Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

Preferred Stock and Common Stock

During the year ended December 31, 2021, OFG redeemed all of its outstanding Series A, Series B and Series D preferred stock at a redemption price of $25.00 per share. As a result of such redemptions, OFG no longer has any outstanding preferred stock. As of December 31, 2020 preferred stock amounted $92.0 million. At both December 31, 2021 and 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. At both December 31, 2021 and 2020, accumulated common stock issuance costs charged against additional paid-in capital amounted to $13.6 million. At December 31, 2020, accumulated preferred stock issuance costs charged against additional paid in capital amounted to $10.1 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 December 31, 2021 and 2020, the Bank’s legal surplus amounted to $117.7 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

On July 2021, OFG announced the approval by the Board of Directors of a stock repurchase program to purchase an additional $50.0 million of its outstanding shares of common stock. The shares of common stock repurchased are held by OFG as treasury shares. During the year ended December 31, 2021, OFG completed the program and repurchased 2,052,429 shares for a total of $49.9 million at an average price of $24.29 per share. During the year ended December 31, 2020, OFG repurchased 175,000 shares under the previous repurchase program for a total of $2.2 million, at an average price of $12.69 per share. During the year ended December 31, 2019, OFG did not repurchase any shares under the programs.

OFG did not purchase any shares of its common stock during the years ended December 31, 2021, 2020 and 2019, other than through its publicly announced stock repurchase programs.

The activity in connection with common shares held in treasury by OFG for the years ended December 31, 2021, 2020 and 2019 is set forth below:


	Year Ended December 31,
	2021			2020			2019
	Shares	Dollar Amount		Shares	Dollar Amount		Shares	Dollar Amount
	(In thousands, except shares data)
Beginning of year	8,498,163	$	102,949	8,486,278	$	102,339	8,591,310	$	103,633
Common shares used upon lapse of restricted stock units and options	(301,710)	(2,249)		(163,115)	(1,616)		(105,032)	(1,294)
Common shares repurchased as part of the stock repurchase program	2,052,429	49,872		175,000	2,226		—	—
End of year	10,248,882	$	150,572	8,498,163	$	102,949	8,486,278	$	102,339