OFG Bancorp Q3 2026 earnings rise to $1.33 a share

Loan balances increased from year-end, while deposits and cash balances declined and nine-month net charge-offs rose.

Available on EDGAR 11/05/2026 - 01:22 PM EST Accepted by SEC EDGAR 11/05/2026 - 01:21 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

OFG Bancorp reported third-quarter 2026 net income available to common shareholders of $56.611 million, compared with $51.838 million a year earlier; diluted earnings per common share were $1.33 versus $1.16. Net interest income was $153.570 million, compared with $154.724 million, while the provision for credit losses was $18.140 million versus $28.258 million. For the nine months ended September 30, 2026, net income was $169.325 million versus $149.210 million.

At September 30, 2026, total loans, net, were $8,266.856 million, compared with $8,014.246 million at December 31, 2025; deposits were $9,988.919 million versus $10,262.752 million, and cash and cash equivalents were $566.773 million versus $1,040.335 million. Nine-month net charge-offs rose to $64.6 million from $53.4 million, including $15.6 million in charge-offs recognized from the sale of two previously reserved non-performing commercial loans. Accumulated other comprehensive loss was $139.167 million versus $16.906 million at year-end; gross unrealized losses on available-for-sale securities were $167.500 million. Operating cash flow for the nine months was $214.821 million, compared with $158.505 million.

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0 major · 1 point

How the balance works

Positive

• Moderate pointThird-quarter net income was $56.611 million, versus $51.838 million a year earlier.
• Minor pointNine-month operating cash flow was $214.821 million, versus $158.505 million.

Negative

• Moderate pointNine-month net charge-offs rose to $64.6 million from $53.4 million.

Filing Explained

At September 30, 2026, $96,432 thousand of held-for-investment loans were 90 or more days past due; $2,751 thousand were still accruing interest.

OFG Bancorp’s quarterly report covers the period ended September 30, 2026; it reports $58,016 thousand in treasury-stock purchases for the nine-month period, while common shares outstanding were 42,004,638 at September 30 versus 43,257,167 at December 31, 2025.

At September 30, 2026, $96,432 thousand of loans held for investment were 90 or more days past due, including $2,751 thousand still accruing; corresponding figures at December 31, 2025 were $102,416 thousand and $3,187 thousand.

Key Figures

Net income available to common shareholders: $56.611 million Diluted earnings per common share: $1.33 Net interest income: $153.570 million +5 more

8 metrics

Net income available to common shareholders $56.611 million Quarter ended September 30, 2026; $51.838 million in 2025

Diluted earnings per common share $1.33 Quarter ended September 30, 2026; $1.16 in 2025

Net interest income $153.570 million Quarter ended September 30, 2026; $154.724 million in 2025

Provision for credit losses $18.140 million Quarter ended September 30, 2026; $28.258 million in 2025

Total loans, net $8,266.856 million September 30, 2026; $8,014.246 million at December 31, 2025

Total deposits $9,988.919 million September 30, 2026; $10,262.752 million at December 31, 2025

Net charge-offs $64.6 million Nine months ended September 30, 2026; $53.4 million in 2025

Net cash provided by operating activities $214.821 million Nine months ended September 30, 2026; $158.505 million in 2025

Key Terms

Allowance for credit losses, Purchased credit deteriorated (PCD) loans, Non-accrual status, Accumulated other comprehensive loss

4 terms

Allowance for credit losses financial

"the ACL decreased by $10.5 million"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Purchased credit deteriorated (PCD) loans financial

"purchased credit deteriorated (“PCD”) loans"

Non-accrual status financial

"loans held-for-investment on non-accrual status"

A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.

Accumulated other comprehensive loss financial

"Accumulated other comprehensive loss, net of tax"

Accumulated other comprehensive loss is the running negative total of certain gains and losses that companies record outside their regular profit-and-loss statement, such as changes in the value of some investments, pension adjustments, or currency translation effects. It matters to investors because it reduces shareholders’ equity and reveals economic swings that haven’t affected reported net income yet — like a side ledger showing pending ups and downs that could influence future cash flow or balance-sheet strength.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were OFG's net income and diluted EPS in Q3 2026?

OFG reported net income available to common shareholders of $56.611 million and diluted earnings per common share of $1.33 for the quarter ended September 30, 2026. The comparable 2025 figures were $51.838 million and $1.16.

Why did OFG's net charge-offs increase?

Nine-month net charge-offs were $64.6 million, an increase of $11.3 million from the same period of 2025. OFG attributed $11.2 million of the increase to commercial loans, mainly due to $15.6 million of charge-offs recognized from selling two previously reserved non-performing commercial loans.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2026

or

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

For the transition period from ______________ to ______________

Commission File Number: 001-12647

OFG Bancorp

(Exact name of registrant as specified in its charter)

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

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

(787) 771-6800

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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 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

☐

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

41,860,206 common shares ($1.00 par value per share) outstanding as of October 31, 2026

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION									Page
Item 1.			Financial Statements
			Unaudited Consolidated Statements of Financial Condition						3
			Unaudited Consolidated Statements of Operations						5
			Unaudited Consolidated Statements of Comprehensive Income						7
			Unaudited Consolidated Statements of Changes in Stockholders’ Equity						8
			Unaudited Consolidated Statements of Cash Flows						9
			Notes to Unaudited Consolidated Financial Statements
			Note 1 – Summary of Significant Accounting Policies						12
			Note 2 – Cash Restrictions						13
			Note 3 – Investment Securities						13
			Note 4 – Loans						17
			Note 5 – Allowance for Credit Losses						33
			Note 6 – Foreclosed Real Estate						36
			Note 7 – Servicing Assets						36
			Note 8 – Goodwill and Other Intangible Assets						37
			Note 9 – Accrued Interest Receivable and Other Assets						38
			Note 10 – Deposits and Related Interest						39
			Note 11 – Borrowings and Related Interest						40
			Note 12 – Offsetting of Financial Assets and Liabilities						42
			Note 13 – Income Taxes						42
			Note 14 – Regulatory Capital Requirements						43
			Note 15 – Stockholders’ Equity						44
			Note 16 – Accumulated Other Comprehensive Loss						45
			Note 17 – Earnings per Common Share						46
			Note 18 – Guarantees						47
			Note 19 – Commitments and Contingencies						48
			Note 20 – Operating Leases						50
			Note 21 – Fair Value of Financial Instruments						51
			Note 22 – Banking and Financial Service Revenues						58
			Note 23 – Business Segments						59
			Note 24 – Subsequent Events						63
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						63
			Critical Accounting Policies and Estimates
Item 3.			Quantitative and Qualitative Disclosures about Market Risk						104
Item 4.			Controls and Procedures						108
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings						109
Item 1A.			Risk Factors						109
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						109
Item 3.			Defaults upon Senior Securities						110
Item 4.			Mine Safety Disclosures						110
Item 5.			Other Information						110
Item 6.			Exhibits						110
Signatures									111

FORWARD-LOOKING STATEMENTS

The information included in this quarterly report on Form 10-Q 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 United States (“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;

1

•the impact of changes in trade policies of the federal government, including the changes in imported goods 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 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 quarterly report on Form 10-Q are based upon information available to OFG as of the date of this report, 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.

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OFG BANCORP

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025

			September 30,						December 31,
			2026						2025
			(In thousands)
ASSETS
Cash and cash equivalents:
Cash and due from banks			$	560,485					$	1,036,074
Money market investments			6,288						4,261
Total cash and cash equivalents			566,773						1,040,335
Investments:
Trading securities, at fair value, with amortized cost of $163 (December 31, 2025 - $163)			22						23
Investment securities available-for-sale, at fair value, with amortized cost of $2,566,254 (December 31, 2025 - $2,529,325); no allowance for credit losses			2,400,058						2,510,882
Investment securities held-to-maturity, at amortized cost, with fair value of $197,670 (December 31, 2025 - $225,065); no allowance for credit losses			252,328						269,498
Equity securities			64,727						62,738
Total investments			2,717,135						2,843,141
Loans:
Loans held-for-sale, at lower of cost or fair value			10,286						15,545
Loans held-for-investment, net of allowance for credit losses of $191,829 (December 31, 2025 - $202,341)			8,256,570						7,998,701
Total loans			8,266,856						8,014,246
Other assets:
Foreclosed real estate			1,615						2,490
Accrued interest receivable			69,143						71,110
Deferred tax assets, net			127,364						104,359
Premises and equipment, net			96,538						93,554
Customers’ liability on acceptances			23,734						22,442
Servicing assets			68,542						66,333
Goodwill			84,241						84,241
Other intangible assets			6,898						9,854
Operating lease right-of-use assets			22,815						21,261
Other assets			92,825						92,291
Total assets			$	12,144,479					$	12,465,657

See notes to unaudited consolidated financial statements.

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OFG BANCORP

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025 (CONTINUED)

			September 30,						December 31,
			2026						2025
			(In thousands)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits			$	4,751,226					$	5,799,985
Savings accounts			2,276,934						2,259,980
Time deposits			2,960,759						2,202,787
Total deposits			9,988,919						10,262,752
Borrowings:
Securities sold under agreements to repurchase			200,673						100,714
Advances from the FHLB			401,358						456,581
Other borrowings			3						9
Total borrowings			602,034						557,304
Other liabilities:
Acceptances executed and outstanding			23,734						22,442
Operating lease liabilities			24,505						23,157
Deferred tax liabilities, net			755						—
Accrued expenses and other liabilities			167,656						209,997
Total liabilities			10,807,603						11,075,652
Commitments and contingencies (See Note 19)
Stockholders’ equity:
Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 42,004,638 shares outstanding (December 31, 2025 - 59,885,234 shares issued; 43,257,167 shares outstanding)			59,885						59,885
Additional paid-in capital			643,653						642,973
Legal surplus			204,892						188,490
Retained earnings			1,013,210						904,630
Treasury stock, at cost, 17,880,596 shares (December 31, 2025 - 16,628,067 shares)			(445,597)						(389,067)
Accumulated other comprehensive loss, net of tax of $27,029 (December 31, 2025 - $1,537)			(139,167)						(16,906)
Total stockholders’ equity			1,336,876						1,390,005
Total liabilities and stockholders’ equity			$	12,144,479					$	12,465,657

See notes to unaudited consolidated financial statements.

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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE QUARTERS AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands, except per share data)
Interest income:
Loans			$	160,406					$	161,334					$	481,375					$	471,729
Mortgage-backed securities			28,967						29,244						86,684						85,923
Investment securities and other			6,371						9,567						18,961						26,062
Total interest income			195,744						200,145						587,020						583,714
Interest expense:
Deposits			36,340						39,742						104,332						113,913
Securities sold under agreements to repurchase			1,225						986						4,154						1,816
Advances from FHLB and other borrowings			4,609						4,693						13,852						12,262
Total interest expense			42,174						45,421						122,338						127,991
Net interest income			153,570						154,724						464,682						455,723
Provision for credit losses			18,140						28,258						53,629						75,624
Net interest income after provision for credit losses			135,430						126,466						411,053						380,099
Non-interest income:
Banking service revenue			17,674						15,930						52,015						47,893
Wealth management revenue			9,367						9,014						28,007						26,387
Mortgage banking activities			5,137						4,312						17,128						14,434
Total banking and financial service revenues			32,178						29,256						97,150						88,714
Other non-interest income			466						2,197						684						2,686
Total non-interest income			32,644						31,453						97,834						91,400

See notes to unaudited consolidated financial statements.

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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE QUARTERS AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025 (CONTINUED)

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands, except per share data)
Non-interest expense:
Compensation and employee benefits			40,511						39,836						123,034						119,333
Occupancy, equipment and infrastructure costs			14,760						14,994						42,451						44,443
Electronic banking charges			12,502						12,657						33,336						34,602
Information technology expenses			5,823						6,805						19,537						19,771
Professional and service fees			4,344						5,336						15,397						15,267
Taxes, other than payroll and income taxes			4,267						4,153						12,558						11,622
Insurance			2,738						2,721						8,412						8,511
Advertising, business promotion, and strategic initiatives			3,277						2,875						9,480						8,036
Loan servicing and clearing expenses			2,505						2,288						7,566						6,694
Communication			1,035						1,080						3,234						3,421
Printing, postage, stationery and supplies			930						1,022						3,349						3,151
Director and investor relations			298						296						1,007						1,013
Foreclosed real estate and other repossessed assets expenses (income), net			96						(521)						(494)						817
Operational losses and related loss provisions			426						292						6,973						671
Other			2,753						2,714						7,960						7,450
Total non-interest expense			96,265						96,548						293,800						284,802
Income before income taxes			71,809						61,371						215,087						186,697
Income tax expense			15,198						9,533						45,762						37,487
Net income available to common shareholders			$	56,611					$	51,838					$	169,325					$	149,210
Earnings per common share:
Basic			$	1.34					$	1.17					$	3.99					$	3.33
Diluted			$	1.33					$	1.16					$	3.97					$	3.31
Average common shares outstanding and equivalents			42,444						44,658						42,620						45,056
Cash dividends per share of common stock			$	0.35					$	0.30					$	1.05					$	0.90

See notes to unaudited consolidated financial statements.

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UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

FOR THE QUARTERS AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands)
Net income			$	56,611					$	51,838					$	169,325					$	149,210
Other comprehensive (loss) income:
Unrealized (loss) gain on securities available-for-sale			(121,211)						25,979						(147,753)						75,110
Income tax effect			20,990						(4,498)						25,492						(12,572)
Other comprehensive (loss) income after taxes			(100,221)						21,481						(122,261)						62,538
Comprehensive (loss) income			$	(43,610)					$	73,319					$	47,064					$	211,748

See notes to unaudited consolidated financial statements.

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UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES

IN STOCKHOLDERS’ EQUITY

FOR THE QUARTERS AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands)
Common stock:
Balance at the beginning and end of period			$	59,885					$	59,885					$	59,885					$	59,885
Additional paid-in capital:
Balance at beginning of period			642,019						639,901						642,973						639,786
Stock-based compensation expense			1,647						1,462						4,643						4,612
Lapsed restricted stock units			(13)						(13)						(3,963)						(3,048)
Balance at end of period			643,653						641,350						643,653						641,350
Legal surplus:
Balance at beginning of period			199,429						178,834						188,490						169,537
Transfer from retained earnings			5,463						4,780						16,402						14,077
Balance at end of period			204,892						183,614						204,892						183,614
Retained earnings:
Balance at beginning of period			976,946						833,187						904,630						771,993
Net income			56,611						51,838						169,325						149,210
Cash dividends declared on common stock[1]			(14,884)						(13,419)						(44,343)						(40,300)
Transfer to legal surplus			(5,463)						(4,780)						(16,402)						(14,077)
Balance at end of period			1,013,210						866,826						1,013,210						866,826
Treasury stock:
Balance at beginning of period			(432,061)						(328,572)						(389,067)						(296,991)
Stock repurchased			(13,543)						(20,398)						(58,016)						(51,486)
Lapsed restricted stock units and options, net of employee awards repurchased			7						13						1,486						(480)
Balance at end of period			(445,597)						(348,957)						(445,597)						(348,957)
Accumulated other comprehensive loss, net of tax:
Balance at beginning of period			(38,946)						(48,782)						(16,906)						(89,839)
Other comprehensive (loss) gain, net of tax			(100,221)						21,481						(122,261)						62,538
Balance at end of period			(139,167)						(27,301)						(139,167)						(27,301)
Total stockholders’ equity			$	1,336,876					$	1,375,417					$	1,336,876					$	1,375,417

[1] Dividends declared per common share during the quarter ended September 30, 2026 - $0.35 (September 30, 2025 - $0.30). Dividends declared per common share during the nine-month period ended September 30, 2026 - $1.05 (September 30, 2025 - $0.90).

See notes to unaudited consolidated financial statements.

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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025

			Nine-Month Period Ended September 30,
			2026						2025
			(In thousands)
Cash flows from operating activities:
Net income			$	169,325					$	149,210
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred loan origination (fees), net of costs, and accretion of fair value discounts on loans			(274)						904
Accretion of investment securities discounts, net of amortization of premiums			(1,051)						(536)
Amortization of other intangible assets			2,956						3,696
Net change in operating leases			(206)						(204)
Depreciation and amortization of premises and equipment			13,882						15,448
Deferred income tax expense (benefit), net			3,242						(4,212)
Provision for credit losses			53,629						75,624
Stock-based compensation			4,643						4,612
(Gain) loss on:
Sale of loans			780						(1,546)
Foreclosed real estate and other repossessed assets			(1,820)						(1,826)
Sale of other assets			5						—
Originations and purchases of loans held-for-sale			(70,316)						(97,063)
Proceeds from sale of loans held-for-sale			67,633						34,054
Net decrease (increase) in:
Accrued interest receivable			1,953						112
Servicing assets			(2,209)						2,998
Other assets			1,547						(68,691)
Net (decrease) increase in:
Accrued interest on deposits and borrowings			(730)						2,237
Accrued expenses and other liabilities			(28,168)						43,688
Net cash provided by operating activities			214,821						158,505
See notes to unaudited consolidated financial statements.

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OFG BANCORP UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025 (CONTINUED)
			Nine-Month Period Ended September 30,
			2026						2025
			(In thousands)
Cash flows from investing activities:
Purchases of:
Investment securities available-for-sale			(267,407)						(352,634)
FHLB stock			(14,175)						(30,367)
Equity securities			(4,535)						(3,869)
Maturities and redemptions of:
Investment securities available-for-sale			296,634						262,070
Investment securities held-to-maturity			16,807						16,634
FHLB stock			16,721						27,226
Proceeds from sales of:
Foreclosed real estate and other repossessed assets, including write-offs			37,690						40,225
Premises and equipment			17						—
Origination and purchase of loans, excluding loans held-for-sale			(2,796,522)						(2,546,785)
Principal repayment of loans			2,393,210						2,133,731
Additions to premises and equipment			(17,744)						(12,485)
Net cash used in investing activities			$	(339,304)					$	(466,254)
Cash flows from financing activities:
Net (decrease) increase in:
Deposits			(291,151)						395,492
Securities sold under agreements to repurchase			100,400						25,000
FHLB advances and other borrowings			(55,006)						130,000
Exercise of stock options and restricted units lapsed, net of employee awards repurchased			(2,477)						(3,528)
Purchase of treasury stock			(58,016)						(51,486)
Dividends paid on common stock			(42,829)						(38,517)
Net cash (used in) provided by financing activities			$	(349,079)					$	456,961
Net change in cash and cash equivalents			(473,562)						149,212
Cash and cash equivalents at beginning of period			1,040,335						591,137
Cash and cash equivalents at end of period			$	566,773					$	740,349

See notes to unaudited consolidated financial statements.

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OFG BANCORP UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025 (CONTINUED)
			Nine-Month Period Ended September 30,
			2026						2025
			(In thousands)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Statements of Financial Condition:
Cash and due from banks			$	560,485					$	737,084
Money market investments			6,288						3,265
Total cash and cash equivalents at end of period			$	566,773					$	740,349
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities:
Interest paid			$	120,804					$	122,924
Income taxes paid			$	96,375					$	76,354
Operating lease liabilities paid			$	7,319					$	6,950
Mortgage loans held-for-sale securitized into mortgage-backed securities			$	64,742					$	62,146
Transfer from loans to foreclosed real estate and other repossessed assets			$	36,433					$	36,275
Reclassification of commercial loans held-for-investment to held-for-sale portfolio			$	62,870					$	1,983
Reclassification of mortgage loans held-for-sale portfolio to held-for-investment portfolio			$	4,551					$	5,320
Financed sales of foreclosed real estate			$	214					$	448
Delinquent loans booked under the GNMA buy-back option			$	58,692					$	46,716

See notes to unaudited consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

OFG is a publicly owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. OFG operates through various subsidiaries, including a commercial bank, Oriental 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”), and OFG Ventures LLC (“OFG Ventures”), which holds equity investments. Through these subsidiaries and their respective divisions, OFG provides a wide range of banking and financial services such as commercial, consumer, auto, and mortgage lending, financial planning, insurance sales, investment advisory, and securities brokerage services, as well as corporate trust services. The Bank has a wholly owned operating subsidiary, OFG USA LLC (“OFG USA”), which is a commercial lender organized in Delaware. In addition, Oriental International Bank Inc. (“OIB”), a wholly owned subsidiary of the Bank, and Oriental Overseas, a division of the Bank, are international banking entities (each an “IBE”) licensed pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended. OIB and Oriental Overseas offer the Bank certain Puerto Rico tax advantages. Their activities are limited under Puerto Rico law to assets/liabilities located outside of Puerto Rico. The Bank also has a wholly owned subsidiary, OBPEF LLC (“OBPEF”), which is a private equity fund under the Puerto Rico Incentives Code, as amended, 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.

Basis of Presentation

The accompanying unaudited consolidated financial statements of OFG have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, these consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of OFG on a consolidated basis, and all such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in OFG’s annual report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”). Operating results for the nine-month period ended September 30, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. OFG evaluated subsequent events through the filing date of this report with the SEC and has recorded or disclosed those material events or transactions as described within the accompanying consolidated financial statements and notes. Material estimates that are particularly susceptible to significant change in the near term relate mainly to the determination of the allowance for credit losses.

New Accounting Updates Not Yet Adopted

Codification Improvements. In December 2025, the Financial Accounting Standards Board (the “FASB”) issued ASU 2025-12, which is intended to facilitate codification updates for a broad range of topics arising from technical corrections, unintended application of the codification, clarifications, and other minor improvements. The amendments in ASU 2025-12 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted on an issue-by-issue basis, and an entity may apply certain amendments prospectively while applying others retrospectively. We will adopt this guidance when it becomes effective in 2027. We are currently evaluating the impact on our financial statements and disclosures.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Interim Reporting (Topic 270): Narrow-Scope Improvements. In December 2025, the FASB issued ASU 2025-11, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under these amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP,” with the aim of improving clarity and consistency without significantly changing existing practices. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and entities may apply the amendments either prospectively or retrospectively to any or all prior periods presented in the financial statements. We will adopt this guidance when it becomes effective in 2028. We are currently evaluating the impact on our financial statements and disclosures.

Financial Instruments—Credit Losses (Topic 326): Purchased Loans. In November 2025, the FASB issued ASU 2025-08, which amends the guidance in ASC 326 on the accounting for certain purchased loans. Under these amendments, entities must account for acquired loans (excluding credit cards) that meet certain criteria at acquisition (“purchased seasoned loans”) by recognizing them at their purchase price plus an allowance for expected credit losses under the gross-up approach, aligning the accounting for purchased seasoned loans with the treatment of financial assets purchased with more-than-insignificant credit deterioration since origination (“PCD assets”). The amendments are effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual reporting periods. Early adoption is permitted, and entities must apply the amendments prospectively. We will adopt this guidance when it becomes effective in 2027. We are currently evaluating the impact on our financial statements and disclosures.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses for public business entities. This ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. These amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and entities may apply the amendments on a prospective basis. We will adopt this guidance when it becomes effective in 2027. We are currently evaluating the impact on our financial statements and disclosures.

NOTE 2 – CASH RESTRICTIONS

OFG had no restricted cash as of September 30, 2026, and December 31, 2025. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits, excluding government deposits that are secured with pledged collateral. The amount of those minimum average reserve balances for the week that covered September 30, 2026, was $503.4 million (December 31, 2025 - $481.5 million). At September 30, 2026, and December 31, 2025, the Bank complied with this requirement. Cash and due from banks, as well as mortgage-backed securities, are used to cover the required average reserve balances.

NOTE 3 – INVESTMENT SECURITIES

Money Market Investments

At September 30, 2026, and December 31, 2025, money market instruments included as part of cash and cash equivalents amounted to $6.3 million and $4.3 million, respectively.

Investment Securities

The amortized cost, gross unrealized gains and losses, fair value, weighted average yield and contractual maturities of the securities owned by OFG at September 30, 2026, and December 31, 2025, were as follows:

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

			September 30, 2026
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Weighted Average Yield
			(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates
Due after 10 years			$	2,012,252					$	187					$	111,926					$	1,900,513					4.67		%
GNMA certificates
Due from 5 to 10 years			919						—						19						900						1.86		%
Due after 10 years			549,322						1,117						55,546						494,893						3.91		%
Total GNMA certificates			550,241						1,117						55,565						495,793						3.91		%
CMOs issued by US government-sponsored enterprises
Due after 10 years			1,134						—						6						1,128						3.65		%
Total mortgage-backed securities			2,563,627						1,304						167,497						2,397,434						4.50		%
Investment securities
US Treasury securities
Due less than 1 year			2,127						—						3						2,124						3.77		%
Other debt securities
Due from 1 to 5 years			500						—						—						500						2.35		%
Total investment securities			2,627						—						3						2,624						3.50		%
Total securities available-for-sale			$	2,566,254					$	1,304					$	167,500					$	2,400,058					4.50		%
			September 30, 2026
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Weighted Average Yield
			(In thousands)
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates
Due after 10 years			$	252,328					$	—					$	54,658					$	197,670					1.73		%

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

			December 31, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Weighted Average Yield
			(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates
Due after 10 years			$	2,015,685					$	31,876					$	31,981					$	2,015,580					4.59		%
GNMA certificates
Due from 5 to 10 years			2,451						—						41						2,410						1.79		%
Due after 10 years			506,433						12,439						30,711						488,161						3.82		%
Total GNMA certificates			508,884						12,439						30,752						490,571						3.81		%
CMOs issued by US government-sponsored enterprises
Due after 10 years			2,605						—						26						2,579						2.64		%
Total mortgage-backed securities			2,527,174						44,315						62,759						2,508,730						4.43		%
Investment securities
US Treasury securities
Due less than 1 year			1,650						1						—						1,651						4.11		%
Other debt securities
Due from 1 to 5 years			500						—						—						500						2.35		%
Due after 10 years			1						—						—						1						2.97		%
Total other debt securities			501						—						—						501						2.35		%
Total investment securities			2,151						1						—						2,152						3.70		%
Total securities available-for-sale			$	2,529,325					$	44,316					$	62,759					$	2,510,882					4.43		%
			December 31, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Weighted Average Yield
			(In thousands)
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates
Due after 10 years			$	269,498					$	—					$	44,433					$	225,065					1.73		%

As of September 30, 2026, and December 31, 2025, the amortized cost of investment securities excludes accrued interest receivable, included in the accrued interest receivable line in OFG’s consolidated statements of financial condition. Refer to Note 9 – Accrued Interest Receivable and Other Assets for more information.

Securities not due on a single contractual maturity date, such as collateralized mortgage obligations, are classified in the period of final contractual maturity. The expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

The weighted average yield on debt securities available-for-sale is based on amortized cost and does not give effect to any changes in fair value. Weighted average yields on tax-exempt obligations have been computed on a fully taxable equivalent basis.

At September 30, 2026, and December 31, 2025, most securities held by OFG are issued by U.S. government entities and government-sponsored enterprises that have a zero-credit loss assumption and, therefore, have no ACL.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Investment securities as of September 30, 2026, include $1.439 billion pledged to secure government deposits, regulatory collateral, and borrowings, of which $1.223 billion serve as collateral for public funds. Investment securities as of December 31, 2025, include $1.724 billion pledged to secure government deposits, regulatory collateral, and borrowings, of which $1.614 billion serve as collateral for public funds. For regulatory collateral, the secured parties are not permitted to sell or repledge the collateral.

The Bank’s IBEs, OIB and Oriental Overseas, each held short-term US Treasury securities in the amount of $1.0 million and $775 thousand at September 30, 2026, and December 31, 2025, respectively, as the legal reserve required for international banking entities under Puerto Rico law. These instruments cannot be withdrawn or transferred without the prior written approval of the Office of the Commissioner of Financial Institutions of Puerto Rico.

During the nine-month periods ended September 30, 2026 and 2025, OFG retained securitized Government National Mortgage Association (“GNMA”) pools totaling $66.6 million and $64.0 million, respectively, at a yield of 4.59% and 4.84%, respectively, from its own originations.

There were no sales of investment securities during the nine-month periods ended September 30, 2026 and 2025.

The following table shows OFG’s gross unrealized losses and fair value of investment securities available-for-sale at September 30, 2026, and December 31, 2025, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:

			September 30, 2026
			Less than 12 months												12 months or more												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
			(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates			$	1,507,805					$	63,279					$	368,120					$	48,647					$	1,875,925					$	111,926
GNMA certificates			273,829						13,205						173,839						42,360						447,668						55,565
US Treasury Securities			2,124						3						—						—						2,124						3
CMOs issued by US government-sponsored enterprises			—						—						1,128						6						1,128						6
			$	1,783,758					$	76,487					$	543,087					$	91,013					$	2,326,845					$	167,500

			December 31, 2025
			Less than 12 months												12 months or more												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
			(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates			$	38,360					$	100					$	522,510					$	31,881					$	560,870					$	31,981
GNMA certificates			5,853						38						221,674						30,714						227,527						30,752
CMOs issued by US government-sponsored enterprises			—						—						2,579						26						2,579						26
			$	44,213					$	138					$	746,763					$	62,621					$	790,976					$	62,759

The unrealized losses on OFG’s investment in federal agency mortgage-backed securities were caused by market volatility related to market uncertainty tied to interest rate fluctuations. OFG purchased those investments at a discount relative to their face amount, and the contractual cash flows of those investments are guaranteed by an agency of the U.S. government or by a government-sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price that is less than the amortized cost basis of OFG’s investments. OFG does not intend to sell the investments, and it is not more likely than not that OFG will be required to sell the investments before recovery of their amortized cost basis.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

NOTE 4 - LOANS

OFG’s loan portfolio is composed of four segments: commercial, mortgage, consumer, and auto loans. Loans are further segregated into classes which OFG uses when assessing and monitoring the risk and performance of the portfolio.

The composition of the amortized cost basis of OFG’s loan portfolio at September 30, 2026, and December 31, 2025, segregated between non-purchased credit deteriorated (“non-PCD”) loans and purchased credit deteriorated (“PCD”) loans, was as follows:

			September 30, 2026																		December 31, 2025
			Non-PCD						PCD						Total						Non-PCD						PCD						Total
			(In thousands)
Commercial PR:
Commercial secured by real estate			$	1,320,360					$	58,856					$	1,379,216					$	1,241,646					$	64,654					$	1,306,300
Other commercial and industrial			1,539,445						8,175						1,547,620						1,344,659						9,235						1,353,894
			2,859,805						67,031						2,926,836						2,586,305						73,889						2,660,194
Commercial US			862,850						—						862,850						829,975						—						829,975
Total commercial loans			3,722,655						67,031						3,789,686						3,416,280						73,889						3,490,169
Mortgage loans			670,563						689,095						1,359,658						639,055						751,291						1,390,346
Consumer loans:
Personal loans			656,355						—						656,355						638,985						—						638,985
Credit lines			8,455						263						8,718						9,327						302						9,629
Credit cards			31,659						—						31,659						34,300						—						34,300
Overdraft			490						—						490						634						—						634
			696,959						263						697,222						683,246						302						683,548
Auto loans			2,601,770						63						2,601,833						2,636,890						89						2,636,979
			7,691,947						756,452						8,448,399						7,375,471						825,571						8,201,042
Allowance for credit losses			(187,165)						(4,664)						(191,829)						(198,239)						(4,102)						(202,341)
Total loans held-for-investment, net			7,504,782						751,788						8,256,570						7,177,232						821,469						7,998,701
Mortgage loans held-for-sale			10,286						—						10,286						12,483						—						12,483
Other loans held-for-sale			—						—						—						3,062						—						3,062
Total loans held-for-sale			10,286						—						10,286						15,545						—						15,545
Total loans, net			$	7,515,068					$	751,788					$	8,266,856					$	7,192,777					$	821,469					$	8,014,246

At December 31, 2025, OFG had $3.1 million in commercial loans held-for-sale which were sold during the nine-month period ended September 30, 2026, recognizing a $28 thousand loss included in other non-interest income in the consolidated statements of operations. At September 30, 2026, OFG had no commercial loans held-for-sale. There were no sales of commercial loans held-for-sale during the nine-month period ended September 30, 2025.

Additionally, during the nine-month period ended September 30, 2026, OFG sold two previously reserved non-performing commercial loans held-for-investment with an aggregate reporting balance of $49.6 million and recognized $15.6 million in related charge-offs.

At September 30, 2026, and December 31, 2025, OFG had carrying balances of $87.2 million and $77.3 million, respectively, in loans held-for-investment granted to the Puerto Rico government or its instrumentalities as part of the commercial loan segment. 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 and are in current status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

The tables below present the aging of the amortized cost of loans held-for-investment at September 30, 2026, and December 31, 2025, by class of loans. Mortgage loans past due include $58.7 million and $56.5 million of delinquent loans in the GNMA buy-back option program at September 30, 2026, and December 31, 2025, respectively. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option.

			September 30, 2026
			30-59 Days Past Due						60-89 Days Past Due						90+ Days Past Due						Total Past Due						Current						Total Loans						Loans 90+ Days Past Due and Still Accruing
			(In thousands)
Commercial PR:
Commercial secured by real estate			$	1,156					$	151					$	2,169					$	3,476					$	1,316,884					$	1,320,360					$	—
Other commercial and industrial			1,246						1,125						2,795						5,166						1,534,279						1,539,445						—
			2,402						1,276						4,964						8,642						2,851,163						2,859,805						—
Commercial US			—						—						1,642						1,642						861,208						862,850						—
Total commercial loans			2,402						1,276						6,606						10,284						3,712,371						3,722,655						—
Mortgage loans			3,073						7,151						69,329						79,553						591,010						670,563						2,751
Consumer loans:
Personal loans			9,485						4,595						2,938						17,018						639,337						656,355						—
Credit lines			104						34						187						325						8,130						8,455						—
Credit cards			450						220						567						1,237						30,422						31,659						—
Overdraft			81						—						—						81						409						490						—
			10,120						4,849						3,692						18,661						678,298						696,959						—
Auto loans			131,244						43,943						16,805						191,992						2,409,778						2,601,770						—
Total loans			$	146,839					$	57,219					$	96,432					$	300,490					$	7,391,457					$	7,691,947					$	2,751

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

			December 31, 2025
			30-59 Days Past Due						60-89 Days Past Due						90+ Days Past Due						Total Past Due						Current						Total Loans						Loans 90+ Days Past Due and Still Accruing
			(In thousands)
Commercial PR:
Commercial secured by real estate			$	486					$	53					$	2,780					$	3,319					$	1,238,327					$	1,241,646					$	—
Other commercial and industrial			1,203						262						941						2,406						1,342,253						1,344,659						—
			1,689						315						3,721						5,725						2,580,580						2,586,305						—
Commercial US			—						—						5,809						5,809						824,166						829,975						—
Total commercial loans			1,689						315						9,530						11,534						3,404,746						3,416,280						—
Mortgage loans			4,885						5,824						68,029						78,738						560,317						639,055						3,187
Consumer loans:
Personal loans			8,415						5,371						3,402						17,188						621,797						638,985						—
Credit lines			122						296						80						498						8,829						9,327						—
Credit cards			650						345						696						1,691						32,609						34,300						—
Overdraft			142						—						—						142						492						634						—
			9,329						6,012						4,178						19,519						663,727						683,246						—
Auto loans			128,451						49,649						20,679						198,779						2,438,111						2,636,890						—
Total loans			$	144,354					$	61,800					$	102,416					$	308,570					$	7,066,901					$	7,375,471					$	3,187

As of December 31, 2025, total past due loans exclude $563 thousand of past due commercial loans held-for-sale. There were no past due commercial loans held-for-sale as of September 30, 2026.

Upon adoption of the current expected credit losses (“CECL”) methodology, 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, PCD loans are not included in the preceding two tables.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Non-accrual Loans

The following table presents the amortized cost basis of loans held-for-investment on non-accrual status as of September 30, 2026, and December 31, 2025:

			September 30, 2026																		December 31, 2025
			Non-accrual with Allowance for Credit Loss						Non-accrual with no Allowance for Credit Loss						Total						Non-accrual with Allowance for Credit Loss						Non-accrual with no Allowance for Credit Loss						Total
			(In thousands)
Non-PCD:
Commercial PR:
Commercial secured by real estate			$	2,619					$	1,115					$	3,734					$	2,724					$	294					$	3,018
Other commercial and industrial			4,520						2,466						6,986						46,503						148						46,651
			7,139						3,581						10,720						49,227						442						49,669
Commercial US			14,980						—						14,980						37,584						—						37,584
Total commercial loans			22,119						3,581						25,700						86,811						442						87,253
Mortgage loans			8,591						2,358						10,949						10,024						1,895						11,919
Consumer loans:
Personal loans			2,983						1						2,984						3,600						—						3,600
Credit lines			188						—						188						80						—						80
Credit cards			568						—						568						698						—						698
			3,739						1						3,740						4,378						—						4,378
Auto loans			16,918						1						16,919						20,749						1						20,750
Total			$	51,367					$	5,941					$	57,308					$	121,962					$	2,338					$	124,300
PCD:
Commercial PR:
Commercial secured by real estate			$	—					$	—					$	—					$	55					$	—					$	55
Mortgage loans			217						—						217						227						—						227
Total			$	217					$	—					$	217					$	282					$	—					$	282
Total non-accrual loans			$	51,584					$	5,941					$	57,525					$	122,244					$	2,338					$	124,582

The determination of non-accrual or accrual status of PCD loans is made at the pool level, not the individual loan level.

As of December 31, 2025, total commercial non-accrual loans exclude $3.1 million of non-accrual commercial loans held-for-sale. There were no commercial non-accrual loans held-for-sale at September 30, 2026.

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.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Modifications to Debtors Experiencing Financial Difficulty

OFG’s loss mitigation program was designed to ensure that borrowers experiencing financial difficulties have an opportunity to continue paying their obligations. The available alternatives depend on each borrower’s hardship and ability to continue making regular payments or to make payments under a modified payment plan. The program provides home retention and disposition alternatives intended to avoid foreclosure proceedings and collateral retention.

OFG offers various types of loan modifications to borrowers experiencing financial difficulty in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, interest or principal forbearance or forgiveness, or any combination of these types of concessions.

As of September 30, 2026, and December 31, 2025, the amortized cost of modified loans excludes $18 thousand and $37 thousand, respectively, of accrued interest receivable. Accrued interest receivable on loans is included in the accrued interest receivable line in OFG’s consolidated statements of financial condition. Modified loans during the nine-month periods ended September 30, 2026 and 2025, include $1.1 million and $796 thousand, respectively, of government-guaranteed loans (e.g., FHA/VA).

The following tables present the amortized cost basis as of September 30, 2026 and 2025, of loans held-for-investment that were modified during the quarters and nine-month periods ended September 30, 2026 and 2025, disaggregated by class of financing receivable and type of concession granted.

			Interest Rate Reduction
			Quarters Ended September 30,																		Nine-Month Period Ended September 30,
			2026									2025									2026									2025
			$1			%2						$1			%2						$1			%2						$1			%2
			(Dollars in thousands)
Commercial PR:
Commercial secured by real estate			$	86		0.01		%				$	—		—		%				$	86		0.01		%				$	194		0.01		%
Other commercial and industrial			—			—		%				—			—		%				—			—		%				78			0.01		%
Total			$	86								$	—								$	86								$	272
1 -Amortized cost basis.
2 - Percentage of total class of financing receivable.

			Term Extension
			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026									2025									2026									2025
			$1			%2						$1			%2						$1			%2						$1			%2
			(Dollars in thousands)
Commercial PR:
Other commercial and industrial			$	—		—		%				$	—		—		%				$	—		—		%				$	697		0.06		%
Mortgage loans			356			0.03		%				842			0.06		%				1,520			0.11		%				2,113			0.15		%
Auto loans			137			0.01		%				52			—		%				251			0.01		%				144			0.01		%
Total			$	493								$	894								$	1,771								$	2,954
1 -Amortized cost basis.
2 - Percentage of total class of financing receivable.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

			Principal Forbearance/Forgiveness
			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026									2025									2026									2025
			$1			%2						$1			%2						$1			%2						$1			%2
			(Dollars in thousands)
Commercial US			$	—		—		%				$	—		—		%				$	—		—		%				$	9,821		1.18		%
1 -Amortized cost basis.
2 - Percentage of total class of financing receivable.

			Combination of Term Extension and Interest Rate Reduction
			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026									2025									2026									2025
			$1			%2						$1			%2						$1			%2						$1			%2
			(Dollars in thousands)
Commercial PR:
Commercial secured by real estate			$	2,790		0.20		%				$	—		—		%				$	3,982		0.29		%				$	454		0.03		%
Other commercial and industrial			320			0.02		%				1,177			0.10		%				406			0.03		%				1,177			0.10		%
Mortgage loans			166			0.01		%				84			0.01		%				166			0.01		%				127			0.01		%
Consumer:
Personal loans			6			—		%				95			0.01		%				66			0.01		%				95			0.01		%
Auto loans			210			0.01		%				80			—		%				501			0.02		%				133			0.01		%
Total			$	3,492								$	1,436								$	5,121								$	1,986
1 -Amortized cost basis.
2 - Percentage of total class of financing receivable.

			Combination of Term Extension and Principal or Interest Forgiveness/Forbearance
			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026									2025									2026									2025
			$1			%2						$1			%2						$1			%2						$1			%2
			(Dollars in thousands)
Commercial US			$	—		—		%				$	—		—		%				$	2,202		0.26		%				$	3,258		0.39		%
Mortgage loans			—			—		%				—			—		%				73			0.01		%				98			—		%
Total			$	—								$	—								$	2,275								$	3,356
1 -Amortized cost basis.
2 - Percentage of total class of financing receivable.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

			Combination of Interest Rate Reduction and Principal Forgiveness/Forbearance
			Quarters Ended September 30,																		Nine-Month Period Ended September 30,
			2026									2025									2026									2025
			$1			%2						$1			%2						$1			%2						$1			%2
			(Dollars in thousands)
Mortgage loans			$	—		—		%				$	94		0.01		%				$	—		—		%				$	94		0.01		%
1 -Amortized cost basis.
2 - Percentage of total class of financing receivable.

			Combination of Interest Rate Reduction, Term Extension and Principal Forgiveness/Forbearance
			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026									2025									2026									2025
			$1			%2						$1			%2						$1			%2						$1			%2
			(Dollars in thousands)
Commercial US			$	—		—		%				$	—		—		%				$	—		—		%				$	7,125		0.86		%
Mortgage loans			—			—		%				—			—		%				—			—		%				137			0.01		%
Total			$	—								$	—								$	—								$	7,262
1 -Amortized cost basis.
2 - Percentage of total class of financing receivable.

Our credit loss estimation methodology incorporates a lifetime approach, utilizing modeled loan performance based on the historical experience of loans with similar risk characteristics, adjusted for current conditions, and reasonable and supportable forecasts. The model considers extensive historical loss experience, including the impact of loss mitigation programs offered to borrowers facing financial difficulty and projected loss severity from loan defaults, and is applied consistently across all portfolio segments. Additionally, our ACL is recorded on each asset upon origination or acquisition and is based on historical loss information, including modifications made to borrowers facing financial difficulty, and expected behavior. Changes to the ACL are generally not recorded upon modification, as the effects of most modifications are already considered in the estimation methodology. Refer to Note 5 – Allowance for Credit Losses for additional information.

The following tables present the financial effect of the modifications granted to borrowers experiencing financial difficulty during the quarters and nine-month periods ended September 30, 2026 and 2025. The financial effect of the combined modifications is presented separately by type of modification.

			Quarter Ended September 30, 2026
			Weighted-Average Interest Rate Reduction						Weighted-Average Term Extension (In months)						Weighted-Average Forgiveness/Forbearance of Principal or Interest Amount  (In thousands)
Commercial PR:
Commercial loans secured by real estate			1.35		%				34						$	—
Other commercial and industrial			1.16		%				37						$	—
Mortgage loans			0.13		%				160						$	—
Consumer loans:
Personal loans			5.00		%				24						$	—
Auto loans			1.77		%				32						$	—

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

			Nine-Month Period Ended September 30, 2026
			Weighted-Average Interest Rate Reduction						Weighted-Average Term Extension   (In months)						Weighted-Average Forgiveness/Forbearance of Principal Amount  (In thousands)
Commercial PR:
Commercial loans secured by real estate			1.32		%				31						$	—
Other commercial and industrial			1.51		%				37						$	—
Commercial US			—		%				9						$	850
Mortgage loans			0.13		%				122						$	25
Consumer loans:
Personal loans			4.32		%				29						$	—
Auto loans			1.84		%				31						$	—

			Quarter Ended September 30, 2025
			Weighted-Average Interest Rate Reduction						Weighted-Average Term Extension (In months)						Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial PR:
Other commercial and industrial			1.99		%				29						$	—
Mortgage loans			1.21		%				158						$	27
Consumer loans:
Personal loans			4.18		%				40						$	—
Auto loans			1.38		%				37						$	—

			Nine-Month Period Ended September 30, 2025
			Weighted-Average Interest Rate Reduction						Weighted-Average Term Extension (In months)						Weighted-Average Forgiveness/Forbearance of Principal Amount   (In thousands)
Commercial PR:
Commercial loans secured by real estate			2.99		%				24						$	—
Other commercial and industrial			2.19		%				32						$	—
Commercial US			2.15		%				16						$	5,309
Mortgage loans			0.75		%				135						$	33
Consumer loans:
Personal loans			4.18		%				40						$	—
Auto loans			2.01		%				35						$	—

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

The following tables present the amortized cost basis as of September 30, 2026, of loans held-for-investment that experienced a payment default after a modification was granted during the preceding twelve months to a borrower experiencing financial difficulty.

			Twelve-Month Period Ended
			Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
			Interest Rate Reduction						Term Extension						Principal Forgiveness/Forbearance						Combination of Term Extension and Interest Rate Reduction						Combination of Term Extension and Principal or Interest Forgiveness/Forbearance						Combination of Interest Rate Reduction, Term Extension and Principal Forgiveness/Forbearance						Total
			(In thousands)
September 30, 2026
Commercial US			$	—					$	—					$	—					$	—					$	—					$	1,643					$	1,643
Mortgage loans			—						121						—						—						—						—						121
Auto loans			—						—						—						4						—						—						4
Total loans			$	—					$	121					$	—					$	4					$	—					$	1,643					$	1,768

September 30, 2025
Mortgage loans									$	—					$	158											$	—					$	—					$	—					$	—					$	158

A payment default for a financial difficulty modification loan is defined as reaching 90 days past due with respect to principal and/or interest payments or when the borrower misses three consecutive monthly payments since modification. Payment defaults are among the factors considered when projecting future cash flows in the calculation of the ACL of loans.

OFG closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the payment status of loans that have been modified in the twelve-month periods ended September 30, 2026 and 2025 that were granted to borrowers experiencing financial difficulty.

			September 30, 2026
			30-59 Days Past Due						60-89 Days Past Due						90+ Days Past Due						Total Past Due						Current						Total
			(In thousands)
Commercial PR:
Commercial loans secured by real estate			$	—					$	—					$	—					$	—					$	4,067					$	4,067
Other commercial and industrial			—						—						—						—						405						405
			—						—						—						—						4,472						4,472
Commercial US			—						—						1,643						1,643						560						2,203
Total commercial loans			—						—						1,643						1,643						5,032						6,675
Mortgage loans			85						—						121						206						1,743						1,949
Consumer loans:
Personal loans			—						—						—						—						88						88
Auto loans			185						13						4						202						713						915
Total			$	270					$	13					$	1,768					$	2,051					$	7,576					$	9,627

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

			September 30, 2025
			30-59 Days Past Due						60-89 Days Past Due						90+ Days Past Due						Total Past Due						Current						Total
			(In thousands)
Commercial PR:
Commercial loans secured by real estate			$	—					$	—					$	—					$	—					$	648					$	648
Other commercial and industrial			—						—						—						—						1,952						1,952
			—						—						—						—						2,600						2,600
Commercial US			—						5,809						—						5,809						20,203						26,012
Total commercial loans			—						5,809						—						5,809						22,803						28,612
Mortgage loans			958						—						158						1,116						2,065						3,181
Consumer loans:
Personal loans			—						—						—						—						95						95
Auto loans			—						—						—						—						347						347
Total			$	958					$	5,809					$	158					$	6,925					$	25,310					$	32,235

There were no outstanding commitments to lend additional funds to debtors experiencing financial difficulties at September 30, 2026 and 2025.

As of September 30, 2026, and December 31, 2025, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $31.9 million and $33.6 million, respectively. OFG commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent. Puerto Rico and the U.S. Virgin Islands (the “USVI”) require the foreclosure to be processed through their respective courts. Foreclosure timelines vary according to local law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediation, bankruptcy, court delays and property title issues.

Collateral-dependent Loans

The table below presents the amortized cost of commercial collateral-dependent loans held-for-investment at September 30, 2026, and December 31, 2025, by class of loans.

			September 30,						December 31,
			2026						2025
			(In thousands)
Commercial PR:
Commercial loans secured by real estate			$	3,317					$	3,065
Other commercial and industrial			4,380						—
Total			$	7,697					$	3,065

PCD loans, except for single-pooled loans, are not included in the table above as their unit of account is the loan pool.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Credit Quality Indicators

OFG categorizes its commercial loans into loan grades based on relevant information about the ability of borrowers to service their debts, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans.

OFG uses the following definitions for loan grades:

Pass: Loans classified as “pass” have a well-defined primary source of repayment very likely to be sufficient, with no apparent risk, strong financial position, minimal operating risk, profitability, liquidity and capitalization better than industry standards.

Special Mention: Loans classified as “special mention” have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard: Loans classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful: Loans classified as “doubtful” have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values, questionable and improbable.

Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future.

Loans not meeting the criteria above that are analyzed individually as part of such process are considered to be pass loans.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

As of September 30, 2026, and based on the most recent analysis performed, the risk category of loans held-for-investment subject to risk rating by class of loans, and current year-to-date period gross charge-offs by year of origination are as follows:

						Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
						2026						2025						2024						2023						2022						Prior
						(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass						$	197,407					$	312,998					$	142,597					$	172,873					$	149,472					$	260,098					$	50,373					$	1,285,818
Special Mention						2,685						—						—						13,028						356						1,974						—						18,043
Substandard						1,195						2,779						4,017						970						1,149						5,544						845						16,499
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total commercial secured by real estate						201,287						315,777						146,614						186,871						150,977						267,616						51,218						1,320,360
Commercial secured by real estate:
YTD gross charge-offs						—						—						—						4						—						—						—						4
Other commercial and industrial:
Loan grade:
Pass						259,787						160,933						71,544						104,710						27,567						33,377						857,346						1,515,264
Special Mention						—						744						93						875						12						51						—						1,775
Substandard						—						1,811						6,838						1,826						1,315						1,360						9,256						22,406
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total other commercial and industrial:						259,787						163,488						78,475						107,411						28,894						34,788						866,602						1,539,445
Other commercial and industrial:
YTD gross charge-offs						125						142						759						16						135						14,414						—						15,591
Commercial US:
Loan grade:
Pass						165,257						163,261						34,232						76,679						11,818						43,389						319,265						813,901
Special Mention						—						—						14,788						—						—						—						—						14,788
Substandard						560						—						1,642						22,518						9,441						—						—						34,161
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total Commercial US:						165,817						163,261						50,662						99,197						21,259						43,389						319,265						862,850
Commercial US:
YTD gross charge-offs						—						1,608						179						120						3,934						—						—						5,841
Total commercial loans						$	626,891					$	642,526					$	275,751					$	393,479					$	201,130					$	345,793					$	1,237,085					$	3,722,655
Total YTD gross charge-offs						$	125					$	1,750					$	938					$	140					$	4,069					$	14,414					$	—					$	21,436

    

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

As of December 31, 2025, and based on the most recent analysis performed, the risk category of loans held-for-investment subject to risk rating by class of loans, and current year-to-date period gross charge-offs by year of origination are as follows:

						Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
						2025						2024						2023						2022						2021						Prior
						(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass						$	305,802					$	150,531					$	175,834					$	163,812					$	151,931					$	189,743					$	46,539					$	1,184,192
Special Mention						3,662						4,409						13,388						3,604						20,966						2,105						—						48,134
Substandard						—						—						335						1,147						1,324						4,389						2,125						9,320
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total commercial secured by real estate						309,464						154,940						189,557						168,563						174,221						196,237						48,664						1,241,646
Commercial secured by real estate:
YTD gross charge-offs						—						—						13						—						184						1,799						—						1,996
Other commercial and industrial:
Loan grade:
Pass						185,535						124,680						194,517						30,738						17,356						22,222						672,040						1,247,088
Special Mention						—						5,959						700						14,306						14,001						165						11,872						47,003
Substandard						716						36						1,844						938						45,836						269						929						50,568
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total other commercial and industrial:						186,251						130,675						197,061						45,982						77,193						22,656						684,841						1,344,659
Other commercial and industrial:
YTD gross charge-offs						19						43						2,127						1,091						60						2,508						—						5,848
Commercial US:
Loan grade:
Pass						208,442						46,657						85,994						12,989						29,381						25,889						292,541						701,893
Special Mention						—						2,473						—						—						—						—						53,886						56,359
Substandard						6,419						8,447						25,069						15,429						—						—						14,871						70,235
Doubtful						—						1,488						—						—						—						—						—						1,488
Loss						—						—						—						—						—						—						—						—
Total Commercial US:						214,861						59,065						111,063						28,418						29,381						25,889						361,298						829,975
Commercial US:
YTD gross charge-offs						—						—						9						2,963						3,647						—						—						6,619
Total commercial loans						$	710,576					$	344,680					$	497,681					$	242,963					$	280,795					$	244,782					$	1,094,803					$	3,416,280
Total YTD gross charge-offs						$	19					$	43					$	2,149					$	4,054					$	3,891					$	4,307					$	—					$	14,463

At September 30, 2026, and December 31, 2025, the balance of revolving commercial loans converted to term loans was $171.8 million and $169.5 million, respectively.

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OFG considers the performance of the loan portfolio and its impact on the ACL. For mortgage and consumer loan classes, OFG also evaluates credit quality based on the aging status of the loan and payment activity. The following table presents the amortized cost in mortgage and consumer loans held-for-investment based on payment performance as of September 30, 2026, and current year-to-date period gross charge-offs by year of origination:

						Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
						2026						2025						2024						2023						2022						Prior
						(In thousands)
Mortgage loans:
Performing						$	67,802					$	60,446					$	34,381					$	15,868					$	21,882					$	454,324					$	—					$	654,703
Nonperforming						—						464						35						1,002						770						13,589						—						15,860
Total mortgage loans:						67,802						60,910						34,416						16,870						22,652						467,913						—						670,563
Mortgage loans:
YTD gross charge-offs						—						—						—						16						—						135						—						151
Consumer loans:
Personal loans:
Performing						216,199						177,874						112,327						76,520						46,247						24,204						—						653,371
Nonperforming						218						637						855						609						482						183						—						2,984
Total personal loans						216,417						178,511						113,182						77,129						46,729						24,387						—						656,355
Personal loans:
YTD gross charge-offs						51						4,845						7,901						4,919						3,010						1,057						—						21,783
Credit lines:
Performing						—						—						—						—						—						—						8,267						8,267
Nonperforming						—						—						—						—						—						—						188						188
Total credit lines						—						—						—						—						—						—						8,455						8,455
Credit lines:
YTD gross charge-offs						—						—						—						—						—						—						287						287
Credit cards:
Performing						—						—						—						—						—						—						31,091						31,091
Nonperforming						—						—						—						—						—						—						568						568
Total credit cards						—						—						—						—						—						—						31,659						31,659
Credit cards:
YTD gross charge-offs						—						—						—						—						—						—						1,776						1,776
Overdrafts:
Performing						—						—						—						—						—						—						490						490
Nonperforming						—						—						—						—						—						—						—						—
Total overdrafts						—						—						—						—						—						—						490						490
Overdrafts:
YTD gross charge-offs						—						—						—						—						—						—						512						512
Total consumer loans						216,417						178,511						113,182						77,129						46,729						24,387						40,604						696,959
Total consumer loans YTD gross charge-offs						51						4,845						7,901						4,919						3,010						1,057						2,575						24,358
Total mortgage and consumer loans						$	284,219					$	239,421					$	147,598					$	93,999					$	69,381					$	492,300					$	40,604					$	1,367,522
Total mortgage and consumer loans YTD gross charge-offs						$	51					$	4,845					$	7,901					$	4,935					$	3,010					$	1,192					$	2,575					$	24,509

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

The following table presents the amortized cost in mortgage and consumer loans held-for-investment based on payment performance as of December 31, 2025, and the current year-to-date period gross charge-offs by year of origination:

						Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
						2025						2024						2023						2022						2021						Prior
						(In thousands)
Mortgage loans:
Performing						$	62,161					$	38,139					$	17,443					$	22,041					$	28,000					$	453,871					$	—					$	621,655
Nonperforming						—						1,001						1,032						323						471						14,573						—						17,400
Total mortgage loans:						62,161						39,140						18,475						22,364						28,471						468,444						—						639,055
Mortgage loans:
YTD gross charge-offs						—						—						23						—						—						11						—						34
Consumer loans:
Personal loans:
Performing						250,051						169,085						111,204						69,607						24,860						10,578						—						635,385
Nonperforming						375						981						968						836						358						82						—						3,600
Total personal loans						250,426						170,066						112,172						70,443						25,218						10,660						—						638,985
Personal loans:
YTD gross charge-offs						805						9,316						9,463						6,809						1,586						618						—						28,597
Credit lines:
Performing						—						—						—						—						—						—						9,247						9,247
Nonperforming						—						—						—						—						—						—						80						80
Total credit lines						—						—						—						—						—						—						9,327						9,327
Credit lines:
YTD gross charge-offs						—						—						—						—						—						—						215						215
Credit cards:
Performing						—						—						—						—						—						—						33,602						33,602
Nonperforming						—						—						—						—						—						—						698						698
Total credit cards						—						—						—						—						—						—						34,300						34,300
Credit cards:
YTD gross charge-offs						—						—						—						—						—						—						2,394						2,394
Overdrafts:
Performing						—						—						—						—						—						—						634						634
Nonperforming						—						—						—						—						—						—						—						—
Total overdrafts						—						—						—						—						—						—						634						634
Overdrafts:
YTD gross charge-offs						—						—						—						—						—						—						743						743
Total consumer loans						250,426						170,066						112,172						70,443						25,218						10,660						44,261						683,246
Total consumer loans YTD gross charge-offs						805						9,316						9,463						6,809						1,586						618						3,352						31,949
Total mortgage and consumer loans						$	312,587					$	209,206					$	130,647					$	92,807					$	53,689					$	479,104					$	44,261					$	1,322,301
Total mortgage and consumer loans YTD gross charge-offs						$	805					$	9,316					$	9,486					$	6,809					$	1,586					$	629					$	3,352					$	31,983

At September 30, 2026, and December 31, 2025, the balance of mortgage and consumer revolving loans that were converted to term loans was $2.4 million and $2.6 million, respectively.

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OFG evaluates credit quality for auto loans based on FICO score. The following table presents the amortized cost in auto loans held-for-investment based on their most recent FICO score as of September 30, 2026, and the current year-to-date period gross charge-offs by year of origination:

			Term Loans Amortized Cost Basis by Origination Year																																				Total
			2026						2025						2024						2023						2022						Prior
			(In thousands)
Auto loans:
FICO score:
1-660			$	92,459					$	154,527					$	168,315					$	138,663					$	100,656					$	61,161					$	715,781
661-699			101,353						103,167						79,234						51,001						31,559						17,170						383,484
700+			312,860						402,516						344,003						227,741						122,100						65,157						1,474,377
No FICO			3,869						7,699						7,193						4,473						3,253						1,641						28,128
Total auto loans			$	510,541					$	667,909					$	598,745					$	421,878					$	257,568					$	145,129					$	2,601,770
Auto loans:
YTD gross charge-offs			$	745					$	10,868					$	14,033					$	11,630					$	6,631					$	4,782					$	48,689

The following table presents the amortized cost in auto loans held-for-investment based on their most recent FICO score as of December 31, 2025, and the current year-to-date period gross charge-offs by year of origination:

			Term Loans Amortized Cost Basis by Origination Year																																				Total
			2025						2024						2023						2022						2021						Prior
			(In thousands)
Auto loans:
FICO score:
1-660			$	136,367					$	194,255					$	172,718					$	133,219					$	67,654					$	37,008					$	741,221
661-699			142,244						105,568						71,691						44,588						21,474						10,979						396,544
700+			459,063						428,538						291,963						166,563						83,376						43,203						1,472,706
No FICO			6,198						8,017						5,152						4,038						2,103						911						26,419
Total auto loans			$	743,872					$	736,378					$	541,524					$	348,408					$	174,607					$	92,101					$	2,636,890
Auto loans:
YTD gross charge-offs			$	3,565					$	18,326					$	21,419					$	14,164					$	6,275					$	5,058					$	68,807

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, PCD loans are not included in the preceding tables.

As of September 30, 2026, and December 31, 2025, accrued interest receivable on loans totaled $57.7 million and $59.8 million, respectively, and is included in the accrued interest receivable line in OFG’s consolidated statements of financial condition. Refer to Note 9 – Accrued Interest Receivable and Other Assets for more information on accrued interest receivable on loans.

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NOTE 5 – ALLOWANCE FOR CREDIT LOSSES

OFG measures its ACL based on management’s best estimate of lifetime expected credit losses inherent in OFG’s relevant financial assets. The ACL is estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio, and an economic outlook over the life of the loan. Also included in the ACL are qualitative reserves to cover losses that are expected but, in OFG’s assessment, may not be adequately represented in the quantitative methods or the economic assumptions. In its loss forecasting framework, OFG incorporates forward-looking information by using macroeconomic scenarios applied over the forecasted life of the assets. The scenarios that are chosen each quarter and the amount of weight given to each scenario depend on a variety of factors, including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. For more information on OFG’s credit loss accounting policies, including the ACL, see Note 1 – Summary of Significant Accounting Policies included in OFG’s 2025 Form 10-K.

At September 30, 2026, OFG used an economic probability-weighted scenario approach consisting of the baseline and moderate recession scenarios, giving more weight to the baseline scenario, except for the commercial US loan segment that uses a higher probability level in the moderate recessionary scenario. In addition, the ACL at September 30, 2026, continues to include qualitative reserves for certain segments that OFG views as higher risk that may not be fully recognized through its quantitative models, such as credit trends in the auto loan portfolio. There are still many unknown variables, including the results of the local and U.S. mainland governments’ fiscal and monetary actions resulting from the effect of inflation, labor market conditions, interest rates, geopolitical tension, and new trade and tax policies.

As of September 30, 2026, the ACL decreased by $10.5 million compared to December 31, 2025. The provision for credit losses for the nine-month period ended September 30, 2026, reflected $49.6 million related to loan volume and $3.0 million related to specific commercial loan reserves. Net charge-offs for the nine-month period ended September 30, 2026, amounted to $64.6 million, an increase of $11.3 million when compared to the same period of 2025. The increase corresponds to $11.2 million from commercial loans, mainly due to $15.6 million charge-offs recognized from the sale of two previously reserved non-performing commercial loans during the period.

The provision for credit losses for the nine-month period ended September 30, 2025, reflected $48.1 million related to loan volume, $14.2 million in commercial loans specific reserves and $13.6 million due to alignment of economic and loss rate model assumptions. Net charge-offs for the nine-month period ended September 30, 2025, amounted to $53.4 million and include $6.5 million from commercial US loans.

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The following tables present the activity in OFG’s ACL by segment for the quarters and nine-month periods ended September 30, 2026 and 2025:

			Quarter Ended September 30, 2026
			Commercial						Mortgage						Consumer						Auto						Total
			(In thousands)
Non-PCD:
Balance at beginning of period			$	52,707					$	6,314					$	33,757					$	91,969					$	184,747
(Recapture of) provision for credit losses			(421)						(3)						7,383						10,072						17,031
Charge-offs			(594)						(85)						(7,774)						(16,110)						(24,563)
Recoveries			1,306						187						1,104						7,353						9,950
Balance at end of period			$	52,998					$	6,413					$	34,470					$	93,284					$	187,165
PCD:
Balance at beginning of period			$	354					$	3,143					$	10					$	1					$	3,508
Provision for (recapture of) credit losses			1,298						(255)						(16)						(24)						1,003
Charge-offs			—						—						—						—						—
Recoveries			15						100						14						24						153
Balance at end of period			$	1,667					$	2,988					$	8					$	1					$	4,664
Total allowance for credit losses at end of period			$	54,665					$	9,401					$	34,478					$	93,285					$	191,829
			Nine-Month Period Ended September 30, 2026
			Commercial						Mortgage						Consumer						Auto						Total
			(In thousands)
Non-PCD:
Balance at beginning of period			$	65,943					$	6,358					$	33,466					$	92,472					$	198,239
Provision for (recapture of) credit losses			6,905						(439)						22,079						26,848						55,393
Charge-offs			(21,436)						(151)						(24,358)						(48,689)						(94,634)
Recoveries			1,586						645						3,283						22,653						28,167
Balance at end of period			$	52,998					$	6,413					$	34,470					$	93,284					$	187,165
PCD:
Balance at beginning of period			$	493					$	3,599					$	9					$	1					$	4,102
Recapture of credit losses			(242)						(950)						(34)						(49)						(1,275)
Charge-offs			—						(6)						—						—						(6)
Recoveries			1,416						345						33						49						1,843
Balance at end of period			$	1,667					$	2,988					$	8					$	1					$	4,664
Total allowance for credit losses at end of period			$	54,665					$	9,401					$	34,478					$	93,285					$	191,829

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			Quarter Ended September 30, 2025
			Commercial						Mortgage						Consumer						Auto						Total
			(In thousands)
Non-PCD:
Balance at beginning of period			$	51,586					$	5,684					$	32,822					$	92,673					$	182,765
Provision for credit losses			12,181						638						7,757						6,803						27,379
Charge-offs			(5,093)						—						(7,704)						(16,743)						(29,540)
Recoveries			922						171						896						7,108						9,097
Balance at end of period			$	59,596					$	6,493					$	33,771					$	89,841					$	189,701
PCD:
Balance at beginning of period			$	3,482					$	3,683					$	10					$	4					$	7,179
Provision for (recapture of) credit losses			259						453						(11)						(34)						667
Charge-offs			(205)						—						—						(2)						(207)
Recoveries			118						281						10						33						442
Balance at end of period			$	3,654					$	4,417					$	9					$	1					$	8,081
Total allowance for credit losses at end of period			$	63,250					$	10,910					$	33,780					$	89,842					$	197,782
			Nine-Month Period Ended September 30, 2025
			Commercial						Mortgage						Consumer						Auto						Total
			(In thousands)
Non-PCD:
Balance at beginning of period			$	44,814					$	6,395					$	31,818					$	87,682					$	170,709
Provision for (recapture of) credit losses			22,016						(970)						22,410						29,612						73,068
Charge-offs			(8,396)						(34)						(22,926)						(49,805)						(81,161)
Recoveries			1,162						1,102						2,469						22,352						27,085
Balance at end of period			$	59,596					$	6,493					$	33,771					$	89,841					$	189,701
PCD:
Balance at beginning of period			$	622					$	4,514					$	11					$	7					$	5,154
Provision for (recapture of) credit losses			3,062						(751)						(28)						(70)						2,213
Charge-offs			(236)						(59)						(1)						(16)						(312)
Recoveries			206						713						27						80						1,026
Balance at end of period			$	3,654					$	4,417					$	9					$	1					$	8,081
Total allowance for credit losses at end of period			$	63,250					$	10,910					$	33,780					$	89,842					$	197,782

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NOTE 6 — FORECLOSED REAL ESTATE

The following table presents the activity related to foreclosed real estate for the quarters and nine-month periods ended September 30, 2026 and 2025:

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands)
Balance at beginning of period			$	1,675					$	2,603					$	2,490					$	4,002
Additions			574						631						979						1,188
Sales			(695)						(459)						(1,900)						(2,884)
Decline in value			(1)						(23)						(176)						(246)
Other adjustments			62						408						222						1,100
Balance at end of period			$	1,615					$	3,160					$	1,615					$	3,160

NOTE 7 - SERVICING ASSETS

OFG periodically sells or securitizes mortgage loans while retaining the obligation to perform the servicing of such loans. In addition, OFG may purchase or assume the right to service mortgage loans originated by others. Whenever OFG undertakes an obligation to service a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to more than adequately compensate OFG for servicing the loans. Likewise, a servicing liability would be recognized whenever the servicing fees to be received are not expected to adequately compensate OFG for its expected cost.

At September 30, 2026, the fair value of mortgage servicing rights (“MSR”) was $68.5 million ($66.3 million — December 31, 2025).

The following table presents the changes in servicing rights measured using the fair value method for the quarters and nine-month periods ended September 30, 2026 and 2025:

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands)
Balance at beginning of period			$	67,867					$	68,588					$	66,333					$	70,435
Servicing from mortgage securitization or asset transfers			632						723						2,100						2,133
Changes due to payments on loans			(1,348)						(1,407)						(4,002)						(4,015)
Changes in fair value due to changes in valuation model inputs or assumptions			1,391						(467)						4,111						(1,116)
Fair value at end of period			$	68,542					$	67,437					$	68,542					$	67,437

The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value as of September 30, 2026, and December 31, 2025:

			September 30,						December 31,
			2026						2025
Constant prepayment rate			2.52% - 23.25%						2.38% - 22.45%
Discount rate			10.00% - 15.50%						10.00% - 15.50%

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The sensitivity of the current fair value of servicing assets to immediate 10 percent and 20 percent adverse changes in the above key assumptions were as follows:

			September 30,						December 31,
			2026						2025
			(In thousands)
Mortgage-related servicing asset
Carrying value of mortgage servicing asset			$	68,542					$	66,333
Weighted average life (in years)			8.2						8.0
Constant prepayment rate
Decrease in fair value due to 10% adverse change			$	(1,027)					$	(1,186)
Decrease in fair value due to 20% adverse change			$	(2,022)					$	(2,331)
Discount rate
Decrease in fair value due to 10% adverse change			$	(3,096)					$	(2,913)
Decrease in fair value due to 20% adverse change			$	(5,947)					$	(5,601)

These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. In addition, in this table, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without changing any other assumption. Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the MSR, which may result from changes in the valuation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows.

Servicing fee income is based on a contractual percentage of the outstanding principal balance. Ancillary fees include various service charges such as late payment fees and fees for additional services. These fees are recorded as income when earned and included in the mortgage banking activities section in the consolidated statement of operations. Servicing and ancillary fees on mortgage loans for the quarters ended September 30, 2026 and 2025 totaled $5.3 million and $5.6 million, respectively. Servicing and ancillary fees on mortgage loans for the nine-month periods ended September 30, 2026 and 2025 totaled $16.6 million and $16.7 million, respectively.

NOTE 8 — GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill by reportable business segment is included in the table below. Refer to Note 23 – Business Segments for additional information on OFG’s reportable business segments.

			Banking						Wealth Management						Treasury						Total
			(In thousands)
December 31, 2025			$	84,063					$	178					$	—					$	84,241
September 30, 2026			$	84,063					$	178					$	—					$	84,241

There were no changes in the carrying amount of goodwill during the quarters and nine-month periods ended September 30, 2026 and 2025. There were no accumulated impairment losses at September 30, 2026, and December 31, 2025.

Relevant events and circumstances for evaluating whether it is more likely than not that the fair value of a reporting segment is less than its carrying amount may include macroeconomic conditions (such as deterioration of the Puerto Rico economy or the liquidity for Puerto Rico securities or loans secured by assets in Puerto Rico), adverse changes in legal factors or in the business climate, adverse actions by a regulator, unanticipated competition, the loss of key employees, natural disasters, or similar events.

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OFG performed its annual impairment review of goodwill during the fourth quarter of 2025 using October 31, 2025, as the annual evaluation date and concluded that there was no impairment on December 31, 2025. During the nine-month period ended September 30, 2026, OFG performed an assessment of events or circumstances that could trigger reductions in the book value of goodwill. Based on this assessment, no impairments were identified at September 30, 2026.

The following table reflects the components of other intangible assets subject to amortization at September 30, 2026, and December 31, 2025:

						Gross Carrying Amount						Accumulated Amortization						Net Carrying Value
						(In thousands)
September 30, 2026
Core deposit intangibles						$	41,507					$	36,224					$	5,283
Customer relationship intangibles						12,693						11,078						1,615
Total other intangible assets						$	54,200					$	47,302					$	6,898
December 31, 2025
Core deposit intangibles						$	41,507					$	33,960					$	7,547
Customer relationship intangibles						12,693						10,386						2,307
Total other intangible assets						$	54,200					$	44,346					$	9,854

In connection with previous acquisitions, OFG recorded core deposit intangibles representing the value of checking and savings deposits acquired. In addition, OFG recorded customer relationship intangibles representing the value of customer relationships acquired with its acquisitions of insurance agencies. During the nine-month period ended September 30, 2026, OFG performed an assessment of events or circumstances that could trigger reductions in the book value of other intangible assets. Based on this assessment, no impairments were identified at September 30, 2026.

Other intangible assets have a definite useful life. Amortization of other intangible assets for the quarters ended September 30, 2026 and 2025, was $985 thousand and $1.2 million, respectively. Amortization of other intangible assets for the nine-month periods ended September 30, 2026 and 2025, was $3.0 million and $3.7 million, respectively.

The following table presents the estimated remaining amortization of other intangible assets as of September 30, 2026:

As of September 30, 2026			(In thousands)
2026			$	986
2027			2,956
2028			1,971
2029			985

NOTE 9 — ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS

Accrued interest receivable at September 30, 2026, and December 31, 2025, consists of the following:

			September 30,						December 31,
			2026						2025
			(In thousands)
Loans			$	57,663					$	59,772
Investment securities and other			11,480						11,338
			$	69,143					$	71,110

Accrued interest receivable on loans that participated in the Hurricane Fiona and Covid-19 deferral programs amounted to $15.6 million at September 30, 2026, of which $15.2 million corresponded to loans in current status, and $16.4 million at December 31, 2025, of which $14.9 million corresponded to loans in current status. OFG estimates expected credit losses on

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accrued interest receivable for loans that participated in these moratorium programs. An allowance has been established for loans with delinquency status in 30 to 89 days past due and is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. At September 30, 2026, and December 31, 2025, the ACL for accrued interest receivable for loans that participated in moratorium programs amounted to $28 thousand and $13 thousand, respectively, and is included in accrued interest receivable in the statement of financial condition.

Other assets at September 30, 2026, and December 31, 2025, consist of the following:

			September 30,						December 31,
			2026						2025
			(In thousands)
Prepaid expenses			$	30,927					$	20,463
Other repossessed assets			4,681						3,457
Accounts receivable and other assets			57,217						68,371
			$	92,825					$	92,291

Prepaid expenses amounting to $30.9 million at September 30, 2026, include prepaid municipal, property and income taxes aggregating to $18.8 million. At December 31, 2025, prepaid expenses amounted to $20.5 million, including prepaid municipal, property and income taxes aggregating to $11.9 million.

Other repossessed assets totaled $4.7 million and $3.5 million at September 30, 2026, and December 31, 2025, respectively, and mainly consist of repossessed automobiles, which are recorded at their net realizable value.

NOTE 10 — DEPOSITS AND RELATED INTEREST

Total deposits, including related accrued interest payable of $5.4 million and $5.5 million, as of September 30, 2026, and December 31, 2025, respectively, consisted of the following:

			September 30,						December 31,
			2026						2025
			(In thousands)
Non-interest-bearing demand deposits			$	2,694,014					$	2,626,768
Interest-bearing savings and demand deposits			4,334,146						5,433,197
Retail certificates of deposit			1,319,123						1,220,141
Institutional certificates of deposit			1,317,072						642,652
Total core deposits			9,664,355						9,922,758
Brokered deposits			324,564						339,994
Total deposits			$	9,988,919					$	10,262,752

At September 30, 2026, and December 31, 2025, the aggregate amount of uninsured deposits was $5.158 billion (51.63% of total deposits) and $5.386 billion (52.48% of total deposits), respectively.

The weighted average interest rate of OFG’s deposits was 1.41% and 1.53%, respectively, at September 30, 2026, and December 31, 2025.

Interest expense for the quarters and nine-month periods ended September 30, 2026 and 2025 was as follows:

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands)
Demand and savings deposits			$	13,030					$	23,097					$	46,090					$	65,532
Certificates of deposit			23,310						16,645						58,242						48,381
			$	36,340					$	39,742					$	104,332					$	113,913

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At September 30, 2026, and December 31, 2025, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $1.905 billion and $1.177 billion, respectively.

At September 30, 2026, and December 31, 2025, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $1.269 billion and $1.676 billion, respectively. As of September 30, 2026, and December 31, 2025, these public funds were collateralized by investment securities totaling $1.223 billion and $1.614 billion, respectively, and by commercial loans totaling $79.5 million and $76.6 million, respectively.

Excluding accrued interest of approximately $5.4 million at both September 30, 2026, and December 31, 2025, the scheduled maturities of certificates of deposit are as follows:

			September 30,												December 31,
			2026												2025
			Period-end amount						Uninsured amount						Period-end amount						Uninsured amount
			(In thousands)
Within one year:
Three months or less			$	1,117,592					$	828,946					$	751,849					$	369,112
Over 3 months through 6 months			419,404						235,689						430,578						166,044
Over 6 months through 1 year			1,004,760						403,127						628,006						243,192
			2,541,756						1,467,762						1,810,433						778,348
Over 1 through 2 years			299,129						54,355						255,528						49,932
Over 2 through 3 years			59,085						5,096						70,597						6,470
Over 3 through 4 years			27,513						4,461						28,586						3,738
Over 4 through 5 years			27,914						2,296						32,186						4,251
Over 5 years			5						—						28						—
			$	2,955,402					$	1,533,970					$	2,197,358					$	842,739

The table of scheduled maturities of certificates of deposit above includes brokered-deposits and IRAs.

The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $1.1 million and $977 thousand, as of September 30, 2026, and December 31, 2025, respectively.

NOTE 11— BORROWINGS AND RELATED INTEREST

Securities Sold under Agreements to Repurchase

At September 30, 2026, and December 31, 2025, securities underlying agreements to repurchase were delivered to, and held by, the counterparties with whom the repurchase agreements were transacted. The counterparties agreed to resell to OFG the same or similar securities at the maturity of these agreements. The purpose of these transactions is to provide financing for OFG’s securities portfolio.

The following table shows OFG’s repurchase agreements, excluding accrued interest in the amount of $273 thousand and $714 thousand at September 30, 2026, and December 31, 2025:

			September 30,						December 31,
			2026						2025
			(In thousands)
Short-term fixed-rate repurchase agreements, with a weighted average interest rate of 3.89% (December 31, 2025 - 3.62%)			$	200,400					$	100,000

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Repurchase agreement maturities at September 30, 2026, and December 31, 2025 were as follows:

			September 30,						December 31,
			2026						2025
			(In thousands)
Under 90 days			$	100,400					$	—
Over 90 days to one year			100,000						100,000
Total			$	200,400					$	100,000

The following securities were sold under agreements to repurchase at September 30, 2026, and December 31, 2025:

Underlying Securities						Amortized Cost of Underlying Securities						Balance of Borrowing						Approximate Fair Value of Underlying Securities						Weighted Average Interest Rate of Security
						(In thousands)
September 30, 2026
FNMA and FHLMC Certificates						$	225,833					$	200,400					$	214,167					4.93		%

December 31, 2025
FNMA and FHLMC Certificates						$	105,696					$	100,000					$	108,662					5.22		%

Advances from the Federal Home Loan Bank of New York

Advances are received from the FHLB-NY under an agreement whereby OFG is required to maintain as collateral an amount of qualifying collateral which has a fair market value that is at least equal to the FHLB-NY collateral maintenance level. At September 30, 2026, and December 31, 2025, these advances were secured by mortgage and commercial loans amounting to $1.352 billion and $1.255 billion, respectively. Further, at September 30, 2026, and December 31, 2025, OFG had an additional borrowing capacity with the FHLB of $450.3 million and $351.1 million, respectively. At September 30, 2026, and December 31, 2025, the weighted average remaining maturity of FHLB advances was 5 months and 1.10 years, respectively.

The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $1.4 million and $1.6 million at September 30, 2026 and December 31, 2025, respectively:

			September 30,						December 31,
			2026						2025
			(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.13% (December 31, 2025 - 3.79%)			$	400,000					$	55,000
Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 4.13%			—						400,000
			$	400,000					$	455,000

Advances from FHLB mature as follows:

			September 30,						December 31,
			2026						2025
			(In thousands)
Over 90 days to one year			$	400,000					$	55,000
Over one to three years			—						400,000
			$	400,000					$	455,000

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NOTE 12 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES

OFG’s securities sold under agreements to repurchase have a right of set-off with the respective counterparty under the supplemental terms of the master repurchase agreements. In an event of default, each party has a right of set-off against the other party for amounts owed in the related agreements and any other amount or obligation owed in respect of any other agreement or transaction between them. Security collateral posted to open and maintain a master netting agreement with a counterparty, in the form of cash and securities, may from time to time be segregated in an account at a third-party custodian pursuant to an account control agreement.

The following table presents the potential effect of rights of set-off associated with OFG’s recognized financial assets and liabilities at September 30, 2026, and December 31, 2025:

																					Gross Amounts Not Offset in the Statement of  Financial Condition
			Gross Amount of Recognized Liabilities						Gross Amounts Offset in the Statement of Financial Condition						Net Amount of Liabilities Presented in Statement of Financial Condition						Financial Instruments						Cash Collateral Provided						Net Amount
			(In thousands)
September 30, 2026
Securities sold under agreements to repurchase			$	200,400					$	—					$	200,400					$	214,167					$	—					$	(13,767)

December 31, 2025
Securities sold under agreements to repurchase			$	100,000					$	—					$	100,000					$	108,662					$	—					$	(8,662)

NOTE 13 — INCOME TAXES

OFG is subject to the provisions of the Puerto Rico Internal Revenue Code of 2011, as amended (the “PR Code”). The PR Code imposes a maximum statutory corporate tax rate of 37.5%. OFG has operations in the mainland U.S. through its wholly owned subsidiaries OFG Ventures and OFG USA, the latter of which is a direct subsidiary of the Bank, and has two branches in the USVI. The U.S. subsidiaries are subject to federal income taxes at the corporate level, while the USVI branches are subject to federal income taxes under a mirror system and a 10% surtax included in the maximum tax rate. OFG USA is subject to North Carolina state taxes, and investments held by OFG Ventures are subject to state taxes in Missouri. In addition, OFG’s wholly owned subsidiary, OFG Reinsurance Ltd., is tax exempt in Grand Cayman.

As of September 30, 2026, OFG’s net deferred tax assets, net of a valuation allowance of $610 thousand, amounted to $127.4 million, and the net deferred tax liability, net of valuation allowance of $18 thousand, amounted to $755 thousand, reflecting the aggregate deferred tax assets or liabilities of individual tax-paying subsidiaries of OFG. As of December 31, 2025, OFG’s deferred tax asset, net of a valuation allowance of $568 thousand, amounted to $104.4 million. The increase in valuation allowance of $60 thousand was related to USVI operations. In assessing the realizability of the deferred tax asset, management considers whether it is more likely than not that some portion or the entire deferred tax asset will not be realized. The ultimate realization of the deferred tax asset is dependent upon the generation of future income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future income, and tax planning strategies in making this assessment. Based upon the assessment of positive and negative evidence, the level of historical taxable income, projections for future taxable income over the periods in which the deferred tax asset is deductible, and provisions of certain closing agreements, management believes it is more likely than not that OFG will realize the benefits of these deductible differences, net of the existing valuation allowances, at September 30, 2026. The amount of the deferred tax asset that is considered realizable could be reduced in the near term if there are changes in estimates of future taxable income.

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OFG maintained an effective tax rate (“ETR”) lower than the statutory rate for the nine-month periods ended September 30, 2026 and 2025 of 21.3% and 20.1%, respectively. The lower ETR, compared to the statutory rate, is mainly related to exempt income and investments subject to preferential tax treatment under the PR Code.

OFG classifies unrecognized tax benefits in other liabilities. These gross unrecognized tax benefits would affect the ETR if realized. At September 30, 2026, there were no unrecognized tax benefits.

Income tax expense for the quarters ended September 30, 2026 and 2025 was $15.2 million and $9.5 million, respectively. Income tax expense for the nine-month periods ended September 30, 2026 and 2025 was $45.8 million and $37.5 million, respectively.

NOTE 14 — REGULATORY CAPITAL REQUIREMENTS

Regulatory Capital Requirements

OFG (on a consolidated basis) and the Bank are subject to various risk-based capital standards (“Basel III capital rules”) administered by federal and Puerto Rico banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on OFG’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, OFG and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. OFG and the Bank have elected to exclude accumulated comprehensive loss related to available for sale securities valuation from Common Equity Tier 1 Capital.

As of September 30, 2026, and December 31, 2025, OFG and the Bank met all capital adequacy requirements to which they are subject. As of September 30, 2026, and December 31, 2025, OFG and the Bank are “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” an institution must maintain minimum CET1 risk-based, Tier 1 risk-based, total risk-based, and Tier 1 leverage ratios as set forth in the tables presented below.

OFG’s and the Bank’s actual capital amounts and ratios as of September 30, 2026, and December 31, 2025, were as follows:

			Actual												Minimum Capital Requirement (including capital conservation buffer)												Minimum to be Well Capitalized
			Amount						Ratio						Amount						Ratio						Amount						Ratio
			(Dollars in thousands)
OFG Bancorp Ratios
As of September 30, 2026
Total capital to risk-weighted assets			$	1,514,680					15.36		%				$	1,035,690					10.50		%				$	986,371					10.00		%
Tier 1 capital to risk-weighted assets			$	1,390,580					14.10		%				$	838,415					8.50		%				$	789,097					8.00		%
Common equity tier 1 capital to risk-weighted assets			$	1,390,580					14.10		%				$	690,460					7.00		%				$	641,141					6.50		%
Tier 1 capital to average total assets			$	1,390,580					11.44		%				$	486,292					4.00		%				$	607,865					5.00		%
As of December 31, 2025
Total capital to risk-weighted assets			$	1,437,596					15.24		%				$	990,781					10.50		%				$	943,601					10.00		%
Tier 1 capital to risk-weighted assets			$	1,318,633					13.97		%				$	802,061					8.50		%				$	754,881					8.00		%
Common equity tier 1 capital to risk-weighted assets			$	1,318,633					13.97		%				$	660,521					7.00		%				$	613,341					6.50		%
Tier 1 capital to average total assets			$	1,318,633					10.71		%				$	492,568					4.00		%				$	615,711					5.00		%

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			Actual												Minimum Capital Requirement (including capital conservation buffer)												Minimum to be Well Capitalized
			Amount						Ratio						Amount						Ratio						Amount						Ratio
			(Dollars in thousands)
Bank Ratios
As of September 30, 2026
Total capital to risk-weighted assets			$	1,430,208					14.59		%				$	1,029,568					10.50		%				$	980,541					10.00		%
Tier 1 capital to risk-weighted assets			$	1,306,828					13.33		%				$	833,460					8.50		%				$	784,432					8.00		%
Common equity tier 1 capital to risk-weighted assets			$	1,306,828					13.33		%				$	686,378					7.00		%				$	637,351					6.50		%
Tier 1 capital to average total assets			$	1,306,828					10.85		%				$	481,972					4.00		%				$	602,464					5.00		%
As of December 31, 2025
Total capital to risk-weighted assets			$	1,378,822					14.70		%				$	985,075					10.50		%				$	938,167					10.00		%
Tier 1 capital to risk-weighted assets			$	1,260,530					13.44		%				$	797,442					8.50		%				$	750,533					8.00		%
Common equity tier 1 capital to risk-weighted assets			$	1,260,530					13.44		%				$	656,717					7.00		%				$	609,808					6.50		%
Tier 1 capital to average total assets			$	1,260,530					10.31		%				$	489,159					4.00		%				$	611,449					5.00		%

NOTE 15 – STOCKHOLDERS’ EQUITY

Common Stock

At September 30, 2026, and December 31, 2025, common stock paid-in capital amounted to $59.9 million.

Additional Paid-in Capital

Additional paid-in capital represents contributed capital in excess of par value of common stock, net of the costs of issuance. At September 30, 2026, and December 31, 2025, accumulated common stock issuance costs charged against additional paid-in capital amounted to $13.6 million.

Legal Surplus

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 September 30, 2026, and December 31, 2025, the Bank’s legal surplus amounted to $204.9 million and $188.5 million, respectively. During the quarter and nine-month period ended September 30, 2026, OFG transferred $5.5 million and $16.4 million, respectively, to the legal surplus account. For the same periods in 2025, OFG transferred $4.8 million and $14.1 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.

Treasury Stock

In January 2026, OFG’s Board of Directors (the “Board”) approved a $200.0 million stock repurchase program in addition to the $100.0 million stock repurchase program approved in April 2025. The shares of common stock repurchased are held by

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OFG as treasury shares. OFG records common stock repurchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock.

During the nine-month periods ended September 30, 2026, and 2025, OFG repurchased 1,358,899 and 1,246,064 shares, respectively, for a total of $58.0 million and $51.5 million, at an average price of $42.69 and $41.32 per share, under the approved stock repurchase programs for such periods.

At September 30, 2026, the estimated remaining number of shares that may be purchased under the repurchase programs is 3,595,531 and was calculated by dividing the remaining balance of $180.1 million by $50.08 (closing price of OFG’s common stock on September 30, 2026).

OFG did not repurchase any shares of common stock during the nine-month periods ended September 30, 2026 and 2025, other than through its publicly announced stock repurchase programs.

The activity in connection with common shares held in treasury by OFG for the quarters and nine-month periods ended September 30, 2026 and 2025, is set forth below:

			Quarter Ended September 30,
			2026												2025
			Shares						Dollar Amount						Shares						Dollar Amount
			(In thousands, except shares data)
Beginning of period			17,620,050						$	432,061					15,143,301						$	328,572
Common shares used upon lapse of restricted stock units and options			(400)						(7)						(630)						(13)
Common shares repurchased as part of the stock repurchase programs			260,946						13,543						477,641						20,398
End of period			17,880,596						$	445,597					15,620,312						$	348,957
			Nine-Month Period Ended September 30,
			2026												2025
			Shares						Dollar Amount						Shares						Dollar Amount
			(In thousands, except shares data)
Beginning of period			16,628,067						$	389,067					14,444,965						$	296,991
Common shares used upon lapse of restricted stock units and options			(106,370)						(1,486)						(127,209)						(2,166)
Common shares repurchased from employee awards			—						—						56,492						2,646
Common shares repurchased as part of the stock repurchase programs			1,358,899						58,016						1,246,064						51,486
End of period			17,880,596						$	445,597					15,620,312						$	348,957

NOTE 16 - ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss, net of income taxes, as of September 30, 2026, and December 31, 2025, consisted of:

			September 30,						December 31,
			2026						2025
			(In thousands)
Unrealized loss on securities available-for-sale			$	(166,196)					$	(18,443)
Income tax effect of unrealized loss on securities available-for-sale			27,029						1,537
Net unrealized loss on securities available-for-sale			(139,167)						(16,906)
Accumulated other comprehensive loss, net of income taxes			$	(139,167)					$	(16,906)

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The following table presents changes in accumulated other comprehensive loss by component, net of taxes, for the quarters and nine-month periods ended September 30, 2026 and 2025:

			Net unrealized loss on securities available-for-sale
			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands)
Beginning balance			$	(38,946)					$	(48,782)					$	(16,906)					$	(89,839)
Other comprehensive (loss) income before reclassifications			(100,221)						21,479						(122,261)						62,532
Amounts reclassified out of accumulated other comprehensive loss			—						2						—						6
Other comprehensive (loss) income			(100,221)						21,481						(122,261)						62,538
Ending balance			$	(139,167)					$	(27,301)					$	(139,167)					$	(27,301)

    

The following table presents reclassifications out of accumulated other comprehensive loss for the quarters and nine-month periods ended September 30, 2026 and 2025:

			Amount reclassified out of accumulated other comprehensive loss
			Quarter Ended September 30,												Nine-Month Period Ended September 30,															Affected Line Item in Consolidated Statement of Operations
			2026						2025						2026						2025
			(In thousands)
Tax effect from changes in tax rates			$	—					$	2					—						6									Income tax expense

NOTE 17 – EARNINGS PER COMMON SHARE

The calculation of earnings per common share for the quarters and nine-month periods ended September 30, 2026 and 2025 is as follows:

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands, except per share data)
Income available to common shareholders			$	56,611					$	51,838					$	169,325					$	149,210
Average common shares outstanding			42,191						44,430						42,410						44,857
Effect of dilutive securities:
Average potential common shares-options			253						228						210						199
Total weighted average common shares outstanding and equivalents			42,444						44,658						42,620						45,056
Earnings per common share - basic			$	1.34					$	1.17					$	3.99					$	3.33
Earnings per common share - diluted			$	1.33					$	1.16					$	3.97					$	3.31

For both quarters ended September 30, 2026 and 2025, weighted-average restricted stock units with an anti-dilutive effect on earnings per common share (“EPS”) not included in the calculation amounted to zero. For the nine-month periods ended September 30, 2026 and 2025, weighted-average restricted stock units with an anti-dilutive effect on EPS not included in the calculation amounted to 12 and 445, respectively.

During the first quarter of 2026, OFG increased its quarterly common stock cash dividend to $0.35 per share from $0.30 per share at December 31, 2025.

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NOTE 18 – GUARANTEES

At September 30, 2026, and December 31, 2025, the notional amount of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $25.9 million and $26.1 million, respectively.

OFG has a liability for residential mortgage loans sold subject to credit recourse, principally loans associated with FHLMC residential mortgage loan sales and securitization programs. At September 30, 2026, and December 31, 2025, the unpaid principal balance of residential mortgage loans sold subject to credit recourse under the residential mortgage loan sale programs was $77.6 million and $83.0 million, respectively. The estimated losses to be absorbed under the credit recourse arrangements were recorded as a liability when the credit recourse was assumed and are updated on a quarterly basis. At September 30, 2026, OFG’s liability for estimated credit losses related to loans sold with credit recourse amounted to $72 thousand (December 31, 2025 - $111 thousand).

The following table shows the changes in OFG’s liability for estimated losses from credit recourse agreements included in the consolidated statements of financial condition during the quarters and nine-month periods ended September 30, 2026 and 2025:

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands)
Balance at beginning of period			$	75					$	91					$	111					$	155
Net (charge-offs/amortization) recoveries			(3)						34						(39)						(30)
Balance at end of period			$	72					$	125					$	72					$	125

The expected loss, which represents the amount expected to be lost on a given loan, considers the probability of default (“PD”) and the loss severity. The PD represents the probability that a loan in good standing would become 120 days delinquent; however, for loans subject to credit recourse, OFG is not required to repurchase the loan.

If a borrower defaults, pursuant to the credit recourse provided, OFG may decide to repurchase the loan or reimburse the third-party investor for the loss incurred. The maximum potential amount of future payments that OFG would be required to make under the recourse arrangements is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. During the quarters ended September 30, 2026 and 2025, OFG repurchased $264 thousand and $224 thousand, respectively, in such mortgage loans. During the nine-month periods ended September 30, 2026 and 2025, OFG repurchased mortgage loans with unpaid principal balances of $338 thousand and $294 thousand, respectively. If a borrower defaults, OFG has rights to the underlying collateral securing the mortgage loan. OFG suffers losses on these mortgage loans when the proceeds from a foreclosure sale of the collateral property are less than the outstanding principal balance of the loan, any uncollected interest advanced, and the costs of holding and disposing of the related property.

When OFG sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. OFG groups mortgage loans into pools that are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or are sold directly to FNMA, FHLMC or other private investors for cash. As required under such mortgage-backed securities programs, OFG performs quality review procedures to ensure compliance with applicable underwriting and eligibility guidelines. To the extent the loans do not meet specified characteristics, OFG may be required to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. During the quarters and nine-month periods ended September 30, 2026 and 2025, OFG did not repurchase any mortgage loans related to representations and warranties, excluding mortgage loans sold subject to separate credit recourse provisions. In addition to obligations arising from contractual credit recourse provisions and customary representations and warranties, OFG may, from time to time, repurchase or buy back mortgage loans for other reasons, including, but not limited to, loan delinquency and modification, portfolio realignments, or other business purposes. During the quarters ended September 30, 2026 and 2025, OFG repurchased $1.3 million and $1.7 million, respectively, of unpaid principal balance in mortgage loans, excluding mortgage loans sold subject to such credit recourse provisions and related representations and warranties. During the nine-month periods ended September 30, 2026, and 2025, OFG repurchased $3.5 million and $4.0 million, respectively, of such unpaid principal balance. At September 30, 2026 and December 31, 2025, OFG had a $419 thousand and $249 thousand liability, respectively, for the estimated credit losses related to these loans.

During the quarters ended September 30, 2026 and 2025, OFG recognized $4 thousand in gains and $35 thousand in losses, respectively, from the repurchase of residential mortgage loans sold subject to credit recourse, including provisions for possible

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losses. During the nine-month periods ended September 30, 2026 and 2025, OFG recognized $49 thousand in losses and $30 thousand in gains, respectively, from the repurchase of residential mortgage loans sold to credit recourse, including provisions for possible losses. During the quarters ended September 30, 2026 and 2025, OFG recognized $75 thousand and $266 thousand in losses, respectively, from the repurchase of residential mortgage loans without recourse, net of provisions for possible losses, including repurchases related to breaches of customary representations and warranties and other activities. During the nine-month periods ended September 30, 2026 and 2025, OFG recognized $175 thousand and $176 thousand in losses, respectively, from the repurchase of residential mortgage loans without recourse, net of provisions for possible losses, including repurchases related to breaches of customary representations and warranties and other activities.

At September 30, 2026, OFG serviced $5.7 billion (December 31, 2025 - $5.7 billion) in mortgage loans for third parties, including subserviced mortgage loans. Servicing agreements relating to the mortgage-backed securities programs of FNMA and GNMA, and to mortgage loans sold and serviced to certain other investors, including FHLMC, require OFG to advance funds to make scheduled payments of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. OFG generally recovers funds advanced pursuant to these arrangements from liquidation proceeds when the mortgage loan is foreclosed or, in the case of FHA or VA loans, under the applicable FHA and VA insurance and guarantee programs. However, in the meantime, OFG must absorb the cost of the funds it advances during the time the advance is outstanding. OFG must also bear the costs of attempting to collect on delinquent and defaulted mortgage loans. In addition, if a defaulted loan is not cured, the mortgage loan would be canceled as part of the foreclosure proceedings and OFG would not receive any future servicing income with respect to that loan. At September 30, 2026, the outstanding balance of funds advanced by OFG under such mortgage loan servicing agreements was approximately $5.5 million (December 31, 2025 - $5.0 million). To the extent the mortgage loans underlying OFG’s servicing portfolio experience increased delinquencies, OFG would be required to dedicate additional cash resources to comply with its obligation to advance funds as well as incur additional administrative costs related to increases in collection efforts.

NOTE 19— COMMITMENTS AND CONTINGENCIES

Commitments

In the normal course of business, OFG becomes a party to credit-related financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby and commercial letters of credit, and financial guarantees. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The contract or notional amount of those instruments reflects the extent of OFG’s involvement in particular types of financial instruments.

OFG’s exposure to credit losses in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit, including commitments under credit card arrangements and commercial letters of credit, is represented by the contractual notional amounts of those instruments, which do not necessarily represent the amounts potentially subject to risk. In addition, the measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are identified. OFG uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

Credit-related financial instruments at September 30, 2026, and December 31, 2025, were as follows:

			September 30,						December 31,
			2026						2025
			(In thousands)
Commitments to extend credit			$	1,609,589					$	1,377,419
Commercial letters of credit			183						231

Commitments to extend credit represent agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. OFG evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by OFG upon the extension of credit, is based on management’s credit evaluation of the counterparty.

At September 30, 2026, and December 31, 2025, commitments to extend credit consisted mainly of undisbursed available amounts on commercial lines of credit, construction loans, and revolving credit card arrangements. Since many of the unused

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commitments are expected to expire unused or be only partially used, the total amount of these unused commitments does not necessarily represent future cash requirements.

Commercial letters of credit are issued or confirmed to guarantee payment of customers’ payables or receivables in short-term international trade transactions. Generally, drafts will be drawn when the underlying transaction is consummated as intended. However, the short-term nature of this instrument serves to mitigate the risk associated with these contracts.

The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s accounting and disclosure requirements for guarantees, including indirect guarantees of indebtedness of others, at September 30, 2026, and December 31, 2025, is as follows:

			September 30,						December 31,
			2026						2025
			(In thousands)
Standby letters of credit and financial guarantees			$	25,918					$	26,051
Loans sold with recourse			77,612						83,014

Standby letters of credit and financial guarantees are written conditional commitments issued by OFG to guarantee the payment and/or performance of a customer to a third party (“beneficiary”). If the customer fails to comply with the agreement, the beneficiary may draw on the standby letter of credit or financial guarantee as a remedy. The amount of credit risk involved in issuing letters of credit in the event of non-performance is the face amount of the letter of credit or financial guarantee. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financings, and similar credit transactions. The amount of collateral obtained, if it is deemed necessary by OFG upon extension of credit, is based on management’s credit evaluation of the customer.

At September 30, 2026, and December 31, 2025, the ACL for off-balance-sheet credit exposures corresponding to commitments to extend credit and standby letters of credit amounted to $1.2 million and $1.7 million, respectively, and is included in other liabilities in the statements of financial condition.

At September 30, 2026, and December 31, 2025, OFG maintained other non-credit commitments amounting to $20.1 million and $17.8 million, respectively, primarily for the acquisition of equity securities. In addition, as OFG continues to transform with a focus on simplification and building a culture of excellence and customer service, OFG continues to invest in technology that drives its strategy, namely digital, data analytics, cloud migration, cyber security, and sales and service capabilities. At September 30, 2026, and December 31, 2025, OFG had commitments for capital expenditures in technology amounting to $5.3 million and $1.6 million, respectively.

Contingencies

OFG and its subsidiaries are defendants in a number of legal proceedings incidental to their business. In the ordinary course of business, OFG and its subsidiaries are also subject to governmental and regulatory examinations. Certain subsidiaries of OFG, including the Bank (and its subsidiary, OIB), Oriental Financial Services and Oriental Insurance, are subject to regulation by various U.S., Puerto Rico and other regulators.

OFG seeks to resolve all arbitration, litigation and regulatory matters in the manner management believes is in the best interests of OFG and its shareholders, and contests allegations of liability or wrongdoing and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter.

In accordance with applicable accounting guidance, OFG establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As a matter develops, OFG, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. Once the loss contingency is deemed to be both probable and estimable, OFG will establish an accrued liability and record a corresponding amount of expense. At September 30, 2026, and December 31, 2025, accrued liability for legal contingencies amounted to $659 thousand and $605 thousand, respectively. OFG continues to monitor the matters for further developments that could affect the amount of the accrued liability that has been previously established. OFG also has an accrued liability for potential losses, operational errors, loss on theft not covered by insurance premiums, and uncollectible receivables, among other transactions, amounting to $5.9 million and $182 thousand at September 30, 2026, and December 31, 2025, respectively.

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Subject to the accounting and disclosure framework under the provisions of ASC 450, it is the opinion of OFG’s management, based on its current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters would not be likely to have a material adverse effect on OFG’s consolidated statements of financial condition. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on OFG’s consolidated results of operations or cash flows in particular quarterly or annual periods. OFG has evaluated all arbitration, litigation and regulatory matters where the likelihood of a potential loss is deemed reasonably possible. OFG has determined that the estimate of the reasonably possible loss is not significant.

NOTE 20— OPERATING LEASES

Substantially all leases in which OFG is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2038. OFG’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases and are included on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. OFG leases to others certain space in its principal offices for terms extending through 2028 with one additional extension through 2030; all are operating leases.

Operating Lease Cost

			Quarter Ended September 30,												Nine-Month Period Ended September 30,																		Statement of Operations
			2026						2025						2026						2025												Classification
			(In thousands)
Lease costs			$	2,521					$	2,284					$	7,314					$	6,746											Occupancy and equipment
Variable lease costs			405						381						1,288						1,185												Occupancy and equipment
Short-term lease costs			87						104						256						371												Occupancy and equipment
Lease income			(15)						(13)						(41)						(38)												Occupancy and equipment
Total lease costs			$	2,998					$	2,756					$	8,817					$	8,264

Operating Lease Assets and Liabilities

			September 30,						December 31,						Statement of Financial Condition
			2026						2025						Classification
			(In thousands)
Right-of-use assets			$	22,815					$	21,261					Operating lease right-of-use assets
Lease Liabilities			$	24,505					$	23,157					Operating leases liabilities

			September 30,						December 31,
			2026						2025
			(In thousands)
Weighted-average remaining lease term			4.0 years						4.4 years
Weighted-average discount rate			6.9		%				7.4		%

Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2026, were as follows:

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			Minimum Rent
As of September 30, 2026			(In thousands)
2026			$	2,281
2027			8,278
2028			6,851
2029			4,898
2030			3,179
Thereafter			2,578
Total lease payments			$	28,065
Less imputed interest			3,560
Present value of lease liabilities			$	24,505

OFG, as lessor, leases or subleases real property to tenants under operating leases. As of September 30, 2026, no material lease concessions have been granted to tenants. As of September 30, 2026, OFG, as lessee, has not requested any lease concessions.

NOTE 21 - FAIR VALUE OF FINANCIAL INSTRUMENTS

OFG follows the fair value measurement framework under GAAP.

Fair Value Measurement

The fair value measurement framework defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This framework also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Money market investments

The fair value of money market investments is based on the carrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments.

Investment securities

The fair value of investment securities is based on valuations obtained from an independent pricing provider, ICE Data Pricing (“ICE”). ICE is a well-recognized pricing company and an established leader in financial information. Such securities are classified as Level 1 or Level 2, depending on the basis for determining fair value.

Servicing assets

Servicing assets do not trade in an active market with readily observable prices. Servicing assets are priced using a discounted cash flow model. The valuation model considers servicing fees, portfolio characteristics, prepayment assumptions, delinquency rates, late charges, other ancillary revenues, cost to service, and other economic factors. Due to the unobservable nature of certain valuation inputs, the servicing rights are classified as Level 3.

Collateral-dependent loans

OFG records nonrecurring fair value adjustments to collateral-dependent loans to reflect partial write-downs that are based on the fair value of the collateral in accordance with GAAP or the full charge-off of the loan carrying value. The impairment is measured based on the fair value of the collateral less estimated costs to sell. The fair value of the collateral is derived from appraisals, market quotes, and customized discounting. Currently, the loans are classified as Level 3.

Foreclosed real estate

Foreclosed real estate includes real estate properties securing residential mortgage and commercial loans. The fair value of foreclosed real estate may be determined using an external appraisal, broker price opinion or an internal valuation. These foreclosed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals.

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Other repossessed assets

Other repossessed assets are mainly composed of repossessed automobiles. The fair value of the repossessed automobiles may be determined using internal valuation and an external appraisal. These repossessed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals.

Mortgage loans held for sale

Residential mortgage loans reported as held for sale are stated at lower of amortized cost or fair value. The fair value of these loans is based on published secondary market prices of mortgage-backed securities with similar characteristics. These loans are classified as Level 3 given certain internal adjustments that may be made when amortized costs are lower.

Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below:

			September 30, 2026
			Fair Value Measurements
			Level 1						Level 2						Level 3						Total
			(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale			$	2,124					$	2,397,934					$	—					$	2,400,058
Trading securities			—						22						—						22
Money market investments			6,288						—						—						6,288
Servicing assets			—						—						68,542						68,542
			$	8,412					$	2,397,956					$	68,542					$	2,474,910
Non-recurring fair value measurements:
Collateral-dependent loans			$	—					$	—					$	7,697					$	7,697
Foreclosed real estate			—						—						1,615						1,615
Other repossessed assets			—						—						4,681						4,681
Mortgage loans held for sale			—						—						10,286						10,286
			$	—					$	—					$	24,279					$	24,279
			December 31, 2025
			Fair Value Measurements
			Level 1						Level 2						Level 3						Total
			(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale			$	1,651					$	2,509,231					$	—					$	2,510,882
Trading securities			—						23						—						23
Money market investments			4,261						—						—						4,261
Servicing assets			—						—						66,333						66,333
			$	5,912					$	2,509,254					$	66,333					$	2,581,499
Non-recurring fair value measurements:
Collateral-dependent loans			$	—					$	—					$	3,065					$	3,065
Foreclosed real estate			—						—						2,490						2,490
Other repossessed assets			—						—						3,457						3,457
Mortgage loans held for sale			—						—						12,483						12,483
Other loans held for sale			—						—						3,062						3,062
			$	—					$	—					$	24,557					$	24,557

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The fair value information included in the tables above for non-recurring fair value measurements is not as of period-end. Instead, it is as of the date that the fair value measurement was recorded closest to September 30, 2026, and December 31, 2025, and excludes nonrecurring fair value measurements of assets no longer outstanding as of the reporting date.

At September 30, 2026, collateral-dependent loans valued using Level 3 inputs comprised loans with principal balances amounting to $7.7 million and an allowance of $1.7 million reflecting a net fair value of $6.0 million. At December 31, 2025, collateral-dependent loans valued using Level 3 inputs comprised loans with principal balances amounting to $3.1 million and an allowance of $387 thousand reflecting a net fair value of $2.7 million.

The tables below present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and nine-month periods ended September 30, 2026 and 2025:

Level 3 Instruments Only

						Servicing Assets
						Quarter Ended September 30,												Nine-Month Period Ended September 30,
						2026												2025						2026						2025
						(In thousands)
Balance at beginning of period						$	67,867											$	68,588					$	66,333					$	70,435
New instruments acquired						632												723						2,100						2,133
Principal repayments and amortization						(1,348)												(1,407)						(4,002)						(4,015)
Gains (losses) included in earnings						1,391												(467)						4,111						(1,116)
Balance at end of period						$	68,542											$	67,437					$	68,542					$	67,437

Servicing assets gains (losses) included in earnings during the quarters and nine-month periods ended September 30, 2026, and 2025 were included as mortgage servicing activities in the consolidated statements of operations. For more information on the qualitative information about Level 3 fair value measurements, see Note 7 – Servicing Assets.

There were no liabilities measured at fair value on a recurring basis and non-recurring basis at September 30, 2026, and December 31, 2025. The table below presents quantitative information for all assets measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at September 30, 2026, and December 31, 2025:

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			September 30, 2026
			Fair Value						Valuation Technique						Unobservable Input						Range						Weighted Average
			(In thousands)
Servicing assets			$	68,542					Cash flow valuation						Constant prepayment rate						2.52% - 23.25%						5.00		%
															Discount rate						10.00% - 15.50%						11.66		%
Collateral-dependent loans			$	7,697					Fair value of property or collateral						Appraised value less disposition costs						8.20% - 51.20%						27.80		%
Foreclosed real estate			$	1,615					Fair value of property or collateral						Appraised value less disposition costs						8.20% - 30.20%						14.27		%
Other repossessed assets			$	4,681					Fair value of property or collateral						Estimated net realizable value less disposition costs						29.00% - 68.00%						51.34		%
Mortgage loans held for sale			$	10,286					Market prices						Pricing and execution wholesale loans						86.34% - 100.16%						89.65		%

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			December 31, 2025
			Fair Value						Valuation Technique						Unobservable Input						Range						Weighted Average
			(In thousands)
Servicing assets			$	66,333					Cash flow valuation						Constant prepayment rate						2.38% - 22.45%						5.61		%
															Discount rate						10.00% - 15.50%						11.62		%
Collateral-dependent loans			$	3,065					Fair value of property or collateral						Appraised value less disposition costs						8.20% - 33.20%						24.67		%
Foreclosed real estate			$	2,490					Fair value of property or collateral						Appraised value less disposition costs						8.20% - 33.20%						13.29		%
Other repossessed assets			$	3,457					Fair value of property or collateral						Estimated net realizable value less disposition costs						39.00% - 70.00%						49.94		%
Mortgage loans held for sale			$	12,483					Market prices						Pricing and execution wholesale loans						94.54% - 101.73%						97.09%
Other loans held for sale			$	3,062					Bids or sales contract prices						Estimated market value						34.00% - 95.24%						54.89%

Information about Sensitivity to Changes in Significant Unobservable Inputs

Servicing assets – The significant unobservable inputs used in the fair value measurement of OFG’s servicing assets are constant prepayment rates and discount rates. Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the MSR, which may result from changes in the valuation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows.

Fair Value of Financial Instruments

The information about the estimated fair value of financial instruments required by GAAP is presented hereunder. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of OFG.

The estimated fair value is subjective in nature, involves uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could affect these fair value estimates. The fair value estimates do not take into consideration the value of future business and the value of assets and liabilities that are not financial instruments. Other significant tangible and intangible assets that are not considered financial instruments include the value of long-term retail deposits, customer relationships, and premises and equipment.

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The estimated fair value and carrying value of OFG’s financial instruments at September 30, 2026, and December 31, 2025, was as follows:

			September 30,												December 31,
			2026												2025
			Fair Value						Carrying Value						Fair Value						Carrying Value
			(In thousands)
Financial Assets:
Level 1
Cash and cash equivalents			$	566,773					$	566,773					$	1,040,335					$	1,040,335
Investment securities available-for-sale			$	2,124					$	2,124					$	1,651					$	1,651
Level 2
Financial Assets:
Trading securities			$	22					$	22					$	23					$	23
Investment securities available-for-sale			$	2,397,934					$	2,397,934					$	2,509,231					$	2,509,231
Investment securities held-to-maturity			$	197,670					$	252,328					$	225,065					$	269,498
Federal Home Loan Bank (FHLB) stock			$	24,875					$	24,875					$	27,421					$	27,421
Equity securities			$	39,852					$	39,852					$	35,317					$	35,317
Level 3
Financial Assets:
Total loans, net (including loans held-for-sale)			$	8,249,662					$	8,266,856					$	8,002,176					$	8,014,246
Accrued interest receivable			$	69,143					$	69,143					$	71,110					$	71,110
Servicing assets			$	68,542					$	68,542					$	66,333					$	66,333
Accounts receivable and other assets			$	57,217					$	57,217					$	68,371					$	68,371
Financial Liabilities:
Deposits			$	10,046,416					$	9,988,919					$	10,281,789					$	10,262,752
Securities sold under agreements to repurchase			$	200,424					$	200,673					$	100,037					$	100,714
Advances from FHLB			$	399,489					$	401,358					$	457,679					$	456,581
Other borrowings			$	3					$	3					$	9					$	9
Accrued expenses and other liabilities			$	167,656					$	167,656					$	209,997					$	209,997

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The following methods and assumptions were used to estimate the fair values of significant financial instruments at September 30, 2026, and December 31, 2025:

•Cash and cash equivalents (including money market investments), accrued interest receivable, accounts receivable and other assets, and accrued expenses and other liabilities have been valued at the carrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments.

•Investments in FHLB stock are valued at their redemption value.

•The fair value of investment securities, including trading securities, is based on quoted market prices, when available, or prices provided by contracted pricing providers or by recognized broker-dealers. If listed prices or quotes are not available, fair value is based upon externally developed models that use both observable and unobservable inputs depending on the market activity of the instrument. Equity securities do not have readily available fair values and are measured at cost, less any impairment.

•The fair value of servicing assets is estimated by using a cash flow valuation model, which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions.

•The fair value of the loan portfolio (including non-performing loans) is based on the exit market price, which is estimated by segregating the portfolio by loan type, such as mortgage, commercial, consumer and auto. The fair value is calculated by discounting contractual cash flows. The discount rate used in such calculation considers a capital adjustment as well as other premiums for systemic risk, servicing costs, modeling and uncertainty risk, and impairment uncertainty.

•The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is based on the discounted value of the contractual cash flows, using estimated current market discount rates for deposits of similar remaining maturities.

•The fair value of borrowings, which include securities sold under agreements to repurchase and advances from FHLB is based on the discounted value of the contractual cash flows using current estimated market discount rates for borrowings with similar terms, remaining maturities and put dates.

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NOTE 22 – BANKING AND FINANCIAL SERVICE REVENUES

The following table presents the major categories of banking and financial service revenues for the quarters and nine-month periods ended September 30, 2026 and 2025:

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands)
Banking service revenues:
Electronic banking fees			$	14,130					$	12,516					$	42,109					$	37,361
Checking accounts fees			2,227						2,078						6,095						6,259
Savings accounts fees			331						322						968						934
Branch service and credit life commissions			319						315						931						986
Servicing and other loan fees			482						463						1,291						1,642
International fees			176						224						591						674
Miscellaneous income			9						12						30						37
Total banking service revenues			$	17,674					$	15,930					$	52,015					$	47,893
Wealth management revenue:
Insurance income			$	4,126					$	4,289					$	12,666					$	12,614
Broker fees			2,911						2,484						8,586						7,233
Trust fees			2,330						2,241						6,755						6,540
Total wealth management revenue			$	9,367					$	9,014					$	28,007					$	26,387
Mortgage banking activities:
Net servicing fees			$	5,429					$	3,721					$	16,417					$	11,627
Net gains on sale of mortgage loans and valuation			(116)						884						1,030						2,929
Net loss on repurchased loans and other			(176)						(293)						(319)						(122)
Total mortgage banking activities			$	5,137					$	4,312					$	17,128					$	14,434
Total banking and financial service revenues			$	32,178					$	29,256					$	97,150					$	88,714

OFG recognizes the revenue from banking services, wealth management and mortgage banking based on the nature and timing of revenue streams from contracts with customers:

Banking Service Revenues

Electronic banking fees include credit and debit card processing services, fees for using the Bank’s ATMs by non-customers, debit card interchange income, and service charges on deposit accounts. Revenue is recorded once the contracted service has been provided. Debit card interchange fees earned by the Bank are subject to pricing limits imposed by the Durbin Amendment.

Service charges on checking and savings accounts are recognized as consumer periodic maintenance revenue once the service is rendered, while revenue from overdraft and late charges is recorded after the contracted service has been provided.

Other income such as branch service commissions, servicing and other loan fees, international fees, and miscellaneous income recognized as banking service revenue are out of the scope of ASC 606 – Revenue from Contracts with Customers.

Wealth Management Revenue

Insurance income from commissions generated by sales of insurance policies issued by unaffiliated insurance companies and sales of annuities is recorded once the sale has been completed. Reinsurance revenue is recorded based on earned premium

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confirmed by the fronting insurance company. Contingent insurance commissions are recorded once the paying insurance companies confirm the amounts earned.

Broker fees consist of two categories:

•Sales commissions generated by advisers for their clients’ purchases and sales of securities and other investment products, which are collected once the stand-alone transactions are completed at trade date or as earned, and managed account fees, which are fees charged to advisers’ clients’ accounts on OFG’s corporate advisory platform. These revenues do not cover future services; as a result, there is no need to allocate the amount received to any other service.

•Fees for providing distribution services related to mutual funds, net of compensation paid to a provider of such services, as well as trailer fees (also known as 12b-1 fees). These fees are considered variable and are recognized over time, as the uncertainty of the fees to be received is resolved as the net asset value of the mutual fund is determined and investor activity occurs. Fees do not cover future services; as a result, there is no need to allocate the amount received to any other service.

Trust fees are revenues related to fiduciary services provided to IRA trusts and other retirement plans. These generally include payment for trustee services, distribution services, custodial services of plan assets, due diligence services, and investment advisory services. Fees are billed based on services contracted. Negotiated fees are detailed in the contract. Fees are generally collected quarterly in arrears after the related services have been provided. Certain annual fees are collected in advance and recognized over the contract term.

Mortgage Banking Activities

Mortgage banking activities such as servicing fees and valuation of servicing assets, gain on sale of mortgage loans, and gain on repurchased loans and others are out of the scope of ASC 606.

NOTE 23 – BUSINESS SEGMENTS

OFG segregates its businesses into the following three segments of business: 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 the products were also considered in the determination of the reportable segments. OFG measures the performance of these segments based on pre-established goals across various financial parameters, such as net income. OFG’s methodology for allocating non-interest expenses among segments is based on several factors such as revenue, employee headcount, occupied space, dedicated services or time, among others. These factors are reviewed on a periodic basis and may change if the conditions so warrant.

Banking includes the Bank’s branches and traditional banking products such as deposits and commercial, consumer, auto, and mortgage loans. Mortgage banking activities are carried out by the Bank’s mortgage banking division, whose principal activity is to originate mortgage loans for OFG’s own portfolio. As part of its mortgage banking activities, OFG may sell loans directly into the secondary market or securitize conforming loans into mortgage-backed securities.

Wealth Management is comprised of the Bank’s trust division, Oriental Financial Services, Oriental Insurance, and OFG Reinsurance. The core operations of this segment are financial planning, securities brokerage services, investment advisory services, insurance, reinsurance, and corporate trust and retirement services.

The Treasury segment encompasses all of OFG’s asset/liability management activities, such as purchases and sales of investment securities, interest rate risk management, and borrowings. This segment also includes activities of the Bank’s IBEs, including purchases of US loan participations.

The accounting policies of the segments are the same as those referred to in Note 1 – “Summary of Significant Accounting Policies” of our 2025 Form 10-K. Intersegment sales and transfers, if any, are accounted for as if the sales or transfers were to third parties, that is, at current market prices. Financial results are presented, to the extent practicable, as if each business operated on a standalone basis, and include expense allocations for corporate services used by the business segments, disclosed as intersegment expenses. Significant expense categories identified by management are disclosed for all segments, even though they may not be significant to a particular segment.

OFG’s chief operating decision maker (“CODM”) is the chief executive officer (the “CEO”). The CODM evaluates the performance of the Banking, Wealth Management and Treasury segments primarily based on net income, which guides

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resource allocation across segments. The CODM also continuously monitors performance and adjusts as necessary. Additionally, OFG employs a forecasting process to project future performance and resource needs, which are reviewed and updated regularly to ensure alignment with its strategic goals.

Following are the results of operations and the selected financial information by operating segment for the quarters and nine-month periods ended September 30, 2026 and 2025:

			Quarter Ended September 30, 2026
			Banking						Wealth Management						Treasury						Total Major Segments						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	161,730					$	9					$	35,429					$	197,168					$	(1,424)					$	195,744
Interest expense			(33,518)						—						(10,080)						(43,598)						1,424						(42,174)
Net interest income			128,212						9						25,349						153,570						—						153,570
(Provision for) recapture of credit losses			(18,143)						—						3						(18,140)						—						(18,140)
Non-interest income, net			22,978						9,666						—						32,644						—						32,644
Non-interest expenses [1]:
Compensation and employee benefits			(37,628)						(2,591)						(292)						(40,511)						—						(40,511)
Occupancy, equipment and infrastructure costs			(10,402)						(133)						(20)						(10,555)						—						(10,555)
Depreciation and amortization of premises and equipment			(4,190)						(10)						(5)						(4,205)						—						(4,205)
Electronic banking charges			(12,502)						—						—						(12,502)						—						(12,502)
Information technology expenses			(5,786)						(38)						1						(5,823)						—						(5,823)
Professional and service fees			(3,535)						(758)						(51)						(4,344)						—						(4,344)
Loan servicing and clearing expenses			(1,893)						(478)						(134)						(2,505)						—						(2,505)
Amortization of other intangible assets			(230)						—						—						(230)						—						(230)
Intersegment expenses			1,055						(605)						(450)						—						—						—
Other [2]			(14,813)						(585)						(192)						(15,590)						—						(15,590)
Total non-interest expense			(89,924)						(5,198)						(1,143)						(96,265)						—						(96,265)
Income before income taxes			$	43,123					$	4,477					$	24,209					$	71,809					$	—					$	71,809
Income tax expense			(15,152)						—						(46)						(15,198)						—						(15,198)
Net income			$	27,971					$	4,477					$	24,163					$	56,611					$	—					$	56,611
Total assets			$	10,208,889					$	42,346					$	3,212,469					$	13,463,704					$	(1,319,225)					$	12,144,479
Expenditures for long-lived assets			$	5,256					$	—					$	—					$	5,256					$	—					$	5,256
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other non-interest expenses include:
Banking: taxes, other than payroll and income taxes; insurance; advertising; data communication and systems; printing, postage, stationery and supplies; communication; travels, meals and training; credit related expenses; director and investor relations; loss on sale of foreclosed real estate and other repossessed properties; and losses and operational errors, among other business expenses.
Wealth Management: reinsurance incurred net losses; taxes, other than payroll and income taxes; advertising; insurance; and data communication and systems, among other business expenses.
Treasury: Data communication and systems; taxes, other than payroll and income taxes; insurance, among other business expenses.

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			Nine-Month Period Ended September 30, 2026
			Banking						Wealth Management						Treasury						Total						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	485,249					$	21					$	105,925					$	591,195					$	(4,175)					$	587,020
Interest expense			(96,381)						—						(30,132)						(126,513)						4,175						(122,338)
Net interest income			388,868						21						75,793						464,682						—						464,682
Provision for credit losses			(53,632)						—						3						(53,629)						—						(53,629)
Non-interest income, net			69,017						28,764						53						97,834						—						97,834
Non-interest expenses [1]
Compensation and employee benefits			(114,406)						(7,710)						(918)						(123,034)						—						(123,034)
Occupancy, equipment and infrastructure costs			(28,123)						(392)						(54)						(28,569)						—						(28,569)
Depreciation and amortization of premises and equipment			(13,833)						(29)						(20)						(13,882)						—						(13,882)
Electronic banking charges			(33,336)						—						—						(33,336)						—						(33,336)
Information technology expenses			(19,413)						(124)						—						(19,537)						—						(19,537)
Professional and service fees			(11,699)						(2,430)						(1,268)						(15,397)						—						(15,397)
Loan servicing and clearing expenses			(5,657)						(1,502)						(407)						(7,566)						—						(7,566)
Amortization of other intangible assets			(692)						—						—						(692)						—						(692)
Intersegment expenses			3,151						(1,784)						(1,367)						—						—						—
Other [2]			(49,714)						(1,585)						(488)						(51,787)						—						(51,787)
Total non-interest expense			(273,722)						(15,556)						(4,522)						(293,800)						—						(293,800)
Income before income taxes			$	130,531					$	13,229					$	71,327					$	215,087					$	—					$	215,087
Income tax expense			(45,607)						—						(155)						(45,762)						—						(45,762)
Net income			$	84,924					$	13,229					$	71,172					$	169,325					$	—					$	169,325
Total assets			$	10,208,889					$	42,346					$	3,212,469					$	13,463,704					$	(1,319,225)					$	12,144,479
Expenditures for long-lived assets			$	17,744					$	—					$	—					$	17,744					$	—					$	17,744
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other non-interest expenses include:
Banking: taxes, other than payroll and income taxes; insurance; advertising; communication; printing, postage, stationery and supplies; travels, meals and training; credit related expenses; director and investor relations; loss on sale of foreclosed real estate and other repossessed properties; and losses and operational errors, among other business expenses.
Wealth Management: reinsurance incurred net losses; taxes, other than payroll and income taxes; advertising; insurance; and data communication and systems, among other business expenses.
Treasury: data communication and systems; taxes, other than payroll and income taxes; and insurance, among other business expenses.

Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, the IBE unit, that operates within the Bank. The time deposit, with balances of $288.1 million and $282.5 million at September 30, 2026 and 2025, respectively, is used to fund Oriental Overseas operations. The deposit and corresponding interest expense are included in the Treasury segment, and the related interest income is included in the Banking segment. These intersegment balances and amounts are eliminated in consolidation. Interest income is accrued on the unpaid principal balance.

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			Quarter Ended September 30, 2025
			Banking						Wealth Management						Treasury						Total Major Segments						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	163,168					$	5					$	38,422					$	201,595					$	(1,450)					$	200,145
Interest expense			(37,346)						—						(9,525)						(46,871)						1,450						(45,421)
Net interest income			125,822						5						28,897						154,724						—						154,724
Provision for credit losses			(28,216)						—						(42)						(28,258)						—						(28,258)
Non-interest income, net			20,232						9,276						1,945						31,453						—						31,453
Non-interest expenses [1]:
Compensation and employee benefits			(37,048)						(2,520)						(268)						(39,836)						—						(39,836)
Occupancy, equipment and infrastructure costs			(9,518)						(179)						(19)						(9,716)						—						(9,716)
Depreciation and amortization of premises and equipment			(5,260)						(13)						(5)						(5,278)						—						(5,278)
Electronic banking charges			(12,657)						—						—						(12,657)						—						(12,657)
Information technology expenses			(6,749)						(50)						(6)						(6,805)						—						(6,805)
Professional and service fees			(4,677)						(690)						31						(5,336)						—						(5,336)
Loan servicing and clearing expenses			(1,750)						(412)						(126)						(2,288)						—						(2,288)
Amortization of other intangibles assets			(288)						—						—						(288)						—						(288)
Intersegment expenses			1,183						(614)						(569)						—						—						—
Other [2]			(13,638)						(582)						(124)						(14,344)						—						(14,344)
Total non-interest expense			(90,402)						(5,060)						(1,086)						(96,548)						—						(96,548)
Income before income taxes			$	27,436					$	4,221					$	29,714					$	61,371					$	—					$	61,371
Income tax expense			(9,481)						—						(52)						(9,533)						—						(9,533)
Net income			$	17,955					$	4,221					$	29,662					$	51,838					$	—					$	51,838
Total assets			$	9,992,368					$	30,113					$	3,556,709					$	13,579,190					$	(1,349,378)					$	12,229,812
Expenditures for long-lived assets			$	3,984					$	2					$	—					$	3,986					$	—					$	3,986
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other non-interest expenses include:
Banking: taxes, other than payroll and income taxes; insurance; advertising; data communication and systems; printing, postage, stationery and supplies; travels, meals and training; credit related expenses; director and investor relations; loss on sale of foreclosed real estate and other repossessed properties; and losses and operational errors, among other business expenses.
Wealth Management: reinsurance incurred net losses; taxes, other than payroll and income taxes; advertising; insurance; and data communication and systems, among other business expenses.
Treasury: data communication and systems; taxes, other than payroll and income taxes; and insurance, among other business expenses.

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			Nine-Month Period Ended September 30, 2025
			Banking						Wealth Management						Treasury						Total						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	476,973					$	16					$	110,830					$	587,819					$	(4,105)					$	583,714
Interest expense			(107,302)						—						(24,794)						(132,096)						4,105						(127,991)
Net interest income			369,671						16						86,036						455,723						—						455,723
(Provision for) recapture of credit losses			(75,584)						—						(40)						(75,624)						—						(75,624)
Non-interest income, net			62,231						27,222						1,947						91,400						—						91,400
Non-interest expenses [1]
Compensation and employee benefits			(110,796)						(7,711)						(826)						(119,333)						—						(119,333)
Occupancy, equipment and infrastructure costs			(28,393)						(548)						(53)						(28,994)						—						(28,994)
Depreciation and amortization of premises and equipment			(15,396)						(38)						(15)						(15,449)						—						(15,449)
Electronic banking charges			(34,602)						—						—						(34,602)						—						(34,602)
Information technology expenses			(19,624)						(147)						—						(19,771)						—						(19,771)
Professional and service fees			(13,035)						(2,157)						(75)						(15,267)						—						(15,267)
Loan servicing and clearing expenses			(5,031)						(1,339)						(324)						(6,694)						—						(6,694)
Amortization of other intangible assets			(865)						—						—						(865)						—						(865)
Intersegment expenses			2,988						(1,704)						(1,284)						—						—						—
Other [2]			(42,104)						(1,345)						(378)						(43,827)						—						(43,827)
Total non-interest expense			(266,858)						(14,989)						(2,955)						(284,802)						—						(284,802)
Income before income taxes			$	89,460					$	12,249					$	84,988					$	186,697					$	—					$	186,697
Income tax expense			(37,326)						(17)						(144)						(37,487)						—						(37,487)
Net income			$	52,134					$	12,232					$	84,844					$	149,210					$	—					$	149,210
Total assets			$	9,992,368					$	30,113					$	3,556,709					$	13,579,190					$	(1,349,378)					$	12,229,812
Expenditures for long-lived assets			$	12,482					$	3					$	—					$	12,485					$	—					$	12,485
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other non-interest expenses include:
Banking: taxes, other than payroll and income taxes; insurance; advertising; communication; printing, postage, stationery and supplies; travels, meals and training; credit related expenses; director and investor relations; loss on sale of foreclosed real estate and other repossessed properties; and losses and operational errors, among other business expenses.
Wealth Management: reinsurance incurred net losses; taxes, other than payroll and income taxes; advertising; insurance; and data communication and systems, among other business expenses.
Treasury: data communication and systems; taxes, other than payroll and income taxes; and insurance, among other business expenses.

NOTE 24 – SUBSEQUENT EVENTS

In October 2026, OFG announced that its Board approved the increase of its regular quarterly cash dividend to $0.40 per common share from $0.35 per share, beginning in the quarter ending December 31, 2026.

ITEM 2. 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 our consolidated financial statements and related notes included under Item 1, “Financial Statements” of this quarterly report on

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Form 10-Q. This discussion and analysis section contains forward-looking statements. Please see the discussion under “Forward-Looking Statements,” “Risk Factors,” and “Quantitative and Qualitative Disclosures about Market Risk” in this quarterly report on Form 10-Q and our 2025 Form 10-K, as supplemented and amended by subsequent quarterly reports on Form 10-Q, for a discussion of the uncertainties, risks and assumptions associated with these statements.

Other factors not identified above, including those described under the headings in our 2025 Form 10-K and any subsequent quarterly reports on Form 10-Q, may also cause actual results to differ materially from those described in our forward-looking statements.

INTRODUCTION

OFG is a publicly owned financial holding company that provides a wide range of banking and financial services such as commercial, consumer, auto, and mortgage lending, financial planning, insurance sales, investment advisory and securities brokerage services, as well as corporate trust services. It operates through three business segments: Banking, Wealth Management, and Treasury, and distinguishes itself based on quality service. OFG conducts its business through its main office in San Juan, Puerto Rico, forty-two branches in Puerto Rico and two branches in the USVI. It has five subsidiaries with operations in Puerto Rico: the Bank, Oriental Financial Services, Oriental Insurance, OIB and OBPEF; two subsidiaries in the United States, OFG USA and OFG Ventures; and one subsidiary in the Cayman Islands, OFG Reinsurance. OFG’s long-term goal is to strengthen its banking and financial services franchise by expanding its lending businesses, increasing the level of integration in the marketing and delivery of banking and financial services, continuously improving our already effective asset-liability management, growing non-interest revenue from banking and financial services, as well as achieving greater operating efficiencies.

OFG’s diversified mix of businesses and products generates both the interest income traditionally associated with a banking institution and non-interest income traditionally associated with a financial services institution (generated by such businesses as securities brokerage, fiduciary services, investment advisory, insurance agency and reinsurance). Although all these businesses, to varying degrees, are affected by interest rate and financial market fluctuations and other external factors, OFG’s commitment is to continue producing a balanced and growing revenue stream.

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. OFG aims to position itself 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.

RECENT DEVELOPMENTS

Capital Actions

In October 2026, OFG announced that its Board approved the increase of its regular quarterly cash dividend to $0.40 per common share from $0.35 per share, beginning in the quarter ending December 31, 2026.

Economic Conditions

Puerto Rico’s economy has remained resilient, supported by healthy system liquidity, favorable labor market conditions, and continued infrastructure investment. According to the Puerto Rico Department of Economic Development and Commerce, the Puerto Rico Economic Activity Index (“PR-EAI”) increased 0.8% year over year in September 2026, while total non-farm payroll employment averaged approximately 956,200 jobs, up 0.8% from the prior year. Economic activity continues to benefit from infrastructure projects and private investment, while manufacturing expansion and new on-shoring initiatives support the long-term economic outlook. OFG remains attentive to evolving macroeconomic conditions, including higher energy costs, inflation and interest rates, and broader geopolitical developments, and continues to monitor their possible impact on Puerto Rico’s economy and on OFG’s business and results of operations.

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CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in accordance with GAAP requires management to make judgments, assumptions and estimates that affect the reported amount of assets, liabilities, income and expenses in the consolidated financial statements. Understanding our accounting policies and the extent to which we use judgment and estimates in applying these policies is integral to understanding our financial statements. We provide a summary of our significant accounting policies in “Note 1—Summary of Significant Accounting Policies” of our 2025 Form 10-K.

In the “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” section of our 2025 Form 10-K, we identified the Allowance for Credit Losses related to loans collectively evaluated for impairment as a critical accounting policy and estimate because it involves significant estimation uncertainty that has or is reasonably likely to have a material impact on our financial condition or results of operations.

We evaluate our critical accounting estimates and judgments on an ongoing basis and update them as necessary based on changing conditions. There have been no material changes in the methods that we used to formulate these critical accounting estimates from those discussed in our 2025 Form 10-K.

FINANCIAL HIGHLIGHTS

With year-over-year increases of 14.7% in EPS, 9.2% in net income and 1.0% in core revenues, third quarter results reflected continued momentum in commercial loan growth, stable credit quality and core deposit balances, disciplined expense management, and healthy profitability. OFG also repurchased $13.5 million of common shares, reinforcing its commitment to creating long-term shareholder value.

During the third quarter of 2026, OFG continued advancing its digital bank with a human touch strategy. Customers are embracing OFG’s digital tools and value-added services while our Libre+, Elite, and My Biz accounts are attracting new clients and helping our bankers deepen existing relationships.

On a macro level, the Puerto Rico economy remains stable, supported by a healthy labor market and ongoing expansion by local and mainland businesses.

Third Quarter of 2026:

Earnings per common share diluted was $1.33 compared to $1.39 in the second quarter of 2026 and $1.16 in the third quarter of 2025. Net income available to common shareholders was $56.6 million compared to $58.8 million in the second quarter of 2026 and $51.8 million in the third quarter of 2025. Total core revenues (non-GAAP) were $185.7 million compared to $190.3 million in the second quarter of 2026 and $184.0 million in the third quarter of 2025. Please see the “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP financial measures” section in this quarterly report on Form 10-Q.

Performance metrics: Net interest margin of 5.23%, return on average assets of 1.86%, return on average tangible common stockholders’ equity of 17.06%, and efficiency ratio of 51.83%.

Total Interest Income of $195.7 million compared to $197.2 million in the second quarter of 2026 and $200.1 million in the third quarter of 2025. The third quarter of 2026 decreased $1.4 million sequentially, primarily reflecting the absence of $4.1 million from three paid in full commercial loans in the second quarter of 2026, partially offset by higher average balances of loans and cash, higher yields in cash and the investment portfolio, and $1.6 million from one additional business day.

Total Interest Expense was $42.2 million compared to $39.9 million in the second quarter of 2026 and $45.4 million in the third quarter of 2025. Interest expense increased $2.3 million sequentially in the third quarter of 2026 primarily reflecting higher average deposit balances at a higher cost and $0.4 million from one additional business day.

Total Banking and Financial Service Revenues were $32.2 million compared to $33.0 million in the second quarter of 2026 and $29.3 million in the third quarter of 2025. These revenues decreased $0.8 million sequentially in the third quarter of 2026, reflecting the absence of $1.1 million in insurance and annuity fees in wealth management in the second quarter of 2026 and lower mortgage banking revenues, partially offset by higher banking service revenues.

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Pre-Provision Net Revenues (Non-GAAP) were $89.9 million compared to $87.5 million in the second quarter of 2026 and $89.6 million in the third quarter of 2025. Please see the “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP financial measures” section in this quarterly report on Form 10-Q.

Total Provision for Credit Losses of $18.1 million compared to $13.0 million in the second quarter of 2026 and $28.3 million in the third quarter of 2025. Total provision for credit losses in the third quarter of 2026 primarily reflected $17.5 million for increased loan volume and $1.3 million due to seasonal adjustment for auto delinquency, while the second quarter of 2026 included $14.7 million for increased loan volume and $1.9 million in commercial loan recoveries.

Credit Quality: The early and total delinquency rates of 2.65% and 3.91% both increased sequentially from the second quarter of 2026 due to seasonal trends, but declined year over year compared to third quarter of 2025. At the same time, the third quarter of 2026 net charge-offs (“NCOs”) and nonperforming loan rates of 0.70% and 0.74% both declined compared to both the second quarter of 2026 and the third quarter of 2025.

Total Non-Interest Expense was $96.3 million compared to $102.8 million in the second quarter of 2026 and $96.5 million in the third quarter of 2025. The third quarter of 2026 primarily reflected the absence of $5.8 million in business related operational charges in the second quarter of 2026.

Income Tax Expense was $15.2 million compared to $15.7 million in the second quarter of 2026 and $9.5 million in the third quarter of 2025.

Loans Held-for-Investment of $8.45 billion compared to $8.30 billion in the second quarter of 2026 and $8.12 billion in the third quarter of 2025. Loans held-for-investment in the third quarter of 2026 grew $150.9 million or 1.8% sequentially, reflecting increases in Puerto Rico commercial and consumer loans, more than offsetting declines in other categories. Year over year, loans are up 4.1%.

New loan production of $693.8 million compared to $755.0 million in the second quarter of 2026 and $623.9 million in the third quarter of 2025. The third quarter of 2026 production decreased $61.2 million sequentially, reflecting decreases in Puerto Rico commercial, auto, and residential mortgage, partially offset by increases in U.S. commercial and Puerto Rico consumer loans.

Total Investments of $2.72 billion compared to $2.70 billion in the second quarter of 2026 and $2.94 billion in the third quarter of 2025. The third quarter of 2026 primarily reflected purchases of $216.1 million of mortgage-backed securities toward the end of the quarter and $21.1 million of securitizations, partially offset by market value adjustments and mortgage-backed securities principal paydowns.

Customer Deposits of $9.66 billion compared to $9.74 billion in the second quarter of 2026 and $9.82 billion in the third quarter of 2025. The third quarter of 2026 deposits decreased $79.9 million or 0.8% sequentially, reflecting decreases in demand and savings deposits, partially offset by an increase in time deposits.

Total Borrowings and Brokered Deposits of $926.6 million compared to $795.5 million in the second quarter of 2026 and $746.4 million in the third quarter of 2025. The third quarter of 2026 total borrowings and brokered deposits increased $131.1 million sequentially for liquidity management purposes.

Cash and Cash Equivalents of $566.8 million compared to $745.7 million in the second quarter of 2026 and $740.3 million in the third quarter of 2025. Cash in the third quarter of 2026 decreased $178.9 million sequentially primarily due to the above mentioned mortgage-backed securities purchases and loan growth.

Capital: CET1 ratio was 14.10% compared to 14.07% in the second quarter of 2026 and 14.13% in the third quarter of 2025. Tangible common equity to tangible assets ratio was 10.34% compared to 10.90% in the second quarter of 2026 and 10.55% in the third quarter of 2025. Tangible Book Value (“TBV”) per share was $29.66 compared to $31.12 in the second quarter of 2026 and $28.92 in the third quarter of 2025. The third quarter of 2026 TBV declined sequentially primarily due to the change in accumulated other comprehensive loss.

66

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

			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026						2025						Variance %						2026						2025						Variance %
EARNINGS DATA:			(Dollars in thousands, except per share data)
Interest income			$	195,744					$	200,145					(2.2)%						$	587,020					$	583,714					0.6%
Interest expense			42,174						45,421						(7.1)%						122,338						127,991						(4.4)%
Net interest income			153,570						154,724						(0.7)%						464,682						455,723						2.0%
Provision for credit losses			18,140						28,258						(35.8)%						53,629						75,624						(29.1)%
Net interest income after provision for credit losses			135,430						126,466						7.1%						411,053						380,099						8.1%
Non-interest income			32,644						31,453						3.8%						97,834						91,400						7.0%
Non-interest expenses			96,265						96,548						(0.3)%						293,800						284,802						3.2%
Income before taxes			71,809						61,371						17.0%						215,087						186,697						15.2%
Income tax expense			15,198						9,533						59.4%						45,762						37,487						22.1%
Net income available to common shareholders			$	56,611					$	51,838					9.2%						$	169,325					$	149,210					13.5%
PER SHARE DATA:
EPS Basic			$	1.34					$	1.17					14.5%						$	3.99					$	3.33					19.8%
EPS Diluted			$	1.33					$	1.16					14.7%						$	3.97					$	3.31					19.9%
Average common shares outstanding			42,191						44,430						(5.0)%						42,410						44,857						(5.5)%
Average common shares outstanding and equivalents			42,444						44,658						(5.0)%						42,620						45,056						(5.4)%
Cash dividends declared per common share			$	0.35					$	0.30					16.7%						$	1.05					$	0.90					16.7%
Cash dividends declared on common shares			$	14,884					$	13,419					10.9%						$	44,343					$	40,300					10.0%
Dividend payout ratio			26.32		%				25.86		%				1.8%						26.45		%				27.19		%				(2.7)%
PERFORMANCE RATIOS:
Return on average assets (ROA)			1.86		%				1.69		%				10.1%						1.86		%				1.66		%				12.0%
Return on average common equity (ROE)			15.96		%				15.23		%				4.8%						16.02		%				15.03		%				6.6%
Return on average tangible common stockholders’ equity (non-GAAP, see Table 18)			17.06		%				16.39		%				4.1%						17.14		%				16.22		%				5.7%
Efficiency ratio			51.83		%				52.48		%				(1.2)%						52.29		%				52.31		%				—%
Interest rate spread			5.09		%				5.09		%				—%						5.19		%				5.17		%				0.4%
Interest rate margin			5.23		%				5.24		%				(0.2)%						5.35		%				5.32		%				0.6%

67

			September 30,						December 31,									Variance
			2026						2025									%
PERIOD END BALANCES AND CAPITAL RATIOS:			(Dollars in thousands, except per share data)
Investments and loans
Investment securities			$	2,717,135					$	2,843,141								(4.4)%
Loans, net			8,266,856						8,014,246									3.2%
Total investments and loans			$	10,983,991					$	10,857,387								1.2%
Deposits and borrowings
Deposits			$	9,988,919					$	10,262,752								(2.7)%
Securities sold under agreements to repurchase			200,673						100,714									99.3%
Advances from FHLB and other borrowings			401,361						456,590									(12.1)%
Total deposits and borrowings			$	10,590,953					$	10,820,056								(2.1)%
Stockholders’ equity
Common stock			59,885						59,885									—%
Additional paid-in capital			643,653						642,973									0.1%
Legal surplus			204,892						188,490									8.7%
Retained earnings			1,013,210						904,630									12.0%
Treasury stock, at cost			(445,597)						(389,067)									14.5%
Accumulated other comprehensive loss			(139,167)						(16,906)									723.2%
Total stockholders’ equity			$	1,336,876					$	1,390,005								(3.8)%
Per share data
Book value per common share			$	31.83					$	32.13								(0.9)%
Tangible book value per common share (non-GAAP, see Table 17)			$	29.66					$	29.96								(1.0)%
Market price			$	50.08					$	40.98								22.2%
Capital ratios
Leverage capital			11.44		%				10.71		%							6.8%
Common equity Tier 1 capital			14.10		%				13.97		%							0.9%
Tier 1 risk-based capital			14.10		%				13.97		%							0.9%
Total risk-based capital			15.36		%				15.24		%							0.8%
Financial assets managed
Trust assets managed			$	2,408,906					$	2,490,272								(3.3)%
Broker-dealer assets managed			3,309,195						2,612,508									26.7%
Total assets managed			$	5,718,101					$	5,102,780								12.1%

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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 the quarters and nine-month periods ended September 30, 2026 and 2025.

TABLE 1 - ANALYSIS OF NET INTEREST INCOME AND CHANGES DUE TO VOLUME/RATE FOR THE QUARTERS ENDED SEPTEMBER 30, 2026 AND 2025

			Interest												Average rate												Average balance
			September 30,												September 30,												September 30,
			2026						2025						2026						2025						2026						2025
			(Dollars in thousands)
A - TAX-EQUIVALENT SPREAD (Non-GAAP)
Interest-earning assets			$	195,744					$	200,145					6.67		%				6.78		%				$	11,648,826					$	11,715,599
Tax-equivalent adjustment			4,587						4,045						0.16		%				0.14		%				—						—
Interest-earning assets tax-equivalent (1)			200,331						204,190						6.83		%				6.92		%				11,648,826						11,715,599
Interest-bearing liabilities			42,174						45,421						1.58		%				1.69		%				10,561,360						10,635,563
Tax-equivalent net interest income / spread			158,157						158,769						5.25		%				5.23		%				1,087,466						1,080,036
Tax-equivalent interest rate margin															5.41		%				5.37		%
B - NORMAL SPREAD
Interest-earning assets:
Investments:
Investment securities			29,479						30,256						4.33		%				4.27		%				2,722,141						2,832,563
Interest-bearing cash and money market investments			5,859						8,555						3.61		%				4.32		%				644,029						784,978
Total investments			35,338						38,811						4.17		%				4.26		%				3,366,170						3,617,541
Non-PCD loans
Mortgage			8,722						8,146						5.77		%				5.63		%				604,784						579,185
Commercial			63,080						60,839						6.98		%				7.34		%				3,587,794						3,287,304
Consumer			20,747						20,551						11.53		%				11.56		%				714,142						705,515
Auto			55,445						57,129						8.42		%				8.53		%				2,613,057						2,656,916
Total Non-PCD loans			147,994						146,665						7.81		%				8.05		%				7,519,777						7,228,920
PCD loans
Mortgage			11,036						12,856						6.33		%				6.57		%				697,008						782,580
Commercial			1,356						1,746						8.28		%				8.12		%				65,533						86,052
Consumer			15						48						21.98		%				44.65		%				273						430
Auto			5						19						30.77		%				98.70		%				65						76
Total PCD loans			12,412						14,669						6.51		%				6.75		%				762,879						869,138
Total loans (2)			160,406						161,334						7.68		%				7.90		%				8,282,656						8,098,058
Total interest-earning assets			195,744						200,145						6.67		%				6.78		%				11,648,826						11,715,599

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			Interest												Average rate												Average balance
			September 30,												September 30,												September 30,
			2026						2025						2026						2025						2026						2025
			(Dollars in thousands)
Interest-bearing liabilities:
Deposits:
NOW accounts			5,959						15,941						1.14		%				1.97		%				2,076,510						3,208,598
Savings and money market			6,316						6,212						1.07		%				1.11		%				2,333,667						2,215,538
Time deposits			20,639						14,362						3.21		%				3.07		%				2,553,623						1,854,320
			32,914						36,515						1.88		%				1.99		%				6,963,800						7,278,456
Brokered deposits			2,671						2,284						4.09		%				4.11		%				259,219						220,362
			35,585						38,799						1.95		%				2.05		%				7,223,019						7,498,818
Non-interest-bearing deposits			—						—						—		%				—		%				2,756,880						2,587,913
Fair value premium and core deposit intangible amortizations			755						943						—		%				—		%				—						—
Total deposits			36,340						39,742						1.44		%				1.56		%				9,979,899						10,086,731
Borrowings:
Securities sold under agreements to repurchase			1,225						986						3.62		%				4.21		%				134,360						93,028
Advances from FHLB and other borrowings			4,609						4,693						4.09		%				4.08		%				447,101						455,804
Total borrowings			5,834						5,679						3.98		%				4.10		%				581,461						548,832
Total interest-bearing liabilities			42,174						45,421						1.58		%				1.69		%				10,561,360						10,635,563
Net interest income / spread			$	153,570					$	154,724					5.09		%				5.09		%
Interest rate margin															5.23		%				5.24		%
Excess of average interest-earning assets over average interest-bearing liabilities																											$	1,087,466					$	1,080,036
Average interest-earning assets to average interest-bearing liabilities ratio																											110.30		%				110.15		%
(1) To provide meaningful comparisons of interest income, yields, and net interest margins, we calculate interest income on a tax-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.

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C - CHANGES IN NET INTEREST INCOME DUE TO:

			Volume						Rate						Total
			(In thousands)
Interest income:
Investment securities			$	(1,033)					$	256					$	(777)
Interest-bearing cash and money market investments			(1,404)						(1,292)						(2,696)
Loans			3,286						(4,214)						(928)
Total interest income			849						(5,250)						(4,401)
Interest expense:
NOW accounts			(7,230)						(2,752)						(9,982)
Savings and money market			391						(287)						104
Time deposits			5,628						649						6,277
Brokered deposits			400						(13)						387
Fair value premium and core deposit intangible amortizations			—						(188)						(188)
Securities sold under agreements to repurchase			392						(153)						239
Advances from FHLB and other borrowings			(90)						6						(84)
Total interest expense			(509)						(2,738)						(3,247)
Net interest income			$	1,358					$	(2,512)					$	(1,154)

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

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026 AND 2025

			Interest												Average rate												Average balance
			2026						2025						2026						2025						2026						2025
			(Dollars in thousands)
A - TAX-EQUIVALENT SPREAD (Non-GAAP)
Interest-earning assets			$	587,020					583,714						6.75		%				6.82		%				$	11,621,623					$	11,446,863
Tax-equivalent adjustment			12,541						11,440						0.14		%				0.13		%				—						—
Interest-earning assets tax-equivalent (1)			599,561						595,154						6.89		%				6.95		%				11,621,623						11,446,863
Interest-bearing liabilities			122,338						127,991						1.56		%				1.65		%				10,517,670						10,396,817
Tax-equivalent net interest income / spread			477,223						467,163						5.33		%				5.30		%				1,103,953						1,050,046
Tax-equivalent interest rate margin															5.47		%				5.43		%
B - NORMAL SPREAD
Interest-earning assets:
Investments:
Investment securities			88,438						89,036						4.29		%				4.26		%				2,749,370						2,787,888
Interest-bearing cash and money market investments			17,207						22,949						3.60		%				4.33		%				639,915						708,922
Total investments			105,645						111,985						4.17		%				4.28		%				3,389,285						3,496,810
Non-PCD loans
Mortgage			25,669						24,401						5.76		%				5.65		%				594,524						576,202
Commercial			184,374						173,222						7.00		%				7.34		%				3,519,855						3,157,315
Consumer			61,041						60,495						11.54		%				11.57		%				706,973						698,827
Auto			165,983						168,034						8.45		%				8.57		%				2,625,137						2,622,485
Total Non-PCD loans			437,067						426,152						7.85		%				8.08		%				7,446,489						7,054,829

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			Interest												Average rate												Average balance
			2026						2025						2026						2025						2026						2025
			(Dollars in thousands)
PCD loans
Mortgage			33,782						38,065						6.28		%				6.30		%				717,770						805,877
Commercial			10,465						7,390						20.66		%				11.12		%				67,719						88,596
Consumer			43						85						19.91		%				19.41		%				288						581
Auto			18						37						33.33		%				28.67		%				72						170
Total PCD loans			44,308						45,577						7.52		%				6.79		%				785,849						895,224
Total loans (2)			481,375						471,729						7.82		%				7.93		%				8,232,338						7,950,053
Total interest-earning assets			$	587,020					$	583,714					6.75		%				6.82		%				$	11,621,623					$	11,446,863
Interest-bearing liabilities:
Deposits:
NOW accounts			24,838						46,288						1.37		%				1.93		%				2,428,203						3,204,413
Savings accounts			18,988						16,415						1.09		%				1.02		%				2,333,056						2,143,116
Time deposits			50,735						42,099						3.11		%				3.08		%				2,180,119						1,824,830
Total core deposits			94,561						104,802						1.82		%				1.95		%				6,941,378						7,172,359
Brokered deposits			7,507						6,281						4.05		%				4.15		%				247,942						202,309
			102,068						111,083						1.90		%				2.01		%				7,189,320						7,374,668
Non-interest-bearing deposits			—						—						—		%				—		%				2,721,477						2,570,680
Fair value premium and core deposit intangible amortizations			2,264						2,830						—		%				—		%				—						—
Total deposits			104,332						113,913						1.41		%				1.53		%				9,910,797						9,945,348
Borrowings:
Securities sold under agreements to repurchase			4,154						1,816						3.62		%				4.35		%				153,585						55,800
Advances from FHLB and other borrowings			13,852						12,262						4.09		%				4.14		%				453,288						395,669
Total borrowings			18,006						14,078						3.97		%				4.17		%				606,873						451,469
Total interest-bearing liabilities			122,338						127,991						1.56		%				1.65		%				10,517,670						10,396,817
Net interest income / spread			$	464,682					$	455,723					5.19		%				5.17		%
Interest rate margin															5.35		%				5.32		%
Excess of average interest-earning assets over average interest-bearing liabilities																											$	1,103,953					$	1,050,046
Average interest-earning assets to average interest-bearing liabilities ratio																											110.50		%				110.10		%
(1) To provide meaningful comparisons of interest income, yields, and net interest margins, we calculate interest income on a tax-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.

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C - CHANGES IN NET INTEREST INCOME DUE TO:

			Volume						Rate						Total
			(In thousands)
Interest income:
Investment securities			$	(706)					$	108					$	(598)
Interest-bearing cash and money market investments			(2,096)						(3,646)						(5,742)
Loans			16,585						(6,939)						9,646
Total interest income			13,783						(10,477)						3,306
Interest expense:
NOW accounts			(16,002)						(5,448)						(21,450)
Savings accounts			2,571						2						2,573
Time deposits			8,265						371						8,636
Brokered deposits			1,385						(159)						1,226
Fair value premium and core deposit intangible amortizations			—						(566)						(566)
Securities sold under agreements to repurchase			2,692						(354)						2,338
Advances from FHLB and other borrowings			1,763						(173)						1,590
Total interest expense			674						(6,327)						(5,653)
Net interest income			$	13,109					$	(4,150)					$	8,959

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 quarters ended September 30, 2026 and 2025

Net interest income of $153.6 million decreased $1.2 million from $154.7 million, reflecting lower interest income from interest-bearing cash and money market investments, investment securities, and loans, as well as higher borrowing costs. This decrease was partially offset by lower deposit costs.

On a tax-equivalent basis net interest income decreased $612 thousand or 0.4% to $158.2 million from $158.8 million.

The interest rate spread remained stable at 5.09% in both periods, while the net interest margin decreased by one basis point to 5.23% from 5.24%.

The decrease in net interest income reflected:

•A $2.7 million decrease in interest income on interest-bearing cash and money market investments, primarily reflecting a $140.9 million reduction in average balances and a 71 basis point decrease in yields;

•A $928 thousand decrease in loan interest income, reflecting lower interest income from auto loans of $1.7 million, primarily due to a $43.9 million decline in average balances, and from residential mortgage loans of $1.2 million, reflecting a $60.0 million decrease in average balances primarily due to the extinguishment of the PCD portfolio, securitization and sale of conforming loans, and normal paydowns. These declines were partially offset by a $1.9 million increase in commercial loan interest income, mainly due to the increase of $280.0 million in average balances and repricing of variable-rate loans, consistent with OFG’s strategy to grow commercial lending in Puerto Rico and the U.S. mainland; and

•A $777 thousand decrease in interest income from investment securities, reflecting a $110.4 million decline in average balances primarily due to principal paydowns of mortgage-backed securities, partially offset by a 6 basis point increase in yields.

73

These decreases were offset by a $3.4 million decrease in deposit costs, reflecting lower average yields and the previously mentioned $500 million government demand deposit transfer into a wealth management account in January 2026, partially offset by growth in retail and commercial deposits.

Comparison of the nine-month periods ended September 30, 2026 and 2025

Net interest income of $464.7 million increased $9.0 million from $455.7 million reflecting higher loan interest income and lower deposit costs. This increase was partially offset by lower interest income from interest-bearing cash and money market investments, investment securities, as well as higher borrowing costs.

On a tax-equivalent basis net interest income increased $10.0 million, or 2.1%, to $477.2 million from $467.2 million.

Interest rate spread increased 2 basis points to 5.19% from 5.17%, while the net interest margin increased 3 basis points to 5.35% from 5.32%.

Net interest income was positively impacted by:

•A $9.6 million increase in loan interest income, primarily driven by higher commercial loan interest income of $14.2 million, reflecting a $341.7 million increase in average balances and the repricing of variable-rate loans consistent with OFG’s strategy to grow commercial lending in Puerto Rico and the U.S. mainland, as well as a $504 thousand increase in consumer loan interest income due to an increase of $7.9 million in average balance. These increases were partially offset by a $3.0 million decrease from mortgage loan interest income, reflecting a reduction of $69.8 million in average balances from the extinguishment of the PCD portfolio, securitization and sale of conforming loans and regular paydowns, and a $2.1 million decrease in auto loan interest income, reflecting a 14 basis point decline in yield; and

•A $9.6 million decrease in deposit costs, reflecting lower yields and the previously mentioned $500 million government demand deposit transfer into a wealth management account in January 2026, partially offset by growth in retail and commercial deposits.

This increase was partially offset by a $5.7 million decrease in interest income on interest-bearing cash and money market investments, reflecting lower average balances and a decline in yields attributable to lower market interest rates, and a $3.9 million increase in interest paid on borrowings related to higher volume of securities under agreements to repurchase and FHLB advances from liquidity management strategies.

TABLE 2 - NON-INTEREST INCOME SUMMARY

			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026						2025						Variance %						2026						2025						Variance %
			(Dollars in thousands)
Banking service revenue			$	17,674					$	15,930					11.0		%				$	52,015					$	47,893					8.6		%
Wealth management revenue			9,367						9,014						3.9		%				28,007						26,387						6.1		%
Mortgage banking activities			5,137						4,312						19.1		%				17,128						14,434						18.7		%
Total banking and financial service revenue			32,178						29,256						10.0		%				97,150						88,714						9.5		%
Other non-interest income			466						2,197						(78.8)		%				684						2,686						(74.5)		%
Total non-interest income			$	32,644					$	31,453					3.8		%				$	97,834					$	91,400					7.0		%

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.

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Comparison of quarters ended September 30, 2026 and 2025

Non-interest income increased $1.2 million or 3.8% to $32.6 million from $31.5 million. The increase in non-interest income was due to:

•A $1.7 million increase in banking service revenue, primarily reflecting a $1.6 million increase in electronic banking fees driven by higher debit card interchange income and merchant business activity, and a $158 thousand increase in deposit account fees due to higher checking account service charges;

•An $825 thousand increase in mortgage banking activities, reflecting a $1.7 million increase in servicing fees, including a $1.9 million favorable variance in the valuation of mortgage servicing rights, and $117 thousand increase in gains on sale of repurchased loans, partially offset by a $1.0 million decrease in gains on sale of loans and securitization; and

•A $353 thousand increase in wealth management revenues, mainly due to a $427 thousand increase in broker fees related to investment advisory services fees and securities sales commissions, partially offset by a $163 thousand decrease in insurance income due to lower annuities and contingency commissions.

The increase was partially offset by a $1.7 million decrease in other non-interest income reflecting $1.9 million gains recognized during the prior year quarter on investments held by OFG Ventures in fintech-focused funds.

Comparison of the nine-month periods ended September 30, 2026 and 2025

Non-interest income increased $6.4 million to $97.8 million from $91.4 million. The increase was mainly due to:

•A $4.1 million increase in banking service revenues, reflecting a $4.7 million increase in electronic banking fees driven by higher debit card interchange income, merchant business activity, and cash management and account analysis fees. These increases were partially offset by a $496 thousand decrease in loan prepayments and servicing fees and commissions, and a $130 thousand decrease in deposit account fees due to lower checking account service charges;

•A $2.7 million increase in mortgage banking activities, mainly due to $4.8 million in servicing fees, including a $5.3 million favorable variance in the valuation of mortgage servicing rights, partially offset by a $1.9 million decrease in gains on sale of loans and securitizations and a $197 thousand decrease in gains on sale of repurchased loans; and

•A $1.6 million increase in wealth management revenue primarily reflecting a $1.4 million increase in broker fees related to investment advisory service fees, securities sales commissions and mutual funds retailer fees, and a $215 thousand increase in trust fees.

The increase was partially offset by a $2.0 million decrease in other non-interest income reflecting $1.9 million gains recognized on investments held by OFG Ventures in fintech-focused funds during the prior year period.

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TABLE 3 - NON-INTEREST EXPENSES SUMMARY

			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026						2025						Variance %						2026						2025						Variance %
			(Dollars in thousands)
Compensation and employee benefits			$	40,511					$	39,836					1.7		%				$	123,034					$	119,333					3.1		%
Occupancy, equipment and infrastructure costs			14,760						14,994						(1.6)		%				42,451						44,443						(4.5)		%
Electronic banking charges			12,502						12,657						(1.2)		%				33,336						34,602						(3.7)		%
Information technology expenses			5,823						6,805						(14.4)		%				19,537						19,771						(1.2)		%
Professional and service fees			4,344						5,336						(18.6)		%				15,397						15,267						0.9		%
Taxes, other than payroll and income taxes			4,267						4,153						2.8		%				12,558						11,622						8.1		%
Insurance			2,738						2,721						0.6		%				8,412						8,511						(1.2)		%
Advertising, business promotion, and strategic initiatives			3,277						2,875						14.0		%				9,480						8,036						18.0		%
Loan servicing and clearing expenses			2,505						2,288						9.5		%				7,566						6,694						13.0		%
Communication			1,035						1,080						(4.2)		%				3,234						3,421						(5.5)		%
Printing, postage, stationery and supplies			930						1,022						(9.0)		%				3,349						3,151						6.3		%
Director and investor relations			298						296						0.7		%				1,007						1,013						(0.6)		%
Foreclosed real estate and other repossessed assets expenses (income), net			96						(521)						118.4		%				(494)						817						(160.5)		%
Operational losses and related loss provisions			426						292						45.9		%				6,973						671						939.2		%
Other			2,753						2,714						1.4		%				7,960						7,450						6.8		%
Total non-interest expenses			$	96,265					$	96,548					(0.3)		%				$	293,800					$	284,802					3.2		%
Relevant ratios and data:
Efficiency ratio			51.83		%				52.48		%										52.29		%				52.31		%
Compensation and benefits to non-interest expense			42.08		%				41.26		%										41.88		%				41.90		%
Compensation to average total assets owned			1.33		%				1.30		%										1.35		%				1.33		%
Number of employees end of period			2,156						2,217												2,156						2,217
Average number of employees			2,162						2,214												2,176						2,219
Average compensation per employee (in thousands)			$	74.95					$	71.97											$	75.39					$	71.69
Average loans per average employee			$	3,831					$	3,658											$	3,783					$	3,582

Non-Interest Expense

Comparison of quarters ended September 30, 2026 and 2025

Non-interest expense was $96.3 million, representing a decrease of 0.3% or $283 thousand, compared to $96.5 million. The decrease in non-interest expense was mainly due to:

•A $992 thousand decrease in professional and service fees reflecting lower compliance-related expenses; and

•A $982 thousand decrease in information technology expenses primarily reflecting $724 thousand in reduced data processing costs and $772 thousand in reduced IT support expenses, partially offset by a $520 thousand increase in cloud computing costs.

These decreases in non-interest expense were partially offset by:

•A $675 thousand increase in compensation and employee benefits, as a result of higher salaries and benefits, including payroll taxes;

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•A $617 thousand increase in foreclosed real estate and other repossessed assets expenses, net, primarily reflecting a $481 thousand unfavorable variance in the valuation of foreclosed real estate and $138 thousand in higher credit-related expenses; and

•A $402 thousand increase in advertising, business promotion, and strategic initiatives driven by a new branding marketing campaign during 2026.

The efficiency ratio was 51.83% compared to 52.48%. The efficiency ratio measures how much of OFG’s revenues is used to pay operating expenses. OFG computes its efficiency ratio by dividing non-interest expenses by the sum of its net interest income and non-interest income, but excluding gains on the sale of investment securities, other gains and losses, and other income that may be considered volatile in nature. Management believes that the exclusion of those items permits consistent comparability. Amounts presented as part of non-interest income that were excluded from the adjusted efficiency ratio computation for the quarters ended September 30, 2026 and 2025, amounted to $466 thousand and $2.2 million, respectively.

Comparison of the nine-month periods ended September 30, 2026 and 2025

Non-interest expense was $293.8 million, representing an increase of 3.2% or $9.0 million, compared to $284.8 million. The increase in non-interest expense was mainly due to:

•A $6.3 million increase in operational losses and related loss provisions, which includes a provision of $5.8 million recorded in the second quarter of 2026;

•A $3.7 million increase in compensation and employee benefits from higher salaries and benefits, including payroll taxes; and

•A $1.4 million increase in advertising, business promotion, and strategic initiatives driven by a new branding marketing campaign during 2026.

These increases in non-interest expense were partially offset by:

•A $2.0 million decrease in occupancy, equipment and infrastructure costs, driven by lower internet services expenses of $1.1 million, $572 thousand in reduced software maintenance expenses, and a $445 thousand insurance reimbursement related to equipment;

•A $1.3 million decrease in foreclosed real estate and other repossessed assets expenses, net. This reduction primarily reflects a $1.4 million increase in gains from the sale of other repossessed assets due to improved pricing and a $509 thousand decrease in credit-related expenses, which includes $421 thousand in escrow recoveries related to acquired residential loans recognized in the second quarter of 2026. These decreases were partially offset by a $523 thousand unfavorable variance in the valuation of foreclosed real estate; and

•A $1.3 million decrease in electronic banking charges mainly due to the benefit recognized from a $3.6 million business-related volume incentive payment in the first quarter of 2026.

The efficiency ratio was 52.29% compared to 52.31%. Amounts presented as part of non-interest income that were excluded from the efficiency ratio computation for 2026 and 2025 amounted to $684 thousand and $2.7 million, respectively.

Provision for Credit Losses

Comparison of quarters ended September 30, 2026 and 2025

Provision for credit losses decreased by $10.1 million to $18.1 million from $28.3 million. The provision for credit losses for the third quarter of 2026, reflected $17.5 million for increased loan volume and $1.3 million due to seasonal adjustment for auto delinquency. The provision for credit losses for the third quarter of 2025, reflected $13.5 million for increased loan volume, $5.6 million in specific reserves on two commercial loans, $4.3 million for updated prepayment assumptions in commercial loans and residential mortgage loans, $2.9 million for macroeconomic factors, and $1.3 million due to qualitative adjustment.

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Comparison of the nine-month periods ended September 30, 2026 and 2025

Provision for credit losses decreased by $22.0 million to $53.6 million from $75.6 million. The provision for credit losses for the nine-month period ended September 30, 2026, reflected $49.6 million related to loan volume and $3.0 million related to specific commercial loan reserves. The provision for credit losses for the nine-month period ended September 30, 2025, reflected $48.1 million related to loan volume, $14.2 million in commercial loans specific reserves and $13.6 million due to alignment of economic and loss rate model assumptions.

Income Tax Expense

Comparison of quarters ended September 30, 2026 and 2025

Income tax expense for the third quarter of 2026 increased by $5.7 million to $15.2 million from $9.5 million, primarily due to higher income before taxes and fewer favorable discrete items. OFG maintained an ETR lower than the statutory rate for the third quarter of 2026 and 2025 of 21.2% and 15.5%, respectively. The lower ETR is mainly related to exempt income and investments subject to preferential tax treatment under the PR Code. The third quarter of 2025 ETR was further reduced by the cumulative effect of changes in the applicable tax rate recognized during the year.

Comparison of the nine-month periods ended September 30, 2026 and 2025

Income tax expense increased by $8.3 million to $45.8 million from $37.5 million, primarily due to higher income before taxes and fewer favorable discrete tax benefits. OFG maintained an ETR lower than the statutory rate for the nine-month periods ended September 30, 2026 and 2025 of 21.3% and 20.1%, reflecting exempt income, investments subject to preferential tax treatment under the PR Code, a discrete tax windfall on stock options, and benefits related to the purchase of tax credits at a discount.

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 the quarters and nine-month periods ended September 30, 2026 and 2025.

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TABLE 4 - BUSINESS SEGMENTS
			Quarter Ended September 30, 2026
			Banking						Wealth Management						Treasury						Total Major Segments						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	161,730					$	9					$	35,429					$	197,168					$	(1,424)					$	195,744
Interest expense			(33,518)						—						(10,080)						(43,598)						1,424						(42,174)
Net interest income			128,212						9						25,349						153,570						—						153,570
(Provision for) recapture of credit losses			(18,143)						—						3						(18,140)						—						(18,140)
Non-interest income, net			22,978						9,666						—						32,644						—						32,644
Non-interest expenses:
Compensation and employee benefits			(37,628)						(2,591)						(292)						(40,511)						—						(40,511)
Occupancy, equipment and infrastructure costs			(10,402)						(133)						(20)						(10,555)						—						(10,555)
Depreciation and amortization of premises and equipment			(4,190)						(10)						(5)						(4,205)						—						(4,205)
Electronic banking charges			(12,502)						—						—						(12,502)						—						(12,502)
Information technology expenses			(5,786)						(38)						1						(5,823)						—						(5,823)
Professional and service fees			(3,535)						(758)						(51)						(4,344)						—						(4,344)
Loan servicing and clearing expenses			(1,893)						(478)						(134)						(2,505)						—						(2,505)
Amortization of other intangible assets			(230)						—						—						(230)						—						(230)
Intersegment expenses			1,055						(605)						(450)						—						—						—
Other			(14,813)						(585)						(192)						(15,590)						—						(15,590)
Total non-interest expense			(89,924)						(5,198)						(1,143)						(96,265)						—						(96,265)
Income before income taxes			$	43,123					$	4,477					$	24,209					$	71,809					$	—					$	71,809
Income tax expense			(15,152)						—						(46)						(15,198)						—						(15,198)
Net income			$	27,971					$	4,477					$	24,163					$	56,611					$	—					$	56,611
Total assets			$	10,208,889					$	42,346					$	3,212,469					$	13,463,704					$	(1,319,225)					$	12,144,479

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			Nine-Month Period Ended September 30, 2026
			Banking						Wealth Management						Treasury						Total						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	485,249					$	21					$	105,925					$	591,195					$	(4,175)					$	587,020
Interest expense			(96,381)						—						(30,132)						(126,513)						4,175						(122,338)
Net interest income			388,868						21						75,793						464,682						—						464,682
Provision for credit losses			(53,632)						—						3						(53,629)						—						(53,629)
Non-interest income, net			69,017						28,764						53						97,834						—						97,834
Non-interest expense:
Compensation and employee benefits			(114,406)						(7,710)						(918)						(123,034)						—						(123,034)
Occupancy, equipment and infrastructure costs			(28,123)						(392)						(54)						(28,569)						—						(28,569)
Depreciation and amortization of premises and equipment			(13,833)						(29)						(20)						(13,882)						—						(13,882)
Electronic banking charges			(33,336)						—						—						(33,336)						—						(33,336)
Information technology expenses			(19,413)						(124)						—						(19,537)						—						(19,537)
Professional and service fees			(11,699)						(2,430)						(1,268)						(15,397)						—						(15,397)
Loan servicing and clearing expenses			(5,657)						(1,502)						(407)						(7,566)						—						(7,566)
Amortization of other intangible assets			(692)						—						—						(692)						—						(692)
Intersegment expenses			3,151						(1,784)						(1,367)						—						—						—
Other			(49,714)						(1,585)						(488)						(51,787)						—						(51,787)
Total non-interest expense			(273,722)						(15,556)						(4,522)						(293,800)						—						(293,800)
Income before income taxes			$	130,531					$	13,229					$	71,327					$	215,087					$	—					$	215,087
Income tax expense			(45,607)						—						(155)						(45,762)						—						(45,762)
Net income			$	84,924					$	13,229					$	71,172					$	169,325					$	—					$	169,325
Total assets			$	10,208,889					$	42,346					$	3,212,469					$	13,463,704					$	(1,319,225)					$	12,144,479

Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, the IBE unit, that operates within the Bank. The time deposit, with balances of $288.1 million and $282.5 million at September 30, 2026 and 2025, respectively, is used to fund Oriental Overseas operations. The deposit and corresponding interest expense are included in the Treasury segment, and the related interest income is included in the Banking segment. These intersegment balances and amounts are eliminated in consolidation. Interest income is accrued on the unpaid principal balance.

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			Quarter Ended September 30, 2025
			Banking						Wealth Management						Treasury						Total Major Segments						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	163,168					$	5					$	38,422					$	201,595					$	(1,450)					$	200,145
Interest expense			(37,346)						—						(9,525)						(46,871)						1,450						(45,421)
Net interest income			125,822						5						28,897						154,724						—						154,724
Provision for credit losses			(28,216)						—						(42)						(28,258)						—						(28,258)
Non-interest income, net			20,232						9,276						1,945						31,453						—						31,453
Non-interest expenses:
Compensation and employee benefits			(37,048)						(2,520)						(268)						(39,836)						—						(39,836)
Occupancy, equipment and infrastructure costs			(9,518)						(179)						(19)						(9,716)						—						(9,716)
Depreciation and amortization of premises and equipment			(5,260)						(13)						(5)						(5,278)						—						(5,278)
Electronic banking charges			(12,657)						—						—						(12,657)						—						(12,657)
Information technology expenses			(6,749)						(50)						(6)						(6,805)						—						(6,805)
Professional and service fees			(4,677)						(690)						31						(5,336)						—						(5,336)
Loan servicing and clearing expenses			(1,750)						(412)						(126)						(2,288)						—						(2,288)
Amortization of other intangibles assets			(288)						—						—						(288)						—						(288)
Intersegment expenses			1,183						(614)						(569)						—						—						—
Other			(13,638)						(582)						(124)						(14,344)						—						(14,344)
Total non-interest expense			(90,402)						(5,060)						(1,086)						(96,548)						—						(96,548)
Income before income taxes			$	27,436					$	4,221					$	29,714					$	61,371					$	—					$	61,371
Income tax expense			(9,481)						—						(52)						(9,533)						—						(9,533)
Net income			$	17,955					$	4,221					$	29,662					$	51,838					$	—					$	51,838
Total assets			$	9,992,368					$	30,113					$	3,556,709					$	13,579,190					$	(1,349,378)					$	12,229,812

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			Nine-Month Period Ended September 30, 2025
			Banking						Wealth Management						Treasury						Total						Eliminations						Consolidated Total
			(In thousands)
Interest income			$	476,973					$	16					$	110,830					$	587,819					$	(4,105)					$	583,714
Interest expense			(107,302)						—						(24,794)						(132,096)						4,105						(127,991)
Net interest income			369,671						16						86,036						455,723						—						455,723
(Provision for) recapture of credit losses			(75,584)						—						(40)						(75,624)						—						(75,624)
Non-interest income, net			62,231						27,222						1,947						91,400						—						91,400
Non-interest expenses
Compensation and employee benefits			(110,796)						(7,711)						(826)						(119,333)						—						(119,333)
Occupancy, equipment and infrastructure costs			(28,393)						(548)						(53)						(28,994)						—						(28,994)
Depreciation and amortization of premises and equipment			(15,396)						(38)						(15)						(15,449)						—						(15,449)
Electronic banking charges			(34,602)						—						—						(34,602)						—						(34,602)
Information technology expenses			(19,624)						(147)						—						(19,771)						—						(19,771)
Professional and service fees			(13,035)						(2,157)						(75)						(15,267)						—						(15,267)
Loan servicing and clearing expenses			(5,031)						(1,339)						(324)						(6,694)						—						(6,694)
Amortization of other intangible assets			(865)						—						—						(865)						—						(865)
Intersegment expenses			2,988						(1,704)						(1,284)						—						—						—
Other			(42,104)						(1,345)						(378)						(43,827)						—						(43,827)
Total non-interest expense			(266,858)						(14,989)						(2,955)						(284,802)						—						(284,802)
Income before income taxes			$	89,460					$	12,249					$	84,988					$	186,697					$	—					$	186,697
Income tax expense			(37,326)						(17)						(144)						(37,487)						—						(37,487)
Net income			$	52,134					$	12,232					$	84,844					$	149,210					$	—					$	149,210
Total assets			$	9,992,368					$	30,113					$	3,556,709					$	13,579,190					$	(1,349,378)					$	12,229,812

Comparison of quarters ended September 30, 2026 and 2025

Banking

OFG’s banking segment income before income taxes increased $15.7 million to $43.1 million from $27.4 million, mainly due to:

•A $3.8 million decrease in interest expense, reflecting the $500 million government demand deposit transfer into a wealth management account in January 2026 and lower interest rates, partially offset by higher retail and commercial deposit balances;

•A $10.1 million decrease in provision for credit losses, mainly due to lower specific reserves and changes in assumptions, factors, and qualitative adjustments in the previous year quarter; and

•A $2.7 million increase in non-interest income primarily related to $1.7 million increase in banking service revenue due to higher customer activity and transaction volumes and an $825 thousand increase in mortgage banking activities, mainly from favorable variance in the valuation of mortgage servicing rights.

These increases in banking segment income were partially offset by a $1.4 million decrease in interest income, primarily reflecting lower interest income from loans.

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Wealth Management

Wealth management segment revenue consists of commissions and fees earned from fiduciary activities, securities brokerage and investment advisory services, and insurance and reinsurance activities. Income before income taxes for this segment increased to $4.5 million from $4.2 million, mainly from higher non-interest income of $390 thousand reflecting higher broker-dealer fees related to investment advisory service fees and securities sales commissions.

Treasury

Treasury segment income before income taxes decreased $5.5 million to $24.2 million from $29.7 million. The decrease primarily reflected $3.0 million lower interest income on interest-bearing cash and money market investments due to lower average balances and interest rates, $1.9 million lower non-interest income from gains recognized in the prior year quarter on investments held by OFG Ventures in fintech-focused funds, and $555 thousand higher interest expense reflecting $150 thousand from borrowings and $387 thousand from brokered deposits, which were utilized to enhance liquidity and support strategic growth in the commercial loan portfolio.

Comparison of nine-month periods ended September 30, 2026 and 2025

Banking

OFG’s banking segment income before income taxes increased $41.1 million to $130.5 million from $89.5 million, mainly due to:

•A $9.6 million increase in interest income from loans, driven by higher average loan balances;

•A $10.9 million decrease in interest expense reflecting the $500 million government demand deposit transfer into a wealth management account in January 2026 and lower interest rates, partially offset by higher retail and commercial deposit balances;

•A $22.0 million decrease in provision for credit losses, mainly due to lower specific reserves and the alignment in prior year period of economic and loss rate model assumptions; and

•A $6.8 million increase in non-interest income, related to $4.1 million increase in banking service revenue due to higher customer activity and transaction volumes and a $2.7 million increase in mortgage banking activities, mainly from favorable variance in the valuation of mortgage servicing rights.

These increases in banking segment income were partially offset by a $6.9 million increase in non-interest expenses, reflecting $5.8 million in business-related operational charges, $3.6 million higher salaries and benefits, and $1.4 million from new branding marketing campaign during 2026.

Wealth Management

Income before income taxes for this segment increased to $13.2 million from $12.2 million, reflecting a $1.5 million increase in non-interest income from higher broker-dealer fees related to investment advisory service fees, securities sales commissions, and mutual funds retailer fees, partially offset by a $273 thousand increase in professional and service fees related to consulting and advisory services.

Treasury

Treasury segment income before income taxes decreased $13.7 million to $71.3 million from $85.0 million. The decrease was mainly due to a $5.3 million increase in interest expense, reflecting $3.9 million from interest paid on borrowings and $1.2 million from brokered deposits, which were utilized to enhance liquidity and support strategic growth in the commercial loan portfolio, a $4.9 million decrease in interest income on interest-bearing cash and money market investments due to lower average balances and interest rates, and a $1.2 million increase in professional and service fees, including $1.0 million of costs associated with a capital markets readiness and registration process.

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ANALYSIS OF FINANCIAL CONDITION

Assets Owned

At September 30, 2026, OFG’s total assets amounted to $12.144 billion, a decrease of $321.2 million, when compared to $12.466 billion at December 31, 2025.

Cash and due from banks decreased by $475.6 million to $560.5 million, reflecting the $500 million transfer of a government demand deposit into a wealth management account in January 2026.

The investment portfolio decreased $126.0 million or 4.43% primarily reflecting $313.4 million principal paydowns and maturities, as well as $147.8 million in unfavorable market value adjustments, partially offset by $267.4 million of new available-for-sale mortgage-backed securities and US Treasury securities, and $66.6 million related to mortgage loan securitizations. 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 September 30, 2026, OFG’s net loan portfolio increased by $252.6 million or 3.2% reflecting increases in US and Puerto Rico commercial loans and consumer loans, partially offset by a decrease in auto and mortgage loans, from portfolio run-off and mortgage securitizations.

Financial Assets Managed

At September 30, 2026, OFG’s financial assets include assets managed by its 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 September 30, 2026, and December 31, 2025, total assets managed by OFG’s trust division amounted to $2.409 billion and $2.490 billion, respectively. The $81.4 million decrease reflects the discontinuance of Keogh plan services during the period, partially offset by favorable market conditions. 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 September 30, 2026, total assets managed by the securities broker-dealer and insurance agency subsidiaries from their customers’ investment accounts amounted to $3.309 billion, compared to $2.613 billion at December 31, 2025. The $696.7 million increase in broker-dealer related assets is mainly due to the transfer of a $500 million government demand deposit from the Bank into a wealth management account during the period, as well as favorable changes in 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 the third quarter of 2026, OFG performed an assessment of events or circumstances that could trigger reductions in the book value of goodwill. Based on this assessment, no impairments were identified at September 30, 2026.

As of both September 30, 2026, and December 31, 2025, OFG had $84.2 million of goodwill allocated as follows: $84.1 million to the banking segment and $178 thousand to the wealth management segment. Please refer to “Note 8 – Goodwill and Other Intangible Assets” to our consolidated financial statements for more information on the annual goodwill impairment test.

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TABLE 5 - ASSETS SUMMARY AND COMPOSITION

			September 30,						December 31,						Variance %
			2026						2025
			(Dollars in thousands)
Investments:
FNMA and FHLMC certificates			$	2,152,841					$	2,285,078					(5.8)		%
GNMA certificates			495,793						490,571						1.1		%
Equity securities			64,727						62,738						3.2		%
US Treasury securities			2,124						1,651						28.6		%
CMOs issued by US government-sponsored enterprises			1,128						2,579						(56.3)		%
Other debt securities			500						501						(0.2)		%
Trading securities			22						23						(4)		%
Total investments			2,717,135						2,843,141						(4.4)		%
Loans, net			8,266,856						8,014,246						3.2		%
Total investments and loans			10,983,991						10,857,387						1.2		%
Other assets:
Cash and due from banks			560,485						1,036,074						(45.9)		%
Money market investments			6,288						4,261						47.6		%
Foreclosed real estate			1,615						2,490						(35.1)		%
Accrued interest receivable			69,143						71,110						(2.8)		%
Deferred tax asset, net			127,364						104,359						22.0		%
Premises and equipment, net			96,538						93,554						3.2		%
Customers’ liability on acceptances			23,734						22,442						5.8		%
Servicing assets			68,542						66,333						3.3		%
Goodwill			84,241						84,241						—		%
Other intangible assets			6,898						9,854						(30.0)		%
Operating lease right-of-use assets			22,815						21,261						7.3		%
Other assets			92,825						92,291						0.6		%
Total other assets			1,160,488						1,608,270						(27.8)		%
Total assets			$	12,144,479					$	12,465,657					(2.6)		%
Investment portfolio composition:
FNMA and FHLMC certificates			79.3		%				80.3		%
GNMA certificates			18.2		%				17.3		%
Equity securities			2.4		%				2.2		%
US Treasury securities			0.1		%				0.1		%
CMOs issued by US government-sponsored enterprises			0.0		%				0.1		%
			100.0		%				100.0		%

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TABLE 6 - LOAN PORTFOLIO COMPOSITION

			September 30,						December 31,						Variance %
			2026						2025
			(In thousands)
Loans held-for-investment:
Commercial loans			$	3,789,686					$	3,490,169					8.6		%
Mortgage loans			1,359,658						1,390,346						(2.2)		%
Consumer loans			697,222						683,548						2.0		%
Auto loans			2,601,833						2,636,979						(1.3)		%
			8,448,399						8,201,042						3.0		%
Allowance for credit losses			(191,829)						(202,341)						(5.2)		%
Total loans held-for-investment, net			8,256,570						7,998,701						3.2		%
Mortgage loans held-for-sale			10,286						12,483						(17.6)		%
Other loans held-for-sale			—						3,062						(100.0)		%
Total loans held-for-sale			10,286						15,545						(33.8)		%
Total loans, net			$	8,266,856					$	8,014,246					3.2		%

OFG’s loan portfolio is composed of commercial, mortgage, consumer, and auto loans. As shown in Table 6 above, total loans, net, amounted to $8.267 billion at September 30, 2026, a 3.2% increase when compared to $8.014 billion at December 31, 2025. The composition and trends of OFG’s gross loans held-for-investment were as follows:

•Commercial loan portfolio amounted to $3.790 billion (44.9% of gross loans held-for-investment) compared to $3.490 billion (42.6% of gross loans held-for-investment) at December 31, 2025, an 8.6% increase resulting from originations and credit lines usage in the nine-month period ended September 30, 2026. Commercial loans secured by non-owner-occupied commercial real estate amounted to $756.5 million and $774.1 million at September 30, 2026, and December 31, 2025, respectively, which represented 9.0% and 9.4% of our gross loans held-for-investment. Commercial US loans amounted to $862.9 million and $830.0 million at September 30, 2026, and December 31, 2025, respectively, which represented 10.2% and 10.1% of our gross loans held-for-investment.

At December 31, 2025, OFG had $3.1 million in commercial loans held-for-sale and sold them during the nine-month period ended September 30, 2026, recognizing a $28 thousand loss included in other non-interest income in the consolidated statements of operations. Additionally, during the nine-month period ended September 30, 2026, OFG sold two previously reserved non-performing commercial loans held-for-investment with an aggregate reporting balance of $49.6 million and recognized $15.6 million in related charge-offs.

Commercial loan production increased by 14.1% or $46.9 million to $379.8 million in the third quarter of 2026 from $332.9 million in the prior year quarter, reflecting higher production in both commercial PR and commercial US portfolios. For the nine-month period ended September 30, 2026, commercial loan production increased by 16% or $156.5 million to $1.112 billion from $955.2 million for the same period of 2025, resulting from the commercial PR loan portfolio, while commercial US loan production decreased slightly. Commercial US loan activities include the purchase of middle-market senior secured cash flow loan participations and the purchase of participations in loans to small and medium sized businesses.

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•Mortgage loan portfolio amounted to $1.360 billion (16.1% of gross loans held-for-investment) compared to $1.390 billion (17.0% of gross loans held-for-investment) at December 31, 2025, a 2.2% 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 $58.7 million and $56.5 million at September 30, 2026, and December 31, 2025, 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 $49.8 million and $147.3 million in the quarter and nine-month period ended September 30, 2026, respectively, which represents increases of 17.5% and 9.1%, respectively, from $42.4 million and $135.0 million for the same periods in 2025.

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 U.S. 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 $697.2 million (8.3% of gross loans held-for-investment) compared to $683.5 million (8.3% of gross loans held-for-investment) at December 31, 2025, a 2.0% increase resulting from originations. Consumer loan production increased by 15.4% to $87.7 million in the third quarter of 2026 from $76.0 million in the prior year quarter, and increased by 8.1% or $17.8 million to $238.5 million in the nine-month period ended September 30, 2026 from $220.6 million for the same period in 2025.

•Auto loans portfolio amounted to $2.602 billion (30.7% of gross loans held-for-investment) compared to $2.637 billion (32.1% of gross loans held-for-investment) at December 31, 2025. Auto loans production increased by 2.3% or $4.0 million to $176.5 million in the third quarter of 2026 compared to $172.6 million in the prior year quarter, and decreased by 14.6% or $95.5 million to $560.2 million in the nine-month period ended September 30, 2026, from $655.7 million for the same period in 2025. Production during the first quarters of 2025 reflected unusually strong auto sales made ahead of anticipated tariff-related price increases later in 2025.

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

TABLE 7 - PUERTO RICO GOVERNMENT RELATED LOANS

September 30, 2026
									Maturity
			Carrying Value						Less than 1 Year						1 to 3 Years						More than 3 Years
Loans:			(In thousands)
Municipalities			$	87,219					$	—					$	3,232					$	83,987

At September 30, 2026, OFG has $87.2 million of direct credit exposure to the Puerto Rico government, a $9.9 million increase from $77.3 million at December 31, 2025. 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 and are in current status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations.

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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 8 through 11 set forth an analysis of activity in the ACL and present selected credit loss statistics for the quarters and nine-month period ended September 30, 2026, and 2025 and as of September 30, 2026 and December 31, 2025. In addition, Table 6 sets forth the composition of the loan portfolio.

The decline in the allowance for credit losses reflected, in part, the impact of the sale of two non-performing commercial loans during the period, which reduced specific credit exposure and contributed to improved asset-quality metrics. However, management continued to retain qualitative reserves for areas of uncertainty not fully captured by the quantitative model, including trends in the auto portfolio. As a result, the reserve release reflected an improved risk profile following the non-performing commercial loan sales and other portfolio credit metrics, while qualitative reserves continued to address portfolio-specific risks and uncertainties not fully captured by the quantitative models.

On the retail side, consumer and auto loan portfolios continued to perform well, reporting lower early delinquency and 90 days and over delinquency levels compared to December 31, 2025. The residential mortgage loan portfolio experienced lower early delinquency and a modest increase of $1.3 million or 1.9% in the 90 days and over delinquency amount, mainly as a result of a $2.2 million increase in the GNMA buy-back option program, compared to December 31, 2025.

Net charge-offs for consumer and auto loans improved year-over-year, and recovery performance remained strong. Collateral liquidation values in the auto loan portfolio have remained stable, resulting in consistent loss severity. Mortgage loan recoveries continued to exceed charge-offs.

Commercial non-performing loan rates at September 30, 2026 were 0.68 percent compared to 2.50 percent at December 31, 2025. Delinquencies and non-performing levels are down, criticized exposure has declined, and overall asset quality has improved materially.

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 quarterly report on Form 10-Q and “Note 5 – 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 12 to 14). At September 30, 2026, non-accrual loans held-for-investment amounted to $57.5 million, a decrease of $67.1 million from $124.6 million at December 31, 2025. The decrease is mainly related to the sale of two previously reserved non-performing commercial loans held-for-investment with an aggregate reporting balance of $49.6 million and recognized $15.6 million in related charge-offs.

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 September 30, 2026.

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 September 30, 2026, and December 31, 2025, the outstanding balance of these residential mortgage loans was $4.9 million and $5.5 million, respectively.

At September 30, 2026, OFG’s non-performing assets decreased by 49.5% to $68.7 million (0.57% of total assets) from $136.0 million (1.09% of total assets) at December 31, 2025, mainly related to the previously mentioned sale of non-performing commercial loans during the nine-month period ended September 30, 2026.

Foreclosed real estate decreased from $2.5 million at December 31, 2025, to $1.6 million at September 30, 2026, and other repossessed assets increased from $3.5 million at December 31, 2025, to $4.7 million at September 30, 2026, both recorded at fair value. OFG does not expect non-performing loans to result in significantly higher losses. At September 30, 2026, the allowance coverage ratio to non-performing loans was 307.2% (155.6% at December 31, 2025).

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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 September 30, 2026, OFG’s non-performing commercial loans amounted to $25.7 million (41.2% of OFG’s non-performing loans), a $61.6 million or 70.6% decrease from $87.3 million at December 31, 2025 (67.1% of OFG’s non-performing loans). During the nine-month period ended September 30, 2026, OFG sold two non-performing commercial loans held-for-investment with an aggregate reporting balance of $49.6 million. 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.

Mortgage loans - At September 30, 2026, OFG’s non-performing mortgage loans totaled $16.1 million (25.7% of OFG’s non-performing loans), an 8.8% decrease from $17.6 million (13.6% of OFG’s non-performing loans) at December 31, 2025. 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 September 30, 2026, OFG’s non-performing consumer loans amounted to $3.7 million (6.0% of OFG’s non-performing loans), a 14.6% decrease from $4.4 million at December 31, 2025 (3.4% 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 September 30, 2026, OFG’s non-performing auto loans amounted to $16.9 million (27.1% of OFG’s total non-performing loans), an 18.5% decrease from $20.8 million at December 31, 2025 (15.9% 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, Rural Housing Service (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. 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.

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TABLE 8 - ALLOWANCE FOR CREDIT LOSSES BREAKDOWN

			September 30,						December 31,						Variance
			2026						2025						%
			(Dollars in thousands)
ACL:
Non-PCD
Commercial loans			$	52,998					$	65,943					(19.6)		%
Mortgage loans			6,413						6,358						0.9		%
Consumer loans			34,470						33,466						3.0		%
Auto loans			93,284						92,472						1		%
Total ACL			$	187,165					$	198,239					(5.6)		%
PCD
Commercial loans			$	1,667					$	493					238.1		%
Mortgage loans			2,988						3,599						(17.0)		%
Consumer loans			8						9						(11.1)		%
Auto loans			1						1						0.0		%
Total ACL			$	4,664					$	4,102					13.7		%
ACL summary
Commercial loans			$	54,665					$	66,436					(17.7)		%
Mortgage loans			9,401						$	9,957					(5.6)		%
Consumer loans			34,478						$	33,475					3.0		%
Auto loans			93,285						$	92,473					1		%
Total ACL			$	191,829					$	202,341					(5.2)		%
ACL composition:
Commercial loans			28.5		%				32.8		%
Mortgage loans			4.9		%				4.9		%
Consumer loans			18.0		%				16.5		%
Auto loans			48.6		%				45.8		%
			100.0		%				100.0		%
ACL coverage ratio at end of period:
Commercial loans			1.44		%				1.90		%				(24.2)		%
Mortgage loans			0.69		%				0.72		%				(4.2)		%
Consumer loans			4.95		%				4.90		%				1.0		%
Auto loans			3.59		%				3.51		%				2.3		%
			2.27		%				2.47		%				(8.1)		%
ACL coverage ratio to non-performing loans:
Commercial loans			212.7		%				76.1		%				179.5		%
Mortgage loans			58.5		%				56.5		%				3.5		%
Consumer loans			921.9		%				764.6		%				20.6		%
Auto loans			551.4		%				445.7		%				23.7		%
			307.2		%				155.6		%				97.4		%

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TABLE 9 - ALLOCATION OF THE ALLOWANCE FOR CREDIT LOSSES

						September 30,												December 31,
						2026												2025
						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						$	54,665					44.9%						$	66,436					42.6%
Mortgage loans						9,401						16.1%						9,957						17.0%
Consumer loans						34,478						8.3%						33,475						8.3%
Auto loans						93,285						30.7%						92,473						32.1%
Total						$	191,829					100.0		%				$	202,341					100.0		%
[1] Total loans in this table refers to total loans held-for-investment.

TABLE 10 - ALLOWANCE FOR CREDIT LOSSES SUMMARY

			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026						2025						Variance %						2026						2025						Variance %
			(In thousands)																		(In thousands)
Balance at beginning of period			$	188,255					$	189,944					(0.9)		%				$	202,341					$	175,863					15.1		%
Provision for credit losses			18,034						28,046						(35.7)		%				54,118						75,281						(28.1)		%
Charge-offs			(24,563)						(29,747)						(17.4)		%				(94,640)						(81,473)						16.2		%
Recoveries			10,103						9,539						5.9		%				30,010						28,111						6.8		%
Balance at end of period			$	191,829					$	197,782					(3.0)		%				$	191,829					$	197,782					(3.0)		%

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TABLE 11 — NET CREDIT LOSSES STATISTICS ON LOANS

			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026						2025						Variance %						2026						2025						Variance %
			(Dollars in thousands)
Non-PCD:
Mortgage loans
Charge-offs			$	(85)					$	—					100.0		%				$	(151)					$	(34)					344.1		%
Recoveries			187						171						9.4		%				645						1,102						(41.5)		%
Total			102						171						(40.4)		%				494						1,068						(53.7)		%
Commercial PR
Charge-offs			(295)						(1,446)						(79.6)		%				(15,595)						(1,831)						751.7		%
Recoveries			169						922						(81.7)		%				394						1,162						(66.1)		%
Total			(126)						(524)						(76.0)		%				(15,201)						(669)						2,172.2		%
Commercial US
Charge-offs			(299)						(3,647)						(91.8)		%				(5,841)						(6,565)						(11.0)		%
Recoveries			1,137						—						100.0		%				1,192						—						100.0		%
Total			838						(3,647)						(123.0)		%				(4,649)						(6,565)						(29.2)		%
Consumer loans
Charge-offs			(7,774)						(7,704)						0.9		%				(24,358)						(22,926)						6.2		%
Recoveries			1,104						896						23.2		%				3,283						2,469						33.0		%
Total			(6,670)						(6,808)						(2.0)		%				(21,075)						(20,457)						3.0		%
Auto loans
Charge-offs			(16,110)						(16,743)						(3.8)		%				(48,689)						(49,805)						(2.2)		%
Recoveries			7,353						7,108						3.4		%				22,653						22,352						1.3		%
Total			$	(8,757)					$	(9,635)					(9.1)		%				(26,036)						(27,453)						(5.2)		%
PCD:
Mortgage loans
Charge-offs			$	—					$	—					—		%				$	(6)					$	(59)					(89.8)		%
Recoveries			100						281						(64.4)		%				345						713						(51.6)		%
Total			100						281						(64.4)		%				339						654						(48.2)		%
Commercial PR
Charge-offs			—						(205)						(100)		%				—						(236)						(100.0)		%
Recoveries			15						118						(87.3)		%				1,416						206						587.4		%
Total			15						(87)						(117.2)		%				1,416						(30)						(4,820.0)		%
Consumer loans
Charge-offs			—						—						—		%				—						(1)						(100.0)		%
Recoveries			14						10						40.0		%				33						27						22.2		%
Total			14						10						40.0		%				33						26						26.9		%
Auto loans
Charge-offs			—						(2)						(100.0)		%				—						(16)						(100.0)		%
Recoveries			24						33						(27.3)		%				49						80						(38.8)		%
Total			$	24					$	31					(22.6)		%				49						64						(23.4)		%
Total charge-offs			$	(24,563)					$	(29,747)					(17.4)		%				(94,640)						(81,473)						16.2		%
Total recoveries			10,103						9,539						5.9		%				30,010						28,111						6.8		%
Net credit losses			$	(14,460)					$	(20,208)					(28.4)		%				$	(64,630)					$	(53,362)					21.1		%

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TABLE 11 — NET CREDIT LOSSES STATISTICS ON LOANS (CONTINUED)

			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026						2025						Variance %						2026						2025						Variance %
			(Dollars in thousands)
Net credit losses (recoveries) to average loans outstanding:
Mortgage loans			(0.06)		%				(0.13)		%				(53.8)		%				(0.08)		%				(0.17)		%				(52.9)		%
Commercial PR			0.02		%				0.10		%				(80.0)		%				0.67		%				0.04		%				1575.0		%
Commercial US			(0.39)		%				1.74		%				(122.4)		%				0.72		%				1.12		%				(35.7)		%
Consumer loans			3.73		%				3.85		%				(3.1)		%				3.97		%				3.89		%				2.1		%
Auto loans			1.34		%				1.45		%				(7.6)		%				1.32		%				1.39		%				(5.0)		%
Total			0.70		%				1.00		%				(30.0)		%				1.05		%				0.89		%				18.0		%
Recoveries to charge-offs			41.13		%				32.07		%				28.3		%				31.71		%				34.50		%				(8.1)		%
Average Loans Held-for-Investment
Mortgage loans			$	1,301,792					$	1,361,765					(4.4)		%				$	1,312,294					$	1,382,079					(5.0)		%
Commercial PR			2,793,499						2,536,829						10.1		%				2,725,458						2,464,483						10.6		%
Commercial US			859,828						836,527						2.8		%				862,116						781,428						10.3		%
Consumer loans			714,415						705,945						1.2		%				707,261						699,408						1.1		%
Auto loans			2,613,122						2,656,992						(1.7)		%				2,625,209						2,622,655						0.1		%
Total			$	8,282,656					$	8,098,058					2.3		%				$	8,232,338					$	7,950,053					3.6		%

Net charge-offs for the quarter ended September 30, 2026, amounted to $14.5 million (0.70% of average loans), decreasing by $5.7 million when compared to $20.2 million (1.00% of average loans) in prior year quarter. Net charge-offs for the nine-month period ended September 30, 2026, amounted to $64.6 million (1.05% of average loans), increasing by $11.3 million when compared to $53.4 million (0.89% of average loans) in prior year period.

Net charge-offs variances were as follows:

•Residential mortgage loans net recoveries in the third quarter of 2026 amounted to $202 thousand, decreasing by $250 thousand when compared to $452 thousand in prior year quarter. Residential mortgage loans net recoveries for the nine-month period ended September 30, 2026, amounted to $833 thousand, decreasing by $889 thousand when compared to $1.7 million in prior year period.

•Commercial loans net recoveries in the third quarter of 2026 amounted to $727 thousand, increasing by $5.0 million when compared to net charge-offs of $4.3 million in prior year quarter. The net charge-offs for the nine-month period ended September 30, 2026, amounted to $18.4 million, increasing by $11.2 million when compared to $7.3 million in prior year period. The net charge-offs for the nine-month period ended September 30, 2026, included $15.6 million charge-offs recognized from the sale of two non-performing commercial loans during the period. Net charge-offs for the nine-month period ended September 30, 2025, included $6.5 million from commercial US loans.

•Consumer loans net charge-offs in the third quarter of 2026 amounted to $6.7 million, decreasing by $142 thousand when compared to net charge-offs of $6.8 million in the prior year quarter. The charge-offs for the nine-month period ended September 30, 2026, amounted to $21.0 million, increasing by $611 thousand when compared to net charge-offs of $20.4 million in prior year period.

•Auto loans net charge-offs for the third quarter of 2026 amounted to $8.7 million, decreasing by $871 thousand when compared to $9.6 million in the prior year quarter. The charge-offs for the nine-month period ended September 30, 2026, amounted to $26.0 million, decreasing by $1.4 million when compared to net charge-offs of $27.4 million in the prior year period.

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TABLE 12 — NON-PERFORMING ASSETS

			September 30,						December 31,						Variance %
			2026						2025
			(Dollars in thousands)
Non-performing assets:
Non-PCD
Non-accruing loans			$	57,308					$	124,300					(53.9)%
Accruing loans			4,911						5,481						(10.4)%
Total			$	62,219					$	129,781					(52.1)%
PCD			217						282						(23.0)%
Total non-performing loans			$	62,436					$	130,063					(52.0)%
Foreclosed real estate			1,615						2,490						(35.1)%
Other repossessed assets			4,681						3,457						35.4%
			$	68,732					$	136,010					(49.5)%
Non-performing assets to total assets			0.57		%				1.09		%				(47.7)		%
Non-performing assets to total capital			5.14		%				9.78		%				(47.4)		%

The decrease in non-performing assets and related percentages is mainly due to the sale of two non-performing commercial loans during the nine-month period ended September 30, 2026 with a reporting balance of $49.6 million.

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TABLE 13 — NON-ACCRUAL LOANS

			September 30,						December 31,						Variance %
			2026						2025
			(Dollars in thousands)
Non-accrual loans
Non-PCD
Commercial loans			$	25,700					$	87,253					(70.5)%
Mortgage loans			10,949						11,919						(8.1)%
Consumer loans			3,740						4,378						(14.6)%
Auto loans			16,919						20,750						(18.5)%
Total			$	57,308					$	124,300					(53.9)%
PCD
Commercial loans			$	—					$	55					(100.0)%
Mortgage loans			217						227						(4.4)%
Total			$	217					$	282					(23.0)%
Total non-accrual loans			$	57,525					$	124,582					(53.8)%
Non-accruals loans composition percentages:
Commercial loans			44.7		%				70.1		%
Mortgage loans			19.4		%				9.7		%
Consumer loans			6.5		%				3.5		%
Auto loans			29.4		%				16.7		%
			100.0		%				100.0		%
Non-accrual loans ratios:
Non-accrual loans to total loans			0.68		%				1.52		%				(55.3)%
Allowance for credit losses to non-accrual loans			333.47		%				162.42		%				105.3%

			Quarter Ended September 30,												Nine-Month Period Ended September 30,
			2026						2025						2026						2025
			(In thousands)
Interest that would have been recorded in the period if the loans had not been classified as non-accruing loans			$	371					$	464					$	637					$	962

The decrease in non-accrual loans and related percentages is mainly due to the sale of two non-performing commercial loans during the nine-month period ended September 30, 2026 with a reporting balance of $49.6 million.

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TABLE 14 - NON-PERFORMING LOANS

			September 30,						December 31,						Variance %
			2026						2025
			(Dollars in thousands)
Non-performing loans
Non-PCD
Commercial loans			$	25,700					$	87,253					(70.5)%
Mortgage loans			15,860						17,400						(8.9)%
Consumer loans			3,740						4,378						(14.6)%
Auto loans			16,919						20,750						(18.5)%
Total			$	62,219					$	129,781					(52.1)%
PCD
Commercial loans			$	—					$	55					(100.0)%
Mortgage loans			217						227						(4.4)%
Total			$	217					$	282					(23.0)%
Total non-performing loans			$	62,436					$	130,063					(52.0)%
Non-performing loans composition percentages:
Commercial loans			41.2		%				67.1		%
Mortgage loans			25.7		%				13.6		%
Consumer loans			6.0		%				3.4		%
Auto loans			27.1		%				15.9		%
			100.0		%				100.0		%
Non-performing loans to:
Total loans held-for-investment, gross			0.74		%				1.59		%				(53.5)%
Total assets			0.51		%				1.04		%				(51.0)%
Total capital			4.67		%				9.36		%				(50.1)%
Non-performing loans with partial charge-offs to:
Total loans held-for-investment, gross			0.17		%				0.19		%				(10.5)%
Non-performing loans			23.10		%				11.95		%				93.3%
Other non-performing loans ratios:
Charge-off rate on non-performing loans to non-performing loans on which charge-offs have been taken			115.21		%				109.85		%				4.9%
Allowance for credit losses to non-performing loans on which no charge-offs have been taken			399.51		%				176.69		%				126.1%

The decrease in non-performing loans and related percentages is mainly due to the sale of two non-performing commercial loans during nine-month period ended September 30, 2026 with an aggregate reporting balance of $49.6 million.

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TABLE 15 - LIABILITIES SUMMARY AND COMPOSITION

			September 30,						December 31,						Variance %
			2026						2025
			(Dollars in thousands)
Deposits:
Non-interest-bearing deposits			$	2,694,014					$	2,626,768					2.6		%
NOW accounts			2,057,144						3,173,142						(35.2)		%
Savings accounts			2,276,913						2,259,973						0.7		%
Time deposits			2,955,402						2,197,358						34.5		%
Total deposits			9,983,473						10,257,241						(2.7)		%
Accrued interest payable			5,446						5,511						(1.2)		%
Total deposits and accrued interest payable			9,988,919						10,262,752						(2.7)		%
Borrowings:
Securities sold under agreements to repurchase			200,673						100,714						99.3		%
Advances from FHLB			401,358						456,581						(12.1)		%
Other borrowings			3						9						(66.7)		%
Total borrowings			602,034						557,304						8.0		%
Total deposits and borrowings			10,590,953						10,820,056						(2.1)		%
Other liabilities:
Acceptances executed and outstanding			23,734						22,442						5.8		%
Operating lease liabilities			24,505						23,157						5.8		%
Deferred tax liabilities, net			755						—						100.0		%
Accrued expenses and other liabilities			167,656						209,997						(20.2)		%
Total liabilities			$	10,807,603					$	11,075,652					(2.4)		%
Deposits portfolio composition percentages:
Non-interest-bearing deposits			27.0		%				25.6		%
NOW accounts			20.6		%				31.0		%
Savings accounts			22.8		%				22.0		%
Time deposits			29.6		%				21.4		%
			100.0		%				100.0		%
Borrowings portfolio composition percentages:
Securities sold under agreements to repurchase			33.3		%				18.1		%
Advances from FHLB			66.7		%				81.9		%
			100.0		%				100.0		%
Securities sold under agreements to repurchase (excluding accrued interest)
Amount outstanding at period-end			$	200,400					$	100,000
Daily average outstanding balance			$	153,585					$	66,941
Maximum outstanding balance at any month-end			$	300,000					$	127,344

Liabilities and Funding Sources

As shown in Table 15 above, at September 30, 2026, OFG’s total liabilities were $10.808 billion, representing a 2.4% decrease from $11.076 billion at December 31, 2025. Deposits and borrowings, OFG’s primary funding sources, amounted to $10.591 billion at September 30, 2026, compared to $10.820 billion at December 31, 2025. Deposits, excluding accrued interest payable, decreased by $273.8 million or 2.7%, driven primarily by a decline in demand deposits of $1.049 billion, partially offset by the growth of $758.0 million in time deposits and $16.9 million in savings and money market accounts.

At September 30, 2026, and December 31, 2025, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $1.269 billion and $1.676 billion, respectively, of which $500 million

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moved to our wealth management business as an advisory account in January 2026. Public funds were collateralized with securities and commercial loans amounting to $1.302 billion and $1.691 billion at September 30, 2026, and December 31, 2025, respectively.

As of September 30, 2026, borrowings amounted to $602.0 million, consisting of short-term FHLB advances and repurchase agreements. This balance increased by $44.7 million or 8.0% compared to December 31, 2025, primarily reflecting a new $100.4 million repurchase agreement taken during the period to enhance liquidity and support strategic growth in the commercial loan portfolio, partially offset by maturities of FHLB advances.

Stockholders’ Equity

At September 30, 2026, OFG’s total stockholders’ equity was $1.337 billion, representing a 3.8% decrease from $1.390 billion at December 31, 2025. The decrease primarily reflected a $122.3 million increase in accumulated other comprehensive loss, net of tax, driven by unfavorable market value adjustments in available-for-sale investment securities, and a $56.5 million increase in treasury stock resulting from repurchases of common stock under the approved stock repurchase programs. During the nine-month period ended September 30, 2026, OFG repurchased $58.0 million of its common stock. These decreases were partially offset by a $108.6 million increase in retained earnings, primarily due to net income of $169.3 million, partially offset by dividends declared on common stock of $44.3 million and transfers to legal surplus of $16.4 million.

Unfavorable market value adjustments in available-for-sale investment securities during the nine-month period ended September 30, 2026 were primarily driven by higher market interest rates. Inflation remained above the Federal Reserve’s long-term target and proved more persistent than previously anticipated. In September 2026, the Federal Open Market Committee raised the federal funds target range by 25 basis points to 3.75%-4.00% and signaled a higher-for-longer policy stance. U.S. Treasury yields increased significantly across the intermediate and longer portions of the curve during the quarter ended September 30, 2026, reducing the fair value of fixed-rate securities. Consequently, unrealized losses in available-for-sale securities increased from approximately $18.4 million at December 31, 2025, to $166.2 million at September 30, 2026. The losses were concentrated in the agency mortgage-backed securities portfolio, primarily within the over 10 years contractual maturity, which represented most of our available-for-sale portfolio balance at September 30, 2026. Although elevated mortgage rates in a higher interest rate environment may somewhat slow securities prepayment speeds, the modified duration of OFG’s available-for-sale portfolio remained relatively stable as of September 30, 2026, compared with December 31, 2025. Nevertheless, the fair value of the portfolio will remain sensitive to future changes in interest rates. The decline in fair value was attributable to changes in market interest rates and does not reflect credit deterioration. OFG purchased those investments at a discount relative to their face amount, and the contractual cash flows of those investments are guaranteed by an agency of the U.S. government or by a government-sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price that is less than the amortized cost basis of OFG’s investments. OFG does not intend to sell the investments, and it is not more likely than not that OFG will be required to sell the investments before recovery of their amortized cost basis.

OFG maintains a strong liquidity position, supported by a diversified funding base. Although a higher interest rate environment affects funding costs and elevated mortgage rates may somewhat slow securities prepayment speeds, OFG’s liquidity sources remain ample to meet its funding needs. OFG continues to actively monitor market conditions and manage its liquidity and funding to support its operations and balance sheet strategies.

Regulatory capital ratios are not affected by these market value adjustments as OFG has made the election not to include accumulated other comprehensive income (losses) in its regulatory capital calculations. Nevertheless, other capital ratios and measures, such as total equity to total assets, total equity to risk-weighted assets, tangible common equity to total assets, tangible common equity to tangible assets, book value per common share, and tangible book value per common share, have been affected.

Regulatory Capital

OFG and the Bank are subject to regulatory capital requirements established by the Federal Reserve Board and the FDIC. The current risk-based capital standards applicable to OFG and the Bank are based on the final capital framework for strengthening international capital standards, known as Basel III, of the Basel Committee on Banking Supervision. As of September 30, 2026, the capital ratios of OFG and the Bank continue to exceed the minimum requirements for being “well-capitalized” under the Basel III capital rules.

The risk-based capital ratios presented in Table 16 include CET1, tier 1 capital, total capital and leverage capital as of September 30, 2026, and December 31, 2025, and are calculated based on the Basel III capital rules related to the measurement

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of capital, risk-weighted assets and average assets. The following are OFG’s consolidated capital, dividends, and stock data, including capital ratios under the Basel III capital rules at September 30, 2026, and December 31, 2025:

TABLE 16 — CAPITAL, DIVIDENDS AND STOCK DATA

			September 30,						December 31,						Variance
			2026						2025						%
			(Dollars in thousands, except per share data)
Capital data:
Stockholders’ equity			$	1,336,876					$	1,390,005					(3.8)%
Regulatory Capital Ratios data:
Common equity tier 1 capital ratio			14.10		%				13.97		%				0.9		%
Minimum common equity tier 1 capital ratio required			4.50		%				4.50		%				—		%
Actual common equity tier 1 capital			$	1,390,580					1,318,633						5.5%
Minimum common equity tier 1 capital required			$	443,867					424,620						4.5%
Minimum capital conservation buffer required (2.5%)			$	246,593					235,900						4.5%
Excess over regulatory requirement			$	700,120					658,113						6.4%
Risk-weighted assets			$	9,863,708					9,436,010						4.5%
Tier 1 risk-based capital ratio			14.10		%				13.97		%				0.9		%
Minimum tier 1 risk-based capital ratio required			6.00		%				6.00		%				—		%
Actual tier 1 risk-based capital			$	1,390,580					$	1,318,633					5.5%
Minimum tier 1 risk-based capital required			$	591,822					$	566,161					4.5%
Minimum capital conservation buffer required (2.5%)			$	246,593					235,900						4.5%
Excess over regulatory requirement			$	552,165					$	516,572					6.9%
Risk-weighted assets			$	9,863,708					$	9,436,010					4.5%
Total risk-based capital ratio			15.36		%				15.24		%				0.8		%
Minimum total risk-based capital ratio required			8.00		%				8.00		%				—		%
Actual total risk-based capital			$	1,514,680					$	1,437,596					5.4%
Minimum total risk-based capital required			$	789,097					$	754,881					4.5%
Minimum capital conservation buffer required (2.5%)			$	246,593					235,900						4.5%
Excess over regulatory requirement			$	478,990					$	446,815					7.2%
Risk-weighted assets			$	9,863,708					$	9,436,010					4.5%
Leverage capital ratio			11.44		%				10.71		%				6.8		%
Minimum leverage capital ratio required			4.00		%				4.00		%				—		%
Actual tier 1 capital			$	1,390,580					$	1,318,633					5.5%
Minimum tier 1 capital required			$	486,292					$	492,568					(1.3)%
Excess over regulatory requirement			$	904,288					$	826,065					9.5%
Total equity to total assets			11.01		%				11.15		%				(1.3)		%
Tangible common equity to total assets (non-GAAP, see Table 17)			10.26		%				10.40		%				(1.3)		%
Total equity to risk-weighted assets			13.55		%				14.73		%				(8.0)		%
Stock data:
Outstanding common shares			42,004,638						43,257,167						(2.9)%
Book value per common share			$	31.83					$	32.13					(0.9)%
Tangible book value per common share (non-GAAP, see Table 17)			$	29.66					$	29.96					(1.0)%
Market price at end of period			$	50.08					$	40.98					22.2%
Market capitalization at end of period			$	2,103,592					$	1,772,679					18.7%

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The following table presents OFG’s capital adequacy information under the Basel III capital rules:

			September 30,						December 31,						Variance
			2026						2025						%
			(Dollars in thousands)
Risk-based capital:
Common equity tier 1 capital			$	1,390,580					$	1,318,633					5.5%
Tier 1 capital			1,390,580						1,318,633						5.5%
Additional Tier 2 capital			124,100						118,963						4.3%
Total risk-based capital			$	1,514,680					$	1,437,596					5.4%
Risk-weighted assets:
Balance sheet items			$	9,104,672					$	8,798,325					3.5%
Off-balance sheet items			759,036						637,685						19.0%
Total risk-weighted assets			$	9,863,708					$	9,436,010					4.5%
Ratios:
Common equity tier 1 capital (minimum required, including capital conservation buffer - 7%)			14.10		%				13.97		%				0.9%
Tier 1 capital (minimum required, including capital conservation buffer - 8.5%)			14.10		%				13.97		%				0.9%
Total capital (minimum required, including capital conservation buffer - 10.5%)			15.36		%				15.24		%				0.8%
Leverage ratio (minimum required - 4%)			11.44		%				10.71		%				6.8%

From December 31, 2025 to September 30, 2026, the leverage capital ratio increased from 10.71% to 11.44%, the tier 1 risk-based and common equity tier 1 capital ratios increased from 13.97% to 14.10%, and the total risk-based capital ratio increased from 15.24% to 15.36%. The increases in regulatory capital ratios reflected a $77.1 million increase in regulatory capital, partially offset by an increase in risk-weighted assets of $427.7 million. Regulatory capital increased mainly due to net income, partially offset by dividends and treasury stock repurchases. Risk-weighted assets increased mainly due to higher loan balances from originations, and an increase in deferred tax assets, primarily related to an investment in OBPEF, our private equity fund, during the period.

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The Bank is considered “well capitalized” under the regulatory framework for prompt corrective action. The table below shows the Bank’s regulatory capital ratios at September 30, 2026, and December 31, 2025:

			September 30,						December 31,						Variance
			2026						2025						%
			(Dollars in thousands)
Oriental Bank Regulatory Capital Ratios:
Common Equity Tier 1 Capital to Risk-Weighted Assets			13.33%						13.44%						(0.8)%
Actual common equity tier 1 capital			$	1,306,828					$	1,260,530					3.7%
Minimum capital requirement (4.5%)			$	441,243					$	422,175					4.5%
Minimum capital conservation buffer requirement (2.5%)			$	245,135					$	234,542					4.5%
Minimum to be well capitalized (6.5%)			$	637,351					$	609,808					4.5%
Tier 1 Capital to Risk-Weighted Assets			13.33%						13.44%						(0.8)%
Actual tier 1 risk-based capital			$	1,306,828					$	1,260,530					3.7%
Minimum capital requirement (6%)			$	588,324					$	562,900					4.5%
Minimum capital conservation buffer requirement (2.5%)			$	245,135					$	234,542					4.5%
Minimum to be well capitalized (8%)			$	784,432					$	750,533					4.5%
Total Capital to Risk-Weighted Assets			14.59%						14.70%						(0.7)%
Actual total risk-based capital			$	1,430,208					$	1,378,822					3.7%
Minimum capital requirement (8%)			$	784,432					$	750,533					4.5%
Minimum capital conservation buffer requirement (2.5%)			$	245,135					$	234,542					4.5%
Minimum to be well capitalized (10%)			$	980,541					$	938,167					4.5%
Total Tier 1 Capital to Average Total Assets			10.85%						10.31%						5.2%
Actual tier 1 capital			$	1,306,828					$	1,260,530					3.7%
Minimum capital requirement (4%)			$	481,972					$	489,159					(1.5)%
Minimum to be well capitalized (5%)			$	602,464					$	611,449					(1.5)%

Non-GAAP financial measures

OFG reports certain financial measures that are not in accordance with GAAP. These non-GAAP financial measures are provided as supplemental information to the financial measures in this report that are calculated and presented in accordance with GAAP.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. To mitigate these limitations, OFG has procedures in place to calculate these measures using the appropriate GAAP or regulatory components. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP. Below is a reconciliation of non-GAAP financial measures.

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TABLE 17 — RECONCILIATION OF TANGIBLE COMMON EQUITY AND TANGIBLE ASSETS (NON-GAAP)

The following table presents a reconciliation of OFG’s total stockholders’ equity to tangible common equity and total assets to tangible assets and their respective capital ratios and measures at September 30, 2026, and December 31, 2025:

			September 30,						December 31,						Variance
			2026						2025						%
			(Dollars in thousands, except share or per share data)
Total stockholders’ equity			$	1,336,876					$	1,390,005					(3.8)		%
Goodwill			(84,241)						(84,241)						—		%
Other intangible assets			(6,898)						(9,854)						(30.0)		%
Total tangible common equity (non-GAAP)			$	1,245,737					$	1,295,910					(3.9)		%
Total assets			$	12,144,479					12,465,657						(2.6)		%
Goodwill			(84,241)						(84,241)						—		%
Core deposit intangible			(5,283)						(7,547)						(30.0)		%
Customer relationship intangible			(1,615)						(2,307)						(30.0)		%
Total tangible assets (non-GAAP)			$	12,053,340					$	12,371,562					(2.6)		%
Tangible common equity to total assets (non-GAAP)			10.26		%				10.40		%				(1.3)		%
Tangible common equity to tangible assets (non-GAAP)			10.34		%				10.47		%				(1.2)		%
Common shares outstanding at end of period			42,004,638						43,257,167						(2.9)		%
Tangible book value per common share (non-GAAP)			$	29.66					$	29.96					(1.0)		%

These capital ratios and measures are non-GAAP measures and, unlike tier 1 capital and common equity tier 1 capital, are not codified in the federal banking regulations. Management and many stock analysts use these measures in conjunction with more traditional bank capital ratios to compare the capital adequacy of banking organizations. They should not be considered in isolation or as a substitute for stockholders’ equity, total assets or any other measure calculated in accordance with GAAP. Moreover, the manner in which OFG calculates these measures may differ from that of other companies reporting measures with similar names.

Tangible common equity to tangible assets decreased from 10.47% to 10.34%, reflecting a decrease in total stockholders’ equity, mainly related to market value adjustments of investment securities available-for-sale.

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TABLE 18 — RECONCILIATION OF OTHER NON-GAAP MEASURES

The following table presents a reconciliation of OFG’s other non-GAAP measures for the quarters and nine-month periods ended September 30, 2026, and 2025:

			Quarter Ended September 30,																		Nine-Month Period Ended September 30,
			2026						2025						Variance %						2026						2025						Variance %
			(Dollars in thousands)
Net interest income			$	153,570					$	154,724					(0.7)		%				$	464,682					$	455,723					2.0		%
Total banking and financial service revenues			32,178						29,256						10.0		%				97,150						88,714						9.5		%
Core revenues (non-GAAP)			$	185,748					$	183,980					1.0		%				$	561,832					$	544,437					3.2		%
Other non-interest income			466						2,197						(78.8)		%				684						2,686						(74.5)		%
Non-interest expense			96,265						96,548						(0.3)		%				293,800						284,802						3.2		%
Pre-provision net revenues (non-GAAP)			$	89,949					$	89,629					0.4		%				$	268,716					$	262,321					2.4		%
Net income available to common shareholders			$	56,611					$	51,838					9.2		%				$	169,325					$	149,210					13.5		%
Average stockholders’ equity			$	1,418,891					$	1,361,055					4.2		%				$	1,409,699					$	1,323,866					6.5		%
Average intangible assets			(91,489)						(95,756)						(4.5)		%				(92,466)						(96,980)						(4.7)		%
Average tangible common equity (non-GAAP)			$	1,327,402					$	1,265,299					4.9		%				$	1,317,233					$	1,226,886					7.4		%
Average return on tangible common equity (non-GAAP)			17.06%						16.39%						4.1		%				17.14%						16.22%						5.7		%

Common Stock

OFG’s common stock is traded on the NYSE under the symbol “OFG”. At September 30, 2026, and December 31, 2025, OFG’s market capitalization for its outstanding common stock was $2.104 billion ($50.08 per share) and $1.773 billion ($40.98 per share), respectively. The following table provides the high and low prices and dividends per share of OFG’s common stock for each quarter of the last three calendar years:

															Cash
			Price												Dividend
			High						Low						Per share
2026
September 30, 2026			$	53.95					$	48.82					$	0.35
June 30, 2026			$	49.31					$	41.09					$	0.35
March 31, 2026			$	42.66					$	37.15					$	0.35
2025
December 31, 2025			$	43.38					$	38.21					$	0.30
September 30, 2025			$	45.47					$	41.72					$	0.30
June 30, 2025			$	43.28					$	34.78					$	0.30
March 31, 2025			$	44.74					$	38.85					$	0.30
2024
December 31, 2024			$	46.72					$	38.97					$	0.25
September 30, 2024			$	46.84					$	36.77					$	0.25
June 30, 2024			$	38.16					$	33.37					$	0.25
March 31, 2024			$	38.51					$	34.78					$	0.25

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In January 2026, the Board approved a $200.0 million stock repurchase program in addition to the $100.0 million stock repurchase program approved in April 2025. 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.

OFG did not repurchase any shares of common stock during the nine-month periods ended September 30, 2026 and 2025, other than through its publicly announced stock repurchase programs.

At September 30, 2026, the estimated remaining number of shares that may be purchased under the repurchase programs is 3,595,531 and was calculated by dividing the remaining balance of $180.1 million by $50.08 (closing price of OFG’s common stock September 30, 2026).

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Background

OFG’s risk management policies are established by its Board and implemented by management through the adoption of a risk management program, which is overseen and monitored by the Chief Risk Officer, the Board’s Risk and Compliance Committee, the executive Risk and Compliance Team, the executive Credit Risk Team, and the executive Asset/Liability Team (“ALT”). OFG has continued to refine and enhance its risk management program by strengthening policies, processes and procedures necessary to maintain effective risk management.

All aspects of OFG’s business activities are susceptible to risk. Consequently, risk identification and monitoring are essential to risk management. As discussed in greater detail below, OFG’s primary risk exposures include market, interest rate, credit, liquidity, operational and concentration risks.

Market Risk

Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise

negatively impact earnings. Our traditional banking loan and deposit products are generally reported at amortized cost

for assets or the amount owed for liabilities (historical cost). However, they are still subject to changes in

economic value based on varying market conditions, with one of the primary risks being changes in the levels of interest rates. Our investment portfolio, including equity securities, is also directly impacted by market factors. OFG’s financial results and capital levels are constantly exposed to market risk. OFG evaluates market risk together with interest rate risk. The Board and management are primarily responsible for ensuring that the market risk assumed by OFG complies with the guidelines established by policies approved by the Board. The Board has delegated the management of this risk to ALT, which is composed of certain executive officers from the risk management, treasury and finance areas. One of ALT’s primary goals is to ensure that the market risk assumed by OFG is within the parameters established in such policies.

Certain factors, such as the potential impact of changes in market interest rates, inflation trends, trade and supply chain disruptions, a possible recession, global economic policies and conflicts, and other economic factors, including periods of increased global economic and geopolitical uncertainties, could impact market conditions.

We believe that our market risk management practices have allowed us to effectively manage the market volatility over time and that our clients are confident in the resiliency and strong position of the Bank. We also believe that OFG has strong capital and liquidity levels that facilitate holding investment securities until the recovery of their amortized cost basis.

Interest Rate Risk

Interest rate risk is the exposure to decline in earnings or capital due to changes in interest rates. Interest rate risk results primarily from our traditional banking activities of gathering deposits and extending loans. Many factors, including economic and financial conditions, movements in interest rates and consumer preferences, affect the difference between the interest that we earn on assets and the interest that we pay on liabilities and the level of our noninterest-bearing funding sources. Due

to the repricing term mismatches and embedded options inherent in certain of these products, changes in market interest rates not only affect expected near-term earnings, but also the economic values of these assets and liabilities. To actively monitor the interest rate risk, the Board created ALT whose principal responsibilities consist of overseeing the management of the Bank’s assets and liabilities to balance its risk exposures. In executing its responsibilities, ALT considers different methods to enhance profitability while maintaining acceptable levels of interest rate risks by implementing investment, pricing and financial strategies that help manage OFG’s vulnerability to changes in interest rates.

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On a quarterly basis, OFG performs net interest income simulation analysis on a consolidated basis to estimate the potential change in future earnings from projected changes in interest rates. These simulations are carried out over a five-year time horizon, assuming certain upward and downward interest rate movements, achieved during a twelve-month period. Market scenarios that include instantaneous and parallel interest rate movements as well as other scenarios with gradual interest rate ramps, speed of interest rate changes, and changes in the slope of the yield curve are also modeled. In addition to the change in interest rates, the results of the analysis could be affected by prepayments, caps, and floors. Management exercises its best judgment in formulating assumptions regarding events that management can influence such as non-maturity deposits repricing, as well as events outside management’s control such as customer behavior on loans and deposits activity and the effects that competition has on both lending and deposits pricing. These assumptions are subjective and, as a result, net interest income simulation results will differ from actual results due to the timing, magnitude and frequency of interest rate changes, changes in market conditions, customer behavior and management strategies, among other factors.

OFG uses a software application to project future movements in OFG’s balance sheet and income statement. The starting point of the projections generally corresponds to the actual values of the balance sheet on the date of the simulations. The following table presents the results of the simulations for the most likely scenarios at September 30, 2026. The left of the table presents an analysis of our interest rate risk as measured by the estimated changes in net interest income resulting from an instantaneous and parallel shift in the yield curve over a 12-month horizon. The base case scenario assumes that the current interest rate environment is held constant throughout the forecast period for a static balance sheet and the instantaneous shocks are performed against that yield curve. The right side of the table presents an analysis of our interest rate risk as measured by the estimated changes in net interest income resulting from parallel gradual interest rates ramps over a 12-month horizon.

			Net Interest Income Risk (one-year projection)
			Instantaneous Changes in Interest Rates												Gradual Changes in Interest Rates
			Amount Change						Percent Change						Amount Change						Percent Change
Change in interest rate			(Dollars in thousands)
+ 50 Basis points			$	7,455					1.20		%				$	2,777					0.45		%
+ 100 Basis points			$	15,910					2.57		%				$	5,898					0.95		%
+ 200 Basis points			$	32,719					5.29		%				$	12,422					2.01		%
- 50 Basis points			$	(6,641)					(1.07)		%				$	(2,606)					(0.42)		%
'- 100 Basis points			$	(12,528)					(2.02)		%				$	(4,714)					(0.76)		%
'- 200 Basis points			$	(23,429)					(3.79)		%				$	(7,875)					(1.27)		%

The scenarios above are both instantaneous shocks and gradual interest rate ramps that assume balance sheet management will mirror the base case. Even if interest rates change in the designated amounts, there can be no assurance that our assets and liabilities will perform as anticipated. Additionally, a change in the US Treasury rates in the designated amounts accompanied by a change in the shape of the US Treasury yield curve would cause significantly different changes to net interest income than indicated above. OFG’s strategic management of the balance sheet would be adjusted to accommodate these movements. As with any method of measuring interest rate risk, certain shortcomings are inherent in the methods of analysis presented above. For example, although certain assets and liabilities may have similar maturities or periods to repricing, they may react in different degrees to changes in market interest rates. The interest rates on certain types of assets and liabilities may fluctuate in advance of changes in market interest rates, while interest rates on other types may lag changes in market rates and therefore the ability of many borrowers to service their debts may decrease in the event of an interest rate increase. ALT strategies consider all these factors as part of the monitoring of the exposure to interest rate risk.

Future net interest income could be affected by OFG’s investments in callable securities, prepayment risk related to mortgage loans and mortgage-backed securities, and any structured repurchase agreements and advances from the FHLB that it may enter into from time to time.

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Credit Risk

Credit risk is the possibility of loss arising from a borrower or counterparty in a credit-related contract failing to perform in accordance with its terms. The principal source of credit risk for OFG is its lending activities. In Puerto Rico, OFG’s principal market, we believe that recent macroeconomic conditions continue to be generally positive. However, as demonstrated by hurricanes and earthquakes in the past, Puerto Rico is susceptible to natural disasters, which can have a disproportionate impact because of the logistical difficulties of bringing relief to an island far from the United States mainland. The effects of climate change may further increase the risk of natural disasters in the future and the correlative risk that the physical impact of such events could adversely affect our customers, operations, and business. Moreover, the Puerto Rico government’s fiscal challenges and Puerto Rico’s unique relationship with the United States, coupled with recent changes in U.S. trade policy and any significant reduction in federal spending, also affect the local economy and complicate any relief efforts after a natural disaster. These events increase credit risk as debtors may no longer be capable of operating their businesses and the collateral securing OFG’s loans may suffer significant damages.

Credit risk is one of our most significant risks. Our processes for managing credit risk are designed to be embedded in our risk culture and in our decision-making processes using a systematic approach whereby credit risks and related exposures are identified and assessed, managed through specific policies and processes, measured and evaluated against our risk appetite and credit concentration limits, and reported, along with proactive collection and specific mitigation practices, to management and the Board through our governance structure. We believe that our comprehensive credit policy establishes sound underwriting standards by monitoring and evaluating loan portfolio quality, and by the constant assessment of reserves and loan concentrations.

OFG may also encounter risk of default in relation to its securities portfolio. The securities held by OFG are mostly mortgage-backed securities. Thus, these instruments are guaranteed by mortgages, a U.S. government-sponsored enterprise, or the full faith and credit of the U.S. government.

OFG’s executive Credit Risk Team, composed of its Chief Risk Officer, Chief Credit Officer and other senior executives, has primary responsibility for setting strategies to achieve OFG’s credit risk goals and objectives. Those goals and objectives are set forth in OFG’s Credit Policy as approved by the Board.

Liquidity Risk

Liquidity risk is the risk of OFG not being able to generate sufficient cash from either assets or liabilities to meet obligations as they become due without incurring substantial losses and the potential inability to operate our businesses because adequate contingent liquidity is not available. The Board has established a policy to manage this risk. OFG’s cash requirements principally consist of deposit withdrawals, contractual loan funding, repayment of borrowings as these mature, and funding of new and existing investments as required.

OFG’s business requires continuous access to various funding sources. Liquidity to support growth in loans held-for-investment has been fulfilled primarily through growth in customer deposits. OFG’s goal is to obtain as much of its funding for loans held-for-investment and other earning assets as possible from customer deposits, which are generated principally through development of long-term customer relationships. In December 2023, OFG received a $1.2 billion deposit in an interest-bearing checking account from an existing long-standing Puerto Rico government client who had an isolated inflow of liquidity. Subsequently, in January 2026, $500 million was moved to our wealth management business as an advisory account resulting in a total of $1.269 billion and $1.676 billion deposits from the Puerto Rico government and its instrumentalities as of September 30, 2026 and December 31, 2025, respectively. OFG’s customer deposit base, excluding public funds, has increased. While OFG is able to fund its operations through deposits as well as through advances from the FHLB and other alternative sources, OFG’s business may at times need to rely upon other external wholesale funding sources, such as repurchase agreements and brokered deposits. At September 30, 2026, OFG had $324.6 million brokered deposits and $200.4 million repurchase agreements. At December 31, 2025, OFG had $340.0 million brokered deposits and $100.0 million repurchase agreements.

In the ordinary course of OFG’s operations, it has entered into certain contractual obligations and has made other commitments to make future payments. OFG believes that it will be able to meet its contractual obligations, as they come due, through the maintenance of adequate cash levels.

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Commitments to extend credit are agreements to lend to customers provided that there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates, bear variable interest rates and may require payment of a fee. Since the commitments may expire unexercised, the total commitment amounts do not necessarily represent future cash requirements. OFG evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by OFG upon extension of credit, is based on management’s credit evaluation of the customer. Loan commitments, which represent unused lines of credit, increased to $1.610 billion at September 30, 2026 ($179.7 million with maturity of one year or less and $1.430 billion with maturity over one year) compared to $1.377 billion at December 31, 2025 ($183.0 million with maturity of one year or less and $1.194 billion with maturity over one year) as a result of commercial lines of credit originations and repayments. Standby letters of credit provided to customers amounted to $25.9 million and $26.1 million, respectively, at September 30, 2026 and December 31, 2025. Loans sold with recourse at September 30, 2026, and December 31, 2025, amounted to $77.6 million and $83.0 million, respectively.

In the case of loans serviced by OFG for FNMA, OFG is required to advance to the owners the payment of principal and interest on a scheduled basis for six months even when such payment was not collected from the borrower due to payment forbearance granted or payment delinquency. The amounts advanced are recorded as a receivable by OFG and are expected to be collected from the borrower and/or government-sponsored enterprise (FNMA). At September 30, 2026, the outstanding balance of funds advanced by OFG under such mortgage loan servicing agreements was approximately $5.5 million (December 31, 2025 - $5.0 million). To the extent the mortgage loans underlying OFG’s servicing portfolio experience increased delinquencies, OFG would be required to dedicate additional cash resources to comply with its obligation to advance funds.

At September 30, 2026 and December 31, 2025, OFG maintained other non-credit commitments amounting to $20.1 million and $17.8 million, respectively, primarily for the acquisition of other investments. These cash requirements are expected to be satisfied with OFG’s unrestricted cash. In addition, as we continue to transform OFG with a focus on simplification and building a culture of excellence and customer service, we continue to invest in technology. Some of our technology investments are integrated as part of our long-term financial plan and we are required to continuously upgrade our systems. Others require us to focus our technology on investments that drive our strategy, namely digital, data analytics, cloud migration, cyber security, and our sales and service capabilities. At September 30, 2026 and December 31, 2025, OFG had commitments for capital expenditures in technology amounting to $5.3 million and $1.6 million, respectively, which are expected to be satisfied with OFG’s unrestricted cash.

OFG expects to maintain adequate cash levels through continued deposit gathering activities, profitability, and loan and securities repayment and maturity activity. Our liquidity risk management practices have allowed us to effectively manage the market volatility in the past, as with the Covid-19 pandemic and the disruption in the banking industry caused by certain high-profile bank failures in 2023. Liquidity has grown from the federal stimulus programs Puerto Rico has received following Hurricane Maria in 2017, the January 2020 earthquakes, the Covid-19 pandemic, and Hurricane Fiona in 2022. However, liquidity can be further affected by several factors such as counterparty willingness or ability to extend credit, regulatory actions and customer preferences, some of which are beyond our control. Given the current climate of economic uncertainty resulting from inflation, geopolitical events, and new U.S. mainland economic and trading policies, we continuously monitor our liquidity position, specifically cash on hand, with the goal to ensure that we meet customer demands.

In addition, as OFG is a holding company, separate from the Bank, OFG’s primary sources of liquidity are dividends received from the Bank and borrowings from outside sources. Banking regulations may limit the dividends that may be paid by the Bank. Management believes that these limitations will not impact OFG’s ability to meet its ongoing short-term cash obligations.

Although OFG expects to have continued access to credit from the foregoing sources of funds, 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 OFG, the availability and cost of OFG’s funding sources could be adversely affected. In that event, OFG’s cost of funds may increase, thereby reducing its net interest income, or OFG may need to dispose of a portion of its investment portfolio, which depending upon market conditions, could result in realizing a loss or experiencing other adverse accounting consequences upon any such dispositions. OFG’s efforts to monitor and manage liquidity risk may not be successful to deal with dramatic or unanticipated changes in the global or US securities markets or other reductions in liquidity driven by OFG or market-related events. In the event that such sources of funds are reduced or eliminated and OFG is unable to replace these on a cost-effective basis, OFG may be forced to curtail or cease its loan origination business and treasury activities, which would have a material adverse effect on its operations and financial condition.

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As of September 30, 2026, OFG had approximately $566.8 million in unrestricted cash and cash equivalents, $1.213 billion in investment securities that are not pledged as collateral, $450.3 million in borrowing capacity at the FHLB and a secured line of credit through the FRB discount window with $2.972 billion in pledged loans (borrowing capacity of $2.213 billion).

Operational Risk

Operational risk is the risk of loss from inadequate or failed internal processes, personnel and systems or from external events. All functions, products and services of OFG are susceptible to operational risk.

OFG faces ongoing and emerging risk and regulatory pressure related to the activities that surround the delivery of banking and financial products and services. Coupled with external influences such as the risk of natural disasters, market conditions, security risks, and legal risks, the potential for operational and reputational loss has increased. In order to mitigate and control operational risk, OFG has developed, and continues to enhance, specific internal controls, policies and procedures that are designed to identify and manage operational risk at appropriate levels throughout the organization. The purpose of these policies and procedures is to provide reasonable assurance that OFG’s business operations are functioning within established limits. OFG also maintains a cybersecurity risk management framework in place to assess, identify and manage risks from cybersecurity threats. Please refer to “Item 1C. Cybersecurity” in our 2025 Form 10-K for further discussion on OFG’s cybersecurity risk management framework.

OFG classifies operational risk into two major categories: business specific and corporate-wide affecting all business lines. For business specific risks, a risk assessment group works with the various business units to ensure consistency in policies, processes and assessments. The lines of business are responsible for identifying, owning, managing and monitoring the operational risks and controls associated with their business activities and product or service offerings to within acceptable levels. With respect to corporate-wide risks, such as information security, business recovery, legal and compliance, OFG has specialized groups, such as Information Security, Enterprise Risk Management, Legal and Corporate Compliance, Information Technology, and Operations. These groups assist our lines of business in the development and implementation of risk management practices specific to the needs of our business groups. They review and challenge lines of business adherence to the framework to help ensure proper controls are in place and appropriate risk mitigation plans are established as necessary. All these matters are reviewed and discussed by the executive Risk and Compliance Team and the executive Consumer Compliance Team. OFG also has a Business Continuity Plan to address situations where its capacity to perform critical functions is affected. Under such circumstances, a Crisis Management Team is activated to restore such critical functions within established timeframes.

OFG is subject to extensive United States federal and Puerto Rico regulations, and OFG has established and continues to enhance procedures based on legal and regulatory requirements that are reasonably designed to ensure compliance with all applicable statutory and regulatory requirements. OFG has a corporate compliance function headed by the General Counsel who reports to the Chief Executive Officer and supervises the BSA Officer and Corporate Compliance Director. The General Counsel is responsible for the oversight of regulatory compliance and implementation of a company-wide compliance program, including the Bank Secrecy Act/Anti-Money Laundering compliance program.

Concentration Risk

Most of OFG’s business activities and a significant portion of its credit exposure are concentrated in Puerto Rico. As a consequence, OFG’s profitability and financial condition may be adversely affected by an extended economic slowdown, adverse political, fiscal or economic developments in Puerto Rico, or the effects of a natural disaster, all of which could result in a reduction in loan originations, an increase in non-performing assets, an increase in foreclosure losses on mortgage loans, and a reduction in the value of its loans and loan servicing portfolio.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

OFG’s management is responsible for establishing and maintaining effective disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As of the end of the period covered by this quarterly report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of OFG’s management, including the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of OFG’s disclosure controls and procedures. Based upon such evaluation, the CEO and CFO have concluded that, as of the end of the period covered by this quarterly report on Form 10-Q, OFG’s disclosure controls and procedures provided reasonable assurance of effectiveness in recording, processing, summarizing and

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reporting, on a timely basis, information required to be disclosed by OFG in the reports that it files or submits under the Exchange Act. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within OFG to disclose material information otherwise required to be set forth in OFG’s periodic reports.

Internal Control over Financial Reporting

There have not been any changes in OFG’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, OFG’s internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. 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 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed in our 2025 Form 10-K, except as set forth in our subsequent quarterly reports on Form 10-Q. In addition to other information set forth in this quarterly report, you should carefully consider the risk factors included in our 2025 Form 10-K, as updated by this report or other filings we make with the SEC under the Exchange Act. Additional risks and uncertainties not presently known to OFG at this time or that OFG currently deems immaterial may also adversely affect OFG’s business, financial condition or results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

In January 2026, the Board approved a new $200.0 million stock repurchase program in addition to the $100.0 million stock repurchase program approved in April 2025.

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.

During the quarter ended September 30, 2026, OFG repurchased 260,946 shares for a total of $13.5 million at an average price of $51.90 per share, under the Existing 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 September 30, 2026, excluding the month of July 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 and per share data)
8/31/2026						86,939						$	51.76					86,939						$	189,108
9/30/2026						174,007						51.97						174,007						180,064
Total						260,946						$	51.90					260,946						$	180,064

At September 30, 2026, the estimated remaining number of shares that may be purchased under the repurchase Programs is 3,595,531 and was calculated by dividing the remaining balance of $180.1 million by $50.08 (closing price of OFG’s common

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stock September 30, 2026). OFG did not repurchase any shares of its common stock during the quarter ended September 30, 2026, other than through its publicly announced stock repurchase programs.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(a) None.

(b) None.

ITEM 6. EXHIBITS

Exhibit No.						Description of Document:
31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1						Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2						Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101						The following materials from OFG’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Unaudited Consolidated Statements of Financial Condition, (ii) Unaudited Consolidated Statements of Operations, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Unaudited Consolidated Financial Statements.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

OFG BANCORP

By:			/s/ José Rafael Fernández						Dated: November 5, 2026
José Rafael Fernández President and Chief Executive Officer
By:			/s/ Maritza Arizmendi Díaz						Dated: November 5, 2026
Maritza Arizmendi Díaz Chief Financial Officer

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