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OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION
 12 Months Ended
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,
20232022
(In thousands)
ASSETS
Cash and cash equivalents$73,121 $82,045 
Investment in bank subsidiary, equity method1,094,581 938,306 
Investment in nonbank subsidiaries, equity method40,145 32,525 
Advance to investment dealers— 6 
Deferred tax asset, net293 924 
Due from bank subsidiary, net56 44 
Other assets371 356 
Total assets$1,208,567 $1,054,206 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Dividends payable10,355 9,513 
Accrued expenses and other liabilities4,729 2,287 
Due to non-bank subsidiary, net3 — 
Total liabilities15,087 11,800 
Stockholders’ equity1,193,480 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,
202320222021
(In thousands)
Income:
Interest income$3,712 $977 $55 
Investment trading activities, net and other7,040 6,022 6,765 
Total income10,752 6,999 6,820 
Expenses:
Interest expense— 521 1,174 
Operating expenses8,230 7,992 8,397 
Total expenses8,230 8,513 9,571 
Income (loss) before income taxes2,522 (1,514)(2,751)
Income tax expense3,846 2,782 1,813 
Loss before earnings of subsidiaries(1,324)(4,296)(4,564)
Equity in earnings from:
Bank subsidiary170,658 162,236 144,089 
Nonbank subsidiaries12,538 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,
202320222021
(In thousands)
Net income$181,872 $166,239 $146,151 
Other comprehensive income (loss) before tax:
Other comprehensive income (loss) from bank subsidiary26,396 (98,569)(5,862)
Other comprehensive income (loss) before taxes26,396 (98,569)(5,862)
Income tax effect— — — 
Other comprehensive income (loss) after taxes26,396 (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,
202320222021
(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, net3 — — 
Gain on early extinguishment of debt— (42)— 
Stock-based compensation731 652 940 
Deferred income tax, net630 1,703 10 
Net decrease (increase) in other assets1,270 18,829 (13,471)
Net increase (decrease) in accrued expenses and other liabilities2,149 (488)950 
Dividends from banking subsidiary45,000 140,000 197,000 
Dividends from non-banking subsidiary4,000 9,500 11,000 
Net cash provided by operating activities52,459 165,858 191,865 
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 year82,045 46,484 26,529 
Cash and cash equivalents at end of year$73,121 $82,045 $46,484