OFG Bancorp 2024年度报告

xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedDecember 31, 2024 or (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: 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¨Noþ 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 thepreceding 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 90days.YesþNo¨ 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). YesþNo¨ 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 emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filerþ 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 revisedfinancial 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.þIf 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).¨ The aggregate market value of the common stock held by non-affiliates of OFG Bancorp (the “Company”) was approximately $1.744billion as of June30, 2024 basedupon 46,561,532 shares outstanding and the reported closing price of $37.45 on the New York Stock Exchange on that date. 45,393,948common shares ($1.00 par value per share) outstanding as of January31, 2025 DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive proxy statement relating to the 2025 annual meeting of shareholders are incorporated herein by reference in response to Items 10through 14 of Part III, except for certain information set forth herein under Item 12. OFG BancorpFORM 10-KYear Ended December31, 2024TABLE OF CONTENTS Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities31Item 6.Reserved32Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations32Item 7A.Quantitative and Qualitative Disclosures About Market Risk67Item 8.Financial Statements and Supplementary Data73Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure164Item 9A.Controls and Procedures164Item 9B.Other Information164Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections164PART IIIItem 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters165PART IVItem 15.Exhibits and Financial Statement Schedules166Item 16.Form 10-K Summary166 FORWARD-LOOKING STATEMENTS The information included in this annual report on Form 10-K contains certain forward-looking statements within the meaning of thePrivate Securities Litigation Reform Act of 1995. These forward-looking statements may relate to the financial condition, results ofoperations, 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