STOCKHOLDERS’ EQUITY

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Common Stock

At both September 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 September 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 September 30, 2025 and December 31, 2024, the Bank’s legal surplus amounted to $183.6 million and $169.5 million, respectively. During the quarter and nine-month period ended September 30, 2025, OFG transferred $4.8 million and $14.1 million, respectively, to the legal surplus account. 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. 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 1,246,064 shares for a total of $51.5 million at an average price of $41.32 per share during the nine-month period ended September 30, 2025. 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 approved stock repurchase program for such periods.

At September 30, 2025, the estimated remaining number of shares that may be purchased under the new Repurchase Program is 1,797,899 and was calculated by dividing the remaining balance of $78.2 million by $43.49 (closing price of OFG’s common stock at September 30, 2025).

OFG did not repurchase any shares of its common stock during the nine-month periods ended September 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 nine-month periods ended September 30, 2025 and 2024, is set forth below:


	Quarters Ended September 30,
	2025			2024
	Shares	Dollar Amount		Shares	Dollar Amount
	(In thousands, except shares data)
Beginning of period	15,143,301	$	328,572	13,323,702	$	250,951
Common shares used upon lapse of restricted stock units and options	(630)	(13)		—	—
Common shares repurchased as part of the stock repurchase programs	477,641	20,398		2,600	104
End of period	15,620,312	$	348,957	13,326,302	$	251,055

	Nine-Month Periods Ended September 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	(127,209)	(2,166)		(165,576)	(1,681)
Common shares repurchased from employee awards	56,492	2,646		—	—
Common shares repurchased as part of the stock repurchase programs	1,246,064	51,486		671,800	24,386
End of period	15,620,312	$	348,957	13,326,302	$	251,055