in certain non-exempt prohibited </div><div id="a2572" style="position:absolute;left:96.033px;top:824.8px;">transactions under ERISA in connection with Plan assets. 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<div id="a2608" style="position:absolute;font-weight:bold;left:235px;top:48.1px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a2622" style="position:absolute;font-weight:bold;left:287.56px;top:63.3px;">NOTES TO FINANCIAL STATEMENTS </div><div id="a2630" style="position:absolute;font-weight:bold;left:165.4px;top:78.8px;">AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 </div><div id="a2656" style="position:absolute;font-family:Calibri;font-size:14.667px;left:408.133px;top:93.8px;">&#160;</div><div id="a2657" style="position:absolute;left:401.467px;top:977.7px;">12 </div><div id="a2659" style="position:absolute;font-weight:bold;left:60.033px;top:128.4px;">(10)</div><div id="a2660" style="position:absolute;font-family:Arial;font-weight:bold;left:82.167px;top:128.3px;">&#160;</div><div id="a2661" style="position:absolute;font-weight:bold;left:96.033px;top:128.4px;">Subsequent events </div><div id="a2663" style="position:absolute;left:96.033px;top:152.7px;">On March 11, 2020, the World<div style="display:inline-block;width:5.05px">&#160;</div>Health Organization (WHO) classified the COVID-19 outbreak as a pandemic, </div><div id="a2666" style="position:absolute;left:96.033px;top:168.1px;">triggering volatility in financial markets and a significant negative impact on the global economy. The values of the </div><div id="a2668" style="position:absolute;left:96.033px;top:183.3px;">Plan&#8217;s individual investments are expected to fluctuate in response to changing market conditions and the amount of </div><div id="a2672" style="position:absolute;left:96.033px;top:198.8px;">losses that will be recognized in subsequent periods cannot be determined. The full impact of the COVID-19 </div><div id="a2677" style="position:absolute;left:96.033px;top:214.3px;">outbreak continues to evolve as of the date of this annual report. </div><div id="a2684" style="position:absolute;left:96.033px;top:238.8px;">The Coronavirus Aid, Relief, and Economic Security Act (&#8220;CARES Act&#8221;) was enacted on March 27, 2020 in the </div><div id="a2685" style="position:absolute;left:96.033px;top:254px;">United States. The CARES Act offers relief provisions to tax-qualified retirement plans and their participants. Plan </div><div id="a2690" style="position:absolute;left:96.033px;top:269.5px;">management has adopted certain relief provisions included in the CARES Act and continues to evaluate provisions </div><div id="a2691" style="position:absolute;left:96.033px;top:285px;">in relation to the Plan. </div><div id="a2694" style="position:absolute;left:96.033px;top:313.5px;">The Plan was amended to allow eligible plan participants,<div style="display:inline-block;width:3.4px">&#160;</div>who are Puerto Rico residents in 2020, to take earthquake </div><div id="a2702" style="position:absolute;left:96.033px;top:328.7px;">and COVID-19 eligible distributions from February 20, 2020 through June 30, 2020 pursuant to PR Treasury </div><div id="a2711" style="position:absolute;left:96.033px;top:344.2px;">Administrative Determinations 20-09 and 20-23. Any such eligible distributions, which are available only in a lump </div><div id="a2726" style="position:absolute;left:96.033px;top:359.4px;">sum payment, are limited to $100,000 overall and receive a favorable tax benefit under said administrative </div><div id="a2737" style="position:absolute;left:96.033px;top:374.9px;">determinations. In particular, the first $10,000 is exempt from income taxes and the alternative minimum tax (AMT) </div><div id="a2746" style="position:absolute;left:96.033px;top:390.1px;">under the PR Code and the amount over $10,000 up to $100,000 is subject to a flat 10% income tax rate if the tax is </div><div id="a2757" style="position:absolute;left:96.033px;top:405.8px;">withheld at the time of the distribution. </div><div id="a2759" style="position:absolute;left:96.033px;top:434.1px;">The Plan has evaluated subsequent events from the date of the statement of net assets available for benefits through </div><div id="a2767" style="position:absolute;left:96.033px;top:449.8px;">June 26, 2020 (the filing date of this annual report).</div></div>
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<div id="a2787" style="position:absolute;font-weight:bold;left:96.033px;top:48.1px;">SCHEDULE I </div><div id="a2791" style="position:absolute;font-weight:bold;left:235px;top:63.3px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a2805" style="position:absolute;left:282.227px;top:78.8px;">Schedule G, Part III - Nonexempt Transactions </div><div id="a2819" style="position:absolute;left:304.107px;top:94px;">For the year ended December 31, 2019 </div><div id="a2833" style="position:absolute;font-family:Calibri;font-size:14.667px;left:96.033px;top:109.3px;">&#160;</div><div id="a2834" style="position:absolute;left:401.467px;top:977.7px;">13 </div><div id="a2836" style="position:absolute;font-style:italic;left:96.033px;top:132.1px;">Party involved: </div><div id="a2839" style="position:absolute;left:415.067px;top:132.1px;">Oriental Bank </div><div id="a2841" style="position:absolute;font-style:italic;left:96.033px;top:152.7px;">Relationship to Plan, employer or other party-in-interest: </div><div id="a2847" style="position:absolute;left:415.067px;top:152.7px;">Plan Sponsor </div><div id="a2849" style="position:absolute;font-style:italic;left:96.033px;top:172.7px;">Transaction: </div><div id="a2851" style="position:absolute;left:415.067px;top:172.7px;">Reimbursement of Commissions </div><div id="a2853" style="position:absolute;font-style:italic;left:96.033px;top:189.7px;">Dates of Payments: </div><div id="a2855" style="position:absolute;left:415.067px;top:189.7px;">January 1, 2013 to December 31, 2018 </div><div id="a2857" style="position:absolute;font-style:italic;left:96.033px;top:206.8px;">Amounts of Payments: </div><div id="a2859" style="position:absolute;left:415.067px;top:206.8px;">$567,528 </div><div id="a2864" style="position:absolute;font-size:14.667px;font-style:italic;left:95.767px;top:240.8px;">Reason Transaction is Nonexempt: </div><div id="a2868" style="position:absolute;font-size:14.667px;font-style:italic;left:95.767px;top:274.4px;"><div style="display:inline-block;width:3.73px">&#160;</div>Transaction with a party-in-interest. </div><div id="a2875" style="position:absolute;font-size:12px;left:209.933px;top:304.3px;">See the accompanying report of independent registered public accounting firm. </div></div>
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<div id="a2877" style="position:absolute;font-weight:bold;left:96.033px;top:48.1px;">SCHEDULE II </div><div id="a2881" style="position:absolute;font-weight:bold;left:235px;top:63.3px;">THE ORIENTAL BANK CODA PROFIT SHARING PLAN </div><div id="a2895" style="position:absolute;left:238.733px;top:78.8px;">Schedule H, Line 4i - Schedule of Assets (Held at End of Year) </div><div id="a2921" style="position:absolute;left:355.573px;top:94px;">December 31, 2019 </div><div id="a2927" style="position:absolute;font-family:Calibri;font-size:14.667px;left:96.033px;top:109.3px;">&#160;</div><div id="a2928" style="position:absolute;left:401.467px;top:977.7px;">14 </div><div id="a2964" style="position:absolute;font-size:12px;font-weight:bold;left:169.133px;top:173.1px;">(b) </div><div id="a2968" style="position:absolute;font-size:12px;font-weight:bold;left:402.267px;top:173.1px;">(c) </div><div id="a2972" style="position:absolute;font-size:12px;font-weight:bold;left:577.507px;top:173.1px;">(d) 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style="position:absolute;font-size:12px;left:633.267px;top:454.8px;">1,334,895<div style="display:inline-block;width:9.07px">&#160;</div></div><div id="a3297" style="position:absolute;font-size:12px;left:281.173px;top:471.8px;">Loomis Sayles Investment Grade Bond </div><div id="a3299" style="position:absolute;font-size:12px;left:491.093px;top:471.8px;">27,787 </div><div id="a3301" style="position:absolute;font-size:12px;left:528.173px;top:471.8px;">units </div><div id="a3304" style="position:absolute;font-size:12px;left:578.84px;top:471.8px;">** </div><div id="a3307" style="position:absolute;font-size:12px;left:633.267px;top:471.8px;">1,251,927<div style="display:inline-block;width:9.07px">&#160;</div></div><div id="a3321" style="position:absolute;font-size:12px;left:281.173px;top:488.9px;">Transamerica AA - Growth </div><div id="a3326" style="position:absolute;font-size:12px;left:491.093px;top:488.9px;">42,937 </div><div id="a3328" 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style="position:absolute;font-size:12px;left:281.173px;top:522.8px;">Transamerica AA - Conservative </div><div id="a3377" style="position:absolute;font-size:12px;left:491.093px;top:522.8px;">44,245 </div><div id="a3379" style="position:absolute;font-size:12px;left:528.173px;top:522.8px;">units </div><div id="a3382" style="position:absolute;font-size:12px;left:578.84px;top:522.8px;">** </div><div id="a3385" style="position:absolute;font-size:12px;left:633.267px;top:522.8px;">1,058,284<div style="display:inline-block;width:9.07px">&#160;</div></div><div id="a3399" style="position:absolute;font-size:12px;left:281.173px;top:539.9px;">Transamerica Partners High Yield<div style="display:inline-block;width:4.28px">&#160;</div>Bond </div><div id="a3401" style="position:absolute;font-size:12px;left:491.093px;top:539.9px;">14,374 </div><div id="a3403" style="position:absolute;font-size:12px;left:528.173px;top:539.9px;">units </div><div id="a3406" 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id="a3600" style="position:absolute;font-size:12px;left:578.84px;top:713.5px;">** </div><div id="a3603" style="position:absolute;font-size:12px;left:633.267px;top:713.5px;">6,565,321<div style="display:inline-block;width:9.07px">&#160;</div></div><div id="a3610" style="position:absolute;font-size:12px;left:126.967px;top:731.3px;">Other assets: </div><div id="a3620" style="position:absolute;font-size:12px;left:104.033px;top:748.2px;">* </div><div id="a3624" style="position:absolute;font-size:12px;left:149.107px;top:748.2px;">Transamerica </div><div id="a3627" style="position:absolute;font-size:12px;left:281.173px;top:748.2px;">Expense budget account </div><div id="a3632" style="position:absolute;font-size:12px;left:572.693px;top:748.2px;">&#8212;<div style="display:inline-block;width:12.04px">&#160;</div></div><div id="a3636" style="position:absolute;font-size:12px;left:642.333px;top:748.2px;">176,535<div style="display:inline-block;width:9px">&#160;</div></div><div id="a3641" 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<div id="a3728" style="position:absolute;left:96.033px;top:49.7px;">&#160;</div><div id="a3729" style="position:absolute;left:401.467px;top:977.7px;">15 </div><div id="a3731" style="position:absolute;font-weight:bold;left:96.033px;top:96.4px;">INDEX OF EXHIBITS </div><div id="a3733" style="position:absolute;font-weight:bold;left:96.033px;top:127.3px;">&#160;</div><div id="a3734" style="position:absolute;font-weight:bold;left:96.033px;top:158.3px;">Exhibit No. </div><div id="a3736" style="position:absolute;font-weight:bold;left:407.6px;top:158.3px;">Description of Document </div><div id="a3738" style="position:absolute;color:#0000FF;left:96.033px;top:189.2px;"><a href="ofg11ex23120191231.htm" style="color:#0000FF;text-decoration:underline;">23.1</a></div><div id="a3740" style="position:absolute;color:#0000FF;left:407.6px;top:189.2px;"><a href="ofg11ex23120191231.htm" style="color:#0000FF;text-decoration:underline;">Consent of KPMG LLP</a></div></div>
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<div id="a3742" style="position:absolute;left:96.033px;top:49.7px;">&#160;</div><div id="a3743" style="position:absolute;left:401.467px;top:977.7px;">16 </div><div id="a3745" style="position:absolute;left:96.033px;top:96.1px;">SIGNATURES </div><div id="a3747" style="position:absolute;font-weight:bold;left:182.467px;top:96.1px;">&#160;</div><div id="a3748" style="position:absolute;font-style:italic;left:96.033px;top:111.3px;">&#160;</div><div id="a3749" style="position:absolute;font-style:italic;left:96.033px;top:126.8px;">The Plan</div><div id="a3750" style="position:absolute;left:144.573px;top:126.8px;">. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who </div><div id="a3753" style="position:absolute;left:96.033px;top:142px;">administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the </div><div id="a3754" style="position:absolute;left:96.033px;top:157.5px;">undersigned hereunto duly authorized.<div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a3756" style="position:absolute;left:96.033px;top:172.7px;">&#160;</div><div id="a3757" style="position:absolute;left:96.033px;top:188.1px;">&#160;</div><div id="a3758" style="position:absolute;left:96.033px;top:203.4px;">&#160;</div><div id="a3759" style="position:absolute;left:96.033px;top:218.8px;">&#160;</div><div id="a3760" style="position:absolute;left:96.033px;top:234px;"><div style="display:inline-block;width:443.34px">&#160;</div>THE ORIENTAL BANK CODA </div><div id="a3767" style="position:absolute;left:96.033px;top:249.5px;"><div style="display:inline-block;width:477.19px">&#160;</div>PROFIT SHARING PLAN </div><div id="a3771" style="position:absolute;left:96.033px;top:264.7px;"><div style="display:inline-block;width:540.43px">&#160;</div>(Name of Plan)<div style="display:inline-block;width:3.45px">&#160;</div></div><div id="a3776" style="position:absolute;left:96.033px;top:280.2px;"><div style="display:inline-block;width:226.47px">&#160;</div></div><div id="a3781" style="position:absolute;left:96.033px;top:295.4px;">&#160;</div><div id="a3782" style="position:absolute;left:96.033px;top:310.8px;">Date:<div style="display:inline-block;width:6.86px">&#160;</div>June 26, 2020<div style="display:inline-block;width:393.46px">&#160;</div>/s/ Maritza Arizmendi </div><div id="a3794" style="position:absolute;left:96.033px;top:326px;"><div style="display:inline-block;width:520.7px">&#160;</div>Maritza Arizmendi </div><div id="a3798" style="position:absolute;left:96.033px;top:341.5px;"><div style="display:inline-block;width:463.86px">&#160;</div>Executive Vice President and </div><div id="a3803" style="position:absolute;left:96.033px;top:356.7px;"><div style="display:inline-block;width:497.23px">&#160;</div>Chief Financial Officer </div><div id="a3807" style="position:absolute;left:96.033px;top:372.2px;"><div style="display:inline-block;width:226.47px">&#160;</div></div><div id="a3812" style="position:absolute;left:96.033px;top:387.4px;"><div style="display:inline-block;width:226.47px">&#160;</div></div><div id="a3817" style="position:absolute;left:96.033px;top:402.9px;">&#160;</div><div id="a3818" style="position:absolute;left:96.033px;top:418.1px;">&#160;</div><div id="a3819" style="position:absolute;left:96.033px;top:433.5px;"><div style="display:inline-block;width:520.43px">&#160;</div>/s/ Juan J. Santiago </div><div id="a3823" style="position:absolute;left:96.033px;top:448.7px;"><div style="display:inline-block;width:410.54px">&#160;</div>Senior Vice President and Trust<div style="display:inline-block;width:4.8px">&#160;</div>Officer </div><div id="a3827" style="position:absolute;left:96.033px;top:464.2px;"><div style="display:inline-block;width:226.47px">&#160;</div></div><div id="a3832" style="position:absolute;left:96.033px;top:479.4px;"><div style="display:inline-block;width:129.9px">&#160;</div></div><div id="a3836" style="position:absolute;font-weight:bold;left:322.507px;top:479.4px;">&#160;</div><div id="a3837" style="position:absolute;left:96.033px;top:494.9px;">&#160;</div><div id="a3838" style="position:absolute;left:96.033px;top:510.1px;">&#160;</div><div id="a3839" style="position:absolute;left:96.033px;top:525.6px;">&#160;</div><div id="a3840" style="position:absolute;left:96.033px;top:540.8px;">&#160;</div><div id="a3841" style="position:absolute;left:96.033px;top:556.2px;">&#160;</div><div id="a3842" style="position:absolute;left:96.033px;top:571.4px;">&#160;</div><div id="a3843" style="position:absolute;left:96.033px;top:586.9px;">&#160;</div><div id="a3844" style="position:absolute;left:96.033px;top:602.1px;">&#160;</div><div id="a3845" style="position:absolute;left:96.033px;top:617.6px;">&#160;</div><div id="a3846" style="position:absolute;left:96.033px;top:633.1px;"><div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a3848" style="position:absolute;left:96.033px;top:664px;">&#160;</div></div>
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<TYPE>EX-23
<SEQUENCE>2
<FILENAME>ofg11ex23120191231.htm
<DESCRIPTION>EXHIBIT 23.1
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<div id="a0" style="position:absolute;font-size:13.333px;left:96.033px;top:49.7px;">&#160;</div><div id="a1" style="position:absolute;font-size:13.333px;left:404.667px;top:977.7px;">0 </div><div id="a3" style="position:absolute;font-size:13.333px;font-weight:bold;left:636.467px;top:96.1px;">EXHIBIT 23.1 </div><div id="a5" style="position:absolute;font-size:13.333px;font-weight:bold;left:96.033px;top:111.3px;">&#160;</div><div id="a6" style="position:absolute;font-size:13.333px;font-weight:bold;left:96.033px;top:138.8px;">I. CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </div><div id="a7" style="position:absolute;font-size:16px;left:577.24px;top:136.4px;">&#160;</div><div id="a8" style="position:absolute;left:96.033px;top:154.2px;">&#160;</div><div id="a9" style="position:absolute;font-size:16px;left:99.233px;top:151.3px;">&#160;</div><div id="a10" style="position:absolute;left:96.033px;top:168.9px;">OFG Bancorp 1165(e) Retirement Plan Committee<div style="display:inline-block;width:0.85px">&#160;</div></div><div id="a12" style="position:absolute;left:96.033px;top:183.3px;">The Oriental Bank CODA Profit<div style="display:inline-block;width:1.45px">&#160;</div>Sharing Plan: </div><div id="a14" style="position:absolute;font-size:16px;left:336.36px;top:180.4px;">&#160;</div><div id="a15" style="position:absolute;left:96.033px;top:198px;">&#160;</div><div id="a16" style="position:absolute;font-size:16px;left:99.233px;top:195px;">&#160;</div><div id="a17" style="position:absolute;left:96.033px;top:212.7px;">We consent to the incorporation by reference in the<div style="display:inline-block;width:1.76px">&#160;</div>registration statement (No.<div style="display:inline-block;width:1.94px">&#160;</div>333-102696) on Form S-8<div style="display:inline-block;width:1.36px">&#160;</div>OFG </div><div id="a24" style="position:absolute;left:96.033px;top:227.1px;">Bancorp of our report dated<div style="display:inline-block;width:1.83px">&#160;</div>June 26, 2020, with respect<div style="display:inline-block;width:1.54px">&#160;</div>to the statements of net assets<div style="display:inline-block;width:1.81px">&#160;</div>available for benefits of </div><div id="a26" style="position:absolute;left:96.033px;top:241.7px;">The Oriental Bank CODA Profit<div style="display:inline-block;width:1.45px">&#160;</div>Sharing Plan as of December 31,<div style="display:inline-block;width:1.65px">&#160;</div>2019 and 2018, the related<div style="display:inline-block;width:1.73px">&#160;</div>statement of </div><div id="a28" style="position:absolute;left:96.033px;top:256.1px;">changes in net assets available<div style="display:inline-block;width:1.65px">&#160;</div>for benefits for the year<div style="display:inline-block;width:1.84px">&#160;</div>ended December 31, 2019, and<div style="display:inline-block;width:1.57px">&#160;</div>the related notes, and </div><div id="a31" style="position:absolute;left:96.033px;top:270.8px;">the supplemental schedules of<div style="display:inline-block;width:1.55px">&#160;</div>Schedule G, Part III - Nonexempt<div style="display:inline-block;width:1.46px">&#160;</div>Transactions for the year ended </div><div id="a36" style="position:absolute;left:96.033px;top:285.5px;">December 31, 2019 and Schedule<div style="display:inline-block;width:1.48px">&#160;</div>H, line 4i &#8211; Schedule of Assets<div style="display:inline-block;width:1.63px">&#160;</div>(Held at End of Year) as of December 31, </div><div id="a42" style="position:absolute;left:96.033px;top:299.9px;">2019, which report appears in the<div style="display:inline-block;width:1.47px">&#160;</div>December 31, 2019 annual<div style="display:inline-block;width:1.83px">&#160;</div>report for Form 11-K<div style="display:inline-block;width:2.67px">&#160;</div>of The Oriental Bank CODA </div><div id="a46" style="position:absolute;left:96.033px;top:314.5px;">Profit Sharing Plan.</div><div id="a47" style="position:absolute;font-size:16px;left:196.333px;top:311.6px;">&#160;</div><div id="a48" style="position:absolute;left:96.033px;top:329.2px;">&#160;</div><div id="a49" style="position:absolute;font-size:16px;left:99.233px;top:326.3px;">&#160;</div><div id="a50" style="position:absolute;left:96.033px;top:343.6px;">&#160;</div><div id="a51" style="position:absolute;font-size:16px;left:99.233px;top:340.7px;">&#160;</div><div id="a52" style="position:absolute;left:96.033px;top:358.3px;">/s/ KPMG LLP</div><div id="a53" style="position:absolute;font-size:16px;left:173.4px;top:355.4px;">&#160;</div><div id="a54" style="position:absolute;font-size:13.333px;left:96.033px;top:372.7px;">&#160;</div><div id="a55" style="position:absolute;font-size:16px;left:99.5px;top:370.3px;">&#160;</div><div id="a56" style="position:absolute;left:96.033px;top:388.2px;">San Juan, Puerto Rico </div><div id="a58" style="position:absolute;font-size:13.333px;left:96.033px;top:402.6px;">June 26, 2020</div><div id="a59" style="position:absolute;font-size:16px;left:170.467px;top:400.2px;">&#160;</div><div id="a60" style="position:absolute;font-size:16px;left:96.033px;top:418px;">&#160;</div></div>
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