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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K


x			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025


o			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 Rico						66-0538893
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

254 Muñoz Rivera Avenue
San Juan, Puerto Rico						00918
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (787) 771-6800

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common shares, par value $1.00 per share	OFG	New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No þ

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 þ No ¨

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 þ No ¨

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 the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer þ	Accelerated filer ¨	Non-accelerated filer ¨	Smaller 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. þ

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨No þ

The aggregate market value of the common stock held by non-affiliates of OFG Bancorp (the “Company”) was approximately $1.915 billion as of June 30, 2025 based upon 44,741,933 shares outstanding and the reported closing price of $42.80 on the New York Stock Exchange on that date.

43,063,277 common shares ($1.00 par value per share) outstanding as of January 31, 2026

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Company’s definitive proxy statement relating to the 2026 annual meeting of shareholders are incorporated herein by reference in response to Items 10 through 14 of Part III, except for certain information set forth herein under Item 12.

OFG Bancorp

FORM 10-K

Year Ended December 31, 2025

TABLE OF CONTENTS


PART I
Item 1.	Business	3

Item 1A.	Risk Factors	18

Item 1B.	Unresolved Staff Comments	27

Item 1C.	Cybersecurity	28

Item 2.	Properties	29

Item 3.	Legal Proceedings	29

Item 4.	Mine Safety Disclosures	29

PART II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	29

Item 6.	Reserved	31

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31

Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	65

Item 8.	Financial Statements and Supplementary Data	71

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	161

Item 9A.	Controls and Procedures	161

Item 9B.	Other Information	161


Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	161
PART III

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	162

PART IV

Item 15.	Exhibits and Financial Statement Schedules	163
Item 16.	Form 10-K Summary	163

FORWARD-LOOKING STATEMENTS

The information included in this annual report on Form 10-K 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,” the “Company,” 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.S. government;

•the impacts related to, or resulting from, bank failures and other volatility, including potential increased regulatory and compliance requirements and costs and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including the Bank, to attract and retain depositors and to borrow or raise capital;

•the actual or perceived soundness of other financial institutions, including as a result of the financial or operational failure of a major financial institution, or concerns about the creditworthiness of such a financial institution or its ability to fulfill its obligations, which can cause substantial and cascading disruption within the financial markets;

•amendments to the fiscal plans approved by the Financial Oversight and Management Board for Puerto Rico;

•determinations in the court-supervised debt-restructuring process for the Puerto Rico Electric Power Authority (“PREPA”) under Title III of PROMESA, as well as the ability to successfully implement any court-approved plan of adjustment for PREPA or any other Puerto Rico government instrumentality or public corporation;

•unforeseen or catastrophic events, including extreme weather events, other natural disasters, man-made disasters, pandemics, war or other international conflicts and acts of terrorism (including cyber-attacks), or utility disruptions, any of which could significantly affect delinquency rates, loan and accounts receivable balances and other aspects of our business and results of operations;

•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 financial assistance for the reconstruction of Puerto Rico’s infrastructure, which was impacted by the effects of Hurricane Maria in 2017, earthquakes in 2020, and Hurricane Fiona in 2022;

•the pace and magnitude of Puerto Rico’s economic recovery;

•the fiscal and monetary policies of the federal government and its agencies;

•the potential impact of a federal government shutdown, including delays in federal spending, disruptions to economic activity, and uncertainty in financial markets;

•the impact of changes in trade policies of the federal government, including the changes in imported good tariffs, as well as the impact of federal spending cuts on federal emergency and stimulus funds, and their effect on the economy;

•the impact of changes in federal economic policies, including the spending and tax cuts arising under the recently enacted One Big Beautiful Bill Act, as well as their effect on the U.S. and Puerto Rico economies;

•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;

•our ability to successfully invest in, deploy, and maintain advanced technologies, including artificial intelligence and digital banking platforms;

•competition in the financial services industry; and

•possible additional legislative, tax or regulatory changes.

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 for credit losses 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 or services 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 annual report on Form 10-K are based upon information available to OFG as of the date of this annual report on Form 10-K, 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.

PART I

ITEM 1. BUSINESS

General

OFG is a financial holding company headquartered in San Juan, Puerto Rico. OFG is subject to the provisions of the U.S. Bank Holding Company Act of 1956, as amended, (the “BHC Act”) and accordingly, subject to the supervision and regulation of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”). OFG’s principal subsidiary is Oriental Bank (the “Bank”), a Federal Deposit Insurance Corporation (“FDIC”) insured Puerto Rico commercial bank founded as a federal savings and loan in 1964.

OFG provides comprehensive banking and financial services and solutions to its clients through the Bank and various other subsidiaries, including commercial, consumer, auto, and mortgage lending, financial planning, insurance sales, investment advisory and security brokerage services, as well as corporate trust services. OFG operates through three major business segments: Banking, Wealth Management, and Treasury. OFG provides most of its products and services to clients in Puerto Rico and U.S. Virgin Islands (the “USVI”) and certain loan products in the continental United States. OFG operates through various subsidiaries, including a commercial bank, the Bank, a securities broker-dealer and investment adviser, Oriental Financial Services LLC (“Oriental Financial Services”), an insurance agency, Oriental Insurance, LLC (“Oriental Insurance”), a captive reinsurance company, OFG Reinsurance Ltd (“OFG Reinsurance”), OFG Ventures LLC (“OFG Ventures”), which holds investments, a commercial lender, OFG USA LLC (“OFG USA”), which is a subsidiary of the Bank, and OBPEF LLC (“OBPEF”), as a wholly owned subsidiary of the Bank and a private equity fund under the Puerto Rico Incentives Code, as amended (the “Incentives Code”), whose objective is to provide financing to eligible borrowers, whether in the form of senior or subordinated debt, to support the economic development of Puerto Rico. Most of our subsidiaries are based in San Juan, Puerto Rico and the USVI, except for OFG USA which is organized in Delaware, but operates out of Charlotte, North Carolina, OFG Reinsurance which is based in the Cayman Islands, and OFG Ventures which is based on Delaware.

OFG’s mission is to make possible the progress of our customers, employees, shareholders, and communities we serve. As the world evolves rapidly, we seek to amplify our ambition, with the goal of advancing from steady progress to bold transformation. We believe that our strategy is designed to accelerate our transformation into a fully digital, data-driven, customer-centric financial institution, while maintaining the strong human relationships that define our brand. OFG aims to deliver intelligent growth, operational excellence, and deeper financial empowerment to make progress possible for our communities. Our strategy aspires to position OFG as a trusted digital financial coach, by understanding the customers’ objectives and needs by offering value-added services that help them achieve financial progress and well-being. OFG is transitioning from a digital-first model to a truly digital bank, one where customers should be able to perform every financial activity seamlessly, securely, and intuitively, anytime, anywhere. Our goal is to provide a one-stop digital experience that is enriched by human connection and powered by intelligence. Our strategy is anchored on four main pillars:

•Customer Insights & Personalization: To enhance customer engagement, improve decision making and drive sustainable growth, with a unified, 360-degree view of the customer leverage on advance analytics to understand financial behaviors, patterns and lifecycle events to generate actionable customer insights that support the customer needs.

•Human Connection: Empower people by helping them to have smarter conversations while building trust and guiding customers through their most important financial decisions.

•Digital Bank: Become a truly digital bank, one where customers can do everything they would in a branch. The bank is no longer a place, but an experience that lives in their pockets, always ready, always personal, and better than ever.

•Business Excellence: OFG drives operational excellence through an agile operating model that is deeply embedded in our business and culture. We understand the customer’s journey and align our structure and processes to reflect its perspective, end to end.

OFG’s principal funding source is customer deposits. Through its branch network and digital sales platform, the Bank offers personal non-interest and interest-bearing checking accounts, savings accounts, certificates of deposit, individual retirement accounts (“IRAs”) and commercial non-interest and interest-bearing checking accounts. The FDIC insures the Bank’s deposit accounts up to applicable limits. Management makes retail deposit pricing decisions periodically, adjusting the rates paid on retail deposits in response to general market conditions and local competition. Pricing decisions take into account the rates being offered by other local banks, the applicable market benchmarks, and mainland U.S. market interest rates.

Segment Disclosure

OFG has three reportable segments: Banking, Wealth Management, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. Other factors such as OFG’s organizational structure, nature of products, distribution channels and economic characteristics of the products or services were also considered in the determination of the reportable segments. OFG measures the performance of these reportable segments based on pre-established annual goals involving different financial parameters such as net income.

For detailed information regarding the performance of OFG’s operating segments, please refer to “Note 28 – Business Segments” in OFG’s accompanying consolidated financial statements.

Banking Activities

The Bank, OFG’s main subsidiary, is a full-service Puerto Rico commercial bank with its main office located in San Juan, Puerto Rico. The Bank has 42 branches throughout Puerto Rico and 2 branches in the USVI. As an FDIC-insured Puerto Rico-chartered commercial bank, it is subject to examination by the FDIC and the Office of the Commissioner of Financial Institutions of Puerto Rico (the “OCFI”). The Bank offers banking services such as commercial, consumer, auto, and mortgage lending, savings and time deposit products, and corporate trust services, and capitalizes on its retail banking network to provide commercial and mortgage lending products to its clients. The Bank has a wholly owned operating subsidiary, OFG USA, which is organized in Delaware but operates out of Charlotte, North Carolina. It also has two international banking entities (each an “IBE”) organized in Puerto Rico pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended (the “IBE Act”), one of which is a unit operating within the Bank, named Oriental Overseas (the “IBE Unit”), and the other is a wholly owned subsidiary of the Bank, named Oriental International Bank, Inc. (“OIB” or the “IBE Subsidiary”). The IBE Unit and the IBE Subsidiary offer the Bank certain Puerto Rico tax advantages, and their services are limited under Puerto Rico law to persons and assets/liabilities located outside of Puerto Rico. In addition, the Bank has a wholly owned subsidiary, OBPEF, which is a private equity fund under the Incentives Code whose objective is to provide financing to eligible borrowers, whether in the form of senior or subordinated debt, to support the economic development of Puerto Rico.

Banking activities include the Bank’s branches and mortgage banking activities with traditional retail banking products such as deposits, commercial loans, consumer loans, auto loans, and mortgage loans. The Bank’s lending activities are primarily with customers located in Puerto Rico and the USVI. The Bank’s lending transactions include a diversified number of industries and activities, all of which are encompassed within four main categories: commercial, consumer, mortgage and auto loans.

OFG’s mortgage banking activities are conducted through a division of the Bank. The mortgage banking activities include the origination of mortgage loans for the Bank’s own portfolio, the sale of loans directly into the secondary market or the securitization of mortgage loans into mortgage-backed securities, and the purchase or assumption of the right to service loans originated by others. The Bank originates Federal Housing Administration (“FHA”) insured mortgages, Veterans Administration (“VA”) guaranteed mortgages, and U.S. Department of Agriculture (“USDA”) Rural Housing Service (“RHS”) guaranteed loans that are primarily securitized for issuance of Government National Mortgage Association (“GNMA”) mortgage-backed securities which can be resold to individual or institutional investors in the secondary market. Conventional loans that meet the underwriting requirements for sale or exchange under standard Federal National Mortgage Association (the “FNMA”) or the Federal Home Loan Mortgage Corporation (the “FHLMC”) programs are referred to as conforming mortgage loans and are also securitized for issuance of FNMA or FHLMC mortgage-backed securities or sold through the Government Sponsor Entity (“GSE”) cash window. The Bank is an approved seller of FNMA conforming mortgage loans for issuance of FNMA mortgage-backed securities. The Bank is also an approved issuer of GNMA mortgage-backed securities. The Bank is the master servicer of its mortgage loan portfolio and the GNMA, FNMA and FHLMC pools that it issues or services.

Loan Underwriting

Auto loans: OFG provides financing for the purchase of new or used motor vehicles. These loans are generated mainly through dealers authorized and approved by OFG’s auto credit department. The auto credit department has the specialized structure and resources to provide the service required for this product according to market demands and trends. The auto loan credit policy establishes specific guidance and parameters for the underwriting and origination processes. Underwriting procedures, lending limits, interest rate approval, insurance coverage, Fair Isaac Corporation (“FICO”) score, and automobile brand restrictions are some parameters and internal controls implemented to ensure the quality and profitability of the auto loan portfolio. The proprietary credit scoring system is a fundamental part of the decision process.

Consumer loans: Consumer loans include personal loans, residential solar panel loans, credit cards, lines of credit and other loans made by the Bank to individual borrowers. All loan originations must be underwritten in accordance with OFG’s underwriting criteria and include an assessment of each borrower’s personal financial condition, including verification of

income, assets, FICO score, and credit reports. The proprietary credit scoring system is a fundamental part of the decision process.

Residential mortgage loans: All loan originations, regardless of whether originated through OFG’s retail banking network or purchased from third parties, must be underwritten in accordance with OFG’s underwriting criteria, including loan-to-value ratios, borrower income qualifications, debt ratios and credit history, FICO score, investor requirements, and title insurance and property appraisal requirements. OFG’s mortgage underwriting standards comply with the relevant guidelines set forth by the Department of Housing and Urban Development (“HUD”), VA, FNMA, FHLMC, federal and Puerto Rico banking regulatory authorities, as applicable. OFG’s underwriting personnel, while operating within OFG’s loan offices, make underwriting decisions independent of OFG’s mortgage loan origination personnel.

Commercial loans: Commercial loans include lines of credit and term facilities to finance business operations and to provide working capital for specific purposes, such as to finance the purchase of assets, equipment or inventory. Since a borrower’s cash flow from operations is generally the primary source of repayment, OFG’s analysis of the credit risk focuses heavily on the borrower’s debt-repayment capacity. Commercial term loans generally have terms from one to five years, may be collateralized by the asset being acquired, real estate, or other available assets, and bear interest rates that float with the prime rate, Secured Overnight Financing Rate (“SOFR”) or another established index, or are fixed for the term of the loan. Lines of credit are extended to businesses based on an analysis of the financial strength and integrity of the borrowers and are generally secured primarily by real estate, accounts receivables or inventory, and have a maturity of one year or less. Such lines of credit bear an interest rate that floats with a base rate, the prime rate, SOFR or another established index.

Sale of Loans and Securitization Activities

OFG may engage in the sale or securitization of the residential mortgage loans that it originates. OFG is an approved issuer of GNMA-guaranteed mortgage-backed securities which involves the packaging of FHA loans, RHS loans and VA loans into pools. OFG can also act as issuer in the case of conforming conventional loans which involves grouping these types of loans into pools and issuing FNMA mortgage-backed securities. The issuance of mortgage-backed securities provides OFG with the flexibility of either selling the security into the open market or retaining it on its books. In the case of conforming conventional loans, OFG may also sell such loans through the FNMA and FHLMC cash window programs.

Wealth Management Activities

Wealth management activities at OFG are generated by three wholly owned subsidiaries and a division of the Bank. These activities include such businesses as securities brokerage, insurance agency, captive reinsurance, trust services, and other financial services.

Oriental Financial Services, a Puerto Rico limited liability company, is OFG’s subsidiary engaged in securities brokerage and investment advisory activities. Its operations are part of OFG’s strategy of providing retail and institutional clients fully integrated financial solutions. These can include a variety of investment alternatives such as tax-advantaged fixed income securities, mutual funds, stocks, and bonds. It also offers separately managed accounts and mutual fund asset allocation programs sponsored by unaffiliated professional asset managers. These services are designed to meet each client’s individual needs and preferences, including transaction-based pricing and asset-based fee pricing. Oriental Financial Services is a registered securities broker-dealer pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation. Oriental Financial Services does not carry customer accounts and is, accordingly, exempt from the Customer Protection Rule (SEC Rule 15c3-3). It clears securities transactions through Pershing LLC, a clearing agent that carries the accounts of its customers on a “fully disclosed” basis.

Oriental Insurance, a Puerto Rico limited liability company, is OFG’s subsidiary engaged in insurance agency services in Puerto Rico. Oriental Insurance currently earns commissions by acting as a licensed insurance agent in connection with the issuance of insurance policies by unaffiliated insurance companies and continues to cross market its services to OFG’s existing customer base.

OFG Reinsurance, a Cayman Islands company, is OFG’s subsidiary engaged in the reinsurance business. It reinsures credit insurance policies on consumer loans originated by the Bank, as well as personal accident and health policies underwritten by unaffiliated insurers.

Oriental Trust, the Bank’s trust division, provides trustee and paying agent services to retirement plans in Puerto Rico, and

provides other corporate trust services.

Oriental Pension Consultants, Inc. (“OPC”), a Florida corporation, was an OFG subsidiary engaged in the administration and servicing of retirement plans in the U.S., Puerto Rico, and the Caribbean. On December 30, 2022, the Bank and OPC sold the rights to administer and service the retirement plans of its customers, and OPC was dissolved on December 30, 2025, effective January 1, 2026.

Treasury Activities

Treasury activities encompass all of OFG’s treasury-related functions. OFG’s investment portfolio consists of primarily mortgage-backed securities, obligations of U.S. government-sponsored agencies, US Treasury securities and money market instruments. U.S. agency mortgage-backed securities, the largest component, consist principally of pools of residential mortgage loans that are made to consumers and could be either retained as available for sale (“AFS”) or held to maturity (“HTM”) securities or resold in the form of pass-through certificates in the secondary market, the payment of interest and principal of those pools is guaranteed by GNMA, FNMA or FHLMC.

Market Area and Competition

The main geographic business and service area of OFG is Puerto Rico, where the banking market is competitive. Puerto Rico banks are subject to the same federal laws, regulations and supervision that apply to similar institutions in the U.S. OFG also competes with brokerage firms with retail operations, credit unions, savings and loan cooperatives, small loan companies, insurance agencies, and mortgage banks in Puerto Rico. OFG encounters intense competition in attracting and retaining deposits and in its consumer and commercial lending activities. Management believes that OFG has been able to compete effectively for deposits and loans by offering a variety of transactional account products and loans with competitive terms, emphasizing the quality of its service and its innovative banking technologies. OFG’s ability to originate loans depends primarily on the services that it provides to its borrowers, in making prompt credit decisions, and on the rates and fees that it charges.

OFG continues to develop commercial relationships in the United States through its U.S. commercial loan program, which has internally developed and managed relationships with commercial and investment banks across the United States, engages primarily in the activities of purchasing participations in credit facilities through underwriting and portfolio management of commercial and industrial loans to middle-market and lower middle-market commercial borrowers in the mainland United States.

OFG also operates in the USVI through two branches and expects to continue to grow its business in such jurisdiction.

Our Human Capital

At OFG, we remain firmly devoted to fostering the ongoing progress of our customers, employees, shareholders, and the communities we serve. This shared purpose shapes a talent strategy centered on our workforce and designed to ensure employees have the capabilities needed today and in the future. The approach emphasizes agility, visibility into skills, and easy access to resources, enabling strong alignment between business priorities and workforce readiness.

As of December 31, 2025, OFG had 2,185 employees, none of which are represented by a collective bargaining group.

Employee Experience and Culture

Creating meaningful connections with employees remains essential to performance and long-term success. In the most recent employee engagement survey conducted in partnership with Gallup, participation reached a record 93%, and the organization maintained strong engagement levels, doubling the engagement ratio since 2022 and surpassing Gallup benchmarks for Puerto Rico and the U.S. The average engagement score increased to 4.08 out of 5, marking a 23-point improvement since 2022.

Leaders are supported through a self-service platform powered by AI that provides real time analytics, insights, recommended actions, and learning tools focused on expectations, recognition, collaboration, and development. Workshops help leaders interpret results and connect them to broader business outcomes.

OFG continues strengthening a culture rooted in purpose, learning, and results. Efforts include communication strategies for leaders and employees, ongoing executive conversations, and practical tools to reinforce desired behaviors. A continuous learning mindset is fostered across the company through initiatives that encourage capability building.

In addition, OFG reinforces its commitment to doing what’s right by maintaining robust ethical standards, supported by its Code of Business Conduct and Ethics, required certifications, and a confidential whistleblower line.

Talent Development

OFG supports continuous development through a broad range of learning experiences, including training, coaching, mentoring, stretch assignments, and structured career pathways. In 2025, we deepened our focus on data science and analytics by launching a 10‑month development program featuring hands‑on learning tied to strategic initiatives. Over the year, we delivered more than 250 learning sessions totaling over 25,000 hours, while employees also benefited from access to more than 12,000 online courses offered through a global learning partner.

OFG views leadership development, strengths-based programs, and talent pipelines such as internships, traineeships, and mentorship programs strengthen organizational capability. We believe that specialized development academies support client facing teams, and curated learning paths aligned with role specific competencies promote performance excellence. We further believe that improved performance ratings reflect the workforce’s contribution to our purpose and business results.

We believe that annual talent reviews and succession planning for senior leaders—presented to the Board—ensure continuity and advance diversity and inclusion. Similar processes exist for other management levels to monitor and refine development plans.

As a regulated institution, OFG requires all employees to complete mandatory training covering policies, regulatory compliance, and anti-money laundering requirements.

Talent Acquisition and Retention

A skills focused hiring approach drives OFG’s acquisition strategy. The company strengthens recruiting through internships, university partnerships, and presence at job fairs—14 of them across Puerto Rico, the USVI, and the U.S. mainland in 2025. Collaboration with community organizations and workforce agencies also broadens the candidate pipeline.

Retention remains a key priority. We monitor turnover trends, conduct stay interviews as needed and analyze exit interviews to guide future strategies. Voluntary turnover declined to 10% at the end of 2025, with more than 72% of departures occurring in non-exempt roles.

A competitive performance-oriented compensation philosophy, combined with a supportive culture and growth opportunities, contributes to an average tenure of 11 years as of December 31, 2025.

Compensation

OFG’s compensation framework—designed by HR and overseen by the Board’s Compensation Committee—aligns employee and business performance. The program is structured to attract, retain, and reward talent while upholding strong governance practices. The Compensation Committee also reviews and approves compensation for senior executive leadership with input from an independent advisor.

The compensation philosophy is reinforced through annual program reviews, communication, and participation in market surveys. In 2025, we engaged in eight compensation surveys to benchmark practices, support pay equity and ensure competitiveness.

Wellbeing and Safety

Employee wellbeing is fundamental to our success. We follow a holistic model encompassing physical, social, professional, community, and financial wellness. Year-round onsite and virtual activities support these dimensions, and employees receive ongoing financial and retirement planning education through the 401(k)-plan administrator. Scholarships totaling more than $700,000 have been awarded over the past decade to 144 dependents of employees.

Work life balance is enhanced through benefits such as paid vacation, illness leave, maternity and paternity leave, community service time, personal days, and flexible work arrangements.

Management and Board Oversight

Management contributes to human capital governance through regular updates, risk management processes, and structured succession planning. The Board maintains oversight via periodic reports from leadership and through the Compensation Committee and Enterprise Risk Management activities. The Compensation Committee ensures both internal and external pay equity for executives, applies peer comparisons, and monitors incentive compensation programs across the organization.

Regulation and Supervision

As a publicly-traded financial services firm, we are subject to extensive regulation under U.S. federal, Puerto Rico and other laws and are also subject to supervision by regulators in the markets where we conduct our business. This section is not intended to summarize all laws and regulations applicable to us or any of our subsidiaries. The descriptions of statutory and regulatory provisions included herein do not purport to be complete and are qualified by reference to those laws and regulations.

We continue to monitor the changing political, tax and regulatory environment. Changes in statutes, regulations, or regulatory policies applicable to us or any of our subsidiaries (including their interpretation or implementation) cannot be predicted and could have a material effect on our business and operations. We expect to remain subject to extensive regulation and supervision.

General

OFG is a financial holding company subject to supervision and regulation by the Federal Reserve Board under the BHC Act, as amended by the Gramm-Leach-Bliley Financial Services Modernization Act of 1999, as amended (the “Gramm-Leach-Bliley Act”), and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (the “Dodd-Frank Act”). The qualification requirements applicable to a bank holding company that elects to be treated as a financial holding company require that the bank holding company, and each depository institution controlled by it, at the time of election must be and thereafter remain at all times “well capitalized” and “well managed.”

OFG elected to be treated as a financial holding company as permitted by the Gramm-Leach-Bliley Act. Under that law, if OFG fails to meet the requirements for being a financial holding company and is unable to correct such deficiencies within certain prescribed time periods, the Federal Reserve Board could require OFG to divest control of its depository institution subsidiary or alternatively cease conducting activities impermissible for bank holding companies that are not financial holding companies.

Financial holding companies may engage, directly or indirectly, in any activity that is determined to be (i) financial in nature or incidental to such financial activity, or (ii) complementary to a financial activity provided it does not pose a substantial risk to the safety and soundness of depository institutions or the financial system generally. The Gramm-Leach-Bliley Act specifically provides that the following activities have been determined to be “financial in nature”: (a) lending, trust and other banking activities; (b) insurance activities; (c) financial, investment or economic advisory services; (d) securitization of assets; (e) securities underwriting and dealing; (f) existing bank holding company domestic activities; (g) existing bank holding company foreign activities; and (h) merchant banking activities. A financial holding company may generally commence any activity, or acquire any company, that is financial in nature, without prior approval of the Federal Reserve Board. As provided by the Dodd-Frank Act, however, a financial holding company may not acquire, without prior Federal Reserve Board approval, a company in a transaction in which the total consolidated assets to be acquired by the financial holding company exceed $10 billion.

In addition, the Gramm-Leach-Bliley Act specifically gives the Federal Reserve Board the authority, by regulation or order, to expand the list of financial or incidental activities, but requires consultation with the US Treasury Department (the “US Treasury”) and gives the Federal Reserve Board authority to allow a financial holding company to engage in any activity that is complementary to a financial activity and does not pose a substantial risk to the safety and soundness of depository institutions or the financial system.

OFG is required to file with the Federal Reserve Board and the U.S. Securities and Exchange Commission (the “SEC”) periodic reports and other information concerning its own business operations and those of its subsidiaries. In addition, Federal Reserve Board approval must also be obtained before a bank holding company acquires all or substantially all of the assets of another bank or merges or consolidates with another bank holding company. The Federal Reserve Board also has the authority to issue cease and desist orders against bank holding companies and their non-bank subsidiaries.

The Bank is regulated by various agencies in the United States and the Commonwealth of Puerto Rico. Its main regulators are the OCFI and the FDIC. The Bank is subject to extensive regulation and examination by the OCFI and the FDIC and is subject to the Federal Reserve Board’s regulation of transactions between the Bank and its affiliates. In 2024, the Bank became subject to the Consumer Financial Protection Bureau (the “CFPB”) supervisory and enforcement authority with respect to consumer financial laws. The Bank’s activities in the USVI are also subject to regulation and examination by the USVI Banking Board. The federal and Puerto Rico laws and regulations which are applicable to the Bank regulate, among other things, the scope of its business, its investments, its reserves against deposits, the timing of the availability of deposited funds, and the nature and amount of and collateral for certain loans. In addition to the impact of such regulations, commercial banks are affected significantly by the actions of the Federal Reserve Board with respect to the control of the money supply and credit availability in order to control inflation in the economy.

OFG’s mortgage banking business is subject to the rules and regulations of FHA, VA, RHS, FNMA, FHLMC, HUD and GNMA with respect to the origination, processing, servicing and selling of mortgage loans and the sale of mortgage-backed securities. Those rules and regulations, among other things, prohibit discrimination and establish underwriting guidelines which include provisions for inspections and appraisal reports, require credit reports on prospective borrowers and fix maximum loan amounts, and, with respect to VA loans, fix maximum interest rates. Mortgage origination activities are subject to, among others, the Equal Credit Opportunity Act, the Truth-in-Lending Act, the Real Estate Settlement Procedures Act and the regulations promulgated thereunder which, among other things, prohibit discrimination and require the disclosure of certain basic information to mortgagors concerning credit terms and settlement costs. OFG is also subject to regulation by the OCFI with respect to, among other things, licensing requirements and maximum origination fees on certain types of mortgage loan products.

OFG and its subsidiaries are subject to the rules and regulations of certain other regulatory agencies. Oriental Financial Services, as a registered broker-dealer, is subject to the supervision, examination and regulation of FINRA, the SEC, and the OCFI in matters relating to the conduct of its securities business, including record keeping and reporting requirements, supervision and licensing of employees, and obligations to customers. As a registered investment adviser, it is subject to the supervision, examination and regulation of the SEC in connection with its advisory activities and is subject to custody, disclosure, books and records, contractual and other requirements.

Oriental Insurance is subject to the supervision, examination and regulation of the Office of the Commissioner of Insurance of Puerto Rico in matters relating to insurance sales, including but not limited to, licensing of employees, sales practices, charging of commissions and reporting requirements.

OFG Reinsurance is subject to regulation by the Cayman Islands Monetary Authority (“CIMA”). The laws and regulations of the Cayman Islands require that, among other things, OFG Reinsurance maintain minimum levels of statutory capital, surplus and liquidity, meet solvency standards, submit to periodic examinations of its financial condition and restrict payments of dividends and reductions of capital. Statutes, regulations and policies that OFG Reinsurance is subject to may also restrict the ability of OFG Reinsurance to write insurance and reinsurance policies, make certain investments and distribute funds. Any failure to meet the applicable requirements or minimum statutory capital requirements could subject it to further examination or corrective action by CIMA, including restrictions on dividend payments, limitations on our writing of additional business or engaging in finance activities, supervision or liquidation.

Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Act implemented a variety of far-reaching changes and has been described as the most sweeping reform of the financial services industry since the 1930’s. It had a broad impact on the financial services industry, including significant regulatory and compliance changes, such as: (i) enhanced resolution authority of troubled and failing banks and their holding companies; (ii) enhanced lending limits strengthening the existing limits on a depository institution’s credit exposure to one borrower; (iii) increased capital and liquidity requirements; (iv) increased regulatory examination fees; (v) changes to assessments to be paid to the FDIC for federal deposit insurance; (vi) prohibiting bank holding companies, such as OFG, from including in regulatory Tier 1 capital future issuances of trust preferred securities or other hybrid debt and equity securities; and (vii) numerous other provisions designed to improve supervision and oversight of, and strengthening safety and soundness for, the financial services sector. Additionally, the Dodd-Frank Act established a new framework for systemic risk oversight within the financial system to be distributed among new and existing federal regulatory agencies, including the Financial Stability Oversight Council, the Federal Reserve Board, the Office of the Comptroller of the Currency and the FDIC. Further, the Dodd-Frank Act addresses many corporate governance and executive compensation matters that affect most U.S. publicly traded companies, including OFG. A few provisions of the Dodd-Frank Act became effective immediately, while various provisions have become effective in stages. Many of the regulatory and compliance requirements that became effective as a result of the

Dodd-Frank Act have been gradually implemented over time, and most are subject to implementing regulations, which may be amended and supplemented from time to time by the applicable governmental authorities.

The Dodd-Frank Act also created a new consumer financial services regulator, the CFPB, empowered to exercise broad rulemaking, supervision, and enforcement authority for a wide range of consumer financial laws previously exercised by federal banking regulators and other agencies. The CFPB’s primary functions include the supervision of “covered persons” (which term is broadly defined to include any person offering or providing a consumer financial product or service and any affiliated service provider) for compliance with federal consumer financial laws. It has primary authority to enforce the federal consumer financial laws, as well as exclusive authority to require reports and conduct examinations for compliance with such laws in the case of any insured depository institution with total assets of more than $10 billion and any affiliate thereof. The CFPB also has broad powers to prescribe rules applicable to a covered person or service provider in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service. Although the CFPB has exclusive supervisory authority with respect to federal consumer financial laws, the Dodd-Frank Act does not specify how or when to determine an insured depository institution’s asset size for such purpose. However, pursuant to a supervisory statement issued by the federal banking regulators, including the CFPB, an insured depository institution would become subject to CFPB’s supervisory and enforcement authority with respect to consumer financial laws as a “Large Institution” if it has reported total assets greater than $10 billion in its quarterly reports of condition (call reports) for four consecutive quarters.

Holding Company Structure

The Bank is subject to restrictions under federal laws that limit the transfer of funds to its affiliates (including OFG), whether in the form of loans, other extensions of credit, investments or asset purchases, among others. Such transfers are limited to 10% of the transferring institution’s capital stock and surplus with respect to any affiliate (including OFG), and, with respect to all affiliates, to an aggregate of 20% of the transferring institution’s capital stock and surplus. Furthermore, such loans and extensions of credit are required to be secured in specified amounts, carried out on an arm’s length basis, and consistent with safe and sound banking practices.

Under the Dodd-Frank Act, a bank holding company, such as OFG, must serve as a source of financial strength for any subsidiary depository institution. The term “source of financial strength” is defined as the ability of a company to provide financial assistance to its insured depository institution subsidiaries in the event of financial distress at such subsidiaries. This support may be required at times when, absent such requirement, the bank holding company might not otherwise provide such support. This means that OFG is required to commit, as necessary, capital and resources to support the Bank, including at times when OFG may not be in a financial position to provide such resources or when it may not be in OFG’s or its shareholders' best interests to do so. In the event of a bank holding company’s bankruptcy, any commitment by the bank holding company to a federal bank regulatory agency to maintain capital of a subsidiary bank will be assumed by the bankruptcy trustee and be entitled to a priority of payment. In addition, any capital loans by a bank holding company to any of its subsidiary banks are subordinate in right of payment to deposits and to certain other indebtedness of such subsidiary bank. The Bank is currently the only depository institution subsidiary of OFG.

Since OFG is a financial holding company, its right to participate in the assets of any subsidiary upon the latter’s liquidation or reorganization will be subject to the prior claims of the subsidiary’s creditors (including depositors in the case of the Bank) except to the extent that OFG is a creditor with recognized claims against the subsidiary.

Dividend Restrictions

The principal source of funds for OFG is the dividends that it receives from the Bank, which are subject to regulation and limitations. As a general rule, regulatory authorities may prohibit banks and bank holding companies from paying dividends in a manner that would constitute an unsafe or unsound banking practice. For example, the ability of the Bank to pay dividends on its common stock is restricted by the Puerto Rico Banking Act of 1933, as amended (the “Banking Act”), the Federal Deposit Insurance Act, as amended (the “FDIA”), and the FDIC regulations. In general terms, the Banking Act provides that when the expenditures of a bank are greater than its receipts, the excess of expenditures over receipts shall be charged against the undistributed profits of the bank and the balance, if any, shall be charged against the required reserve fund of the bank. If there is no sufficient reserve fund to cover such balance, in whole or in part, the outstanding amount must be charged against the bank’s capital account. The Banking Act provides that until said capital has been restored to its original amount and the reserve fund to 20% of the original capital, the bank may not declare any dividends. In general terms, the FDIA and the FDIC regulations restrict the payment of dividends when a bank is undercapitalized, when a bank has failed to pay insurance

assessments, or when there are safety and soundness concerns regarding a bank.

The payment of dividends by the Bank may also be affected by other regulatory requirements and policies, such as maintenance of adequate capital. If, in the opinion of the regulatory authority, a depository institution under its jurisdiction is engaged in, or is about to engage in, an unsafe or unsound practice (that, depending on the financial condition of the depository institution, could include the payment of dividends), such authority may require, after notice and hearing, that such depository institution cease and desist from such practice. The Federal Reserve Board has a policy statement that provides that an insured bank or bank holding company should not maintain its existing rate of cash dividends on common stock unless (i) the organization’s net income available to common shareholders over the past year has been sufficient to fully fund the dividends and (ii) the prospective rate of earnings retention appears consistent with the organization’s capital needs, asset quality, and overall financial condition. In addition, all insured depository institutions are subject to the capital-based limitations required by the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”).

Federal Home Loan Bank System

The Federal Home Loan Bank (the “FHLB”) system, of which the Bank is a member, consists of 11 regional FHLBs supervised and regulated by the Federal Housing Finance Agency. The FHLB serves as a credit facility for member institutions within their assigned regions. They are funded primarily by raising funds in the global financial markets and then lending in the form of advances (loans) to members in accordance with policies and procedures established by the FHLB and the boards of directors of each regional FHLB.

As a system member, the Bank is entitled to borrow from the FHLB of New York (the “FHLB-NY”) and is required to invest in FHLB membership and activity-based stock. The Bank must purchase membership stock equal to the greater of $1,000 or 0.125% of certain mortgage-related assets held by the Bank. The Bank is also required to purchase activity-based stock equal to 4.50% of the dollar amount of any outstanding advances to the Bank by the FHLB. The Bank is in compliance with the membership and activity-based stock ownership requirements described above. All loans, advances and other extensions of credit made by the FHLB to the Bank are secured by a portion of the Bank’s mortgage and commercial loan portfolios and certain other investments.

Regulatory Capital Requirements

Under the Dodd-Frank Act, federal banking regulators are required to establish minimum leverage and risk-based capital requirements, on a consolidated basis, for insured institutions, depository institution holding companies, and non-bank financial companies supervised by the Federal Reserve Board. The minimum leverage and risk-based capital requirements are to be determined based on the minimum ratios established for insured depository institutions under prompt corrective action regulations. In effect, such provision of the Dodd-Frank Act, which is commonly known as the Collins Amendment, applies to bank holding companies the same leverage and risk-based capital requirements that apply to insured depository institutions. Because the capital requirements must be the same for insured depository institutions and their holding companies, the Collins Amendment generally excludes certain debt or equity instruments, such as cumulative perpetual preferred stock and trust preferred securities, from Tier 1 Capital.

The capital rules adopted by the federal banking agencies in 2013 under Basel III framework include a minimum ratio of common equity tier 1 capital to risk-weighted assets of 4.5% and a common equity tier 1 capital conservation buffer of 2.5% of risk-weighted assets that apply to all banking organizations. The rules also raise the minimum ratio of tier 1 capital to risk-weighted assets from 4% to 6% and include a minimum leverage ratio of 4% for all banking organizations. In addition, for the largest, most internationally active banking organizations, the rules include a minimum supplementary leverage ratio that takes into account off-balance sheet exposures. The rules incorporate these requirements into the agencies’ prompt corrective action framework. In addition, the rules establish limits on a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a specified amount of common equity tier 1 capital in addition to the amount necessary to meet its minimum risk-based capital requirements. Further, the rules amend the methodologies for determining risk-weighted assets for all banking organizations; introduce disclosure requirements that would apply to top-tier banking organizations domiciled in the United States with $50 billion or more in total assets; and adopt changes to the agencies’ regulatory capital requirements that meet the requirements of Section 171 and Section 939A of the Dodd-Frank Act. These rules also codify the agencies’ capital rules, which have previously resided in various appendices to their respective regulations, into a harmonized integrated regulatory framework.

In July 2019, the federal banking regulatory agencies adopted a final rule, pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996, that simplifies for banking organizations following non-advanced approaches, as OFG, the

regulatory capital treatment for mortgage servicing assets (“MSAs”) and certain deferred tax assets arising from temporary differences (temporary difference DTAs). It increases common equity tier 1 capital threshold deductions from 10% to 25% and removes the aggregate 15% common equity tier 1 threshold deduction. However, it retains the 250% risk weight applicable to non-deducted amounts of MSAs and temporary difference DTAs.

Failure to meet the capital rules could subject an institution to a variety of enforcement actions including the termination of deposit insurance by the FDIC and the imposition of certain restrictions on its business. As of December 31, 2025, OFG was in compliance with all applicable capital requirements. For more information, please refer to the accompanying consolidated financial statements.

Prompt Corrective Action Regulations

Pursuant to the Dodd-Frank Act, federal banking regulatory agencies adopted capital rules based on the framework of the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (“Basel III”), which became effective January 1, 2014 for advanced approaches banking organizations (i.e., those with consolidated assets greater than $250 billion or consolidated on-balance sheet foreign exposures of at least $10 billion) and January 1, 2015 for all other covered organizations, replaced their general risk-based capital rules, advanced approaches rule, market risk rule, and leverage rules.

These regulations are designed to place restrictions on U.S. insured depository institutions if their capital levels begin to show signs of weakness. The five capital categories established by the agencies under their prompt corrective action framework are: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized”.

The Basel III capital rules introduced a common equity tier 1 capital requirement for all depository institutions, revising the minimum risk-based capital ratios and the proposed supplementary leverage requirement for advanced approaches banking organizations. The common equity tier 1 capital ratio is a minimum requirement designed to ensure that banking organizations hold sufficient high-quality regulatory capital that is available to absorb losses on a going-concern basis. Under such rules, an insured depository institution is:

(i)“well capitalized,” if it has a total risk-based capital ratio of 10% or more, a tier 1 risk-based capital ratio of 8% or more, a common equity tier 1 capital ratio of 6.5% or more, and a tier 1 leverage capital ratio of 5% or more, and is not subject to any written capital order or directive;

(ii)“adequately capitalized,” if it has a total risk-based capital ratio of 8% or more, a tier 1 risk-based capital ratio of 6% or more, a common equity tier 1 capital ratio of 4.5% or more, and a tier 1 leverage capital ratio of 4% or more;

(iii)“undercapitalized,” if it has a total risk-based capital ratio that is less than 8%, a tier 1 risk-based ratio that is less than 6%, a common equity tier 1 capital ratio that is less than 4.5%, or a tier 1 leverage capital ratio that is less than 4%;

(iv)“significantly undercapitalized,” if it has a total risk-based capital ratio that is less than 6%, a tier 1 risk-based capital ratio that is less than 4%, a common equity tier 1 capital ratio that is less than 3%, or a tier 1 leverage capital ratio that is less than 3%; and

(v)“critically undercapitalized,” if it has a ratio of tangible equity (defined as tier 1 capital plus non-tier 1 perpetual preferred stock) to total assets that is equal to or less than 2%.

The capital rules also include a policy statement by the agencies that all banking organizations should maintain capital commensurate with their risk profiles, which may entail holding capital significantly above the minimum requirements. They also provide a reservation of authority permitting examiners to require that such organizations hold additional regulatory capital.

FDICIA generally prohibits a depository institution from making any capital distribution (including payment of a dividend) or paying any management fees to its holding company if the depository institution would thereafter be undercapitalized. Undercapitalized depository institutions are subject to restrictions on borrowing from the Federal Reserve System. In addition, undercapitalized depository institutions are subject to growth limitations and are required to submit capital restoration plans. A depository institution’s holding company must guarantee the capital plan, up to an amount equal to the lesser of 5% of the depository institution’s assets at the time it becomes undercapitalized or the amount of the capital deficiency when the institution fails to comply with the plan. The federal banking agencies may not accept a capital plan without determining,

among other things, that the plan is based on realistic assumptions and is likely to succeed in restoring the depository institution’s capital. Significantly undercapitalized depository institutions may be subject to a number of requirements and restrictions, including orders to sell sufficient voting stock to become adequately capitalized, requirements to reduce total assets, and cessation of receipt of deposits from correspondent banks. Critically undercapitalized depository institutions are subject to the appointment of a receiver or conservator.

FDIC Insurance Assessments

The Bank is subject to FDIC deposit insurance assessments.

The Dodd-Frank Act contains several important deposit insurance reforms, including the following: (i) the maximum deposit insurance amount was permanently increased to $250,000; (ii) the deposit insurance assessment is now based on the insured depository institution’s average consolidated assets minus its average tangible equity, rather than on its deposit base; (iii) the minimum reserve ratio for the DIF is 1.35% of estimated insured deposits; (iv) the FDIC is required to “offset the effect” of increased assessments on insured depository institutions with total consolidated assets of less than $10 billion; (v) the FDIC is no longer required to pay dividends if the DIF’s reserve ratio is greater than the minimum ratio; and (vi) the FDIC temporarily insured the full amount of qualifying “noninterest-bearing transaction accounts” until December 31, 2012. There is no upper limit on the reserve ratio and, therefore, no statutory limit on the size of the fund. The Designated Reserve Ratio (“DRR”) set by the FDIC’s Board of Directors is currently 2%.

In October 2022, the FDIC adopted a final rule to increase the initial base deposit insurance assessment rate schedules uniformly by 2 basis points beginning in the first quarterly assessment period in 2023. The increased assessment is expected to improve the likelihood that the DIF reserve ratio would reach the statutory minimum of 1.35% by the statutory deadline of September 30, 2028. The new assessment rate schedules will remain in effect unless and until the reserve ratio meets or exceeds 2% in order to support growth in the DIF in progressing toward the FDIC’s long-term goal of a 2% DRR. Progressively lower assessment rate schedules will take effect when the reserve ratio reaches 2%, and again when it reaches 2.5%.

The FDIC has the authority to charge special assessments from time to time, including in connection with systematic risk events. For example, in November 2023, the FDIC finalized a rule to recover losses to the FDIC DIF as a result of bank failures during the first half of 2023. Under the rule, the FDIC collected a special assessment based on a calculation using an insured depository institution’s estimated amount of uninsured deposits. In particular, the special assessment was imposed on insured depository institutions based on their estimated uninsured deposits in excess of $5 billion at December 31, 2022. Given that OFG had uninsured deposits under $5 billion, this special assessment did not apply to us. However, in the future, there may be additional special assessments imposed on insured depository institutions that may apply to us. It is not yet possible to quantify the scope of any of these actions or the potential impact on our operations.

Brokered Deposits

FDIC regulations adopted under the FDIA govern the receipt of brokered deposits by banks. Well capitalized institutions are not subject to limitations on brokered deposits, while adequately capitalized institutions are able to accept, renew or rollover brokered deposits only with a waiver from the FDIC and subject to certain restrictions on the interest paid on such deposits. Undercapitalized institutions are not permitted to accept brokered deposits. As of December 31, 2025, the Bank meets the requirements to be considered a well-capitalized institution and is therefore not subject to these limitations on brokered deposits.

However, under the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, which amended the FDIA, reciprocal deposits are excluded from such limitations if the total reciprocal deposits of the institution do not exceed 20% of its total liabilities. Reciprocal deposits are deposits that banks make with each other in equal amounts.

Safety and Soundness Standards

Section 39 of the FDIA, as amended by FDICIA, requires each federal banking agency to prescribe for all insured depository institutions standards relating to internal control, information systems, and internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth, compensation, fees and benefits, and such other operational and managerial standards as the agency deems appropriate. In addition, each federal banking agency is also required to adopt for all insured depository institutions standards relating to asset quality, earnings and stock valuation that the agency determines to be appropriate. Finally, each federal banking agency is required to prescribe standards for the employment contracts and other

compensation arrangements of executive officers, employees, directors and principal stockholders of insured depository institutions that would prohibit compensation, benefits and other arrangements that are excessive or that could lead to a material financial loss for the institution. If an institution fails to meet any of the standards described above, it will be required to submit to the appropriate federal banking agency a plan specifying the steps that will be taken to cure the deficiency. If the institution fails to submit an acceptable plan or fails to implement the plan, the appropriate federal banking agency will require the institution to correct the deficiency and, until it is corrected, may impose other restrictions on the institution, including any of the restrictions applicable under the prompt corrective action provisions of FDICIA.

The FDIC and the other federal banking agencies have adopted Interagency Guidelines Establishing Standards for Safety and Soundness that, among other things, set forth standards relating to internal controls, information systems and internal audit systems, loan documentation, credit, underwriting, interest rate exposure, asset growth and employee compensation.

Activities and Investments of Insured State-Chartered Banks

Section 24 of the FDIA, as amended by FDICIA, generally limits the activities and equity investments of FDIC-insured, state-chartered banks to those that are permissible for national banks. Under FDIC regulations of equity investments, an insured state bank generally may not directly or indirectly acquire or retain any equity investment of a type, or in an amount, that is not permissible for a national bank. An insured state bank, such as the Bank, is not prohibited from, among other things, (i) acquiring or retaining a majority interest in a subsidiary engaged in permissible activities, (ii) investing as a limited partner in a partnership, or as a non-controlling interest holder of a limited liability company, the sole purpose of which is direct or indirect investment in the acquisition, rehabilitation or new construction of a qualified housing project, provided that such investments may not exceed 2% of the bank’s total assets, (iii) acquiring up to 10% of the voting stock of a company that solely provides or reinsures directors’, trustees’ and officers’ liability insurance coverage or bankers’ blanket bond group insurance coverage for insured depository institutions, and (iv) acquiring or retaining the voting stock of an insured depository institution if certain requirements are met, including that it is owned exclusively by other banks. Under the FDIC regulations governing the activities and investments of insured state banks which further implemented Section 24 of the FDIA, as amended by FDICIA, an insured state-chartered bank may not, directly, or indirectly through a subsidiary, engage as “principal” in any activity that is not permissible for a national bank unless the FDIC has determined that such activities would pose no risk to the DIF and the bank is in compliance with applicable regulatory capital requirements.

Transactions with Affiliates and Related Parties

Transactions between the Bank and any of its affiliates are governed by sections 23A and 23B of the Federal Reserve Act. These sections are important statutory provisions designed to protect a depository institution from transferring to its affiliates the subsidy arising from the institution’s access to the Federal safety net. An affiliate of a bank is any company or entity that controls, is controlled by, or is under common control with the bank, including investment funds for which the bank or any of its affiliates is an investment advisor. Generally, sections 23A and 23B (i) limit the extent to which a bank or its subsidiaries may engage in “covered transactions” with any one affiliate to an amount equal to 10% of the bank’s capital stock and surplus, and limit such transactions with all affiliates to an amount equal to 20% of such capital stock and surplus, and (ii) require that all such transactions be on terms that are consistent with safe and sound banking practices. The term “covered transactions” includes the making of loans, purchase of or investment in securities issued by the affiliate, purchase of assets, acceptance of securities issued by the affiliate as collateral for a loan or extension of credit, issuance of guarantees and other similar types of transactions. The Dodd-Frank Act expanded the scope of transactions treated as “covered transactions” to include credit exposure to an affiliate on derivatives transactions, credit exposure resulting from a securities borrowing or lending transaction, or derivative transaction, and acceptances of affiliate-issued debt obligations as collateral for a loan or extension of credit. Most loans by a bank to any of its affiliates must be secured by collateral in amounts ranging from 100% to 130% of the loan amount, depending on the nature of the collateral. In addition, any covered transaction by a bank with an affiliate and any sale of assets or provision of services to an affiliate must be on terms that are substantially the same, or at least as favorable to the bank, as those prevailing at the time for comparable transactions with nonaffiliated companies. Regulation W of the Federal Reserve Board comprehensively implements sections 23A and 23B. The regulation unified and updated staff interpretations issued over the years prior to its adoption, incorporated several interpretative proposals (such as to clarify when transactions with an unrelated third party will be attributed to an affiliate), and addressed issues arising as a result of the expanded scope of non-banking activities engaged in by banks and bank holding companies and authorized for financial holding companies under the Gramm-Leach-Bliley Act.

Sections 22(g) and 22(h) of the Federal Reserve Act place restrictions on loans by a bank to executive officers, directors, and principal shareholders. Regulation O of the Federal Reserve Board implements these provisions and applies to an FDIC-insured nonmember bank, such as the Bank, by virtue of the FDIC’s Unsafe and Unsound Banking Practices Regulation. Under Section

22(h) and Regulation O, loans to a director, an executive officer and a greater-than-10% shareholder of a bank and certain of their related interests (collectively “insiders”), and insiders of its affiliates, may not exceed, together with all other outstanding loans to such person and its related interests, the bank’s single borrower limit (generally equal to 15% of the institution’s unimpaired capital and surplus). Section 22(h) and Regulation O also require that loans to insiders and insiders of affiliates be made on terms substantially the same as offered in comparable transactions to other persons, unless such loans are made pursuant to a benefit or compensation program that (i) is widely available to employees of the bank and (ii) does not give preference to insiders over other employees of the bank. Section 22(h) and Regulation O also require prior board of directors’ approval for certain loans, and the aggregate amount of extensions of credit by a bank to all insiders cannot exceed the institution’s unimpaired capital and surplus. Furthermore, Section 22(g) and Regulation O place additional restrictions on loans to executive officers.

Community Reinvestment Act

Under the Community Reinvestment Act of 1977, as amended (“CRA”), a financial institution has a continuing and affirmative obligation, consistent with its safe and sound operation, to help meet the credit needs of its entire community, including low- and moderate-income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions, nor does it limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community, consistent with the CRA. The CRA requires federal examiners, in connection with the examination of a financial institution, to assess the institution’s record of meeting the credit needs of its community and to take such record into account in its evaluation of certain applications by such institution. The CRA also requires all institutions to make public disclosure of their CRA ratings. The Bank received a “satisfactory” rating in its most recent CRA examination.

USA Patriot Act

Under Title III of the USA Patriot Act, also known as the “International Money Laundering Abatement and Anti-Terrorism Financing Act of 2001,” as amended, which is part of the legislative framework known as the “Bank Secrecy Act”, all financial institutions, including OFG, Oriental Financial Services, and the Bank, are generally required to identify and verify the identity of their customers (including the beneficial owners of a legal entity customer and an individual with significant responsibility for managing such legal entity customer), adopt formal and comprehensive anti-money laundering programs, scrutinize or prohibit altogether certain transactions of special concern, and be prepared to respond to inquiries from U.S. law enforcement agencies concerning their customers and their transactions.

The US Treasury has issued a number of regulations implementing the USA Patriot Act that apply certain of its requirements to financial institutions. The regulations impose obligations on financial institutions to maintain appropriate policies, procedures and controls to detect, prevent and report money laundering and terrorist financing.

Failure of a financial institution to comply with the USA Patriot Act’s requirements could have serious legal consequences for the institution. OFG and its subsidiaries, including the Bank, have adopted policies, procedures and controls to address compliance with the USA Patriot Act under existing regulations, and will continue to revise and update their policies, procedures and controls to reflect changes required by the USA Patriot Act and the US Treasury’s regulations.

Privacy Policies

Under the Gramm-Leach-Bliley Act, all financial institutions are required to adopt policies for protecting the privacy of nonpublic personal information about consumers, restrict the sharing of nonpublic customer data with nonaffiliated parties at the customer’s request, and establish procedures and practices to protect customer data from unauthorized access. OFG and its subsidiaries have established policies and procedures to assure OFG’s compliance with all privacy provisions of the Gramm-Leach-Bliley Act, as well as the CFPB regulations implementing such provisions. These regulations require a bank to disclose its privacy policy, including informing consumers of the bank's information sharing practices and their right to opt out of certain practices.

Sarbanes-Oxley Act

The Sarbanes-Oxley Act of 2002, as amended (“SOX”), implemented a range of corporate governance and accounting measures to increase corporate responsibility, to provide for enhanced penalties for accounting and auditing improprieties at publicly traded companies, and to protect investors by improving the accuracy and reliability of disclosures under federal securities laws. In addition, SOX established membership requirements and responsibilities for the audit committee, imposed restrictions on the relationship between a publicly-traded company, such as OFG, and its external auditors, imposed additional

responsibilities for the external financial statements on the chief executive officer and the chief financial officer, expanded the disclosure requirements for corporate insiders, required management to evaluate its disclosure controls and procedures and its internal control over financial reporting, and required the auditors to issue a report on the internal control over financial reporting.

OFG has included in this annual report on Form 10-K management’s assessment regarding the effectiveness of OFG’s internal control over financial reporting. The internal control report includes a statement of management’s responsibility for establishing and maintaining adequate internal control over financial reporting for OFG; management’s assessment as to the effectiveness of OFG’s internal control over financial reporting based on management’s evaluation as of year-end; and the framework used by management as criteria for evaluating the effectiveness of OFG’s internal control over financial reporting. As of December 31, 2025, OFG’s management concluded that its internal control over financial reporting was effective.

Puerto Rico Banking Act

As a Puerto Rico-chartered commercial bank, the Bank is subject to regulation and supervision by the OCFI under the Banking Act, which contains provisions governing the organization of the Bank, rights and responsibilities of directors, officers and stockholders, as well as the corporate powers, savings, lending, capital and investment requirements and other aspects of the Bank and its affairs. In addition, the OCFI is given extensive rulemaking power and administrative discretion under the Banking Act. The OCFI generally examines the Bank at least once every two years.

The Banking Act requires that a minimum of 10% of the Bank’s net income for the year be transferred to a reserve fund until such fund (legal surplus) equals the total paid-in capital on common and preferred stock. At December 31, 2025 and 2024, legal surplus amounted to $188.5 million and $169.5 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders.

The Banking Act also provides that when the expenditures of a bank are greater than the receipts, the excess of the former over the latter must be charged against the undistributed profits of the bank, and the balance, if any, must be charged against the reserve fund. If there is no reserve fund sufficient to cover such balance, in whole or in part, the outstanding amount must be charged against the capital account and no dividend may be declared until said capital has been restored to its original amount and the reserve fund to 20% of the original capital.

The Banking Act further requires every bank to maintain a legal reserve which cannot be less than 20% of its demand liabilities, except government deposits (federal, commonwealth and municipal), which are secured by actual collateral.

The Banking Act also requires change of control filings. When any person or entity will own, directly or indirectly, upon consummation of a transfer, 5% or more of the outstanding voting capital stock of a bank, the acquiring parties must inform the OCFI of the details not less than 60 days prior to the date said transfer is to be consummated. The transfer will require the approval of the OCFI if it results in a change of control of the bank. Under the Banking Act, a change of control is presumed if an acquirer who did not own more than 5% of the voting capital stock before the transfer exceeds such percentage after the transfer.

The Banking Act permits Puerto Rico commercial banks to make loans to any one person, firm, partnership or corporation, up to an aggregate amount of 15% of the sum of: (i) the bank’s paid-in capital; (ii) the bank’s reserve fund; (iii) 100% of the bank’s retained earnings, subject to certain limitations; and (iv) any other components that the OCFI may determine from time to time. If such loans are secured by collateral worth at least 25% more than the amount of the loan, the aggregate maximum amount will include 33.33% of 100% of the bank’s retained earnings. Such restrictions under the Banking Act on the amount of loans to a single borrower do not apply to loans: (i) to the government of the United States or the government of the Commonwealth of Puerto Rico, or any of their respective agencies, instrumentalities or municipalities, or (ii) that are wholly secured by bonds, securities and other evidence of indebtedness of the government of the United States or of the Commonwealth of Puerto Rico or by bonds, not in default, of municipalities or instrumentalities of the Commonwealth of Puerto Rico.

The Puerto Rico Finance Board (the “PRFB”) is composed of the Commissioner of Financial Institutions of Puerto Rico, the Executive Director of the Puerto Rico Fiscal Agency and Finance Advisory Authority, the Presidents of the Economic Development Bank for Puerto Rico and the Puerto Rico Planning Board, the Secretaries of Commerce and Economic Development, Treasury and Consumer Affairs of Puerto Rico, the Commissioner of Insurance of Puerto Rico, and the President of the Public Corporation for Insurance and Supervision of Puerto Rico Cooperatives. The PRFB has the authority to regulate the maximum interest rates and finance charges that may be charged on loans to individuals and businesses in the

Commonwealth. The current regulations of the PRFB provide that the applicable interest rate on loans to individuals and businesses is to be determined by free competition. The PRFB is also authorized to regulate maximum finance charges on retail installment sales contracts and for credit card purchases. There is presently no maximum rate for retail installment sales contracts and for credit card purchases.

Puerto Rico Internal Revenue Code

Under the Puerto Rico Internal Revenue Code of 2011, as amended (the “PR Code”), a corporation pays taxes at a fixed rate of 18.5% (the regular corporate tax) plus a surtax that ranges from 5% for net income subject to surtax not greater than $75,000 to 19% for net income subject to surtax in excess of $275,000. Net income subject to surtax is net income less $25,000. The result is a maximum combined rate of 37.5% under the PR Code for years beginning after December 31, 2018. The Bank and other subsidiaries of OFG are treated as separate taxable corporations and are not entitled to file consolidated returns. The PR Code also provides a dividends-received deduction of 100% on dividends received from “controlled subsidiaries” subject to taxation in Puerto Rico and 85% on dividends received from other taxable domestic corporations. Net operating losses (“NOLs”) are allowed as a deduction in computing the net income of the taxpayer. The carryover period for NOLs is currently 10 years. Moreover, the amount to be carried over to a particular year is limited to 90% of the net income for the year for regular tax purposes and 70% of the net income for the year for alternative minimum tax (“AMT”) purposes.

International Banking Center Regulatory Act of Puerto Rico

The business and operations of the Bank’s IBE Unit and IBE Subsidiary are subject to supervision and regulation by the OCFI. Under the IBE Act, no sale, encumbrance, assignment, merger, exchange or transfer of shares, interest or participation in the capital of an IBE may be initiated without the prior approval of the OCFI if by such transaction a person would acquire, directly or indirectly, control of 10% or more of any class of stock, interest or participation in the capital of the IBE. The IBE Act and the regulations issued thereunder by the OCFI (the “IBE Regulations”) limit the business activities that may be carried out by an IBE. Such activities are generally limited to persons and assets/liabilities located outside of Puerto Rico. The IBE Act provides further that every IBE must have not less than $750 thousand of unencumbered assets or acceptable financial guarantees in Puerto Rico.

Pursuant to the IBE Act and the IBE Regulations, the Bank’s IBE Unit and IBE Subsidiary have to maintain in Puerto Rico the books and records of all their transactions in the ordinary course of business. They are also required to submit quarterly and annual reports of their financial condition and results of operations to the OCFI, including annual audited financial statements.

The IBE Act empowers the OCFI to revoke or suspend, after notice and hearing, a license issued thereunder if, among other things, the IBE fails to comply with the IBE Act, the IBE Regulations or the terms of its license, or if the OCFI finds that the business or affairs of the IBE are conducted in a manner that is not consistent with the public interest.

In 2012, the IBE Act was superseded by a new law that, among other things, prohibits new license applications to organize and operate an IBE. Any such newly organized entity (now called an “international financial entity”) must be licensed under the new law, and such entity (as opposed to existing IBEs organized under the IBE Act, including the Bank’s IBE Unit and IBE Subsidiary, which are “grandfathered”) will generally be subject to a 4% Puerto Rico income tax rate.

Volcker Rule

The so-called “Volcker Rule” adopted by the federal banking regulatory agencies under Section 619 of the Dodd-Frank Act generally prohibits bank holding companies, insured depository institutions and their affiliates from (i) engaging in short-term proprietary trading of securities, derivatives, commodities futures and options on these instruments for their own account; and (ii) owning, sponsoring or having certain relationships with hedge funds or private equity funds. However, it exempts certain activities, including market making, underwriting, hedging, trading in government and municipal obligations, and organizing and offering a hedge fund or private equity fund, among others. A banking entity that engages in any such covered activity (i.e., proprietary trading or investment activities in hedge funds or private equity funds) is generally required to establish an internal compliance program reasonably designed to ensure and monitor compliance with the Volcker Rule.

The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 amended the BHC Act to exempt from the Volcker Rule those bank holding companies, insured depository institutions and their affiliates with total assets that do not exceed $10 billion and trading assets and liabilities comprising not more than 5% of their total assets. Therefore, banking entities that meet such threshold may generally engage in proprietary trading and invest in private equity and hedge funds. On

July 22, 2019, the federal banking regulatory agencies adopted final rules amending their regulations in a manner consistent with such exemption.

Durbin Amendment

The Dodd-Frank Act included provisions which restrict interchange fees to those which are “reasonable and proportionate” for certain debit card issuers and limits the ability of networks and issuers to restrict debit card transaction routing. This statutory provision is known as the “Durbin Amendment”. In the Federal Reserve’s final rules implementing the Durbin Amendment, interchange fees for debit card transactions were capped at $0.21 plus five basis points in order to be eligible for a safe harbor such that the fee is conclusively determined to be reasonable and proportionate. Another related rule also permits an additional $0.01 per transaction “fraud prevention adjustment” to the interchange fee if certain Federal Reserve standards are implemented, including an annual review of fraud prevention policies and procedures. With respect to network exclusivity and merchant routing restrictions, it is now required that all debit cards participate in at least two unaffiliated networks so that the transactions initiated using those debit cards will have at least two independent routing channels. The interchange fee restrictions contained in the Durbin Amendment, and the rules promulgated thereunder, apply to debit card issuers with $10 billion or more in total consolidated assets as of the end of the previous calendar year and imposes limits on what banks may charge for debit card interchange fees. OFG’s assets exceeded $10 billion as of December 31, 2023; therefore, beginning on July 1, 2024, the Durbin Amendment reduced OFG’s income from debit card interchange fees. OFG implemented measures to anticipate the increased regulatory oversight and other requirements that applied as a result of crossing such $10 billion threshold.

Website Access to Reports

OFG’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any and all amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available free of charge on or through the “SEC filings” link of OFG’s internet website at www.ofgbancorp.com, as soon as reasonably practicable after OFG electronically files such material with, or furnishes it to, the SEC. The SEC also maintains an internet website at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

OFG’s corporate governance principles and guidelines, code of business conduct and ethics, and the charters of its audit committee, compensation committee, risk and compliance committee, and corporate governance and nominating committee are available free of charge on OFG’s website at www.ofgbancorp.com under the corporate governance link. OFG’s Code of Business Conduct and Ethics applies to its directors, officers, employees and agents, including its principal executive, financial and accounting officers.

ITEM 1A. RISK FACTORS

In addition to other information set forth in this annual report on Form 10-K, you should carefully consider the following risk factors, as updated by other filings OFG makes with the SEC under the Exchange Act. Additional risks and uncertainties not presently known to us at this time or that OFG currently deems immaterial may also adversely affect OFG’s business, financial condition or results of operations.

ECONOMIC AND MARKET CONDITIONS RISK

Most of our business is conducted in Puerto Rico, where economic and government fiscal and liquidity challenges have adversely impacted and may continue to adversely impact us.

Our business is directly affected by economic conditions within Puerto Rico. A significant portion of our credit risk exposure on our loan portfolio is concentrated in Puerto Rico. Thus, our profitability and financial condition may be adversely affected by an extended economic recession, adverse political, fiscal or economic developments in Puerto Rico, all of which could result in a reduction in loan originations, an increase in credit losses and a reduction in the value of our loans and loan servicing portfolio.

In the past, Puerto Rico has experienced significant economic contraction that persisted over a decade, a government fiscal crisis that led to the appointment of a federal oversight board in 2016 and a bankruptcy-type restructuring process of the government’s finances. While Puerto Rico’s economy has been gradually recovering, it still faces economic and fiscal challenges and could face additional economic or fiscal challenges in the future. Deterioration in local economic conditions or

in the financial condition of an industry on which the local market depends could adversely affect factors such as unemployment rates and real estate vacancy and values. This could result in, among other things, a reduction of creditworthy borrowers seeking loans, an increase in loan delinquencies, defaults and foreclosures, an increase in classified and non-accrual loans, a decrease in the value of collateral for loans, and a decrease in core deposits. Any of these factors could materially impact our business. In addition, there is no assurance that the Puerto Rico government will be able to satisfy its obligations as restructured.

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.

Our branch network and business are concentrated in Puerto Rico and the USVI, which are susceptible to earthquakes, hurricanes and major storms that affect the local economy and the demand for our loans and financial services, as well as the ability of our customers to repay their loans. Any such natural disasters may further adversely affect Puerto Rico’s and the USVI’s infrastructure, which are generally weak and necessitating capital investment. This makes us vulnerable to downturns in Puerto Rico’s and the USVI’s economy as a result of natural disasters, the severity of which could increase as a result of the effects of climate change. Any subsequent earthquakes, hurricanes, major storms or other natural disasters could negatively affect or disrupt our operations and customer base and materially impact our business.

Climate change presents both immediate and long-term risks to us and our clients, and these risks are expected to increase over time. Climate change presents multi-faceted risks, including: operational risk from the physical effects of climate events on us and our clients’ facilities and other assets; credit risk from borrowers with significant exposure to climate risk; transition risks associated with the transition to a less carbon-dependent economy; and reputational risk from stakeholder concerns about our practices related to climate change, our carbon footprint, and its business relationships with clients who operate in carbon-intensive industries.

Puerto Rico depends on federal disaster relief funds and any prolonged delay in disbursements of such funds could adversely affect the local economy.

The economy of Puerto Rico heavily depends on federal disaster relief funds allocated for recovery from natural disasters. Although significant funding has been approved by the federal government, delays in disbursement and utilization remain a persistent issue. Prolonged delays could hinder economic recovery, reduce infrastructure development, and create uncertainty in the local economy. This dependence on undisbursed funds, coupled with the potential for changes in federal disaster relief policies, poses a risk to economic stability. Any resulting economic downturn could adversely affect our borrowers and depositors, potentially leading to increased credit risk, reduced loan demand, and an overall weakening of the financial environment in which we operate. These factors could have a material adverse effect on our financial condition and results of operations.

Potential adverse effects of political changes may disrupt the economic recovery process in Puerto Rico.

Changes in political administrations in Puerto Rico and the United States introduce uncertainty regarding economic policies and priorities that directly impact Puerto Rico’s recovery efforts. Shifts in leadership at the federal or local level may result in changes to disaster relief funding, infrastructure development initiatives, and economic support programs that are critical to the island’s ongoing recovery and long-term stability. Policy changes, delays, or reduced federal support could disrupt the economic recovery process and negatively affect local businesses, consumer confidence, and public infrastructure. These uncertainties may also heighten credit risks, reduce economic activity, and limit growth opportunities, potentially impacting our financial performance and ability to operate effectively in Puerto Rico.

Adverse developments in federal trade policy and the phasing-out of federal emergency and stimulus funds may impact our business and stock price.

Recent shifts in trade policy may have a significant negative impact on the local, U.S. and global economies, including supply chain disruption and price inflation. Periods of increased global economic and geopolitical uncertainties caused by changes in U.S. trade policy have resulted in considerable volatility in the trading markets and may increase the risk of a recession. In addition, proposed significant reductions in federal spending, including cuts to programs and funding streams, could impact the federal emergency and stimulus funds that are vital to Puerto Rico’s economy. Many of Puerto Rico’s government programs and services are supported by these funds and their phase-out could adversely impact Puerto Rico’s economy. As a financial institution with its main operations in Puerto Rico, we are exposed to the potential negative effects of the phase-out of these federal funds and the uncertainty it creates in the local economy These uncertainties may also lead to heightened credit risks,

reduced economic activity, and limited growth opportunities, thereby potentially adversely impacting our financial performance. Furthermore, these developments have adversely impacted, and could continue to adversely impact, the market price of our common stock.

Changes in interest rates could adversely affect OFG’s results of operations and financial condition.

Our earnings depend substantially on our interest rate spread, which is the difference between (i) the rates earned on loans, securities, and other earning-assets and (ii) the interest rates paid on deposits and other borrowings. These rates are highly sensitive to many factors beyond our control, including general economic conditions, inflation, unemployment, money supply, fiscal policies of the U.S. government and regulatory authorities, domestic and international events, as act of war, and events in U.S. and other financial markets. In an effort to address inflation, the Federal Open Market Committee of the Federal Reserve Board tightened monetary policy back in 2022 and 2023. In 2024, monetary policy changed, and interest rate cuts were implemented and they continued in 2025. Actions taken by the Federal Reserve and other central banks are beyond our control and difficult to predict and can affect the value of financial instruments and other assets, such as debt securities and mortgage servicing rights (MSRs), and impact our borrowers, potentially increasing delinquency rates. Furthermore, if market interest rates decline, we could experience lower interest income from our variable rate commercial loans and prepayments or refinancing of higher fixed-rate loans. If market interest rates increase, we could have competitive pressure to increase the rates on our deposits, which could result in a decrease of our net interest income and borrowers of variable rate commercial loans may experience difficulties paying their heightened debt service. Our earnings can also be impacted by the spread between short-term and long-term market interest rates.

CREDIT RISK

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.

Originating loans is an essential element of our business, and there is a risk that the loans will not be repaid. This default risk is affected by a number of factors, including:

•the duration of the loan;

•credit risks of a particular borrower;

•changes in economic or industry conditions; and

•in the case of a collateralized loan, risks resulting from uncertainties about the future value of the collateral.

Our customers might not repay their loans according to the original terms, and the collateral securing the payment of those loans might be insufficient to pay any remaining loan balance. Hence, we may experience significant loan losses, which could have a materially adverse effect on our operating results. We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of loans. In determining the amount of the ACL, we rely on loan quality reviews, past loss experience, expected losses modeling, and an evaluation of economic conditions, among other factors. If our assumptions prove to be incorrect, our ACL may not be enough to cover losses inherent in our loan portfolio, resulting in additions to the ACL. Material additions to the ACL would materially decrease our net income.

Our emphasis on the origination of commercial and retail loans is one of the more significant factors in evaluating our ACL. As we continue to increase the amount of these loans, additional or increased provisions for credit losses may be necessary and as a result would decrease our earnings.

We strive to maintain an appropriate ACL to provide for probable and expected losses inherent in the loan portfolio. We periodically determine the amount of the ACL based on consideration of several factors such as default frequency, internal loan grades, expected future cash collections, loss recovery rates and general economic factors, among others. Our methodology for measuring the adequacy of the ACL relies on several key elements, which include a specific allowance for identified problem loans and a general systematic allowance.

Although we believe our ACL is currently sufficient given the constant monitoring of the risk inherent in the loan portfolio, there is no precise method of predicting loan losses and therefore we always face the risk that charge-offs in future periods will exceed the ACL and that additional increases in the ACL will be required. Additions to the ACL would result in a decrease of net earnings and capital and could hinder our ability to pay dividends.

If the economic conditions in Puerto Rico or the United States deteriorate, we may experience increased credit costs or need to take greater than anticipated markdowns and make greater than anticipated provisions to increase the ACL that could adversely affect our financial condition and results of operations in the future.

Bank regulators periodically review our ACL and may require us to increase our provision for credit losses or loan charge-offs. Any increase in our ACL or loan charge-offs as required by these regulatory authorities could have a materially adverse effect on our results of operations and/or financial condition.

We are subject to default and other risks in connection with mortgage loan originations.

From the time that we fund the mortgage loans originated to the time that they are sold, we are generally at risk for any mortgage loan defaults. Once we sell the mortgage loans, the risk of loss from mortgage loan defaults and foreclosures passes to the purchaser or insurer of the mortgage loans. However, in the ordinary course of business, we make representations and warranties to the purchasers and insurers of mortgage loans relating to the validity of such loans. If there is a breach of any such representations or warranties, we may be required to repurchase the mortgage loan and bear any subsequent loss on the mortgage loan. We also may be required to repurchase mortgage loans in the event that there was improper underwriting or fraud or in the event that the loans become delinquent shortly after they are originated. Any such repurchases in the future may negatively impact our liquidity and operating results. Termination of our ability to sell mortgage products to U.S government-sponsored entities would have a material adverse effect on our results of operations and financial condition. In addition, we may be required to indemnify certain purchasers and others against losses they incur in the event of breaches of our representations and warranties and in various other circumstances, including securities fraud claims, and the amount of such losses could exceed the purchase amount of the related loans. Consequently, we may be exposed to credit risk associated with sold loans. In addition, we incur higher liquidity risk with respect to mortgage loans not eligible to be purchased or insured by FNMA, GNMA or FHLMC, due to a lack of secondary market in which to sell these loans. During 2025, we repurchased $4.6 million of loans from GNMA and FNMA.

We have established reserves in our consolidated financial statements for potential losses that are considered to be both probable and reasonably estimable related to the mortgage loans sold by us. The adequacy of the reserve and the ultimate amount of losses incurred will depend on, among other things, the actual future mortgage loan performance, the actual level of future repurchase and indemnification requests, the actual success rate of claimants, developments in litigation related to us and the industry, actual recoveries on the collateral, and macroeconomic conditions (including unemployment levels and housing prices). Due to uncertainties relating to these factors, there can be no assurance that our reserves will be adequate or that the total amount of losses incurred will not have a material adverse effect upon our financial condition or results of operations.

A 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.

The residential mortgage loan origination business has historically been cyclical, enjoying periods of strong growth and profitability followed by periods of lower volumes and industry-wide losses. The market for residential mortgage loan originations in Puerto Rico has remained constant throughout the year. However, a decline in the level of mortgage loans that we may originate in the future could adversely impact our business. In addition, the residential mortgage loan origination business is impacted by home values. There is a risk that a reduction in housing values could negatively impact our loss levels on the mortgage loan portfolio because the value of the homes underlying the loans is a primary source of repayment in the event of foreclosure.

The ability of our borrowers to repay their obligations may be adversely affected by changes in real estate values or in real estate market dynamics. Commercial real estate valuations in particular are highly subjective, as they are based on many assumptions. Such valuations can be significantly affected over relatively short periods of time by changes in business climate, economic conditions, demographic and market trends such as the impact of the ongoing shift to online shopping on retail properties or the trend toward remote and hybrid work on office properties. The value of commercial real estate and ability of commercial real estate borrowers to service debt is sensitive to occupancy rates, the level of rents, regulatory changes, interest rates, other operating costs and, in many cases, the results of operations of businesses and other occupants of the real property. Weak economic conditions or demographic and market trends may impair a borrower's business operations, lead to elevated vacancy rates or lease turnover, slow the execution of new leases or result in falling rents. In particular, the office segment continues to be impacted by the evolving trend toward remote or hybrid work.

In the past, the decline in Puerto Rico’s economy had an adverse effect in the credit quality of our mortgage and commercial real estate loan portfolios. Among other things, during the local recession, we experienced an increase in the level of non-performing assets and credit loss provision, which adversely affected our profitability. Delinquency rates and non-performing

assets may increase if Puerto Rico’s economy enters into a recession, or if there is a decline in economic activity, additional increases in the ACL could be necessary with further adverse effects on our profitability.

Any sustained period of increased delinquencies, foreclosures or losses could harm our ability to sell loans, the price received on the sale of such loans, and the value of the mortgage loan portfolio, all of which could have a negative impact on our results of operations and financial condition. In addition, any material decline in real estate values would weaken our collateral loan-to-value ratios and increase the possibility of loss if a borrower default.

GEOPOLITICAL RISK

Global armed conflicts may impact all aspects of our operations, revenues, costs and stock price.

Geopolitical and macroeconomic uncertainty, including military actions and terrorist attacks, have negatively impacted and will continue to have a significant negative impact on the global and U.S. economies. The uncertainty caused by such events has resulted in considerable volatility in the financial and commodity markets, including through significant increases in the price of oil, natural gas and food and continue putting additional inflationary pressures on central banks, including the FRB. In addition, shifts in political priorities and public policy in key global markets can influence economic conditions in the U.S. and Puerto Rico. In addition, changes in foreign policy, economic sanctions, and regulatory frameworks can alter trade dynamics and investment flows, which could adversely impact the markets in which we operate.

The full impact of ongoing and any future global military actions are not known at this time, but they could result in economic disruption, supply-chain interruptions, heightened volatility in financial and commodity markets, and diminished consumer, business and investor confidence, among others, adversely impacting the financial services industry generally and our business, financial condition, results of operation, and stock price.

OPERATIONS AND BUSINESS RISK

We may experience losses related to fraud and theft.

OFG has experienced, and may experience in the future, losses incurred due to customer or employee fraud and theft. These losses may be material and negatively affect OFG’s results of operations, financial condition or prospects. These losses could also lead to significant reputational risks and other effects. The sophistication of external fraud actors continues to increase, and in some cases includes large criminal rings, which increases the resources and infrastructure needed to thwart these attacks. The industry fraud threat continues to evolve, including but not limited to card fraud, check fraud, social engineering and phishing attacks for identity theft and account takeover. OFG continues to invest in fraud prevention in the forms of people and systems designed to prevent, detect and mitigate the customer and financial impacts.

We are subject to security and operational risks related to our use of technology, including the risk of cyber-attack or cyber theft.

Financial institutions like us, as well as our customers, colleagues, regulators, service providers and other third parties, have experienced a significant increase in information and cyber security risk in recent years and will likely continue to be the target of increasingly sophisticated cyberattacks, including computer viruses, malicious or destructive code, ransomware, social engineering attacks (including phishing, impersonation and identity takeover attempts), corporate espionage, hacking, website defacement, denial-of-service attacks, exploitation of vulnerabilities and other attacks and similar disruptions from the misconfiguration or unauthorized use of or access to computer system. These risks are heightened further by the advent of new artificial intelligence technologies that may be adapted to increase the effectiveness of cyberattacks and their proper use may be necessary to aid in the defense of such attacks. A major information or cyber security incident or an increase in fraudulent activity could lead to reputational damage to our brand and material legal, regulatory and financial exposure, and could reduce the use and acceptance of our services.

Our operations rely on the secure processing, transmission and storage of confidential information in our computer systems and networks regarding our customers and their accounts. To provide these products and services, we use information systems and infrastructure that we and third-party service providers operate. As a financial institution, we are also subject to and examined for compliance with an array of data protection laws, regulations and guidance, as well as to our own internal privacy and information security policies and programs.

Cybersecurity incidents may include unauthorized access to our digital systems for purposes of misappropriation of assets, gaining access to sensitive information, corrupting data, or causing operational disruption. Although our information technology structure continues to be subject to cyber-attacks, we have not, to our knowledge, experience a breach of cyber-

security. Such an event could compromise our confidential information, as well as that of our customers and third parties with whom we interact with and may result in negative consequences.

While we have policies and procedures designated to prevent or limit the effects of a possible security breach of our information systems, if unauthorized persons were somehow to get access to confidential information in our possession or to our proprietary information, it could result in significant legal and financial exposure, damage to our reputation or a loss of confidence in the security of our systems that could adversely affect our business. Though we have insurance against some cyber-risks and attacks, it may not be sufficient to offset the impact of a material loss event.

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.

Our business relies on the secure, successful and uninterrupted functioning of our core banking platforms, information technology, telecommunications, and loan servicing. We outsource some of our major systems, such as customer data and deposit processing, internet and mobile banking, and electronic fund transfer systems. The failure or interruption of such systems, or the termination of a third-party software license or any service agreement on which any of these systems or services is based, could interrupt our operations. Because our information technology and telecommunications systems interface with and depend on third-party systems, we could experience service denials if demand for such services exceeds capacity, or such systems fail or experience interruptions. In addition, replacing third party service providers could also entail significant delay and expense.

Service disruptions or degradations could prevent access to our online services and account information, compromise or limit access to company or customer data, impede or prevent transaction processing and financial reporting, and lead to regulatory investigations and fines, increased regulatory oversight, and litigation. Any such service disruption or degradation could adversely affect the perception of the reliability of our products and services and materially adversely affect our overall business, reputation and results of operations.

If sustained or repeated, a failure, denial or termination of such systems or services could result in a deterioration of our ability to process new loans, service existing loans, gather deposits and/or provide customer service. It could also compromise our ability to operate effectively, damage our reputation, result in a loss of customer business and/or subject us to additional regulatory scrutiny and possible financial liability. Any of the foregoing 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.

Financial institutions are generally required under the USA Patriot Act and the Bank Secrecy Act to develop programs to prevent such financial institutions from being used for money-laundering and terrorist financing activities. Financial institutions are generally also required to file suspicious activity reports with the Financial Crimes Enforcement Network of the US Treasury if such activities are detected. These rules also require financial institutions to establish procedures for identifying and verifying the identity of customers seeking to open new financial accounts. We have developed a compliance program reasonably designed to ensure compliance with such laws and regulations. Our failure or the inability to comply with these regulations could result in enforcement actions, fines or penalties, curtailment of expansion opportunities, intervention or sanctions by regulators, costly litigation, or expensive additional internal controls and systems.

If we are unable to maintain or grow our core deposits, we may be subject to paying higher funding costs and our net interest income may decrease.

We must maintain adequate liquidity and funding sources to support our operations, comply with our financial obligations,

finance our digitalization initiatives, fund planned capital distributions and meet regulatory requirements. We rely primarily on core deposits as a low cost and stable source of funding for our lending activities and the operation of our business. Therefore, our funding costs are largely dependent on our ability to maintain and grow our core deposits. As we face substantial competition in attracting and retaining deposits, we have increased our cost of funds by increasing the rates we pay to our depositors to avoid losing deposits. We may also need to rely on more expensive sources of funding if deposits decrease. Furthermore, we have a significant amount of collateralized deposits from the Puerto Rico government, its instrumentalities and municipalities ($1.676 billion, or approximately 16.3% of our total deposits, as of December 31, 2025), of which a $1.1 billion consist of a deposit that had $500 million moved to our wealth management business as an advisory account in January

2026 and the remaining $638 million will reprice on May 15, 2026. The amount of these deposits may fluctuate depending on the financial condition and liquidity of these entities, as well as on our ability to maintain these customer relationships. No assurance can be given that any such deposit will be available in the future. If we are unable to maintain or grow our deposits for any reason, we may be subject to paying higher funding costs and our net interest income may decrease.

Consumer protection laws may reduce our noninterest income.

We are subject to a number of federal and state consumer protection laws that extensively govern our relationship with our customers. The Dodd-Frank Act established the CFPB with powers to supervise and enforce federal consumer protection laws. The CFPB has broad rule-making authority for a wide range of consumer protection laws that apply to all banks and savings institutions, including the authority to prohibit "unfair, deceptive or abusive acts and practices.” The CFPB also has examination and enforcement authority over all banks and savings institutions with more than $10 billion in assets for certain designated consumer laws and regulations. The other federal banking agencies enforce such consumer laws and regulations for banks and savings institutions under $10 billion in assets. These and other federal laws, among other things, require disclosures of the cost of credit and terms of deposit accounts, provide substantive consumer rights, prohibit discrimination in credit transactions, regulate the use of credit report information, provide financial privacy protections, prohibit unfair, deceptive and abusive practices and restrict our ability to raise interest rates and charge non-sufficient funds (“NSF”) fees. A significant portion of our noninterest income is derived from service charge income, including NSF fees. Our failure or the inability to comply with these laws could result in enforcement actions, and significant potential liability from litigation brought by customers, including actual damages, restitution and attorneys’ fees.

Our risk management policies, procedures and systems may be inadequate to mitigate all risks inherent in our various businesses.

A comprehensive risk management function is essential to the financial and operational success of our business. The types of risk we monitor and seek to manage include, but are not limited to, operational, technological, organizational, market, fiduciary, legal, compliance, liquidity and credit risks. We have adopted various policies, procedures and systems to monitor and manage these risks. There can be no assurance that those policies, procedures and systems are adequate to identify and mitigate all risks inherent in our various businesses. Our businesses and the markets in which we operate are also continuously evolving. If we fail to fully understand the implications of changes in our business or the financial markets and to adequately or timely enhance the risk framework to address those changes, we could incur losses. In addition, in a difficult or less liquid market environment, our risk management strategies may not be effective because other market participants may be attempting to use the same or similar strategies to deal with the challenging market conditions. In such circumstances, it may be difficult for us to reduce our risk positions due to the activity of such other market participants.

Adverse developments in the financial services industry could adversely affect our financial condition and results of operations.

In 2023, several depository institutions failed or required outside liquidity support. The impact of this situation led to risk of additional stress to the financial services industry generally as a result of increased lack of confidence in the financial sector. Although we currently do not anticipate liquidity constrains of the kind that caused certain other financial services institutions to fail or require external support, unanticipated deposit withdrawals due to market distress or otherwise or our inability to access other sources of liquidity, whether due to capital markets dislocations or otherwise, could result in constrains on our liquidity and adversely affect our business, financial condition, and results of operations.

LIQUIDITY RISK

Our business could be adversely affected if we cannot maintain access to stable funding sources.

Our business requires continuous access to various funding sources. Although we are normally able to fund our operations through deposits, as well as through advances from the FHLB-NY, our business may need to access other wholesale funding sources, and the Federal Reserve as lender of last resort to satisfy our liquidity needs.

We expect to have continued access to credit from the foregoing sources of funds. However, there can be no assurance that such financing sources will continue to be available or will be available on favorable terms. In a period of financial disruption, or if negative developments occur with respect to us, the availability and cost of funding sources could be adversely affected. In that event, our cost of funds may increase, thereby reducing the net interest income, or we may need to dispose of a portion of the investment portfolio, which, depending upon market conditions, could result in realizing a loss or experiencing other

adverse accounting consequences upon such dispositions. The interest rates that we pay on our investment securities are also influenced by, among other things, applicable credit ratings from recognized rating agencies. A downgrade to any of these credit ratings could affect our ability to access the capital markets, increase our borrowing costs and have a negative impact on our results of operations. Our efforts to monitor and manage liquidity risk may not be successful to deal with dramatic or unanticipated changes in the global securities markets or other reductions in liquidity driven by us or market-related events. In the event that such sources of funds are reduced or eliminated, and we are not able to replace them on a cost-effective basis, we may be forced to curtail or cease our loan origination business and treasury activities, which would have a material adverse effect on our operations and financial condition.

Our ability to receive dividends from our subsidiaries could affect our liquidity and ability to pay dividends to our shareholders.

We are a separate and distinct legal entity from our subsidiaries. Dividends to us from our subsidiaries have represented a major source of funds for us to pay dividends on our common stock and meet other obligations. There are various U.S. federal and Puerto Rico law limitations on the extent to which the Bank, our main subsidiary, can finance or otherwise supply funds to us through dividends and loans. These limitations include minimum regulatory capital requirements, U.S. federal and Puerto Rico banking law requirements concerning the payment of dividends out of net profits or surplus, Sections 23A and 23B of the Federal Reserve Act and Regulation W of the Federal Reserve Board governing transactions between an insured depository institution and its affiliates, as well as general federal regulatory oversight to prevent unsafe or unsound practices. Further, under the Basel III capital rules adopted by the federal banking regulatory agencies, a banking organization will need to hold a capital conservation buffer (composed of common equity tier 1 capital) greater than 2.5% of total risk-weighted assets to avoid limitations on capital distributions and discretionary bonus payments. Compliance with the capital conservation buffer is determined as of the end of the calendar quarter prior to any such capital distribution or discretionary bonus payment.

If our subsidiaries’ earnings are not sufficient to make dividend payments while maintaining adequate capital levels, our liquidity may be affected, and we may not be able to make dividend payments to our holders of common stock or meet other obligations, each of which could have a material adverse impact on our results of operations, financial position or perception of financial health.

In addition, our right to participate in a distribution of assets upon a subsidiary’s liquidation or reorganization is subject to the prior claims of the subsidiary’s creditors.

COMPETITIVE AND STRATEGIC RISK

Failure to keep pace with technological change, including developments in artificial intelligence, could adversely affect OFG’s results of operations and financial condition.

The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services, including artificial intelligence (“AI”) technologies. The effective use of technology increases efficiency and enables financial institutions to better serve clients and reduce costs. Our future success depends, in part, upon our ability to address client needs by using technology to provide products and services that will satisfy client demands, as well as to create additional efficiencies in our operations. We may not be able to effectively implement new technology-driven products and services, including AI-based solutions, or be successful in marketing these products and services to our clients. The rapid evolution of AI technologies presents risks from competitors that more effectively leverage AI capabilities and thus may gain significant advantages in operational efficiency, customer service, risk management, and product development. Additionally, the integration of AI into our operations may require substantial investment in technology infrastructure, talent acquisition, and ongoing training, and there can be no assurance that such investments will yield the anticipated benefits. Regulatory frameworks governing AI in financial services are also evolving, and future regulations may impose compliance burdens or restrict certain AI applications, which could limit our ability to fully realize the potential benefits of these technologies. Failure to successfully keep pace with technological change affecting the financial services industry could negatively affect our growth, revenue, and profit.

Competition with other financial institutions could adversely affect our profitability.

We face substantial competition in originating loans, attracting deposits and growing assets under management. The competition in originating loans and attracting assets comes principally from other Puerto Rico, U.S., and foreign banks, investment advisors, securities broker-dealers, mortgage banking companies, consumer finance companies, credit unions, insurance companies, fintech companies and other institutional lenders and purchasers of loans. As we seek to grow our

business and operations, we expect to encounter greater competition from both traditional financial institutions and non-bank competitors. Increased competition may require us to increase the rates paid on deposits or lower the rates charged on loans, which could adversely affect our profitability. In addition, technological advancements and the emergence of digital banking platforms have lowered barriers to entry, enabling new market participants to compete for our customers. Our failure to effectively compete for customers could result in a loss of market share and have a material adverse effect on our business, financial condition, or results of operations.

We operate in a highly regulated industry and may be adversely affected by changes in federal and local laws and regulations.

Our operations are subject to extensive regulation by federal and local governmental authorities and are subject to various laws and judicial and administrative decisions imposing requirements and restrictions on all or part of our operations. Because our business is highly regulated, the laws, rules and regulations applicable to us are subject to regular modification and change. For example, the Dodd-Frank Act has a broad impact on the financial services industry, including significant regulatory and compliance changes, as discussed under the subheading “Dodd-Frank Wall Street Reform and Consumer Protection Act” in Item 1 of this annual report on Form 10-K.

We may be required to invest significant management attention and resources to evaluate and make necessary changes in order to comply with new statutory and regulatory requirements. Failure to comply with the new requirements may negatively impact our results of operations and financial condition and may limit our ability to implement our strategic initiatives. While we cannot predict what effect any presently contemplated or future changes in the laws or regulations or their interpretations would have on us, these changes could be materially adverse to our investors.

Reputational risk and social factors may impact our results.

Our ability to originate loans and to attract deposits and assets is highly dependent upon the perceptions of consumer, commercial and funding markets of our business practices and our financial health. Negative public opinion could result from actual or alleged conduct in any number of activities or circumstances, including lending practices, regulatory compliance, inadequate protection of customer information, or sales and marketing, and from actions taken by regulators in response to such conduct. Adverse perceptions regarding us could lead to difficulties in originating loans and generating and maintaining accounts as well as in financing them.

In addition, a variety of social factors may cause changes in borrowing activity, including credit card use, payment patterns and the rate of defaults by account holders and borrowers. If consumers develop or maintain negative attitudes about incurring debt, or if consumption trends decline, our business and financial results will be negatively affected.

Our adoption of artificial intelligence technologies exposes us to evolving legal, regulatory, and operational risks.

We have adopted AI technologies for certain aspects of our operations, mainly customer service channels and data analytics, and may further incorporate AI capabilities in the future. We do not build or maintain proprietary AI systems. Instead, we utilize AI solutions provided by third-party technology vendors. Our reliance on these external AI platforms extends to tools that support real-time business analytics and improve operational decision-making. We also face indirect exposure to AI-related risks through vendors, business partners, and customers who may employ AI technologies in ways that affect our operations or services.

The rapidly evolving nature of AI regulation and technology creates significant uncertainty for our business. Federal and state lawmakers are actively developing new rules governing AI deployment, while existing regulatory frameworks—including consumer protection laws enforced by the CFPB, data privacy requirements under the Gramm-Leach-Bliley Act, and fair lending statutes—are being interpreted and applied to AI use cases in ways that remain unsettled. As a financial institution with more than $10 billion in assets, we face heightened regulatory scrutiny of our consumer-facing technologies, including AI applications. Our dependence on third-party AI vendors means that provider failures, service disruptions, or contract terminations could impair certain business functions with limited ability to quickly pivot to alternative solutions. Additionally, cybercriminals are increasingly using AI to conduct more sophisticated attacks against financial institutions. Failure to promptly adapt to and effectively implement security measures in response to rapidly evolving technological threats could significantly heighten our risks of data breaches, financial fraud, operational disruptions, regulatory scrutiny, reputational harm, and financial losses.

ACCOUNTING AND TAX RISK

Changes in accounting standards issued by the Financial Accounting Standards Board (“FASB”) or other standard-setting bodies may adversely affect our financial statements.

Our financial statements are subject to the application of Generally Accepted Accounting Principles (“GAAP”), which are periodically revised or expanded. Accordingly, from time to time, we are required to adopt new or revised accounting standards issued by FASB. Market conditions have prompted accounting standard setters to promulgate new guidance which further interprets or seeks to revise accounting pronouncements related to financial instruments, structures or transactions as well as to issue new standards expanding disclosures. See “Note 1– Summary of Significant Accounting Policies” to our consolidated financial statements included herein for a discussion of any accounting developments that have been issued but not yet implemented. An assessment of proposed standards is not provided as such proposals are subject to change through the exposure process and, therefore, the effects on our consolidated financial statements cannot be meaningfully assessed. It is possible that future accounting standards that we are required to adopt could change the current accounting treatment that applies to the consolidated financial statements and that such changes could have a material effect on our financial condition and results of operations.

Our goodwill and other intangible assets could be determined to be impaired in the future and could decrease OFG’s earnings.

We are required to test our goodwill, core deposit intangible, customer relationship intangible and other intangible assets for impairment on a periodic basis. The impairment testing process considers a variety of factors, including the current market price of our common shares, the estimated net present value of our assets and liabilities, and information concerning the terminal valuation of similarly situated insured depository institutions. If an impairment determination is made in a future reporting period, our earnings and the book value of these intangible assets will be reduced by the amount of the impairment. If an impairment loss is recorded, it will have little or no impact on the tangible book value of our common shares or our regulatory capital levels, but such an impairment loss could significantly restrict our ability to make dividend payments without prior regulatory approval.

Based on our annual goodwill impairment test and our impairment evaluation of intangibles, we determined that no impairment charges were necessary as of December 31, 2025. However, there can be no assurance that future evaluations of such goodwill or intangibles will not result in any impairment charges. Among other factors, any declines in our common stock as a result of macroeconomic conditions and any weakness in the Puerto Rico economy could lead to an impairment of such assets. If such assets become impaired, it could have a negative impact on our results of operations.

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.

Legislative changes, particularly changes in local tax laws, could adversely impact our results of operations. The Puerto Rico government has enacted tax reforms in the past providing, among other things, for changes in income tax rates and the expansion of certain taxes, such as the sales and use tax, and may do so again in the future.

We operate an IBE unit and an IBE subsidiary pursuant to the IBE Act which provides significant tax advantages, and a wholly owned subsidiary that engages in certain Puerto Rico qualified investing activities that have certain tax advantages under the Incentives Code. The IBEs have an exemption from Puerto Rico income taxes on interest earned on, or gain realized from the sale of, non-Puerto Rico assets, including U.S. government obligations and certain mortgage-backed securities. These qualified activities have allowed us to have an effective tax rate (“ETR”) below the maximum statutory tax rate. In the past, the Legislature of Puerto Rico has considered proposals to curb the tax benefits afforded to IBEs. For example, Puerto Rico enacted legislation in 2012 under which no new IBEs may be organized and newly organized “international financial entities” are generally subject to a 4% Puerto Rico income tax rate. In the event other legislation is enacted by the Puerto Rico government to eliminate or modify the tax exemption provided to IBEs, the consequences could have a materially adverse impact on our financial results, including an increase in income tax expense and consequently our ETR, adversely affecting our financial condition, results of operations and cash flows.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Cybersecurity Risk Management Strategy

We have a comprehensive framework in place to assess, identify and manage material risks from cybersecurity threats. Our Information Security Officer (“ISO”) is responsible for overseeing and implementing our cybersecurity risk management framework as part of our broader Information Security Program approved by our Board. Our cybersecurity risk management framework is integrated into our broader risk management system with a focus on monitoring key risk indicators within a defined risk tolerance set by our Board.

Our cybersecurity risk management framework is focused on the following key areas:

•Regular cybersecurity risk assessments;

•Design and implementation of controls to mitigate any identified cybersecurity risks;

•Continuous evaluation of the effectiveness of such controls; and

•Implementation of an incident response plan that includes procedures for responding to cybersecurity incidents.

In addition, our cybersecurity risk management framework incorporates three lines of defense, each with defined roles and responsibilities. We conduct an annual cybersecurity maturity assessment to (a) evaluate its cybersecurity risk management practices and (b) develop action plans for improving its cybersecurity risk management program.

The cybersecurity risk management framework also establishes standards or controls for the design of our cybersecurity infrastructure, including with respect to monitoring and preventing cybersecurity incidents, authenticating the identity of persons authorized to access critical information resources, and assessing safeguards that must be implemented by our external vendors and service providers.

We use external consultants and other third-party service providers to monitor our information systems for any cyberattacks, impersonators or unauthorized releases of sensitive customer data, as well as performing investigations and penetration testing, identifying system vulnerabilities and required software patches, monitoring and managing firewalls, and advising on systems and cloud architecture. We also conduct due diligence of third-party software and related services and reviews cybersecurity reports from technology services providers to ensure that our cybersecurity infrastructure can respond to evolving cybersecurity risks relevant to our business.

Pursuant to our cybersecurity risk management framework, our Information Security team develops an annual information security awareness plan to educate employees as to OFG’s standards, processes and practices with respect to information security, potential cybersecurity threats and proper use of information security resources entrusted to them, with the goal of minimizing possible employee security risks. Our information security team engages third-party consultants to assist us in the evaluation of our cybersecurity risk management practices to identify risks, perform social engineering exercises, and provide annual cybersecurity training.

Cybersecurity Governance

Our Board is responsible for overseeing our cybersecurity efforts and approving the Information Security Program, which sets forth OFG’s policy regarding the confidentiality, integrity and availability of its information assets. The Board’s Risk and Compliance Committee more directly oversees the implementation of the Information Security Program and receives quarterly reports on any cybersecurity risks.

Our ISO, under the supervision of our Chief Risk Officer, leads the development and implementation of the Information Security Program. In addition, our Information Technology Department (“IT”) also has a dedicated cybersecurity team under the supervision of our Chief Information Officer. Members of our Information Security and IT cybersecurity teams have over 50 years of combined experience in information technology systems and cybersecurity risk management and include a team member that has a ISACA Certified Information Systems Auditor certification and two team members each with a master’s degree in cybersecurity.

Our ISO provides quarterly reports to our Executive Risk and Compliance Team, which is comprised of several executive officers of OFG. In addition, our Chief Risk Officer reports to the Board’s Risk and Compliance Committee and, when necessary, the Board.

Any identified cybersecurity incidents must be reported to the ISO and the mitigation and remediation thereof is performed by the Incident Response Team, which is led by the ISO and composed of key executives, with identified call trees and key service providers to support the coordination of a rapid response.

In the last three fiscal years, we have not experienced any material cybersecurity incidents, and expenses incurred from any cybersecurity incidents were immaterial. For more information on the risks to the Company of future cybersecurity threats or incidents, see “Item 1A, Risk Factors — Operations and Business Risks.”

ITEM 2. PROPERTIES

At December 31, 2025, OFG owns a fifteen-story office building located at 254 Muñoz Rivera Avenue, San Juan, Puerto Rico, known as “Oriental Center”, where its executive offices are located. OFG operates a full-service branch at the plaza level and its centralized units and subsidiaries occupy approximately 99% of the office floor space. Approximately 1% of the office space is leased to outside tenants.

In addition, at December 31, 2025, the Bank owns three branch premises and leases thirty-nine branch locations throughout Puerto Rico and owns two branch premises in the USVI.

The Bank’s management believes that each of its facilities is well maintained and suitable for its purpose and can readily obtain appropriate additional space as may be required at competitive rates by extending expiring leases or finding alternative space.

At December 31, 2025, the aggregate future rental commitments under the terms of its leases, exclusive of taxes, insurance and maintenance expenses payable by OFG, was approximately $23.2 million.

OFG’s investment in premises and equipment, exclusive of leasehold improvements at 2025, was $164.0 million, gross of accumulated depreciation.

ITEM 3. LEGAL PROCEEDINGS

OFG and its subsidiaries are defendants in a number of legal proceedings incidental to their business. OFG is vigorously contesting such claims. Based upon a review by legal counsel and the development of these matters to date, management is of the opinion that the ultimate aggregate liability, if any, resulting from these claims will not have a material adverse effect on OFG’s financial condition or results of operations.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Common Stock

OFG’s common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “OFG”.

As of December 31, 2025, OFG had approximately 20,536 holders of record of its common stock, including all directors and officers of OFG, and beneficial owners whose shares are held in “street” name by securities broker-dealers or other nominees.

Stock Performance Graph

The stock performance graph below compares the percentage change in OFG’s cumulative total stockholder return during the measurement period with the cumulative total return, assuming reinvestment of dividends, of the Russell 2000 Index and the S&P US BMI Banks Index. The information contained in this stock performance graph section shall not be deemed to be “soliciting material” or “filed” or incorporated by reference in future filings with the SEC except to the extent that we specifically incorporate it by reference into a document filed under the Securities Act or the Exchange Act.

The cumulative total stockholder return was obtained by dividing (a) the sum of (i) the cumulative amount of dividends per share, assuming dividend reinvestment, for the measurement period beginning December 31, 2020, and (ii) the difference between the share price at the beginning and the end of the measurement period, by (b) the share price at the beginning of the measurement period.

Comparison of 5 Year Cumulative Total Return

Assumes Initial Investment of $100


Index	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/30/2024	12/30/2025
OFG Bancorp	100.00	145.63	155.15	217.56	251.96	251.07
Russell 2000	100.00	114.82	91.35	106.82	119.14	134.40
S&P US BMI Banks Index	100.00	135.97	112.77	123.02	164.70	211.47

Dividends

You can find dividend information concerning our common stock in Table 17 of Item 7 in this annual report on Form 10-K and our Consolidated Statements of Shareholders’ Equity in our consolidated financial statements accompanying this annual report on Form 10-K. For information on dividend restrictions, see “Dividend Restrictions” under “Regulation and Supervision” in Item 1 of this annual report on Form 10-K and “Note 29 – OFG Bancorp (Holding Company Only) Financial Information” to our consolidated financial statements included herein.

Equity Based Compensation

For information about the securities remaining available for issuance under our equity-based plans, refer to Part III, Item 12 of this annual report on Form 10-K.

Repurchase of Common Stock

Refer to “Recent Developments - Capital Actions” in Part II, Item 7 of this annual report on Form 10-K for information regarding OFG's common stock repurchase programs.

The table below sets forth the information with respect to purchases of our common stock made by or on behalf of OFG during the quarter ended December 31, 2025, excluding the month of December during which no shares were repurchased as part of the repurchase programs:


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced programs	Maximum approximate dollar value of shares that may yet be purchased under the programs
	(In thousands, except per share data)
10/31/2025	255,567	$	39.22	255,567	$	68,168
11/30/2025	752,188	40.00		752,188	38,080

Total	1,007,755	$	39.80	1,007,755	$	38,080

At December 31, 2025, the estimated remaining number of shares that may be purchased under the Existing Repurchase Programs (as defined below) is 929,244 and was calculated by dividing the remaining balance of $38.1 million by $40.98 (closing price of OFG’s common stock at December 31, 2025). OFG did not repurchase any shares of its common stock during the quarter ended December 31, 2025, other than through its publicly announced stock repurchase programs.

ITEM 6. RESERVED

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 2023 results where it would be redundant to the discussion previously included in Item 7 of our 2024 annual report on Form 10-K. For our discussion and analysis of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, see Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 annual report on Form 10-K.

RECENT DEVELOPMENTS

Capital Actions

2025 Capital Actions

In January 2025, OFG announced that its Board of Directors (the “Board”) approved the increase of its regular quarterly cash dividend to $0.30 per common share from $0.25 per share, beginning in the quarter ended March 31, 2025. In April 2025, the Board approved a new $100 million stock repurchase program. This new, open-ended program is in addition to the $50 million stock repurchase program approved by the Board in October 2024 (collectively, the “Existing Repurchase Programs”). Under the Existing Repurchase Programs, OFG repurchased 2,253,819 shares during 2025 for a total of $91.6 million at an average price of $40.64 per share. At December 31, 2025, the estimated remaining amount that may be purchased under the Existing Repurchase Programs is $38.1 million.

Announcement of Forthcoming 2026 Capital Actions

In January 2026, OFG announced that its Board approved the increase of its regular quarterly cash dividend to $0.35 per common share from $0.30 per share, beginning in the quarter ending March 31, 2026. The Board also approved a new $200 million stock repurchase program. This new, open-ended program is in addition to the Existing Repurchase Programs.

Economic Conditions

Puerto Rico’s economy has continued to show stable performance, supported by favorable labor market conditions and adequate system liquidity. According to the Puerto Rico Department of Economic Development and Commerce, the Puerto Rico Economic Activity Index stood at 128.1 points in November 2025, representing a 0.8% increase compared to November 2024 and a consistent upward month-to-month trend in recent periods. Employment data published by such government agency

indicates continued gains across multiple industries. As of November 2025, total non-farm payroll employment averaged approximately 963,400 jobs, reflecting a 0.2% increase from the prior month and a 0.9% increase year over year. Economic activity has benefited from public sector reconstruction funding, private investment, and on-shoring initiatives. However, OFG continues to monitor global economic conditions, related uncertainties and their possible impact on Puerto Rico's economy, which could influence OFG's business and operational results.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The accounting and reporting policies followed by OFG conform with GAAP and general practices within the financial services industry. The preparation of these financial statements requires our management to make judgments, assumptions and estimates that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. We evaluate these judgments, assumptions and estimates for changes that would affect the reported amounts. These estimates are based on management's historical industry experience and on various other judgments and assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these judgments, assumptions and estimates. The following critical accounting estimate involves significant estimation uncertainty that has or is reasonably likely to have a material impact on our financial condition or results of operations. A discussion of OFG’s significant accounting policies, including further discussion of the accounting estimate described below, can be found in “Note 1– Summary of Significant Accounting Policies” to the consolidated financial statements and should be read in conjunction with this section.

Allowance for Credit Losses Related to Loans Collectively Evaluated for Impairment

The most critical and complex accounting estimate is associated with the determination of the ACL. The provision for credit losses charged to current operations is based on this determination. The ACL represents management’s best estimate deemed appropriate to provide current expected future credit losses in the portfolio as of the date of the reporting period.

OFG’s management evaluates the adequacy of the ACL on a quarterly basis following a systematic methodology in order to provide for inherent risks in the loan portfolio. In developing its assessment of the adequacy of the ACL, OFG must rely on estimates and exercise judgment regarding matters where the ultimate outcome is unknown, such as economic developments affecting specific customers, industries or markets. Other factors that can affect management’s estimates are the key drivers used for each macroeconomic scenario, the macroeconomic scenarios selected, and the weighting given to each scenario, among others. Significant changes in the financial condition of individual borrowers, in economic conditions, in historical loss experience, and in the condition of the various markets in which collateral may be sold may all affect the required level of the ACL. Consequently, the business, financial condition, liquidity, capital and results of operations could also be affected.

The ACL estimation requires management to use relevant forward-looking economic forecasts, by using variables such as employment and unemployment rate, gross national product (“GNP”), retail sales, and house price index, including in the application of reasonable and supportable forecasts. ACL estimations are performed by aggregating loans with similar risk characteristics.

OFG applied a discounted cash flow (“DCF”) method for non-purchased credit deteriorated loans (“non-PCD”) and an undiscounted cash flow (“UDCF”) method for purchased credit deteriorated (“PCD”) loans to determine the ACL for loans collectively measured for impairment, except for credit cards and overdrafts which utilize a remaining life methodology. For non-PCD, the expected cash flows are calculated for each loan and discounted using the effective yield. The discounted amount of expected cash flows is compared to the amortized cost, and any shortfall is recorded as a reserve. For PCD loans, the expected cash flows are calculated for each loan pool, pool reserve is calculated by aggregating total loss from the UDCF. Expected cash flows are resulted from applying the probability of default (“PD”), loss given default (“LGD”), and exposure at default (“EAD”). For the EAD, OFG uses a prepayment model that projects prepayments over the life of the loans.

Management’s judgment is required in selecting the macroeconomic scenarios and the weighting of the economic scenarios, which consist of baseline and moderate recession scenarios. As of December 31, 2025, management gave more weight to the baseline scenario, except for the US loan segment where the moderate recession scenario was given a greater weight. Management selects the macroeconomic forecast that is most reflective of expectations at that point in time. The applicability of qualitative adjustments includes adjustments of inherent risk not captured by the quantitative model.

OFG’s sensitivity analysis does not represent management’s view of expected credit losses at December 31, 2025. OFG evaluated sensitivities by applying 100% weight to baseline and moderate recession scenarios. The impact of assigning a 100%

weight to the baseline scenario was a hypothetical decrease of 4.3% to the collective ACL, and the impact of assigning a 100% weight to the moderate recession scenario was a hypothetical increase of 3.7% to the collective ACL. These hypothetical sensitivities do not incorporate the impact of management’s judgment for qualitative factors applied in the current ACL for loans. It is possible that others performing similar sensitivity analyses could reach different conclusions or results. The sensitivity analysis excludes the ACL for off-balance sheet credit exposures.

For a detailed description of the principal factors used to determine the ACL related to loans collectively evaluated for impairment and for the principal enhancement’s management made to its methodology, please refer to “Note 1– Summary of Significant Accounting Policies” and “Note 5 – Loans” to the consolidated financial statements.

FINANCIAL HIGHLIGHTS

The quarter ended December 31, 2025 earnings per share increased 16.4% year-over-year on a 1.9% growth in total core revenues in total core revenues, driven by disciplined core operations and a favorable tax benefit. For 2025, earnings per share 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. OFG repurchased $40.1 million of common shares during the fourth quarter of 2025 and $91.6 million for the year, reinforcing our commitment to disciplined capital deployment and shareholder returns.

During the quarter and year ended December 31, 2025, 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 December 31, 2025, we grew our client base 4.26% from December 31, 2024 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.

Year 2025:

Earnings per share diluted of $4.58 compared to $4.23 in 2024. Total core revenues of $729.8 million compared to $709.6 million in 2024.

Fourth Quarter of 2025:

Earnings per share diluted was $1.27 compared to $1.16 in the third quarter of 2025 and $1.09 in the fourth quarter of 2024. Total core revenues of $185.4 million compared to $184.0 million in the third quarter of 2025 and $181.9 million in the fourth quarter of 2024.

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 the third quarter of 2025 and $190.2 million in the fourth quarter of 2024. Compared to the third quarter of 2025, total interest income in the fourth quarter of 2025 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 the third quarter of 2025 and $41.0 million in the fourth quarter of 2024. Compared to the third quarter of 2025, total interest expense in the fourth quarter of 2025 decreased by $0.9 million, reflecting higher average balances of deposits and borrowings at lower average rates.

Total Banking and Financial Service Revenues of $32.6 million compared to $29.3 million in the third quarter of 2025 and $32.8 million in the fourth quarter of 2024. Compared to the third quarter of 2025, total banking and financial service revenue in the fourth quarter of 2025 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 the third quarter of 2025 and $83.0 million in the fourth quarter of 2024.

Other Income reflected a loss of $1.1 million compared to a profit of $2.2 million in the third quarter of 2025 and $0.8 million in the fourth quarter of 2024. The fourth quarter of 2025 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. The third quarter of 2025, 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 the third quarter of 2025 and $30.2 million in the fourth quarter of 2024. Total provision for credit losses in the fourth quarter of 2025 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 (“NCOs”) of $26.9 million (1.32% of average loans) compared to $20.2 million (1.00% of average loans) in the third quarter of 2025 and $15.9 million (0.82% of average loans) in the fourth quarter of 2024. NCOs included $4.8 million from the non-performing loans sale, of which $3.1 million had been previously reserved. Early delinquency rate in the fourth quarter of 2025 was 2.80%, down from the third quarter of 2025 and the fourth quarter of 2024, and total delinquency rate was 4.18%, up from the third quarter of 2025 but down from the fourth quarter of 2024. The nonperforming loan rate was 1.59% compared to 1.22% in the third quarter of 2025 and 1.06% in the fourth quarter of 2024.

Total Non-Interest Expense of $105.0 million compared to $96.5 million in the third quarter of 2025 and $99.7 million in the fourth quarter of 2024. Total non-interest expense in the fourth quarter of 2025 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 the third quarter of 2025, 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 the third quarter of 2025 and $2.4 million in the fourth quarter of 2024. The fourth quarter of 2025 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 Puerto Rico 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 income tax rate was 21.8%.

Loans Held-for-Investment of $8.20 billion compared to $8.12 billion in the third quarter of 2025 and $7.79 billion in the fourth quarter of 2024. Loans held-for-investment in the fourth quarter of 2025 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 loans.

New Loan Production of $605.6 million compared to $623.9 million in the third quarter of 2025 and $609.0 million in the fourth quarter of 2024. Compared to the third quarter of 2025, new loan production in the fourth quarter of 2025 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 of $2.84 billion compared to $2.94 billion in the third quarter of 2025 and $2.72 billion in the fourth quarter of 2024. Compared to the third quarter of 2025, total investments in the fourth quarter of 2025 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 of $9.92 billion compared to $9.82 billion in the third quarter of 2025 and $9.45 billion in the fourth quarter of 2024. 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.

Total Borrowings and Brokered Deposits of $897.3 million compared to $746.4 million in the third quarter of 2025 and $557.2 million in the fourth quarter of 2024. Compared to the third quarter of 2025, the fourth quarter of 2025 reflected increased brokered deposits, mainly for liquidity management.

Cash and Cash Equivalents of $1.04 billion compared to $740.3 million in the third quarter of 2025 and $591.1 million in the fourth quarter of 2024. Compared to the third quarter of 2025, the fourth quarter of 2025 reflected increased deposits.

Capital: CET1 ratio was 13.97% compared to 14.13% in the third quarter of 2025 and 14.26% in the fourth quarter of 2024. Tangible Common Equity ratio was 10.47% compared to 10.55% in the third quarter of 2025 and 10.13% in the fourth quarter of 2024. Tangible Book Value per share was $29.96 compared to $28.92 in the third quarter of 2025 and $25.43 in the fourth quarter of 2024.

Selected income statement and balance sheet data and key performance indicators are presented in the tables below:





	Year Ended December 31,
			2025			2024			2023
EARNINGS DATA:		(In thousands, except per share data)
Interest income			$	780,936		$	750,277		$	648,880
Interest expense			172,469			161,837			88,010
Net interest income			608,467			588,440			560,870
Provision for credit losses			107,513			82,251			60,638
Net interest income after provision for credit losses			500,954			506,189			500,232
Non-interest income			122,976			123,249			128,381
Non-interest expenses			389,813			375,690			363,365
Income before taxes			234,117			253,748			265,248
Income tax expense			29,014			55,578			83,376


Net income available to common shareholders			$	205,103		$	198,170		$	181,872
PER SHARE DATA:
EPS Basic			$	4.60		$	4.25		$	3.85
EPS Diluted			$	4.58		$	4.23		$	3.83
Average common shares outstanding			44,552			46,637			47,258
Average common shares outstanding and equivalents			44,760			46,902			47,552
Cash dividends declared per common share			$	1.20		1.00			0.88
Cash dividends declared on common shares			$	53,513		46,931			41,853

PERFORMANCE RATIOS:
Return on average assets (ROA)			1.70		%	1.75		%	1.79		%
Return on average tangible common stockholders’ equity (non-GAAP, see Table 18)			16.47		%	17.17		%	18.14		%
Return on average common equity (ROE)			15.29		%	15.78		%	16.37		%

Efficiency ratio			53.41		%	52.94		%	53.22		%
Interest rate spread			5.12		%	5.29		%	5.71		%
Interest rate margin			5.27		%	5.43		%	5.79		%



	December 31,
	2025			2024			2023
YEAR-END BALANCES AND CAPITAL RATIOS:	(In thousands, except per share data)
Investments and loans
Investment securities	$	2,843,141		$	2,720,277		$	2,686,770
Loans, net	8,014,246			7,633,831			7,401,618
Total investments and loans	$	10,857,387		$	10,354,108		$	10,088,388
Deposits and borrowings
Deposits	$	10,262,752		$	9,604,786		$	9,762,169
Securities sold under agreements to repurchase	100,714			75,222			—
Advances from FHLB and other borrowings	456,590			325,952			200,770
Total deposits and borrowings	$	10,820,056		$	10,005,960		$	9,962,939
Stockholders’ equity

Common stock	59,885			59,885			59,885
Additional paid-in capital	642,973			639,786			638,667
Legal surplus	188,490			169,537			150,967
Retained earnings	904,630			771,993			639,324
Treasury stock, at cost	(389,067)			(296,991)			(228,350)
Accumulated other comprehensive loss	(16,906)			(89,839)			(67,013)
Total stockholders’ equity	$	1,390,005		$	1,254,371		$	1,193,480
Per share data
Book value per common share	$	32.13		$	27.60		$	25.36
Tangible book value per common share (non-GAAP, see Table 18)	$	29.96		$	25.43		$	23.13
Market price	$	40.98		$	42.32		$	37.48
Capital ratios
Leverage capital	10.71		%	10.93		%	11.03		%
Common equity Tier 1 capital	13.97		%	14.26		%	14.12		%
Tier 1 risk-based capital	13.97		%	14.26		%	14.12		%
Total risk-based capital	15.24		%	15.52		%	15.37		%
Financial assets managed
Trust assets managed	$	2,490,272		$	2,262,446		$	2,511,880
Broker-dealer assets managed	2,612,508			2,246,884			2,446,281
Total assets managed	$	5,102,780		$	4,509,330		$	4,958,161

ANALYSIS OF RESULTS OF OPERATIONS

The following tables show major categories of interest-earning assets and interest-bearing liabilities, their respective interest income, expenses, yields and costs, and their impact on net interest income due to changes in volume and rates for 2025 and 2024.

TABLE 1 - ANALYSIS OF NET INTEREST INCOME AND CHANGES DUE TO VOLUME/RATE

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	Interest				Average rate				Average balance
	2025		2024		2025		2024		2025		2024
	(Dollars in thousands)
A - TAX EQUIVALENT SPREAD (Non-GAAP)
Interest-earning assets	$	780,936	750,277		6.77	%	6.93	%	$	11,542,913	$	10,829,907
Tax equivalent adjustment	15,322		16,740		0.13	%	0.15	%	—		—
Interest-earning assets - tax- equivalent (1)	796,258		767,017		6.90	%	7.08	%	11,542,913		10,829,907
Interest-bearing liabilities	172,469		161,837		1.65	%	1.64	%	10,477,657		9,866,641
Tax equivalent net interest income / spread	623,789		605,180		5.25	%	5.44	%	1,065,256		963,266
Tax equivalent interest rate margin					5.38	%	5.59	%
B - NORMAL SPREAD
Interest-earning assets:
Investments:
Investment securities	120,149		105,086		4.26	%	4.06	%	2,817,903		2,591,101
Interest bearing cash and money market investments	30,847		31,589		4.21	%	5.16	%	732,869		611,976
Total investments	150,996		136,675		4.25	%	4.27	%	3,550,772		3,203,077
Non-PCD loans
Mortgage loans	32,295		32,981		5.59	%	5.67	%	577,525		581,907
Commercial loans	232,796		232,884		7.26	%	7.89	%	3,205,113		2,941,763
Consumer loans	81,042		77,576		11.56	%	11.55	%	700,897		671,859
Auto loans	224,404		206,289		8.54	%	8.53	%	2,626,230		2,417,580
Total Non-PCD loans	570,537		549,730		8.02	%	8.31	%	7,109,765		6,613,109
PCD loans
Mortgage loans	49,986		55,199		6.29	%	6.24	%	794,214		884,621
Commercial loans	9,272		8,445		10.60	%	6.62	%	87,499		127,509
Consumer loans	97		77		18.51	%	12.09	%	526		637
Auto loans	48		151		35.17	%	15.87	%	137		954
Total PCD loans	59,403		63,872		6.73	%	6.30	%	882,376		1,013,721
Total loans (2)	629,940		613,602		7.88	%	8.05	%	7,992,141		7,626,830
Total interest-earning assets	$	780,936	$	750,277	6.77	%	6.93	%	$	11,542,913	$	10,829,907


	Interest				Average rate				Average balance
	2025		2024		2025		2024		2025			2024
	(Dollars in thousands)
Interest-bearing liabilities:
Deposits:
NOW Accounts	61,263		78,362		1.91	%	2.31	%	3,206,076			3,399,476
Savings accounts	22,864		18,843		1.05	%	0.93	%	2,172,288			2,027,746
Time deposits	56,214		46,482		3.07	%	2.93	%	1,828,809			1,585,427
Total core deposits	140,341		143,687		1.95	%	2.04	%	7,207,173			7,012,649
Brokered deposits	8,633		2,065		4.12	%	4.63	%	209,487			44,555
	148,974		145,752		2.01	%	2.07	%	7,416,660			7,057,204
Non-interest bearing deposits	—		—		—	%	—	%	2,583,225			2,556,518
Fair value premium and core deposit intangible amortizations	3,773		4,528		—	%	—	%	—			—
Total deposits	152,747		150,280		1.53	%	1.56	%	9,999,885			9,613,722
Borrowings:
Securities sold under agreements to repurchase	2,767		542		4.13	%	4.81	%	66,941			11,270
Advances from FHLB and other borrowings	16,955		11,015		4.13	%	4.56	%	410,831			241,649

Total borrowings	19,722		11,557		4.13	%	4.57	%	477,772			252,919
Total interest-bearing liabilities	172,469		161,837		1.65	%	1.64	%	10,477,657			9,866,641
Net interest income / spread	$	608,467	$	588,440	5.12	%	5.29	%
Interest rate margin					5.27	%	5.43	%
Excess of average interest-earning assets over average interest-bearing liabilities									$	1,065,256		$	963,266
Average interest-earning assets to average interest-bearing liabilities ratio									110.17		%	109.76		%
(1) To provide meaningful comparisons of interest income, yields, and net interest margins, we calculate interest income on a taxable-equivalent basis. This involves adjusting the interest income from tax-exempt assets to be equivalent to taxable investments. Note that this adjustment is not permitted under GAAP in the unaudited consolidated statements of operations.
(2) Includes loans held for sale and excludes allowance for credit losses. Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.

C - CHANGES IN NET INTEREST INCOME DUE TO:


	Volume		Rate		Total
	(In thousands)
Interest Income:
Investment securities	$	10,582	$	4,481	$	15,063
Interest-bearing cash and money market investments	5,633		(6,375)		(742)
Loans	30,995		(14,657)		16,338
Total interest income	47,210		(16,551)		30,659
Interest Expense:
NOW accounts	(1,791)		(15,308)		(17,099)
Savings accounts	1,797		2,224		4,021
Time deposits	8,612		1,120		9,732
Brokered deposits	6,820		(252)		6,568
Fair value premium and core deposit intangible amortizations	—		(755)		(755)
Securities sold under agreements to repurchase	2,226		(1)		2,225
Advances from FHLB and other borrowings	7,064		(1,124)		5,940

Total interest expense	24,728		(14,096)		10,632
Net Interest Income	$	22,482	$	(2,455)	$	20,027

Net Interest Income

Net interest income is a function of the difference between rates earned on OFG’s interest-earning assets and rates paid on its interest-bearing liabilities (interest rate spread) and the relative amounts of its interest earning assets and interest-bearing liabilities (interest rate margin). OFG constantly monitors the composition and re-pricing of its assets and liabilities to maintain its net interest income at adequate levels.

Comparison of the years ended December 31, 2025 and 2024

Net interest income of $608.5 million increased by $20.1 million from $588.4 million reflecting higher loans and investment securities income. This increase was partially offset by an increase in borrowings expense and the impact of one fewer day than the prior year, which reduced net interest income by $1.1 million. Tax equivalent basis net interest income of $623.8 million increased by $18.6 million, or 3.1%, from $605.2 million.

Interest rate spread decreased by 17 basis points to 5.12% from 5.29% and net interest margin decreased by 16 basis points to 5.27% from 5.43%. This reflects a decrease of 16 basis points in the total average yield of interest-earning assets.

Net interest income was positively impacted by:

•A $16.3 million increase in interest income from loans mainly driven by growth in average balances across multiple portfolios, including: (i) $18.0 million from auto loans mainly due to an increase of $207.8 million in the average balance; and (ii) $3.5 million from consumer loans mainly due to an increase of $28.9 million in the average balance. These increases were partially offset by lower interest income of: (i) $5.9 million from mortgage loans due to a reduction of $94.8 million in the average balance of this portfolio, mainly from the securitization and sale of conforming loans and regular paydowns, including the extinguishment of the PCD portfolio; and (ii) commercial loans of $0.7 million, reflecting the repricing of variable rate loans at lower market rates; and

•A $15.1 million increase in interest income from investment securities, primarily due to the acquisition of higher-yield investment securities in 2024 and 2025. These purchases contributed to higher average volume of $226.8 million, contributing $10.6 million to interest income, and higher yield by 20 basis points, which contributed to an increase in interest income of approximately $4.5 million.

These increases were partially offset by higher interest expense of $10.6 million, mainly from interest paid on borrowings of $8.2 million from FHLB advances and securities under agreements to repurchase taken in 2024 and 2025, and lower interest income on interest bearing cash and money market investments of $0.7 million, reflecting the impact of lower market rates.

TABLE 2 - NON-INTEREST INCOME SUMMARY


	Year Ended December 31,
			2025		2024		Variance %
		(Dollars in thousands)
Banking service revenue			$	64,443	$	66,923	(3.7)	%
Wealth management revenue			37,765		35,622		6.0	%
Mortgage banking activities			19,133		18,636		2.7	%
Total banking and financial service revenue			121,341		121,181		0.1	%



Other non-interest income			1,635		2,068		(20.9)	%
Total non-interest income			$	122,976	$	123,249	(0.2)	%

Non-Interest Income

Non-interest income is affected by fees generated from loans and deposit accounts, the amount of assets under management of the Bank’s trust department, transactions generated by clients’ financial assets serviced by OFG’s securities broker-dealer, insurance agency and reinsurance subsidiaries, the level of mortgage banking activities, and gains or losses on sales of assets.

Comparison of the years ended December 31, 2025 and 2024

OFG’s non-interest income of $123.0 million decreased by $0.2 million from $123.2 million. The decrease in non-interest income was mainly due to:

•A $2.5 million decrease in banking service revenues as a result of: (i) reduced interchange fees of $4.6 million reflecting the application of the Durbin Amendment to OFG in July 2024; and (ii) lower servicing and other loan fees of $704 thousand, mainly from commercial and auto loans, partially offset by an increase of $1.9 million in higher merchant business activity; and

•A $0.4 million decrease in other non-interest income reflecting losses of: (i) $6.1 million accelerated amortization of technology related assets, and (ii) $279 thousand impairment on equity securities, offset by gains of: (i) $3.9 million on the sale of non-performing loans, (ii) $1.9 million gains from investments of OFG Ventures in fintech-focused funds, and (iii) $1.1 million on the sale of a building.

Decrease was offset by

•A $2.1 million increase in wealth management revenue primarily reflecting higher revenues from: (i) broker-dealer fees of $1.3 million related to investment advisory service fees and mutual funds retailer fees, and (ii) insurance income by $873 thousand reflecting increases in annuities and premiums; and

•A $0.5 million increase in mortgage banking activities, mainly due to higher: (i) servicing fees of $2.6 million driven by the purchase of a servicing portfolio in August 2024, and (ii) gain on sale of loans and securitization of $1.4 million, which includes $676 thousand favorable market valuation for held-for-sale loans and $553 thousand higher gain on securitization and sales. These increases were partially offset by a $4.1 million unfavorable variance in the valuation of mortgage servicing rights.

TABLE 3 - NON-INTEREST EXPENSES SUMMARY


	Year Ended December 31,
		2025			2024			Variance %
		(Dollars in thousands)
Compensation and employee benefits		$	162,426		$	159,710		1.7	%
Occupancy, equipment and infrastructure costs		59,781			59,123			1.1	%
Electronic banking charges		47,077			42,816			10.0	%
Information technology expenses		26,806			27,582			(2.8)	%
Professional and service fees		23,705			18,876			25.6	%
Taxes, other than payroll and income taxes		15,774			13,949			13.1	%
Insurance		11,375			11,252			1.1	%
Advertising, business promotion, and strategic initiatives		11,416			9,714			17.5	%
Loan servicing and clearing expenses		9,145			7,935			15.2	%
Communication		4,553			4,551			—	%
Printing, postage, stationery and supplies		4,148			3,816			8.7	%
Director and investor relations		1,354			1,250			8.3	%
Foreclosed real estate and other repossessed assets expenses (income), net		1,026			3,012			65.9	%

Other		11,227			12,104			(7.2)	%
Total non-interest expenses		$	389,813		$	375,690		3.8	%
Relevant ratios and data:
Efficiency ratio		53.41		%	52.94		%
Compensation and benefits to non-interest expense		41.67		%	42.51		%
Compensation to average total assets owned		1.35		%	1.41		%
Number of employees end of year		2,185			2,246
Average number of employees		2,214			2,235
Average compensation per employee (in thousands)		$	73.36		$	71.45
Average loans per average employee		$	3,610		$	3,412

Comparison of the years ended December 31, 2025 and 2024

Non-interest expense was $389.8 million, representing an increase of 3.8% or $14.1 million, compared to $375.7 million. The increase in non-interest expense was mainly due to:

•Increase of $4.8 million in professional and service fees mainly due to a $3.3 million performance-based advisory costs, as part of the cost-saving renegotiation of a technology services contract, and higher compliance-related expenses;

•Increase of $4.3 million in electronic banking charges mainly due to the recognition of a $2.3 million rebate recorded during the prior year and increased transaction volumes;

•Increase of $2.7 million in compensation and employee benefits as a result of higher salaries and benefits, including payroll taxes;

•Increase of $1.8 million in taxes, other than payroll and income taxes related to higher municipal taxes recorded during the year;

•Increase of $1.7 million in advertising, business promotion, and strategic initiatives driven by expanded retail, commercial banking and branding campaign efforts during 2025; and

•Increase of $1.2 million in loan servicing and clearing expenses related to higher servicing expenses from our commercial US loan portfolio.

The increase in non-interest expense was partially offset by a $2.0 million reduction in foreclosed real estate and other repossessed assets expenses (income), net. This reduction primarily reflects a $4.0 million increase in gains from the sale of other repossessed assets driven by higher volume of units sold and improved pricing, partially offset by $1.9 million lower gains on sales of foreclosed real estate due to lower volume of properties sold.

The efficiency ratio was 53.41% compared to 52.94%. Amounts presented as part of non-interest income that were excluded from the efficiency ratio computation for 2025 and 2024 amounted to $1.6 million and $2.1 million, respectively.

Comparison of the years ended December 31, 2025 and 2024

Provision for credit losses increased by $25.2 million to $107.5 million from $82.3 million. The provision for credit losses for the year ended December 31, 2025, reflected $69.9 million related to loan volume, $20.6 million in specific reserves and $18.5 million from economic and loss rate model assumptions adjustments.

The provision for credit losses for 2024 reflected a provision of $60.2 million related to growth in loan balance, $12.6 million from the loss rate model and $13.4 million related to commercial-specific loan reserves, including $8.6 million in the US commercial loan portfolio, which was offset by a $6.0 million release from the economic model. It also included a $5.7 million qualitative adjustment to account for uncertainty of recent increasing auto delinquency trends that the model does not fully capture, net of a $2.7 million reserve release mainly due to an improved U.S. macroeconomic perspective earlier in 2024.

Comparison of the years ended December 31, 2025 and 2024

Income tax expense decreased by $26.6 million to $29.0 million from $55.6 million. OFG’s ETR was 12.4% in 2025 compared to 21.9% in 2024. The decrease is primarily attributable to investments subject to preferential tax treatment under Puerto Rico law, the release of valuation allowance at the holding company level, a discrete benefit arising from the expiration of a tax closing agreement, and the purchase of tax credits at a discount, among other discrete tax benefits.

Business Segments

OFG segregates its businesses into the following segments: Banking, Wealth Management, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and assess where to allocate resources. Other factors such as OFG’s organization, nature of its products, distribution channels and economic characteristics of its services were also considered in the determination of the reportable segments. OFG measures the performance of these reportable segments based on net income. OFG’s methodology for allocating expenses for corporate services among segments is based on several factors such as revenue, employee headcount, occupied space, and dedicated services or time, among others. Following are the results of operations and the selected financial information by operating segment for 2025 and 2024.


TABLE 4 - BUSINESS SEGMENTS

































	Year Ended December 31, 2025
	Banking		Wealth Management		Treasury		Total		Eliminations		Consolidated Total
	(In thousands)
Interest income	$	636,790	$	21	$	149,625	$	786,436	$	(5,500)	$	780,936
Interest expense	(143,644)		—		(34,325)		(177,969)		5,500		(172,469)
Net interest income	493,146		21		115,300		608,467		—		608,467
Provision for credit losses	(107,453)		—		(60)		(107,513)		—		(107,513)
Non-interest income, net	82,204		38,825		1,947		122,976		—		122,976
Non-interest expense:
Compensation and employee benefits	(150,954)		(10,352)		(1,120)		(162,426)		—		(162,426)
Occupancy, equipment and infrastructure costs	(38,583)		(668)		(72)		(39,323)		—		(39,323)
Depreciation and amortization of premises and equipment	(20,388)		(50)		(20)		(20,458)		—		(20,458)
Electronic banking charges	(47,077)		—		—		(47,077)		—		(47,077)
Information technology expenses	(26,616)		(190)		—		(26,806)		—		(26,806)
Professional and service fees	(20,680)		(2,898)		(127)		(23,705)		—		(23,705)
Loan servicing and clearing expenses	(6,893)		(1,798)		(454)		(9,145)		—		(9,145)
Amortization of other intangible assets	(1,154)		—		—		(1,154)		—		(1,154)
Intersegment expenses	4,010		(2,311)		(1,699)		—		—		—
Other	(57,338)		(1,877)		(504)		(59,719)		—		(59,719)
Total non-interest expense	(365,673)		(20,144)		(3,996)		(389,813)		—		(389,813)
Income before income taxes	$	102,224	$	18,702	$	113,191	$	234,117	$	—	$	234,117
Income tax expense	(28,771)		(17)		(226)		(29,014)		—		(29,014)
Net income	$	73,453	$	18,685	$	112,965	$	205,103	$	—	$	205,103
Total assets	$	10,042,544	$	30,742	$	3,771,871	$	13,845,157	$	(1,379,500)	$	12,465,657

Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, the IBE unit, which operates within the Bank. The time deposit with a balance of $283.9 million and $278.4 million at December 31, 2025 and 2024, respectively, which is used to fund Oriental Overseas operations, is included in the Treasury Segment with its corresponding interest expense, and the related interest income is included in the Banking Segment, and are eliminated in the consolidation. Interest income is accrued on the unpaid principal balance. The increase in interest income and interest expense from the prior year was mainly as a result of higher interest rate.












































	Year Ended December 31, 2024
	Banking		Wealth Management		Treasury		Total		Eliminations		Consolidated Total
	(In thousands)
Interest income	$	619,328	$	26	$	134,970	$	754,324	$	(4,047)	$	750,277
Interest expense	(147,661)		—		(18,223)		(165,884)		4,047		(161,837)
Net interest income	471,667		26		116,747		588,440		—		588,440
(Provision for) recapture of credit losses	(82,436)		—		185		(82,251)		—		(82,251)
Non-interest income, net	86,720		36,522		7		123,249		—		123,249
Non-interest expenses
Compensation and employee benefits	(149,194)		(9,527)		(989)		(159,710)		—		(159,710)
Occupancy, equipment and infrastructure costs	(37,407)		(721)		(121)		(38,249)		—		(38,249)
Depreciation and amortization of premises and equipment	(20,807)		(48)		(19)		(20,874)		—		(20,874)
Electronic banking charges	(42,816)		—		—		(42,816)		—		(42,816)
Information technology expenses	(27,394)		(187)		(1)		(27,582)		—		(27,582)
Professional and service fees	(15,804)		(2,875)		(197)		(18,876)		—		(18,876)
Loan servicing and clearing expenses	(5,937)		(1,455)		(543)		(7,935)		—		(7,935)
Amortization of other intangible assets	(1,385)		—		—		(1,385)		—		(1,385)
Intersegment expenses	3,518		(2,121)		(1,397)		—		—		—
Other	(56,173)		(1,720)		(370)		(58,263)		—		(58,263)
Total non-interest expense	(353,399)		(18,654)		(3,637)		(375,690)		—		(375,690)
Income before income taxes	$	122,552	$	17,894	$	113,302	$	253,748	$	—	$	253,748
Income tax expense	(55,402)		(10)		(166)		(55,578)		—		(55,578)
Net income	$	67,150	$	17,884	$	113,136	$	198,170	$	—	$	198,170
Total assets	$	9,513,074	$	34,219	$	3,192,845	$	12,740,138	$	(1,239,404)	$	11,500,734

Comparison of years ended December 31, 2025 and 2024

Banking

OFG’s banking segment net income before taxes decreased by $20.3 million from $122.6 million to $102.2 million, mainly due to:

•Increase of $25.0 million in provision for credit losses, mainly due to growth in loan balances, specific reserves and alignment of economic and loss rate model assumptions;

•Decrease of $4.5 million in non-interest income, related to reduced interchange fees due to the implementation of Durbin Amendment that took effect for the Bank in July 1, 2024; and

•Increase of $12.3 million in non-interest expenses, mainly due to increases of: (i) $4.3 million in electronic banking charges due to increased transaction volumes, (ii) $4.9 million in professional and service fees due to a performance based advisory costs as part of the renegotiation of a cost-saving technology services contract and higher compliance-related expenses, (iii) $1.8 million as a result of higher salaries and benefits, including payroll taxes, and (iv) $2.0 million reduction in foreclosed real estate and other repossessed assets expenses (income), net. This reduction primarily reflects a $4.0 million increase in gains from the sale of other repossessed assets driven by higher volume of units sold and improved pricing, partially offset by $1.9 million lower gains on sales of foreclosed real estate due to lower volume of properties sold.

The decrease in the banking segment’s net income was partially offset by:

•Increase of $16.3 million in interest income from loans, driven by higher loan balances; and

•Decrease of $4.0 million in interest expense primarily related to a decrease of 3 basis points in the average cost of core deposits.

Wealth Management

Net income before taxes from this segment increased from $17.9 million to $18.7 million, mainly from higher non-interest income of $2.3 million, mostly related to higher broker-dealer fees from investment advisory service fees and mutual funds retailer fees, higher insurance income from annuities and premiums, and an increase in trustee-only fees, partially offset by higher salaries and employee benefits of $0.8 million.

Treasury

Treasury segment net income before taxes decreased by $0.1 million from $113.3 million to $113.2 million. This reduction is mainly due to higher interest expense of $16.1 million, reflecting $8.2 million from interest paid on borrowings and $6.6 million from brokered deposits, primarily reflecting $400 million in new two-year FHLB advances and $183.9 million in additional brokered deposits to increase liquidity and fund strategic growth in commercial loans. This reduction was partially offset by higher: (i) interest income of $14.7 million from the purchases of higher-yield investment securities; and (ii) non-interest income of $1.9 million reflecting gains from investments of OFG Ventures in fintech-focused funds.

ANALYSIS OF FINANCIAL CONDITION

Assets Owned

At December 31, 2025, OFG’s total assets amounted to $12.466 billion, an increase of $965.0 million, when compared to $11.501 billion at December 31, 2024.

Cash and due from banks increased by $451.6 million to $1.0 billion, reflecting higher deposits and new wholesale borrowings during 2025.

The investment portfolio increased by $122.9 million or 4.5% primarily driven by $526.7 million new available-for-sale mortgage-backed securities and US Treasury securities, $82.8 million in mortgage loan securitization and $87.5 million in favorable market value adjustments. These increases were offset by principal paydowns and maturities. OFG’s investment strategy focuses on liquidity and highly liquid securities, considering their investment and the current market environment.

OFG’s loan portfolio is comprised of Puerto Rico residential mortgage loans, consumer loans, auto loans, commercial loans secured by real estate, other commercial and industrial loans, and commercial US loans. At December 31, 2025, OFG’s net loan portfolio increased by $380.4 million or 5.0% reflecting increases in US and Puerto Rico commercial, auto and consumer loans, partially offset by mortgage securitization and portfolio run-off.

Financial Assets Managed

At December 31, 2025, OFG’s financial assets include those managed by OFG’s trust division and its securities broker-dealer and insurance agency subsidiaries. OFG’s trust division offers various types of IRAs and manages retirement plans and custodian and corporate trust accounts. At December 31, 2025 and 2024, the total assets managed by OFG’s trust division amounted to $2.490 billion and $2.262 billion, respectively. The increase of $227.8 million reflects growth in the investments comprising the retirement plan assets, reflecting changes in current market conditions, as well as ongoing employee and employer contributions to the plans during the year. These increases were partially offset by distributions made to plan participants and administrative expenses incurred by the plans during 2025. OFG’s broker-dealer subsidiary offers a wide array of investment alternatives to its client base, such as tax-advantaged fixed income securities, mutual funds, stocks, bonds and money management wrap-fee programs. At December 31, 2025, total assets managed by the securities broker-dealer and insurance agency subsidiaries from their customers’ investment accounts amounted to $2.613 billion, compared to $2.247 billion at December 31, 2024. The increase of $365.6 million in broker-dealer related assets is mainly due to new customers accounts opened during the year and changes in current market conditions.

Goodwill

OFG’s goodwill is not amortized to expense but is tested at least annually for impairment. A quantitative annual impairment test is not required if, based on a qualitative analysis, OFG determines that the existence of events and circumstances indicate that it is more likely than not that goodwill is not impaired. OFG completes its annual goodwill impairment test as of October 31 of each year. OFG tests for impairment by first allocating its goodwill and other assets and liabilities, as necessary, to defined reporting units. A fair value is then determined for each reporting unit. If the fair values of the reporting units exceed their book values, no write-down of the recorded goodwill is necessary. If the fair values are less than the book values, an additional valuation procedure is necessary to assess the proper carrying value of the goodwill. During 2025, OFG performed an assessment of events or circumstances that could trigger reductions in the book value of the goodwill. Based on this assessment, no impairments were identified at December 31, 2025.

As of both December 31, 2025 and 2024, OFG had $84.2 million of goodwill allocated as follows: $84.1 million to the banking segment and $100 thousand to the wealth management segment. Please refer to “Note 10 – Goodwill and Other Intangible Assets” to our consolidated financial statements for more information on the annual goodwill impairment test.

TABLE 5 - ASSETS SUMMARY AND COMPOSITION



	December 31,						Variance %
	2025			2024
	(In thousands)
Investments:
FNMA and FHLMC certificates	$	2,285,078		$	2,205,039		3.6	%


GNMA certificates	490,571			417,985			17.4	%

US Treasury securities	1,651			1,150			43.6	%


Equity securities	62,738			54,896			14.3	%
CMOs issued by US government-sponsored agencies	2,579			5,639			(54.3)	%


Other debt securities	501			35,550			(98.6)	%
Trading securities	23			18			27.8	%
Total investments	2,843,141			2,720,277			4.5	%
Loans, net	8,014,246			7,633,831			5.0	%
Total investments and loans	10,857,387			10,354,108			4.9	%
Other assets:


Cash and due from banks	1,036,074			584,467			77.3	%
Money market investments	4,261			6,670			(36.1)	%
Foreclosed real estate	2,490			4,002			(37.8)	%
Accrued interest receivable	71,110			71,667			(0.8)	%
Deferred tax asset, net	104,359			6,248			1,570.3	%
Premises and equipment, net	93,554			104,512			(10.5)	%
Customers' liability on acceptances	22,442			31,526			(28.8)	%
Servicing assets	66,333			70,435			(5.8)	%
Goodwill	84,241			84,241			0.0	%
Other intangible assets	9,854			14,782			(33.3)	%
Operating lease right-of-use assets	21,261			19,197			10.8	%
Other assets	92,291			148,879			(38.0)	%
Total other assets	1,608,270			1,146,626			40.3	%
Total assets	$	12,465,657		$	11,500,734		8.4	%
Investment portfolio composition:
FNMA and FHLMC certificates	80.3		%	81.1		%
GNMA certificates	17.3		%	15.4		%

US Treasury securities	0.1		%	0.0		%
Equity securities	2.2		%	2.0		%
CMOs issued by US government-sponsored agencies	0.1		%	0.2		%
Other debt securities and trading securities	0.0		%	1.3		%
	100.0		%	100.0		%

TABLE 6 - LOAN PORTFOLIO COMPOSITION



	December 31,				Variance %
	2025		2024
	(In thousands)
Loans held-for-investment:
Commercial loans	$	3,490,169	$	3,103,091	12.5	%
Mortgage loans	1,390,346		1,470,817		(5.5)	%
Consumer loans	683,548		668,561		2.2	%
Auto loans	2,636,979		2,549,493		3.4	%
	8,201,042		7,791,962		5.3	%
Allowance for credit losses	(202,341)		(175,863)		15.1	%
Total loans held-for-investment, net	7,998,701		7,616,099		5.0	%
Mortgage loans held-for-sale	12,483		13,286		(6.0)	%
Other loans held-for-sale	3,062		4,446		(31.1)	%
Total loans held-for-sale	15,545		17,732		(12.3)	%
Total loans, net	$	8,014,246	$	7,633,831	5.0	%

OFG’s loan portfolio is composed of commercial, mortgage, consumer, and auto loans. As shown in Table 6 above, total loans, net, amounted to $8.014 billion at December 31, 2025, a 5.0% increase when compared to $7.634 billion at December 31, 2024. The composition and trends of OFG’s loans held-for-investment portfolio were as follows:

•Commercial loan portfolio amounted to $3.490 billion (42.6% of the gross loan portfolio) compared to $3.103 billion (39.8% of the gross loan portfolio) at December 31, 2024, a 12.5% increase as a result of originations and credit lines usage during 2025. Commercial loans secured by non-owner occupied commercial real estate amounted to $774.1 million and $796.9 million at December 31, 2025 and 2024, respectively, which represented 9.4% of our total gross loan portfolio held-for-investment. Commercial US loans amounted to $830.0 million and $704.1 million at December 31, 2025 and 2024, respectively, which represented 10.1% and 9.0% of our total gross loan portfolio held-for-investment.

During 2025, OFG sold $20.5 million commercial loans held-for-sale and recognized a $2.7 million gain, included in other non-interest income in the consolidated statements of operations. Additionally, during 2025, OFG sold $21.1 million non-performing commercial loans held-for-investment and recognized a $1.4 million gain, included in other non-interest income in the consolidated statements of operations.

Commercial loan production increased 41.7% or $373.8 million to $1.269 billion in 2025 from $895.3 million in 2024, mainly in the commercial US loan portfolio. Commercial US loans activities include the purchase of middle market senior secured cash flow loan participations and the purchase of participations of loans to small and medium sized businesses. Excluding commercial US loans activities, commercial PR loan production increased by 13.0% to $835.6 million in 2025 from $739.6 million in 2024.

•Mortgage loan portfolio amounted to $1.390 billion (17.0% of the gross loan portfolio) compared to $1.471 billion (18.9% of the gross originated loan portfolio) at December 31, 2024, a 5.5% decrease resulting from securitization of conforming loans into mortgage-backed securities and regular paydowns. Mortgage loans included delinquent loans in the GNMA buy-back option program amounting to $56.5 million and $48.6 million at December 31, 2025 and 2024, respectively. Under the GNMA program, issuers such as OFG 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 our financial statements with an offsetting liability.

Mortgage loan production totaled $179.6 million in 2025, which represents an increase of 19.5% from $150.3 million in 2024.

OFG follows a conservative residential mortgage lending policy with more than 90% of its residential mortgage portfolio consisting of fixed-rate, fully amortizing, fully documented loans that do not have the level of risk associated with subprime loans offered by certain major US mortgage loan originators. Furthermore, OFG has never been active in negative amortization loans or offered adjustable-rate mortgage loans with teaser rates.

•Consumer loan portfolio amounted to $683.5 million (8.3% of the gross loan portfolio) compared to $668.6 million (8.6% of the gross loan portfolio) at December 31, 2024. Consumer loan production decreased by 5.1% or $15.6 million to $288.8 million in 2025 from $304.5 million in 2024.

•Auto loans portfolio amounted to $2.637 billion (32.1% of the gross loan portfolio) compared to $2.549 billion (32.7% of the gross originated loan portfolio) at December 31, 2024. Auto loans production decreased by 12.76% or $122.1 million to $834.7 million in 2025 from $956.8 million in 2024.

The following table presents the loans held-for-investment portfolio as of December 31, 2025 by maturities and interest rates:


TABLE 7 - MATURITY DISTRIBUTION OF LOANS HELD FOR INVESTMENT
	Balance Outstanding at December 31, 2025		Maturities
			One Year or Less		After One to Five Years				After Five Years To 15 Years				After 15 Years
					Fixed Interest Rates		Variable Interest Rates		Fixed Interest Rates		Variable Interest Rates		Fixed Interest Rates		Variable Interest Rates
	(In thousands)
Non-PCD
Commercial loans	$	3,416,280	$	855,141	$	1,142,132	$	917,428	$	318,672	$	116,611	$	50,409	$	15,887
Mortgage loans	639,055		12,384		9,798		112		228,929		2,377		377,128		8,327
Consumer loans	683,246		57,457		348,448		—		245,441		—		31,900		—
Auto loans	2,636,890		51,861		1,416,199		—		1,168,830		—		—		—
Total	$	7,375,471	$	976,843	$	2,916,577	$	917,540	$	1,961,872	$	118,988	$	459,437	$	24,214
PCD
Commercial loans	$	73,889	$	48,166	$	15,230	$	468	$	595	$	9,351	$	79	$	—
Mortgage loans	751,291		586		10,440		169		435,437		1,500		293,876		9,283
Consumer loans	302		302		—		—		—		—		—		—
Auto loans	89		23		—		—		66		—		—		—
Total	$	825,571	$	49,077	$	25,670	$	637	$	436,098	$	10,851	$	293,955	$	9,283
Total loans	$	8,201,042	$	1,025,920	$	2,942,247	$	918,177	$	2,397,970	$	129,839	$	753,392	$	33,497

The following table includes the maturities of OFG’s lending exposure to the Puerto Rico government.

TABLE 8 - PUERTO RICO GOVERNMENT RELATED LOANS


December 31, 2025
			Maturity
	Carrying Value		Less than 1 Year		1 to 3 Years		More than 3 Years
Loans:	(In thousands)

Municipalities	$	77,296	$	—	$	12,298	$	64,998

At December 31, 2025, OFG has $77.3 million of direct credit exposure to the Puerto Rico government, a $10.9 million increase from $66.4 million at December 31, 2024. The Bank’s loans to the Puerto Rico government are general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities in current status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations. Deposits from the Puerto Rico government totaled $1.676 billion at December 31, 2025.

Allowance for Credit Losses

OFG measures its ACL based on management’s best estimate of expected credit losses inherent in OFG’s relevant financial assets. Tables 9 through 11 set forth an analysis of activity in the ACL and present selected credit loss statistics for and as of 2025 and 2024. In addition, Table 6 sets forth the composition of the loan portfolio.

Please refer to the “Provision for Credit Losses” and “Critical Accounting Policies and Estimates” sections in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of this annual report on Form 10-K and “Note 6 – Allowance for Credit Losses” of the accompanying consolidated financial statements for a more detailed analysis of provisions and ACL.

Non-performing Assets

OFG’s non-performing assets include non-performing loans, foreclosed real estate, and other repossessed assets (see Tables 13 and 15). At December 31, 2025, OFG had $124.6 million of non-accrual loans held-for-investment, including $282 thousand PCD loans, compared to $78.0 million at December 31, 2024, mainly related to an increase of $45.8 million in commercial loan portfolio from $41.6 million at December 31, 2024. The increase was primarily driven by $48.3 million in Non-PCD commercial loans (see Table 14), mostly due to the move to non-accrual classification of a $45.0 million Puerto Rico telecommunications loan.

As of December 31, 2025, OFG had $3.1 million in non-accrual commercial US loans held-for-sale. There were no past due or non-accrual commercial loans held-for-sale as of December 31, 2024.

Delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are classified as non-performing loans when they become 90 days or more past due but are not placed in non-accrual status until they become 12 months or more past due, since they are insured loans. Therefore, those loans are included as non-performing loans but excluded from non-accrual loans. As of December 31, 2025 and 2024, the outstanding balance of these residential mortgage loans was $5.5 million and $5.0 million, respectively.

At December 31, 2025, OFG’s non-performing assets increased by 45.3% to $136.0 million (1.09% total assets) from $93.6 million (0.81% of total assets) at December 31, 2024, related to the $45.0 million Puerto Rico telecommunications loan.

Foreclosed real estate decreased from $4.0 million at December 31, 2024 to $2.5 million at December 31, 2025 and other repossessed assets decreased from $6.6 million at December 31, 2024 to $3.5 million at December 31, 2025, both recorded at fair value. OFG does not expect non-performing loans to result in significantly higher losses. At December 31, 2025, the allowance coverage ratio to non-performing loans was 155.6% (211.9% at December 31, 2024).

Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, the determination of non-accrual or accrual status for PCD loans is made at the pool level, not the individual loan level. The ACL was determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the non-credit premium or discount which is amortized as interest income over the remaining life of the pool. On a quarterly basis, management monitors the composition and behavior of the pools to assess the ability for cash flow estimation and timing. If based on the analysis performed the pool is classified as non-accrual, the accretion/amortization of the non-credit (discount) premium ceases.

The following items comprise non-performing loans held-for-investment, including non-PCD and PCDs:

Commercial loans - At December 31, 2025, OFG’s non-performing commercial loans amounted to $87.3 million (67.1% of OFG’s non-performing loans), a 110.1% increase from $41.6 million at December 31, 2024 (50.1% of OFG’s non-performing loans). Non-PCD commercial loans are placed on non-accrual status when they become 90 days or more past due and are written down, if necessary, based on the specific evaluation of the underlying collateral, if any. The increase was primarily driven by the $45.0 million Puerto Rico telecommunications loans classified as non-accrual during 2025, even though it is not past due at December 31, 2025.

Mortgage loans - At December 31, 2025, OFG’s non-performing mortgage loans totaled $17.6 million (13.6% of OFG’s non-performing loans), a 2.7% increase from $17.2 million (20.7% of OFG’s non-performing loans) at December 31, 2024. Non-PCD mortgage loans are placed on non-accrual status when they become 90 days or more past due and are written-down, if necessary, based on the specific evaluation of the collateral underlying the loan, except for FHA and VA insured mortgage loans which are placed in non-accrual when they become 12 months or more past due.

Consumer loans - At December 31, 2025, OFG’s non-performing consumer loans amounted to $4.4 million (3.4% of OFG’s non-performing loans), a 4.1% increase from $4.2 million at December 31, 2024 (5.1% of OFG’s non-performing loans). Non-PCD consumer loans are placed on non-accrual status when they become 90 days past due and written-off when payments are delinquent 120 days in personal loans and 180 days in credit cards and personal lines of credit.

Auto loans - At December 31, 2025, OFG’s non-performing auto loans amounted to $20.8 million (15.9% of OFG’s total non-performing loans), a 3.5% increase from $20.1 million at December 31, 2024 (24.1% of OFG’s total non-performing loans). Non-PCD auto loans are placed on non-accrual status when they become 90 days past due, partially written-off to collateral value when payments are delinquent 120 days and fully written-off when payments are delinquent 180 days.

OFG has two mortgage loan modification programs. These are the Loss Mitigation Program and the Non-Conforming Mortgage Loan Program. Both programs are intended to help responsible homeowners to remain in their homes and avoid foreclosure, while also reducing OFG’s losses on non-performing mortgage loans. The Loss Mitigation Program helps mortgage borrowers who are or will become financially unable to meet the current or scheduled mortgage payments. Loans that qualify under this program are those guaranteed by FHA, VA, RHS, Puerto Rico Housing Finance Authority (“PRHFA”), conventional loans guaranteed by Mortgage Guaranty Insurance Corporation (“MGIC”), conventional loans sold to FNMA and FHLMC, and conventional loans retained by OFG. The program offers diversified alternatives such as regular or reduced payment plans, payment moratorium, mortgage loan modification, partial claims (only FHA), short sale, and deed in lieu of foreclosure. The Non-Conforming Mortgage Loan Program is for non-conforming mortgages, including balloon payment, interest-only/interest first, variable interest rate, adjustable interest rate and other qualified loans. Non-conforming mortgage loan portfolios are segregated into the following categories: performing loans that meet secondary market requirement and are refinanced under the credit underwriting guidelines of FHA, VA, FNMA, or FHLMC, as applicable, and performing loans not meeting secondary market guidelines processed pursuant OFG’s current credit and underwriting guidelines. OFG achieved an affordable and sustainable monthly payment by taking specific, sequential, and necessary steps such as reducing the interest rate, extending the loan term, capitalizing arrearages, deferring the payment of principal or, if the borrower qualifies, refinancing the loan. In order to apply for any of our loan modification programs, if the borrower is active in Chapter 13 bankruptcy, it must request an authorization from the bankruptcy trustee to allow the loan modification. Borrowers with discharged Chapter 7 bankruptcies may also apply. Loans in these programs are evaluated by designated credit underwriters for financial difficulty modification if OFG grants a concession for legal or economic reasons due to the debtor’s financial difficulties.

TABLE 9 - ALLOWANCE FOR CREDIT LOSSES BREAKDOWN



	December 31,						Variance %
	2025			2024
	(In thousands)
ACL:
Non-PCD
Commercial loans	$	65,943		$	44,814		47.1	%
Mortgage loans	6,358			6,395			(0.6)	%
Consumer loans	33,466			31,818			5.2	%
Auto loans	92,472			87,682			5.5	%
Total ACL	$	198,239		$	170,709		16.1	%

PCD
Commercial loans	$	493		$	622		(20.7)	%
Mortgage loans	3,599			4,514			(20.3)	%
Consumer loans	9			11			(18.2)	%
Auto loans	1			7			(85.7)	%
Total ACL	$	4,102		$	5,154		(20.4)	%

ACL summary
Commercial loans	$	66,436		$	45,436		46.2	%
Mortgage loans	9,957			$	10,909		(8.7)	%
Consumer loans	33,475			$	31,829		5.2	%
Auto loans	92,473			$	87,689		5.5	%
Total ACL	$	202,341		$	175,863		15.1	%

ACL composition:
Commercial loans	32.8		%	25.8		%
Mortgage loans	4.9		%	6.2		%
Consumer loans	16.5		%	18.1		%
Auto loans	45.8		%	49.9		%
	100.0		%	100.0		%

ACL coverage ratio at end of period:
Commercial loans	1.90		%	1.46		%	30.1	%
Mortgage loans	0.72		%	0.74		%	(2.7)	%
Consumer loans	4.90		%	4.76		%	2.9	%
Auto loans	3.51		%	3.44		%	2.0	%
	2.47		%	2.26		%	9.3	%

ACL coverage ratio to non-performing loans:
Commercial loans	76.1		%	109.3		%	(30.4)	%
Mortgage loans	56.5		%	63.5		%	(11.0)	%
Consumer loans	764.6		%	756.6		%	1.1	%
Auto loans	445.7		%	437.2		%	1.9	%
	155.6		%	211.9		%	(26.6)	%

TABLE 10 - ALLOCATION OF THE ALLOWANCE FOR CREDIT LOSSES



	December 31,
	2025				2024
	Amount of ACL		Percent of loans in each category of total loans [1]		Amount of ACL		Percent of loans in each category of total loans [1]
	(In thousands)				(In thousands)
Commercial loans	$	66,436	42.6%		$	45,436	39.8%
Mortgage loans	9,957		17.0%		10,909		18.9%
Consumer loans	33,475		8.3%		31,829		8.6%
Auto loans	92,473		32.1%		87,689		32.7%
Total	$	202,341	100.0	%	$	175,863	100.0	%
[1] Total loans in this table refers to total loans held-for-investment.

TABLE 11 - ALLOWANCE FOR CREDIT LOSSES SUMMARY


	Year Ended December 31,
			2025		2024		Variance %
		(In thousands)
Balance at beginning of year			$	175,863	$	161,106	9.2	%
Provision for credit losses			106,713		82,547		29.3	%
Charge-offs			(118,794)		(104,430)		13.8	%
Recoveries			38,559		36,640		5.2	%
Balance at end of year			$	202,341	$	175,863	15.1	%

TABLE 12 — NET CREDIT LOSSES STATISTICS ON LOANS


	Year Ended December 31,
			2025		2024		Variance %
		(In thousands)
Non-PCD:
Mortgage loans
Charge-offs			$	(34)	$	(126)	(73.0)	%
Recoveries			1,193		1,069		11.6	%
Total			1,159		943		22.9	%
Commercial PR
Charge-offs			(7,843)		(4,579)		71.3	%
Recoveries			2,437		1,999		21.9	%
Total			(5,406)		(2,580)		109.5	%
Commercial US
Charge-offs			(6,620)		(3,638)		82.0	%
Recoveries			44		69		(36.2)	%
Total			(6,576)		(3,569)		84.3	%
Consumer loans
Charge-offs			(31,949)		(33,266)		(4.0)	%
Recoveries			3,433		4,166		(17.6)	%
Total			(28,516)		(29,100)		(2.0)	%
Auto loans
Charge-offs			(68,807)		(61,651)		11.6	%
Recoveries			29,422		26,334		11.7	%
Total			(39,385)		(35,317)		11.5	%

PCD:
Mortgage loans

OFG BANCORP 10-K