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Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity [Abstract]

Stockholders' Equity

NOTE 22 – STOCKHOLDERS’ EQUITY

Preferred Stock and Common Stock

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

Additional Paid-in Capital

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

Legal Surplus

The Puerto Rico Banking Act requires that a minimum of 10% of the Bank’s net income for the year be transferred to a reserve fund until such fund (legal surplus) equals the total paid in capital on common and preferred stock. At December 31, 2020 and 2019, the Bank’s legal surplus amounted to $103.3 million and $95.8 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders.

Treasury Stock

Under Oriental’s current stock repurchase program, it is authorized to purchase in the open market up to $5.5 million of its outstanding shares of common stock. The shares of common stock repurchased are to be held by Oriental as treasury shares. During the year ended December 31, 2020, Oriental repurchased 175,000 shares under this program for a total of $2.2 million, at an average price of $12.69 per share. During years ended December 31, 2019 and 2018, Oriental did not repurchase any shares under the program.

At December 31, 2020 the number of shares that may yet be purchased under the $70 million program is estimated at 297,219 and was calculated by dividing the remaining balance of $5.5 million by $18.54 (closing price of Oriental’s common stock at December 31, 2020). Oriental did not purchase any shares of its common stock during the years ended December 31, 2020, 2019 and 2018, other than through its publicly announced stock repurchase program.The activity in connection with common shares held in treasury by Oriental for the years ended December 31, 2020, 2019 and 2018 is set forth below:

		Year Ended December 31,
		2020					2019						2018
				Dollar					Dollar						Dollar
		Shares		Amount			Shares		Amount				Shares		Amount
		(In thousands, except shares data)
Beginning of year	$	8,486,278		$	102,339		8,591,310		$	103,633		$	8,678,427		$	104,502
Common shares used upon lapse of restricted stock units and options		(163,115)			(1,616)		(105,032)			(1,294)			(87,117)			(869)
Common shares repurchased as part of the stock repurchase program		175,000			2,226		-			-			-			-
End of year	$	8,498,163		$	102,949		8,486,278		$	102,339		$	8,591,310		$	103,633