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OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATIONAs a bank holding company subject to the regulations and supervisory guidance of the Federal Reserve Board, OFG Bancorp generally should inform the Federal Reserve Board and eliminate, defer or significantly reduce its dividends if: (i) its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or (iii) it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. The payment of dividends by the Bank to OFG Bancorp may also be affected by other regulatory requirements and policies, such as the maintenance of certain regulatory capital levels. During 2022, 2021, and 2020, the Bank paid $140.0 million, $197.0 million and $26.1 million, respectively, in dividends to OFG Bancorp. During 2022, 2021, and 2020, Oriental Insurance paid $9.5 million, $11.0 million, and $9.5 million, respectively, in dividends to OFG Bancorp.
OFG BANCORP
CONDENSED STATEMENTS OF FINANCIAL POSITION INFORMATION
(Holding Company Only)
The following condensed financial information presents the financial position of the holding company only as of December 31, 2022 and 2021, and the results of its operations and its cash flows for 2022, 2021 and 2020:
December 31,
20222021
(In thousands)
ASSETS
Cash and cash equivalents$82,045 $46,484 
Investment in bank subsidiary, equity method938,306 1,011,147 
Investment in nonbank subsidiaries, equity method32,525 35,915 
Advance to investment dealers6 17,213 
Deferred tax asset, net924 2,627 
Due from bank subsidiary, net44 50 
Other assets356 582 
Total assets$1,054,206 $1,114,018 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Dividend payable9,513 6,010 
Accrued expenses and other liabilities2,287 2,765 
Subordinated capital notes— 36,083 
Total liabilities11,800 44,858 
Stockholders’ equity1,042,406 1,069,160 
Total liabilities and stockholders’ equity$1,054,206 $1,114,018 
OFG BANCORP
CONDENSED STATEMENTS OF OPERATIONS INFORMATION
(Holding Company Only)
Year Ended December 31,
202220212020
(In thousands)
Income:
Interest income$977 $55 $86 
Investment trading activities, net and other6,022 6,765 6,583 
Total income6,999 6,820 6,669 
Expenses:
Interest expense521 1,174 1,394 
Operating expenses7,992 8,397 7,483 
Total expenses8,513 9,571 8,877 
Loss before income taxes(1,514)(2,751)(2,208)
Income tax expense (benefit)2,782 1,813 (1,363)
Loss before earnings of subsidiaries(4,296)(4,564)(845)
Equity in earnings from:
Bank subsidiary162,236 144,089 74,899 
Nonbank subsidiaries8,299 6,626 273 
Net income$166,239 $146,151 $74,327 

OFG BANCORP
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
(Holding Company Only)
Year Ended December 31,
202220212020
(In thousands)
Net income$166,239 $146,151 $74,327 
Other comprehensive (loss) income before tax:
Other comprehensive (loss) income from bank subsidiary(98,569)(5,862)12,030 
Other comprehensive (loss) income before taxes(98,569)(5,862)12,030 
Income tax effect— — — 
Other comprehensive (loss) income after taxes(98,569)(5,862)12,030 
Comprehensive income$67,670 $140,289 $86,357 
OFG BANCORP
CONDENSED STATEMENTS OF CASH FLOWS INFORMATION
(Holding Company Only)
Year Ended December 31,
202220212020
(In thousands)
Cash flows from operating activities:
Net income$166,239 $146,151 $74,327 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings from banking subsidiary(162,236)(144,089)(74,899)
Equity in earnings from nonbanking subsidiaries(8,299)(6,626)(273)
Gain on early extinguishment of debt(42)— — 
Stock-based compensation652 940 2,170 
Deferred income tax, net1,703 10 (2,637)
Net (increase) decrease in other assets18,829 (13,471)12 
Net increase (decrease) in accrued expenses and other liabilities(488)950 (486)
Dividends from banking subsidiary140,000 197,000 26,100 
Dividends from non-banking subsidiary9,500 11,000 9,531 
Net cash provided by operating activities165,858 191,865 33,845 
Cash flows from investing activities:
Net increase in due from bank subsidiary, net— — (1,984)
Proceeds from sales of premises and equipment— 240 282 
Capital contribution to banking subsidiary— — (1,703)
Capital contribution to non-banking subsidiary— (9,300)(9,013)
Additions to premises and equipment(233)(288)(295)
Net cash used in investing activities(233)(9,348)(12,713)
Cash flows from financing activities:
Subordinated capital notes(34,958)— — 
Exercise of stock options and restricted units lapsed, net(906)283 583 
Purchase of treasury stock(64,110)(49,872)(2,226)
Redemption of preferred stock— (92,000)— 
Dividends paid(30,090)(20,973)(20,892)
Net cash used in financing activities(130,064)(162,562)(22,535)
Net change in cash and cash equivalents35,561 19,955 (1,403)
Cash and cash equivalents at beginning of year46,484 26,529 27,932 
Cash and cash equivalents at end of year$82,045 $46,484 $26,529