OFG Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>OFG Bancorp filed its Q1 2024 10-Q, detailing financial positions and equity components.</b>

AI Summary

OFG BANCORP (OFG) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. OFG Bancorp reported financial results for the first quarter ended March 31, 2024. The filing includes detailed balance sheet information as of March 31, 2024, and December 31, 2023. Key equity components such as Common Stock, Additional Paid-In Capital, Legal Surplus, Retained Earnings, Treasury Stock, and Accumulated Other Comprehensive Income are presented for multiple periods. The company's portfolio includes Mortgage-Backed Securities with various maturity dates, including those from FNMA and FHLMC. OFG Bancorp is classified under Standard Industrial Classification 6022 (Commercial Banks).

Why It Matters

For investors and stakeholders tracking OFG BANCORP, this filing contains several important signals. This 10-Q filing provides investors with a detailed look at OFG Bancorp's financial health and capital structure as of the end of the first quarter of 2024. Understanding the changes in equity and the composition of its investment portfolio, particularly mortgage-backed securities, is crucial for assessing the bank's risk and performance.

Risk Assessment

Risk Level: medium — OFG BANCORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains detailed financial information but does not usually include significant new strategic announcements or forward-looking guidance that would drastically alter risk perception.

Analyst Insight

Review the detailed balance sheet and equity components to understand changes in capital structure and retained earnings for Q1 2024.

Key Numbers

• 20240331 — Period of Report (CONFORMED PERIOD OF REPORT)
• 20240508 — Filing Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 254 MU?OZ RIVERA AVENUE — Business Address (STREET 1)
• SAN JUAN — City (CITY)
• PR — State (STATE)
• 00918 — ZIP Code (ZIP)

Key Players & Entities

• OFG BANCORP (company) — FILER
• 0001030469 (company) — CENTRAL INDEX KEY
• 6022 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• PR (company) — STATE OF INCORPORATION
• 7877716800 (company) — BUSINESS PHONE
• ORIENTAL FINANCIAL GROUP INC (company) — FORMER COMPANY
• 19970110 (company) — DATE OF NAME CHANGE
• 20240331 (date) — CONFORMED PERIOD OF REPORT

FAQ

Key Dates

• 2024-03-31: End of Reporting Period — Marks the end of the fiscal quarter for which financial results are reported.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $1.00 — ch registered Common shares, par value $1.00 per share OFG New York Stock Exchange

Filing Documents

• ofg-20240331.htm (10-Q) — 4728KB
• ofg-20240331xexx311.htm (EX-31.1) — 11KB
• ofg-20240331xexx312.htm (EX-31.2) — 11KB
• ofg-20240331xexx321.htm (EX-32.1) — 5KB
• ofg-20240331xexx322.htm (EX-32.2) — 5KB
• 0001030469-24-000019.txt (&nbsp;) — 22515KB
• ofg-20240331.xsd (EX-101.SCH) — 97KB
• ofg-20240331_cal.xml (EX-101.CAL) — 158KB
• ofg-20240331_def.xml (EX-101.DEF) — 536KB
• ofg-20240331_lab.xml (EX-101.LAB) — 996KB
• ofg-20240331_pre.xml (EX-101.PRE) — 837KB
• ofg-20240331_htm.xml (XML) — 5819KB

– FINANCIAL INFORMATION Page

PART I – FINANCIAL INFORMATION Page

Financial Statements

Item 1. Financial Statements Unaudited Consolidated Statements of Financial Condition 3 Unaudited Consolidated Statements of Operations 5 Unaudited Consolidated Statements of Comprehensive Income 7 Unaudited Consolidated Statements of Changes in Stockholders' Equity 8 Unaudited Consolidated Statements of Cash Flows 9 Notes to Unaudited Consolidated Financial Statements Note 1 – Summary of Significant Accounting Policies 12 Note 2 – Restricted Cash 13 Note 3 – Investment Securities 13 Note 4 – Loans 18 Note 5 – Allowance for Credit Losses 31 Note 6 – Foreclosed Real Estate 33 Note 7 – Servicing Assets 33 Note 8 – Goodwill and Other Intangible Assets 34 Note 9 – Accrued Interest Receivable and Other Assets 36 Note 10 – Deposits and Related Interest 37 Note 11 – Borrowings and Related Interest 38 Note 1 2 – Income Taxes 39 Note 1 3 – Regulatory Capital Requirements 40 Note 14 – Stockholders' Equity 41 Note 15 – Accumulated Other Comprehensive Loss 42 Note 16 – Earnings per Common Share 43 Note 17 – Guarantees 44 Note 18 – Commitments and Contingencies 45 Note 19 – Operating Leases 47 Note 2 0 – Fair Value of Financial Instruments 48 Note 2 1 – Banking and Financial Service Revenues 54 Note 22 – Business Segments 55 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Critical Accounting Policies and Estimates 58 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 86 Item 4.

Controls and Procedures

Controls and Procedures 91

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 91 Item 1A.

Risk Factors

Risk Factors 91 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 91

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 91

Mines Safety Disclosures

Item 4. Mines Safety Disclosures 91

Other Information

Item 5. Other Information 91

Exhibits

Item 6. Exhibits 92

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The information included in this quarterly report on Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to the financial condition, results of operations, plans, objectives, future performance and business of OFG Bancorp ("we," "our," "us" or "OFG"), including, but not limited to, statements with respect to the adequacy of the allowance for credit losses ("ACL"), delinquency trends, market risk and the impact of interest rate changes, capital markets conditions, capital adequacy and liquidity, and the effect of legal proceedings and new accounting standards on OFG's financial condition and results of operations. All statements contained herein that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "continues," "expect," "estimate," "intend," "project" and similar expressions and future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may," or similar expressions are generally intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, estimates and assumptions by management that are difficult to predict. Various factors, some of which by their nature are beyond OFG's control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Factors that might cause such a difference include, but are not limited to: the rate of growth in the economy and employment levels, inflationary pressures or recessionary conditions, as well as general business and economic conditions; changes in interest rates, as well as the magnitude of such changes; a credit default by municipalities of the government of Puerto Rico; a credit default by the U.S. government or a downgrade in the credit ratings of the U.

View Full Filing

View this 10-Q filing on SEC EDGAR