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STOCKHOLDERS’ EQUITY | 9 Months Ended
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Sep. 30, 2023
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Common Stock At both September 30, 2023 and December 31, 2022, 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 stock, net of the costs of issuance. At both September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, the Bank’s legal surplus amounted to $146.8 million and $133.9 million, respectively. During the nine-month period ended September 30, 2023, OFG transferred $12.9 million to the legal surplus account. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders. Treasury Stock In January 2022, OFG announced the approval by the Board of Directors of a stock repurchase program for the purchase of up to $100 million of its outstanding shares of common stock. The shares of common stock repurchased are held by OFG as treasury shares. During the nine-month period ended September 30, 2023, OFG repurchased 743,699 shares for a total of $18.7 million at an average price of $25.08 per share. During the nine-month period ended September 30, 2022, OFG repurchased 2,351,868 shares for a total of $64.1 million, at an average price of $27.26 per share. At September 30, 2023, the number of shares that may yet be purchased under the $100 million program is estimated at 577,260 and was calculated by dividing the remaining balance of $17.2 million by $29.86 (closing price of OFG’s common stock at September 30, 2023). OFG did not repurchase any shares of its common stock during the nine-month periods ended September 30, 2023 and 2022, other than through its publicly announced stock repurchase program. The activity in connection with common shares held in treasury by OFG for the nine-month periods ended September 30, 2023 and 2022 is set forth below:
| Nine-Month Period Ended September 30,
| 2023 |  | 2022 |  |
| Shares |  | Dollar Amount |  | Shares |  | Dollar Amount |  |  |  |
| (In thousands, except shares data)
Beginning of period | 12,303,859 |  |  | $ | 211,135 |  |  | 10,248,882 |  |  | $ | 150,572 |  |  |  |  |
Common shares used upon lapse of restricted stock units and options | (220,130) |  |  | (1,414) |  |  | (278,788) |  |  | (3,544) |  |  |  |  |
Common shares repurchased as part of the stock repurchase programs | 743,699 |  |  | 18,653 |  |  | 2,351,868 |  |  | 64,110 |  |  |  |  |
End of period | 12,827,428 |  |  | $ | 228,374 |  |  | 12,321,962 |  |  | $ | 211,138 |  |  |  |  |

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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 -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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