ofg11k20191231

 
 
 
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, 
DC 20549 
____________________________ 
 
FORM 11-K 
_________________________ 
 
FOR ANNUAL REPORTS OF EMPLOYEE 
STOCK REPURCHASE SAVINGS 
AND 
SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE 
SECURITIES EXCHANGE ACT OF 1934 
 
(Mark One): 
………………………………………………………………………………………………………..
 
 
☒
 
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 
1934. 
 
For the fiscal year ended December 31, 2019 
 
OR 
 
☐
 
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE 
ACT 
OF 1934. 
 
For the transition period from __________ to __________ 
 
Commission file number 001-12647 
 
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 
254 Muñoz Rivera Avenue, 
Oriental Center 15
th
 
Floor 
San Juan, Puerto Rico 00918
 
 
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
th
 
Floor 
San Juan, Puerto Rico 00918
 
 
 

 
 
THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
 
 
TABLE OF CONTENTS 
 
 
Page
 
Report of Independent Registered Public Accounting Firm 
1 
Financial Statements: 
 
Statements of Net Assets Available for Benefits as of December 31, 2019 and 2018 
3 
 
Statement of Changes in Net Assets Available for Benefits for the year ended 
December 31, 2019 
4 
 
Notes to Financial Statements 
5 – 12 
 
Supplemental Schedules: 
Schedule I – Schedule G, Part III - Nonexempt Transactions for the year ended 
December 31, 2019 
13 
Schedule II – Schedule H, Line 4i - Schedule of Assets (Held at Year 
End) as of 
December 31, 2019 
14 
Exhibits 
15 
Signatures 
16 
 

 
 
Report of Independent Registered Public Accounting Firm 
To the Plan Participants and Plan Administrator 
Oriental Bank CODA Profit Sharing Plan: 
 
Opinion on the Financial Statements 
 
We have audited the accompanying statements of net assets available for benefits of The 
Oriental Bank CODA 
Profit Sharing Plan (the Plan) as of December 31, 2019 and 2018, the related statement of changes in net 
assets available for benefits for the year ended December 31, 2019, and the related notes (collectively, 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, 2019 and 2018, and the changes in net assets 
available for benefits for the year ended December 31, 2019, in conformity with U.S. generally accepted 
accounting principles. 
 
Basis for Opinion 
 
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an 
opinion on these financial statements based on our audits. 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 audits 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. Our audits 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 audits 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 audits provide a reasonable basis for our opinion. 
 
Accompanying Supplemental Information
 
 
The supplemental information, Schedule G, Part III - Nonexempt Transactions for the year ended 
December 31, 2019, and the Schedule H, Line 4i – Schedule of Assets (Held at End of Year) 
as of 
December 31, 2019 have 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/ KPMG LLP 
We have served as the Plan’s 
auditor since 2005 
San Juan, Puerto Rico 
June 26, 2020 
Stamp No. E403596 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 
Statement of Net Assets Available for Benefits 
as of December 31, 2019 and 2018 
3 
 
2019 
 
2018 
Assets: 
 
Investments at fair value: 
 
Cash and money market instruments 
$ 
222,863 
 
$ 
5,976 
 
Common stock 
 
6,189,993 
 
4,548,003 
 
Insurance company investment contracts 
 
(pooled separate accounts) 
 
45,586,165 
 
35,985,003 
51,999,021 
40,538,982 
 
Fully benefit-responsive investment contract 
 
(stable value fund), at contract value 
 
6,565,321 
 
6,410,664 
 
Total investments 
 
58,564,342 
 
46,949,646 
 
Receivables: 
 
Account receivable from plan sponsor 
567,528 
- 
 
Dividends 
 
18,353 
 
19,348 
 
Notes receivable from participants 
 
7,227 
 
8,257 
 
Total receivables 
 
593,108 
 
27,605 
 
Other assets 
176,535 
31,045 
 
Total assets 
$ 
59,333,985 
 
$ 
47,008,296 
Liabilities: 
 
Other liabilities 
$ 
56,812 
$ 
- 
 
Total liabilities 
56,812 
- 
Net assets available for benefits 
$ 
59,277,173 
 
$ 
47,008,296 
 
See accompanying notes to financial statements.

 
THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
Statement of Changes in Net Assets Available for Benefits 
Year ended 
December 31, 2019 
4 
 
2019 
Additions to net assets attributed to: 
 
Net appreciation in fair value of investments 
$ 
9,908,028 
 
Dividends 
76,245 
 
Interest and other 
 
310,769 
 
Contributions: 
 
Participants 
3,237,126 
 
Employer 
 
883,178 
Commissions reimbursement from plan sponsor (refer to Note 9) 
567,528 
 
Total additions 
 
14,982,874 
 
Deductions from assets attributed to: 
 
Benefits paid to participants 
 
(2,682,656) 
 
Administrative fees 
 
(31,341) 
 
Total deductions 
 
(2,713,997) 
 
Net increase 
12,268,877 
Net assets available for benefits: 
 
Beginning of year 
47,008,296 
 
End of year 
$ 
59,277,173 
 
See accompanying notes to financial statements.

THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
NOTES TO FINANCIAL STATEMENTS 
AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 
 
5 
(1)
 
Description of the 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 a more complete description of the Plan’s 
provisions. 
 
a)
 
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, 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 2018, 
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 (DOL) has full 
authority to regulate and investigate the Plan. The DOL reviewed the Plan, as it was selected under the 
DOL’s 
ordinary investigation procedures. On December 18, 2019, the Employer received a findings letter 
from the DOL outlining certain potential violations of the Prohibited Transaction Rules of ERISA. The 
Employer worked with the DOL to resolve this matter in early 2020. The DOL has not yet issued a closing 
letter in this matter, as it is reviewing the corrective actions taken by the Employer. 
For more information 
related thereto, please refer to Note 9. 
b)
 
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 2019 and 2018, 
the limits were $19,000 and $18,500, 
respectively. 
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 the tax years ended December 31, 
2019 and 2018). Participants may also contribute amounts representing distributions from other Puerto Rico 
and U.S. qualified defined benefit or contribution plans. 
Participants direct the investment of their contributions into various investment options offered by the Plan. 
The Plan currently offers pooled separate accounts, a stable value fund, and shares of common stock of the 
Company as investment options for participants. 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 4% of the participant’s 
compensation per year. 
c)
 
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. 
 
 

THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
NOTES TO FINANCIAL STATEMENTS 
AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 
 
6 
d)
 
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. 
e)
 
Payment of Benefits 
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. 
f)
 
Loans to Participants 
The Plan does not allow for loans to participants. In October 2013, the 
Plan Participación en Beneficios 
1081 Banco Bilb
ao Vizcaya Argentaria Puerto Rico, a defined contribution plan which covered all full-time 
employees of the Banco Bilbao Vizcaya Argentaria Puerto Rico, which merged 
with and into Oriental 
Bank, transferred its existing participant loans amounting to approximately $54,000 to the Plan. These 
loans 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 will be granted to participants. 
g)
 
Forfeited Accounts 
Employer contributions that are not vested upon termination of employment are forfeited and may be used 
to pay administrative expenses and then reduce future contributions to the Plan by the Employer. For the 
year ended December 31, 2019, forfeitures totaling approximately $35,000 were used to offset Employer 
contributions. At December 31, 2019, the Plan had approximately $2,900 in forfeitures available to pay 
administrative expenses and reduce future Employer contributions. 
h)
 
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, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 
 
7 
(2)
 
Summary 
of Significant Accounting Policies 
Following are the significant accounting policies followed by the Plan: 
a)
 
Basis of Presentation 
The accompanying financial statements have been prepared under the accrual method of accounting. 
b)
 
Use of Estimates 
The preparation of financial statements in conformity with U.S. generally accepted accounting principles 
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. 
c)
 
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 investment 
securities, 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. 
d)
 
Investments Valuation 
and Income Recognition 
Plan investments, other than fully benefit –responsive investment contracts (FBRICs), are stated at fair 
value. See Note 3 for discussion of fair value measurements. 
FBRICs are reported at contract value, which is the amount participants would receive if they were to 
initiate permitted transactions under the terms of the Plan. The Plan invests in FBRICs through the Stable 
Value 
Fund. 
Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the 
accrual basis. Dividends are recorded on the declaration date, taking into consideration the ex-dividend 
date. Net appreciation/ depreciation includes the Plan’s gains and losses on investments bought and sold as 
well as held during the year. 
e)
 
Payments of Benefits 
Benefits are recorded when paid. 
f)
 
Plan Expenses 
Under the Plan’s contract entered into with Transamerica Retirement Solutions 
Corporation 
(“Transamerica”), contract asset charges are assessed each month based on the actual combined balance of 
all separate accounts and the stable value fund. 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, 2019 amounted to approximately $137,000. 
g)
 
Recent Accounting Developments 
Accounting standards that have been issued by the Financial Accounting Standards Board (“FASB”) 
or 
other standards-setting bodies are not expected to have a material impact on the Plan’s statements of net 
assets available for benefits or the related statement of changes in net assets available for benefits. 

THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
NOTES TO FINANCIAL STATEMENTS 
AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 
 
8 
 
(3)
 
Fair Value 
As discussed in Note 2, the Plan uses the fair value measurement framework under U.S. generally accepted 
accounting principles. 
 
Fair Value 
Measurement 
 
Fair value is 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. 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. 
Level 3 
– unobservable inputs that are supported by little or no market activity and that are significant to the 
fair value of the assets or liabilities. 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, 2019, and 2018, 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”). 
Pooled Separate Accounts
: stated at readily determinable fair value. The fair value is determined by the issuer and is 
valued daily using publicly available quoted market prices matched with the current underlying investment holdings 
of the accounts (“Level 2”). 
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 and Level 2 fair value measurements during the years ended 
December 31, 2019 and 2018. 
 
 
 

 
THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
NOTES TO FINANCIAL STATEMENTS 
AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 
 
9 
The following tables set forth by level, within the fair value hierarchy, the Plan’s 
fair value measurements at 
December 31, 2019 and 2018: 
 
December 31, 2019 
 
Fair Value 
Measurements 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
Cash and money market instruments 
$ 
222,863 
$ 
- 
$ 
- 
$ 
222,863 
Common stock 
 
6,189,993 
 
- 
 
- 
 
6,189,993 
Pooled separate accounts 
 
Hybrid (a) 
- 
20,526,364 
- 
20,526,364 
 
Bond (b) 
- 
5,039,106 
- 
5,039,106 
 
International Equity (c) 
- 
1,928,406 
- 
1,928,406 
 
Equity - Large Cap (d) 
- 
13,251,803 
- 
13,251,803 
 
Equity - Mid Cap (e) 
- 
2,780,446 
- 
2,780,446 
 
Equity - Small Cap (f) 
- 
2,060,040 
- 
2,060,040 
 
$ 
6,412,856 
 
$ 
45,586,165 
 
$ 
- 
 
$ 
51,999,021 
 
December 31, 2018 
 
Fair Value 
Measurements 
 
Level 1 
 
Level 2 
 
Level 3 
 
Total 
Cash and money market instruments 
$ 
5,976 
$ 
- 
 
$ 
 
- 
 
$ 
5,976 
Common stock 
 
4,548,003 
 
- 
 
- 
 
4,548,003 
Pooled separate accounts 
 
Hybrid (a) 
- 
15,872,006 
 
- 
15,872,006 
 
Bond (b) 
- 
4,603,338 
 
- 
4,603,338 
 
International Equity (c) 
- 
1,587,625 
 
- 
1,587,625 
 
Equity - Large Cap (d) 
- 
10,145,617 
 
- 
10,145,617 
 
Equity - Mid Cap (e) 
- 
2,182,299 
 
- 
2,182,299 
 
Equity - Small Cap (f) 
- 
1,594,118 
 
- 
1,594,118 
 
$ 
4,553,979 
 
$ 
35,985,003 
 
$ 
- 
 
$ 
40,538,982 
 
(a) 
The pooled separate accounts in this category primarily invest in U.S. and non-U.S. stocks, and fixed-income 
securities which may include bonds, mutual funds, cash equivalents or other money market instruments. 
(b) 
The pooled separate accounts in this category primarily invest in bonds (at least 80% of total assets), preferred 
stocks, cash equivalents or other money market instruments. 
(c) 
The pooled separate accounts in this category primarily invest at least 80% of assets in equity and debt 
securities of issuers from countries outside of the United States. 
(d) 
The pooled separate accounts in this category primarily invest in equity securities of medium and large 
capitalization companies, and may invest in securities of non-U.S. issuers. 
(e) 
The pooled separate accounts in this category primarily invest in domestic equity securities with growth 
potential, including foreign equity securities and debt securities. 
(f) 
The pooled separate accounts in this category primarily invest in common stocks contained in both the Small 
Cap 1750 Index and the Russell 2000 Value 
Index.
 
Investments can be redeemed with no advance notice on any day on which the New York 
Stock Exchange is open 
for trading.

THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
NOTES TO FINANCIAL STATEMENTS 
AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 
 
10 
 
(4)
 
Stable Value Fund 
 
Transamerica offers a stable value fund that the participant may elect to transfer all or part of his or her funds. The 
stable value fund is considered a fully benefit-responsive investment contract. Contract value is the relevant 
measurement attribute for that portion of the net assets available for benefits. Contract value, as reported by 
Transamerica, is the beginning balance plus any deposit and credited interest, less any withdrawals, charges, or 
expenses, a measurement that approximates fair value. Participants may ordinarily direct the withdrawal or transfer 
of all or a portion of their investment at contract value. 
 
There are no reserves against contract value for credit risk of Transamerica or otherwise. The contract value of the 
investment contract at December 31, 2019 and 2018 
was $6,565,321 and $6,410,664, 
respectively. The stable value 
fund invests in Guaranteed Investment Contracts (“GICs”). These investments seek to protect against any loss of 
principal while providing returns in excess of money market funds and one-year U.S. Treasury bills. The investment 
has a portfolio investment rate design in which all deposits are credited with the same interest rate, on a daily basis, 
and with no set maturity. The effective 
credited interest rate is set monthly and effective on the first day of the 
month. Contract charges may reduce this return. The Transamerica stable value fund is not a separate account 
investment choice – it is an investment in Transamerica’s general account. 
 
Certain events limit the ability of the Plan to transact at contract value with Transamerica. Such events include the 
following: (1) the Plan is changed so as to significantly affect Transamerica’s 
obligations to the contract, (2) the 
contract can no longer be treated as a pension plan contract, (3) the Plan is terminated, (4) failure to comply with the 
contract’s requirements, (5) failure to provide information, (6) the sum of the contract account values at any time 
equals $20,000 or less, or (7) the failure of the trust to qualify for exemption from federal income taxes or any 
required prohibited transaction exemption under ERISA. The plan administrator is not aware of any events, which 
would limit the Plan’s ability to transact at contract value with participants that are probable. 
 
(5)
 
Other assets 
 
Transamerica rebates certain amounts to the Plan based on a fee concession. The rebate amount at December 31, 
2019 and 2018 is equal to 34 and 14 basis points, respectively, per year based on the balances with Transamerica. 
This rebate is calculated on a monthly basis and credited to the Expense Budget Account; a suspense account used 
by Transamerica. 
 
The Expense Budget Account may be used for plan expenses or allocated to participants as additional income. 
During the years ended December 31, 2019 and 2018, the Plan reallocated to participants approximately $31,000 
and $22,000, 
respectively. 
As of December 31, 2019, and 2018, the Expense Budget Account maintained a balance 
of approximately $177,000 and $31,000, respectively, included as other assets in the statements of net asset 
available for benefit. 
 

THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
NOTES TO FINANCIAL STATEMENTS 
AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 
 
11 
(6)
 
Related-Party Transactions 
 
Certain Plan investments are shares of the Company’s common stock. The Employer is the Plan sponsor and trustee 
and a wholly owned subsidiary of the Company and, therefore, qualifies as a party in interest. At December 31, 2019 
and 2018, the Plan held an investment of 262,176 and 276,306 shares of the Company’s common stock, 
respectively. The fair value of the common stock at December 31, 2019 and 2018 was $6,189,993 and $4,548,003, 
respectively. 
 
Transamerica serves as custodian and manages the pooled separate accounts and stable value fund, therefore, 
qualifies as party in interest. Transamerica contracted Oriental Insurance, LLC, a subsidiary of the Company, 
as the 
insurance agent. Another party in interest to the Plan is MidAdtlantic, which serves as the custodian for the Plan. 
 
The recordkeeper of the Plan is Oriental Pension Consultants, Inc. (“OPC”), a subsidiary of the Company. Fees 
charged by OPC for services provided were assumed by the Employer. 
(7)
 
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. 
Accordingly, the IRS ruled on March 31, 
2014 that the Trust constitutes a qualified trust under Section 401(a) 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. 
The Plan administrator believes that the Plan is designed and 
operating in compliance with such provisions and, 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, 2019, and 2018, 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 years prior to 2015. 
 
(8)
 
Excess Contributions Payable to Participants 
The Plan is subject to certain non-discrimination rules under the PR Code. As of December 31, 2019, 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 
2019, paid in March 2020, 
totaled $56,812 and was included as other liabilities in the Plan’s statement of net assets 
available for benefits. For the year ended on December 31, 2018, the Plan was in compliance with all of the non-
discrimination tests under the PR Code. 
 
(9)
 
Non-Exempt Prohibited Transaction 
From 
December 31, 2013 through December 31, 2018, Oriental Bank engaged in certain non-exempt prohibited 
transactions under ERISA in connection with Plan assets. As a result of such transactions, Oriental Bank benefited 
from the use of Plan assets by receiving certain commissions from a third party without offset or rebates to the Plan. 
 
Oriental Bank remitted $567,528, including interest, to the Plan and allocated this amount to Plan participants in 
May 2020 as remediation for said transactions. It is recorded as an account receivable in the Plan’s statement of net 
assets available for benefits. 
 

THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
NOTES TO FINANCIAL STATEMENTS 
AS OF DECEMBER 31, 2019 AND 2018 AND YEAR ENDED DECEMBER 31, 2019 
 
12 
(10)
 
Subsequent events 
On March 11, 2020, the World 
Health Organization (WHO) classified the COVID-19 outbreak as a pandemic, 
triggering volatility in financial markets and a significant negative impact on the global economy. The values of the 
Plan’s individual investments are expected to fluctuate in response to changing market conditions and the amount of 
losses that will be recognized in subsequent periods cannot be determined. The full impact of the COVID-19 
outbreak continues to evolve as of the date of this annual report. 
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the 
United States. The CARES Act offers relief provisions to tax-qualified retirement plans and their participants. Plan 
management has adopted certain relief provisions included in the CARES Act and continues to evaluate provisions 
in relation to the Plan. 
The Plan was amended to allow eligible plan participants, 
who are Puerto Rico residents in 2020, to take earthquake 
and COVID-19 eligible distributions from February 20, 2020 through June 30, 2020 pursuant to PR Treasury 
Administrative Determinations 20-09 and 20-23. Any such eligible distributions, which are available only in a lump 
sum payment, are limited to $100,000 overall and receive a favorable tax benefit under said administrative 
determinations. In particular, the first $10,000 is exempt from income taxes and the alternative minimum tax (AMT) 
under the PR Code and the amount over $10,000 up to $100,000 is subject to a flat 10% income tax rate if the tax is 
withheld at the time of the distribution. 
The Plan has evaluated subsequent events from the date of the statement of net assets available for benefits through 
June 26, 2020 (the filing date of this annual report).

 
SCHEDULE I 
THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
Schedule G, Part III - Nonexempt Transactions 
For the year ended December 31, 2019 
 
13 
Party involved: 
Oriental Bank 
Relationship to Plan, employer or other party-in-interest: 
Plan Sponsor 
Transaction: 
Reimbursement of Commissions 
Dates of Payments: 
January 1, 2013 to December 31, 2018 
Amounts of Payments: 
$567,528 
Reason Transaction is Nonexempt: 
 
Transaction with a party-in-interest. 
See the accompanying report of independent registered public accounting firm.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SCHEDULE II 
THE ORIENTAL BANK CODA PROFIT SHARING PLAN 
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) 
December 31, 2019 
 
14 
(b) 
(c) 
(d) 
(e) 
(a) 
Identity of issue, 
borrower, 
lessor, or 
similar party 
Description of Investment, including maturity 
date, rate of interest, collateral, par, 
or maturity value 
Cost 
Current value 
Participant directed: 
* 
OFG Bancorp 
OFG Bancorp: 
Common Stock 
262,176 
shares 
** 
$ 
6,189,993 
* 
Transamerica 
Pooled Separate Accounts: 
Transamerica AA - Moderate 
473,180 
units 
** 
11,947,896 
WMC Core Equity 
371,350 
units 
** 
6,737,186 
AEGON Balanced 
43,323 
units 
** 
4,994,399 
SSgA Russell Lg Cap Grth Ind 
200,972 
units 
** 
5,540,224 
American Century Government Bond 
118,035 
units 
** 
2,445,641 
Franklin Small-Mid Cap Growth 
67,222 
units 
** 
2,780,446 
SSgA International Index 
57,959 
units 
** 
1,928,406 
SSgA Russell SC Value 
Index 
14,421 
units 
** 
1,477,859 
Transamerica AA - Moderate Growth 
50,311 
units 
** 
1,334,895 
Loomis Sayles Investment Grade Bond 
27,787 
units 
** 
1,251,927 
Transamerica AA - Growth 
42,937 
units 
** 
1,190,890 
SSgA Russell LC Value 
Index 
24,918 
units 
** 
892,626 
Transamerica AA - Conservative 
44,245 
units 
** 
1,058,284 
Transamerica Partners High Yield 
Bond 
14,374 
units 
** 
685,101 
Loomis Sayles Bond 
8,062 
units 
** 
656,437 
TA Vanguard 
Small- Cap Index 
1,874 
units 
** 
512,741 
Invesco American Value 
4,143 
units 
** 
81,767 
TA Vanguard 
Small- Cap Grth Idx 
1,251 
units 
** 
69,440 
45,586,165 
Cash and money markets 
Cash and Bank Deposit Sweep Program 
** 
222,863 
Fully benefit-responsive 
investment contract: 
* 
Transamerica 
Transamerica Stable Value 
322,861 
units 
** 
6,565,321 
Other assets: 
* 
Transamerica 
Expense budget account 
— 
176,535 
* 
Participant Loans 
Notes, with interest rate of 9.5%; 
maturities ranges through 2032 
— 
7,227 
$ 
58,748,104 
* 
Party-in-interest as defined by ERISA 
** 
Not applicable as these are participant directed. 
See the accompanying report of independent registered public accounting firm. 

 
 
 
15 
INDEX OF EXHIBITS 
 
Exhibit No. 
Description of Document 
23.1
Consent of KPMG LLP

 
16 
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 
 
(Name of Plan) 
 
Date: 
June 26, 2020 
/s/ Maritza Arizmendi 
 
Maritza Arizmendi 
 
Executive Vice President and 
 
Chief Financial Officer 
 
/s/ Juan J. Santiago 
 
Senior Vice President and Trust 
Officer