# EDGAR Filing Document

**Accession Number:** 0001030469
**File Stem:** 0001030469-25-000027
**Filing Date:** 2025-6
**Character Count:** 42356
**Document Hash:** 0583e74dd4d0158db84679da9be80249
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001030469-25-000027.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001030469-25-000027

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OFG BANCORP
- **CENTRAL INDEX KEY:** 0001030469
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 660538893
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12647
- **FILM NUMBER:** 251087734

**BUSINESS ADDRESS:**
- **STREET 1:** 254 MU?OZ RIVERA AVENUE
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 7877716800

**MAIL ADDRESS:**
- **STREET 1:** 254 MU?OZ RIVERA AVENUE
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ORIENTAL FINANCIAL GROUP INC
- **DATE OF NAME CHANGE:** 19970110

**UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 11-K**

**(Mark One): ………………………………………………………………………………………………………..**

**ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended December 31, 2024

OR

**TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from __________ to __________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commission file number 001-12647**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

c/o Oriental Bank<br>254 Muñoz Rivera Avenue,

Oriental Center 15<sup>th</sup> Floor

San Juan, Puerto Rico 00918

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**OFG BANCORP**

254 Muñoz Rivera Avenue,

Oriental Center 15<sup>th</sup> Floor

San Juan, Puerto Rico 00918

------

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | Page |
| <u>[Report of Independent Registered Public Accounting Firm](#i7bc871435d2a47b8af91e639e3067445_13)</u> | &nbsp;&nbsp;[1](#i7bc871435d2a47b8af91e639e3067445_13) |
| Financial Statements: |  |
| &nbsp;&nbsp;<u>[Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023](#i7bc871435d2a47b8af91e639e3067445_19)</u> | &nbsp;&nbsp;[2](#i7bc871435d2a47b8af91e639e3067445_19) |
| &nbsp;&nbsp;<u>[Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024](#i7bc871435d2a47b8af91e639e3067445_22)</u> | &nbsp;&nbsp;[3](#i7bc871435d2a47b8af91e639e3067445_22) |
| &nbsp;&nbsp;<u>[Notes to Financial Statements](#i7bc871435d2a47b8af91e639e3067445_25)</u> | &nbsp;&nbsp;[4](#i7bc871435d2a47b8af91e639e3067445_25) |
| Supplemental Schedule: |  |
| &nbsp;&nbsp;<u>[Schedule I – Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024](#i7bc871435d2a47b8af91e639e3067445_37)</u> | &nbsp;&nbsp;[10](#i7bc871435d2a47b8af91e639e3067445_37) |
| <u>[Exhibits](#i7bc871435d2a47b8af91e639e3067445_40)</u> | &nbsp;&nbsp;[11](#i7bc871435d2a47b8af91e639e3067445_40) |
| <u>[Signatures](#i7bc871435d2a47b8af91e639e3067445_43)</u> | [11](#i7bc871435d2a47b8af91e639e3067445_43) |

---

------

**Report of Independent Registered Public Accounting Firm**

To the Plan Participants and Plan Administrator

The Oriental Bank CODA Profit Sharing Plan

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets available for benefits of **The Oriental Bank CODA Profit Sharing Plan** (the "Plan") as of December 31, 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024, and the changes in net assets available for benefits for the year ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. The financial statements of the Plan for the year ended December 31, 2023 were audited by other auditors, who expressed an unmodified opinion on those financial statements in their report dated June 12, 2024.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

**Supplemental Information**

The Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024 ("supplemental information") has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for

Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ KEVANE GRANT THORNTON LLP

We have served as the Plan's auditor since 2024.

San Juan, Puerto Rico

June 27, 2025

Stamp No. DLLP217-725 of the Puerto Rico

Society of Certified Public Accountants

was affixed to the record copy of this report.

------

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

Statements of Net Assets Available for Benefits

As of December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| **Assets:** |  |  |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and money market instruments | $17084 | $21393 |
| &nbsp;&nbsp;&nbsp;Common stock | 11301477 | 9499607 |
| &nbsp;&nbsp;&nbsp;Mutual funds | 133578392 | 112928780 |
| &nbsp;&nbsp;&nbsp;Collective investment trust | 11862778 | 11646688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | 156759731 | 134096468 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Participant's contributions | 228079 | 217401 |
| &nbsp;&nbsp;&nbsp;Employer's contributions | 96286 | 91104 |
| &nbsp;&nbsp;&nbsp;Dividends | 66762 | 55761 |
| &nbsp;&nbsp;&nbsp;Notes receivable from participants | 72415 | 141317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 463542 | 505583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $157223273 | $134602051 |
| **Liabilities:** |  |  |
| Other liabilities | $— | $58605 |
| Net assets available for benefits | $157223273 | $134543446 |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

Statement of Changes in Net Assets Available for Benefits

Year ended December 31, 2024

---

| | |
|:---|:---|
| | **2024** |
| **Additions to net assets attributed to:** |  |
| Net appreciation in fair value of investments | $19517383 |
| Dividends | 265392 |
| Interest and other | 5576 |
| Contributions: |  |
| &nbsp;&nbsp;&nbsp;Participants | 6490306 |
| &nbsp;&nbsp;&nbsp;Employer | 2539914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total additions | 28818571 |
| **Deductions from assets attributed to:** |  |
| Benefits paid to participants | (5980545) |
| Administrative fees | (158199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deductions | (6138744) |
| Net increase | 22679827 |
| **Net assets available for benefits:** |  |
| Beginning of year | $134543446 |
| End of year | $157223273 |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2024 AND 2023, AND YEAR ENDED DECEMBER 31, 2024**

**NOTE 1 - DESCRIPTION OF PLAN**

The following description of The Oriental Bank CODA Profit Sharing Plan (the "Plan") provides only general information. Participants should refer to the plan agreement for complete description of the Plan's provisions.

***General***

The Plan was organized on January 1, 1992 as a defined contribution plan originally maintained by Oriental Bank (the "Employer"), a wholly owned subsidiary of OFG Bancorp (the "Company"), for the benefit of the Employer's and its affiliated companies' employees who are residents of Puerto Rico and are age 21 or older. The Plan is intended to be a qualified plan pursuant to the Puerto Rico Internal Revenue Code of 2011, as amended (the "PR Code"). In 2016, and further in 2022, the Plan was amended or restated to meet the requirements of Sections 401(a) and (k) of the U.S. Internal Revenue Code of 1986, as amended (the "US Code"). In 2024, the Puerto Rico Treasury Department (the "PR Treasury") reaffirmed the Plan's qualification under the PR Code. It contains a cash or deferred arrangement qualifying under the PR Code and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). As such, the Plan must comply with reporting and disclosure requirements, participation and vesting standards, and fiduciary standards and duties, among other requirements. The U.S. Department of Labor has full authority to regulate and investigate the Plan.

Under that certain Retirement Plan Services Agreement, dated July 1, 2012 (the "RPS Agreement"), the Employer is responsible for providing the Plan with record keeping, administration, and trustee services. The Employer provided the trustee services directly and contracted Oriental Pension Consultants Inc. ("OPC") to provide the recordkeeping and administration services. OPC is a wholly owned subsidiary of the Company that, at that time, conducted the Company's retirement plan record keeping and third-party administration business.

Effective December 31, 2022, the Company sold its retirement plan record keeping and third-party administration business to National Professional Planning Group, Inc. ("NPPG"). The Employer continues to be responsible for the provision of record keeping, administration, and trustee services under the RPS Agreement. Therefore, as part of the sale transaction with NPPG, the Employer entered into a Temporary Services Agreement (the "TSA") with NPPG, pursuant to which NPPG would provide record keeping and administration services for the Plan and certain other clients on behalf of the Employer, thereby replacing OPC in those functions. The Employer fulfils its obligations under the RPS Agreement by providing trustee services directly and supervising the record keeping and administration services that NPPG provides pursuant to the TSA.

The term of the TSA was retroactively extended pursuant to that certain Amendment and Restated Temporary Services Agreement, dated December 27, 2024, which shall terminate with respect to the Plan upon the execution of a new direct contract between the Plan and NPPG for the provision of the recordkeeping and administration services.

***Contributions***

Each year, participants may contribute up to the maximum deferral amount under the provisions of Section 402(g) of the US Code as annually indexed by the U.S. Internal Revenue Service (the "IRS"). For the periods ended December 31, 2024 and 2023, the limit was $23,000 and $22,500, respectively. Nevertheless, these limits cannot exceed the annual deferral limit under the PR Code. If, in addition to a deferral election under the Plan, participants contribute to an individual retirement account ("IRA") in Puerto Rico, pre-tax contributions to both the Plan and the Puerto Rico IRA in the aggregate cannot exceed the sum of the annual deferral limit under the PR Code ($20,000 for both tax years ended December 31, 2024 and 2023). Participants may also contribute amounts representing distributions from other Puerto Rico and U.S. qualified defined benefit or contribution plans and allowed catch up contributions for participants over 50 up to $1,500 for both periods ended December 31, 2024 and 2023.

Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers mutual funds, a stable value fund, and shares of common stock of the Company as investment options. Participants direct the investment of their matching contributions in the Plan. The Employer provides a discretionary matching contribution of 50% of each participant's contributions up to a maximum contribution for matching purposes of 8% of the participant's compensation per year.

------

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2024 AND 2023, AND YEAR ENDED DECEMBER 31, 2024**

***Participant Accounts***

Each participant's account is credited with the participant's contribution and allocations of the Employer's contribution and Plan earnings and charged with an allocation of administrative fees. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled to is the benefit that can be provided from the participant's vested account.

***Vesting***

Participants are immediately vested in their contributions plus actual earnings thereon. The Employer's contribution portion of their accounts plus actual earnings thereon vest upon the occurrence of any of the following events: completion of three years of credited service; attaining age 65; total disability while employed by the Employer; or death while employed by the Employer.

***Payment of Benefits***

Plan participants are permitted to make withdrawals from the Plan, subject to provisions in the Plan agreement. On termination of service due to death, disability, or retirement, a participant or its heirs may elect to receive the value of the vested interest in his or her account in either a lump sum amount, a fixed period that may not exceed the participant's life expectancy or through a fixed annuity contract. For termination of service for other reasons, a participant may receive the value of the vested interest in his or her account as a lump sum distribution. The Plan allows for participants to receive hardship distributions.

***Notes Receivable from Participants***

The Plan does not allow for loans to participants. However, on December 31, 2019, the Company purchased from the Bank of Nova Scotia all the outstanding common stock of Scotiabank de Puerto Rico ("SBPR"). In December 2020, the balances of the Retirement Plan of SBPR employee accounts were transferred to the Plan including its existing participant loans. As of December 31, 2024 and 2023 these loans amounted to $72,415 and $141,317, respectively, and they will be extinguished as they are repaid by participants. Loan terms range from 1-5 years or up to 30 years for a home loan. The loans are secured by the balance in the participant's account and bear interest at a rate commensurate with the interest rate charged by persons in the business of lending money for loans which would be made under similar circumstances. Principal and interest are paid ratably through payroll deductions. No additional loans are or will be granted to participants.

***Forfeited Accounts***

Employer contributions that are not vested upon termination of employment are forfeited and may be used to pay administrative expenses and reduce future contributions to the Plan by the Employer. At December 31, 2023, the Plan had $55,760 in forfeitures available to pay administrative expenses and reduce future Employer contributions. During the year ended December 31, 2024, forfeitures outstanding at the end of 2023 were used to offset Employer contributions. At December 31, 2024, the Plan had $45 in forfeitures available to pay administrative expenses and reduce future Employer contributions.

***Plan Termination***

Although it has not expressed any intent to do so, the Employer has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to ERISA provisions. In the event of Plan termination, participants will become 100% vested in their Employer's contributions.

------

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2024 AND 2023, AND YEAR ENDED DECEMBER 31, 2024**

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Following are the significant accounting policies followed by the Plan:

***Basis of Presentation***

The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting policies generally accepted in the United States of America ("GAAP").

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires the plan administrator to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term is the valuation of investments.

***Risks and Uncertainties***

The Plan invests in various financial instruments. Investment securities are exposed to various risks, such as interest rate, credit, and market risks. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the values of investments, it is reasonably possible that changes in the fair values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits.

***Investments Valuation and Income Recognition***

Plan investments are stated at fair value. See Note 3 for further information regarding valuation of the Plan's investments.

Collective investment trust is valued based upon the net asset value of units owned by the Plan at year-end. The net asset value is used as a practical expedient to estimate fair value and it is based on the fair value of the underlying investments held by the fund that are traded in an active market, less its liabilities. The collective investment trust is not included in the fair value hierarchy.

Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the accrual basis and dividends are recorded on the declaration date, taking into consideration the ex-dividend date. The Plan presents in the statement of changes in net assets available for benefits the net appreciation in the fair value of its investments which consists of realized gains and losses on investments purchased and sold during the period as well as unrealized net appreciation on those investments held at year end.

***Payments of Benefits***

Benefits are recorded when paid.

***Plan Expenses***

Under the Plan's contract entered into with Mid Atlantic Trust Company ("Mid Atlantic"), doing business as American Trust Custody, custody and trading fees are billed in advance based on assets balances at the time of calculation. Additionally, the Plan has a contract with Expand Financial, LLC related to 3(38) fiduciary fees. The annual fee for 3(38) fiduciary services equals to 5 basis points of the market value of the included assets and it is paid quarterly. Market value of the Plan assets is the value of assets as reported by Mid Atlantic. These charges are presented as administrative fees in the Plan's statement of changes in net assets available for benefits.

Administrative expenses, including trustee, legal, auditing, and other fees, may be paid out of the invested assets unless paid by the Employer. Expenses assumed and paid by the Employer during the year ended December 31, 2024 amounted to $376,285.

------

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2024 AND 2023, AND YEAR ENDED DECEMBER 31, 2024**

**NOTE 3 - FAIR VALUE MEASUREMENTS**

The Plan measures fair value as required by Accounting Standard Codification ("ASC") Subtopic 820-10, "Fair Value Measurements" which provides a framework for measuring fair value under accounting principles generally accepted in the United States. Under ASC 820, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance also establishes a fair value hierarchy for classifying financial instruments. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are:

**Level 1** – assets include equity securities that are traded in an active exchange market, as well as certain money market instruments. Valuations are obtained from readily available pricing sources for market transactions involving identical assets.

**Level 2** – observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets. As of December 31, 2024, and 2023, the Plan did not have such assets.

**Level 3** – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets include financial instruments whose value is determined using pricing models, for which the determination of fair value requires significant management judgment or estimation. As of December 31, 2024, and 2023, the Plan did not have such assets.

The following is a description of the valuation methodologies used for instruments measured at fair value:

*Shares of the Company's common stock:* valued at quoted closing market prices ("Level 1").

*Money Market Instruments:* stated at fair value, which approximates cost plus accumulated interest earnings less distributions to date ("Level 1").

*Mutual funds:* stated at fair value, and valued daily at the quoted net asset value of shares held by the Plan ("Level 1").

The estimated fair value is subjective in nature and 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.

There were no transfers into or out of Level 1, Level 2, and Level 3 fair value measurements during the years ended December 31, 2024 and 2023.

------

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2024 AND 2023, AND YEAR ENDED DECEMBER 31, 2024**

The following tables set forth by level, within the fair value hierarchy, the Plan's fair value measurements at December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash and money market instruments | $17084 | $— | $— | $17084 |
| Common stock | 11301477 |  |  | 11301477 |
| Mutual funds | 133578392 |  |  | 133578392 |
|  | $144896953 | $— | $— | $144896953 |
| Investment measured using net asset value as a practical expedient |  |  |  | 11862778 |
|  |  |  |  | $156759731 |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash and money market instruments | $21393 | $— | $— | $21393 |
| Common stock | 9499607 |  |  | 9499607 |
| Mutual funds | 112928780 |  |  | 112928780 |
|  | $122449780 | $— | $— | $122449780 |
| Investment measured using net asset value as a practical expedient |  |  |  | 11646688 |
|  |  |  |  | $134096468 |

---

Investments can be redeemed with no advance notice on any day on which the New York Stock Exchange is open for trading. As of December 31, 2024, there are no unfunded commitments from investments.

Mid Atlantic makes available a stable value fund offered by Metropolitan Life Insurance Company ("MetLife") that the participant may elect to transfer all or part of his or her funds. The stable value fund is considered a collective trust holding a fully benefit responsive group annuity contract with MetLife. The Plan's investments in this stable value fund is valued based upon the net asset value of units owned by the Plan at year-end. The net asset value of the collective trust fund, as provided by MetLife, is used as a practical expedient to estimate fair value and it is based on the fair value of the underlying investments held by the fund that are traded in an active market, less its liabilities. The estimated value of the collective trust fund at December 31, 2024 and 2023 was $11,862,778 and $11,646,688, respectively. The investment has a fixed interest rate for a fixed period that will apply to the entire guaranteed value. The effective credited interest rate is set quarterly. Interest rates will reflect, in addition to the fees by the contract, capital market developments, the performance of the separate account assets backing the contract, and the expected and actual contributions and withdrawals of all of the retirement plans participating in the contract.

------

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2024 AND 2023, AND YEAR ENDED DECEMBER 31, 2024**

**NOTE 4 - RELATED-PARTY TRANSACTIONS**

At December 31, 2024 and 2023, the Plan held 267,048 and 253,458 shares of the Company's common stock, the Employer's Parent Company, with a fair value of $11,301,477 and $9,499,607, respectively. The Employer is the Plan sponsor and trustee and a wholly owned subsidiary of the Company and, therefore, qualifies as a party-in-interest. The Plan also held notes receivable from participants which also qualify as party-in-interest transactions. At December 31, 2024 and 2023, these notes receivables amounted to $72,415 and $141,317, respectively.

Mid Atlantic serves as the custodian and trading partner and manages the stable value fund and, therefore, qualifies as a party-in-interest.

The Employer provided trustee services to the Plan as per the RPS Agreement.

**NOTE 5 - INCOME TAXES**

The trust that forms part of the Plan (the "Trust") is intended to be exempt from Puerto Rico and U.S. federal incomes taxes pursuant to the PR Code and the US Code, respectively. The Plan sponsor has adopted a volume submitter plan document. The IRS has issued an opinion letter, dated April 22, 2016, that the form of the volume submitter document is acceptable under Section 401 of the US Code, and, therefore, the Trust is not subject to U.S. federal income tax. The PR Treasury ruled on March 28, 2018 that the Plan constitutes a qualified plan pursuant to the provisions of Section 1081.01 of the PR Code and, therefore, the Trust is not subject to Puerto Rico income tax. As applicable, the Plan is required to operate in accordance with the provisions of the PR Code and the US Code to maintain its qualification. Effective in 2022, the Employer, adopted an amendment for the benefit of employees eligible to participate in the Plan, which complies with the provisions of PR Treasury's Circular Letters No. 11-10, 13-02 and 16-08, and on October 5, 2023, the Plan requested from the PR Treasury a favorable determination letter with respect to such amendment. Favorable determination letter was received from the PR Treasury on May 29, 2024. Although the Plan has been amended, the Plan sponsor believes that the Plan is designed and is being operated within the applicable requirements of the PR Code and the US Code, therefore, remains qualified under the PR Code and the US Code.

U.S. generally accepted accounting principles require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS and the PR Treasury. As of December 31, 2024, and 2023, there are no uncertain tax positions taken or expected to be taken that would require recognition or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. However, there are currently no audits in progress for any tax periods. The Plan is no longer subject to income tax examinations for the taxable years prior to 2021.

**NOTE 6 - EXCESS CONTRIBUTIONS PAYABLE TO PARTICIPANTS** 

The Plan is subject to certain non-discrimination rules under the PR Code. As of December 31, 2023, the Plan failed certain of the non-discrimination tests under the PR Code due to lower contribution percentages by non-highly compensated eligible employees relative to the contribution percentages of highly compensated eligible employees. In order to meet the requirements of the non-discrimination rules, the Plan refunded a portion of the contributions made by highly compensated participants, in accordance with applicable provisions of the PR Code. The refund for 2023, paid in March 2024, totaled $58,605. These refunds are included as other liabilities in the Plan's statements of net assets available for benefits. For the year ended December 31, 2024, the Plan successfully passed all applicable non-discrimination tests.

**NOTE 7 - SUBSEQUENT EVENTS**

The Plan has evaluated subsequent events from the statement of net assets available for benefits date through June 27, 2025, the filing date of this Annual Report on Form 11-K for the year ended December 31, 2024.

------

**SCHEDULE I**

**THE ORIENTAL BANK CODA PROFIT SHARING PLAN**

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **(b)** | **(c)** | **(c)** | **(c)** | **(d)** | **(e)** |
| **(a)** | **Identity of issue, borrower,**<br>**lessor, or similar party** | **Description of Investment, including maturity** <br>**date, rate of interest, collateral, par,** <br>**or maturity value** | | | **Cost** | **Current value** |
|  | Participant directed: | Participant directed: |  |  |  |  |
| \* | &nbsp;&nbsp;OFG Bancorp | OFG Bancorp: |  |  |  |  |
|  |  | Common Stock | 267048 | shares | \*\* | $11301477 |
| \* | Mid Atlantic | Mutual Funds: |  |  |  |  |
|  |  | American Century Government Bond Fund Investor Class | 225899 | units | \*\* | 2078279 |
|  |  | American Funds New World Fund Class R-6 | 472 | units | \*\* | 36339 |
|  |  | Calvert Balanced Fund Class R6 | 708 | units | \*\* | 32284 |
|  |  | Columbia Small Cap Index Fund Institutional 2 Class | 26661 | units | \*\* | 635076 |
|  |  | Fidelity 500 Index | 11715 | units | \*\* | 2392277 |
|  |  | Fidelity Advisor Stock Selector Sm Cp Z | 68875 | units | \*\* | 2576621 |
|  |  | Fidelity Multi-Asset Index | 166396 | units | \*\* | 9609375 |
|  |  | Franklin Small-Mid Cap Growth Fund Class R6 | 95596 | units | \*\* | 4595319 |
|  |  | Impax International Sustainable Economy Fund Institutional Class | 4320 | units | \*\* | 43941 |
|  |  | Janus Henderson Balanced Fund Class N | 1527298 | units | \*\* | 69797543 |
|  |  | Loomis Sayles Investment Grade Bond Fund Class Y | 429024 | units | \*\* | 4170120 |
|  |  | MFS Core Equity Fund Class R6 | 193228 | units | \*\* | 10602465 |
|  |  | MFS International Diversification Fund Class R6 | 1298 | units | \*\* | 29659 |
|  |  | Nuveen Core Impact Bond Fund R6 Class | 7232 | units | \*\* | 64006 |
|  |  | PIMCO StocksPLUS Long Duration Instl | 9175 | units | \*\* | 150024 |
|  |  | PIMCO Income Fund Institutional Class | 90801 | units | \*\* | 955230 |
|  |  | Schwab Fundamental International Large Company Index Fund | 310992 | units | \*\* | 3221885 |
|  |  | Vanguard FTSE Social Index Fund Admiral | 2560 | units | \*\* | 144399 |
|  |  | Vanguard Mid-Cap Index Fund Admiral Shares | 614 | units | \*\* | 200988 |
|  |  | Vanguard Small-Cap Growth Index Fund Admiral Shares | 10026 | units | \*\* | 986859 |
|  |  | Vanguard U.S. Growth Fund Admiral Shares | 76920 | units | \*\* | 14233453 |
|  |  | Vanguard Value Index Fund Admiral Shares | 40588 | units | \*\* | 2680450 |
|  |  | Vanguard Wellesley Income Inv | 175284 | units | \*\* | 4341800 |
|  |  |  |  |  |  | 133578392 |
|  |  | Cash and money markets: |  |  |  |  |
| \* | Mid Atlantic | Cash and Bank Deposit Sweep Program |  |  | \*\* | 17084 |
|  |  | Collective investment trust: |  |  |  |  |
| \* | Mid Atlantic | MetLife Unified Trust Stable Value Fund | 560516 | units | \*\* | 11862778 |
| \* | Participant Loans | Notes, with interest rate from 4.25% to 6.5%; maturities range through 2048 |  |  | \*\* | 72415 |
|  |  |  |  |  |  | $**156832146** |
| \* | Party-in-interest as defined by ERISA | Party-in-interest as defined by ERISA |  |  |  |  |
| \*\* | Not applicable as these are participant directed. | Not applicable as these are participant directed. |  |  |  |  |
| See the accompanying report of independent registered public accounting firm. | See the accompanying report of independent registered public accounting firm. | See the accompanying report of independent registered public accounting firm. | See the accompanying report of independent registered public accounting firm. | See the accompanying report of independent registered public accounting firm. | See the accompanying report of independent registered public accounting firm. | See the accompanying report of independent registered public accounting firm. |

---

------

**INDEX OF EXHIBITS**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description of Document</u>** |
| <u>[23.1](ofg-exhibit231kgtconsent.htm)</u> | Consent of Kevane Grant Thornton LLP |
| <u>[23.2](ofg-exhibit232kpmgconsent.htm)</u> | Consent of KPMG LLP |

---

SIGNATURES

*The Plan*. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | THE ORIENTAL BANK CODA PROFIT SHARING PLAN |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name of Plan) |
| Date: June 27, 2025 | /s/ Maritza Arizmendi |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maritza Arizmendi |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer |
|  | /s/ Roberto Romanelli |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 23.1

**EXHIBIT 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-102696) on Form S-8 of OFG Bancorp our report dated June 27, 2025, with respect to the financial statements of The Oriental Bank CODA Profit Sharing Plan.

/s/ KEVANE GRANT THORNTON LLP

San Juan, Puerto Rico

June 27, 2025

## Exhibit 23.2

**EXHIBIT 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-102696) on Form S-8 of OFG Bancorp our report dated June 12, 2024, with respect to the financial statements of The Oriental Bank CODA Profit Sharing Plan for the year ended December 31, 2023.

/s/ KPMG LLP

San Juan, Puerto Rico

June 27, 2025