Organic capital generation remains robust, with an operating cash flow to net income ratio that averaged well above 1.0 over the last ten quarters, facilitating consistent shareholder capital returns.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Cash from Operations | 207.77M | 217.72M | 252.5M | 295.66M | 164.46M | 100.04M | 34.96M | 109.62M | 133.35M | 151.44M | 78.51M | 97.08M | 175M | 173.82M | 50.24M | -39.73M | -32.44M | -43.99M | -14.35M | -38.87M | -58.82M | 11.27M | -24.19M | -42.52M | -50.86M | -14.74M | 25.6M | 38.74M | 144.3M | 1.7M | -13.5M |
| Operating CF Growth % | -51.56% | -13.77% | -14.6% | 79.78% | 64.38% | 186.17% | -68.11% | -17.8% | -11.94% | 92.89% | -19.13% | -44.52% | 0.68% | 245.97% | 226.46% | -22.45% | 26.26% | -206.54% | 63.07% | 33.92% | -621.95% | 146.59% | 43.12% | 16.39% | -245.03% | -157.58% | -33.91% | -73.16% | 8388% | 112.59% | -168.18% |
| Net Income | 213.47M | 205.1M | 198.17M | 181.87M | 166.24M | 146.15M | 74.33M | 53.84M | 84.41M | 52.65M | 59.19M | -2.5M | 85.18M | 98.45M | 24.55M | 34.45M | 9.83M | 22.95M | 26.79M | 41.27M | -5.11M | 33.84M | 59.67M | 59.72M | 51.32M | 38.45M | 8.47M | 19.57M | 26.6M | 21.4M | 16.6M |
| Depreciation & Amortization | 24.87M | 25.39M | 26.79M | 27.29M | 24.31M | 23.93M | 23.76M | 9.68M | 10.22M | 10.46M | 11.1M | 13.01M | 12.37M | 12.89M | 5.08M | 5.62M | 5.86M | 5.99M | 5.44M | 5.49M | 9.44M | 0 | 13.08M | 14.53M | 9.77M | 4.31M | 4.26M | 4.39M | 4.99M | -500K | -500K |
| Deferred Taxes | -163.13M | -153.67M | 21.56M | 67.35M | 61.13M | 63.62M | 27.85M | -4.07M | 14.77M | -3.66M | 23.23M | -37.33M | 24.16M | -11.07M | 1.51M | -1.56M | -10.09M | -1.78M | -9.93M | 1.33M | -3.45M | 0 | 982K | 397K | 76K | -1.48M | -99K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 19.71M | 23.72M | 34.11M | 13.44M | -84.89M | -156.23M | -37.87M | 67.03M | 2.96M | 79.36M | -9.76M | 149.33M | 77.37M | 34.78M | -5.61M | -53.89M | -51.03M | -58.54M | -36.95M | -9.95M | -39.61M | -13.17M | -88.35M | -115.78M | -124.46M | -125.75M | 32.48M | 30.05M | 87.76M | 3.8M | 3.5M |
| Working Capital Changes | 106.84M | 110.95M | -35.3M | 713K | -6.52M | 16.33M | -55.27M | -19M | 19.6M | 11.62M | -6.51M | -27.06M | -25.11M | 36.93M | 23.16M | -25.65M | 11.79M | -13.34M | -261K | -77M | -20.09M | -9.4M | -9.57M | -1.4M | 12.43M | 69.73M | -19.51M | -15.27M | 24.84M | -23M | -33.1M |
| Cash from Investing | -342.45M | -438.38M | -335.98M | -1.4B | -1.51B | -182.93M | 757.5M | 842.17M | -488.77M | 187.3M | 568.06M | 153.04M | 559.86M | 718.53M | 2.21B | 857.85M | 678.79M | 389.31M | -426.8M | -1.38B | 201.67M | -281.97M | -484.62M | -707.38M | -337.75M | -342.54M | -200.8M | -297.3M | -384.27M | -241.2M | -142.4M |
| Purchase of Investments | -492.34M | -531.39M | -1.33B | -1.08B | -1.47B | -417.07M | -161.81M | -2.2M | -271.64M | -182.05M | -206.02M | -501.26M | -386.42M | -33.29M | -1.78B | -807.36M | -6.34B | -12.58B | -4.18B | -3.6B | -1.32B | -624.96M | -2.27B | -2.04B | -1.92B | -951.43M | -1.14B | -385.73M | -518.41M | -297M | -74.3M |
| Sale/Maturity of Investments | 600.88M | 548.23M | 1.36B | 498.04M | 404.32M | 116.65M | 890.64M | 846.15M | 216.13M | 450.89M | 547.96M | 381.14M | 768.18M | 716M | 3.99B | 1.51B | 6.71B | 12.93B | 3.8B | 2.17B | 1.78B | 406.18M | 1.94B | 1.36B | 1.74B | 717.37M | 1.01B | 217.21M | 334.7M | 164.8M | 141.1M |
| Net Investment Activity | 108.54M | 16.84M | 30.23M | -578.36M | -1.06B | -300.41M | 728.83M | 843.95M | -55.51M | 268.84M | 341.94M | -120.11M | 381.76M | 682.71M | 2.21B | 702.95M | 373.81M | 345.44M | -379.67M | -1.43B | 463.91M | -218.79M | -329.87M | -674.11M | -174.42M | -234.06M | -127.15M | -168.53M | -183.71M | -132.2M | 66.8M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -402K | 67.27M | 0 | 0 | 0 | 0 | 0 | 0 | -105.36M | 0 | 89.78M | 0 | 0 | 0 | 0 | 13K | 0 | 0 | -1.59M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -432.6M | -436.83M | -344.87M | -808.53M | -418.4M | 140.53M | 44.34M | -56.08M | -421.77M | -75.06M | 231.42M | 278.44M | 186M | 44.94M | 107.21M | 158.28M | 225.19M | 48.5M | -42.27M | 63.79M | -251.68M | -60.41M | -150.68M | -25.92M | -158.87M | -102.01M | -69.85M | -125.11M | -195.6M | -106.3M | -205.5M |
| Cash from Financing | 60.58M | 669.86M | -73.56M | 1.31B | -124.7M | -49.04M | 510.36M | -549.1M | 317.24M | -363.98M | -672.84M | -286.84M | -782.7M | -1.13B | -2B | -667.02M | -483.08M | -134.56M | 418.54M | 1.47B | -126.05M | 263.29M | 516.45M | 749.84M | 395.4M | 337.7M | 171.25M | 256.46M | 259.8M | 217.9M | 172.8M |
| Dividends Paid | -53.48M | -51.87M | -45.65M | -41.01M | -30.09M | -20.97M | -20.89M | -20.88M | -24.82M | -24.41M | -24M | -31.62M | -28.34M | -24.65M | -20M | -13.96M | -12.15M | -8.69M | -18.41M | -18.41M | -18.55M | -9.36M | -17.92M | -15.01M | -11.39M | -10.04M | -9.92M | -10.06M | -7.3M | -5.2M | -4M |
| Share Repurchases | -115.05M | -91.6M | -70.32M | -18.65M | -65.02M | -141.87M | -2.23M | 0 | 0 | 0 | 0 | -8.95M | -16.95M | -16K | -7.02M | -58.77M | 0 | -182K | -235K | 0 | 0 | -6.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | -3.53M | -4.37M | -1.69M | 0 | 283K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.22M | 0 | 94.39M | 0 | 0 | 0 | 0 | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -115.05M | -95.12M | -74.69M | -20.34M | -65.02M | -141.59M | -2.23M | 0 | 0 | 0 | 0 | -8.95M | -16.95M | -16K | 42.2M | -58.77M | 94.39M | -182K | -235K | 0 | 0 | -5.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | 0 | 0 | -1000K | 0 | 0 | 386K | -1000K | 0 | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -70.89M | 661.85M | 46.78M | 1.37B | 6.91M | 205.53M | 533.48M | -528.6M | 362.88M | -339.56M | -582.29M | -247.32M | -738.99M | -964.44M | -2.01B | -591.75M | -31.7M | -6.42M | 558.78M | 20.64M | -58.99M | 36.14M | 224.93M | -25.47M | 78.39M | 174.5M | 76.83M | 67.83M | 85.59M | 73.8M | 114.9M |
| Net Change in Cash | -74.1M | 449.2M | -157.04M | 197.71M | -1.47B | -131.93M | 1.3B | 402.69M | -38.17M | -25.24M | -26.27M | -36.72M | -47.84M | -233.97M | 263.75M | 151.1M | 163.27M | 210.75M | -22.61M | 49.91M | 16.8M | 0 | 7.65M | -66K | 6.79M | -19.57M | -3.95M | -2.1M | 19.79M | -21.5M | 16.9M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 |
| Cash at Beginning | 1.04B | 591.14M | 748.17M | 550.46M | 2.02B | 2.16B | 852.76M | 450.06M | 488.23M | 510.44M | 539.74M | 573.43M | 621.27M | 855.24M | 591.49M | 440.38M | 277.12M | 66.37M | 88.98M | 39.07M | 17.27M | 0 | 17.03M | 17.1M | 10.31M | 29.89M | 33.83M | 35.93M | 16.14M | 41M | 24.1M |
| Cash at End | 636.5M | 1.04B | 591.14M | 748.17M | 550.46M | 2.02B | 2.16B | 852.76M | 450.06M | 485.2M | 513.47M | 536.71M | 573.43M | 621.27M | 855.24M | 591.49M | 440.38M | 277.12M | 66.37M | 88.98M | 34.07M | 0 | 24.68M | 17.03M | 17.1M | 10.31M | 29.89M | 33.83M | 36.1M | 19.5M | 41M |
| Interest Paid | 165.55M | 165.25M | 156.79M | 79.73M | 26.96M | 35.34M | 56.44M | 41.31M | 41.32M | 40.57M | 56.3M | 67.77M | 81.51M | 98.86M | 110.62M | 157.65M | 167.99M | 191.99M | 225.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 80.98M | 81.53M | 40.07M | 15.01M | 5.13M | 2.79M | 6.25M | 39.38M | 17.78M | 30K | 10.05M | 13.97M | 7.11M | 378K | 8.03M | 4.11M | 6.28M | 54K | 54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 189.38M | 199.34M | 210.79M | 277.8M | 133.46M | 76.99M | 19.7M | 96.65M | 121.86M | 144.97M | 73.22M | 91.8M | 167.09M | 164.7M | 48.31M | -43.11M | -42.42M | -48.63M | -19.21M | -45.89M | -69.37M | 8.49M | -28.26M | -49.88M | -53.72M | -21.21M | 21.81M | 35.07M | 139.31M | -1M | -17.2M |
| FCF Growth % | -19.31% | -5.43% | -24.12% | 108.16% | 73.34% | 290.88% | -79.62% | -20.69% | -15.94% | 98.01% | -20.24% | -45.06% | 1.45% | 240.89% | 212.06% | -1.64% | 12.78% | -153.08% | 58.13% | 33.85% | -917.1% | 130.04% | 43.35% | 7.15% | -153.27% | -197.28% | -37.82% | -74.82% | 14030.6% | 94.19% | -211.69% |
Regional Macroeconomic Concentration
According to the reported cash flow statements, OFG consistently returned capital to shareholders, with quarterly buybacks peaking at $46.8 million in 2026Q1, while maintaining a steady dividend payout that suggests management prioritizes shareholder yield alongside the retention of capital for organic growth within the Puerto Rican market.
The bank's ability to fund significant share repurchases while simultaneously absorbing credit provisions indicates a robust capital generation profile. Investors should monitor whether this pace of buybacks remains sustainable if the local economic environment necessitates higher capital buffers for potential loan losses.
Based on the provided financial data, OFG has engaged in significant investment portfolio turnover, with quarterly purchase activity reaching as high as $579.1 million in 2023Q4, reflecting an active approach to managing liquidity and interest rate exposure within the bank's treasury segment over the last ten quarters.
The frequent rotation between purchases and sales of investment securities suggests that the bank is dynamically adjusting its duration and yield profile to navigate interest rate volatility. This high level of activity may imply that the treasury segment is being used as a primary lever to stabilize net interest income during periods of loan demand fluctuation.
As reported in the quarterly filings, the provision for credit losses has exhibited notable variability, ranging from zero in 2025Q4 to $30.2 million in 2024Q4, which directly influences the bank's operating cash flow and underscores the inherent sensitivity of earnings to local credit cycle shifts.
The fluctuation in provisioning suggests that management is actively calibrating its reserve levels in response to evolving economic forecasts in Puerto Rico. Analysts should interpret these swings as a reflection of the bank's conservative risk management posture rather than a sign of underlying operational instability.
Based on the reported figures, OFG has maintained a strong operating cash flow to net income ratio, which averaged well above 1.0 over the last ten quarters, indicating that the bank's core earnings are effectively converted into tangible capital to support its regional lending operations.
The consistent ability to generate cash in excess of net income suggests that the bank's underlying business model is highly efficient at capturing value from its retail and commercial portfolios. This internal capital generation capacity appears to provide a sufficient cushion to support both dividend payments and strategic growth initiatives without immediate reliance on external financing.
Quick answers to the most common questions about buying OFG stock.
OFG Bancorp (OFG) generated $217.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OFG Bancorp (OFG) generated $199.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
OFG Bancorp (OFG) spent $18.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, OFG Bancorp (OFG) returned $51.9M to shareholders via cash dividends and spent $91.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.