At a glance
OFG Bancorp is worth $2.14B, about 11 times its fiscal 2025 earnings. Revenue grew 2.8% to $731.4M in fiscal 2025, with 28.0% kept as profit; over 5 years it has grown 6.5% a year. It pays a 2.66% dividend yield, raised every year for at least 5 years, and returned $482.9M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.2% over the past year with dividends reinvested and +17.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.2% in the 2020 crash (S&P 500: 33.7%) and 17.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 7 months after the lows.
The business in plain English
OFG Bancorp is a financial holding company based in San Juan, Puerto Rico. Its main business is Oriental Bank, a Puerto Rico commercial bank insured by the Federal Deposit Insurance Corporation that began as a federal savings and loan in 1964. The bank has 42 branches in Puerto Rico and 2 in the US Virgin Islands. A subsidiary in Charlotte, North Carolina, makes certain loans on the US mainland.
OFG earns most of its money from net interest income. That is the gap between the interest it collects on loans and investments and the interest it pays on deposits. In fiscal 2025, net interest income was about $608 million of $731 million in revenue. The other $123 million was noninterest income, such as fees. The bank lends in four areas: commercial loans, consumer loans (including credit cards and home solar panel loans), auto loans made mainly through car dealers, and home mortgages. It pools some of those mortgages into securities that it can sell to investors. Deposits are its main source of funding, at $9.98 billion as of June 30, 2026.
OFG reports three segments: Banking, Wealth Management and Treasury. Wealth Management runs through separate subsidiaries and a bank division, and offers securities brokerage, investment advice and insurance sales. Most of the company's customers are in Puerto Rico and the US Virgin Islands.
Price history
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OFG +33.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $190.3M, up 4.4% from a year earlier, and net income was $58.8M (+13.5%).
- For fiscal 2025, revenue was $731.4M (+2.8% year over year; +6.5% a year from FY2020 to FY2025) with a 28% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.5% good |
|---|---|
| Return on equity | 14.8% good |
| Net income / revenue | 28% good |
| Deposits | $9.98B |
| Loans | $8.11B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $532.8M | $74.3M | — |
| FY2021 | $540.6M | $146.2M | — |
| FY2022 | $613.8M | $166.2M | — |
| FY2023 | $689.3M | $181.9M | — |
| FY2024 | $711.7M | $198.2M | — |
| FY2025 | $731.4M | $205.1M | — |
Valuation snapshot
| Market value | $2.14B |
|---|---|
| P/E ratio | 11.1 |
| Dividend yield | 2.66% |
Rank among 1514 US companies
Market value at each year end
OFG Bancorp’s market value went from $575.3M at the end of 2016 to $2.14B on Oct 28, 2026, about 3.7 times as much; since the end of 2025 it is up 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.14B | +19.1% |
| 2025 | $1.80B | -7.3% |
| 2024 | $1.94B | +10.1% |
| 2023 | $1.76B | +34.5% |
| 2022 | $1.31B | -1.0% |
| 2021 | $1.32B | +39.1% |
| 2020 | $952.0M | -21.5% |
| 2019 | $1.21B | +43.7% |
| 2018 | $843.8M | +104.3% |
| 2017 | $413.1M | -28.2% |
| 2016 | $575.3M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OFG price data to Oct 28, 2026 | +26.7% | +33.2% | +23.3% | +17.6% | +19.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.7% |
| 2025 | -0.3% |
| 2024 | +15.8% |
| 2023 | +40.2% |
| 2022 | +6.6% |
| 2021 | +45.6% |
| 2020 | -19.8% |
| 2019 | +45.3% |
| 2018 | +78.3% |
| 2017 | -26.5% |
| 2016 | +83.8% |
| 2015 | -54.6% |
| 2014 | -2.0% |
| 2013 | +31.9% |
| 2012 | +12.6% |
| 2011 | -1.2% |
| 2010 | +17.5% |
| 2009 | +82.0% |
| 2008 | -52.8% |
| 2007 | +8.5% |
| 2006 | +9.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 87.6% over that stretch · deepest drop along the way 95.9%, back to its old high 116.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 54.2% over that stretch · deepest drop along the way 54.2%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 1.6% over that stretch · deepest drop along the way 17.7%, back to its old high 7.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($3.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 24, 2026 | Jose Rafael Fernandez CEO; Chairman BOD, Director | sell | $2.7M |
| Aug 14, 2026 | Maritza Arizmendi Chief Financial Officer | sell | $533K |
| Aug 12, 2026 | Jesus Nestor De Director | sell | $212K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 7.4% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 6.5% | Mar 31, 2025 |
| STATE STREET CORPORATION | 6.2% | Dec 31, 2024 |
| First Trust Portfolios L.P. | 5.86% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
ETFs with the most weight in OFG
| KBE SPDR S&P Bank ETF | 0.98% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.8% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.69% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.58% |
| SEIS SEI Select Small Cap ETF | 0.54% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.52% |
| SVAL iShares US Small Cap Value Factor ETF | 0.51% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.41% |
What could go wrong
- Heavy dependence on Puerto Rico's economy. Most of its business is in Puerto Rico. The island went through a decade-long economic slump and a government fiscal crisis that led to a federal oversight board in 2016. A new slump could raise loan losses.
- Hurricanes, earthquakes and fragile island infrastructure. Its branches and borrowers are concentrated in Puerto Rico and the US Virgin Islands, which are exposed to hurricanes and earthquakes. A major disaster could disrupt operations and make it harder for customers to repay loans.
- Reliance on federal aid and political shifts. Puerto Rico's economy leans heavily on federal disaster relief money, which has been slow to arrive. More delays, the end of stimulus funds, or policy changes in Washington or San Juan could stall the recovery.
- Possible Puerto Rico tax increases. OFG gets certain Puerto Rico tax advantages, including through its international banking units. Puerto Rico's government could change tax rules in ways that significantly raise the company's tax bill.
- Loan losses could climb. If more borrowers fall behind, OFG must set aside more money for bad loans. That set-aside, called the provision for credit losses, was about $108 million in fiscal 2025, compared with $205 million of net income.
- Interest rates and the cost of deposits. Most revenue comes from net interest income. Swings in interest rates, or having to pay more to keep core deposits (steady everyday customer accounts), could shrink it.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
OFG has raised its regular dividend for five straight years, from $0.28 a share in fiscal 2020 to $1.20 in fiscal 2025. That works out to about 34% a year on average. The payout is modest: dividends took about 25% of fiscal 2025 earnings. The dividend yield (the yearly dividend as a share of the stock price) was 2.66% as of October 28, 2026. Buybacks have been bigger still, at about $295 million from fiscal 2021 to 2025, compared with about $188 million in dividends. The share count fell about 15% from October 2021 to July 2026.
The share price has swung hard in downturns. In the 2008 financial crisis it fell about 96% from its March 2008 peak and did not fully recover until November 2018. It dropped 54% in the 2020 COVID crash and was back by January 2021. It fell about 18% in 2022. Single stocks carry more risk than diversified funds, and a bank tied mostly to one island economy adds concentration risk.
Questions investors ask
How does OFG Bancorp make money?
Mostly from lending. OFG is a financial holding company in San Juan, Puerto Rico. Its main subsidiary, Oriental Bank, has 42 branches in Puerto Rico and 2 in the U.S. Virgin Islands. It makes commercial, consumer, auto and mortgage loans, funded mainly by customer deposits. In fiscal 2025, net interest income was $608.5 million of $731.4 million in revenue. Net interest income is the interest earned on loans and securities minus the interest paid out. Noninterest income, such as wealth management, insurance and brokerage fees, made up the other $123.0 million.
Does OFG Bancorp raise its dividend every year?
It has for 5 years in a row, through fiscal 2025. OFG's regular dividend rose from $0.28 a share in fiscal 2020 to $1.20 in fiscal 2025, a growth rate of about 33.8% a year. Dividends paid in fiscal 2025 used about 25.3% of net income, a modest share. The yield was 2.66% as of October 28, 2026. Raises are not guaranteed. The company's annual report (Form 10-K) warns that OFG's ability to pay shareholders depends on receiving dividends from its subsidiaries.
What are the risks of investing in OFG Bancorp?
The biggest risk is that the business is concentrated in one region. Most of OFG's business is in Puerto Rico and the U.S. Virgin Islands, so its results depend heavily on the local economy. The annual report points to hurricanes and earthquakes, slow federal disaster relief payments, and political change. It also notes Puerto Rico's past government fiscal crisis, which led to a federal oversight board in 2016. Loan losses matter too. OFG's provision for credit losses (money set aside for expected bad loans) was $107.5 million in fiscal 2025.
What is OFG Bancorp's P/E ratio?
OFG's price-to-earnings (P/E) ratio was 11.1 as of October 28, 2026, based on fiscal 2025 diluted earnings of $4.58 a share. P/E shows how many dollars investors pay for each dollar of yearly profit. The company's market value was about $2.14 billion. Diluted earnings per share rose every year from $1.32 in fiscal 2020. Return on equity, which measures profit against shareholders' capital, was 14.8% in fiscal 2025. A lower P/E can reflect real risks, such as reliance on Puerto Rico, rather than a bargain.
How has OFG stock performed over the long run?
Gains have been large over the past decade, but so have the drops. Based on its share price, OFG returned about 19.8% a year over 10 years and 17.6% a year over 5 years as of October 28, 2026. The stock fell 95.9% from its March 2008 peak to its March 2009 low. It did not recover until November 2018. It also lost 54.6% in calendar 2015. Past results do not predict future returns.