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STOCKHOLDERS’ EQUITY | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Common Stock At both September 30, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, the Bank’s legal surplus amounted to $165.0 million and $151.0 million, respectively. During the quarter and nine-month period ended September 30, 2024, OFG transferred $4.4 million and $14.0 million, respectively, to the legal surplus account. During the quarter and nine-month period ended September 30, 2023, OFG transferred $4.2 million and $12.9 million, respectively, 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 2024, OFG announced the approval by the Board of Directors of a stock repurchase program for the purchase of up to $50 million of its outstanding shares of common stock. The new stock repurchase program, which is open-ended, replaces the prior stock repurchase program of $100 million approved by the Board of Directors in January 2022, which had a remaining balance of $17.2 million. The shares of common stock repurchased are held by OFG as treasury shares. OFG records treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. During the nine-month period ended September 30, 2024, OFG repurchased 671,800 shares for a total of $24.4 million at an average price of $36.30 per share. Under the prior stock repurchase program, 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, 2023. At September 30, 2024, the estimated remaining number of shares that may be purchased under the $50.0 million program is 570,223 and was calculated by dividing the remaining balance of $25.6 million by $44.92 (closing price of OFG’s common stock at September 30, 2024). OFG did not repurchase any shares of its common stock during the nine-month periods ended September 30, 2024 and 2023, other than through its publicly announced stock repurchase program. The activity in connection with common shares held in treasury by OFG for the quarters and nine-month periods ended September 30, 2024 and 2023 is set forth below:
| Quarter Ended September 30, |  |  |  |
| 2024 |  | 2023 |  |
| Shares |  | Dollar Amount |  | Shares |  | Dollar Amount |  |  |  |
| (In thousands, except shares data)
Beginning of period | 13,323,702 |  |  | $ | 250,951 |  |  | 12,809,047 |  |  | $ | 226,230 |  |  |  |  |
Common shares used upon lapse of restricted stock units and options | — |  |  | — |  |  | (55,219) |  |  | (42) |  |  |  |  |
Common shares repurchased as part of the stock repurchase programs | 2,600 |  |  | 104 |  |  | 73,600 |  |  | 2,186 |  |  |  |  |
End of period | 13,326,302 |  |  | $ | 251,055 |  |  | 12,827,428 |  |  | $ | 228,374 |  |  |  |  |
| Nine-Months Ended September 30, 2024
| 2024 |  | 2023 |  |
| Shares |  | Dollar Amount |  | Shares |  | Dollar Amount |  |  |  |
| (In thousands, except shares data)
Beginning of period | 12,820,078 |  |  | $ | 228,350 |  |  | 12,303,859 |  |  | $ | 211,135 |  |  |  |  |
Common shares used upon lapse of restricted stock units and options | (165,576) |  |  | (1,681) |  |  | (220,130) |  |  | (1,414) |  |  |  |  |
Common shares repurchased as part of the stock repurchase programs | 671,800 |  |  | 24,386 |  |  | 743,699 |  |  | 18,653 |  |  |  |  |
End of period | 13,326,302 |  |  | $ | 251,055 |  |  | 12,827,428 |  |  | $ | 228,374 |  |  |  |  |

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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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