STOCKHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Common Stock

At both December 31, 2024 and 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 December 31, 2024 and 2023, accumulated common stock issuance costs charged against additional paid-in capital amounted to $13.6 million.

Legal Surplus

The 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 December 31, 2024 and 2023, the Bank’s legal surplus amounted to $169.5 million and $151.0 million, respectively. During 2024, 2023 and 2022 OFG transferred $18.6 million, $17.1 million and $16.2 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, the Board of Directors approved a $50.0 million stock repurchase program. The new stock repurchase program, which is open-ended, replaced the prior stock repurchase program, which had been approved by the Board of Directors in January 2022 and had $17.2 million remaining of its $100 million repurchase parameters. In October 2024, the Board of Directors approved a new $50.0 million stock repurchase program, in addition to the stock repurchase program approved in January 2024. 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 2024, OFG repurchased 1,791,414 shares for a total of $70.3 million at an average price of $39.26 per share. During 2023 and 2022, OFG repurchased 743,699 and 2,351,868 shares, respectively, for a total of $18.7 million and $64.1 million at an average price of $25.08 and $27.26 per share. These repurchases were part of the stock repurchase programs approved for those periods.

At December 31, 2024, the estimated remaining number of shares that may be purchased under the $50.0 million programs is 701,236 and was calculated by dividing the remaining balance of $29.7 million by $42.32 (closing price of OFG’s common stock at December 31, 2024).

OFG did not repurchase any shares of its common stock during 2024, 2023 and 2022 other than through its publicly announced stock repurchase programs.

The activity in connection with common shares held in treasury by OFG for 2024, 2023 and 2022 is set forth below:











	Year Ended December 31,
	2024			2023			2022
	Shares	Dollar Amount		Shares	Dollar Amount		Shares	Dollar Amount
	(In thousands, except shares data)
Beginning of year	12,820,078	$	228,350	12,303,859	$	211,135	10,248,882	$	150,572
Common shares used upon lapse of restricted stock units and options	(166,527)	(1,683)		(227,480)	(1,438)		(296,891)	(3,547)
Common shares repurchased as part of the stock repurchase programs	1,791,414	70,324		743,699	18,653		2,351,868	64,110
End of year	14,444,965	$	296,991	12,820,078	$	228,350	12,303,859	$	211,135