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OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION | OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION As 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 2023, 2022, and 2021, the Bank paid $45.0 million, $140.0 million and $197.0 million, respectively, in dividends to OFG Bancorp. During 2023, OFG Reinsurance paid $4.0 million in dividends to OFG Bancorp. During 2022, and 2021, Oriental Insurance paid $9.5 million and $11.0 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, 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 |
OFG BANCORP CONDENSED STATEMENTS OF OPERATIONS INFORMATION (Holding Company Only)
| 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 |
OFG BANCORP CONDENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION (Holding Company Only)
| 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 |
OFG BANCORP CONDENSED STATEMENTS OF CASH FLOWS INFORMATION (Holding Company Only)
| 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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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