XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.25.2

STOCKHOLDERS’ EQUITY | 6 Months Ended
--- | ---
Jun. 30, 2025
Stockholders' Equity Note [Abstract] |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Common Stock At both June 30, 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 June 30, 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 June 30, 2025 and December 31, 2024, the Bank’s legal surplus amounted to $178.8 million and $169.5 million, respectively. During the quarter and six-month period ended June 30, 2025, OFG transferred $4.9 million and $9.3 million, respectively, to the legal surplus account. During the quarter and six-month period ended June 30, 2024, OFG transferred $4.8 million and $9.6 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 April 2025, the Board of Directors approved a new $100 million stock repurchase program in addition to the $50 million stock repurchase program approved in October 2024 (collectively, “the repurchase programs”). 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. Under the repurchase programs, OFG repurchased 768,423 shares and for a total of $31.1 million at an average price of $40.46 per share during the six-month period ended June 30, 2025. During the six-month period ended June 30, 2024, OFG repurchased 669,200 shares for a total of $24.3 million at an average price of $36.28 per share. These repurchases were part of the stock repurchase program approved for such periods. At June 30, 2025, the estimated remaining number of shares that may be purchased under the new repurchase program is 2,303,476 and was calculated by dividing the remaining balance of $98.6 million by $42.80 (closing price of OFG’s common stock at June 30, 2025). OFG did not repurchase any shares of its common stock during the six-month periods ended June 30, 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 and six-month periods ended June 30, 2025 and 2024 is set forth below:
| Quarter Ended June 30, |  |  |  |
| 2025 |  | 2024 |  |
| Shares |  | Dollar Amount |  | Shares |  | Dollar Amount |  |  |  |
| (In thousands, except shares data)
Beginning of period | 14,960,888 |  |  | $ | 320,927 |  |  | 12,668,663 |  |  | $ | 226,896 |  |  |  |  |
Common shares used upon lapse of restricted stock units and options | (3,611) |  |  | (50) |  |  | (14,161) |  |  | (227) |  |  |  |  |
Common shares repurchased as part of the stock repurchase programs | 186,024 |  |  | 7,695 |  |  | 669,200 |  |  | 24,282 |  |  |  |  |
End of period | 15,143,301 |  |  | $ | 328,572 |  |  | 13,323,702 |  |  | $ | 250,951 |  |  |  |  |
| Six-Month Period Ended June 30,
| 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 | (126,579) |  |  | (2,152) |  |  | (165,576) |  |  | (1,681) |  |  |  |  |
Common shares repurchased from employee awards | 56,492 |  |  | 2,646 |  |  | — |  |  | — |  |  |  |  |
Common shares repurchased as part of the stock repurchase programs | 768,423 |  |  | 31,087 |  |  | 669,200 |  |  | 24,282 |  |  |  |  |
End of period | 15,143,301 |  |  | $ | 328,572 |  |  | 13,323,702 |  |  | $ | 250,951 |  |  |  |  |

X
- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration