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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2021
Stockholders' Equity [Abstract] |
Stockholders' Equity | NOTE 16 – STOCKHOLDERS’ EQUITY Preferred Stock and Common Stock On April 30, 2021, OFG redeemed Series A and Series B preferred stock at a redemption price of $25.00 per share. As of June 30, 2021 and December 31, 2020 preferred stock amounted to $24.0 million and $92.0 million, respectively. At both June 30, 2021 and December 31, 2020, common stock amounted to $59.9 million. 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 June 30, 2021 and December 31, 2020, accumulated preferred stock issuance costs charged against additional paid in capital amounted to $7.5 million and $10.1 million, respectively. At both June 30, 2021 and December 31, 2020, accumulated common stock issuance costs charged against additional paid in capital amounted to $13.6 million. 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 June 30, 2021 and December 31, 2020, the Bank’s legal surplus amounted to $110.2 million and $103.3 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders. Treasury Stock Under OFG’s stock repurchase program in effect at June 30, 2021, it was 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 OFG as treasury shares. During the six-month period ended June 30, 2020, OFG repurchased 175,000 shares under this program for a total of $2.2 million, at an average price of $12.69 per share. OFG did not purchase any shares of its common stock during the six-month period ended June 30, 2020 other than through its publicly announced stock repurchase program. During the six-month period ended June 30, 2021, OFG did not repurchased any shares. At June 30, 2021 the number of shares that may yet be purchased under the $70 million program is estimated at ,249116 and was calculated by dividing the remaining balance of $5.5 million by $22.12 (closing price of OFG’s common stock at June 30, 2021).The activity in connection with common shares held in treasury by OFG for the six-months period ended June 30, 2021 and 2020 is set forth below:
|  | Six-Month Period Ended June 30,
|  | 2021 |  | 2020
|  |  |  | Dollar |  |  |  | Dollar
|  | Shares |  | Amount |  | Shares |  | Amount
|  | (In thousands, except shares data)
Beginning of period | $ | 8,498,163 |  | $ | 102,949 |  | 8,486,278 |  | $ | 102,339
Common shares used upon lapse of restricted stock units and options |  | (273,436) |  |  | (2,230) |  | (118,276) |  |  | (1,444)
Common shares repurchased as part of the stock repurchase program |  | - |  |  | - |  | 175,000 |  |  | 2,226
End of period | $ | 8,224,727 |  | $ | 100,719 |  | 8,543,002 |  | $ | 103,121

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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