OFG Bancorp
OFGNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $51.18 Prior regular-session close from the quote source.
- $50.89–$51.59 Regular-session low and high so far today.
- 198.5K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $35.71–$54.47 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own OFG if OFG Bancorp can compound shareholder value through a Puerto-Rico-focused deposit franchise that funds earning-asset growth, producing rising net interest and fee revenue that convert to predictable earnings and cash flow.
OFG price history
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Investment thesis
What must happen next
A stable local deposit franchise allows funded asset growth (loans/securities) so rising 'assets' convert into higher revenue as earning assets expand.StrengtheningMateriality: High
assets increased from 9,899,720,000 (2021) to 12,465,657,000 (2025) across filings. If true, continued asset growth will drive top-line expansion and scalable earnings; if false (funding dries up), revenue and earning-asset growth will stall and margins will compress.
Watch: large deposit outflows (from competition, fintech or loss of local confidence) that force higher-cost funding.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
assets increased from 9,899,720,000 (2021) to 12,465,657,000 (2025) across filings.
Open source ↗OFG’s returns depend on disciplined underwriting and loan portfolio quality: if credit metrics and provisions remain low, incremental revenue will flow to net income; deterioration in credit will materially reduce earnings.StrengtheningMateriality: High
net_income increased from 146,151,000 (2021) to 205,103,000 (2025), signalling the company has so far converted revenue growth into higher earnings. The company’s ability to convert revenue into net income (and maintain ROE) hinges on credit performance; a spike in provisions or NPLs would reverse the earnings trend.
Watch: material deterioration in Puerto Rico economic activity or a concentrated commercial borrower default (e.g., large CRE or municipal exposure).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
net_income increased from 146,151,000 (2021) to 205,103,000 (2025), signalling the company has so far converted revenue growth into higher earnings.
Open source ↗Sustained operating_cash_flow provides the cash to maintain dividends and buybacks, converting accounting earnings into shareholder returns.HoldingMateriality: Medium
operating_cash_flow rose from 100,044,000 (2021) to highs of 295,657,000 (2023) and remained positive at 217,719,000 (2025). Reliable cash generation lets management return capital without risking solvency; if cash flow weakens, the company must conserve capital and shareholder returns fall.
Watch: major one-time writedowns, large provisioning spikes, or regulatory capital demands that consume cash.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow rose from 100,044,000 (2021) to highs of 295,657,000 (2023) and remained positive at 217,719,000 (2025).
Open source ↗If asset growth and profitability continue without material share dilution, eps_diluted will keep rising and compound per-share value.StrengtheningMateriality: Medium
eps_diluted rose from 2.81 (2021) to 4.58 (2025), showing historical per-share earnings expansion. EPS gains are the direct driver of per-share returns; dilution or large capital raises would blunt per-share compounding even if the business grows.
Watch: significant equity issuance for acquisitions or capital Raising that materially increases shares outstanding.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
eps_diluted rose from 2.81 (2021) to 4.58 (2025), showing historical per-share earnings expansion.
Open source ↗
Full investment case & evidence
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Original research
A stable local deposit franchise allows funded asset growth (loans/securities) so rising 'assets' convert into higher revenue as earning assets expand. If true, continued asset growth will drive top-line expansion and scalable earnings; if false (funding dries up), revenue and earning-asset growth will stall and margins will compress.
OFG’s returns depend on disciplined underwriting and loan portfolio quality: if credit metrics and provisions remain low, incremental revenue will flow to net income; deterioration in credit will materially reduce earnings. The company’s ability to convert revenue into net income (and maintain ROE) hinges on credit performance; a spike in provisions or NPLs would reverse the earnings trend.
Sustained operating_cash_flow provides the cash to maintain dividends and buybacks, converting accounting earnings into shareholder returns. Reliable cash generation lets management return capital without risking solvency; if cash flow weakens, the company must conserve capital and shareholder returns fall.
If asset growth and profitability continue without material share dilution, eps_diluted will keep rising and compound per-share value. EPS gains are the direct driver of per-share returns; dilution or large capital raises would blunt per-share compounding even if the business grows.
All standing thesis claims
Original report summary
OFG Bancorp can compound shareholder value through a Puerto-Rico-focused deposit franchise that funds earning-asset growth, producing rising net interest and fee revenue that convert to predictable earnings and cash flow.
Bull case and bear case
Bull case and bear case for OFG Bancorp
Where the evidence on OFG Bancorp stands: Holding on the latest evidence (Nov 12, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
A stable local deposit franchise allows funded asset growth (loans/securities) so rising 'assets' convert into higher revenue as earning assets expand.
OFG’s returns depend on disciplined underwriting and loan portfolio quality: if credit metrics and provisions remain low, incremental revenue will flow to net income; deterioration in credit will materially reduce earnings.
Sustained operating_cash_flow provides the cash to maintain dividends and buybacks, converting accounting earnings into shareholder returns.
If asset growth and profitability continue without material share dilution, eps_diluted will keep rising and compound per-share value.
Bear case: what would count against it
large deposit outflows (from competition, fintech or loss of local confidence) that force higher-cost funding.
material deterioration in Puerto Rico economic activity or a concentrated commercial borrower default (e.g., large CRE or municipal exposure).
major one-time writedowns, large provisioning spikes, or regulatory capital demands that consume cash.
Thesis-Break Engine
Thesis-break watch · OFG Bancorp
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
OFG Bancorp filed an SEC 8-K on 2026-10-21: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
OFG Bancorp filed an SEC 8-K on 2026-07-21: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- large deposit outflows (from competition, fintech or loss of local confidence) that force higher-cost funding.
- material deterioration in Puerto Rico economic activity or a concentrated commercial borrower default (e.g., large CRE or municipal exposure).
- major one-time writedowns, large provisioning spikes, or regulatory capital demands that consume cash.
- significant equity issuance for acquisitions or capital Raising that materially increases shares outstanding.
OFG news
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Financial statements
OFG income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
OFG: quick answers
- Have members of Congress traded OFG?
- Reports made public in the last 90 days disclose 1 trade in OFG by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed OFG trade