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OFG Bancorp (Holding Company Only) Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

OFG Bancorp (Holding Company Only) Financial Information [Abstract]

Condensed Statements Of Financial Information


		December 31,
		2020			2019
		(In thousands)
ASSETS
Cash and cash equivalents		$	26,529		$	27,932
Investment in bank subsidiary, equity method			1,064,671			1,027,633
Investment in nonbank subsidiaries, equity method			32,293			32,803
Due from bank subsidiary, net			2,024			40
Deferred tax asset, net			2,637			-
Other assets			942			676
Total assets		$	1,129,096		$	1,089,084
LIABILITIES AND STOCKHOLDERS’ EQUITY
Dividend payable			5,223			5,222
Accrued expenses and other liabilities			1,816			2,301
Subordinated capital notes			36,083			36,083
Total liabilities			43,122			43,606
Stockholders’ equity			1,085,974			1,045,478
Total liabilities and stockholders’ equity		$	1,129,096		$	1,089,084

Condensed Statement Of Operations Information

	Year Ended December 31,
	2020			2019				2018
	(In thousands)
Income:
Interest income	$	86		$	828		$	477
Investment trading activities, net and other		6,583			5,308			6,003
Total income		6,669			6,136			6,480
Expenses:
Interest expense		1,394			2,012			1,905
Operating expenses		7,483			7,516			7,980
Total expenses		8,877			9,528			9,885
Loss before income taxes		(2,208)			(3,392)			(3,405)
Income tax expense		(1,363)			1,705			2,400
Loss before changes in undistributed earnings of subsidiaries		(845)			(5,097)			(5,805)
Equity in undistributed earnings from:
Bank subsidiary		74,899			56,114			87,128
Nonbank subsidiaries		273			2,824			3,087
Net income	$	74,327		$	53,841		$	84,410

Condensed Statement Of Comprehensive Income Information


	Year Ended December 31,
	2020			2019			2018
	(In thousands)
Net income	$	74,327		$	53,841		$	84,410
Other comprehensive loss before tax:
Other comprehensive income from bank subsidiary		12,030			9,955			(8,014)
Other comprehensive loss before taxes		12,030			9,955			(8,014)
Income tax effect		-			-			-
Other comprehensive loss after taxes		12,030			9,955			(8,014)
Comprehensive income	$	86,357		$	63,796		$	76,396

Condensed Statement Of Cash Flows Information


	Year Ended December 31,
	2020			2019			2018
	(In thousands)
Cash flows from operating activities:
Net income	$	74,327		$	53,841		$	84,410
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings from banking subsidiary		(74,899)			(56,114)			(87,128)
Equity in undistributed earnings from nonbanking subsidiaries		(273)			(2,824)			(3,087)
Stock-based compensation		2,170			2,134			1,401
Deferred income tax, net		(2,637)			-			2,230
Net (increase) decrease in other assets		12			458			372
Net (decrease) increase in accrued expenses and other liabilities		(486)			64			203
Dividends from banking subsidiary		26,100			20,000			37,700
Dividends from non-banking subsidiary		9,531			6,017			4,000
Net cash provided by operating activities		33,845			23,576			40,101
Cash flows from investing activities:
Net increase in due from bank subsidiary, net		(1,984)			-			-
Net decrease (increase) in due to non-bank subsidiary, net		-			(14)			14
Proceeds from sales of premises and equipment		282			310			200
Capital contribution to banking subsidiary		(1,703)			(1,720)			(1,105)
Capital contribution to non-banking subsidiary		(9,013)			(13,518)			(24)
Additions to premises and equipment		(295)			(319)			(97)
Net cash (used in) investing activities		(12,713)			(15,261)			(1,012)
Cash flows from financing activities:
Proceeds from exercise of stock options and lapsed restricted units, net		583			1,294			508
Purchase of treasury stock		(2,226)			-			-
Dividends paid		(20,892)			(20,884)			(24,820)
Net cash used in financing activities		(22,535)			(19,590)			(24,312)
Net change in cash and cash equivalents		(1,403)			(11,275)			14,777
Cash and cash equivalents at beginning of year		27,932			39,207			24,430
Cash and cash equivalents at end of year	$	26,529		$	27,932		$	39,207