Net interest income of $153.6M and a 1.3% net interest margin in Q3 2026 show a flattening revenue base, while a rising efficiency ratio of 51.7% versus 47.7% a year earlier suggests margin pressure is building.
OFG Bancorp (OFG) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 617.43M | 608.47M | 588.44M | 560.87M | 482.08M | 407.37M | 408.43M | 322.79M | 315.89M | 304.17M | 299.43M | 337.37M | 408.48M | 409.67M | 157.29M | 140.93M | 135.2M | 131.01M | 111.31M | 73.73M | 44.13M | 0 | 86.41M | 87.21M | 74.47M | 59M | 29.06M | 44.5M | 43.03M | 43.2M | 37.5M |
| NII Growth % | 8.39% | 3.4% | 4.92% | 16.34% | 18.34% | -0.26% | 26.53% | 2.18% | 3.85% | 1.58% | -11.25% | -17.41% | -0.29% | 160.46% | 11.61% | 4.24% | 3.2% | 17.7% | 50.97% | 67.09% | - | -100% | -0.92% | 17.11% | 26.22% | 103.01% | -34.69% | 3.4% | -0.38% | 15.2% | 14.33% |
| Net Interest Margin % | 5.08% | 4.88% | 5.12% | 4.94% | 4.91% | 4.11% | 4.16% | 3.47% | 4.8% | 4.91% | 4.61% | 4.75% | 5.48% | 5.03% | 1.71% | 2.11% | 1.85% | 2% | 1.79% | 1.23% | 1.01% | 0% | 2.03% | 2.61% | 2.65% | 2.37% | 1.66% | 2.4% | 2.71% | 3.59% | 3.51% |
| Interest Income | 784.24M | 780.94M | 750.28M | 648.88M | 515.57M | 449.2M | 473.35M | 373.8M | 360.42M | 345.65M | 356.59M | 406.57M | 485.26M | 493.63M | 260.78M | 297.03M | 303.8M | 319.4M | 339.04M | 289.36M | 232.31M | 0 | 189.31M | 164.38M | 151.75M | 141.69M | 120.34M | 126.23M | 107.81M | 101.6M | 82.6M |
| Interest Expense | 166.82M | 172.47M | 161.84M | 88.01M | 33.49M | 41.83M | 64.92M | 51M | 44.52M | 41.48M | 57.16M | 69.2M | 76.78M | 83.96M | 103.52M | 156.59M | 168.6M | 188.47M | 227.73M | 215.63M | 188.19M | 0 | 102.9M | 77.17M | 77.28M | 82.69M | 91.28M | 81.73M | 64.9M | 58.2M | 45.1M |
| Loan Loss Provision | 53.63M | 75.62M | 82.25M | 60.64M | 24.12M | 221K | 92.67M | 96.79M | 56.11M | 113.14M | 65.08M | 161.5M | 60.64M | 72.89M | 23.68M | 13.59M | 22.2M | 15.65M | 8.86M | 6.55M | 4.39M | 0 | 3.31M | 4.59M | 4.19M | 2.12M | 2.9M | 8.15M | 14.35M | 9.4M | 4.9M |
| Non-Interest Income | 129.9M | 81.68M | 72.5M | 79.27M | 82.93M | 89.89M | 67.86M | 56.09M | 40.5M | 42.13M | 29.32M | -20.15M | -9.32M | -8.26M | 42.56M | 27.82M | -2.97M | 75.64M | 46.56M | 42.5M | 17.24M | 242.86M | 34.88M | 46.03M | 38.98M | 31.25M | 19.37M | 23.18M | 33.95M | 22M | 17M |
| Non-Interest Income % | 17.38% | 11.84% | 10.97% | 12.38% | 14.68% | 18.08% | 14.25% | 14.8% | 11.36% | 12.16% | 8.92% | -6.35% | -2.34% | -2.06% | 21.3% | 16.49% | -2.25% | 36.6% | 29.49% | 36.57% | 28.09% | 100% | 28.76% | 34.55% | 34.36% | 34.63% | 40% | 34.25% | 44.1% | 33.74% | 31.19% |
| Total Net Revenue | 747.33M | 690.15M | 660.94M | 640.14M | 565.01M | 497.25M | 476.29M | 378.88M | 356.39M | 346.3M | 328.74M | 317.22M | 399.15M | 401.42M | 199.85M | 168.76M | 132.23M | 206.65M | 157.87M | 116.23M | 61.36M | 242.86M | 121.3M | 133.25M | 113.45M | 90.25M | 48.44M | 67.68M | 76.99M | 65.2M | 54.5M |
| Revenue Growth % | 10.74% | 4.42% | 3.25% | 13.3% | 13.63% | 4.4% | 25.71% | 6.31% | 2.92% | 5.34% | 3.63% | -20.53% | -0.56% | 100.86% | 18.42% | 27.63% | -36.01% | 30.9% | 35.83% | 89.41% | -74.73% | 100.22% | -8.97% | 17.45% | 25.71% | 86.33% | -28.43% | -12.09% | 18.08% | 19.63% | 14.5% |
| Non-Interest Expense | 399.31M | 348.52M | 324.94M | 314.25M | 296.79M | 282.43M | 288.8M | 206.84M | 167.49M | 165.07M | 178.49M | 175.78M | 216.08M | 238.78M | 148.28M | 119.36M | 104.49M | 161M | 131.55M | 66.86M | 63.71M | 0 | 59.96M | 63.36M | 53.66M | 48.96M | 38.22M | 39.85M | 35.61M | 30.7M | 29.9M |
| Efficiency Ratio | 53.43% | 50.5% | 49.16% | 49.09% | 52.53% | 56.8% | 60.63% | 54.59% | 46.99% | 47.67% | 54.29% | 55.41% | 54.13% | 59.49% | 74.2% | 70.73% | 79.03% | 77.91% | 83.32% | 57.52% | 103.83% | 0% | 49.43% | 47.55% | 47.29% | 54.25% | 78.9% | 58.89% | 46.25% | 47.09% | 54.86% |
| Operating Income | 294.4M | 266.01M | 253.75M | 265.25M | 244.1M | 214.6M | 94.83M | 75.25M | 132.8M | 68.09M | 85.18M | -20.06M | 122.43M | 89.74M | 27.86M | 35.32M | 5.54M | 29.92M | 17.47M | 42.82M | -6.74M | 34.02M | 58.02M | 65.29M | 55.6M | 39.17M | 7.32M | 19.67M | 26.9M | 25.3M | 19.7M |
| Operating Margin % | 39.39% | 38.54% | 38.39% | 41.44% | 43.2% | 43.16% | 19.91% | 19.86% | 37.26% | 19.66% | 25.91% | -6.32% | 30.67% | 22.36% | 13.94% | 20.93% | 4.19% | 14.48% | 11.06% | 36.84% | -10.98% | 14.01% | 47.83% | 49% | 49.01% | 43.4% | 15.1% | 29.07% | 34.95% | 38.8% | 36.15% |
| Operating Income Growth % | - | 4.83% | -4.34% | 8.66% | 13.75% | 126.31% | 26.01% | -43.34% | 95.04% | -20.06% | 524.67% | -116.38% | 36.44% | 222.15% | -21.12% | 537.93% | -81.5% | 71.28% | -59.21% | 735.64% | -119.8% | -41.37% | -11.14% | 17.43% | 41.95% | 435.49% | -62.82% | -26.87% | 6.34% | 28.43% | 7.65% |
| Pretax Income | 262.51M | 234.12M | 253.75M | 265.25M | 244.1M | 214.6M | 94.83M | 75.25M | 132.8M | 68.09M | 85.18M | -20.06M | 122.43M | 89.74M | 27.86M | 35.32M | 5.54M | 29.92M | 17.47M | 42.82M | -6.74M | 34.09M | 58.02M | 65.29M | 55.6M | 39.17M | 7.32M | 19.67M | 26.9M | 25.3M | 19.7M |
| Pretax Margin % | 35.13% | 33.92% | 38.39% | 41.44% | 43.2% | 43.16% | 19.91% | 19.86% | 37.26% | 19.66% | 25.91% | -6.32% | 30.67% | 22.36% | 13.94% | 20.93% | 4.19% | 14.48% | 11.06% | 36.84% | -10.98% | 14.04% | 47.83% | 49% | 49.01% | 43.4% | 15.1% | 29.07% | 34.95% | 38.8% | 36.15% |
| Income Tax | 37.29M | 29.01M | 55.58M | 83.38M | 77.87M | 68.45M | 20.5M | 21.41M | 48.39M | 15.44M | 25.99M | -17.55M | 37.25M | -8.71M | 3.3M | 866K | -4.3M | 6.97M | -9.32M | 1.56M | -1.63M | 254K | -1.65M | 5.58M | 4.28M | 720K | -1.32M | 108K | 200K | 3.9M | 3.1M |
| Effective Tax Rate % | 14.2% | 12.39% | 21.9% | 31.43% | 31.9% | 31.9% | 21.62% | 28.45% | 36.44% | 22.68% | 30.52% | 87.52% | 30.43% | -9.71% | 11.85% | 2.45% | -77.64% | 23.3% | -53.37% | 3.64% | 24.21% | 0.75% | -2.84% | 8.54% | 7.7% | 1.84% | -18.02% | 0.55% | 0.74% | 15.42% | 15.74% |
| Net Income | 225.22M | 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 |
| Net Margin % | 30.14% | 29.72% | 29.98% | 28.41% | 29.42% | 29.39% | 15.61% | 14.21% | 23.68% | 15.2% | 18% | -0.79% | 21.34% | 24.52% | 12.29% | 20.41% | 7.44% | 11.1% | 16.97% | 35.5% | -8.32% | 13.93% | 49.19% | 44.82% | 45.24% | 42.6% | 17.49% | 28.91% | 34.55% | 32.82% | 30.46% |
| Net Income Growth % | 12.86% | 3.5% | 8.96% | 9.4% | 13.74% | 96.63% | 38.05% | -36.21% | 60.34% | -11.05% | 2463.66% | -102.94% | -13.47% | 300.92% | -28.72% | 250.32% | -57.14% | -14.35% | -35.08% | 908.17% | -115.09% | -43.29% | -0.08% | 16.36% | 33.47% | 354.02% | -56.72% | -26.44% | 24.3% | 28.92% | 12.93% |
| Net Income (Continuing) | 225.22M | 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 | 8.63M | 19.57M | 26.7M | 21.4M | 16.6M |
| EPS (Diluted) | 5.31 | 4.49 | 4.23 | 3.82 | 3.44 | 2.81 | 1.32 | 0.92 | 1.52 | 0.86 | 1.03 | -0.37 | 1.50 | 1.73 | 0.35 | 0.67 | -0.50 | 0.75 | 0.90 | 1.50 | -0.40 | 1.53 | 2.14 | 2.11 | 1.64 | 1.65 | 0.40 | 0.79 | 1.22 | 0.98 | 0.76 |
| EPS Growth % | 17.27% | 6.15% | 10.73% | 11.05% | 22.42% | 112.88% | 43.48% | -39.47% | 76.74% | -16.5% | 378.38% | -124.67% | -13.29% | 394.29% | -47.76% | 234% | -166.67% | -16.67% | -40% | 475% | -126.14% | -28.5% | 1.42% | 28.66% | -0.61% | 312.5% | -49.37% | -35.25% | 24.49% | 28.95% | 300% |
| EPS (Basic) | - | 4.53 | 4.25 | 3.85 | 3.46 | 2.85 | 1.32 | 0.93 | 1.59 | 0.88 | 1.03 | -0.37 | 1.58 | 1.85 | 0.35 | 0.67 | -0.50 | 0.75 | 0.91 | 1.50 | -0.40 | 1.59 | 2.23 | 2.25 | 1.78 | 1.74 | 0.41 | 0.81 | 0.88 | 0.99 | 0.77 |
| Diluted Shares Outstanding | 42.44M | 47.37M | 46.9M | 47.55M | 48.44M | 51.37M | 51.55M | 51.72M | 51.35M | 51.1M | 51.09M | 51.45M | 52.33M | 53.03M | 45.3M | 44.52M | 36.81M | 24.31M | 24.43M | 24.37M | 24.66M | 25.12M | 25.68M | 26.32M | 27.46M | 21.78M | 21M | 21.9M | 21.89M | 21.89M | 21.89M |
Quick answers to the most common questions about buying OFG stock.
For fiscal year 2025, OFG Bancorp (OFG) reported total revenue of $690.1M. This represents a 1166.3% increase compared to $54.5M in 1996.
OFG Bancorp (OFG) is profitable, generating $205.1M in net income for the fiscal year ending 2025 with a net profit margin of 29.7%.
OFG Bancorp (OFG) reported an operating income of $266.0M, resulting in an operating profit margin of 38.5%. This margin reflects the operational efficiency of the business before interest and taxes.
OFG Bancorp (OFG) generated $614.5M in gross profit for the year, representing a gross profit margin of 89.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Core revenue deceleration and guidance gap
Metrics are mathematically derived from official filings.
Net Interest Income Plateauing Near $150M
OFG's net interest income of $153.6M in Q3 2026 declined 0.7% year over year, according to reported quarterly figures, after a 3.5% sequential gain in Q2, pointing to a flattening core earnings base as loan growth appears to be offset by funding and yield pressures.
NII has moved within a narrow band of roughly $147M to $157M across the ten reported quarters, which suggests the lending franchise is growing slowly rather than compounding. The Q3 year-over-year decline is a notable break from the steady 2 to 5% expansion seen through 2024 and 2025, and it may indicate deposit repricing or a shift in asset mix that investors should monitor. Without segment-level detail on loan volumes and deposit betas, the cause cannot be separated from rate-cycle effects.
Efficiency Ratio Deteriorating From Cost Discipline Peak
Based on reported figures, OFG's efficiency ratio climbed to 51.7% in Q3 2026 from 57.0% in Q4 2025 and 47.7% a year earlier, reflecting a volatile expense-to-revenue relationship that warrants closer examination of operating leverage.
The efficiency ratio swings between roughly 47% and 57% across the period, and the Q4 2025 peak coincided with a revenue base that was not offset by proportional cost growth. Management's commentary on expense discipline is credible only if the ratio trends back toward the high-40s, so the current 51.7% suggests operating leverage has weakened relative to the 2025 trough. Investors should monitor whether non-interest expense growth is structural or tied to one-time items.
Provisioning Volatility Drives Earnings Swings
OFG's provision for credit losses ranged from $13.0M to $30.2M across recent quarters and reached $18.1M in Q3 2026, indicating that credit cost variability, rather than core spread income, is a primary driver of quarter-to-quarter net income movement.
The provision series shows no stable run-rate, with Q2 2026 at $13.0M followed by a rise to $22.5M in Q1 2026, which implies that reserve builds and releases are a meaningful swing factor. Management's cited stability in credit quality appears only partially reflected in these figures, so the provisioning pattern warrants further investigation into the drivers of reserve movements. A sustained rise in provisions would likely compress the earnings growth that the 14.7% EPS expansion currently reflects.
Fee Income Share Recovery Remains Uneven
According to reported quarterly results, OFG's fee share of total revenue rose from roughly 9.5% in 2025 to 17.5% in Q3 2026, with non-interest income reaching $32.5M, suggesting a structural step-up in the composition of revenue that is not yet fully explained by the supplied data.
The jump in non-interest income from about $16M per quarter in 2025 to over $31M from Q4 2025 onward is large enough to alter the earnings mix materially, yet the supplied data does not break out wealth management, transaction, or other fee components. Without that composition, it is difficult to judge whether the increase is recurring or reflects episodic gains. Analysts should treat the higher fee base as provisionally durable until segment detail confirms its recurring nature.
Earnings Growth Outpacing Revenue Momentum
Per reported figures, OFG's EPS grew 14.7% year over year in Q3 2026 while core revenue growth slowed to 1.0%, a divergence that may indicate profitability gains are coming from cost and credit factors rather than sustainable top-line expansion.
The gap between EPS growth and revenue growth raises the question of whether the earnings print is repeatable, since the Q3 result was merely in line with consensus after a prior-quarter beat. Net income of $56.6M against a weaker NII trend suggests the margin of safety depends on provisions and efficiency gains that have already shown volatility. Investors should be cautious about extrapolating the 14.7% EPS growth rate without clearer evidence of revenue reacceleration.