STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Common Stock

At both March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, the Bank’s legal surplus amounted to $173.9 million and $169.5 million, respectively. During the quarters ended March 31, 2025 and 2024, OFG transferred $4.4 million and $4.8 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 October 2024, the Board of Directors approved a new $50.0 million stock repurchase program, in addition to the $50 million 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 the quarter ended March 31, 2025, OFG repurchased 582,399 shares for a total of $23.4 million at an average price of $40.17 per share. There were no repurchases of stock during the quarter ended March 31, 2024.

At March 31, 2025, the estimated remaining number of shares that may be purchased under the $50.0 million programs is 157,017 and was calculated by dividing the remaining balance of $6.3 million by $40.02 (closing price of OFG’s common stock at March 31, 2025).

OFG did not repurchase any shares of its common stock during the quarters ended March 31, 2025 and 2024 other than through its publicly announced stock repurchase programs.

The activity in connection with common shares held in treasury by OFG for the quarters ended March 31, 2025 and 2024 is set forth below:


	Quarter Ended March 31,
	2025			2024
	Shares	Dollar Amount		Shares	Dollar Amount
	(In thousands, except shares data)
Beginning of period	14,444,965	$	296,991	12,820,078	$	228,350
Common shares used upon lapse of restricted stock units and options	(66,476)	544		(151,415)	(1,454)
Common shares repurchased as part of the stock repurchase programs	582,399	23,392		—	—
End of period	14,960,888	$	320,927	12,668,663	$	226,896