Additional paid-in capital represents contributed capital in excess of par value of common stock, net of the costs of issuance. At both June 30, 2025 and December 31, 2024, accumulated common stock issuance costs charged against additional paid-in capital amounted to $13.6 million.

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 June 30, 2025 and December 31, 2024, the Bank’s legal surplus amounted to $178.8 million and $169.5 million, respectively. During the quarter and six-month period ended June 30, 2025, OFG transferred $4.9 million and $9.3 million, respectively, to the legal surplus account. During the quarter and six-month period ended June 30, 2024, OFG transferred $4.8 million and $9.6 million, respectively, to the legal surplus account. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders.

In April 2025, the Board of Directors approved a new $100 million stock repurchase program in addition to the $50 million stock repurchase program approved in October 2024 (collectively, “the repurchase programs”). The shares of common stock repurchased are held by OFG as treasury shares. OFG records treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock.

Under the repurchase programs, OFG repurchased 768,423 shares and for a total of $31.1 million at an average price of $40.46 per share during the six-month period ended June 30, 2025. During the six-month period ended June 30, 2024, OFG repurchased 669,200 shares for a total of $24.3 million at an average price of $36.28 per share. These repurchases were part of the stock repurchase program approved for such periods.

At June 30, 2025, the estimated remaining number of shares that may be purchased under the new repurchase program is 2,303,476 and was calculated by dividing the remaining balance of $98.6 million by $42.80 (closing price of OFG’s common stock at June 30, 2025).


	Quarter Ended June 30,
	2025			2024
	Shares	Dollar Amount		Shares	Dollar Amount
	(In thousands, except shares data)
Beginning of period	14,960,888	$	320,927	12,668,663	$	226,896
Common shares used upon lapse of restricted stock units and options	(3,611)	(50)		(14,161)	(227)
Common shares repurchased as part of the stock repurchase programs	186,024	7,695		669,200	24,282
End of period	15,143,301	$	328,572	13,323,702	$	250,951

	Six-Month Period Ended June 30,
	2025			2024
	Shares	Dollar Amount		Shares	Dollar Amount
	(In thousands, except shares data)
Beginning of period	14,444,965	$	296,991	12,820,078	$	228,350
Common shares used upon lapse of restricted stock units and options	(126,579)	(2,152)		(165,576)	(1,681)
Common shares repurchased from employee awards	56,492	2,646		—	—
Common shares repurchased as part of the stock repurchase programs	768,423	31,087		669,200	24,282
End of period	15,143,301	$	328,572	13,323,702	$	250,951