Now in its 56th 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.

Company profile
Ticker
OFG
Exchange
Website
CEO
Jose Fernandez
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Former names
ORIENTAL FINANCIAL GROUP INC
SEC CIK
Corporate docs
Subsidiaries
A) ORIENTAL BANK – an FDIC insured non-member commercial bank • 1.Oriental International Bank Inc. • 2.OFG USA, LLC • B) ORIENTAL FINANCIAL SERVICES LLC • C) ORIENTAL INSURANCE LLC • D) OFG REINSURANCE LTD • E) ORIENTAL PENSION CONSULTANTS, INC • G) OFG VENTURES LLC ...
IRS number
660538893
OFG stock data
News

OFG Bancorp: Q2 Earnings Insights
21 Jul 22
OFG Bancorp Q2 EPS $0.84 Beats $0.74 Estimate, Net Interest Income $115.10M Beat $111.55M Estimate
21 Jul 22
Earnings Scheduled For July 21, 2022
21 Jul 22
A Preview Of OFG Bancorp's Earnings
20 Jul 22
5 Value Stocks In The Financial Services Sector
9 Jun 22
Investment data
Securities sold
Number of investors
Calendar
5 Aug 22
9 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 1.31B | 1.31B | 1.31B | 1.31B | 1.31B | 1.31B |
Cash burn (monthly) | 182.82M | 121.7M | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 245.14M | 163.19M | n/a | n/a | n/a | n/a |
Cash remaining | 1.06B | 1.14B | n/a | n/a | n/a | n/a |
Runway (months of cash) | 5.8 | 9.4 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
29 Jun 22 | Kumar Ganesh | Common Stock | Option exercise | Acquire M | No | No | 0 | 1,700 | 0 | 151,199 |
29 Jun 22 | Kumar Ganesh | Restricted Units Common Stock | Option exercise | Acquire M | No | No | 0 | 1,700 | 0 | 28,951 |
16 May 22 | Perez Edwin | Restricted Units Common Stock | Grant | Acquire A | No | No | 0 | 3,700 | 0 | 11,290 |
3 May 22 | Rafael A Velez-Dominguez | Common Stock | Buy | Acquire P | No | No | 27.4728 | 7,275 | 199.86K | 7,275 |
29 Apr 22 | Maritza Arizmendi | Restricted Units Common Stock | Grant | Acquire A | No | No | 0 | 4,750 | 0 | 11,284 |
25 Apr 22 | Colon Jorge | Common Stock | Buy | Acquire P | No | No | 26.08 | 4,229 | 110.29K | 95,784 |
25 Apr 22 | Colon Jorge | Common Stock | Buy | Acquire P | No | No | 26.078 | 500 | 13.04K | 91,555 |
25 Apr 22 | Colon Jorge | Common Stock | Buy | Acquire P | No | No | 26.07 | 105 | 2.74K | 91,055 |
25 Apr 22 | Colon Jorge | Common Stock | Buy | Acquire P | No | No | 26 | 8,381 | 217.91K | 90,950 |
25 Apr 22 | Colon Jorge | Common Stock | Buy | Acquire P | No | No | 25.985 | 400 | 10.39K | 82,569 |
Institutional ownership, Q1 2022
91.7% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 164 |
Opened positions | 15 |
Closed positions | 15 |
Increased positions | 47 |
Reduced positions | 71 |
13F shares | Current |
---|---|
Total value | 3.1B |
Total shares | 44.56M |
Total puts | 0 |
Total calls | 11.4K |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 7.24M | $192.76M |
Vanguard | 5.86M | $156.19M |
Dimensional Fund Advisors | 3.84M | $102.24M |
Barrow Hanley Mewhinney & Strauss | 2.99M | $79.67M |
FMR | 2.91M | $77.62M |
STT State Street | 2.3M | $61.65M |
Stilwell Value | 1.74M | $46.35M |
LSV Asset Management | 1.2M | $31.94M |
Nuveen Asset Management | 988.39K | $27.24M |
Geode Capital Management | 871.9K | $23.23M |
Financial report summary
?Risks
- Most of our business is conducted in Puerto Rico, whose economic and government fiscal and liquidity challenges, as well as the impact of two major hurricanes in 2017 and earthquakes and a pandemic beginning in 2020, have adversely impacted and may continue to adversely impact us.
- Puerto Rico and the USVI are susceptible to earthquakes, hurricanes and major storms, the severity of which could be heightened by the effect of climate change, which could further deteriorate their economy and infrastructure.
- Changes in interest rates could adversely affect OFG’s results of operations and financial condition.
- Changes in the method pursuant to which the LIBOR and other benchmark rates are determined could adversely impact our business and results of operations.
- We are exposed to credit risk in connection with our loans to certain government agencies and municipalities of Puerto Rico, and the restructuring of Puerto Rico government’s debt could adversely affect the value of such loans.
- Heightened credit risk could require us to increase our provision for credit losses, which could have a material adverse effect on our results of operations and financial condition.
- We are subject to default and other risks in connection with mortgage loan originations.
- A continuing decline in the real estate market would likely result in an increase in delinquencies, defaults and foreclosures and in a reduction in loan origination activity, which would adversely affect our financial results.
- We may experience losses related to fraud and theft.
- We are subject to security and operational risks related to our use of technology, including the risk of cyber-attack or cyber theft.
- We rely on third parties to provide services and systems essential to the operation of our business, and any failure, interruption or termination of such services or systems could have a material adverse effect on our financial condition and results of operations.
- Non-Compliance with the USA Patriot Act, Bank Secrecy Act, or other laws and regulations could result in fines and other sanctions.
- Consumer protection laws and the Durbin Amendment may reduce our noninterest income.
- Our risk management policies, procedures and systems may be inadequate to mitigate all risks inherent in our various businesses.
- Our business could be adversely affected if we cannot maintain access to stable funding sources.
- Our ability to receive dividends from our subsidiaries could affect our liquidity and ability to pay dividends to our shareholders.
- Failure to keep pace with technological change could adversely affect OFG’s results of operations and financial condition.
- We operate in a highly regulated industry and may be adversely affected by changes in federal and local laws and regulations.
- Reputational risk and social factors may impact our results.
- Changes in accounting standards issued by the Financial Accounting Standards Board (“FASB”) or other standard-setting bodies may adversely affect our financial statements.
- Our goodwill and other intangible assets could be determined to be impaired in the future and could decrease OFG’s earnings.
- Legislative and other measures that may be taken by Puerto Rico governmental authorities could materially increase our tax burden or otherwise adversely affect our financial condition, results of operations or cash flows.
Management Discussion
- ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- Please read the following discussion and analysis of our financial condition and results of operations together with “Note about Forward-Looking Statements,” Part I, Item 1 “Business,” Part I, Item 1A “Risk Factors,” and our consolidated financial statements and related notes included under Item 8 of this annual report on Form 10-K. We have omitted discussion of 2019 results where it would be redundant to the discussion previously included in Item 7 of our 2020 annual report on Form 10-K.
- In July 2021, OFG announced that its Board of Directors approved a stock repurchase program to purchase $50 million of its common stock in the open market. As of December 31, 2021, OFG completed the stock repurchase program and has repurchased approximately 2.1 million shares of its common stock for a total aggregate purchase price of $49.9 million at an average of $24.29 per share.
Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Avg
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New words:
abroad, accessing, advantage, advertising, altogether, armed, ban, begun, channeled, dissolved, Europe, exacerbate, exacerbated, incremental, legacy, MBS, partly, prospectively, published, rebooked, rebounded, retaliatory, sanitation, signaling, slight, stage, terrorism, tightened
Removed:
ago, backed, bps, classify, Delaware, philanthropic, practice, proprietary, reference, Scotiabank, suffered, Topic, write
Financial reports
Current reports
8-K
OFG Bancorp Reports 2Q22 Results
21 Jul 22
8-K
Submission of Matters to a Vote of Security Holders
3 May 22
8-K
OFG Bancorp Reports 1Q22 Results
21 Apr 22
8-K
OFG Bancorp Reports 4Q21 & 2021 Results
19 Jan 22
8-K
Departure of Directors or Certain Officers
3 Nov 21
8-K
OFG Bancorp Reports 3Q21 Results
20 Oct 21
8-K
Departure of Directors or Certain Officers
30 Jul 21
8-K
OFG Bancorp Reports 2Q21 Results
21 Jul 21
8-K
Submission of Matters to a Vote of Security Holders
3 May 21
8-K/A
OFG Bancorp Reports 1Q21 Results
23 Apr 21
Registration and prospectus
S-8
Registration of securities for employees
11 Feb 22
25-NSE
Exchange delisting
15 Jul 21
25-NSE
Exchange delisting
30 Apr 21
25-NSE
Exchange delisting
30 Apr 21
S-8
Registration of securities for employees
6 Oct 13
424B4
Prospectus supplement with pricing info
1 Nov 12
8-A12B
Registration of securities on exchange
1 Nov 12
FWP
Free writing prospectus
31 Oct 12
S-1/A
IPO registration (amended)
30 Oct 12
S-1MEF
Registration of additional securities for an S-1
30 Oct 12
Proxies
DEFA14A
Additional proxy soliciting materials
9 Apr 21
DEFA14A
Additional proxy soliciting materials
21 May 20
DEFA14A
Additional proxy soliciting materials
18 May 20
DEFA14A
Additional proxy soliciting materials
22 Apr 20
DEFA14A
Additional proxy soliciting materials
15 Apr 20
DEF 14A
Definitive proxy
14 Mar 18
Other
UPLOAD
Letter from SEC
10 Jan 21
CORRESP
Correspondence with SEC
15 Dec 20
UPLOAD
Letter from SEC
6 Dec 20
CT ORDER
Confidential treatment order
7 Aug 18
UPLOAD
Letter from SEC
11 Dec 17
CORRESP
Correspondence with SEC
4 Dec 17
UPLOAD
Letter from SEC
27 Nov 17
UPLOAD
Letter from SEC
4 Aug 15
CORRESP
Correspondence with SEC
23 Jun 15
UPLOAD
Letter from SEC
10 Jun 15
Ownership
4
OFG BANCORP / Ganesh Kumar ownership change
30 Jun 22
11-K
Annual report of employee stock purchases
27 Jun 22
4
OFG BANCORP / EDWIN PEREZ ownership change
17 May 22
4
OFG BANCORP / Rafael A Velez-Dominguez ownership change
4 May 22
4
OFG BANCORP / Maritza Arizmendi ownership change
3 May 22
4
OFG BANCORP / Jorge Colon ownership change
27 Apr 22
4
OFG BANCORP / Rafael A Velez-Dominguez ownership change
22 Apr 22
4
OFG BANCORP / Pedro Morazzani ownership change
14 Apr 22
4
OFG BANCORP / Maritza Arizmendi ownership change
14 Apr 22
4
OFG BANCORP / Ganesh Kumar ownership change
7 Apr 22
Transcripts
2022 Q2
Earnings call transcript
21 Jul 22
2022 Q1
Earnings call transcript
21 Apr 22
2021 Q4
Earnings call transcript
19 Jan 22
2021 Q3
Earnings call transcript
20 Oct 21
2021 Q2
Earnings call transcript
21 Jul 21
2021 Q1
Earnings call transcript
21 Apr 21
2020 Q4
Earnings call transcript
25 Jan 21
2020 Q3
Earnings call transcript
23 Oct 20
2020 Q2
Earnings call transcript
24 Jul 20
2020 Q1
Earnings call transcript
29 Apr 20
Reddit threads
Daily Discussion Thread - July 21st, 2022
21 Jul 22
Daily Discussion Thread - July 20th, 2022
20 Jul 22
Daily Discussion Thread - July 19th, 2022
19 Jul 22
Daily Discussion Thread - July 18th, 2022
18 Jul 22
Daily Discussion Thread - June 29th, 2022
29 Jun 22
Daily Discussion Thread - June 28th, 2022
28 Jun 22
Daily Discussion Thread - June 27th, 2022
27 Jun 22
(4/21) Thursday's Pre-Market Stock Movers & News
21 Apr 22
Daily Discussion Thread - April 21st, 2022
21 Apr 22
Daily Discussion Thread - April 20th, 2022
20 Apr 22