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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193
For the quarterly period ended March 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
Commission File Number 001-12647
OFG Bancorp
Incorporated in the Commonwealth of Puerto Rico, IRS Employer Identification No. 66-0538893

Principal Executive Offices:
254Muñoz Rivera Avenue
San Juan, Puerto Rico 00918
Telephone Number: (787) 771-6800
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, par value $1.00 per shareOFGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þNo ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þNo ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated FilerNon-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No
Number of shares outstanding of the registrant’s common stock, as of the latest practicable date:
48,601,548 common shares ($1.00 par value per share) outstanding as of April 30, 2022




TABLE OF CONTENTS
PART I – FINANCIAL INFORMATIONPage
Financial Statements
Notes to Unaudited Consolidated Financial 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 loan losses, 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;
amendments to the fiscal plan approved by the Financial Oversight and Management Board for Puerto Rico;
determinations in the court-supervised debt-restructuring process under Title III of PROMESA for the Puerto Rico government and all of its agencies, including some of its public corporations, as well as the ability to successfully implement any court-approved plan of adjustment;
unforeseen or catastrophic events, including extreme weather events, other natural disasters, man-made disasters, pandemics, war or other international conflicts, or utility disruptions, which could cause a disruption in our operations or other adverse consequences for our business;
the impact of property, credit and other losses in Puerto Rico as a result of hurricanes, earthquakes and other natural disasters;
the amount of government, private and philanthropic financial assistance for the reconstruction of Puerto Rico’s critical infrastructure, which suffered catastrophic damages caused by hurricane Maria in 2017 and earthquakes in 2020;
the pace and magnitude of Puerto Rico’s economic recovery;
the fiscal and monetary policies of the federal government and its agencies;
changes in federal bank regulatory and supervisory policies, including with respect to required levels of capital;
the relative strength or weakness of the commercial and consumer credit sectors and the real estate market in Puerto Rico;
the performance of the stock and bond markets;
competition in the financial services industry;
possible legislative, tax or regulatory changes;
the magnitude and duration of the Covid-19 pandemic and its impact on the United States, Puerto Rico, and/or global economy, financial market conditions and our business, results of operations and financial condition; and
1


the impact of the actions taken by governmental authorities to try and contain the Covid-19 virus and its variants or address the impact of the virus on the United States and Puerto Rico economy, and the resulting effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers.
Other possible events or factors that could cause results or performance to differ materially from those expressed in these forward-looking statements include the following: negative economic conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of non-performing assets, charge-offs and provision expense; changes in interest rates and market liquidity which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; adverse movements and volatility in debt and equity capital markets; changes in market rates and prices which may adversely impact the value of financial assets and liabilities; risk of impairment of investment securities, goodwill, other intangible assets or deferred tax assets; liabilities resulting from litigation and regulatory investigations; changes in accounting standards, rules and interpretations; increased competition; OFG’s ability to grow its core businesses; decisions to downsize, sell or close units or otherwise change OFG’s business mix; and management’s ability to identify and manage these and other risks.
All forward-looking statements included in this quarterly report on Form 10-Q are based upon information available to OFG as of the date of this report, and other than as required by law, including the requirements of applicable securities laws, OFG assumes no obligation to update or revise any such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
2

OFG BANCORP
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
AS OF MARCH 31, 2022 AND DECEMBER 31, 2021
March 31,December 31,
20222021
(In thousands)
ASSETS
Cash and cash equivalents:
Cash and due from banks$1,849,906 $2,014,523 
Money market investments5,648 8,952 
Total cash and cash equivalents1,855,554 2,023,475 
Restricted cash175 175 
Investments:
Trading securities, at fair value, with amortized cost of $163 (December 31, 2021 - $162)
18 20 
Investment securities available-for-sale, at fair value, with amortized cost of $903,798
(December 31, 2021, amortized cost $503,421); no allowance for credit losses
880,338 510,713 
Investment securities held-to-maturity, at amortized cost, with fair value of $329,969 (December 31, 2021 - $363,653); no allowance for credit losses
359,806 367,507 
Equity securities18,556 17,578 
Total investments1,258,718 895,818 
Loans:
Loans held-for-sale, at lower of cost or fair value58,234 82,662 
Loans held for investment, net of allowance for credit losses of $157,075 (December 31, 2021 - $155,937)
6,390,896 6,246,649 
Total loans6,449,130 6,329,311 
Other assets:
Foreclosed real estate15,297 15,039 
Accrued interest receivable56,097 56,560 
Deferred tax asset, net87,608 99,063 
Premises and equipment, net97,403 92,124 
Customers' liability on acceptances29,858 35,329 
Servicing assets49,446 48,973 
Goodwill86,069 86,069 
Other intangible assets33,947 36,093 
Operating lease right-of-use assets28,576 28,846 
Other assets142,242 152,845 
Total assets$10,190,120 $9,899,720 
See notes to unaudited consolidated financial statements
3

OFG BANCORP
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
AS OF MARCH 31, 2022 AND DECEMBER 31, 2021 (CONTINUED)
March 31,December 31,
20222021
(In thousands)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits$5,504,640 $5,204,340 
Savings accounts2,295,113 2,177,780 
Time deposits1,178,469 1,220,998 
Total deposits8,978,222 8,603,118 
Borrowings:
Advances from FHLB28,035 28,488 
Subordinated capital notes 36,083 
Total borrowings28,035 64,571 
Other liabilities:
Derivative liabilities191 804 
Acceptances executed and outstanding29,858 35,329 
Operating lease liabilities30,287 30,498 
Accrued expenses and other liabilities83,492 96,240 
Total liabilities9,150,085 8,830,560 
Commitments and contingencies (See Note 19)
Stockholders’ equity:
Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 48,673,113 shares outstanding (December 31, 2021 - 59,885,234 shares issued; 49,636,352 shares outstanding)
59,885 59,885 
Additional paid-in capital633,796 637,061 
Legal surplus121,389 117,677 
Retained earnings426,320 399,949 
Treasury stock, at cost, 11,212,121 shares (December 31, 2021 - 10,248,882 shares)
(180,717)(150,572)
Accumulated other comprehensive (loss) income, net of tax of $3,007 (December 31, 2021 - $1,328)
(20,638)5,160 
Total stockholders’ equity1,040,035 1,069,160 
Total liabilities and stockholders’ equity$10,190,120 $9,899,720 
See notes to unaudited consolidated financial statements
4

OFG BANCORP
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE QUARTERS ENDED MARCH 31, 2022 AND 2021
Quarter Ended March 31,
20222021
(In thousands, except per share data)
Interest income:
Loans$107,565 $108,205 
Mortgage-backed securities4,321 2,041 
Investment securities and other1,063 730 
Total interest income112,949 110,976 
Interest expense:
Deposits7,041 12,024 
Advances from FHLB and other borrowings193 459 
Subordinated capital notes521 295 
Total interest expense7,755 12,778 
Net interest income105,194 98,198 
Provision for credit losses1,551 6,324 
Net interest income after provision for credit losses103,643 91,874 
Non-interest income:
Banking service revenue17,562 16,497 
Wealth management revenue7,857 7,388 
Mortgage banking activities5,782 5,573 
Total banking and financial service revenues31,201 29,458 
Other non-interest income405 955 
Total non-interest income, net31,606 30,413 
See notes to unaudited consolidated financial statements
5

OFG BANCORP
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE QUARTERS ENDED MARCH 31, 2022 AND 2021 (CONTINUED)
Quarter Ended March 31,
20222021
(In thousands, except per share data)
Non-interest expense:
Compensation and employee benefits34,768 32,618 
Occupancy, equipment and infrastructure costs11,916 13,128 
Electronic banking charges9,786 8,232 
Information technology expenses4,804 4,254 
Professional and service fees5,421 4,536 
Taxes, other than payroll and income taxes3,307 3,661 
Insurance2,635 2,455 
Foreclosed real estate and other repossessed assets income, net of expenses(1,482)(50)
Loan servicing and clearing expenses1,922 1,841 
Advertising, business promotion, and strategic initiatives2,062 1,431 
Communication1,116 966 
Printing, postage, stationary and supplies1,092 1,217 
Director and investor relations249 300 
Pandemic expenses881 1,769 
Other2,678 1,308 
Total non-interest expense81,155 77,666 
Income before income taxes54,094 44,621 
Income tax expense16,573 14,248 
Net income37,521 30,373 
Less: dividends on preferred stock (1,255)
Income available to common shareholders$37,521 $29,118 
Earnings per common share:
Basic$0.77 $0.57 
Diluted$0.76 $0.56 
Average common shares outstanding and equivalents49,484 51,752 
Cash dividends per share of common stock$0.15 $0.08 
See notes to unaudited consolidated financial statements
6

OFG BANCORP
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE QUARTERS ENDED MARCH 31, 2022 AND 2021
Quarter Ended March 31,
20222021
(In thousands)
Net income$37,521 $30,373 
Other comprehensive loss before tax:
Unrealized loss on securities available-for-sale(30,752)(5,367)
Unrealized gain on cash flow hedges619 247 
Other comprehensive loss before taxes(30,133)(5,120)
Income tax effect4,335 328 
Other comprehensive loss after taxes(25,798)(4,792)
Comprehensive income$11,723 $25,581 
See notes to unaudited consolidated financial statements
7

OFG BANCORP
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS’ EQUITY
FOR THE QUARTERS ENDED MARCH 31, 2022 AND 2021
Quarter Ended March 31,
20222021
(In thousands)
Preferred stock:
Balance at beginning of period$— $92,000 
Balance at end of period 92,000 
Common stock:
Balance at the beginning and end of period59,885 59,885 
Additional paid-in capital:
Balance at beginning of period637,061 622,652 
Stock-based compensation expense973 2,209 
Lapsed restricted stock units(4,238)(1,926)
Balance at end of period633,796 622,935 
Legal surplus:
Balance at beginning of period117,677 103,269 
Transfer from retained earnings3,712 2,896 
Balance at end of period121,389 106,165 
Retained earnings:
Balance at beginning of period399,949 300,096 
Net income37,521 30,373 
Cash dividends declared on common stock[1]
(7,438)(4,116)
Cash dividends declared on preferred stock— (1,255)
Transfer to legal surplus(3,712)(2,896)
Balance at end of period426,320 322,202 
Treasury stock:
Balance at beginning of period(150,572)(102,949)
Stock repurchased(33,479)— 
Lapsed restricted stock units and options3,334 1,955 
Balance at end of period(180,717)(100,994)
Accumulated other comprehensive income (loss), net of tax:
Balance at beginning of period5,160 11,022 
Other comprehensive loss, net of tax(25,798)(4,792)
Balance at end of period(20,638)6,230 
Total stockholders’ equity$1,040,035 $1,108,423 
[1] Dividends declared per common share during the quarter ended March 31, 2022 - $0.15 (March 31, 2021 - $0.08).
See notes to unaudited consolidated financial statements
8

OFG BANCORP
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE QUARTERS ENDED MARCH 31, 2022 AND 2021
Quarter Ended March 31,
20222021
(In thousands)
Cash flows from operating activities:
Net income$37,521 $30,373 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred loan origination fees and fair value (discounts) premiums on loans(723)51 
Amortization of investment securities premiums, net of accretion of discounts599 787 
Amortization of other intangible assets2,146 2,451 
Net change in operating leases59 120 
Depreciation and amortization of premises and equipment3,780 3,366 
Deferred income tax expense, net15,789 8,451 
Provision for credit losses1,551 6,324 
Stock-based compensation973 2,209 
(Gain) loss on:
Sale of loans (899)(1,894)
Early extinguishment of debt(42) 
Foreclosed real estate and other repossessed assets(4,157)(1,583)
Sale of other assets6 (181)
Originations and purchases of loans held-for-sale(56,954)(92,264)
Proceeds from sale of loans held-for-sale57,261 62,886 
Net decrease (increase) in:
Trading securities2 (1)
Accrued interest receivable478 4,519 
Servicing assets(473)(616)
Other assets11,298 (7,190)
Net (decrease) increase in:
Accrued interest on deposits and borrowings(152)(291)
Accrued expenses and other liabilities(28,860)18,887 
Net cash provided by operating activities39,203 36,404 
See notes to unaudited consolidated financial statements
9

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OFG BANCORP
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE QUARTERS ENDED MARCH 31, 2022 AND 2021 (CONTINUED)
Quarter Ended March 31,
20222021
(In thousands)
Cash flows from investing activities:
Purchases of:
Investment securities available-for-sale(399,025)(25,894)
Investment securities held-to-maturity (126,777)
Equity securities(998)(1,595)
Maturities and redemptions of:
Investment securities available-for-sale22,170 25,218 
Investment securities held-to-maturity7,540  
FHLB stock20 45 
Proceeds from sales of:
Foreclosed real estate and other repossessed assets, including write-offs13,090 10,159 
Premises and equipment 580 
Origination and purchase of loans, excluding loans held-for-sale(770,935)(435,363)
Principal repayment of loans612,039 470,510 
Additions to premises and equipment(9,072)(3,564)
Net cash used in investing activities$(525,171)$(86,681)
Cash flows from financing activities:
Net increase (decrease) in:
Deposits394,932 310,712 
Subordinated capital notes(36,041) 
FHLB advances, federal funds purchased, and other borrowings(458)(1,254)
Exercise of stock options with treasury shares(904)29 
Purchase of treasury stock(33,479) 
Dividends paid on preferred stock (1,255)
Dividends paid on common stock(6,003)(4,116)
Net cash provided by financing activities$318,047 $304,116 
Net change in cash, cash equivalents and restricted cash(167,921)253,839 
Cash, cash equivalents and restricted cash at beginning of period2,023,650 2,155,577 
Cash, cash equivalents and restricted cash at end of period$1,855,729 $2,409,416 
Quarter Ended March 31,
20222021
(In thousands)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Statements of Financial Condition:
Cash and due from banks$1,849,906 $2,396,965