Core Viewpoint - OFG Bancorp has received a Zacks Rank 1 (Strong Buy) upgrade, indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for OFG for the fiscal year ending December 2024 is projected at $4.27 per share, reflecting an 11.5% increase from the previous year's reported figure [8]. - Over the past three months, the Zacks Consensus Estimate for OFG has risen by 6.2%, indicating a trend of increasing earnings estimates [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of OFG to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting a strong potential for near-term price appreciation due to favorable earnings estimate revisions [10]. Market Implications - Rising earnings estimates and the corresponding rating upgrade for OFG suggest an improvement in the company's underlying business, which could lead to increased investor interest and a higher stock price [5]. - The correlation between earnings estimate revisions and near-term stock movements highlights the importance of tracking these revisions for investment decisions [6].

Time Savings Demand 6/30/24 ■ Increase ■ Decrease ■ Total 14 OFGBancorp 2Q24 Deposit Balance Evolution: Retail vs. Commercial, Ex-Public Funds ($M) ■ Increase ■ Decrease ■ Total $7,984 12/31/23 $125 $8,028 $20 $7,956 $(48) $(53) Retail 3/31/24 Retail Commercial Commercial 6/30/24 12 Residential Mortgage Loans ($M) $1,669 $1,622 $1,604 $1,563 $1,519 $1,485 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 Portfolio New Loan Origination NPLs (excludes PCD) NCO Rate $20 $19 $17 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 $31 ...

José Rafael Fernández, Chief Executive Officer, said: "The second quarter continued to demonstrate the strength of our strategies and franchise. EPS-diluted increased 16.1% year-over-year on a 5.2% increase in total core revenues. We generated strong performance metrics through consistent growth; increased loans, deposits, and non-interest income; and stable credit quality. Our 'Digital First' strategy continues to help us expand our retail and business relationships through new and upgraded products, servi ...

OFG Bancorp (OFG) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Individual investors ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 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 (Exact name of registrant as specified in its charter) Commonwealth of Puerto R ...

Core Non-Interest Income ($M) $8.3 $7.1 $8.2 $7.7 $10.0 $8.1 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 22 Income Statement Highlights: 1Q24 vs. 4Q23 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------|-----------------|-----------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

OFG Bancorp Reports 1Q24 Results José Rafael Fernández, Chief Executive Officer, said: "First quarter EPS-diluted increased 9.4% year-over-year on a 5.9% increase in total core revenues, reflecting an overall solid performance across all businesses in line with our plans. Our Digital First strategy continues to drive customer acquisition and engagement. Puerto Rico business activity and consumer liquidity looks good. Our balance sheet is well positioned for a higher for longer interest rate environment. Tha ...

PART I [Business](index=5&type=section&id=Item%201.%20Business) OFG Bancorp is a financial holding company operating through its subsidiary Oriental Bank in Puerto Rico and the U.S. Virgin Islands, with a focus on a "Digital First" strategy - OFG Bancorp is a financial holding company with its principal subsidiary, Oriental Bank, providing comprehensive banking and financial services in Puerto Rico and the U.S. Virgin Islands[15](index=15&type=chunk)[16](index=16&type=chunk) - The company operates through three major business segments: **Banking, Wealth Management, and Treasury**[16](index=16&type=chunk)[20](index=20&type=chunk) - OFG is deploying a **"Digital First" strategy** focused on digital channel convenience, transforming branches into advisory hubs, achieving operational excellence, and leveraging customer insights[17](index=17&type=chunk)[18](index=18&type=chunk) - As of December 31, 2023, OFG had **2,248 employees** and emphasizes talent development and diversity, with a **68.7% female workforce**[42](index=42&type=chunk)[46](index=46&type=chunk)[53](index=53&type=chunk) - The company will become subject to the Durbin Amendment on July 1, 2024, which is expected to reduce annual interchange fee income by approximately **$10 to $11 million**[61](index=61&type=chunk)[72](index=72&type=chunk)[125](index=125&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from its concentration in Puerto Rico's economy, interest rate changes, credit defaults, operational vulnerabilities, and regulatory impacts - A substantial portion of the business is in Puerto Rico, making the company **vulnerable to local economic conditions**, government fiscal challenges, and natural disasters like hurricanes and earthquakes[130](index=130&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk) - **Changes in interest rates** could adversely affect net interest income by altering funding costs and income from variable-rate loans[138](index=138&type=chunk) - **Heightened credit risk** from potential loan defaults could require increased provisions for credit losses, materially affecting operating results[140](index=140&type=chunk)[141](index=141&type=chunk)[146](index=146&type=chunk) - **Operational risks** include losses from fraud, theft, and cybersecurity attacks, with reliance on third-party service providers[154](index=154&type=chunk)[155](index=155&type=chunk)[160](index=160&type=chunk) - The Durbin Amendment is expected to reduce annual debit card interchange fee income by approximately **$10 to $11 million** starting July 1, 2024[166](index=166&type=chunk) - **Liquidity risk** exists due to reliance on core deposits, and the holding company's funds are subject to regulatory limits on dividends from its subsidiary bank[170](index=170&type=chunk)[172](index=172&type=chunk) [Unresolved Staff Comments](index=30&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[188](index=188&type=chunk) [Cybersecurity](index=30&type=section&id=Item%201C.%20Cybersecurity) The company maintains a comprehensive cybersecurity risk management framework and has experienced no material incidents in the last three fiscal years - OFG has a comprehensive framework to assess, identify, and manage material risks from cybersecurity threats, overseen by the Information Security Officer (ISO) and approved by the Board[189](index=189&type=chunk) - Governance includes oversight from the Board's Risk and Compliance Committee, which receives quarterly reports from the ISO[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) - The company has experienced **no material cybersecurity incidents** in the last three fiscal years, and related expenses have been immaterial[199](index=199&type=chunk) [Properties](index=31&type=section&id=Item%202.%20Properties) OFG owns its headquarters and five branch premises and leases thirty-nine branches, with a total gross investment in premises and equipment of $160.8 million - OFG owns its headquarters, the "Oriental Center" in San Juan, Puerto Rico, and operates a full-service branch there[199](index=199&type=chunk) - As of December 31, 2023, the Bank owns five branch premises and leases thirty-nine branch locations across Puerto Rico and the USVI[200](index=200&type=chunk) - The gross investment in premises and equipment was **$160.8 million** at year-end 2023[201](index=201&type=chunk) [Legal Proceedings](index=33&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings incidental to its business, which are not expected to have a material adverse effect on its financial condition - The company is a defendant in a number of legal proceedings incidental to its business[203](index=203&type=chunk) - Management does not expect the ultimate liability from these proceedings to have a **material adverse effect** on OFG's financial condition or results of operations[203](index=203&type=chunk) [Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[204](index=204&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=33&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) OFG's common stock (NYSE: OFG) has significantly outperformed key banking indices over five years, and no shares were repurchased in Q4 2023 - OFG's common stock is traded on the NYSE under the symbol **"OFG"**[206](index=206&type=chunk) 5-Year Cumulative Total Return Comparison | Index | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | 12/31/2023 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | OFG Bancorp | 100.00 | 145.34 | 116.58 | 169.77 | 180.87 | 253.63 | | Russell 2000 | 100.00 | 125.53 | 150.58 | 172.90 | 137.56 | 160.85 | | S&P US BMI Banks Index | 100.00 | 137.36 | 119.83 | 162.92 | 135.13 | 147.41 | - OFG **did not repurchase any shares** of its common stock during the quarter ended December 31, 2023[214](index=214&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company achieved record financial results in 2023, driven by strong loan growth and an improved net interest margin, while maintaining solid credit quality and capital ratios 2023 vs 2022 Performance Highlights | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Diluted EPS | $3.83 | $3.44 | | Net Income | $181.9M | $166.2M | | Total Core Revenues | $682.7M | $607.8M | | Net Interest Income | $560.9M | $482.1M | | Provision for Credit Losses | $60.6M | $24.1M | | Total Assets (Year-End) | $11.34B | $9.82B | | Loans Held for Investment (Year-End) | $7.53B | $6.84B | | Customer Deposits (Year-End) | $9.60B | $8.56B | - Capital actions included a dividend increase to **$0.25 per share** for 2024 and a new **$50.0 million** stock repurchase program[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk) - The most critical accounting estimate is the **Allowance for Credit Losses (ACL)**, which involves significant management judgment regarding future economic forecasts[222](index=222&type=chunk)[223](index=223&type=chunk)[226](index=226&type=chunk) - Total assets increased by **$1.526 billion** to **$11.344 billion**, driven by a **$1.191 billion** increase in deposits[276](index=276&type=chunk)[323](index=323&type=chunk) - The net loan portfolio grew **10.1%** to **$7.402 billion**, led by increases in commercial, auto, and consumer loans[284](index=284&type=chunk)[286](index=286&type=chunk) - Capital ratios strengthened, with the **CET1 ratio increasing to 14.12%** and tangible book value per share rising to **$23.13**[329](index=329&type=chunk)[330](index=330&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=66&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, managed through an asset-sensitive balance sheet, alongside significant concentration risk in Puerto Rico - The company's primary risk exposures include market, interest rate, credit, liquidity, operational, and concentration risks[337](index=337&type=chunk)[338](index=338&type=chunk) Net Interest Income Sensitivity Analysis (One-Year Projection) | Change in Interest Rate | Instantaneous Change (%) | Gradual Change (%) | | :--- | :--- | :--- | | +200 Basis points | +5.01% | +2.61% | | +100 Basis points | +2.50% | +1.30% | | -100 Basis points | -2.81% | -1.38% | | -200 Basis points | -5.41% | -2.87% | - OFG has completed the transition of all its financial instruments from **LIBOR to alternative benchmark rates**, primarily SOFR, as of December 31, 2023[348](index=348&type=chunk) - Liquidity risk is managed through a stable deposit base and access to wholesale funding, including **$446.0 million** in FHLB borrowing capacity and access to the Federal Reserve's Bank Term Funding Program (BTFP)[353](index=353&type=chunk)[363](index=363&type=chunk) - A significant **concentration risk** exists as most business activities and credit exposure are in Puerto Rico[369](index=369&type=chunk) [Financial Statements and Supplementary Data](index=72&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section includes the consolidated financial statements, an unqualified audit opinion from KPMG LLP, and the identification of the Allowance for Credit Losses as a critical audit matter - Management concluded that OFG maintained **effective internal control** over financial reporting as of December 31, 2023[378](index=378&type=chunk) - The independent auditor, KPMG LLP, issued an **unqualified opinion** on the consolidated financial statements[381](index=381&type=chunk) - The auditor identified the **Allowance for Credit Losses (ACL)** for loans as a critical audit matter due to significant measurement uncertainty and subjective judgments[387](index=387&type=chunk)[388](index=388&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=164&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable to the company - Not applicable[800](index=800&type=chunk) [Controls and Procedures](index=164&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of year-end 2023, with no material changes in the fourth quarter - Management, including the CEO and CFO, concluded that OFG's disclosure controls and procedures were **effective** as of December 31, 2023[801](index=801&type=chunk) - **No material changes** were made to the internal control over financial reporting during the fourth quarter of 2023[804](index=804&type=chunk) [Other Information](index=164&type=section&id=Item%209B.%20Other%20Information) The company reports no other information under this item - None[805](index=805&type=chunk) PART III [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=165&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details the company's equity compensation plans, with 1,685,920 securities available for future issuance under the Omnibus Plan as of year-end 2023 Equity Compensation Plan Information (as of Dec 31, 2023) | Plan Category | Securities to be Issued Upon Exercise | Weighted-Average Exercise Price | Securities Remaining for Future Issuance | | :--- | :--- | :--- | :--- | | Omnibus Plan | 427,597 | $0.66 | 1,685,920 | - Stock-based compensation expense was **$5.0 million** in 2023, compared to $4.2 million in 2022 and $6.2 million in 2021[811](index=811&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=166&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Form 10-K report - This item lists the financial statements filed under Item 8 and all exhibits, including corporate governance documents, material contracts, and certifications[813](index=813&type=chunk)[818](index=818&type=chunk) [Form 10-K Summary](index=166&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the company - Not applicable[815](index=815&type=chunk)

$8.2 $8.3 $7.1 $8.2 $7.7 $10.0 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 23 | --- | --- | --- | --- | --- | --- | |-------------------------------|-----------|-----------|-----------|-----------|----------| | CET1 Capital | $1,174.2 | $1,124.6 | $1,086.6 | $1,063.9 | $1,037.4 | | CET1 Capital Ratio | 14.12% | 14.06% | 14.03% | 14.07% | 13.64% | | Tier 1 Capital | $1,174.2 | $1,124.6 | $1,086.6 | $1,063.9 | $1,037.4 | | Tier 1 Capital Ratio | 14.12% | 14.06% | 14.03% | 14.07% | 13.64% | | Total Capital $1,278.5 | | $1,2 ...

[PART I – FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for OFG Bancorp as of September 30, 2023, and for the three and nine-month periods then ended [Unaudited Consolidated Statements of Financial Condition](index=7&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Financial%20Condition) As of September 30, 2023, total assets increased to $10.26 billion from $9.82 billion at year-end 2022, driven by a 6.1% growth in net loans to $7.13 billion Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$10,257,138** | **$9,818,780** | | Total cash and cash equivalents | $532,699 | $550,307 | | Total investments | $2,074,474 | $1,971,522 | | Total loans, net | $7,130,052 | $6,723,236 | | Goodwill | $84,241 | $84,241 | | **Total Liabilities** | **$9,161,675** | **$8,776,374** | | Total deposits | $8,541,553 | $8,568,364 | | Total borrowings | $451,475 | $27,034 | | **Total Stockholders' Equity** | **$1,095,463** | **$1,042,406** | [Unaudited Consolidated Statements of Operations](index=9&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) For the third quarter of 2023, net income available to common shareholders was $44.9 million, or $0.95 per diluted share, up from $41.9 million, or $0.87 per diluted share, in the same quarter of 2022 Key Performance Indicators (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $141,787 | $126,510 | $417,328 | $346,798 | | Provision for Credit Losses | $16,430 | $7,120 | $40,919 | $15,362 | | Total Non-interest Income | $30,699 | $30,620 | $89,673 | $98,436 | | Total Non-interest Expense | $90,158 | $87,492 | $269,266 | $253,905 | | **Net Income** | **$44,873** | **$41,919** | **$135,275** | **$119,872** | | **Diluted EPS** | **$0.95** | **$0.87** | **$2.84** | **$2.47** | [Unaudited Consolidated Statements of Cash Flows](index=13&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2023, net cash provided by operating activities was $188.1 million, while net cash used in investing activities was $548.5 million Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $188,133 | $115,546 | | Net cash used in investing activities | ($548,488) | ($1,491,017) | | Net cash provided by financing activities | $342,590 | $167,254 | | **Net change in cash, cash equivalents and restricted cash** | **($17,765)** | **($1,208,217)** | [Notes to Unaudited Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies and financial data, covering investments, loans, credit losses, deposits, borrowings, regulatory capital, and segment performance [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=76&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance and condition, highlighting continued loan growth, stable core deposits, and strong performance metrics despite industry volatility - Q3 2023 results showed a **10% year-over-year increase in core revenues** and a **9% increase in EPS**, driven by loan growth, stable deposits, and a low cumulative deposit beta of **19%**[239](index=239&type=chunk) - The company believes Puerto Rico's economy continues to show resiliency and growth, with key indicators like the Economic Activity Index, retail sales, and employment all increasing year-over-year[234](index=234&type=chunk) - Despite recent failures of high-profile banks, OFG's customer deposits remained stable at **$8.5 billion**, and the company believes its high levels of liquidity and capital place it in a strong position[235](index=235&type=chunk) [Analysis of Results of Operations](index=81&type=section&id=Analysis%20of%20Results%20of%20Operations) For Q3 2023, net interest income rose 12.1% YoY to $141.8 million, driven by higher loan yields, while non-interest expense increased 3.0% to $90.2 million Quarterly Results of Operations (Q3 2023 vs Q3 2022, in thousands) | Metric | Q3 2023 | Q3 2022 | Variance % | | :--- | :--- | :--- | :--- | | Net Interest Income | $141,787 | $126,510 | 12.1% | | Provision for Credit Losses | $16,430 | $7,120 | 130.8% | | Non-interest Income | $30,699 | $30,620 | 0.3% | | Non-interest Expenses | $90,158 | $87,492 | 3.0% | | Net Income | $44,873 | $41,919 | 7.0% | - The increase in net interest income for Q3 2023 was primarily driven by a **$25.9 million increase in interest income from loans**, reflecting higher yields on variable rate commercial loans and growth in the auto and consumer loan portfolios[269](index=269&type=chunk) [Analysis of Financial Condition](index=96&type=section&id=Analysis%20of%20Financial%20Condition) As of September 30, 2023, total assets grew to $10.26 billion, up 4.5% from year-end 2022, with the net loan portfolio increasing 6.1% to $7.13 billion Loan Portfolio Composition (in thousands) | Loan Type | Sep 30, 2023 | Dec 31, 2022 | Variance % | | :--- | :--- | :--- | :--- | | Commercial | $2,832,985 | $2,629,929 | 7.7% | | Mortgage | $1,604,010 | $1,704,221 | (5.9)% | | Consumer | $613,195 | $537,257 | 14.1% | | Auto | $2,211,545 | $1,963,915 | 12.6% | | **Total Loans Held for Investment** | **$7,261,735** | **$6,835,322** | **6.2%** | - Non-performing assets decreased by **11.3%** to **$102.6 million** (**1.00% of total assets**) at September 30, 2023, from **$115.7 million** (**1.18% of total assets**) at December 31, 2022[317](index=317&type=chunk) - Tangible book value per common share increased to **$21.01** at September 30, 2023, from **$19.56** at December 31, 2022[352](index=352&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=115&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) OFG manages market risk, primarily interest rate risk, through its Asset/Liability Team (ALT), using net interest income simulation analysis to estimate earnings sensitivity to interest rate changes Net Interest Income Sensitivity Analysis (One-Year Projection) | Change in Interest Rate | Instantaneous Change (%) | Gradual Change (%) | | :--- | :--- | :--- | | +200 Basis points | 6.48% | 3.02% | | +100 Basis points | 3.23% | 1.50% | | -100 Basis points | -3.70% | -1.69% | - As of September 30, 2023, OFG has transitioned all of its financial instruments from LIBOR to alternative benchmark rates, primarily SOFR[371](index=371&type=chunk) - OFG's primary sources of liquidity include **$532.7 million in cash**, **$1.361 billion in unpledged investment securities**, **$346.4 million in FHLB borrowing capacity**, and access to the Federal Reserve's Bank Term Funding Program (BTFP)[384](index=384&type=chunk) [Item 4. Controls and Procedures](index=120&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of September 30, 2023 - The CEO and CFO concluded that as of the end of the period, OFG's disclosure controls and procedures were effective in providing reasonable assurance for timely and accurate reporting[391](index=391&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the quarter ended September 30, 2023[392](index=392&type=chunk) [PART II – OTHER INFORMATION](index=120&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=120&type=section&id=Item%201.%20Legal%20Proceedings) OFG and its subsidiaries are involved in various legal proceedings incidental to their business, with management believing ultimate liability will not materially affect financial condition or results of operations - Management does not expect the outcome of current legal proceedings to have a material adverse effect on OFG's financial condition[393](index=393&type=chunk) [Item 1A. Risk Factors](index=120&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2022 Form 10-K, as supplemented by subsequent quarterly reports - No material changes to risk factors were reported since the 2022 Form 10-K and subsequent filings[394](index=394&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](index=120&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) During Q3 2023, OFG repurchased 73,600 shares of common stock for $2.2 million under its $100 million stock repurchase program, with $17.2 million remaining available Q3 2023 Stock Repurchase Activity | Metric | Value | | :--- | :--- | | Shares Repurchased | 73,600 | | Total Cost | $2.2 million | | Average Price per Share | $29.70 | | Remaining Authorization | $17.2 million | [Item 6. Exhibits](index=122&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act of 2002 and the financial statements formatted in Inline XBRL - The report includes required CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act[401](index=401&type=chunk)