EX-99 2 ofg-20254qexx99.htm EX-99 Document
Exhibit 99


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OFG Bancorp Reports 4Q25 & 2025 Results
SAN JUAN, Puerto Rico, January 22, 2026 – OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, today reported results for the fourth quarter and year ended December 31, 2025.
4Q25: EPS diluted of $1.27 compared to $1.16 in 3Q25 and $1.09 in 4Q24. Total core revenues of $185.4 million compared to $184.0 million in 3Q25 and $181.9 million in 4Q24.
Full Year 2025: EPS diluted of $4.58 compared to $4.23 in 2024. Total core revenues of $729.8 million compared to $709.6 million in 2024.
CEO Comment
José Rafael Fernández, Chief Executive Officer, said: “Fourth quarter EPS increased 16.4% year-over-year on 1.9% growth in total core revenues, driven by disciplined core operations and a favorable tax benefit. For full year 2025, EPS grew 8.3% on a 2.8% increase in total core revenues, reflecting continued operating momentum and solid underlying performance.”
“Asset quality and credit metrics remained sound and well-controlled throughout the year. We repurchased $40.1 million of common shares in 4Q25 and $91.6 million for the year, reinforcing our commitment to disciplined capital deployment and shareholder returns.”
“During the quarter and year, in line with our strategies, we saw increased commercial loans and broad acceptance of our flagship mass-market Libre and mass affluent Elite deposit accounts. By year end, we grew our client base 4.26% and our Digital First strategy continued to solidify our leadership in banking innovation in Puerto Rico.”
“The island’s economy also continued to perform well, supported by infrastructure investments with federal and private funds and new multi-million dollar on-shoring projects, reinforcing Puerto Rico’s position as a global hub for medical devices and pharmaceutical manufacturing. These developments underpin our confidence in sustained economic activity and long-term growth across our core businesses.”
4Q25 Highlights
Performance Metrics: Net interest margin of 5.12%, return on average assets of 1.81%, return on average tangible common stockholders’ equity of 17.20%, and efficiency ratio of 56.65%.
Total Interest Income of $197.2 million compared to $200.1 million in 3Q25 and $190.2 million in 4Q24. Compared to 3Q25, 4Q25 decreased $2.9 million, reflecting higher average balances of loans and cash at lower average yields, partially offset by higher average balances of investment securities at slightly higher yields.
Total Interest Expense of $44.5 million compared to $45.4 million in 3Q25 and $41.0 million in 4Q24. Compared to 3Q25, 4Q25 decreased $0.9 million, reflecting higher average balances of deposits and borrowings at lower average rates.
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Total Banking & Financial Service Revenues of $32.6 million compared to $29.3 million in 3Q25 and $32.8 million in 4Q24. Compared to 3Q25, 4Q25 primarily reflected increased wealth management revenues due to $2.3 million in annual insurance commission recognition.
Pre-Provision Net Revenues of $79.3 million compared to $89.6 million in 3Q25 and $83.0 million in 4Q24.
Other Income reflected a loss of $1.1 million compared to a profit of $2.2 million in 3Q25. 4Q25 included $6.1 million accelerated amortization of technology related assets and gains of $3.9 million on the sale of non-performing loans and $1.1 million on the sale of a building. 3Q25 included $2.2 million in gains from OFG Ventures investments in fintech focused funds.
Total Provision for Credit Losses of $31.9 million compared to $28.3 million in 3Q25 and $30.2 million in 4Q24. 4Q25 primarily reflected $21.8 million for increased loan volume, $5.1 million for a specific reserve on a Puerto Rico telecommunications commercial loan, $2.4 million related to U.S. macroeconomic factors, and $1.7 million in charge-offs from the non-performing loans sale.
Credit Quality: Net charge-offs of $26.9 million (1.32% of average loans) compared to $20.2 million (1.00%) in 3Q25 and $15.9 million (0.82%) in 4Q24. NCOs included $4.8 million from the non-performing loans sale, of which $3.1 million had been previously reserved. 4Q25 early delinquency rate was 2.80%, down from 3Q25 and 4Q24, and total delinquency rate was 4.18%, up from 3Q25 but down from 4Q24. The nonperforming loan rate was 1.59% compared to 1.22% in 3Q25 and 1.06% in 4Q24.
Total Non-Interest Expense of $105.0 million compared to $96.5 million in 3Q25 and $99.7 million in 4Q24. 4Q25 included expenses of $3.3 million in professional service fees related to performance-based advisory costs as part of the renegotiation of a cost-saving technology services contract, $2.5 million for business rightsizing, and $1.0 million related to the previously mentioned accelerated amortization of technology related assets. Compared to 3Q25, costs for additional accumulation for performance bonuses, expanded marketing activities, and the sale of foreclosed assets increased $1.7 million.
Income Tax was a benefit of $8.5 million compared to an expense of $9.5 million in 3Q25 and $2.4 million in 4Q24. 4Q25 benefited from $16.8 million in discrete tax benefits, including $12.9 million from the expiration of a tax agreement from the 2019 acquisition of Scotiabank’s PR and USVI operations, and $3.9 million from a release in valuation allowance of deferred tax assets at the holding company level. Excluding discrete benefits, 2025’s estimated tax rate was 21.8%.
Loans Held for Investment (EOP) of $8.20 billion compared to $8.12 billion in 3Q25 and $7.79 billion in 4Q24. 4Q25 loans increased $83.8 million or 1.0% sequentially, reflecting increases in Puerto Rico commercial loans, partially offset by lower balances in auto and residential mortgage. Loans increased $409.1 million or 5.25% year-over-year, reflecting increases in commercial, consumer, and auto loans, partially offset by a decrease in residential mortgage.
New Loan Production of $605.6 million compared to $623.9 million in 3Q25 and $609.0 million in 4Q24. Compared to 3Q25, 4Q25 reflected decreases in Puerto Rico and U.S. commercial and consumer lending, partially offset by increases in auto and residential mortgage lending. Year-over-year new loan production increased $265.3 million or 11.5% to a record $2.57 billion.
Total Investments (EOP) of $2.84 billion compared to $2.94 billion in 3Q25 and $2.72 billion in 4Q24. Compared to 3Q25, 4Q25 reflected principal paydowns and maturities, partially offset by purchases of $25.0 million of mortgage-backed securities and residential mortgage securitizations of $21.1 million.
Customer Deposits (EOP) of $9.92 billion compared to $9.82 billion in 3Q25 and $9.45 billion in 4Q24. Deposits increased $103.2 million or 1.1% sequentially and $474.0 million or 5.0% year over year, both periods reflecting higher demand, time and savings deposit balances.
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Total Borrowings & Brokered Deposits (EOP) of $897.3 million compared to $746.4 million in 3Q25 and $557.2 million in 4Q24. Compared to 3Q25, 4Q25 reflected increased brokered deposits, mainly for liquidity management.
Cash & Cash Equivalents (EOP) of $1.04 billion compared to $740.3 million in 3Q25 and $591.1 million in 4Q24. Compared to 3Q25, 4Q25 cash reflected increased deposits.
Capital: CET1 ratio was 13.97% compared to 14.13% in 3Q25 and 14.26% in 4Q24. Tangible Common Equity ratio was 10.47% compared to 10.55% in 3Q25 and 10.13% in 4Q24. Tangible Book Value per share was $29.96 compared to $28.92 in 3Q25 and $25.43 in 4Q24.
Conference Call, Financial Supplement & Presentation
A conference call to discuss 4Q25 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 579-2543 or (785) 424-1789. Conference ID: OFGQ425. The call can also be accessed live on www.ofgbancorp.com with webcast replay shortly thereafter. OFG’s Financial Supplement, with full financial tables for the quarter ended December 31, 2025, and the 4Q25 Conference Call Presentation, can be found on the Quarterly Results page on OFG’s Investor Relations website at www.ofgbancorp.com.
Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, management uses certain “non-GAAP financial measures” within the meaning of SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Please refer to Tables 8-1 and 8-2 in OFG’s above-mentioned Financial Supplement for a reconciliation of GAAP to non-GAAP measures and calculations.
Forward Looking Statements
The information included in this document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. Factors that might cause such a difference include but are not limited to (i) general business and economic conditions, including changes in interest rates; (ii) cybersecurity breaches; (iii) hurricanes, earthquakes, pandemics, and other natural disasters; and (iv) competition in the financial services industry. For a discussion of such factors and certain risks and uncertainties to which OFG is subject, please refer to OFG’s annual report on Form 10-K for the year ended December 31, 2024, as well as its other filings with the U.S. Securities and Exchange Commission. Other than to the extent required by applicable law, including the requirements of applicable securities laws, OFG assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
About OFG Bancorp
Now in its 62nd year in business, OFG Bancorp is a diversified financial holding company that operates under U.S., Puerto Rico and U.S. Virgin Islands banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services, and Oriental Insurance, provide a wide range of retail and commercial banking, lending and wealth management products, services, and technology, primarily in Puerto Rico and U.S. Virgin Islands. Our mission is to make progress possible for our customers, employees, shareholders, and the communities we serve. Visit us at www.ofgbancorp.com.
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Contacts
Puerto Rico & USVI: Lumarie Vega López (lumarie.vega@orientalbank.com) and Victoria Maldonado Rodríguez (victoria.maldonado@orientalbank.com) at (787) 771-6800
US: Gary Fishman (gfishman@ofgbancorp.com) and Michael Wichman (michael.wichman@ofgbancorp.com) at (212) 532-3232
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OFG Bancorp
Financial Supplement
The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation, and investors should refer to our December 31, 2025 Annual Report on Form 10-K once it is filed with the Securities and Exchange Commission.


OFG Bancorp (NYSE: OFG)
Table 1-1: Financial and Statistical Summary - Consolidated

2025
2025
2025
2025
2024
(Dollars in thousands, except per share data) (unaudited)
Q4
Q3
Q2
Q1
Q4
Statement of Operations
Net interest income $152,744$154,724$151,928$149,071$149,138
Non-interest income, net (core)(1)32,62729,25630,24629,21232,766
Total core revenues(2)185,371183,980182,174178,283181,904
Non-interest expense 105,01196,54894,80293,45299,718
Pre-provision net revenues(21)79,30989,62987,55685,13682,977
Total provision for credit losses 31,88928,25821,67825,68830,190
Net income before income taxes 47,42061,37165,87859,44852,787
Income tax (benefit) expense (8,473)9,53314,07813,8762,440
Net income available to common stockholders 55,89351,83851,80045,57250,347
Common Share Statistics      
Earnings per common share - basic(3)$1.28$1.17$1.15$1.01$1.10
Earnings per common share - diluted(4)$1.27$1.16$1.15$1.00$1.09
Average common shares outstanding 43,64944,43044,85445,29545,946
Average common shares outstanding and equivalents 43,90144,65845,03345,50946,248
Cash dividends per common share $0.30$0.30$0.30$0.30$0.25
Book value per common share (period end) $32.13$31.07$29.83$28.83$27.60
Tangible book value per common share (period end)(5)$29.96$28.92$27.67$26.66$25.43
Balance Sheet (Average Balances)      
Loans(6)$8,117,032$8,098,058$7,963,890$7,784,757$7,717,566
Interest-earning assets 11,827,93311,715,59911,466,60211,152,18410,981,886
Total assets 12,377,91012,248,54411,958,50211,657,54411,523,140
Core deposits 9,930,9399,866,3699,736,3019,623,7799,555,213
Total deposits 10,161,72810,086,7319,963,9609,782,0019,651,748
Interest-bearing deposits 7,541,2767,498,8187,382,0837,240,2587,107,550
Borrowings 555,820548,832444,820358,666329,231
Stockholders' equity 1,394,0971,361,0551,318,8861,290,8881,304,779
Performance Metrics      
Net interest margin(7)5.12 %5.24 %5.31 %5.42 %5.40 %
Return on average assets(8)1.81 %1.69 %1.73 %1.56 %1.75 %
Return on average tangible common stockholders' equity(9)17.20 %16.39 %16.96 %15.28 %16.71 %
Efficiency ratio(10)56.65 %52.48 %52.04 %52.42 %54.82 %
Full-time equivalent employees, period end 2,185 2,217 2,222 2,223 2,246 
Credit Quality Metrics     
Allowance for credit losses$202,341$197,782$189,944$181,174$175,863
Allowance as a % of loans held for investment2.47 %2.44 %2.32 %2.31 %2.26 %
Net charge-offs$26,873(a)$20,208$12,784$20,370$15,862
Net charge-off rate(11)1.32 %(a)1.00 %0.64 %1.05 %0.82 %
Early delinquency rate (30 - 89 days past due)2.80 %2.84 %2.46 %2.19 %2.95 %
Total delinquency rate (30 days and over)4.18 %4.06 %3.59 %3.49 %4.38 %
Capital Ratios (period end) (Non-GAAP)(12)(20)
Leverage ratio10.71 %10.75 %10.83 %10.83 %10.93 %
Common equity Tier 1 capital ratio13.97 %14.13 %13.99 %14.27 %14.26 %
Tier 1 risk-based capital ratio13.97 %14.13 %13.99 %14.27 %14.26 %
Total risk-based capital ratio15.24 %15.39 %15.25 %15.53 %15.52 %
Tangible common equity ("TCE") ratio10.47 %10.55 %10.20 %10.30 %10.13 %

(a)During 4Q 2025, the Company sold non-performing commercial loans, recognizing $6.1 million charge-offs, of which $3.1 million were previously reserved, $1.3 million recoveries, and a $3.9 million gain on sale.

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OFG Bancorp (NYSE: OFG)
Table 1-2: Financial and Statistical Summary - Consolidated (Continued)
Year ended
(Dollars in thousands, except per share data) (unaudited)20252024
Statement of Operations
Net interest income$608,467 $588,440 
Non-interest income, net (core)(1)121,341 121,181 
Total core revenues(2)729,808 709,621 
Non-interest expense389,813 375,690 
Pre-provision net revenues(21)341,630 335,999 
Total provision for credit losses107,513 82,251 
Net income before income taxes234,117 253,748 
Income tax expense29,014 55,578 
Net income available to common stockholders205,103 198,170 
Common Share Statistics
Earnings per common share - basic(3)$4.60 $4.25 
Earnings per common share - diluted(4)$4.58 $4.23 
Average common shares outstanding44,552 46,637 
Average common shares outstanding and equivalents44,760 46,902 
Cash dividends per common share$1.20 $1.00 
Book value per common share (period end)$32.13 $27.60 
Tangible book value per common share (period end)(5)$29.96 $25.43 
Balance Sheet (Average Balances)
Loans(6)$7,992,141 $7,626,830 
Interest-earning assets11,542,913 10,829,907 
Total assets12,063,114 11,326,121 
Core deposits9,790,398 9,569,167 
Total deposits9,999,885 9,613,722 
Interest-bearing deposits7,416,660 7,057,204 
Borrowings477,772 252,919 
Stockholders' equity1,341,568 1,255,872 
Performance Metrics
Net interest margin(7)5.27 %5.43 %
Return on average assets(8)1.70 %1.75 %
Return on average tangible common stockholders' equity(9)16.47 %17.17 %
Efficiency ratio(10)53.41 %52.94 %
Full-time equivalent employees, period end2,185 2,246 
Credit Quality Metrics
Allowance for credit losses$202,341 $175,863 
Allowance as a % of loans held for investment2.47 %2.26 %
Net charge-offs$80,235 (a)$67,790 
Net charge-off rate(11)1.00 %(a)0.89 %
Early delinquency rate (30 - 89 days past due)2.80 %2.95 %
Total delinquency rate (30 days and over)4.18 %4.38 %
(a)Refer to “(a)” in Table 1-1.




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OFG Bancorp (NYSE: OFG)
Table 2-1: Consolidated Statements of Operations
Quarter Ended
(Dollars in thousands) (unaudited) December 31, 2025September 30, 2025June 30,
2025		March 31,
2025		December 31,
2024
Interest income: 
Loans
Non-PCD loans $144,385 $146,665 $141,797 $137,690 $139,659 
PCD loans 13,826 14,669 15,190 15,718 15,682 
Total interest income from loans 158,211 161,334 156,987 153,408 155,341 
Investment securities and cash 39,011 38,811 37,360 35,814 34,822 
Total interest income 197,222 200,145 194,347 189,222 190,163 
Interest expense:
Deposits
Core deposits 36,482 37,458 35,529 34,645 36,312 
Brokered deposits 2,352 2,284 2,350 1,647 1,020 
Total deposits 38,834 39,742 37,879 36,292 37,332 
Borrowings 5,644 5,679 4,540 3,859 3,693 
Total interest expense 44,478 45,421 42,419 40,151 41,025 
Net interest income 152,744 154,724 151,928 149,071 149,138 
Provision for credit losses, excluding PCD loans33,643 27,591 21,010 24,810 32,838 
(Recapture of) provision for credit losses on PCD loans(1,754)667 668 878 (2,648)
Total provision for credit losses 31,889 28,258 21,678 25,688 30,190 
Net interest income after provision for credit losses 120,855 126,466 130,250 123,383 118,948 
Non-interest income:      
Banking service revenues 16,550 15,930 15,982 15,981 15,329 
Wealth management revenues 11,378 9,014 8,918 8,455 10,626 
Mortgage banking activities 4,699 4,312 5,346 4,776 6,811 
Total banking and financial service revenues 32,627 29,256 30,246 29,212 32,766 
Other (loss) income, net (1,051)2,197 184 305 791 
Total non-interest income, net 31,576 31,453 30,430 29,517 33,557 
Non-interest expense:
Compensation and employee benefits 43,093 39,836 39,565 39,932 42,959 
Occupancy, equipment and infrastructure costs 15,338 14,994 14,629 14,820 15,284 
General and administrative expenses 46,371 42,239 40,298 37,672 39,672 
Foreclosed real estate and other repossessed assets expenses (income), net 209 (521)310 1,028 1,803 
Total non-interest expense 105,011 96,548 94,802 93,452 99,718 
Income before income taxes 47,420 61,371 65,878 59,448 52,787 
Income tax (benefit) expense (8,473)9,533 14,078 13,876 2,440 
Net income available to common shareholders $55,893 $51,838 $51,800 $45,572 $50,347 

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OFG Bancorp (NYSE: OFG)
Table 2-2: Consolidated Statements of Operations (Continued)
(Dollars in thousands) (unaudited)Year ended
20252024
Interest income:
Loans
Non-PCD loans$570,537 $549,730 
PCD loans59,403 63,872 
Total interest income from loans629,940 613,602 
Investment securities and cash150,996 136,675 
Total interest income780,936 750,277 
Interest expense:
Deposits
Core deposits144,114 148,215 
Brokered deposits8,633 2,065 
Total deposits152,747 150,280 
Borrowings19,722 11,557 
Total interest expense172,469 161,837 
Net interest income608,467 588,440 
Provision for credit losses, excluding PCD loans107,054 87,426 
Provision for (recapture of) credit losses on PCD loans459 (5,175)
Total provision for credit losses107,513 82,251 
Net interest income after provision for credit losses500,954 506,189 
Non-interest income:  
Banking service revenues64,443 66,923 
Wealth management revenues37,765 35,622 
Mortgage banking activities19,133 18,636 
Total banking and financial service revenues121,341 121,181 
Other income, net1,635 2,068 
Total non-interest income, net122,976 123,249 
Non-interest expense:
Compensation and employee benefits162,426 159,710 
Occupancy, equipment and infrastructure costs59,781 59,123 
General and administrative expenses166,580 153,845 
Foreclosed real estate and other repossessed assets expenses, net1,026 3,012 
Total non-interest expense389,813 375,690 
Income before income taxes234,117 253,748 
Income tax expense29,014 55,578 
Net income available to common shareholders$205,103 $198,170 


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OFG Bancorp (NYSE: OFG)
Table 3: Consolidated Statements of Financial Condition
(Dollars in thousands) (unaudited)December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
Cash and cash equivalents$1,040,335 $740,349 $851,798 $710,600 $591,137 
Investments:
Trading securities23 21 18 19 18 
Investment securities available-for-sale, at fair value, no allowance for credit losses for any period
Mortgage-backed securities2,508,730 2,564,831 2,406,956 2,413,420 2,336,505 
US treasury securities
1,651 1,635 1,399 1,384 1,150 
Other investment securities501 503 519 533 550 
Total investment securities available-for-sale2,510,882 2,566,969 2,408,874 2,415,337 2,338,205 
Investment securities held-to-maturity, at amortized cost, no allowance for credit losses for any period
Mortgage-backed securities269,498 275,116 281,186 286,824 292,158 
Other investment securities— 35,000 35,000 35,000 35,000 
Total investment securities held-to-maturity269,498 310,116 316,186 321,824 327,158 
Equity securities62,738 61,906 59,556 48,785 54,896 
Total investments2,843,141 2,939,012 2,784,634 2,785,965 2,720,277 
Loans, net8,014,246 7,935,413 8,009,599 7,688,271 7,633,831 
Other assets:
Prepaid expenses20,415 150,461 119,766 68,216 72,010 
Deferred tax asset, net104,359 7,468 7,048 6,299 6,248 
Foreclosed real estate and repossessed properties5,947 8,025 7,363 10,927 10,597 
Premises and equipment, net93,554 100,760 102,095 103,577 104,512 
Goodwill84,241 84,241 84,241 84,241 84,241 
Other intangibles9,855 11,086 12,318 13,550 14,782 
Right of use assets21,261 22,694 17,284 18,663 19,197 
Servicing asset66,333 67,437 68,588 69,238 70,435 
Accounts receivable and other assets161,970 162,866 166,776 169,710 173,467 
Total assets$12,465,657 $12,229,812 $12,231,510 $11,729,257 $11,500,734 
Deposits:
Demand deposits$5,799,985 $5,791,959 $5,801,400 $5,841,418 $5,627,406 
Savings accounts2,259,980 2,208,212 2,131,076 2,107,622 2,064,916 
Time deposits1,862,793 1,819,397 1,963,336 1,808,117 1,756,389 
Brokered deposits339,994 189,065 248,353 165,812 156,075 
Total deposits10,262,752 10,008,633 10,144,165 9,922,969 9,604,786 
Borrowings:     
Securities sold under agreements to repurchase100,714 100,791 27,463 — 75,222 
Advances from FHLB and other borrowings456,590 456,530 456,530 255,642 325,952 
Total borrowings557,304 557,321 483,993 255,642 401,174 
Other liabilities:     
Acceptances outstanding22,442 29,975 27,572 35,269 31,526 
Lease liability23,157 24,681 19,354 20,795 21,388 
GNMA buy-back option program liability(22)56,492 46,716 43,281 44,665 48,586 
Deferred tax liability, net
— 50,298 48,374 44,223 40,718 
Accrued expenses and other liabilities153,505 136,771 130,318 110,333 98,185 
Total liabilities11,075,652 10,854,395 10,897,057 10,433,896 10,246,363 
Stockholders' equity:
Common stock59,885 59,885 59,885 59,885 59,885 
Additional paid-in capital642,973 641,350 639,901 638,475 639,786 
Legal surplus188,490 183,614 178,834 173,905 169,537 
Retained earnings 904,630 866,826 833,187 802,024 771,993 
Treasury stock, at cost(389,067)(348,957)(328,572)(320,927)(296,991)
Accumulated other comprehensive loss, net(16,906)(27,301)(48,782)(58,001)(89,839)
Total stockholders' equity1,390,005 1,375,417 1,334,453 1,295,361 1,254,371 
Total liabilities and stockholders' equity$12,465,657 $12,229,812 $12,231,510 $11,729,257 $11,500,734 

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OFG Bancorp (NYSE: OFG)
Table 4-1: Information on Loan Portfolio and Production
(Dollars in thousands) (unaudited)
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
Non-PCD:
Mortgage, excluding GNMA buy-back option program$582,563 $580,332 $575,423 $571,637 $580,267 
Mortgage GNMA buy-back option program(22)56,492 46,716 43,281 44,665 48,586 
Commercial PR2,586,305 2,469,925 2,511,495 2,337,872 2,310,281 
Commercial US829,975 831,731 825,254 727,409 704,081 
Consumer683,246 685,740 680,060 670,213 667,963 
Auto2,636,890 2,646,811 2,661,795 2,592,922 2,549,033 
7,375,471 7,261,255 7,297,308 6,944,718 6,860,211 
Less:  Allowance for credit losses(198,239)(189,701)(182,765)(174,752)(170,709)
Total non-PCD loans held for investment, net7,177,232 7,071,554 7,114,543 6,769,966 6,689,502 
PCD:
Mortgage751,291 772,808 795,863 819,271 841,964 
Commercial PR73,889 82,748 86,685 87,779 88,729 
Consumer302 337 575 595 598 
Auto89 119 160 281 460 
825,571 856,012 883,283 907,926 931,751 
Less:  Allowance for credit losses(4,102)(8,081)(7,179)(6,422)(5,154)
Total PCD loans held for investment, net821,469 847,931 876,104 901,504 926,597 
Total loans held for investment7,998,701 7,919,485 7,990,647 7,671,470 7,616,099 
Mortgage loans held for sale12,483 9,680 14,590 12,439 13,286 
Other loans held for sale3,062 6,248 4,362 4,362 4,446 
Total loans, net$8,014,246 $7,935,413 $8,009,599 $7,688,271 $7,633,831 
Loan Portfolio Summary:
Loans held for investment:
Mortgage, excluding GNMA buy-back option program$1,333,854 $1,353,140 $1,371,286 $1,390,908 $1,422,231 
Mortgage GNMA buy-back option program(22)56,492 46,716 43,281 44,665 48,586 
Commercial PR2,660,194 2,552,673 2,598,180 2,425,651 2,399,010 
Commercial US829,975 831,731 825,254 727,409 704,081 
Consumer683,548 686,077 680,635 670,808 668,561 
Auto2,636,979 2,646,930 2,661,955 2,593,203 2,549,493 
8,201,042 8,117,267 8,180,591 7,852,644 7,791,962 
Less:  Allowance for credit losses(202,341)(197,782)(189,944)(181,174)(175,863)
Total loans held for investment, net7,998,701 7,919,485 7,990,647 7,671,470 7,616,099 
Mortgage loans held for sale12,483 9,680 14,590 12,439 13,286 
Other loans held for sale3,062 6,248 4,362 4,362 4,446 
Total loans, net$8,014,246 $7,935,413 $8,009,599 $7,688,271 $7,633,831 

7

OFG Bancorp (NYSE: OFG)
Table 4-2: Information on Loan Portfolio and Production
  Quarter EndedYear ended
(Dollars in thousands) (unaudited)December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
December 31, 2025
December 31, 2024
Loan production(13)
Mortgage $44,593 $42,392 $55,575 $37,014 $42,562 $179,574 $150,334 
Commercial PR 201,974 216,560 253,874 163,232 211,217 835,640 739,607 
Commercial US 111,896 116,368 147,193 57,939 44,034 433,396 155,675 
Consumer 68,204 76,027 76,757 67,859 68,941 288,847 304,455 
Auto 178,928 172,558 250,269 232,897 242,225 834,652 956,750 
Total $605,595 $623,905 $783,668 $558,941 $608,979 $2,572,109 $2,306,821 
8

OFG Bancorp (NYSE: OFG)
Table 5-1: Average Balances, Net Interest Income and Net Interest Margin
2025 Q4
2025 Q3
2025 Q2
2025 Q1
2024 Q4
(Dollars in thousands) (unaudited)Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Interest earning assets:
Cash equivalents$803,931 $7,898 3.90 %$784,978 $8,555 4.32 %$746,356 $8,078 4.34 %$593,325 $6,316 4.32 %$560,013 $6,534 4.64 %
Investment securities2,906,970 31,113 4.28 %2,832,563 30,256 4.27 %2,756,356 29,282 4.25 %2,774,102 29,498 4.25 %2,704,307 28,288 4.18 %
Loans held for investment
Non-PCD loans7,272,783 144,385 7.88 %7,228,920 146,665 8.05 %7,067,367 141,797 8.05 %6,864,180 137,690 8.14 %6,763,828 139,659 8.21 %
PCD loans844,249 13,826 6.55 %869,138 14,669 6.75 %896,523 15,190 6.78 %920,577 15,718 6.83 %953,738 15,682 6.58 %
Total loans8,117,032 158,211 7.73 %8,098,058 161,334 7.90 %7,963,890 156,987 7.91 %7,784,757 153,408 7.99 %7,717,566 155,341 8.01 %
Total interest-earning assets$11,827,933 $197,222 6.62 %$11,715,599 $200,145 6.78 %$11,466,602 $194,347 6.80 %$11,152,184 $189,222 6.88 %$10,981,886 $190,163 6.89 %
Interest bearing liabilities:          
Deposits          
NOW accounts$3,211,013 $14,976 1.85 %$3,208,598 $15,941 1.97 %$3,211,382 $15,451 1.93 %$3,193,088 $14,897 1.89 %$3,282,808 $16,871 2.04 %
Savings accounts2,258,856 6,450 1.13 %2,215,538 6,212 1.11 %2,119,036 5,175 0.98 %2,093,431 5,028 0.97 %2,038,523 5,062 0.99 %
Time deposits1,840,618 14,113 3.04 %1,854,320 14,362 3.07 %1,824,006 13,960 3.07 %1,795,517 13,777 3.11 %1,689,684 13,247 3.12 %
Brokered deposits230,789 2,352 4.04 %220,362 2,284 4.11 %227,659 2,350 4.14 %158,222 1,647 4.22 %96,535 1,020 4.21 %
 7,541,276 37,891 1.99 %7,498,818 38,799 2.05 %7,382,083 36,936 2.01 %7,240,258 35,349 1.98 %7,107,550 36,200 2.03 %
Non-interest bearing deposit accounts2,620,452 — — 2,587,913 — — 2,581,877 — — 2,541,743 — — 2,544,198 — — 
Fair value premium and core deposit intangible amortization— 943 — — 943 — — 943 — — 943 — — 1,132 — 
Total deposits10,161,728 38,834 1.52 %10,086,731 39,742 1.56 %9,963,960 37,879 1.52 %9,782,001 36,292 1.50 %9,651,748 37,332 1.54 %
Borrowings
Securities sold under agreements to repurchase100,000 951 3.77 %93,028 986 4.21 %10,517 120 4.56 %63,531 710 4.53 %44,837 542 4.81 %
Advances from FHLB and other borrowings455,820 4,693 4.08 %455,804 4,693 4.08 %434,303 4,420 4.08 %295,135 3,149 4.33 %284,394 3,151 4.41 %
Total borrowings555,820 5,644 4.03 %548,832 5,679 4.10 %444,820 4,540 4.09 %358,666 3,859 4.36 %329,231 3,693 4.46 %
Total liabilities
$10,717,548 $44,478 1.65 %$10,635,563 $45,421 1.69 %$10,408,780 $42,419 1.63 %$10,140,667 $40,151 1.61 %$9,980,979 $41,025 1.64 %
Interest rate spread $152,744 4.97 % $154,724 5.09 % $151,928 5.17 % $149,071 5.27 % $149,138 5.25 %
Net interest margin  5.12 %  5.24 %  5.31 %  5.42 %  5.40 %
Core deposits: (Non-GAAP)               
NOW accounts$3,211,013 $14,976 1.85 %$3,208,598 $15,941 1.97 %$3,211,382 $15,451 1.93 %$3,193,088 $14,897 1.89 %$3,282,808 $16,871 2.04 %
Savings accounts2,258,856 6,450 1.13 %2,215,538 6,212 1.11 %2,119,036 5,175 0.98 %2,093,431 5,028 0.97 %2,038,523 5,062 0.99 %
Time deposits1,840,618 14,113 3.04 %1,854,320 14,362 3.07 %1,824,006 13,960 3.07 %1,795,517 13,777 3.11 %1,689,684 13,247 3.12 %
 7,310,487 35,539 1.93 %7,278,456 36,515 1.99 %7,154,424 34,586 1.94 %7,082,036 33,702 1.93 %7,011,015 35,180 2.00 %
Non-interest bearing deposit accounts2,620,452 — — 2,587,913 — — 2,581,877 — — 2,541,743 — — 2,544,198 — — 
Total core deposits$9,930,939 $35,539 1.42 %$9,866,369 $36,515 1.47 %$9,736,301 $34,586 1.42 %$9,623,779 $33,702 1.42 %$9,555,213 $35,180 1.46 %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
$555,820 $5,644 4.03 %$548,832 $5,679 4.10 %$444,820 $4,540 4.09 %$358,666 $3,859 4.36 %$329,231 $3,693 4.46 %
Brokered deposits
230,789 2,352 4.04 %220,362 2,284 4.11 %227,659 2,350 4.14 %158,222 1,647 4.22 %96,535 1,020 4.21 %
Total borrowings and brokered deposits
$786,609 $7,996 4.03 %$769,194 $7,963 4.11 %$672,479 $6,890 4.11 %$516,888 $5,506 4.32 %$425,766 $4,713 4.40 %
9

OFG Bancorp (NYSE: OFG)
Table 5-2: Average Balances, Net Interest Income and Net Interest Margin (Continued)
Year ended
20252024
(Dollars in thousands) (unaudited)Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Interest earning assets:
Cash equivalents$732,869 $30,847 4.21 %$611,976 $31,589 5.16 %
Investment securities2,817,903 120,149 4.26 %2,591,101 105,086 4.06 %
Loans held for investment
Non-PCD loans7,109,765 570,537 8.02 %6,613,109 549,730 8.31 %
PCD loans882,376 59,403 6.73 %1,013,721 63,872 6.30 %
Total loans7,992,141 629,940 7.88 %7,626,830 613,602 8.05 %
Total interest-earning assets$11,542,913 $780,936 6.77 %$10,829,907 $750,277 6.93 %
Interest bearing liabilities:
Deposits
NOW accounts$3,206,076 $61,263 1.91 %$3,399,476 $78,362 2.31 %
Savings accounts2,172,288 22,864 1.05 %2,027,746 18,843 0.93 %
Time deposits1,828,809 56,214 3.07 %1,585,427 46,482 2.93 %
Brokered deposits209,487 8,633 4.12 %44,555 2,065 4.63 %
7,416,660 148,974 2.01 %7,057,204 145,752 2.07 %
Non-interest bearing deposit accounts2,583,225 — — %2,556,518 — — %
Fair value premium and core deposit intangible amortization— 3,773 — — 4,528 — 
Total deposits9,999,885 152,747 1.53 %9,613,722 150,280 1.56 %
Borrowings
Securities sold under agreements to repurchase66,941 2,767 4.13 %11,270 542 4.81 %
Advances from FHLB and other borrowings410,831 16,955 4.13 %241,649 11,015 4.56 %
Total borrowings477,772 19,722 4.13 %252,919 11,557 4.57 %
Total interest-bearing liabilities$10,477,657 $172,469 1.65 %$9,866,641 $161,837 1.64 %
Interest rate spread$608,467 5.12 %$588,440 5.29 %
Net interest margin 5.27 %5.43 %
Core deposits: (Non-GAAP)
NOW accounts$3,206,076 $61,263 1.91 %$3,399,476 $78,362 2.31 %
Savings accounts2,172,288 22,864 1.05 %2,027,746 18,843 0.93 %
Time deposits1,828,809 56,214 3.07 %1,585,427 46,482 2.93 %
7,207,173 140,341 1.95 %7,012,649 143,687 2.05 %
Non-interest bearing deposit accounts2,583,225 — — %2,556,518 — — %
Total core deposits$9,790,398 $140,341 1.43 %$9,569,167 $143,687 1.50 %
Total borrowings and brokered deposits: (Non-GAAP)
Total borrowings
$477,772 $19,722 4.13 %$252,919 $11,557 4.57 %
Brokered deposits
209,487 8,633 4.12 %44,555 2,065 4.63 %
Total borrowings and brokered deposits
$687,259 $28,355 4.13 %$297,474 $13,622 4.58 %
10

OFG Bancorp (NYSE: OFG)
Table 6-1: Loan Information and Performance Statistics
20252025202520252024
(Dollars in thousands) (unaudited)Q4Q3Q2Q1Q4
Net Charge-offs
Non-PCD
Mortgage:
Charge-offs$— $— $11 $23 $24 
Recoveries(91)(171)(745)(186)(190)
Total mortgage(91)(171)(734)(163)(166)
Commercial PR:
Charge-offs6,012 (a)1,446 273 112 713 
Recoveries(1,275)(a)(922)(88)(152)(381)
Total commercial PR4,737 524 185 (40)332 
Commercial US:
Charge-offs55 3,647 — 2,918 315 
Recoveries(44)— — — — 
Total commercial US11 3,647 — 2,918 315 
Consumer:     
Charge-offs9,023 7,704 6,970 8,252 8,242 
Recoveries(964)(896)(848)(725)(1,792)
Total consumer8,059 6,808 6,122 7,527 6,450 
Auto:     
Charge-offs19,002 16,743 14,870 18,192 18,503 
Recoveries(7,070)(7,108)(7,570)(7,674)(8,137)
Total auto11,932 9,635 7,300 10,518 10,366 
Total$24,648 $20,443 $12,873 $20,760 $17,297 
PCD
Mortgage:
Charge-offs$— $— $59 $— $— 
Recoveries(239)(281)(91)(341)(345)
Total mortgage(239)(281)(32)(341)(345)
Commercial PR:     
Charge-offs3,223 (a)205 31 — 39 
Recoveries(734)(a)(118)(63)(25)(1,026)
Total commercial PR2,489 87 (32)(25)(987)
Consumer:     
Charge-offs— — 1 — — 
Recoveries(6)(10)(11)(6)(13)
Total consumer(6)(10)(10)(6)(13)
Auto:     
Charge-offs6 2 13 1 1 
Recoveries(25)(33)(28)(19)(91)
Total auto(19)(31)(15)(18)(90)
Total$2,225 $(235)$(89)$(390)$(1,435)
Total Net Charge-offs$26,873 $20,208 $12,784 $20,370 $15,862 
Net Charge-off Rates     
Mortgage(0.10)%(0.13)%(0.22)%(0.14)%(0.14)%
Commercial PR1.11 %(a)0.10 %0.02 %(0.01)%(0.11)%
Commercial US0.01 %1.74 %— %1.62 %0.18 %
Consumer4.55 %3.85 %3.50 %4.34 %3.72 %
Auto1.81 %1.45 %1.11 %1.63 %1.63 %
Total1.32 %(a)1.00 %0.64 %1.05 %0.82 %
Average Loans Held For Investment     
Mortgage$1,341,058 $1,361,765 $1,379,986 $1,404,961 $1,429,022 
Commercial PR2,596,971 2,536,829 2,463,009 2,392,006 2,386,204 
Commercial US834,224 836,527 786,637 719,838 689,310 
Consumer707,401 705,945 698,581 693,563 692,119 
Auto2,637,378 2,656,992 2,635,677 2,574,389 2,520,911 
Total$8,117,032 $8,098,058 $7,963,890 $7,784,757 $7,717,566 
(a) Refer to “(a)” in Table 1-1.to “(c)” in Table 1-1.
11


OFG Bancorp (NYSE: OFG)
Table 6-2: Loan Information and Performance Statistics (Excludes PCD Loans)
20252025202520252024
(Dollars in thousands) (unaudited)Q4Q3Q2Q1Q4
Early Delinquency (30 - 89 days past due)     
Mortgage$10,709 $11,474 $10,313 $9,830 $11,431 
Commercial2,004 9,423 3,121 1,412 6,825 
Consumer15,341 15,000 13,093 12,129 14,281 
Auto178,100 170,075 152,732 128,619 170,013 
Total $206,154 $205,972 $179,259 $151,990 $202,550 
Early Delinquency Rates (30 - 89 days past due)     
Mortgage1.68 %1.83 %1.67 %1.59 %1.82 %
Commercial0.06 %0.29 %0.09 %0.05 %0.23 %
Consumer2.25 %2.19 %1.93 %1.81 %2.14 %
Auto6.75 %6.43 %5.74 %4.96 %6.67 %
Total2.80 %2.84 %2.46 %2.19 %2.95 %
Total Delinquency (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation$22,246 $22,657 $19,946 $21,457 $22,840 
GNMA's buy-back option program(22)56,492 46,716 43,281 44,665 48,586 
Total mortgage78,738 69,373 63,227 66,122 71,426 
Commercial11,534 20,592 14,282 17,692 20,193 
Consumer19,519 18,942 16,839 15,611 18,471 
Auto198,779 185,964 167,653 142,662 190,068 
Total$308,570 $294,871 $262,001 $242,087 $300,158 
Total Delinquency Rates (30 days and over past due)
Mortgage:
Traditional, Non traditional, and Loans under Loss Mitigation3.48 %3.61 %3.22 %3.48 %3.63 %
GNMA's buy-back option program(22)8.84 %7.45 %7.00 %7.25 %7.73 %
Total mortgage12.32 %11.06 %10.22 %10.73 %11.36 %
Commercial0.34 %0.62 %0.43 %0.58 %0.67 %
Consumer2.86 %2.76 %2.48 %2.33 %2.77 %
Auto7.54 %7.03 %6.30 %5.50 %7.46 %
Total4.18 %4.06 %3.59 %3.49 %4.38 %
Nonperforming Assets(14)
Mortgage$17,400 $17,426 $15,804 $16,909 $16,928 
Commercial87,253 53,428 54,003 44,150 38,913 
Consumer4,378 4,194 3,790 3,482 4,207 
Auto20,750 15,962 14,968 14,043 20,055 
Total nonperforming loans129,781 91,010 88,565 78,584 80,103 
Foreclosed real estate2,490 3,160 2,603 4,271 4,002 
Other repossessed assets3,457 4,865 4,760 6,656 6,595 
Total nonperforming assets$135,728 $99,035 $95,928 $89,511 $90,700 
Nonperforming Loan Rates     
Mortgage2.72 %2.78 %2.55 %2.74 %2.69 %
Commercial2.55 %1.62 %1.62 %1.44 %1.29 %
Consumer0.64 %0.61 %0.56 %0.52 %0.63 %
Auto0.79 %0.60 %0.56 %0.54 %0.79 %
Total loans1.76 %1.25 %1.21 %1.13 %1.17 %

12

OFG Bancorp (NYSE: OFG)
Table 6-3: Loan Information and Performance Statistics
 20252025202520252024
(Dollars in thousands) (unaudited) Q4Q3Q2Q1Q4
Nonperforming PCD Loans(14)
Mortgage $227 $230 $233 $234 $239 
Commercial 55 7,803 8,603 8,666 2,641 
Total nonperforming loans $282 $8,033 $8,836 $8,900 $2,880 
Nonperforming PCD Loan Rates      
Mortgage 0.03 %0.03 %0.03 %0.03 %0.03 %
Commercial 0.07 %9.43 %9.92 %9.87 %2.98 %
Total 0.03 %0.94 %1.00 %0.98 %0.31 %
Total PCD Loans Held for Investment     
Mortgage $751,291 $772,808 $795,863 $819,271 $841,964 
Commercial 73,889 82,748 86,685 87,779 88,729 
Consumer 302 337 575 595 598 
Auto89 119 160 281 460 
Total loans $825,571 $856,012 $883,283 $907,926 $931,751 
Total Nonperforming Loans(14)     
Mortgage $17,627 $17,656 $16,037 $17,143 $17,167 
Commercial 87,308 61,231 62,606 52,816 41,554 
Consumer 4,378 4,194 3,790 3,482 4,207 
Auto 20,750 15,962 14,968 14,043 20,055 
Total nonperforming loans $130,063 $99,043 $97,401 $87,484 $82,983 
Total Nonperforming Loan Rates 
Mortgage 1.27 %1.26 %1.13 %1.19 %1.17 %
Commercial 2.50 %1.81 %1.83 %1.68 %1.34 %
Consumer 0.64 %0.61 %0.56 %0.52 %0.63 %
Auto 0.79 %0.60 %0.56 %0.54 %0.79 %
Total 1.59 %1.22 %1.19 %1.11 %1.06 %
Total Loans Held for Investment     
Mortgage $1,390,346 $1,399,856 $1,414,567 $1,435,573 $1,470,817 
Commercial 3,490,169 3,384,404 3,423,434 3,153,060 3,103,091 
Consumer 683,548 686,077 680,635 670,808 668,561 
Auto 2,636,979 2,646,930 2,661,955 2,593,203 2,549,493 
Total loans $8,201,042 $8,117,267 $8,180,591 $7,852,644 $7,791,962 
(a) Refer to “(a)” in Table 1-1.



13

OFG Bancorp (NYSE: OFG)
Table 7: Allowance for Credit Losses
Quarter Ended December 31, 2025
(Dollars in thousands) (unaudited)MortgageCommercialConsumerAutoTotal
Allowance for credit losses Non-PCD:     
Balance at beginning of period$6,493 $59,596 $33,771 $89,841 $189,701 
(Recapture of) provision for credit losses(226)11,095 7,754 14,563 33,186 
Charge-offs— (6,067)(a)(9,023)(19,002)(34,092)
Recoveries91 1,319 (a)964 7,070 9,444 
Balance at end of period$6,358 $65,943 $33,466 $92,472 $198,239 
Allowance for credit losses PCD:
Balance at beginning of period$4,417 $3,654 $9 $1 $8,081 
Recapture of provision for credit losses(1,057)(672)(6)(19)(1,754)
Charge-offs— (3,223)(a)— (6)(3,229)
Recoveries239 734 (a)6 25 1,004 
Balance at end of period$3,599 $493 $9 $1 $4,102 
Allowance for credit losses summary:
Balance at beginning of period$10,910 $63,250 $33,780 $89,842 $197,782 
(Recapture of) provision for credit losses(1,283)10,423 7,748 14,544 31,432 
Charge-offs— (9,290)(a)(9,023)(19,008)(37,321)
Recoveries330 2,053 (a)970 7,095 10,448 
Balance at end of period$9,957 $66,436 $33,475 $92,473 $202,341 
Allowance coverage ratio0.72 %1.90 %4.90 %3.51 %2.47 %
(a) Refer to “(a)” in Table 1-1.
) Refer to “(c)” in Table 1-1.



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OFG Bancorp (NYSE: OFG)
Table 8-1: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital
In addition to disclosing required regulatory capital measures, we also report certain non-GAAP capital measures that management uses in assessing its capital adequacy. These non-GAAP measures include tangible common equity ("TCE") and TCE ratio. The table below provides the details of the calculation of our regulatory capital and non-GAAP capital measures. While our non-GAAP capital measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly titled measures reported by other companies.
20252025202520252024
(Dollars in thousands) (unaudited)Q4Q3Q2Q1Q4
Stockholders' Equity to Non-GAAP Tangible Common Equity
Total stockholders' equity$1,390,005 $1,375,417 $1,334,453 $1,295,361 $1,254,371 
Less:  Intangible assets(94,096)(95,327)(96,559)(97,791)(99,023)
Tangible common equity (Non-GAAP)$1,295,909$1,280,090$1,237,894$1,197,570$1,155,348
     
Common shares outstanding at end of period43,257 44,265 44,742 44,924 45,440 
Tangible book value per common share (Non-GAAP)$29.96 $28.92 $27.67 $26.66 $25.43 
Total Assets to Non-GAAP Tangible Assets     
Total assets  $12,465,657 $12,229,812 $12,231,510 $11,729,257 $11,500,734 
Less:  Intangible assets(94,096)(95,327)(96,559)(97,791)(99,023)
Tangible assets (Non-GAAP)$12,371,561 $12,134,485 $12,134,951 $11,631,466 $11,401,711 
Non-GAAP TCE Ratio     
Tangible common equity$1,295,909$1,280,090$1,237,894$1,197,570$1,155,348
Tangible assets12,371,561 12,134,485 12,134,951 11,631,466 11,401,711 
TCE ratio10.47 %10.55 %10.20 %10.30 %10.13 %
Average Equity to Non-GAAP Average Tangible Common Equity
Average total stockholders' equity$1,394,097 $1,361,055 $1,318,886 $1,290,888 $1,304,779 
Less:  Average intangible assets(94,528)(95,756)(96,983)(98,229)(99,558)
Average tangible common equity (Non-GAAP)$1,299,569$1,265,299$1,221,903$1,192,659$1,205,221




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OFG Bancorp (NYSE: OFG)
Table 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures (Continued)
BASEL III
Standardized
20252025 202520252024
(Dollars in thousands) (unaudited)Q4Q3 Q2Q1Q4
Regulatory Capital Metrics      
Common equity Tier 1 capital$1,318,632$1,313,558$1,293,041$1,261,662$1,256,906
Tier 1 capital1,318,6321,313,5581,293,0411,261,6621,256,906
Total risk-based capital(15)1,437,5951,430,7131,409,4471,373,0041,367,692
Risk-weighted assets9,436,0109,298,5569,245,1258,843,0438,812,422
Regulatory Capital Ratios
Common equity Tier 1 capital ratio(16)13.97 %14.13 %13.99 %14.27 %14.26 %
Tier 1 risk-based capital ratio(17)13.97 %14.13 %13.99 %14.27 %14.26 %
Total risk-based capital ratio(18)15.24 %15.39 %15.25 %15.53 %15.52 %
Leverage ratio(19)10.71 %10.75 %10.83 %10.83 %10.93 %
 
Common Equity Tier 1 Capital Ratio Under Basel III Standardized Approach
Total stockholders' equity$1,390,005 $1,375,417 $1,334,453 $1,295,361 $1,254,371 
Plus: CECL transition adjustment(20)————6,852
Plus: Unrealized losses on available-for-sale securities, net of
                    income tax		16,90627,30148,78258,00189,839
Total adjusted stockholders’equity1,406,9111,402,7181,383,2351,353,3621,351,062
Less: Disallowed goodwill, net(79,700)(79,889)(80,079)(80,742)(82,355)
  Disallowed other intangible assets, net(8,429)(9,271)(10,115)(10,958)(11,801)
  Disallowed deferred tax assets, net(150)————
Common equity Tier 1 capital and Tier 1 capital1,318,6321,313,5581,293,0411,261,6621,256,906
Plus Tier 2 capital: Qualifying allowance for credit losses118,963117,155116,406111,342110,786
Total risk-based capital$1,437,595 $1,430,713 $1,409,447 $1,373,004 $1,367,692 



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OFG Bancorp (NYSE: OFG)
Table 9: Notes to Financial Summary, Selected Metrics, Loans, and Consolidated Financial Statements (Tables 1 - 8)
(1)Total banking and financial service revenues.
(2)Net interest income plus non-interest income, net (core)
(3)Calculated based on net income available to common shareholders divided by average common shares outstanding for the period.
(4)Calculated based on net income available to common shareholders divided by total average common shares outstanding and equivalents for the period as if converted.
(5)Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by common shares outstanding. See "Tables 8-1 and 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.
(6)Information includes all loans held for investment, including PCD loans.
(7)Calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(8)Calculated based on annualized income, net of tax, for the period divided by average total assets for the period.
(9)Calculated based on annualized income available to common shareholders for the period divided by average tangible common equity for the period.
(10)Calculated based on non-interest expense for the period divided by total net interest income and total banking and financial services revenues for the period.
(11)Calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(12)Non-GAAP ratios. See "Tables 8-1 and 8-2: Reconciliation of GAAP to Non-GAAP Measures and Calculation of Regulatory Capital Measures" for information on the calculation of each of these ratios.
(13)Production of new loans (excluding renewals).
(14)Most PCD loans are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. Therefore, they are not included as non-performing loans. PCD loan pools that are not accreting interest income are deemed to be non-performing loans and presented separately.
(15)Total risk-based capital equals the sum of Tier 1 capital and Tier 2 capital.
(16)Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on Common equity Tier 1 capital divided by risk-weighted assets.
(17)Tier 1 risk-based capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(18)Total risk-based capital ratio is a regulatory capital measure calculated based on Total risk-based capital divided by risk-weighted assets.
(19)Leverage capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by average assets, after certain adjustments.
(20)In March 2020, in light of strains on the U.S. economy as a result of the coronavirus disease (COVID-19), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued an interim final rule that provided the option to temporarily delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period. In addition, for the first two years, a uniform 25% “scaling factor” is introduced to approximate the portion of the post day-one allowance attributable to CECL relative to the incurred loss methodology. The 25% scaling factor is calibrated to approximate an overall after-tax impact of differences in allowances under CECL versus the incurred loss methodology.
(21)Pre-provision net revenues is a non-GAAP measure calculated based on net interest income plus total non-interest income, net, less total non-interest expenses for the period.
(22)Under the GNMA program, issuers such as OFG Bancorp have the option but not the obligation to repurchase loans that are 90 days or more past due. For accounting purposes, these loans subject to the repurchase option are required to be reflected (rebooked) on the financial statements of the Company with an offsetting liability.
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