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OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements Of Financial Position Information | The following condensed financial information presents the financial position of the holding company only as of December 31, 2023 and 2022, and the results of its operations and its cash flows for 2023, 2022 and 2021:
| December 31,
| 2023 |  | 2022
| (In thousands)
ASSETS |  |  |
Cash and cash equivalents | $ | 73,121 |  |  | $ | 82,045 |
Investment in bank subsidiary, equity method | 1,094,581 |  |  | 938,306 |
Investment in nonbank subsidiaries, equity method | 40,145 |  |  | 32,525 |
Advance to investment dealers | — |  |  | 6 |
Deferred tax asset, net | 293 |  |  | 924 |
Due from bank subsidiary, net | 56 |  |  | 44 |
Other assets | 371 |  |  | 356 |
Total assets | $ | 1,208,567 |  |  | $ | 1,054,206 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Dividends payable | 10,355 |  |  | 9,513 |
Accrued expenses and other liabilities | 4,729 |  |  | 2,287 |
Due to non-bank subsidiary, net | 3 |  |  | — |
Total liabilities | 15,087 |  |  | 11,800 |
Stockholders’ equity | 1,193,480 |  |  | 1,042,406 |
Total liabilities and stockholders’ equity | $ | 1,208,567 |  |  | $ | 1,054,206 |
Condensed Statement Of Operations Information |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Income: |  |  |  |  |
Interest income | $ | 3,712 |  |  | $ | 977 |  |  | $ | 55 |
Investment trading activities, net and other | 7,040 |  |  | 6,022 |  |  | 6,765 |
Total income | 10,752 |  |  | 6,999 |  |  | 6,820 |
Expenses: |  |  |  |  |
Interest expense | — |  |  | 521 |  |  | 1,174 |
Operating expenses | 8,230 |  |  | 7,992 |  |  | 8,397 |
Total expenses | 8,230 |  |  | 8,513 |  |  | 9,571 |
Income (loss) before income taxes | 2,522 |  |  | (1,514) |  |  | (2,751) |
Income tax expense | 3,846 |  |  | 2,782 |  |  | 1,813 |
Loss before earnings of subsidiaries | (1,324) |  |  | (4,296) |  |  | (4,564) |
Equity in earnings from: |  |  |  |  |
Bank subsidiary | 170,658 |  |  | 162,236 |  |  | 144,089 |
Nonbank subsidiaries | 12,538 |  |  | 8,299 |  |  | 6,626 |
Net income | $ | 181,872 |  |  | $ | 166,239 |  |  | $ | 146,151 |
Condensed Statement Of Comprehensive Income Information |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Net income | $ | 181,872 |  |  | $ | 166,239 |  |  | $ | 146,151 |
Other comprehensive income (loss) before tax: |  |  |  |  |
Other comprehensive income (loss) from bank subsidiary | 26,396 |  |  | (98,569) |  |  | (5,862) |
Other comprehensive income (loss) before taxes | 26,396 |  |  | (98,569) |  |  | (5,862) |
Income tax effect | — |  |  | — |  |  | — |
Other comprehensive income (loss) after taxes | 26,396 |  |  | (98,569) |  |  | (5,862) |
Comprehensive income | $ | 208,268 |  |  | $ | 67,670 |  |  | $ | 140,289 |
Condensed Statement Of Cash Flows Information |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 181,872 |  |  | $ | 166,239 |  |  | $ | 146,151 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in earnings from banking subsidiary | (170,658) |  |  | (162,236) |  |  | (144,089) |
Equity in earnings from nonbanking subsidiaries | (12,538) |  |  | (8,299) |  |  | (6,626) |
Net decrease in due to non-bank subsidiary, net | 3 |  |  | — |  |  | — |
Gain on early extinguishment of debt | — |  |  | (42) |  |  | — |
Stock-based compensation | 731 |  |  | 652 |  |  | 940 |
Deferred income tax, net | 630 |  |  | 1,703 |  |  | 10 |
Net decrease (increase) in other assets | 1,270 |  |  | 18,829 |  |  | (13,471) |
Net increase (decrease) in accrued expenses and other liabilities | 2,149 |  |  | (488) |  |  | 950 |
Dividends from banking subsidiary | 45,000 |  |  | 140,000 |  |  | 197,000 |
Dividends from non-banking subsidiary | 4,000 |  |  | 9,500 |  |  | 11,000 |
Net cash provided by operating activities | 52,459 |  |  | 165,858 |  |  | 191,865 |
Cash flows from investing activities: |  |  |  |  |
Proceeds from sales of premises and equipment | — |  |  | — |  |  | 240 |
Capital contribution to non-banking subsidiary | — |  |  | — |  |  | (9,300) |
Additions to premises and equipment | (30) |  |  | (233) |  |  | (288) |
Net cash used in investing activities | (30) |  |  | (233) |  |  | (9,348) |
Cash flows from financing activities: |  |  |  |  |
Subordinated capital notes | — |  |  | (34,958) |  |  | — |
Exercise of stock options and restricted units lapsed, net | (1,689) |  |  | (906) |  |  | 283 |
Purchase of treasury stock | (18,653) |  |  | (64,110) |  |  | (49,872) |
Redemption of preferred stock | — |  |  | — |  |  | (92,000) |
Dividends paid | (41,011) |  |  | (30,090) |  |  | (20,973) |
Net cash used in financing activities | (61,353) |  |  | (130,064) |  |  | (162,562) |
Net change in cash and cash equivalents | (8,924) |  |  | 35,561 |  |  | 19,955 |
Cash and cash equivalents at beginning of year | 82,045 |  |  | 46,484 |  |  | 26,529 |
Cash and cash equivalents at end of year | $ | 73,121 |  |  | $ | 82,045 |  |  | $ | 46,484 |

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